Recap 4-18-13

Commentary:

Just a thought – treasury yield correlation with stocks appears to have broken down. That suggests that for many investors who hold both assets, portfolio volatility is likely to increase.

Notable:

  • Philly Fed dropped to 1.3 vs 3 exp and 2.0 prev
  • People’s Bank of China Vice Governor Yi Gang said Wednesday, that China’s leaders will press ahead with change despite the surprise slowing of the economy. “The exchange rate is going to be more market-oriented,” Mr. Yi said on a panel at the International Monetary Fund spring meetings in Washington. “I think in the near future we are going to increase the floating band even further.” – WSJ
  • 70% of $100 bills are outside the US – NPR

Upcoming Data:

  • Fri: Canada CPI
  • Mon: Canada Existing Home Sales, China HSBC Flash Mfg PMI
  • Tue: Japan Small Business Confidence, EU PMI, Canada Retail Sales, US Markit PMI, New Home Sales
  • Wed: German IFO, US Durable Goods Orders, Oil Inventories
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