February in Figures

February 28, 2015

The short month of February lacked a consistent story to tie around different asset market classes.  Share prices appreciated across the board, but the dollar underwent mixed and rather diverse changes ranging from a 3.8% rise against the Swiss franc to a similarly-sized depreciation versus the New Zealand dollar.  U.S. and British long-term interest rates climbed sharply in contrast to sizable declines during January, while the movements of other sovereign debt yields shown below were considerably more constrained.  Short-term interest rates stayed at very low levels (and negative in Switzerland’s case) but hardly changed on balance.  Oil bounced around either side of the $50 per barrel level, opening and closing on the south side of that threshold and closing somewhat higher on net.  More than half of the 8% advance in gold prices in January was shed in January.  Typical of the helter-skelter tone of February, the greatest market fear of the month, Greece running out of bailout money, was avoided with a resolution that didn’t address the main issues and only kicked the can four months down the road.

10-Yr Yield 01/30/15 02/27/15 Chg vs End-Jan
U.S. 1.64% 2.00% +36 Basis Points
Germany 0.30% 0.33% +3
Japan 0.27% 0.32% +5
U.K. 1.33% 1.79% +46
Canada 1.35% 1.36% +1
Switzerland -0.11% -0.02% +9
3-month rates     Chg vs End-Jan
U.S. 0.26% 0.26% 0 Basis Points
Euroland 0.03% 0.02% -1
Japan 0.10% 0.10% 0
U.K. 0.56% 0.56% 0
Swiss -0.85% -0.84% +1
FX     Pct Chg in USD
EUR/USD 1.1300 1.1191 +1.0%
USD/JPY 117.41 119.64 +1.9%
USD/CHF 0.9183 0.9534 +3.8%
GBP/USD 1.5062 1.5438 -2.4%
AUD/USD 0.7785 0.7816 -0.4%
NZD/USD 0.7277 0.7565 -3.8%
USD/CAD 1.2710 1.2503 -1.6%
USD/CNY 6.2500 6.2589 +0.1%
Equities     Chg vs End-Jan
S&P 500 1995 2105 +5.5%
Nasdaq 4635 4964 +7.1%
Djia 17165 18133 +5.6%
Dax 10694 11402 +6.6%
Nikkei 17674 18798 +6.4%
Ftse 6749 6947 +2.9%
Canada TSE 14673 15234 +3.8%
Swiss SMI 8385 9015 +7.5%
Commodities     Chg vs End-Jan
Oil, $ per barrel 48.24 49.76 +3.2%
Gold, $ per ounce 1278.30 1212.60 -5.1%

Copyright Larry Greenberg 2015.  All rights reserved.  No secondary distribution without express permission.

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