The Weekend Wrapup 3.17.2012

Americas:

• S&P 500 +0.6%, DJIA +0.4%, NASDAQ +0.5%, S&P/TSX +0.4%, IPC +0.3%, IBOV -0.1%

• After weeks of testing, Treasurys finally broke through support last Tuesday after the Fed’s soft FOMC statement (along with strong retail figures, a drop in jobless claims, the stress test results, and a relatively solid America) sent sidelined investors rushing to reallocate funds. There’s still a lot of money in the bond market and if equities continue performing, a lot of dudes will be forced out of their “safe havens”. Meanwhile, Operation Twist is a total dud.

• California’s tax revenue plunges over 20%.

• Brazil slapped a 6% tax on foreign loans and bonds issued by local companies abroad to stem the tide of “speculative” inflows, sending the Real lower. With their rates though, I'm not sure if that'll be enough. Meanwhile, panelists at a recent investor conference said that Brazil has become a crowded bet and that investors are now looking into other LatAm countries for better returns. Any truth to this, LatAm monkeys?

Europe:

• FTSE 100 +0.4%, DAX +0.1%, CAC40 +0.1%

• Gilt and Bund yields rose 30 and 26 bps respectively. PIG yield spreads tightened across the board while Spain’s widened over 10 bps. No surprise given that while their public debt is at a modest 68% of GDP, their private debt is a staggering 227% of it. Add an exceedingly high unemployment rate and ZH refuting your public debt figures…

• The SNB kept rates steady and reiterated that they would defend the Euro-Swissie peg should it be tested. Don’t know about you guys but I’m sure that the market has more money than they do.

• Norway, after cutting rates to weaken the Krone, may be in the midst of a housing bubble.

• Greek CDS Monday is comin up.

Australasia:

• Nikkei225 -0.1%, S&P/ASX -0.1%, Kospi -0.1%, Straits Times -0.1%, Shanghai Composite +0.4%, Hang Seng -0.2%

• Foreign direct investment in China has fallen for the fourth straight month, and JPM’s Adrian Mowat makes a great case that they’re already in a hard landing.

That's it for now monkeys, here's my clip of the week:

I think its fugly, you?