Bobbys Corner-Open Market-April.23.2012

Good Morning:

Risk Off-as Germany’s April flash manufacturing PMI printed at 46.3 versus 49.0 that was forecasted.
This was the largest contraction since July 2009.
This report is somewhat of a shocker-and not a great sign for the Euro Zone’s overall economic situation.
Dutch April business confidence -3.3 from -2.6 in March.
Dutch/German 10 year bond spreads widen to 72 from 61.
French April manufacturing industry morale-95 down from 98
Italy April consumer morale-much lower at 89 from March’s read of 96.3-this is the lowest reading since January 1996.

Is this problem starting to reach some of northern Europe too- Let’s hope not!

Gold, Silver and oil are all lower.

World indexes were all lower-and US Futures are pointing to a lower opening this morning.

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-April.19.2012

Good Morning:

Better than expected Spanish bond sales helped the euro.
Spain sold 2 and 10 year bonds.  The 2 year yield will be 3.463% versus 3.495%.
Spanish 10 year bonds yielded 5.743% versus 5.403%.
Even though the 10 year yield was higher than the last auction-it stayed below the key 6% level.
Spanish/German 10 year spread widens to 421 bps from 410.
Italian/German 10 year spread widens to 390 bps from 376
French/German 10 year spreads widens to 140 bps from 129

Oil is trading under $103/bbl
Gold & Silver are also lower.

Asian and European equity markets were mixed-US Futures are higher.

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-April.18.2012

Good Morning:

GBP took center stage overnight-as the GBP hit a 19 month high versus the euro after MPC minutes showed that members voted 9-0 to keep rates unchanged, and 8-1 to keep QE at 325bln GBPs
Better than expected UK employment data also helped boost sterling.

In European news:
German auctions results went very well.
Spanish home prices fall -3% in Q1.  Drop is -7% from a year earlier.
Things just continue to get uglier in Spain.
Comments from Sarkozy and Lagarde continued to put pressure on the single currency.

Gold and Silver are all lower
Oil is higher-over $104/bbl
Asian equity markets were higher-Europe is mostly lower-and US Futures are also mostly lower

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-April.12.2012

Good Morning:

The greenback was mixed versus most of their counterparts.

Italy saw their cost of borrowing increase to the highest levels since January 2012 at today’s bond auction.  The auctions are well received,  but yields in Spain and Italy along with most of the EU are moving higher.  Concerns over debt contagion from Spain is putting pressure on the bond markets throughout the EU.
Greek January unemployment rose to 21.8% from 21.2% in December.

Some good news out of the FOMC:
It seems that both Dudley and Yellen have stated that their is still support of keeping interest rates low through 2014-and longer if necessary.  Also they stated that the door for additional QE is open.

Oil is back over $103/bbl.

Asian equity markets were higher-along with Europe and US Futures.

Gold is slightly lower-while silver is higher.

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open market-April.11.2012

Good Morning:

A better day for the Euro Zone in general.
Spanish/German 10 year bond yield spread narrows to 405 bps from 424 bps. 
Italian/German 10 year yields narrowed to 372 bps from 395 bps.

Italy auctioned off 11 billion euros of 91 and 361 day paper.  Full take up-but yields are almost double what they were in the last auction.
Germany only sold 3.87 billion euros of 10 year bonds-out of a proposed 5 billion. 
Markets didn’t like that, and the auction had poor cover even though the yields increased.
The single currency initially sold off, but has since strengthened again.

Oil is trading in the mid $101/bbl
Gold and Silver are lower-as are most commodities.

Asian equity markets were mostly lower-Europe is higher-as are US Futures.

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-April.10.2012

Good Morning:

Worries over rising Spanish borrowing costs pushed the euro lower.  Spanish 10 year bonds hit a yield of 5.9% from 5.8% earlier.
Spanish/German 10 year government bond spreads rose 424 bps from 402 bps earlier. Bank of Spain’s Ordonez stated that he expects more bank mergers in 2012, banks may need additional capital, Spanish exports are growing, and Spanish banks have  made 112 bln euros in provisions from 2007-2011.  These are just a few reasons why many economists believe that the country will be the next country in the euro zone to need a bailout.
Italian/German spreads on 10 year government bond yields widened out to 391 bps from 371 bps earlier.

Gold and silver are higher.

Oil is lower@ $102.15 bbl.

Asian equity markets were mostly lower-Europe is lower-but US Futures are higher.

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-April.6.2012

Good Morning:

Most of the world is closed for Good Friday-leading to a fairly quiet overnight session.
This is a very unusual day for the markets-as the most important US economic data released on a monthly basis (non farm payrolls and unemployment rate)-will be released with almost all worldwide markets being closed, including the US equity markets.
US Bond markets will be open for a abbreviated session this morning-so that traders may react to this morning’s data.

Non Farm Payrolls is expected to show a 203K increase  and the unemployment rate is expected to stay steady at 8.3%.

Asian markets were mostly higher, with the Nikkei the only loser.  European markets were closed-and US Futures are higher.

HAVE A GREAT DAY -WEEKEND & GOOD LUCK

Bobbys Corner-Open Market-March.29.2012

Good Morning:

Good news on the German labor front-with unemployment down by 18K, and the unemployment rate fell to 6.7% from 6.8%.
The German economy is the envy of Europe.  Even with the EU having major debt issues-The German economy remains robust, and the country’s businesses are hiring.  The German economy has added jobs in the last 14 out of 15 months.  Hopefully the higher employment levels will spur consumer spending, and keep the German economy on the right path.
Even with this positive data from Germany-the EUR/USD pair dropped below 1.33.

US GDP report was just released, and printed at 3%-which is what the markets expected.  This is the 3rd reading of the Q4 data, and it continues to remain steady.
Consumer spending was unrevised, and stayed steady at +2.1%
Jobless claims dropped by 5K.

Gold and Silver are higher.
Oil  (WTI) has dropped to under $105/bbl.

Asian equity markets all closed lower-and European equity markets are all lower, along with US Futures at this time.

HAVE A GREAT DAY & GOOD LUCK

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