REVISED GDP DATA REVEALED THE ECONOMY GREW SLOWER THAN EXPECTED in the first quarter of 2019 due to reduced business investment and a decline in corporate profits. Consumer spending overall remained stagnant with one exception, spending on durable goods sank 4.6 percent. Pending home sales fell marking the 16th straight month of annual declines as the 30-year mortgage fixed rate mortgage dipped below 4 percent. The 10-year note dipped 5.5 basis points.S&P+0.21%,DOW+0.17%, NASDAQ+0.27%.
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REVISED GDP DATA REVEALED THE ECONOMY GREW SLOWER THAN EXPECTED in the first quarter of 2019 due to
reduced business investment
and a
decline in corporate profits
. Consumer spending overall remained stagnant with one exception,
spending on durable goods sank 4.6 percent
. Pending home sales fell marking the
16th straight month of annual declines
as the 30-year mortgage fixed rate mortgage dipped below 4 percent.
The 10-year note dipped 5.5 basis points.
S&P
+0.21%,
DOW +0.17%,
NASDAQ +0.27%.
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TRADING REVENUES SLIPPED FROM THE 12 LARGEST GLOBAL INVESTMENTS BANKS in March hindered by a steep decline in
trading government paper. Revenues from trading Government debt are
down 12 percent
year-over-year due to
lackluster rates
in the Asian and European Markets. The
10-year Gilt advanced 0.7 basis points.
F
TSE 100 +0.55%,
German DAX +0.48%,
CAC 40
+0.42%,
STOXX Europe 600
+0.41%.
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INVESTMENT GRADE BONDS ROSE AGAINST HIGH YIELDING DEBT in net prices linked to actual trades. The 10-year note lost 6.4 basis points settling at its lowest since October 2017. Equities settled lower and gave up gains following the threat of a trade war escalation with China. S&P -0.85%, DOW-0.93%, NASDAQ -0.39%.
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INVESTMENT GRADE BONDS ROSE AGAINST HIGH YIELDING DEBT in net prices linked to actual trades.
The 10-year note lost 6.4 basis points settling at its lowest since October 2017
.
Equities settled lower
and gave up gains following the threat of a trade war escalation with China.
S&P
-0.85%,
DOW-0.93%,
NASDAQ -0.39%.
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ECONOMIC SENTIMENT ROSE IN MAY
surpassing expectations
rebounding after 10 consecutive months of declines; the indicator improved to 105.1 in May from 103.9 in April.
In France,
consumer
confidence hit a one-year-high
reflecting households’ positive personal financial situations, meanwhile in
Germany Europe’s largest economy, confidence dipped. The
10-year
Gilt slipped 2.8 basis points.
F
TSE 100 +0.11%,
German DAX -0.11%,
CAC 40
-0.18%,
STOXX Europe 600
-0.04%.
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RISK-OFF SENTIMENT PREVAILED as investment grade debt rose against junk bonds in net prices linked to actual trades. Jobless claims fell to a seasonally adjusted 211,000 claims surpassing expectations; managers continue to struggle with employee retention and sourcing skilled labor. In other economic news, new home sales declined across the country in all regions except the Northeast sinking 6.9 percent. The 10-year note plunged 7 basis points settling near 18-month lows. S&P -1.19%,DOW -1.11%, NASDAQ -1.58%.
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RISK-OFF SENTIMENT PREVAILED as investment grade debt rose against junk bonds in net prices linked to actual trades.
Jobless claims fell
to a seasonally adjusted 211,000 claims surpassing expectations; managers continue to
struggle with employee retention and sourcing skilled labor. In other economic news,
new home sales declined
across the country in all regions except the Northeast sinking 6.9 percent.
The 10-year note
plunged 7 basis points settling near 18-month lows
. S&P
-1.19%,
DOW
-1.11%,
NASDAQ
-1.58%.
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THE EUROPEAN CENTRAL BANK IS CONCERNED with the unexpected slow growth the Eurozone has experienced and in response plans to
stimulate growth
by implementing
a loan program to banks. Banks will be given loans with
generous terms
knows as targeted longer-term refinancing operations or
TLTRO’s. The
pound sterling fell
to its lowest levels against the euro since the 2008 financial crisis,
“Investors should not be complacent about the threat of a no-deal exit”. The
10-year
Gilt dipped 6.1 basis points.
F
TSE 100 -1.66%,
German DAX -1.74%,
CAC 40
-1.91%,
STOXX Europe 600
-1.52%.
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EUROPEAN INVESTMENT GRADE BONDS HELD AN EDGE against its high yielding counterparts in net prices linked to actual trades. London housing prices continue to slump as Brexit uncertainty looms,
prices are expected to further decline 2 percent in London
this year in London. Despite the concerns surrounding Brexit
“The UK market has remained remarkably resilient”.
UK inflation
rose slower than anticipated in
April increasing 2.1 percent
versus an expected rise of 2.2 percent. The
10-year
Gilt sank 6.7 basis points.
F
TSE 100 +0.21%,
German DAX +0.22%,
CAC 40
-0.03%,
STOXX Europe 600
-0.02%.
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