U.S. Existing Home Sales at 5.15M vs expected 5.29M. The 2-yr yield and 10-yr yield each increased two basis points to 2.90% and 3.20%, respectively. USDJPY up 0.32%, $112.55.
Euro up 0.54%, $1.1515. U.K. Public Sector Net Borrowing at 3.3B vs expected 4.6B. In Brexit, EU officials now increasingly hope for the Brexit transition period to be extended as the current roadmap is not providing both negotiating sides enough time to sort out the details. EU chief Brexit negotiator Michel Barnier said on Friday that problem over Irish border could lead to failure, voicing no interest in hard Brexit. Sterling up 0.41%, $1.3072.
Chinese GDP q/y at 6.5% vs expected 6.6%. Industrial Production y/y at 5.8% vs expected 6.0%.
Canadian CPI m/m at -0.4% vs expected 0.1%. Core Retail Sales m/m at -0.4% vs expected 0.1%. USDCAD up 0.10%, $1.3099.
S&P 500 down -0.04%, 2,767.78. Nasdaq down -0.12%, 7,107.23. Nikkei down -0.56%, 22,532.08.
China’s Shanghai Composite rebounded from a four-year low on Friday, adding 2.9%, despite reporting a lower-than-expected GDP reading (+6.5% actual vs +6.6% consensus). Chinese officials made a collaborative effort to ease investor angst about liquidity risk and China’s economic fundamentals.
On the earnings front, Procter & Gamble (PG 87.30, +7.06) and PayPal (PYPL 84.78, +7.30) jumped 8.8% and 9.4%, respectively, after beating earnings estimates. Procter & Gamble wowed investors with quarterly organic sales increasing 4%, its highest increase since Q1 of its fiscal 2014 year. In addition, Dow component American Express (AXP 106.73, +3.89) enjoyed a healthy gain of 3.8% after beating earnings estimates and raising its profit guidance.
