While expected, the 6am release that the German lower house of parliament (upper votes later) voted overwhelmingly for the Greek aid package has helped the European and US futures bounce off previous levels. European debt however is again trading lower, particularly Greece and Portugal but 5 yr CDS is little changed after the widening yesterday. The possibility of a hung parliament in the UK after the election which will make spending cuts more difficult to pass is sending the pound to the lowest level vs the US$ since Apr ’09 and 10 yr Gilt yields are up by 11 bps. The panic in global markets was reflected in interbank rates as US$ 3 mo LIBOR rose 5.5 bps to the highest since Aug ’09 at .428%. Canada’s Apr job report was a huge blowout, seeing its biggest gain since at least 1976 at 109k, equivalent to a US job gain of 988k if adjusted for population size. US payrolls today are expected to total 190k, 90k of which is expected to be in government.
European parliaments move to pass Greek bailout
May 7, 2010 8:03am by
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/
Posted Under
UncategorizedPrevious Post
Big NFP Data Coming ?Next Post
NFP = +290,000