Financial Markets Closing

Posted on September 24, 2012, 6:30 pm
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Equities Level    Δ 1d %
S&P 500    1,457    -0.22
DJIA    13,559    -0.15
Nasdaq    3,161    -0.60
EuroStoxx 50    2,558    -0.74
Nikkei    9,069    -0.45
Hang Seng    20,695    -0.19

US Stocks fall on negative news from overseas. Chancellor Merkel and President Hollande disagreed on a timetable for starting joint oversight of Europe’s banking sector. German business confidence unexpectedly fell in Sept, and China’s manufacturers/retailers are less optimistic about sales.

Caterpillar cuts its forecast for 2015 earnings after commodity producers reduced capital expenditure. Sales will be $80-100 billion and profit will be $12 to $18. The slowdown in China is also affecting CAT, with the company shutting down its main Chinese excavator plant for much of July.  Shares dropped 0.93%.

Credit    Level    Δ 1d %
iBoxx IG    120.98    0.1%
iBoxx HY    93.03    -0.1%
CDX IG 5yr S19    98.47    2.8%
CDX HY 5yr S18    101.21    -0.5%

UPS raised $1.75 billion in a three part offering to refinance maturing debt, the company’s first bond sales in almost two years. The company sold $375 million of 1.125% 5 year securities with 50 bp yield over 5yr Treasury, $1 billion of 2.45% 10 year bonds with 75bp spread, and $375 million of 3.625% 30 debt with a spread of 80bp. Proceeds will be used to repay its 4.5% notes due in January.

Commodities    Level    Δ 1d %
WTI Crude    91.93    -1.03
Natural Gas    2.86    -0.87
Copper    58,970    -1.32
Corn    745    -0.47
Gold    1,764    0.00

FX            Level    Δ 1d %
EURUSD     1.2931    -0.38
DXY $ Index    79.5    0.26

Rates  Yield %    Δ 1d bp
U.S. 10yr    1.71    -4
Germany 10yr    1.56    -4
Spain 10yr    5.65    -8
Italy 10yr    5.04    0

Jonas Bronck is the pseudonym under which we publish and manage the content and operations of The Bronx Daily.™ / Bronx.com - the largest daily news publication in the borough of "the" Bronx with over 1.5 million annual readers. Publishing under the alias Jonas Bronck is our humble way of paying tribute to the person, whose name lives on in the name of our beloved borough.