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Treasury Views

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Weekly Market View

Weekly Market View

Monday, August 13, 2018
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THE WEEK THAT WAS

August 6: Alcoa Corporation, a U.S. aluminum producer, sought relief from the tariffs put in place to help it. The company stated that “even if all the curtailed smelting capacity in the nation was back online and producing metal, the U.S. would still need to import the majority of its aluminum, and mostly from Canada.” The company also said Canada should not be included in the import tariff imposed by the Trump administration.

August 7: Elon Musk, the CEO of Tesla, startled investors on Tuesday by tweeting “Am considering taking TESLA private at $420. Funding secured.” Shares of Tesla closed up 11 percent to $380 per share, but investors were left confused regarding the execution and what Mr. Musk meant by “funding secured.”

August 8: Crude oil prices in the U.S. fell sharply on Wednesday after China said it will levy 25 percent tariffs on billions of dollars of U.S. gasoline, diesel and other refined goods beginning August 23. The West Texas Intermediate (WTI) futures contract for September closed at 66.94 down more than $2 per barrel. However, crude oil itself was left off the tariff list, possibly showing how much China is relying on U.S. crude oil.

August 9: U. S. Treasury yields dropped across the curve on Thursday morning after a weaker than expected Producer Price Index (PPI) report. The July report showed PPI coming in at flat (zero percent) vs. expectations of an increase of 0.2 percent and an increase of 0.3 percent in June. The cause of the drop seemed to be due to a drop in energy prices and a reversal of last month’s increase in the “trade services” component.

August 10: President Trump vows to double metal tariffs on Turkey as the dispute escalates over Andrew Brunson, the detained American pastor. Aluminum tariffs would be 20 percent and steel tariffs would be 50 percent. Turkey now faces an economic crisis as the lira sharply decreased in value.

Banking & Economic News

New York Just Capped the Number of Uber, Lyft Vehicles In The City
Learn more (August 8, 2018; money.cnn.com)

Maximum 401(K) Contributions: 2018 Edition
Learn more (August 2, 2018; finance.yahoo.com)

Amazon Hiring for Over 200 Work-From-Home Positions
Learn more (August 9, 2018; finance.yahoo.com)

Tesla Plunges, Wiping Out Tweet-Fueled Rally in Just Two Days
Learn more (August 9, 2018; bloomberg.com)

Deutsche Bank Cuts Costs Again. Not Even Fruit Bowls Are Safe
Learn more (August 9, 2018; bloomberg.com)

An Exclusive Tour of Boeing’s Gigantic Jet Factory
Learn more (August 9, 2018; money.cnn.com)

Trump Vows to Double Metals Tariffs on Turkey as Dispute Escalates Over Detained American
Learn more (August 10, 2018; wsj.com)

 

 

THE WEEK TO COME

August 13 (All times are CT)
  • Mortgage Bankers Association Mortgage Foreclosures
  • Mortgage Delinquencies
August 14
  • Export Price Index at 7:30 a.m.
  • Import Price Index at 7:30 a.m.
  • National Federation of Independent Business Small Business Optimism at 5:00 a.m.
August 15
  • Business Inventories at 9:00 a.m.
  • Capacity Utilization at 8:15 a.m.
  • Empire Manufacturing at 7:30 a.m.
  • Industrial Production at 8:15 a.m.
  • Mortgage Bankers Association Mortgage Applications at 6:00 a.m.
  • Nonfarm Productivity at 7:30 a.m.
  • Retail Sales Advance at 7:30 a.m.
  • Total Net Treasury International Capital Flows at 3:00 p.m.
  • Unit Labor Costs at 7:30 a.m.
August 16
  • Bloomberg Consumer Comfort at 8:45 a.m.
  • Bloomberg Economic Expectations at 8:45 a.m.
  • Building Permits at 7:30 a.m.
  • Continuing Claims at 7:30 a.m.
  • Housing Starts at 7:30 a.m.
  • Initial Jobless Claims at 7:30 a.m.
  • Philadelphia Fed Business Outlook at 7:30 a.m.
August 17
  • Leading Index at 9:00 a.m.
  • University of Michigan 1 Year Inflation at 9:00 a.m.
  • University of Michigan 5-10 Year Inflation at 9:00 a.m.
  • University of Michigan Current Conditions at 9:00 a.m.
  • University of Michigan Expectations at 9:00 a.m.
  • University of Michigan Sentiment at 9:00 a.m.
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