Markets moved higher today on Chinese comments regarding a possible ‘mini trade deal’. This is more stalling tactics from Beijing, in hopes of getting some tariffs removed and waiting out the Trump administration for a more pliable Democratic president. In all likelihood China would offer some large agricultural purchases to sooth unhappy famers (and Trump voters). It is too soon to tell if Trump would take the bait, after going this far to protect American industry and jobs.
In other economic news, wholesale inventories rose at 0.2% vs consensus estimate of 0.4%.
Mortgage applications were up 5.4% on Oct 4.
The JOLTS job openings saw 7.051M vs consensus at 7.191M.
EIA crude oil stocks change for Oct 4s rose more than expected at 2.927M barrels vs 1.413M estimate.