Posted on The markets were relatively well behaved today with little geopolitical excitement to unnerve trading but we did see weaker economic data in the States. Retail Sales was expected +0.2% but failed to deliver showing at -0.3%, ex-autos -0.1% verses 0.5%. Also, May Business Inventories broadly in-line at 0.3%.
Despite the less optimistic showing the US Stocks put in a reasonable performance gaining between 0.45 and 0.66% DJI and NASDAQ.
We did see an impressive performance from the US Treasury market (guess to be expected with such a weak Retail Sales) and that managed to tighten some of the spread differential lost over the Bund yesterday. Today that spread (TY/RX) tightened 5bp to trade late at 144bp.
The benchmark Greek indicator, we show daily is the GGB (Greek Government Bond), was a little weaker and marked at 25.5% in late trade. Traders normally detest quiet days but after the torrent of storms we have had to endure recently – today was a breath of fresh air.
Don’t expect it to last!
…more from Martin Armstrong:
