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Daily Market MoversThe following news stories, economic reports, and statistical tables are selected and compiled by founder John F. Gallwas, who has been an active participant in the financial service industry since January of 1958.
ThursdayBB: Initial Claims for the week ended 10/13 were lower than expected but the 4-week moving average moved up to 211,750 vs 209,750 the week before.
BB: Chinese shares extended the world’s deepest slump and the yuan touched its weakest level in almost two years, testing the government’s ability to maintain market calm as risks mount for Asia’s largest economy
BB: President Donald Trump plans to withdraw the U.S. from a 192-nation treaty that gives Chinese companies discounted shipping rates for small packages sent to American consumers, another escalation of his economic confrontation of Beijing.
WednesdayWS: U.S. housing starts declined in September, as single-family-home and apartment building construction dropped from August. Housing starts fell 5.3% in September from the prior month to a seasonally adjusted annual rate of 1.201 million. Residential building permits, which can signal how much construction is in the pipeline, also fell, declining 0.6% from August to an annual pace of 1.241 million last month.
WS: U.S. manufacturers increased their capacity for the 16th straight month in September, fresh evidence that a strengthening economy is helping to propel a U.S. industrial rebound.
TuesdayWA: U.S. employers posted the most jobs in two decades in August, and hiring also reached a record high, fresh evidence that companies are desperate to staff up amid solid economic growth. Job openings rose a slight 0.8 percent to 7.14 million, the highest on records dating back to December 2000, the Labor Department said today. That is also far more than the 6.2 million of people who were unemployed that month.
BB: China’s local governments may have accumulated 40 trillion yuan ($5.8 trillion) of off-balance sheet debt, or even more, suggesting further defaults are in store, according to S&P Global Ratings. “The potential amount of debt is an iceberg with titanic credit risks,” Much of the build-up relates to local government financing vehicles, which don’t necessarily have the full financial backing of local governments themselves.
German investor confidence soured on the back of this month’s stock-market selloff and rising concern that global trade tensions will harm economic growth.
MondayNYF: The October Empire index was better than expected at 21.1 vs 19.0 in September . New orders and shipments both picked up noticeably, delivery times continued to lengthen, while inventories held steady.. Looking ahead, NY area firms generally remained optimistic about the six-month outlook. +++++
BB: September Retail Sales rose less than forecast by +0.1% vs +0.1%, as a broad-based increase was overshadowed by a drop in restaurant receipts that may reflect the impact of Hurricane Florence. But, the so- called retail control-group sales -- which are used to calculate GDP and exclude food services, auto dealers, building-materials stores and gasoline stations -- climbed 0.5%, slightly more than estimated.
WS: Prices for foreign-made goods imported to the U.S. rose +0.5% in September, driven by a stark rise in prices for imported fuel. This was the first monthly gain since May..Petroleum-import prices grew 4.1% from August, while prices for imports excluding petroleum were flat in September.
Economic Reports for the Week ending Friday October 19, 2018
We do not guarantee accuracy of any of the data on this page. If you have any comments or suggestions, please contact William Gallwas or call 800-669-8838
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