Core inflation is near the Federal Reserve’s target, at a year-on-year 1.9 percent in March for a 3 tenths gain for this which is the most closely watched of all inflation indicators.
- The monthly gain for the core relative to February this year is 0.2 percent.
The National Association of Realtors developed the Pending Home Sales Index as a leading indicator of housing activity. Specifically, it is a leading indicator of existing home sales, not new home sales.
- Pending home sales are expected to rise 1.0 percent in March after posting a very sharp 3.1 percent jump in February.
Overnight: The Asia Pacific (ex-Japan) Index rose more than 1 percent overnight, with South Korea’s Kospi index closing at a three-month high after Friday’s summit between the leaders of both Koreas.
- Markets in Japan were closed for a holiday.
- In Europe, the Stoxx 600 Index was 0.1 percent higher at 5:25 a.m. Eastern Time as merger news helped stocks stay green.
- S&P 500 futures pointed to a higher open
- The 10-year Treasury yield was at 2.961 percent and
- Gold was lower.
Earnings Today: First Data, Allergan, Air Canada, Diamond Offshore Drilling, Loews, Transocean and McDonald report today (but, there will be serious attention paid to Apple Inc.’s report tomorrow.)
Looking at the Week:
- It’s a big week for the U.S. economy, with the Federal Reserve monetary policy decision due on Wednesday, and payrolls data for April due Friday.
- In the Euro Zone, first-quarter GDP is due Wednesday, with latest inflation figures published on Thursday.