September and the Third Quarter in Figures
October 1, 2016
Ten-year sovereign debt yields remained very low last quarter. British gilts dropped over a half percentage point for the second consecutive quarter, helped by a halving the Bank of England’s policy interest rate and resumption of quantitative stimulus there. The dollar fell mostly last quarter, but the loss against sterling was trimmed in September. Equities experienced good demand last quarter, and criticisms escalated that persistent ultra-low central bank rates are promoting an asset bubble in stocks as well as bonds. Oil, which had appreciation over 25% in the second quarter, was little changed in 3Q despite a rise in September of almost 8%. Gold closed with little net change in either September or the whole third quarter.
| 10-Yr Yield | 09/30/16 | Chg v End-Aug | Chg v End-2Q |
| U.S. | 1.60% | +3 Basis Points | +12 Basis Points |
| Germany | -0.12% | -5 | +1 |
| Japan | -0.10% | +3 | +13 |
| U.K. | 0.74% | +10 | -59 |
| Canada | 0.99% | -3 | -6 |
| Switzerland | -0.60% | -7 | +5 |
| 3-month rates | 09/30/16 | Chg v End-Aug | Chg v End-2Q |
| U.S. | 0.85% | +1 Basis Point | +20 Basis Points |
| Euroland | -0.32% | 0 | -3 |
| Japan | -0.05% | -2 | -2 |
| U.K. | 0.38% | -1 | -18 |
| Swiss | -0.75% | -1 | +3 |
| FX | 09/30/16 | $’s Chg in Sept | $ Chg in 3Q |
| EUR/USD | 1.1244 | -0.8% | -1.3% |
| USD/JPY | 101.35 | -2.0% | -1.8% |
| USD/CHF | 0.9710 | -1.3% | -0.5% |
| GBP/USD | 1.2975 | +1.2% | -2.7% |
| AUD/USD | 0.7659 | -1.9% | -2.7% |
| NZD/USD | 0.7283 | -0.4% | -2.0% |
| USD/CAD | 1.3122 | +0.1% | +1.4% |
| USD/CNY | 6.6718 | 0.0% | +0.4% |
| Equities | 09/30/16 | Chg v End-Aug | Chg v End-2Q |
| S&P 500 | 2168 | -0.1% | +3.6% |
| Nasdaq | 5312 | +1.9% | +9.7% |
| Djia | 18308 | -0.5% | +2.1% |
| Dax | 10511 | -0.8% | +8.6% |
| Nikkei | 16450 | -2.6% | +5.6% |
| Ftse | 6890 | +1.6% | +5.9% |
| Canada TSE | 14726+ | +0.9% | +4.7% |
| Commodities | 09/30/16 | Chg v End-Aug | Chg v End-2Q |
| Oil, $ per barrel | 48.24 | +7.9% | -0.2% |
| Gold, $ per ounce | 1313.30 | +0.5% | -0.4% |
Copyright Larry Greenberg 2016. All rights reserved. No secondary distribution without express permission.
Tags: bonds, commodities, foreign exchange, stocks
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