Factory orders for February – was -1.4% (revised to -1.3%) – Ex transport +0.1% vs +0.4% prior Durable goods orders revisions: – Durable goods orders +3.0% vs +3.1% prelim Overall, the numbers are a touch on the soft side but nothing that’s going to rock the boat. We’ll have to see what happens to orders…
Statement from a White House official cited by Reuters – No new actions planned now but could come in time – Policy-makers are aware of market moves but consider economic fundamentals in the long-term to be more compelling Sounds like good news.
DoubleLine’s Gundlach on CNBC – Gundlach highlighted the correlation with German 10-year bunds and nominal GDP – Recent economic data has not been as strong as three months ago, especially retail sales Gundlach has been saying most of these things for awhile.
Interview on CNBC He also said:Gundlach tends to pat himself on the back and he is fairly good from a macro perspective, but his timing can be off. For example, he said he was hurting on his short in stocks in December and January, but has been proven right.
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…
China retaliates to US trade measures with their own tariffs amounting to $50 billion as well The tariffs announced includes that of soybeans and aircrafts – two of the highest valued US exports to China. That shows you the level of seriousness that China is taking this so-called trade war already.
Further comments by China’s vice finance and commerce ministers They’re also downplaying the “Made in China 2025” plans, saying that the initiative are merely guidelines, not requirements – saying that it is open to US companies as well.
Eurozone Feb unemployment rate data now out 4 April – 8.6% prev Data as expected but any drop in unemployment welcome nonetheless and the downward trend continues.