CHM Blog

A quiet beginning this morning ahead of data at 9:45 am ET and early closes for stocks and bonds; stocks close at 1 pm, the bond market at 2 pm. Trading should be thin today with early closes and most key decision makers taking the day off. Global reports on manufacturing the highlights today. Eurozone's June Manufacturing PMI fell to 43.4 from 44.8 (expected 43.6). Germany's June Manufacturing PMI fell to 40.6 from 43.2 (expected 41.0). U.K.'s June Manufacturing PMI fell to 46.5 from 47.1 expected 46.2). France's June Manufacturing PMI rose to 46.0 from 45.7 (expected 45.5). Italy's June Manufacturing PMI fell to 43.8 from 45.9 (expected 45.3). Spain's June Manufacturing PMI fell to 48.0 from 48.4 (expected 47.7). Japan's June Manufacturing PMI fell to 49.8 from 50.6. All confirming manufacturing is slowing, except France.

At 9:30 am the DJIA opened -96, NASDAQ +13, S&P -8. 10 year 3.81% -4 bps. FNMA 6.0 30 year coupon at 9:30 am +6 bps and +5 bps from 9:30 am Friday; the 5.5 coupon at 9:30 am +3 bps and +2 bps from 9:30 am Friday.

At 9:45 am June final PMI manufacturing index, expected at 46.3, reported at 46.3.

At 10 am June ISM manufacturing, thought to be at 47.3 declined to 46.0, global manufacturing lagging other sectors. May construction spending increased 0.9%, better than 0.5% expected.

PRICES @ 10:00 AM

10 year note: 3.80% -4 bp

5 year note: 4.12% -3 bp

2 year note: 4.87% -2 bp

30 year bond: 3.82% -4 bp

30 year FNMA 6.0: @9:30 am 100.88 +6 bp (+5 bp from 9:30 am Friday)

30 year FNMA 5.5: @9:30 am 99.50 +3 bp (+2 bp from 9:30 am Friday)

30 year GNMA 5.5: @9:30 am 99.50 -2 bp (unch from 9:30 am Friday)

Dollar/Yuan: $7.2438 -$0.0097

Dollar/Yen: 144.38 +0.06 yen

Dollar/Euro: $1.0872 -$0.0042

Dollar Index: 102.98 +0.07

Gold: $1931.30 +$2.10

Bitcoin: 30,636 +50

Crude Oil: $70.64 unch

DJIA: 34,357 -51

NASDAQ: 13,834 +46

S&P 500: 4452 +1

Richard Sardella has been actively managing and providing services in the mortgage industry for over 30 years. Richard serves on the board of directors as President of Colorado Home Mortgages Inc.

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

MLO of record MLO.100007700 / NMLS#233568 / CHM NMLS#127716.