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Prospects Daily: Chile issues its first international bond in more than a decade, U.S. private sector adds 208,000 jobs, Turkey’s inflation rises in November

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Financial Markets

The yield gap between U.S. Treasury 5-year notes and 30-year bonds slid to the narrowest level in nearly six years as signs of slowing inflation boosted relative allure of longer-term government securities.  The difference, also known as the yield curve, fell to 139 basis points as the benchmark 10-year break-even rate, a measure of inflation expectations, touched a 3-year low of 1.78%.  Today’s report showed U.S. unit labor costs fell 1% in Q3, suggesting little wage pressure.

World Bank published latest commodity prices: December 2014

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In November 2014, energy prices decreased sharply by 9.3%, while the prices of non-energy commodities increased by 0.4%. Food prices were up by 2.2%. Beverages declined by 5.0%. Raw materials went down by 1.1%, and fertilizers were slightly down by 0.8%. Metals and minerals increased by 0.3%, but precious metals went down by 4.4%.
 
To access recent and long-term historical prices and other commodity-related information, please click here.

Prospects Daily: ​Euro-area bond yields hit historic lows, German business confidence improves for the first time in seven months, Russia’s retail sales stagnate after ruble plunges

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Financial Markets

Euro-area government bonds advanced as investors speculated the European Central Bank (ECB) will expand its asset purchase program to include government securities. Spain’s 10-year yield slid as much as 5 basis points (bps) to reach 1.961%, yielding below 2% for the first time ever. 10-year bond yields in Italy, Ireland, France, and Austria also hit historic lows, extending last week’s decline after ECB President Mario Draghi strongly signaled further stimulus.

Prospects Daily: Mexico to issue bonds with new collective action clauses, German investor confidence rises first time this year, Indonesia hikes fuel prices by over 30%

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Financial Markets

Mexico is planning to sell at least $500 million dollar-denominated bonds as soon as today with new-style collective action clauses (CACs) that preventing holders with less than 25% of the country’s debt from blocking restructuring. Following Kazakhstan and Vietnam, it will be the third emerging-market county to adopt the issuer-friendly CACs designed to insulate from Argentina risk. Mexico’s move is viewed as especially significant as it is one of the biggest emerging-market borrowers in the international bond market.

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