| Last | Change | Percent | |
| S&P Futures | 1378.8 | 8.7 | 0.63% |
| Eurostoxx Index | 2319.8 | 35.8 | 1.57% |
| Oil (WTI) | 104.4 | 0.8 | 0.77% |
| LIBOR | 0.466 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 79.16 | -0.068 | -0.09% |
| 10 Year Govt Bond Yield | 1.99% | 0.01% | |
| RPX Composite Real Estate Index | 173.5 | -0.3 |
Markets are higher this morning on Apple's earnings. Hard to believe a half-a-trillion dollar company could move up 10% in a day, but there you go. Bonds and MBS are lower as we await the FOMC decision this afternoon. No one anticipates a change in policy, but the market will focus on clues about QEIII.
Speaking of the Fed, Krugman has some advice for Ben Bernake. Hint: He's not doing enough.
Durable Goods orders fell 4.2% YOY in March, the biggest drop in 3 years. Ex transportation, they fell 1.1%. This was far below expectations. There was also a marked buildup in inventories in the last 6 months, which portends a manufacturing slowdown. There has been nothing in the economic data in the last couple of months that indicates the economy is accelerating - everything points to a deceleration. This is mainly due to overseas weakness. The UK is officially in recession, while Europe and China are slowing.
Mortgage applications fell last week after a huge jump the week before. The 10-year spent all of last week below 2%, so maybe the refi activity is starting to dry up - meaning everyone who can refi at 3.75% has already done so.
Lender Processing Services has released its first look for March foreclosures and delinquencies. The total US loan delinquency rate is just over 7%, which is down almost 9% YOY. The number of properties in foreclosure totaled 2.06MM, the number 90D+ was 1.6MM and 30D+ was 3.5MM, for a total of 5.6MM delinquent. The full report will be released on May 1.
FWIW, Mark Zandi thinks the bottom in real estate is in. Bob Schiller isn't so sure.
No comments:
Post a Comment