| Last | Change | Percent | |
| S&P Futures | 1395.1 | -5.3 | -0.38% |
| Eurostoxx Index | 2289.35 | -17.3 | -0.76% |
| Oil (WTI) | 105.05 | -1.1 | -1.04% |
| LIBOR | 0.466 | 0.000 | 0.00% |
| US Dollar Index (DXY) | 79.17 | -.349 | 0.44% |
| 10 Year Govt Bond Yield | 1.92% | -0.02% | |
| RPX Composite Real Estate Index | 173 | -0.4 |
Apologies for the late report. I am working in the San Diego office this morning and have been having technology issues.
Markets are generally weaker this morning on the back of weak unemployment numbers in Germany and a disappointing ADP report. Factory Orders were down 1.5%, a post-crisis low, and are showing a definite downward trend. Bonds and mortgage backed securities were stronger.
The New York ISM report showed that business conditions remain strong in the New York City area, although they slowed slightly from the March pace. The April index came in at 61.2 vs 67 in March. An ISM number above 50 indicates expansion, while below indicates contraction.
Beazer Homes reported a disappointing first quarter loss. That said, Beazer did report a marked improvement from Q111. New orders were up 29%, closings were up 49%, backlog was up 39%, and average price was up 4%. They remain "hopeful, but cautious" about the prospects of a sustained market recovery. Beazer is concentrated in the South and Southeast.
The Treasury is considering issuing floating rate notes. Part of the rationale is that it would decrease borrowing costs today, plus it would help insulate the government from funding hiccups if it has to roll over a lot of debt at once. Still, it seems strange for the government to consider floaters with interest rates so low. It is akin to taking out an ARM to save a handful of basis points on your mortgage payment.
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