Daily Insights

Less than 1% from all-time highs, now what? U.S. equity markets have staged a remarkable comeback over the course of 2019, and the S&P 500 Index now sits just a few points below its record high from September 20. In this week’s Weekly Market Commentary, due out later today, we take a look back at the near-bear market, the V-shaped recovery, and what we think it means for the rest of the year.

Beige Book sentiment rebounds. Main Street’s sentiment jumped the most since October 2017 in the Federal Reserve’s Beige Book released last week, recovering from the lowest level in seven years in the March edition. In this week’s Weekly Economic Commentary, we’ll break down the context of the most recent Beige Book and highlight the headwinds and tailwinds for U.S. businesses as the expansion nears its 10th birthday.

Week ahead. First quarter earnings season ramps up with nearly a third of S&P 500 firms reporting. Several key announcements are on the U.S. economic docket including preliminary first-quarter gross domestic product (GDP) figures and multiple data sets on the housing industry. In Europe, Eurozone Consumer Confidence and Germany IFO Business Climate surveys are noteworthy. Japanese industrial production and Leading Economic Index data headline the week in Asia. Track these and other important events on our Weekly Global Economic & Policy Calendar.

Click Here for our detailed Weekly Economic Calendar

Monday

• Chicago Fed Nat Activity Index (Mar); LP: -0.29
• Existing Home Sales (MoM, Mar); Cons: -4.3%, LP: 11.8%
• Nikkei Japan Manufacturing PMI (Preliminary, Apr)

Tuesday

• Richmond Fed Manufacturing Index (Apr); Cons: 10, LP: 10
• New Home Sales (MoM, Mar); Cons: -2.6%, LP: 4.9%
• Eurozone Consumer Confidence (Preliminary, Apr)

Wednesday

• Japan Leading Index (Feb)
• Japan Coincident Index (Feb)
• Bank of Japan Rate Decision (Apr)
• Germany Import Prices (Mar)

Thursday

• Durable Goods Orders (Preliminary, MoM, Mar); Cons: 0.5%, LP: -1.6%
• Initial Jobless Claims (Apr. 20); LP: 196K
• Kansas City Fed Manufacturing Activity Index (Apr); LP: 10
• Japan Jobless Rate (Mar)
• Japan Tokyo CPI Report (Apr)
• Japan Industrial Production (Preliminary, Mar)

Friday

• GDP Report (Initial, Q1 2019); Cons: 1.8%, LP: 2.2%
• University of Michigan Sentiment Index (Apr); LP: 96.9
• China Industrial Profits (Mar)

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Index data obtained via FactSet

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