Markets react to sluggish Chinese exports, small and midsize bank downgrades
Markets are reacting to China’s exports dropping sharply, as well as reports that credit ratings agency Moody’s has announced downgrades on 10 small and midsized banks.
This morning, the Dow traded down and Treasury yields were down relative to Monday morning.
Non-revolving loans drove spike in outstanding credit
Consumer credit rose $17.847 billion in June, a big jump from May’s $9.457 billion increase. Non-revolving credit, such as auto loans and student loans, drove the June increase in consumer credit, while revolving credit decreased slightly.
Trade deficit fell to $65.5 billion last month
The trade deficit dropped to $65.5 billion in June, according to the Trade Balance Report. The goods deficit shrank by $2.8 billion and the services surplus was down less than $0.1 billion.
Thursday, Aug. 10
Consumer Price Index
Weekly Initial Jobless Claims
Monthly Budget Statement
Friday, Aug. 11
Producer Price Index
University of Michigan Consumer Sentiment
Tuesday, Aug. 8
$42 billion auction of three-year Treasury notes
Wednesday, Aug. 9
$38 billion auction of 10-year Treasury notes
Thursday, Aug. 10
$23 billion auction of 30-year Treasury bonds
By Mike Kraft, Executive Director and Commercial Real Estate Treasurer for Commercial Banking
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