Archive for the ‘Uncategorized’ Category

Credit and Other Stuff

Friday, July 3rd, 2015

Via Merrill Lynch: Outflows across the board (more or less). With the Greek rollercoaster in an environment of upward pressure on interest rates, not surprisingly we saw outflows from both fixed income and equities over the past week. Outflows from high yield funds accelerated to $2.76bn last week from an inflow ...

Contagion?

Friday, July 3rd, 2015

Via the FT: Beppe Grillo, the comedian and leader of Italy’s populist Five Star Movement, was so gleeful at Alexis Tsipras’s decision to call a bailout referendum last weekend that he quickly hatched plans to travel to Greece for the occasion. “Power to the people, not the banks,” Mr Grillo wrote on ...

Iron Ore Glut

Friday, July 3rd, 2015

Via Reuters: Markets | Fri Jul 3, 2015 4:17am EDT Iron ore price fall a sign China's economic might waning * Iron ore price tumbles * Lowest since late March * Ominous sign of China's industrial outlook * A country awash in iron ore By James Regan and Ruby Lian SYDNEY/SHANGHAI, July 3 (Reuters) - Iron ...

ECB QE Risks Impairing Corporate Bond Market Liquidity

Friday, July 3rd, 2015

Via Bloomberg: The European Central Bank’s addition of three listed companies’ notes to a bond-buying program has sparked concerns about how far it may push into the corporate-bond market and the impact this would have on already tight liquidity. The inclusion of the listed companies, all Italian utilities less than 30 percent ...

Greek Headline

Friday, July 3rd, 2015

Via a paid up subscriber and about one hour old: "*EURO AREA SAID TO MULL PUSH FOR AID DEAL EVEN IF GREEKS VOTE NO" -- bbg

More FX

Friday, July 3rd, 2015

Via Marc Chandler at Brown Brothers Harriman: Europe Calm into Referendum while Aussie Slides - The tone of comments out of Greece has changed and the importance of the referendum is being diluted - Some $2.8 tln of value was erased from Chinese equity markets in the last three weeks - The Australian dollar ...

Morning FX Musings

Friday, July 3rd, 2015

Via Kit Juckes at SocGen: <http://www.sgresearch.com/r/?id=he178aac,1330957b,1330957c&p1=136122&p2=4a71c57e80f1859be676ec00fff5df7b> Good Morning. Overnight, Greek polls put the 'yes' camp marginally ahead (44.8-43.4 according to Alco) and the gloom in Athens is terrifyng. The mayor says no-one is paying taxes and disaster looms, the restaurants are shutting in mid tourist season 'cos they can't get food, and ...

Greek Polls

Friday, July 3rd, 2015

Via a fully paid up subscriber: *MORE THAN FOUR IN FIVE GREEKS WANT TO KEEP EURO, POLL SHOWS *GREEKS SPLIT EVENLY ON AUSTERITY, POLL ON REFERENDUM SHOWS

Factory Orders

Thursday, July 2nd, 2015

Via Stephen Stanley at Amherst Pierpont Securities: I normally do not comment on factory orders, but for the second month in a row, there were significant downward revisions to the core capital goods orders and shipments figures from the preliminary (Durable Goods release) to the revised (Factory Orders release) report.  Core ...

Labor Report Analysis

Thursday, July 2nd, 2015

Via Gennadiy Goldberg at TDSecurities: Nonfarm payroll growth disappointed expectations in June, with headline job growth coming in modestly below consensus at 223K in June. Private job growth at 223K came in closer to the market consensus, with government job growth remaining flat on the month. The market’s strong reaction to ...