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July 6th, 2012

• Euro Crisis Far From Over as Spain and Italy Yields Jump
• Central Bank Action Fails to Ignite Markets
• Across the Yield Curve
• Forest City – 7%+ On The Debt Is Not Enough
• Service Sector Showing Signs of Slowing
• Employment Showing Signs of Improvement as Market Waits for Payroll Report
• Sentiment on Credit Spreads Still Bearish
Euro Crisis Far From Over as Spain and Italy Yields Jump
Posted: 06 Jul 2012 03:00 AM PDT
By Rom Badilla, CFA July 6, 2012 So much for the “breakthrough” European leaders negotiated at the EU summit last week as the European Debt Crisis continues to linger. Yields increased yet again for the peripherals. The yield on Spanish 10-Year notes spiked higher by 36 basis points to 6.77% while Italy’s longer maturity benchmark [...]

Central Bank Action Fails to Ignite Markets
Posted: 05 Jul 2012 03:00 PM PDT
July 5, 2012 Bloomberg’s Sara Eisen breaks down central bank action this morning with moves from China, the BOE and ECB all coming within a 45 minute window. Despite all the central bank action, U.S. and European markets are lower while the yield on the Spanish 10-year bond jumped 6 percent. She speaks on Bloomberg [...]

Across the Yield Curve
Posted: 05 Jul 2012 01:00 PM PDT
July 5, 2012 Here’s a some market and bond- related reading. Enjoy! Are We There Yet? Hardly… by Joseph M. Grieco ECB Balance Sheet Swells by Sober Look Municipal Bond Sales by Reuters When to buy and sell High Yield by Russ Koesterich Investment Tax changes for 2012 by Bill Bischoff Disclaimer The above content [...]

Forest City – 7%+ On The Debt Is Not Enough
Posted: 05 Jul 2012 11:00 AM PDT
By Michael Terry, CFA – Rubicon Associates, Inc. July 5, 2012 Real estate, REITs and homebuilders have been very popular with investors lately as the return potential has been compelling. Roll all of these sectors up and you have a company called Forest City Enterprises (FCE.A)(FCE.B). In case you are not familiar with the company, [...]

Service Sector Showing Signs of Slowing
Posted: 05 Jul 2012 10:00 AM PDT
July 5, 2012 The service industry in the U.S. economy appears to be declining which disappointed market expectations according to today’s data release. The Non-Manufacturing ISM was at 52.1 down 1.6 from May’s 52.7 and below the consensus at 53.0. The ISM surveys sectors like agriculture, mining, construction, transportation, communications, wholesale trade and retail trade. [...]

Employment Showing Signs of Improvement as Market Waits for Payroll Report
Posted: 05 Jul 2012 07:33 AM PDT
By Rom Badilla, CFA July 5, 2012 Companies added more jobs last month according to a report released by ADP Employer Services suggesting that the U.S. economy continues to improve. ADP Employer Services reported an increase of 176,000 jobs in the private sector, beating market expectations as economists were forecasting a gain of just 100,000. [...]

Sentiment on Credit Spreads Still Bearish
Posted: 05 Jul 2012 05:00 AM PDT
July 5, 2012 According to JP Morgan’s Credit Investor Survey on June 21, 2012, published by their North America Credit Research team bearish sentiments among institutional investors across the United States have decreased for the month of June compared to the month of May. The Spread Outlook has had a remarkable improvement from its May [...]

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