Yields Continue To Rise Ahead Of FOMC Meeting
In Friday’s economic news the Commerce Department reported the
Durable Goods Orders declined by 0.3% in May (report).
Treasuries closed lower for the eighth consecutive day. Fed Funds futures are
currently pricing in an 88% probability of 25 bps and a 12% probability of 50
bps at next week’s FOMC meeting (full
story).
The US Dollar Index rose for the second straight day.
Gold and Silver closed slightly higher. Copper jumped 4.27%.
Crude Oil closed flat at $70.87. Natural Gas fell 3.31%.
In related news, Anadarko Petroleum
(
APC |
Quote |
Chart |
News |
PowerRating) announced a deal to buy
Kerr-McGee
(
KMG |
Quote |
Chart |
News |
PowerRating) and Western Gas Resources
(
WGR |
Quote |
Chart |
News |
PowerRating) for $21.1
Bln. The Anadarko news overshadowed Energy Partners
(
EPL |
Quote |
Chart |
News |
PowerRating) deal to
acquire Stone Energy
(
SGY |
Quote |
Chart |
News |
PowerRating) for $2.2 Bln, which included Stone Energy
terminating its deal with Plains Exploration And Production
(
PXP |
Quote |
Chart |
News |
PowerRating).
The softs were mixed. Orange Juice +3.25% and Cocoa +0.91% rose, Sugar -1.90%,
Lumber -1.49% and Coffee -0.42% fell. Cotton plunged -6.11%.
The grains closed slightly lower.
Economic News
Durable Goods Orders Fell 0.3% In May (report).
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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