Rabobank analysts point out that we get a flurry of US data today, starting at 14:30 CET with the Philly Fed, retail sales, jobless claims, and import prices, followed by the Bloomberg indices (15:45 CET), business inventories and the NAHB housing market index (both at 16:00 CET) and finally the TIC data (22:00 CET).
“Generally speaking, labor market and consumption data in the US remain solid, while the business surveys show that the manufacturing sector is in trouble. We expect this weakness to spread to the services sector and subsequently drag down employment growth and finally consumption as well. Meanwhile, we do not expect the Phase 1 trade deal to remove the fundamental uncertainty about international trade and supply chains that is facing US corporations.”
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