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Tuesday, July 24, 2012

Eurozone angst over soaring Spanish bond yields has been somewhat mute

Eurozone angst over soaring Spanish bond yields has been somewhat muted following upbeat economic data out of China. Spain’s benchmark 10-year bond yield has hit a new record high of 7.625% heightening concerns that the regions fourth-largest economy will need a full blown bailout to stave off a collapse of its banking sector. Moody’s didn’t help the situation after the ratings agency relegated the outlook on Germany, the Netherlands and Luxembourg to “negative” citing concerns that we’re all pretty much aware of.  Data released earlier today indicates European manufacturing activity continues to contract, adding to investors’ worries. However, outweighing the current issues across the pond were reports that China’s PMI moved up to 49.5. This indicates that the world’s #2 economy is swinging back towards expansion but may need more stimulus to help it get over the hump. The change in direction of China’s manufacturing sector could likely be attributed to recent interest rate cuts but many worry that such measures by the PBoC are simply short-term fixes as long-term solutions seem to remain elusive. More corporate earnings are on tap for the U.S. markets with tech behemoth, Apple set to report after the close. The Housing Price Index for May, as reported by the Federal Housing Finance Agency, will be released at 10:00 a.m. EST. Have a great day!
 
 

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