HEADLINE NEWS WEEK ENDING 10/09/09
Statements made this week by US presidential advisor Lawrence Summers and Federal Reserve Chairman Ben Bernanke underscore our views that the US economic recovery will likely be sluggish and that the Fed is planning to exit from its credit easing programs. more...http://payden.com/library/wmu/newsletter.pdf
US Treasuries traded significantly lower this week, with the long end of the yield curve, mostly 10-year and 30-year yields, underperforming all other maturities. more...
The stock market finished the week higher for the first time in three weeks on strong corporate earnings and better-than-expected economic data. more...http://payden.com/library/wmu/newsletter.pdf
Investment grade primary activity kept investors hankering for more, as small infrequent issuers tapped the market. more...http://payden.com/library/wmu/newsletter.pdf
Mortgages outperformed Treasuries as yields rose sharply on profit taking and hawkish rhetoric by Fed Chairman Ben Bernanke. more...http://payden.com/library/wmu/newsletter.pdf
After enjoying a stellar summer rally, yields on municipal bonds rose sharply this week. This was especially notable in the face of nearly unchanged short and intermediate maturity Treasuries. more...http://payden.com/library/wmu/newsletter.pdf
The capital markets over the next few weeks will be focused on the third quarter earnings season, which has just begun with Alcoa’s earnings. more...http://payden.com/library/wmu/newsletter.pdf
Eastern European Equities
The CECE index of equities traded in Central Europe (Czech Republic, Hungary, and Poland) gained +2.1% this week, while the Russian stock index RTS went up +12.0%. more...http://payden.com/library/wmu/newsletter.pdf
Global Bonds and Currencies
Bond yields rose from their recent lows in most major non-US sovereign markets over the past week. Several factors were at work pushing yields higher. more...http://payden.com/library/wmu/newsletter.pdf
Emerging market dollar-pay debt spreads tightened this week. Risk appetite once again returned to global financial markets and most equity indices rallied on the back of strong economic data and a better-than-expected start to the earnings season in the US. more...http://payden.com/library/wmu/newsletter.pdf
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