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Friday, October 30, 2009

Morning Market Report

The euphoria following the GDP report may only last one day. Yesterday, all markets were up significantly following news that the GDP grew by 3.5% in the previous quarter. The Dow grew at 199.89, while both the NASDAQ and S&P 500 both grew by more than 1.75%. There is, however, all sorts of economic data coming out today. Personal income and spending just got released and income dipped while spending was flat. All futures are down this morning, though each is down less than .5%.

The security responding most to the news may be Treasury bonds. The ten year U.S. Treasury bond is now trading at 3.45%. That's down almost 5 basis points. Of course, the same gained almost ten basis points yesterday and so it's only giving back some of that. The yield spread between the two and ten year bond is now at 2.50%, the highest it's been in weeks. Bonds in Britain are relatively unchanged while the German Bund are all making significant rallies. The German Bund 30 year has lost about 5 basis points. Meanwhile, crude oil is inching toward $80 a barrel again. It's currently trading at $79.41 after rallying yesterday following the GDP report.

Indices in the Far East were generally up. The Hang Seng in China was up 2.29%, the NIKKEI in Japan was up 1.45%, and the Straits Time Index in Singapore was up .71%. In Europe, the FTSE in London is up .19%, the DAX in Germany was down .71%, and the Spanish index was down .28%.

The dollar is mixed this morning. It's up by .24% against the Euro, up by .05% against the British Pound, and down .39% against the Japanese Yen.

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