Financial News for the week ending May 15, 2020

Source:
http://creditbubblebulletin.blogspot.com/2020/05/weekly-commentary-global-bubbles-are.html

For the Week:

S&P500 declined 2.3% (down 11.4% y-t-d)

Dow Industrials fell 2.7% (down 17.0%)

Dow Utilities dropped 2.5% (down 14.6%). 

Dow Transports fell 6.9% (down 28.8%)

S&P 400 Midcaps dropped 5.8% (down 23.5%)

Small cap Russell 2000 fell 5.5% (down 24.7%). 

Nasdaq100 slipped 0.7% (down 4.8%)

Biotechs rose 2.4% (down 8.5%). 

With gold bullion surging $41, 

the HUI gold stock index 

jumped 4.1% (up 22.7%).

US Ten-year Treasury bond yields 

fell four bps to 0.64% (down 127bps). 

US Thirty-year Treasury bond yields 

dropped six bps to 1.33% (down 106bps).

U.K.'s FTSE fell 2.3% (down 23.1%).

Japan's Nikkei declined 0.7% (down 15.3% y-t-d). 

France's CAC40 sank 6.0% (down 28.4%)

German DAX dropped 4.0% (down 21.0%). 

Spain's IBEX 35 fell 4.5% (down 32.2%). 

Italy's FTSE MIB lost 3.4% (down 28.3%)

 Brazil's Bovespa dropped 3.4% (down 32.9%)

Mexico's Bolsa sank 5.1% (down 18.0%). 

South Korea's Kospi declined 1.0% (down 12.3%).

India's Sensex fell 1.7% (down 24.6%). 

China's Shanghai declined 0.9% (down 6.0%). 

Turkey's Istanbul National 100 rallied 2.0% (
down 12.8%).

Russia's MICEX  dropped 1.8% (down 14.8%).



Commodities Watch:
Bloomberg Commodities 
Index down 1.1%  
     (down 23.8% y-t-d). 

Spot Gold up 2.4% to $1,744 
   (up 14.9%). 

Silver up 8.2% to $17.07 
   (down 4.7%). 

WTI crude oil up $4.69 to $29.43 
   (down 52%). 

Gasoline up 1.9% 
   (down 43%)

Natural Gas down 9.7% 
   (down 25%). 

Copper down 3.1% 
   (down 17%). 

Wheat down 4.2% 
   (down 11%). 

Corn was unchanged  
    (down 18%).

U.S. Mortgages

Freddie Mac 30-year 

fixed mortgage rates 

added two bps to 3.28% 

(down 79bps y-o-y). 

Fifteen-year rates 

slipped a basis point 

to 2.72% (down 81bps). 

Five-year hybrid ARM rates 

increased one basis point 

to 3.18% (down 48bps). 

Jumbo mortgage 30-year 

fixed rates up a basis point 

to 3.67% (down 49bps).

Federal Reserve Credit 

last week expanded $78.5bn 

to a record $6.742 TN,

Over the past year, Fed Credit 

expanded $2.892 TN, or 78.1%. 

M2 (narrow) "money" supply 

surged $199bn last week 

to a record $17.765 TN, 

with an unprecedented 

ten-week gain of $2.257 TN. 

"Narrow money" surged 

$3.179 TN, or 21.8%, 

over the past year.