August in Review

September 1, 2015

A possible global bear market in equities took shape increasingly as August unfolded.  Currency markets were dominated by the fall-out of the Chinese yuan devaluation, namely a decline of the dollar against the yen and euro and generally weak commodity-sensitive currencies.  A significant rise of 16 basis points occurred in the 10-year German bund yield, but  net movements last month in other sovereign bond yields shown below were much smaller.  Money market rates barely changed, and oil and gold advanced 4.4% and 3.4%, respectively.

10-Yr Yield 07/31/15 08/31/15 Chg vs End-July
U.S. 2.18% 2.22% +4 Basis Points
Germany 0.64% 0.80% +16
Japan 0.40% 0.37% -3
U.K. 1.88% 1.96% +8
Canada 1.44% 1.49% +5
Switzerland -0.09% -0.15% -6
3-month rates     Chg vs End-July
U.S. 0.30% 0.33% +3 Basis Points
Euroland -0.02%       -0.03% -1
Japan 0.10% 0.09% +1
U.K. 0.58%    0.59% +1
Swiss -0.74% -0.72% +2
FX     Pct Chg in USD
EUR/USD 1.0985 1.1229 -2.2%
USD/JPY 123.90 121.18 -2.2%
USD/CHF 0.9657 0.9657 0.0%
GBP/USD 1.5621 1.5351 +1.8%
AUD/USD 0.7301 0.7117 +2.6%
NZD/USD 0.6592 0.6334 +4.1%
USD/CAD 1.3091 1.3169 +0.6%
USD/CNY 6.2102 6.3765 +2.7%
Equities     Chg vs End-July
S&P 500 2104 1972 -6.3%
Nasdaq 5128 4777 -6.8%
Djia 17690 16528 -6.6%
Dax 11309 10259 -9.3%
Nikkei 20585 18890 -8.2%
Ftse 6696 6248 -6.7%
Canada TSE 14468 13859 -4.2%
Swiss SMI 9428 8825 +6.4%
Commodities     Chg vs End-July
Oil, $ per barrel 47.12 49.20 +4.4%
Gold, $ per ounce 1094.90 1131.60 +3.4%

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

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