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US TSYS: LBBW's Karl Haeling said US Treasuries and US equities rallied Thu
"with month-end duration extensions supporting bond prices, and a surge in
bio-technology shares for the 2nd straight day pushing the Nasdaq Composite and
S&P Health Care Index to record closes." He adds "the Dow Jones Industrial
Average closed up 55 points (+0.25%). The Nasdaq Composite rose 0.95%, the S&P
Health Care Index gained 1.69%, the Nasdaq Bio Tech index surged 2.84%."
- Haeling said "risk-on sentiment got a boost from a stronger-than-expected
August Chinese Manufacturing PMI report which gave an extra lift to the bull
market in industrial metals, in turn supporting equities. Both stocks and bonds
then received further support from a Reuters story quoting three ECB sources
saying that "a growing number of policymakers" are growing worried about the
rapid gains in Euro, "raising the chance its asset purchases will be phased out
- He said US "economic data was mixed, and once as-expected softness in July's
core PCE Deflator, one of the Fed's favorite inflation measures, was reported,
month-end buying took control" of Tsys mkt.