Afternoon market updates
* US MARCH CONSUMER CREDIT RISES to $ 6.02 TRILLION (CONSENSUS RISE $ 5.0 TRILLION) VS REVISED $ 7.55 TRILLION INCREASE EFFICIENCY in FEB * USA MARCH CREDIT INCREASES $ 1.95 TRILLION VS. $ 2.60 TRILLION DECREASE in FEB; MARCH is NOT the CREDIT is $ 4.07 TRILLION VS $ 10.15 TRILLION INCREASE in FEBRUARY
Is a little surreal, but tens are 3.146 at the moment and FNCL 4.5 are up to 3 of 103 ticks-18, both better than yesterday's best characters. Already visible reprices on better, but a larger majority of lenders should get on board with the most recent movements. Despite the refusal with the Greek Minister of finance, on rumors Greek dropout of the EU, in conjunction with the inventory of a gear lever, technicals and fundamental concerns about the pace of recovery are fueling bond-bullishness/stock weakness.
* RTRS-11: 54-the GREEK GOVERNMENT HAS RAISED the POSSIBILITY of LEAVING the EURO AREA and re-establishing ITS OWN CURRENCY-GERMANY, SPIEGEL ONLINE * RTRS-11: 55-SPIEGEL ONLINE SAYS FIN MIN FROM the EURO area and the EUROPEAN UNION COMMISSION HOLDING a CRISIS meeting in LUXEMBOURG on Friday EVENING * RTRS-11: 56-SPIEGEL ONLINE SAYS MEETING AGENDA INCLUDES the POSSIBLE DISLOCATION DEBT RESTRUCTURING for GREECE * RTRS-11: 57-SPIEGEL ONLINE SAYS GERMANY is FIRMLY AGAINST GREECE for ANY DISCUSSION to LEAVE EUROZONE * RTRS-12: 09-GERMANY GOVT SOURCE SAYS THERE are NO PLANS for GREECE to LEAVE EUROZONE * RTRS-12: 38-the SOURCE of the EURO AREA: SOME MINISTERS are meeting in LUXEMBOURG to REVIEW ISSUES INCLUDING PORTUGAL, GRECJADZIEDZICZENIA THE ECB BUT NOTHING MORE
Speculation that Greece is considering leaving the EU and re-establishing its own currency is cited as a potential cause of the latest mini-sell-off in stocks and a rally in TSYs. The said rally leaves 10-yr notes on 3 182, best levels from the focal points of the Reitox network. But the better story is in the MBS where FNCL 4.5 only selected to the Cape, 1 scale up on the 103-15, at reprices on better possibility.
S & P's shot to 1352.49 at the open and after dipping to 1346.75 now are back to 1352.05. Leverage stocks is relatively connected slightly pushed TSYs although they fight back. We see the biggest difference in correlation between markets now as dozens of combat, you can return to 3.20. Still a clear winner in this fight, but at least it seems that the MBS marching beat of their own drummer FNCL 4.5 remain content to consolidate the advantages and disadvantages in the direction of the price of 103-11-103-12. Now they're 3 tags on the 103-12.
Functional market discussions
Matt hodges : "GMAC improvement 1: 37"
Matt hodges : "WF improvement 1: 28"
Mike Drews : "Add GMAC to that list"
J. Holliday : ", chase, citi and Wells all repriced"
Jill statz : "FAMC better"
Matthew Graham : "I'd say that 10 simply returned right to the lower trendline from the recent channel trends. Fairly bullish result given jobs data. "
Matthew Graham : "volume is quite a lot of it had to vote on the day though."
Matthew Graham : "S & p broke advantages"
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