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Today's Economic Data Docket - Ignore Durable Goods And The Beige Book: It Is All About Headline Risk

Tyler Durden's picture


Today's economic docket consists of Durable Goods numbers (if the Paris Air Show was indeed as bad as we expect, Boeing, i.e., aircraft, orders may slip substantially), the Beige Book, and $35 billion in 5 Year Notes (+$20.065 net). All of it irrelevant: the double whammy of major headline risk out of both Europe and the US (Europe bailout 2 unwinding, no deal 24 hours ahead of the Thursday congressional deadline) will be the key driver of the market once again.

8:30: Durable goods orders (June): A soft report? Goldman forecasts that durable goods orders declined by 1% in June. Although most of the expected decline is due to a drop in aircraft orders, sluggish activity in the second quarter suggests that core capital goods orders (nondefense capital goods excluding civilian aircraft) should also be weak. However, the possibility of a boost from the “last month of the quarter” bias that we have noticed for this indicator points to upside risk to the forecast.
GS: -1.0%; median forecast: -0.3%; Last: 2.1%.

11:30: Treasury will auction a $12.0 billion 5-day CMB to raise all new cash.

13:00: Treasury will auction a $35.0 billion 5-year note to raise $20.065 billion.

14:00: Federal Reserve’s Beige Book. The Beige Book is likely to reflect that economic activity continued to expand at a sluggish rate between early June and July (the period covered by the report). The anecdotal information in the latest Beige Book may provide useful information on any remaining supply chain disruptions in the auto industry and any signs whether hiring has picked up following June’s disappointing jobs report.


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Wed, 07/27/2011 - 08:00 | 1497157 duncecap rack
duncecap rack's picture

This period of time really makes me think of those pictures in the paper about critical market crashes when sentiment is all mixed up, just waiting to coallesce, then whoomp it's ice-9 time.

Wed, 07/27/2011 - 08:04 | 1497165 voshnishki
voshnishki's picture

Is it time to sell Ebay as #oppaypal goes mainstream?

Wed, 07/27/2011 - 08:18 | 1497169 BlackholeDivestment
BlackholeDivestment's picture

...sluggish, imagine that. Good morning Babylon.

...and a little Crosscut for good measure. That's all the love I can muster up for this bullshit market image, forgive me.

Wed, 07/27/2011 - 08:15 | 1497182 sabra1
sabra1's picture

keep hearing on the news that phone lines are swamped, servers crashing, all due to sheeple fearing that the debt ceiling won't be raised. i call bull on this fed induced propaganda! this is exactly what oBLAHma needs to bring in his cuts to all programs!

Wed, 07/27/2011 - 08:31 | 1497207 slewie the pi-rat
slewie the pi-rat's picture

headline risk?  i thought it was risk off, today? 

world-wide, PPTs and market makers are being very, very good.  kinda nice, really. 

  • dow  -.7%
  • s&p -.4
  • naz -.1
  • stox -.9%
  • ftse -.4
  • dax -.4
  • nik  -.5%
  • topx -.8
  • hngsng -.1

all down, all less than 1%

dollar's up


remember:  whatever happens, act confident!


Wed, 07/27/2011 - 08:56 | 1497253 Byte Me
Byte Me's picture


Your ZeroHedge mini-logo is not appearing in my browser's tab to your fine site.

This is since your 'new look' at the weekend. Surely some oversight. Would you ask he with the capital Pi avatar to remedy this please?

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