| Last | Change | Percent | |
| S&P Futures | 1451.4 | 6.7 | 0.46% |
| Eurostoxx Index | 2495.3 | 2.8 | 0.11% |
| Oil (WTI) | 88.75 | 0.6 | 0.69% |
| LIBOR | 0.352 | 0.000 | -0.07% |
| US Dollar Index (DXY) | 79.74 | -0.226 | -0.28% |
| 10 Year Govt Bond Yield | 1.64% | 0.03% | |
| RPX Composite Real Estate Index | 194.4 | 0.2 |
Markets are higher this morning after the ECB held rates steady. Generally speaking, the path of least resistance has been up in the equity markets since QEIII. Bonds and MBS are down small.
Initial Jobless claims came in at 367k, better than expected, but higher from last week's revised 363k. Later this afternoon, we will get the minutes of the FOMC meeting which should make interesting reading.
Lender Processing Services Mortgage Monitor showed delinquencies have dropped almost 50% from peak, while foreclosures remain at their highs. Which means foreclosures should start dropping in the future. The states with the highest remaining foreclosures are NY, NJ, and HI.
Challenger and Gray reported that planned layoffs are the lowest in 12 years as government downsizing appears to be at an end. While this is a good sign, it doesn't necessarily mean hiring is about to pick up as headwinds from Europe and Asia, as well as political uncertainty in the US are keeping companies from making any major expansion or hiring moves. They cite a Business Roundtable survey which found that only 30% of CEOs expected to increase capital spending or add more workers. Those numbers are down from the mid 40s in Q1. So while layoffs are back at pre-recession levels, hiring is not.
The debate last night was not market moving, but Romney's performance should put an end to the pundits declaring the race over already. At the margin, a Romney win would be bond bearish, and possibly stock market bearish since Ben Bernake would not be re-appointed. I was happy to hear Romney mention the lack of guidance as to what constitutes a qualified mortgage.
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