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The Shanghai Gets Routed - 08/31
Posted 08-31-2009 at 10:25 AM by dlenski
The Shanghai Gets Routed
8/31/09 Mortgage Backed Securities are plus 6bp this morning. The Chinese stock market lost 6.7% overnight. That is one of the biggest one day losses in Chinese history and brings the losses to 23% for the month of August. A recent analyst said that there is typically a 2 week lag between the Chinese markets and the US markets. Bad news for the stock markets, good news for rates.
Here is a list of high impact data being released: Monday Chicago PMI, Tuesday the ISM report, Wednesday FOMC minutes and ADP National employment report, Friday has 4 employment reports. Buckle up as this week will be a wild ride.
We hold to our belief that the 30 year fixed will be in the 4.875% to 5.375% range until at least Fall.
www.mortgageserviceswi.com
8/31/09 Mortgage Backed Securities are plus 6bp this morning. The Chinese stock market lost 6.7% overnight. That is one of the biggest one day losses in Chinese history and brings the losses to 23% for the month of August. A recent analyst said that there is typically a 2 week lag between the Chinese markets and the US markets. Bad news for the stock markets, good news for rates.
Here is a list of high impact data being released: Monday Chicago PMI, Tuesday the ISM report, Wednesday FOMC minutes and ADP National employment report, Friday has 4 employment reports. Buckle up as this week will be a wild ride.
We hold to our belief that the 30 year fixed will be in the 4.875% to 5.375% range until at least Fall.
www.mortgageserviceswi.com
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