Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
112,819
# of Subscribers
 

Send Article via Email

REGISTERED USERS (Free!):
Can forward to 6 email addresses at a time. Register or Login

Registered users also get the additional advantage of Co-branded Emails and Landing Pages. Learn more about these features.

Your Name: 
Your Email: 
I want to forward this to
(Enter Email Address Below) :
Include a Personal Message (optional)

Please add 5 and 7 and type the answer here:
Leave this field blank.
Email Preview Below:
This feature is now 100% free. Learn More About Co-branded Email and our other Co-branded Services.
 
This email was sent to you by:
Harry Chriest |
Mortgage News Daily

Message:   YOUR MESSAGE HERE
Email alerts, such as this one, are a free service provided by Mortgage News Daily. If you would like to receive an alert when important news breaks please register to join our community.
Bond Markets Stronger To Begin Week
Posted to: Micro News
Monday, November 26, 2012 9:38 AM

Forward this email:  Send a copy of this story to someone you know that may want to read it.

Remember the "Choose Your Own Adventure" books? Today's moderate bond market gains are suggesting a similar directive--something to the tune of: "choose your own market-mover." Bond markets are in noticeably better territory with MBS up over a quarter point and 10yr Treasuries closing in on a 5bp drop. With respect to those gains, we've heard/seen several overnight or ongoing events discussed with varying degrees of importance and attribution.

For starters, news outlets have given an increasing amount of coverage to elections in the Catalonian region of Spain. In short, quite a few Catalonians want to secede from Spain and Spain isn't too fond of the idea. The bond market implication is a simple "political risk/uncertainty" bid for safe-haven Euro zone bonds which tend to improve in concert with US Treasuries.

From the relatively complicated topic of election politics in a regional Spanish government, we move to relatively less complicated "stuff," also getting some attention. This includes weaker Italian Consumer Confidence numbers out overnight as well as mere generalized anxiety ahead of potential agreement on Greek debt-reduction terms, which is the next requirement for a much-needed disbursement of Greece's next tranche of bailout aid.

One of any several ancillary supportive tidbits can be thrown into the mix here, including domestic concerns like our own generalized anxiety about the Fiscal Cliff, as well as a simple technical correction from a holiday week that saw bond markets drift to weaker levels in low volume. It's not that volume is that much better this morning. It's still relatively low compared to pre-holiday trading, but that should continue to change as the week progresses toward "month-end" on Friday and as the data and auction cycle ramps up throughout the week.

There hasn't been any significant data on the agenda this morning and there isn't anything in terms of economic reports for the rest of the day. That said, markets are still waiting for word from the Eurogroup meeting regarding Greece. Despite the fact that Greece is an ongoing study in can-kicking, this still has the potential to move markets today. An inked bailout agreement is likely to weigh on bond markets to some extent whereas a delay would likely help maintain the positivity.




More from MND:

 

If you would like to opt-out of receiving email forwards from this person please click here to remove your email address.

Forward this email:  Send a copy of this story to someone you know that may want to read it.

 

More From MND

Mortgage Rates:
  • 30 Yr FRM 4.44%
  • |
  • 15 Yr FRM 3.49%
  • |
  • Jumbo 30 Year Fixed 4.20%
MBS Prices:
  • 30YR FNMA 4.5 106-21 (-0-12)
  • |
  • 30YR FNMA 5.0 109-02 (-0-06)
  • |
  • 30YR FNMA 5.5 110-07 (-0-07)
Recent Housing Data:
  • Mortgage Apps 4.30%
  • |
  • Refinance Index 6.92%
  • |
  • FHFA Home Price Index 0.67%