March and the First Quarter in Figures
March 31, 2015
Sovereign debt yields fell significantly during the first quarter of 2015. In Switzerland’s case, so did short-term interest rates. The dollar extended its rise against the euro, sterling, and commodity-sensitive monies, was steady against the yen and yuan, and fell against the Swiss franc despite a 1.9% rise in March against that currency. Dollar strength sapped the outlook for corporate profits, so while the German Dax and Japanese Nikkei posted outsized advances, U.S. share prices stagnated. Gold see-sawed mostly in the high $1,100s, closing unchanged on balance. West Texas Intermediate oil, which had plunged 46% on net between end-2013 and end-2014, plopped almost 11% in the first quarter of 2015, including 4.4% in March.
| 10-Yr Yield | 03/31/15 | Chg vs End-Feb | Chg vs End-2014 |
| U.S. | 1.93% | -7 Basis Points | -14 Basis Points |
| Germany | 0.18% | -30 | -36 |
| Japan | 0.39% | +7 | -13 |
| U.K. | 1.75% | -21 | -17 |
| Canada | 1.79% | -1 | -44 |
| Switzerland | -0.09% | -7 | -38 |
| 3-month rates | Chg vs End-Feb | Chg vs End-2014 | |
| U.S. | 0.28% | +2 Basis Points | +2 Basis Point |
| Euroland | 0.01% | -1 | -5 |
| Japan | 0.10% | 0 | -1 |
| U.K. | 0.57% | +1 | +1 |
| Swiss | -0.81% | +3 | -75 |
| FX | Pct Chg in USD | Pct Chg in USD | |
| EUR/USD | 1.0826 | +3.6% | +11.8% |
| USD/JPY | 119.99 | +0.3% | +0.2% |
| USD/CHF | 0.9718 | +1.9% | -2.3% |
| GBP/USD | 1.4826 | +4.1% | +5.1% |
| AUD/USD | 0.7615 | +2.7% | +7.3% |
| NZD/USD | 0.7475 | +1.2% | +4.3% |
| USD/CAD | 1.2669 | +1.3% | +9.0% |
| USD/CNY | 6.1995 | -0.9% | 0.0% |
| Equities | Chg vs End-Feb | Chg vs End-2014 | |
| S&P 500 | 2068 | -1.8% | +0.4% |
| Nasdaq | 4901 | -1.3% | +3.5% |
| Djia | 17776 | -2.0% | -0.3% |
| Dax | 11966 | +4.9% | +22.0% |
| Nikkei | 19207 | +2.2% | +10.1% |
| Ftse | 6773 | -2.5% | +3.2% |
| Canada TSE | 14902 | -2.2% | +1.8% |
| Swiss SMI | 9129 | +1.3% | +1.6% |
| Commodities | Chg vs End-Feb | Chg vs End-2014 | |
| Oil, $ per barrel | 47.58 | -4.4% | -10.7% |
| Gold, $ per ounce | 1183.60 | -2.4% | 0.0% |
Copyright Larry Greenberg 2015. All rights reserved. No secondary distribution without express permission.
Tags: bonds, commodities, foreign exchange, stocks
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