April Markets in Figures: A Story of Subsiding Risk Aversion

April 30, 2009

10-Yr Yield 03/31/09 04/30/09 Chg vs End-March
U.S. 2.68% 3.11% +43 Basis Points
Germany 2.99% 3.18% +19
Japan 1.35% 1.43% +8
U.K. 3.17% 3.50% +33
Canada 2.78% 3.09% +31
3-month euros      
U.S. 1.19% 1.02% -17 Basis Points
Euroland 1.51% 1.36% -15
Japan 0.60% 0.55% -5
U.K. 1.65% 1.45% -20
Canada 1.00% 0.85% -15
Swiss 0.40% 0.40% 0
FX     Pct Chg in US$
EUR/$ 1.3263 1.3227 +0.3%
$/JPY 98.91 98.68 -0.2%
$/CHF 1.1388 1.1407 +0.2%
GBP/$ 1.4328 1.4791 -3.1%
AUD/$ 0.6924 0.7259 -4.6%
NZ$/$ 0.5622 0.5650 -0.5%
$/CAD 1.2619 1.1941 -5.4%
Equities      
Nasdaq 1529 +1717 +12.3%
Djia 7609 8168 +7.3%
Dax 4085 4769 +16.7%
Nikkei 8110 8828 +8.9%
Ftse 3926 4244 +8.1%
Canada TSE 8720 9366 +7.4%
Swiss SMI 4927 +5226 +6.1%
Commodities      
Oil, $ per brl 49.66 51.12 +2.9%
Gold, $ per oz 919.15 891.20 -3.0%

A steepening yield curve, a robust equity rally, stronger commodity-sensitive currencies, and divergent trends in oil and gold all tell a tale of lessening risk aversion in April.  But will it continue?  Key data releases next week, how markets react to the bank stress test results, and the unfolding swine flu scare hold important clues.

Copyright 2009 Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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