Godd Morning Traders.
It is Wednesday the 17th of January, and here is what to look out for today.
Sentiment
Tech companies were expected to spearhead another decline in US stocks on Wednesday as investors tempered their expectations about interest-rate cuts and became more wary of the Chinese economy. US-listed Chinese stocks declined in premarket trading following new data indicating that the housing-market slump in the world's second-biggest economy was intensifying and domestic demand remained unenthusiastic. Tesla and Apple were quoted roughly 1% lower, while Ford was set for a 2.1% decline. Worldwide demand for riskier assets is diminishing as policymakers from the Federal Reserve and the European Central Bank resist wagers on an early start to monetary easing. Swap-market prices now imply roughly 65% odds of a US rate cut in March, down from 80% on Friday.
Docket
08:30 ET
US Retail Sales MoM for December
MoM - Median Forecast: 0.4% | Prior: 0.3% | Range: 1.2% / -0.1%
Core MoM - Median Forecast: 0.2% | Prior: 0.2% | Range: 1.1% / -0.3%
US Import Price MoM for December
Median Forecast: -0.5% | Prior: -0.4% | Range: -0.1% / -0.8%
Canadian PPI MoM
Median Forecast: -0.5% | Prior: -0.4% | Range: -0.4% / -1%
09:15 ET
US Industrial Production for December
Median Forecast: -0.1% | Prior: 0.2% | Range: 0.3% / -0.5%
US Capacity Utilization for December
Median Forecast: 78.7% | Prior: 78.8% | Range: 79% / 78.4%
10:00 ET
US Business Inventories for November
Median Forecast: -0.1% | Prior: -0.1% | Range: 0.3% / -0.1%
NAHB Housing market Index for January
Median Forecast: 39 | Prior: 37 | Range: 43 / 37
13:00 ET
US Sells $13 Bln in 20-Year Bonds at Auction
Speakers
09:00 ET
Fed's Barr speaks at MIT/Federal Reserve conference on measuring cyber risk in the financial services sector. Text is expected but no Q&A.
Fed's Bowman speaks about the path forward for bank capital reform at an event held by the US Chamber of Commerce in Washington, DC. No text but there will be a Q&A.
10:15 ET
ECB's Lagarde speaks in Davos.
13:30 ET
ECB's Nagel speaks in Davos.
15:00 ET
Fed's Williams will deliver opening remarks for a NY Fed event focused on the importance of measuring equitable growth. No text or Q&A.
