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Bond Markets Holding Gains After Stock Open, ISM Data Coming Up
Posted to: Micro News
Wednesday, December 5, 2012 9:51 AM

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Equities markets and bond yields moved higher during the Asian session as China lifted a ban on insurance company investment into commercial banks. The Shanghai composite subsequently surged nearly 3%, leading other stock averages higher.

Domestic stocks have retained a good portion of their overnight gains, but the risk rally following China's news certainly hit a wall in the European session. The first big impact came from a rather weak Spanish debt auction which brought the biggest losses of the session for the Euro and the coincided with the biggest move lower in 10yr Treasuries. The reversal was helped along by lower-than-expected Retail Sales in the Eurozone, but mitigated to some small extent by better-than-expected service-sector PMIs.

Bond markets generally maintained a more even-keeled tone throughout the overnight events with early pre-market domestic trading providing another boost for Treasuries, this time getting 10yr yields close to 1.59 just before 7am.

10's and MBS both opened in line with yesterday's latest levels and extended gains at a moderate pace without much regard for weaker-than-expected ADP Payrolls data or the mixed results from the Productivity and Costs report. We're holding gains for now, with 3.0s are up 3 ticks at 105-14 and 10yr yields are down just over 1 bps to 1.594. S &P's rose briefly at the open, but have since fallen back to within a point of yesterday's close.

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Mortgage Rates:
  • 30 Yr FRM 3.67%
  • |
  • 15 Yr FRM 2.95%
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  • Jumbo 30 Year Fixed 3.62%
MBS Prices:
  • 30YR FNMA 4.5 108-28 (0-00)
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  • 30YR FNMA 5.0 110-17 (-0-04)
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  • 30YR FNMA 5.5 111-30 (0-02)
Recent Housing Data:
  • Mortgage Apps 10.03%
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  • Refinance Index 11.33%
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  • Purchase Index 8.43%