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Friday April 25, 2008 - 13:39:08 GMT
CEP News - www.economicnews.ca

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Morning Market Update: U.S. Stocks Look to Open Higher, USD Strengthens

09:04 04/25 (CEP News) - North American fixed income markets are declining and equities are up with yields on U.S. 10-year Treasury notes up 3.6 bps to 3.86% and Canadian 10-year CGBs up 3.4 bps to 3.75%. Futures on the Dow Jones Industrial Average are trading up 68 points to 12899. The Canadian dollar is down 0.20 cents to 0.9837 USD and the euro is down 0.80 cents to 1.5605 USD.

Yields on two-year Canadian government bonds were up 8.6 bps to 2.96%, five-year yields up 5.8 bps to 3.26%, 10-year yields up 3.4 bps to 3.75% and 30-year yields up 1.1 bps to 4.20%.

U.S. two-year yields were up 6.5 bps to 2.45%, five-year yields up 9.1 bps to 3.18%, 10-year yields up 3.6 bps to 3.86% and 30-year yields up 1.9 bps to 4.56%.

The Eurodollar June 08 contract was down 4.5 ticks to 97.10. The 10/2 year spread flattened 3.38 bps to 143.02.

The spread between the U.S. 10-year note and the Canadian 10-year CGB widened 10.69 bps to 10.75 bps.

In Germany, returns on two-year German Bunds were down 1.3 bps to 3.86%, five-year yields flat at 3.94%, 10-year yields up 0.5 bps to 4.19% and 30-year yields flat at 4.71%.

Yields on UK two-year bonds were up 5.7 bps to 4.59%, five-year yields up 4.6 bps to 4.56%, 10-year yields up 3.9 bps to 4.81% and 30-year yields flat at 4.59%.

U.S. equity market futures are gaining. Contracts on the Dow Jones Industrial Average are up 68 points to 12899, the S&P 500 up 9 points to 1395 and the NASDAQ up 10 points to 1930.

European stock markets are also gaining, with the Eurostoxx up 55.19 points to 3221.48, the UK FTSE 100 up 31.10 points to 6081.80 and the German DAX up 111.47 points to 6932.79.

Asian markets were mixed, with the Japanese Nikkei closing up 322.60 points (1.83%) to 13863.47 and the Hang Seng Index down 164.00 points to 25516.78.

The Canadian dollar was down 0.20 cents to 0.9837 against the USD (1.0166 USD/CAD) and up 0.20 cents to 1.5862 (0.6304 CAD/EUR) against the euro.

The U.S. dollar was up 0.23 to 104.48 against the yen and the euro was down 0.80 cents to 1.5605 against the U.S. dollar.

The pound sterling was up 0.90 cents to 1.9833 USD and the Australian dollar was lower by 0.90 cents to 0.9310 USD.

The U.S. Dollar Index was up 0.210 points to 72.745.

Futures on WTI crude oil are up $1.65 to $117.71 while gold futures at the Chicago Board of Trade are up $5.30 to $894.80.

All data taken at 9:02 a.m. EDT.

Generated by CEP Newswires, edited by Stephen Huebl, shuebl@economicnews.ca

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

 

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