It might have been a very different session if it wasn’t for the 13 per cent surge in US housing starts (April data). As it was, stocks saw a modest bid, yields pushed slightly higher and commodities didn’t do much at all.
It looks like investors were reluctant buyers for the session -- and for the week. They didn’t necessarily want to get in there, but found it hard to overlook that spike in housing starts. The data has been rock solid and lingering worries about the economy have declined sharply as a result, although we’re not seeing that in market pricing with bonds rallying hard and equities not doing much at all for the week.