S&P500 Futures, yields reflect cautious mood as US debt ceiling vote looms – by anilpanchal7 SP500 RiskAversion Fed Employment YieldCurve
Risk-negative signals from US data, Republicans’ statements join softer China PMIs to tease bears.
That said, mixed US data joins fears of economic slowdown, backed by Richmond Fed Thomas Barkin’s latest comments, to underpin the markets’ cautious mood. On the same line could be the anxiety ahead of the key data/events. It should be noted that the fears of the US default also weigh on the sentiment even if the recent challenges to the hawkish Fed bets allow bears to take a breather.
Talking about the data, the Conference Board's Consumer Confidence Index edged lower to 102.30 for May from an upwardly revised 103.70 prior marked in April . Additional details of the survey report mentioned that the one-year consumer inflation expectations ticked down to 6.1% in May from 6.2% in April. Further, the Dallas Fed Manufacturing Business Index for May dropped to -29.1 from -23.4 and versus -19.6 market expectations.
Elsewhere, China’s official PMIs came in mixed, mostly downbeat, even as Non-Manufacturing PMI appeared less destructive.
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