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Weekly Commentary: Just the Facts – December 24, 2021

Weekly Commentary: Just the Facts – December 24, 2021

For the Week:

The S&P500 rallied 2.3% (up 25.8% y-t-d), and the Dow rose 1.7% (up 17.5%). The Utilities were little changed (up 11.7%). The Banks gained 1.4% (up 34.1%), and the Broker/Dealers advanced 2.2% (up 29.5%). The Transports rose 2.3% (up 29.4%). The S&P 400 Midcaps jumped 2.5% (up 21.2%), and the small cap Russell 2000 surged 3.1% (up 13.5%). The Nasdaq100 advanced 3.2% (up 26.5%). The Semiconductors surged 4.6% (up 40.7%). The Biotechs increased 1.3% (down 1.6%). With bullion up $19, the HUI gold index jumped 2.5% (down 15.3%).

Three-month Treasury bill rates ended the week at 0.055%. Two-year government yields rose five bps to 0.69% (up 57bps y-t-d). Five-year T-note yields gained seven bps to 1.24% (up 88bps). Ten-year Treasury yields jumped nine bps to 1.49% (up 58bps). Long bond yields rose 10 bps to 1.91% (up 26bps). Benchmark Fannie Mae MBS yields gained six bps to 2.09% (up 74bps).

Greek 10-year yields jumped 13 bps to 1.32% (up 70bps y-t-d). Ten-year Portuguese yields gained 15 bps to 0.41% (up 38bps). Italian 10-year yields surged 22 bps to 1.11% (up 57bps). Spain’s 10-year yields jumped 17 bps to 0.51% (up 46bps). German bund yields gained 13 bps to negative 0.25% (up 32bps). French yields jumped 15 bps to 0.12% (up 46bps). The French to German 10-year bond spread widened two to 37 bps. U.K. 10-year gilt yields surged 17 bps to 0.93% (up 73bps). U.K.’s FTSE equities index gained 1.4% (up 14.1% y-t-d).

Japan’s Nikkei Equities Index increased 0.8% (up 4.9% y-t-d). Japanese 10-year “JGB” yields added two bps to 0.07% (up 5bps y-t-d). France’s CAC40 jumped 2.3% (up 27.7%). The German DAX equities index added 1.4% (up 14.9%). Spain’s IBEX 35 equities index rallied 3.0% (up 6.1%). Italy’s FTSE MIB index advanced 1.5% (up 21.5%). EM equities were mixed. Brazil’s Bovespa index fell 2.2% (down 11.9%), while Mexico’s Bolsa gained 0.9% (up 19.9%). South Korea’s Kospi index slipped 0.2% (up 4.8%). India’s Sensex equities index added 0.2% (up 19.6%). China’s Shanghai Exchange declined 0.4% (up 4.2%). Turkey’s Borsa Istanbul National 100 index sank 9.3% (up 28.1%). Russia’s MICEX equities index declined 0.6% (up 12.6%).

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