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Weekly Commentary: Just the Facts – 12/25/2020

Weekly Commentary: Just the Facts – 12/25/2020

For the Week:

The S&P500 slipped 0.2% (up 14.6% y-t-d), while the Dow was little changed (up 5.8%). The Utilities declined 0.9% (down 2.9%). The Banks jumped 3.1% (down 15.0%), and the Broker/Dealers gained 1.9% (up 29.8%). The Transports dipped 0.3% (up 14.9%). The S&P 400 Midcaps rose 1.2% (up 12.2%), and the small cap Russell 2000 jumped another 1.7% (up 20.1%). The Nasdaq100 slipped 0.2% (up 45.6%). The Semiconductors declined 0.5% (up 48.7%). The Biotechs added 0.3% (up 17.1%). Though bullion added $2, the HUI gold index declined 0.8% (up 24.4%).

Three-month Treasury bill rates ended the week at 0.08%. Two-year government yields were unchanged at 0.12% (down 145bps y-t-d). Five-year T-note yields declined two bps to 0.36% (down 133bps). Ten-year Treasury yields slipped two bps to 0.93% (down 99bps). Long bond yields fell three bps to 1.66% (down 73bps). Benchmark Fannie Mae MBS yields declined a basis point to 1.39% (down 132bps).

Greek 10-year yields were unchanged at 0.64% (down 79bps y-t-d). Ten-year Portuguese yields gained three bps to 0.06% (down 38bps). Italian 10-year yields added two bps to 0.59% (down 83bps). Spain’s 10-year yields rose three bps to 0.07% (down 40bps). German bund yields increased two bps to negative 0.55% (down 36bps). French yields increased two bps to negative 0.31% (down 43bps). The French to German 10-year bond spread was unchanged at 24 bps. U.K. 10-year gilt yields added one basis point to 0.26% (down 57bps). U.K.’s FTSE equities index declined 0.4% (down 13.8%).

Japan’s Nikkei Equities Index fell 0.4% (up 12.7% y-t-d). Japanese 10-year “JGB” yields were unchanged at 0.01% (up 3bps y-t-d). France’s CAC40 was little changed (down 7.6%). The German DAX equities index slipped 0.3% (up 2.6%). Spain’s IBEX 35 equities index gained 0.9% (down 15.1%). Italy’s FTSE MIB index rose 0.7% (down 5.9%). EM equities were mixed. Brazil’s Bovespa index dipped 0.2% (up 1.9%), and Mexico’s Bolsa fell 1.1% (down 0.4%). South Korea’s Kospi index jumped 1.3% (up 27.7%). India’s Sensex equities index was unchanged (up 13.9%). China’s Shanghai Exchange fell 0.9% (up 10.3%). Turkey’s Borsa Istanbul National 100 index gained 1.3% (up 24.6%). Russia’s MICEX equities index fell 1.1% (up 6.3%).

Investment-grade bond funds saw inflows of $2.529 billion, while junk bond funds posted outflows of $896 million (from Lipper).

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