Okay, Initial Jobless Claims numbers are trending below 400K. They came in at 381K and the prior period number had a minimal revision. This is a good thing.
Initial Jobless Claims
I wish all the news were good, but it ain’t. The Euro has fallen to a 10 year low versus the Yen as the Italian bond auction was ‘poorly’ received. The Italian bond auction fiasco points to the continuing problem in Europe, one that has no end in sight.
The Euro decreased 0.7 percent to 100.16 Yen in New York trading. The 17-nation currency slipped 0.6 percent to $1.2862, the lowest versus the Dollar since September 2010. The yield on Italian 10-year bonds climbed seven basis points to 7.07 percent. Gold declined to a five-month low. Gold fell as much as 2 percent to $1,524.80 an ounce, the lowest price since July 7.
Yield levels around 7 percent are absolutely not sustainable by Italy’s economy.
Boudin Chaud. Cous Cous Froide. Allons Tigres--Poussez Poussez Poussez
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
445 North Blvd, 7th Floor
Baton Rouge, LA 70802
P.O. Box 44154 Capitol Station
Baton Rouge, LA 70804-4154
One City Plaza, 7th Floor
Corner of North Blvd & 4th Street
Exit 1B I-110 Convention Street, Turn Left to get to North Blvd