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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
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S&P National Bond Index
|
3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
|
3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
|
848.03 |
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S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Contagion Is Back In Europe |
Dow Jones, July 6, 2011
Any notion that the euro zone's sovereign debt crisis might simmer down as a market driver with the handing over of Greece's latest tranche of bailout cash have been dashed Wednesday. "Contagion" fears have been kept very much alive by credit rating agency Moody's, which announced late Tuesday a four-notch cut in Portugal's sovereign score, taking it down to junk. The agency noted what it said was the increased risk of a second bailout for the country, likely involving some pain for private sector investors.
"Looking through the lengthy statement from Moody's and there is great deal of attention paid to the way in which Greece is being dealt with and especially the likelihood of private sector participation," said Simon Penn, a strategist at UBS in London.
"In other words Moody's is making it clear that debt rolls, voluntary or not, do not make for good ratings," he added.
Away from Portugal, cracks within the euro zone also deepened when Finland's finance minister said that, in future, the Nordic nation will not send any money abroad without collateral, suggesting it will make such demands in relation to the bailout plan currently underway for Greece.
Add to the mix the continued uncertainty over the terms of any future Greek government bond rollover, and the slew of weaker euro-zone economic numbers which came in Tuesday, and it's clear that the euro zone will be weighing down investors' in-tray of worries for months yet.
Sure enough the euro is struggling, although, with this month's interest rate decision from the European Central Bank due Thursday.
The single currency bought $1.4371 at 0755 GMT, just above a new session low of $1.4361 printed earlier.
The ECB is very widely expected to raise its base rates by 25 basis points, but, with that expectation priced in, President Jean Claude Trichet's rhetorical flourishes at the post-meeting press conference will be more significant.
As ever the phrase to conjure with will be "strong vigilance" on prices. If he uses this, markets will immediately start to price in further hikes.
However, some market watchers think he may be inclined to skip the phrase, to avoid any sense of pre-commitment to higher rates.
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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