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Hormuz Deal Hopes Turning Bonds Green at Open
Hormuz Deal Hopes Turning Bonds Green at Open
This morning is offering another installment of hope for some form of progress in Iran. In today's case, it was Bessent floating the notion of possible Hormuz deal as early as this week. Markets will believe it when they see it, of course, but they're certainly willing to trade the hope. After moving modestly higher overnight, oil prices and bond yields are quickly lower in response to the headlines.
Sideways and Stronger, But Risks Remain
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Tuesday, Aug 04 | |||||
| 8:30AM | Jun Trade Gap (bl) | Jun | $-73.3B | $-73.0B | $-77.6B |
| 9:20AM | NY Fed Bill Purchases 1 to 4 months (%) | $5.179 billion | |||
| 10:00AM | Aug IBD economic optimism | Aug | 45.1 | 47.5 | 45.5 |
| 10:00AM | Jun Factory orders mm (%) | Jun | -0.3% | 0.2% | -1.3% |
| 10:00AM | Jun JOLTs Job Quits (ml) | Jun | 3.232M | 3.065M | |
| 10:00AM | Jun USA JOLTS Job Openings (ml) | Jun | 7.359M | 7.4M | 7.594M |
| 11:30AM | 6-Week Bill Auction (%) | 3.640% | 3.700% | ||
| Wednesday, Aug 05 | |||||
| 7:00AM | Jul/31 MBA Purchase Index | Jul/31 | 159.8 | ||
| 7:00AM | Jul/31 Mortgage Market Index | Jul/31 | 247.2 | ||
| 7:00AM | Jul/31 MBA Refi Index | Jul/31 | 723.1 | ||
| 8:15AM | Jul ADP jobs (k) | Jul | 70K | 98K | |
| 9:45AM | Jul S&P Global Services PMI | Jul | 53.6 | 51.2 | |
| 9:45AM | Jul S&P Global Composite PMI | Jul | 53.6 | 51.9 | |
| 10:00AM | Jul ISM Biz Activity | Jul | 55.4 | ||
| 10:00AM | Jul ISM Services Employment | Jul | 51.2 | ||
| 10:00AM | Jul ISM Services New Orders | Jul | 55.1 | ||
| 10:00AM | Jul ISM Services Prices | Jul | 67.7 | ||
| 10:00AM | Jul ISM N-Mfg PMI | Jul | 54.5 | 54.0 | |
| 10:30AM | Jul/31 Crude Oil Inventory (ml) | Jul/31 | -7.167M | ||
| 4:05PM | Fed Cook Speech | ||||
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