More data on the way It’s all about the brewing trade war today. China hit back harder than expected and is threatening to do more if the US continues with tariffs.
Service sector reading from the Institute of Supply Management The high for the year was at 59.9 in January. The index is lower but remains near high levels.
Markit services PMI for March – Prelim was 54.1 – Prior was 54.9 – Composite 54.2 vs 54.3 prior – Employment 54.5 vs 54.1 prior — highest since Dec 2016 The ISM non-manufacturing index is coming up at the bottom of the hour.
The unstoppable New Zealand housing market There’s the odd pause, but never a sustained drop. Quotable Value says March house pries rose 7.3% y/y compared to 6.5% in February. That’s the fastest annual pace since June 2017. In the shorter term, prices are up 1.2% so far this year to an average of NZ$677,618.
S&P 500 bounced more than 40 points The S&P 500 gapped down at the open and fell as low as 2573 but has since turned around and is now flat on the day at 2614.
USDJPY at swing area. The price of the USDJPY is being influenced by the stock action. The broader S&P and Nasdaq are trading at highs and are positive on the day and that has dragged the USDJPY back toward the highs for the day. The pair is also into the swing area between 106.597 and…
Prices down 17.1% year-over-year Toronto housing is a story of boom and bust. At this time last year, the average detached house in the city sold for a whopping $1,573,622, according to the Toronto Real Estate Board. The next month, a tax was levied on foreign home buyers.
10 year yields mostly lower The European stocks are ending the day lower but off the lows as well In the 10 year note sector yields were mostly lower: In other markets as London/European traders look to exit
Unnamed trade official cited by Reuters – Tariffs intended to intimidate – There may continue to be talks with China over trade and tariffs; declines to comment on specifics By the same token, Larry Kudlow has been doing the rounds today saying the US tariff announcements were a negotiation tool.
New White House economic advisor speaking He adds: When asked if the US could lose a trade war, he says: He adds: