Morning Report 9/6/12

Vital Statistics:

  Last Change Percent
S&P Futures  1411.0 7.5 0.53%
Eurostoxx Index 2475.4 33.6 1.38%
Oil (WTI) 96.28 0.9 0.96%
LIBOR 0.408 -0.002 -0.37%
US Dollar Index (DXY) 81.08 -0.156 -0.19%
10 Year Govt Bond Yield 1.64% 0.05%  
RPX Composite Real Estate Index 192.7 -0.2  

Markets are higher this morning after the ECB maintained rates and the ADP Employment Change came in better than expected.  The ADP number came in at 201k, which suggests the street estimates for nonfarm payrolls is too low. Initial Jobless claims were 365k, better than expected.  Bonds are down a point, and MBS are down about 10 ticks.

Mario Draghi is discussing the ECB bond purchase program right now. It seems consistent with what had been leaked earlier – unlimited, fully sterilized purchases. It appears the plan requires that the governments need need to formally ask the ECB to conduct purchases of their debt. So, if there are strings attached that Spain or Italy do not like, nothing may happen at all.

Bob Woodward’s new book, The Price of Politics, gives insight into how the Obama Administration’s White House worked (or didn’t). It does not paint a rosy picture of the Obama White House.

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