Recent economic data from various global markets reveal mixed performances across key sectors. In the United States, the Treasury Department auctioned $58 billion in 3-year notes with a high yield of 3.824%, slightly up from the previous 3.784%, and a bid-to-cover ratio of 2.56, indicating solid demand. The 10-year Treasury note auction saw $42 billion sold at a high yield of 4.342%, just below the when-issued yield of 4.354%, with a bid-to-cover ratio of 2.6 and strong indirect bidder participation at 71.19%. Mortgage applications in the US rose by 11%, with the 30-year mortgage rate slightly decreasing to 6.84%. The US Redbook retail sales year-over-year growth increased to 6.9% from 6.1%. In Asia, China's Caixin Services PMI for April declined to 50.7 from 51.9, and the composite PMI dropped to 51.1 from 51.8, signaling slower expansion in the services sector. Hong Kong's S&P PMI remained steady at 48.3. Japan's Jibun Bank Services PMI rose marginally to 52.4. India’s services sector showed slight growth with the HSBC India Services PMI increasing to 58.7 in April from 58.5 in March, although business optimism fell to a two-year low. European data showed mixed results: France's industrial production rose modestly by 0.2% month-over-month in March, with manufacturing production flat year-over-year. Spain's services PMI declined to 53.4, and Italy's services and composite PMIs improved to 52.9 and 52.1 respectively. Germany's final services PMI edged up to 49.0, and composite PMI to 50.1, while German industrial orders exceeded expectations with a 3.6% month-over-month increase in March. The Eurozone's final services PMI was 50.1 and composite PMI 50.4, both slightly above forecasts. UK services PMI remained below 50 at 49.0, with the composite PMI at 48.5. Construction PMIs indicated contraction in Germany (45.1) and France (43.6), while Italy's construction PMI was at 50.1. Retail sales in Italy and the Eurozone showed declines month-over-month and year-over-year. Australia's building approvals fell sharply by 8.8% in March, with private house approvals down 4.5%, and household spending declined 0.3% month-over-month but rose 3.5% year-over-year. These figures reflect varied economic momentum across regions, with some sectors showing resilience and others indicating slowing growth or contraction.
The average 30-year fixed mortgage rate today: 6.86% Same day last year: 7.19% ------------ 10-year Treasury yield today: 4.30% Spread today: 256 bps https://t.co/lSZ65CTepX
German industrial orders rise more than expected in March https://t.co/5ONxiDJMCf https://t.co/5ONxiDJMCf
EU retail sales missed EUROZONE RETAIL SALES YOY ACTUAL 1.5% (FORECAST 1.6%, PREVIOUS 2.3%)