Financial News for the week ending April 17, 2020

Source:
http://creditbubblebulletin.blogspot.com/2020/04/weekly-commentary-crazy-dangerous-things.html

For the week ending 

April 17, 2020:

S&P500 

advanced 3.0% 

    (down 11.0% y-t-d)

Dow Industrials

gained 2.2% 

   (down 15.1%)

Dow Utilities 

slipped 0.4% 

   (down 5.0%)

Dow Transports 

were unchanged 

   (down 24.5%). 

S&P 400 Midcaps 

dipped 1.6% 

   (down 24.3%)

Small cap Russell 2000 

declined 1.4% 

   (down 26.3%)

Nasdaq100 

surged 7.2% 

   (up 1.1%)

Biotechs 

spiked 9.5% 

   (down 2.3%)

Gold bullion declined $14, 

but the HUI gold stock 

index jumped 5.0% 

    (up 1.0%).

U.K.'s FTSE 

declined 1.0% 

   (down 23.3%).

Japan's Nikkei

rose 2.0%

    (down 15.9% y-t-d)

France's CAC40 

slipped 0.2% 

   (down 24.7%)

German DAX

increased 0.6% 

   (down 19.8%). 

Spain's IBEX 35

dropped 2.8% 

   (down 28.0%). 

Italy's FTSE MIB 

sank 3.2% 

   (down 27.4%)

Brazil's Bovespa 

gained 1.7% 

   (down 31.7%)

Mexico's Bolsa 

increased 0.5% 

   (down 20.2%). 

South Korea's Kospi

rose 2.9% 

   (down 12.9%). 

India's Sensex 

gained 1.4% 

   (down 23.4%). 

China's Shanghai 

advanced 1.5% 

   (down 6.9%). 

Turkey's Istanbul National 100

rose 1.8% 

   (down 14.2%). 

Russia's MICEX 

sank 5.3% 

   (down 16.8%).

 Ten-year US Treasury bond yields 

fell eight bps to 0.64% 

   (down 127bps). 

US Treasury long bond yields

dropped eight bps to 1.26% 

   (down 113bps). 

Freddie Mac 30-year 

fixed mortgage rates 

dipped two bps to 3.31% 

   (down 86bps y-o-y). 

Fifteen-year rates rose

three bps to 2.80% 

   (down 82bps). 

Five-year hybrid ARM rates 

fell six bps to 3.34% 

   (down 44bps)

Jumbo mortgage 

30-year fixed rates 

down 17 bps to 3.69% 

   (down 65bps).

Federal Reserve Credit 

last week surged $228bn to a record $6.196 TN, with a 32-week gain of $2.474 TN. Over the past year, Fed Credit expanded $2.300 TN, or 59%. 

M2 (narrow) "money" supply 

expanded another $77.8bn last week to a record $16.732 TN, with an unprecedented six-week gain of $1.236 TN. "Narrow money" surged $2.221 TN, or 15.3%, over the past year. 

Commodities Watch:

April 15 – Wall Street Journal (David Hodari and Ryan Dezember):

“In its closely observed monthly oil-market report, the IEA projected that demand for crude would drop in April by 29 million barrels a day to levels not seen in a quarter of a century. That would equate to roughly 29% of the world’s 100-million-barrel daily oil-demand figure from 2019.”

The Bloomberg 

Commodities Index 

dropped 2.2%

   (down 23.2% y-t-d). 

Spot Gold 

dipped 0.8% to $1,683 

   (up 10.8%). 

Silver sank 4.7%

 to $15.485 

   (down 13.6%). 

WTI crude sank 

$4.29 to $18.27 

   (down 70%). 

Gasoline 

recovered 5.3%

   (down 58%)

Natural Gas 

gained 1.7% 

   (down 20%)

Copper 

rallied 4.3% 

   (down 16%). 

Wheat sank 4.3% 

  (down 4%). 

Corn dropped 2.2% 

   (down 15%).