HEADLINE NEWS WEEK ENDING 6/5/09
The US economy shed 345,000 jobs in May, about half the average monthly decline during the prior six months, suggesting the labor market may finally be turning the corner. more...http://payden.com/library/weeklyMarketUpdateE.aspx
Interest rates moved higher this week as the safe-haven demand for Treasuries continues to abate. more...http://payden.com/library/weeklyMarketUpdateE.aspx
The stock market rallied during this first week of June due to better-than-expected macroeconomic data. more...http://payden.com/library/weeklyMarketUpdateE.aspx
Investment grade primary activity remained robust with financings from a handful of large issuers. New issue concessions ranged from 0 to 25 bps, reflecting the market’s strong appetite for bonds. more...
Mortgages suffered from general bond market apathy as yields breached the upper bound of the recent trading range on less bleak economic reports. more...
While we witnessed more volatility in Treasuries this week, we saw rather modest changes in municipal bonds, as measured by the Thomson Financial Municipal Market Data (MMD) curve. more...http://payden.com/library/weeklyMarketUpdateE.aspx
The high yield market began the month of June in steady fashion, with strong performance driven by continuing large cash inflows. more...http://payden.com/library/weeklyMarketUpdateE.aspx
Western European Equities
European stocks rose this week extending their third straight weekly gain. more...http://payden.com/library/weeklyMarketUpdateE.aspx
Eastern European Equities
The CECE index of equities traded in Central Europe (Czech Republic, Hungary, and Poland) gained +5.9% this week, while the Russian stock index RTS went up +5.7%. more...
Global Bonds and Currencies
With equity markets continuing their upward march and the latest US payroll data surprising on the upside, the past week put pressure on major non-US sovereign bond markets, although the sell-off in 10-year bonds was less marked than that experienced by 10-year US Treasuries. more...http://payden.com/library/weeklyMarketUpdateE.aspx
Emerging market dollar-pay debt spreads tightened this week, as risk appetite remained strong on the back of continued encouraging economic data. more...http://payden.com/library/weeklyMarketUpdateE.aspx
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