by
Published on 05-14-2015 06:00 AM
US equities are seeing strong gains this morning, with the DJIA within 100 points of all-time highs. Global bond markets have quieted down, with yields remaining subdued. Greece rhetoric remains opaque, with all sides repeating stale rhetoric, although Finance Minister Varoufakis raised eyebrows after suggesting that Greek debt repayments to the ECB be pushed into the "distant future." EUR/USD rose to 1.1350 yesterday and made a run for 1.1450 earlier today, although the failure to take the level sent the pair right back to where they were yesterday. As of writing, the DJIA is up 0.82%, the S&P500 is up 0.66% and the Nasdaq is up 0.92%.
The headline April PPI data surprised people, coming in much weaker than expected. However, the core PPI measure, which excludes food, energy, and the erratic trade services component, posted an as-expected 0.1% increase. Analysts expect to see similar weakness in food and energy in next week's CPI reading. Weekly initial jobless claims sank to within a hair of the 15-year low seen two weeks ago.
...