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.

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