Stocks weaker as Treasuries rally to new records $TMV:xarcx
- Published: 01 June 2012
- With the continued concern that the European Debt Crisis will worsen with the potential exit of Greece a referendum in Ireland and the further escalation of the crisis in Italy and Spain. Investors have fled to the safety of Treasuries with German Bunds and now US Treasuries rallying to new records. The US 10 Year note rallied to an all time high with the yield on the note falling nice basis points to 1.53% overnight
- ADP Employment data was weaker than anticipated with 133,000 employees added last month against the estimate of 150,000
- Stocks booked their worst month since September with the S&P500 at one point last night falling as much as 1.1% before rallying. The losses were led by the technology and commodity stocks
- Leading the losses on the Dow was CAT, XOM and INTC each falling at least 1%. This brought the Dows losses to 6.2% for the month of May
- Dow -0.21%, NASDAQ -0.35% and S&P500 –0.23%
- EUR remains weak whilst the AUD managed to rally higher above 0.97
- Gold fell slightly overnight to cap its worst monthly return since 2000
- Crude down 1.5% overnight, capping its biggest monthly fall in 3 years
