Thursday, October 24, 2019

Daily Market Report 10/24/19 Weekly Jobless Claims dropped from 218k (was revised higher by 4k) to 212k.  Durable Goods Orders dropped by 1.1% in September and dropped by 0.3% when you exclude Transportation.  New Home Sales dropped from 706k (was revised lower from 712k, which was a 12 year high) in August to 701k in September.  YoY it is up 15.5%.  Yet the Media is portraying and manipulating this data to make it sound bad!  Go figure!  Markit Manufacturing PMI flash rose from 51.1 to 51.5 in October; while it's counter-part, Markit Services PMI flash rose from 50.9 to 51.0.  Stocks started the morning in Positive Territory, but currently the DOW shifted into Negative Territory.  Today is a big day for Q3 Corporate Earnings, which a few big companies missed their numbers.  Today was the final Policy Meeting for Mario Draghi, whom will be replaced next week by Christing Lagarde, whom was former head of IMF.  She could change policy and make it less accomodating and spark Global Yields.  If this occurs, then it could add pressure to MBS and raise Rates.  Germany is still struggling, as an economy.  Their Manufacuring PMI, which was a decade low at 41.7 to 41.9 (well into contraction levels).  MBS is trying to break above the 100 DMA and is currently Up 6bps, but it's not enough to change Mortgage Rates pricing today, as they remain Unchanged.  Yields are near the same levels at 1.75%.

Please subscribe to my Blog and YouTube Channel at MikesDailyMarketRpt

No comments:

Post a Comment