Meltdown in bonds continues
After several straight days without a perceptible trend on stock markets, the various indexes saw substantial gains yesterday. Encouraged by a wave of optimism from the situation in Greece, European equities rose sharply, which appears to have had a spillover effect on North American markets.
On the global bond front, the meltdown continued, which drove yields up once again. Yields on 10-year German issues are nearing 1%, up dramatically from 0.075% in April.
Crude oil was slightly in the green at the closing bell yesterday despite two opposing factors, as an OPEC report revealed record output in Saudi Arabia of 10.33 million barrels per day, while U.S. inventories dropped more than expected. The Canadian dollar reacted positively to rising energy prices and ended the day up close to 80 points.
Today, we’ll be keeping an eye on U.S. Retail Sales for May.
