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What to Watch: Retail Sales, Tsy 20Y Sale, Amgen Mega-Deal Anticipated

US TSYS
Tsys trade mixed, inside overnight range with bonds outperforming (30YY 3.7701%). Tsy 2s10s yield curve making new 40 year inverted low of -91.157 (-3.542). No Fed speakers scheduled for Wednesday, will resume Thursday. Focus on retail sales at 0830ET:
    • Retail Sales Advance MoM (-1.1%, 2.0%) Ex Auto MoM (-1.1%, 0.9%)
    • Retail Sales Control Group (-0.7%, 1.0%)
    • Empire Manufacturing (-32.9, -18.0); followed midmorning by:
    • Industrial Production MoM (-0.7%, 0.5%), Cap-U (78.8%, 79.1%), Mfg (SIC) Production (-1.3%, 0.8%), Business Inv (0.4%, 0.3%) at 0915ET and
    • NAHB Housing Market Index (35, 37) at 1000ET
    • Net Long-term TIC Flows ($171.5B, --), Total Flows ($213.1B, $165.0B)
  • Tsy auctions: US Tsy $36B 17W Bill auction at 1130ET, $15B 20Y Bond auction (912810TQ1) at 1300ET.
  • Corporate debt issuance: potentially rivaling today's Tsy issuance, Amgen expected to launch multi-tranche "mega" debt deal today, as high as $25B est to help finance it's $28B acquisition of Horizon Pharmaceuticals.
  • Earnings after the close: Republic Services (RSG $1.02 est), Energy Transfer (ET $0.38 est), Invitation Homes (INVH $0.41 est), Cisco (CSCO $0.85 est), Synopsys (SNPS $2.51 est), Roku (ROKU -$1.74 est), CF Ind (CF $4.23 est), Marathon Oil (MRO $0.84 est), Equinix (EQIX $4.81 est), American Int Group (AIG $1.26 est), Albemarle (ALB $8.19 est), Welltower (WELL $0.82 est)

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