Naturally, most headlines continue to credit oil for everything that's happening everywhere.  That may be true in a roundabout way, but it's a harder case to make in the short term today as the Ruble (Russia's currency) has stolen the global show.  Case in point, if we line up the highs and lows from last week's trading, here's how the Ruble vs Oil chart looks today:

2014-12-15 ruble oil

This ended up being a relatively constant drag on European markets.  Stock markets are the biggest losers, but bonds eventually came along for the ride.  This hasn't been enough to counteract the initial losses of the overnight session, but it's gotten both MBS and Treasuries closer to Friday's highs than the lows. 


MBS Pricing Snapshot
Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live.
MBS
FNMA 3.0
101-07 : -0-02
FNMA 3.5
104-08 : -0-04
FNMA 4.0
106-20 : -0-03
Treasuries
2 YR
0.5680 : +0.0239
10 YR
2.0920 : +0.0085
30 YR
2.7320 : -0.0089
Pricing as of 12/15/14 12:17PMEST

Morning Reprice Alerts and Updates
A recap of Alerts and Updates provided to MBS Live subscribers.
10:36AM  :  Back at Best Levels as Stocks/Oil Slide
9:20AM  :  ALERT ISSUED: Industrial Production Much Stronger Than Expected
9:02AM  :  Bond Markets Erase Some Overnight Weakness After Data

Live Chat Featured Comments
A recap of featured comments from the Live Discussion on the MBS Live Dashboard.
Jeff Anderson  :  "Oil and equities losing steam again."
Matthew Graham  :  "RTRS- U.S. DEC NAHB HOUSING MARKET INDEX 57 (CONSENSUS 58) VERSUS 58 IN NOV"
Jason Anker  :  "yes sv"
Scott Valins  :  "GM guys. Client financing an investment property, 25% down. Needs 6 months reserves for subject property and other financed investment properties he has?"
Victor Burek  :  "ny manufacturing biggest decline in years...industrial production largest rise in years..."
Matthew Graham  :  "RTRS- U.S. NOV CAPACITY USE RATE 80.1 PCT, HIGHEST SINCE MARCH 2008 (CONS 79.3 PCT), VS OCT 79.3 PCT (PREV 78.9 PCT)"
Matthew Graham  :  "RTRS - U.S. NOV INDUSTRIAL OUTPUT +1.3 PCT, LARGEST RISE SINCE MAY 2010 (CONSENSUS +0.7 PCT), VS OCT +0.1 PCT (PREV -0.1 PCT)"
Matthew Graham  :  "New Orders and Current Conditions led the decline. Prices and 6-month outlook stayed strong"
Matthew Graham  :  "RTRS- NY FED'S EMPIRE STATE EMPLOYMENT INDEX AT +8.33 IN DEC VS +8.51 IN NOV"
Matthew Graham  :  "RTRS - NY FED'S EMPIRE STATE INDEX -3.58 IN DEC (CONSENSUS +12.40) VS +10.16 IN NOV"