Financial events 2005

Higher oil (57+) and IRs (4.50+ still/again) keeps pressuring markets. SP500 down to 1180 from peak at 1220 two weeks ago. Tomorrow Greenspan/Fed.

Greenspan's conundrum speech in beginning of Feb started a spike in 10 yr IRs
The rise was further fuelled by strong payroll numbers (262k; strongest since October)
S&P peaked on March 7, closing at 1225 and then fell to 1205 on March 9 as IRs leaped upwards from 4.30 to 4.55 on March 8-9
Increased speculation of Asian central banks diversifying, the Japanese new year and the impact of higher oil prises all contributed to higher IRs and fears in the stock market
On Wednesday March 8, the beige book mentioned it being easier to pass on high oil input prices to output prices to clients, while also being more difficult hire qualified people. This exacerbated the IR move and catalysed further falls in S&P500 (to the 1205 level, breaching the 1210-1212 resistance)

ISM around 60 again. SP500 1205-1215. Stoxx 3075-3095.

First stalling (last two weeks) then rapidly falling (today) markets, right now due to Korea talking about reducing its USD reserve exposure. SP500 down from 1200 to 1185 today.

Stoxx and SP500 powered ahead throughout Friday, despite weak macro data. Stoxx 3040 and sp500 1203.

Productivity only 0.8% vs 1.5 expected. Labour costs 2.3% vs 2 expected and claims only 316 vs 330. Stoxx futures held steady a few minutes at 3020 (flat on the day) but fell 8 points to 3012 the following 30 minutes.

Rates up to 2.5% from 2.25%

...due to MSFT extra dividend, probably
Home sales weak
Chicago PMI strong
Stoxx futures above 3000 today