Market information

Tuesday, July 06, 2010

Investors in bonds from local governments in the United States are demanding greater compensation. The spread of municipal bonds to United States treasury bonds has increased to 228 basis points. In May this was 161 basis points. Municipalities are trying to reduce deficits but have troubles in doing so. This worries investors about the chance that the bond will be repaid.

Macroeconomic indicators for the euro zone were equal to or exceeded expectations of economic analysts. The June purchasing managers index for the services sector is 55.5 whilst 55.4 was expected. The composite of services and industry is 56.0 for the same month, exactly equal to expectations. A value of the index of more than 50 points indicates growth in the sector.
The confidence of investors, as measured by German bureau Sentix, grew in June. The index measured -1.3, up 2.8 points from a month earlier. Here analysts expected a value of -5.0.
Lastly, month on month retail sales jumped from April to May. Sales grew with 0.2% in May, up from a value of -1.2% in April. The yearly increase in retail sales, from May 2009 to may 2010, is 0.2%

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