S&P 500 FINANCIALS INDEX
| Value | 197.21 | |
| Change | 1.38 (0.7%) |
MLPs keep charging ahead as the index rose 1+ to the 354s, another record. The REIT index gained almost 3 to the 222s, only 4 below this year's high. Junk bond funds rose, pretty much taking them to new yearly highs. Treasuries were little changed ahead of the Federal Reserve meeting this week. The yield on the 10 year Treasury bond went up 1 basis point to 2.62% while the yield on the 2 year Treasury at 0.34% is close to its record low reached last month.
Treasury yields:
| U.S. 3-month | 0.11 | |
| U.S. 2-year | 0.34 | |
| U.S. 10-year | 2.60 |
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
10-Year Treasury Yield Index --- 2 weeks
Crude oil increased to a 2-week high after Chinese manufacturing expanded at the quickest pace in 6 months & on expectations the Federal Reserve (FED) will announce measures this week to stimulate the US economy. But gold fell ahead of the FED meeting.
| BRENT CRUDE | 84.86 | +1.71 | +2.06% |
| Gold | 1352.50 | -5.10 | -0.38% |
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The Institute for Supply Management factory index’s rose to 56.9 in Oct from 54.4 in Sep (readings greater than 50 signal growth), beating expectations of a decline to 54.In addition, manufacturing in China expanded in Oct at the fastest pace in 6 months, while UK factory growth unexpectedly accelerated as hiring & export orders improved. The China purchasing managers’ index rose to 54.7 in Oct from 53.8. The UK gauge rose to 54.9 in Oct from 53.5 in the prior month. Clearly China has been doing the best in the last year.
Manufacturing in U.S. Probably Grew at Slower Pace in October
US Factory Index - 1 year
China manufacturing - 1 year
UK manufacturing- 1 year
Simon Property Group (SPG) reported that Q3 results were hurt from debt-related charges, but sales by tenants jumped more than 10% & raised its outlook & dividend. SPG was one of several mall owners that said sales at its properties rose by double-digit percentage rates in the qtr. Funds from operations (FFO), a key measure for real estate investment trusts, fell to 90¢ in Q3, down from $1.38 last year but that was in line with forecasts. Excluding charges for the extinguishment of debt, FFO was $1.43. The quarterly div was increased 20¢ to 80¢ per share. Simon owns or has an interest in 393 retail properties comprising 264M square feet of leasable space in North America, Europe & Asia. After falling last year, sales at its tenants' stores began to pick up in Q2. In Q3, tenant sales rose 10.6% from a year earlier. The stock rose 2.63 to the 98s, approaching the "good old days" 3 years ago.
Simon Property Raises Earnings Forecast, Dividend as Retail Sales Increase
Simon Property --- 3 years
The new month got off to a good start but selling in the last hour is reducing the gains. The midterm elections, FED meeting & Oct employment report (which is not expected to show relief in dreary numbers) on Fri will be the main drivers this week. Dow was briefly in new high territory but was not able to hold as the 11.2K ceiling is becoming a very important technical factor..
Dow Jones Industrials --- 2 weeks
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1 comment:
Before planning to invest property in UK, it is important to thoroughly understand the market. Purchasing properties foreclosed by the bank maybe priced higher but one advantage of it is you'll have the property with clean title.
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