S&P 500 Slips as Consumer Confidence, New Home Sales Dissapoint

Consumer Confidence Talking Points

消费者信心谈话要点

• Consumer confidence drops to the lowest level since September 2017

  消费者信心降至2017年9月以来的最低水平

• The S&P 500 and Dow Jones take a step back as the miss in consumer confidence was joined by underwhelming new home sales, casting doubt on the US economy

  标准普尔500指数和道琼斯指数后退一步，因为消费者信心的失误加上了新的平庸房屋销售，对美国经济产生怀疑

• Treasury Yields are dropping this morning as investors seek out the safety of US debt, with the 10-Year yield at 1.987%

  由于投资者寻求美国债务的安全性，10年期国债收益率正在下降收益率为1.987％

The US stock market is off to a rough start this morning on the back of several key economy data points. Consumer confidence and new home sales both disappointed this morning boosting concerns about the strength of the economy. This miss in consumer confidence from the Conference Board reinforces the downward shift in sentiment that UofM‘s survey showed earlier this month. The Conference Board Index printed 121.5, down from last month’s reading of 131.3 – the resultant level is the lowest for the Index since September 2017. New home sales also disappointed with 626k, missing expectations of 684k.

在几个关键经济数据点的支持下，美国股市今早开盘走势艰难。消费者信心和新屋销售今早失望，引发市场对经济实力的担忧。会议委员会对消费者信心的失误加剧了UofM本月早些时候调查显示的情绪下滑。美国经济谘商板指数上涨121.5，低于上个月的131.3 - 由此产生的水平是2017年9月以来该指数的最低水平。新屋销售也令626k失望，低于预期的684k。

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SPX 5-Min Price Chart (Intraday) June 25th

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The miss on Tuesday mornings data is not being brushed off by market participants, with the SPX pushing down to 2,932 and Treasury yields continuing to fall as the 10-Year note hits 1.985%. It could be argued a risk-off sentiment has been reaffirmed by the movement in USDJPY, a common carry trade. Following the data releases, USDJPY fell to 106.83 before making a slight recovery.

星期二早上的数据未被刷掉市场参与者，SPX下跌至2,932，国债收益率继续下跌，10年期国债收益率达到1.985％。可以说，美元兑日元这一普通套利交易运动已经重申了避险情绪。数据发布后，美元兑日元跌至106.83后再小幅回升。

USDJPY 3-Min Price Chart (Intraday) June 25th

USDJPY 3-Min价格走势图（盘中）6月25日

The price reaction suggests investors are being prudent as the US economy hits some trouble and the Federal Reserve signals a shift in future policy leanings. This mornings weak consumer confidence can be partially attributed to the recently reinvigorated trade tensions, but participants were also less optimistic about the future of the labor market. The report found consumers expecting fewer jobs in the economy increased from 13 percent in May to 14.8 percent in June.

pric反应表明投资者正在谨慎行事，因为美国经济遇到了一些麻烦，美联储预示着未来政策倾向的转变。今天上午疲软的消费者信心部分归因于最近重新加剧的贸易紧张局势，但参与者对劳动力市场的未来也不那么乐观。该报告发现，消费者预计经济中的就业岗位将从5月份的13％增加到6月份的14.8％。