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Financial Market Highlights
Markets Hold Their Breath on Anticipated Fed, ECB Actions
- Treasury yields recover from historic lows on firmer data as downside risks remain contained.
- QE3 as soon as September as Fed is behind on both parts of Mandate.
- Eurozone and UK in recession with risks to the downside.
- Investors bullish again after soft data led to bearish Q2.
- DE still slightly overweight on equities in August (60%; 55% neutral).
- S&P 500 Defensive Sectors outperform in 3-month comparison.
- Focus remains on Eurozone with Greece and Spain in the foreground. Is the ECB willing to be the backstop?
- Mortgage rate tacks lower, and housing market appears to have bottomed.