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< Back :: The Day Ahead

The Day Ahead

Good morning, its Monday May 16th, the 136th day of 2005.

Before the bell, crude futures are off another 1.38% now at $48.00 even; Gold is also weaker as the US Dollar continues to hold its recent gains. Stock index futures are trading down slightly from Friday’s closing values.

Business inventories have been rising the most since the second quarter of 2000, according to the New York Fed’s manufacturing index survey which today delivered a surprisingly weak decline.

``It’s not out of the question for this regional index to fall into a negative range, given the problems the U.S. auto industry is having right now,’’ Diane Swonk, chief economist at Mesirow Financial Inc. in Chicago said before the report. ``The bigger question is whether U.S. manufacturing is going to contract, and the answer is, no.’’1

March figures for foreign purchases of US securities showed that foreign central banks were net sellers of US assets for the first time in nearly two years.

Chinese holdings of U.S. Treasurys dropped for the first time in just over a year. Japanese holdings fell for the second time in the past three months, while investors in the Caribbean banking centers increased their holdings by 31%.2

The US dollar retreated somewhat following the 9:00 am report, and gold has bounced around but remained mostly unchanged following the two month old data release.

US Market Calendar

  • 8:30 am: Empire State Manufacturing Survey – May1
  • 9:00 am: Foreign Purchases of U.S. Securities – March2
  • 1:00 pm: NAHB Housing Index – May
  • 3 & 6-month T-bill auction

Canadian Market Calendar

  • 8:30 am: Existing Home Sales – Apr.

Earnings and the Federal Reserve

For earnings highlights, please see today's WSJ Earnings Calendar.

For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.

1 New York Fed’s Manufacturing Index Decreased to -11.1 in May

2 U.S. capital inflows slow in March

05.05.16 09:29 #