Weekly Market Update (4/17/09)‏

HEADLINE NEWS WEEK ENDING 4/17/09

Overview
There are signs of a modest improvement in the latest US economic data. However, it is still premature to call a bottom for the US recession which began in December 2007. more...http://payden.com/library/weeklyMarketUpdateE.aspx#overview

US MARKETS
Treasury/Economics
US Treasury yields barely moved this week. With the Fed continuing their buyback program and no Treasury supply on the agenda, investors remained on the sidelines. more...http://payden.com/library/weeklyMarketUpdateE.aspx#overview

Large-Cap Equities
The stock market rallied for the week spurred by better-than-expected first quarter earnings from some of the largest S&P 500 firms. more...http://payden.com/library/weeklyMarketUpdateE.aspx#overview

Corporate Bonds
Investment grade primary activity slowed to a crawl as a number of issuers reported earnings. There is a chance that General Electric’s and Citibank’s better-than-expected earnings at the end of this week might catapult us through the avalanche of earnings over the next several weeks. more...
http://payden.com/library/weeklyMarketUpdateE.aspx#overview
Mortgage-Backed Securities
Agency mortgages weathered a pickup in originations to outperform Treasuries in a sideways market. more...http://payden.com/library/weeklyMarketUpdateE.aspx#overview

Municipal Bonds
Build American Bonds (BABs) captured the market’s attention this week. Speculation is that BABs will substitute for regular tax-exempt issuance and thus keep municipal bond market supply more limited than otherwise. more...http://payden.com/library/weeklyMarketUpdateE.aspx#overview

High-Yield
The high yield market started the first half of April at a torrid pace, with broad indices up over 5% since the end of March 2009. more...http://payden.com/library/weeklyMarketUpdateE.aspx#overview

INTERNATIONAL MARKETS
Western European Equities
Stocks in Western Europe gained ground over the past week. The stocks with the best performance were banks (+14.9%) and financial services (+10.7%). more...http://payden.com/library/weeklyMarketUpdateE.aspx#overview

Eastern European Equities
The CECE index of equities traded in Central Europe (Czech Republic, Hungary, and Poland) lost -3.6% this week, while the Russian stock index RTS went up by +2.9%. more...http://payden.com/library/weeklyMarketUpdateE.aspx#overview

Global Bonds and Currencies
Major non-US sovereign bond markets spent the past week trading within well-established ranges. After making modest progress over most of the week, European and UK sovereign bond markets finished flat to slightly weaker, after a late sell-off on Friday afternoon. more...http://payden.com/library/weeklyMarketUpdateE.aspx#overview

Emerging-Market Bonds
Emerging market dollar-pay debt spreads tightened this week. A combination of better-than-expected earnings announcements from US banks and marginal improvement in US economic data helped continue the positive tone in risk markets. more...http://payden.com/library/weeklyMarketUpdateE.aspx#overview

For more information, please contact 800 5-PAYDEN or visit payden.com.

If you have difficulties viewing this e-mail and would prefer the Weekly Market Update in plain text format, please e-mail us at paydenrygel@payden-rygel.com. To unsubscribe from this email, please email us at unsubscribe@payden-rygel.com.




Have a great weekend!



All rights reserved. Legal terms. Payden & Rygel respects your privacy. Privacy policy.

The investment strategy and investment management information presented on this email and related Web site, payden.com, should not be construed to be formal financial planning advice or the formation of a financial manager/client relationship. Payden.com is an informative Web site designed to provide information to the general public based on our recommendations of investment management and investment strategies and is not designed to be representative of your own financial needs. Nor does the information contained herein constitute financial management advice. The firm makes no warranty or representation regarding the accuracy or legality of any information contained in this Web site, and assumes no liability for the use of said information. Be advised that as Internet communications are not always confidential, you provide our Web site your personal information at your own risk. Please do not make any decisions about any investment management or investment strategy matter without consulting with a qualified professional.