Saturday, February 28, 2009

Weekly review courtesy Payden & Rygel

HEADLINE NEWS WEEK ENDING 2/27/09
Overview
There were few signs of light at the end of the tunnel in the dismal economic data released this week. more...

US MARKETS
Treasury/Economics
Treasury yields headed higher this week as investors placed more credence on supply and funding concerns than on poor economic data.more...

Large-Cap Equities
The stock market continued its decline for the year due to weak macroeconomic data and continued concerns in the financial sector. more...

Corporate Bonds
Investment grade primary activity continued to churn out several large deals in light of some disconcerting economic releases. more...

Mortgage-Backed Securities
The Federal Reserve's active support of the US mortgage market helped pass-throughs outperform Treasuries. more...

Municipal Bonds
The new issue market set a weak tone for the broader municipal bond market this week and yields moved higher. more...

High-Yield
The high yield market tone has been notably weaker over the last two weeks of February, as the tumult in the equity markets has worsened. more...

INTERNATIONAL MARKETS
Western European Equities
Stocks in Western Europe lost ground over the past week. The stocks with the worst performance were autos and parts (-10.8%) and health care (-8.5%). more...

Eastern European Equities
The CECE index of equities traded in Central Europe (Czech Republic, Hungary, and Poland) lost -0.6% this week, while the Russian stock index RTS went up by +5.3%. more...

Global Bonds and Currencies
Longer-dated Gilts and Bunds took their main lead from the US Treasury market again over the past week. more...

Emerging-Market Bonds
Emerging market dollar-pay debt spreads tightened this week. Although equity markets continued their recent weak trend, the relative stability in emerging markets and the back-up in US Treasury yields resulted in the tightening of spreads. more...

FACTORS SHAPING THE MARKET NEXT WEEK
Next week, the steady drum beat of negative economic news will continue with new reports on the manufacturing and service sectors of the US economy from the Institute of Supply Management. more...


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Have a great weekend!



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