from:
Credit Bubble Bulletin
Friday, February 26, 2021
by Doug Noland
For the week ending
February 26, 2021:
GLOBAL STOCK MARKETS:
S&P500 dropped 2.4%
(up 1.5% y-t-d)
Dow Industrials fell 1.8%
(up 1.1%)
Utilities down 5.0%
(down 7.3%)
Transports added 0.4%
(up 6.6%)
S&P 400 Midcaps down 1.5%
(up 8.2%)
Small cap Russell 2000 down 2.9%
(up 11.5%)
Nasdaq100 down 4.9%
(up 0.2%)
Semiconductors down 4.8%
(up 9.7%)
Biotechs down 4.9%
(up 0.1%).
With gold bullion falling $50,
the HUI gold stock index fell 5.1%
(down 16.5%).
U.K.'s FTSE fell 2.1%
(up 0.4% y-t-d).
Japan's Nikkei fell 3.5%
(up 5.5% y-t-d)
France's CAC40 fell 1.2%
(up 2.7%)
German DAX fell 1.5%
(up 0.5%)
Spain's IBEX 35 gained 0.9%
(up 1.9%).
Italy's FTSE MIB fell 1.2%
(up 2.8%)
Brazil's Bovespa fell 7.1%
(down 7.5%)
Mexico's Bolsa fell 0.7%
(up 1.2%).
South Korea's Kospi fell 3.0%
(up 4.9%).
India's Sensex fell 3.5%
(up 2.8%).
China's Shanghai fell 5.1%
(up 1.0%).
Turkey's Istanbul National 100
fell 5.7%
(down 0.4%).
Russia's MICEX fell 3.2%
(up 1.8%).
US BONDS & MORTGAGES:
Federal Reserve Credit
over the past year,
expanded 83.3%.
Thirty-year US Treasury bond yields
added two bps to 2.15%
(up 51bps).
Freddie Mac 30-year
fixed mortgage rates
surged 16 bps
to a six-month high 2.97%
(down 48bps year-over-year).
Fifteen-year rates
rose 13 bps to 2.34%
(down 61bps).
Five-year hybrid ARM rates
spiked 22 bps higher to 2.99%
(down 21bps).
Jumbo mortgage
30-year fixed rates
up 17 bps to 3.18%
(down 52bps).
COMMODITIES:
Bloomberg Commodities Index little changed
(up 9.3% year-to-date).
Spot Gold down 2.8% to $1,735
(down 8.6%).
Silver down 2.4% to $26.637
(up 0.9%).
WTI crude up $2.32 to $61.56
(up 27%).
Gasoline up 3.9%
(up 33%)
Natural Gas down 9.8%
(up 9%).
Copper up 0.5%
(up 16%).
Wheat up 0.7%
(up 3%).
Corn up 1.3%
(up 13%).
Bitcoin sank $9,125, or 16.4%,
this week to $46,504
(up 60%).
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