June and the Second Quarter in Figures
June 30, 2016
June and the second quarter were a volatile time in financial markets with mixed results, a few surprises and some odd juxtapositions. The table below shows end-June levels and their comparisons to end-May and end-second quarter levels. A unifying theme in both the last month and the spring quarter involved deep declines in sovereign debt yields. Plunging British gilt yields may mean that sterling’s post-Brexit slump may not necessarily translate into significant inflation there. The yen, on the other hand, strengthened more than Japan’s economy appears able to afford and may ultimately prove a more disruptive post-Brexit development than the slide of the pound. Gold was well-bid, and the dollar outside of its cable relationship tended to be soft. The quarter ended under a shroud of extensive uncertainty but firmer equity markets than seemed possible just a couple of days earlier.
| 10-Yr Yield | 06/30/16 | Chg v End-May | Chg v End-1Q |
| U.S. | 1.48% | -36 Basis Points | -29 Basis Points |
| Germany | -0.13% | -27 | -28 |
| Japan | -0.23% | -10 | -19 |
| U.K. | 1.43% | -57 | -55 |
| Canada | 1.05% | -30 | -17 |
| Switzerland | -0.65% | -28 | -27 |
| 3-month rates | 06/30/16 | Chg v End-May | Chg v End-1Q |
| U.S. | 0.65% | -3 Basis Points | -2 Basis Points |
| Euroland | -0.29% | 0 | -30 |
| Japan | -0.03% | -1 | -2 |
| U.K. | 0.56% | -3 | -3 |
| Swiss | -0.78% | -5 | +1 |
| FX | 06/30/16 | $’s Chg in June | $ Chg in 2Q |
| EUR/USD | 1.1103 | +0.3% | +2.5% |
| USD/JPY | 103.24 | -6.8% | -8.3% |
| USD/CHF | 0.9759 | -1.8% | +1.5% |
| GBP/USD | 1.3340 | +8.6% | +7.7% |
| AUD/USD | 0.7455 | -3.0% | +2.8% |
| NZD/USD | 0.7136 | -5.2% | -3.1% |
| USD/CAD | 1.2929 | -1.3% | -0.5% |
| USD/CNY | 6.6481 | +1.0% | +3.0% |
| Equities | 06/30/16 | Chg v End-May | Chg v End-1Q |
| S&P 500 | 2093 | -0.2% | +1.6% |
| Nasdaq | 4843 | -2.1% | -0.6% |
| Djia | 17930 | +0.9% | +1.4% |
| Dax | 9680 | -5.7% | -2.9% |
| Nikkei | 15576 | -9.6% | -11.5% |
| Ftse | 6504 | +4.4% | +5.3% |
| Canada TSE | 14069 | 0.0% | +4.3% |
| Commodities | 06/30/16 | Chg v End-May | Chg v End-1Q |
| Oil, $ per barrel | 48.33 | -1.6% | +26.1% |
| Gold, $ per ounce | 1318.40 | +8.5% | +6.8% |
Copyright Larry Greenberg 2016. All rights reserved. No secondary distribution without express permission.
Tags: bonds, foreign exchange, gold, Oil, stocks
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