Daily Market Commentary

October 20, 2020

Bonds
Treasuries are lower with the curve steeper in early U.S. trading as front-end yields remain anchored. Risk appetite stirred during Asia session and European morning, lifting S&P 500 futures, as investors eyed potential for agreement in stimulus talks today.

Economy
U.S. new home starts increased in September on a sharp gain in single-family house construction while building permits climbed, indicating residential building had plenty of momentum at the end of the third quarter.

World
There's a downside to automation. Worldwide, we estimate that 800 million people work in sectors where advances in technology place a significant share of jobs at risk. At a country level, the Gulf Cooperation Council, the Czech Republic, Slovakia and Japan are most exposed to disruption from automation.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.

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