Weekly Market Update (4/9/09)‏

HEADLINE NEWS WEEK ENDING 4/9/09

Overview
The US trade deficit shrank by more than $10 billion in February to $26 billion—its lowest level since 1999. more...http://payden.com/library/weeklyMarketUpdateE.aspx#emerging

US MARKETS
Treasury/Economics
US Treasuries sold off this week on the back of ongoing supply fears and a positive sentiment change in the financial sector. more...http://payden.com/library/weeklyMarketUpdateE.aspx#emerging

Large-Cap Equities
The stock market continued to rally during this holiday shortened trading week. more...

Corporate Bonds
Investment grade primary issuance was almost non-existent this week as Alcoa, the first of many companies, started to report earnings. more...http://payden.com/library/weeklyMarketUpdateE.aspx#emerging

Mortgage-Backed Securities
Agency mortgages performed very well on an absolute basis and relative to Treasuries. A strong tone in credit and equity markets coupled with healthy buying overseas, the US Government, and domestic money managers helped support mortgage prices. more...http://payden.com/library/weeklyMarketUpdateE.aspx#emerging

Municipal Bonds
Investor demand for high grade municipal bonds and pre-refunded securities remains strong. Yields on AAA-rated general obligation bonds were about 4 bps lower across maturities this week. more...http://payden.com/library/weeklyMarketUpdateE.aspx#emerging

High-Yield
The high yield market started April on firm footing. The continuing equity rally and significant inflows into the high yield market pushed the market higher. more...http://payden.com/library/weeklyMarketUpdateE.aspx#emerging

INTERNATIONAL MARKETS
Western European Equities
Stocks in Western Europe lost ground over the past week. The stocks with the worst performance were oil and gas (-6.2%) and health care (-6.2%). more...http://payden.com/library/weeklyMarketUpdateE.aspx#emerging

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 by +8.7%. more...http://payden.com/library/weeklyMarketUpdateE.aspx#emerging

Global Bonds and Currencies
The surge of confidence inspired by the previous week’s G-20 summit faded in the past week and equity markets weakened, while major non-US sovereign bond markets were mixed. more...http://payden.com/library/weeklyMarketUpdateE.aspx#emerging

Emerging-Market Bonds
Emerging market dollar-pay debt spreads tightened this week. The positive tone in credit markets continued as equity markets were buoyed by better-than-expected earnings announcements in the US. more...http://payden.com/library/weeklyMarketUpdateE.aspx#emerging

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.