Sovereign Debt Yields Rise Further

April 15, 2019

Ten-year sovereign debt yields rose overnight in Europe and Japan.

Share prices climbed 1.4% in Japan, 0.9% in New Zealand, 0.7% in Taiwan, 0.5% in Indonesia, and 0.4% in India but fell 0.3% in China and Hong Kong. European equity markets are little changed.

West Texas Intermediate oil dropped 1.1%, and Comex gold is trading 0.3% lower.

The dollar is unchanged against the yen, yuan, kiwi, and Swiss franc but down 0.3% relative to sterling, 0.2% versus the euro and loonie and 0.1% against the Australian dollar.

Like many Mondays, released data has been on the light side today.

In the U.S., the Empire State manufacturing index rebounded to a 4-month high in April of 10.1 from 3.7 in March but remained quite a bit lower than last November’s reading of 21.4.

New Zealand’s services purchasing managers index dropped 0.7 points to a 9-month low of 52.9 in March and was 3.3 points below January’s 8-month high.

The Swiss combined producer price/import price index increased 0.3% on month in March, trimming its 12-month rate of decline by a half percentage point to 0.2%. Domestic producer prices were 0.5% lower than in March 2018, while import prices were 0.3% higher than then.

Danish PPI inflation decelerated a whole percentage point in March to a 1-year low of 2.0%.

Polish CPI inflation accelerated a half percentage point to a 6-month high of 1.7% in March.

Finnish CPI inflation settled back to 1.1% in March from a 3-month high of 1.3% in February.

Dutch retail sales in February were 4.3% greater than a year earlier, their biggest on-year advance in 3 months.

The British Rightmove house price index recorded a year-on-year decline for the second month in a row in April. The dip was 0.1% compared to a 12-month drop of 0.8% in March.

Turkish unemployment averaged 14.7% in December-February, almost four percentage points higher than a year earlier.

Indian wholesale price inflation rose a quarter percentage point to to a 3-month high of 3.18% in March. Such was the first acceleration  since October. Fuel and food inflation rose, while wholesale price inflation among manufactured goods decelerated marginally.

Copyright 2019, Larry Greenberg. All rights reserved. No secondary distribution without express  permission.

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