9/15 Premarket

 

●      The International Energy Agency on Tuesday cut its forecast for 2020 oil demand growth, citing what it calls a “treacherous” path ahead due to weakening market sentiment and an upsurge in the number of coronavirus cases reported across the globe

●      Morgan Stanley updates outlook to say fiscal stimulus no longer expected before the election

●      Expect the Fed’s forward guidance on interest rates to remain unchanged and for the Committee to reframe their asset purchases as being focused on providing accommodation, not aiding market functioning.

●      Import prices rose 0.9% MoM (well above the 0.5% expected) and Export prices rose 0.5% MoM (also better than the +0.4% expected). But despite both the beats, import and export prices remain underwater on a YoY basis.

●      Citigroup, Wells Fargo to resume job cuts after ending a pledge to pause staff reductions

●      JP Morgan sees drop in productivity from people working at home

●      The Federal Reserve Bank of New York’s general business conditions index increased to 17 from a reading of 3.7 a month earlier, a report out Tuesday showed. In July, the measure reached the highest level since November 2018. The September gauge exceeded all estimates in a Bloomberg survey of economists and the 6.9 median projection.

●      Tomorrow: 8:30 AM Retail sales, August (GS +1.5%, consensus +1.0%, last +1.2%); Retail sales ex-auto, August (GS +1.4%, consensus +0.9%, last +1.9%); Retail sales ex-auto & gas, August (GS +1.4%, consensus +0.9%, last +1.5%); Core retail sales, August (GS +1.0%, consensus +0.3%, last +1.4%)

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