March and First Quarter in Figures

March and First Quarter in Figures

April 1, 2017

March saw an introspective pause to the market euphoria of the first two months of 2017, but the quarter still experienced a broadly lower dollar and strong stock market gains for the most part, the Japanese Nikkei being a notable exception. Ten-year sovereign debt yields were mixed and resulted in less supportive U.S. premiums at the end of March than at the beginning of the year.

One theme of the quarter was a disparity between rallying U.S. business and consumer confidence according to surveys and a more lagging performance in actual hard data. This did not deter the Fed, which initially had not been expected to do a third interest rate hike until June, from implementing a 25-basis point increase at its March FOMC meeting.

One of the first quarter’s most notable market developments was a slide in oil prices in spite of efforts by producers to curb output, and this phenomenon occurred in the final month of the period. Gold rose solidly in the quarter as a whole as a foil to the depreciating dollar, but the metal’s uptrend ran out of steam in March.

10-Yr Yield 03/31/17 Chg v End-Feb Chg v End-Dec
U.S. 2.39% +1 Basis Point -5 Basis Points
Germany 0.32% +12 +12
Japan 0.06% +2 +2
U.K. 1.14% -1 -9
Canada 1.62% 0 -9
Switzerland -0.15% +14 +11
3-month rates 03/31/17 Ch v End-Feb Chg v End-Dec
U.S. 1.15% +10 Basis Points +15 Basis Points
Euroland -0.36% -1 -2
Japan +0.01% +2 +4
U.K. 0.34% -1 -3
Swiss -0.73% 0 0
FX 03/31/17 % Chg in USD Pct Chg in $
EUR/USD 1.0666 -0.8% -1.3%
USD/JPY 111.32 -1.2% -4.7%
USD/CHF 1.0019 -0.4% -1.6%
GBP/USD 1.2532 -1.1% -1.6%
AUD/USD 0.7641 +0.2% -5.6%
NZD/USD 0.7014 +2.5% -1.0%
USD/CAD 1.3300 +0.0% -1.0%
USD/CNY 6.8872 +0.2% -0.8%
Equities 03/31/17 Chg v End-Feb Chg v End-Dec
S&P 500 2365 +0.0% +5.8%
Nasdaq 5912 +1.4% +9.8%
Djia 20663 -0.7% +4.5%
Dax  12313 +4.0% +7.2%
Nikkei 18909 -1.1% -1.1%
Ftse 7323 +0.8% +2.5%
Canada TSE 15581 +1.2% +1.9%
Swiss SMI 8659 +1.4% +5.3%
Commodities 03/31/17 Chg v End-Feb Chg v End-Dec
Oil, $ per barrel 50.60 -6.3% -5.8%
Gold, $ per ounce 1247.30 -0.4% +8.5%

Copyright Larry Greenberg 2017.  All rights reserved.  No secondary distribution without express permission.

Tags: bonds, commodities, Dollar, stocks




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