Monthly Archives: May 2012

The MorningSnapshot- 05/03

Sentiment is higher this morning after successful Spanish and French auctions, with the IBEX leading European equities higher, up +2.2% on the day. The USD is outperforming most of its peers, Treasuries are still holding in the same range of the February lows, and S&P futures are up slightly at +0.132%. Commodities are mostly lower, consistent with the USD gains we witnessed overnight.

The MorningSnapshot- 05/02

Euro-region unemployment increased to a 15 year high today, and European stock markets are mixed after being closed for a holiday on Tuesday. Sentiment is mixed as well, with the euro sliding and the dollar gaining before an ADP report forecast to show the U.S. economy added 170,000 jobs last month. Treasury yields are steady, still holding near February lows, but relative value analysis shows the shorter end of the yield curve remains too low versus the long end.

Tomorrow look out for Spanish note auctions, U.S. payrolls on Friday, the French presidential election Saturday, and the Greek Parliamentary elections on Sunday.

The MorningSnapshot- 05/01

Sentiment is mixed on the morning after Chinese PMI numbers came in relatively strong, while U.K. PMI numbers fell worse than expected (keep in mind most European markets are closed today). The Euro Stoxx 50 and S&P 500 futures are unchanged before U.S. ISM manufacturing numbers and construction spending are released at 10am EST. The median estimate of 77 economists surveyed by Bloomberg News is for the ISM’s factory index to decline to 53 last month, from 53.4 in March. Less demand for business equipment, a smaller buildup than usual of inventories, and recession in Europe are all contributing factors to the decline in the index. Earnings out this morning were mostly stronger than anticipated by analysts, but the real market drivers for today will be unveiled at 10am EST.