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Thursday April 24, 2008 - 13:38:02 GMT
CEP News - www.economicnews.ca

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Morning Market Update: U.S. Stocks Nearly Unchanged as Bonds Sell, Euro Falls

08:59 04/24 (CEP News) - North American fixed income and equity markets are down with yields on U.S. 10-year Treasury notes up 4.7 bps to 3.78% and Canadian 10-year CGBs up 2.6 bps to 3.69%. Futures on the Dow Jones Industrial Average are trading down 9 points to 12739. The Canadian dollar is down 0.20 cents to 0.9814 USD and the euro is down 1.60 cents to 1.5725 USD.

Yields on two-year Canadian government bonds were up 3.7 bps to 2.82%, five-year yields up 3.5 bps to 3.16%, 10-year yields up 2.6 bps to 3.69% and 30-year yields up 2.0 bps to 4.18%.

U.S. two-year yields were up 8.0 bps to 2.27%, five-year yields up 5.2 bps to 3.01%, 10-year yields up 4.7 bps to 3.78% and 30-year yields up 4.3 bps to 4.53%.

The Eurodollar June 08 contract was up 2.0 ticks to 97.16. The 10/2 year spread widened 0.22 bps to 154.10.

The spread between the U.S. 10-year note and the Canadian 10-year CGB widened 8.55 bps to 8.61 bps.

In Germany, returns on two-year German Bunds were down 3.8 bps to 3.82%, five-year yields down 3.0 bps to 3.89%, 10-year yields down 1.2 bps to 4.13% and 30-year yields flat at 4.67%.

Yields on UK two-year bonds were up 1.5 bps to 4.47%, five-year yields up 1.0 bp to 4.46%, 10-year yields up 2.8 bps to 4.70% and 30-year yields up 2.5 bps to 4.55%.

U.S. equity market futures are declining. Contracts on the Dow Jones Industrial Average are down 9 points to 12739, the S&P 500 down 2 points to 1377 and the NASDAQ down 3 points to 1903.

European stock markets are also declining, with the Eurostoxx down 18.71 points to 3145.16, the UK FTSE 100 down 82.30 points to 6001.30 and the German DAX down 1.81 points to 6793.22.

Asian markets were mixed, with the Japanese Nikkei closing down 38.29 points (-0.54%) to 13540.87 and the Hang Seng Index up 391.54 points to 25680.78.

The Canadian dollar was down 0.20 cents to 0.9814 against the USD (1.01892 USD/CAD) and up 0.50 cents to 1.6022 (0.6240 CAD/EUR) against the euro.

The U.S. dollar was up 0.54 to 103.92 against the yen and the euro was down 1.60 cents to 1.5725 against the U.S. dollar.

The pound sterling was down 0.80 cents to 1.9725 USD and the Australian dollar was lower by 0.50 cents to 0.9445 USD.

The U.S. Dollar Index was up 0.384 points to 72.203.

Futures on WTI crude oil are down $1.34 to $116.96 while gold futures at the Chicago Board of Trade are down $3.80 to $904.80.

All data taken at 8:57 a.m. EDT.

Generated by CEP Newswires, edited by Nancy Girgis, ngirgis@economicnews.ca

(END) ┬ęCEP Newswires - ┬ęCEP News Ltd. 2008. All Rights Reserved. www.economicnews.ca

 

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