07:35 AM EDT, 06/18/2024 (MT Newswires) -- U.S. and Canadian stock market futures were mixed, but mostly higher this morning (range of -0.03% to +0.2% as at 06:40 ET) amid the same for global markets, BMO Economics noted in its morning note on Tuesday.

Treasury yields were higher along the curve, by as much as 0.9 bps at the long end, and the U.S. dollar was slightly firmer with the loonie softer (CAD per USD +0.17%).

On the U.S. docket (at 08:30am), BMO's Scott Anderson noted, retail sales are projected to edge up 0.2% in May following a stagnant April. According to BMO, a flat CPI implies a 0.2% increase in real sales. Helping to support overall spending, unit vehicle sales rose on the month, but retail gasoline prices dropped. Meanwhile, retail sales excluding autos are forecast to edge up just 0.1% in May, with sales excluding autos and gas expected to rise 0.2%. "Overall, this report will likely show many consumers continuing to struggle under the weight of higher interest rates and inflation," BMO added.

At 09:15am, noted BMO's Sal Guatieri, industrial production looks to bounce only modestly (+0.2%) in May after a flat April, while remaining little changed from a year ago. According to BMO, manufacturing likely stalled as the ISM production sub-index hovered at a neutral-like 50.2 in the month. However, it said, mining should get a lift from increased production of oil and metals, with the former testing record highs and copper prices hitting all-time peaks last month. Warmer temperatures should also juice A/C demand and utilities output. The capacity utilization rate likely rose slightly to 79%, while remaining a full percentage point below year-ago levels and in the disinflation zone, BMO added.

On Fed Speakers' Corner, Richmond President Barkin (voter) weighs in on the US economy and Fed in an MNI webcast (at 10:00). Boston's Collins (non-voter) is making keynote remarks at an event (at 11:40). Dallas' Logan (non-voter) is doing a moderated Q&A (at 13:00), Governor Kugler is doing a virtual event on the economic outlook and monetary policy hosted by the Peterson Institute of International Economics (at 13:00). St. Louis' Musalem (non-voter) has a speech on the U.S. economy and monetary policy (at 13.20). Chicago's Goolsbee (non-voter) is on a panel (at 14:00).

On the Canadian docket, at 08:30, there will be the CPI's new basket weights. There should be a slight tilt to services, but any net upside impact on inflation will likely only be noticed at a few decimals unrounded, BMO said.