Archive for the ‘Uncategorized’ Category

IP Dissected

Wednesday, January 18th, 2017

Via Stephen Stanley at Amherst Pierpont Securities: Industrial production surged in December by 0.8%, mainly driven by a weather-induced 6.6% rebound in utility usage.  In fact, the utility category has been driving the headline figures for several months.  In contrast, manufacturing output has been on a steadier but glacial uptrend.  Factory ...

CPI Dissected

Wednesday, January 18th, 2017

Via TDSecurities: US: Inflation Breaks 2% On Energy and Core Services   ·         December CPI accelerated to 2.1% y/y in line with expectations, boosted by gasoline prices and a solid 0.2% m/m print in the core (ex food & energy) index. The latter pushed up the core inflation rate back to 2.2% ...

FX

Tuesday, January 17th, 2017

Via Marc Chandler at Brown Brothers Harriman: Trump's Comments Send the Dollar Reeling In a WSJ interview, Trump pushes against GOP border adjustment plan and warns the dollar is already too strong.   Details of UK's May Brexit speech has already been provided via advanced extracts.  Sterling recovers from yesterday's slide ...

FX

Monday, January 16th, 2017

Via Marc Chandler at Brown Brothers Harriman; Drivers for the Week Ahead May's Brexit speech on January 17 ECB meeting on January 19 Trump's inauguration as 45th US President on January 20 Bank of Canada meets China's President Xi to address Davos Sterling's drop through $1.20 in Asia in response to additional ...

Gross Sees 2.60 as Technical Line in Sand

Monday, January 9th, 2017

This is an excerpt from a longer Bloomberg story: “If the 10-year breaks 2.6 percent on a weekly or on a monthly basis, because it’s so strong and so important in terms of technical analysis, that if and when it’s broken on the upside, it’s a bear market,” Gross, who manages the ...

Aging Baby Boomer Alert: The Bond Market Version

Monday, January 9th, 2017

Via Bloomberg: Don’t Worry Bond Investors, Baby Boomers Have Got Your Back by Natasha Doff January 9, 2017, 5:30 AM EST HSBC report sees aging population supporting demand for bonds Debt already accounts for more than half of pension holdings Investors mourning the end of a 30-year bull market in U.S. Treasuries can take ...

Corporate Bond Pipeline

Monday, January 9th, 2017

Via Bob Elson at Bloomberg: IG CREDIT PIPELINE: TD to Price, IADB, KOMINS Mandates Added 2017-01-09 10:39:10.53 GMT By Robert Elson (Bloomberg) -- Set to price today: * Toronto-Dominion Bank (TD) Aaa/AAA, to price $benchmark 144a/Reg-S 5Y Covered Bond, via managers BMO/BNP/GS/HSBC/TD; IPT MS +Low-60s * Added today: * Kommuninvest (KOMINS) Aaa/AAA, mandates BNP/BAML/Nom/TD to manage a forthcoming $benchmark 144a/Reg-S ...

Sterling Falls on Prospect of Hard Brexit

Monday, January 9th, 2017

Via WSJ: Sterling Falls on Theresa May’s Brexit Comments The prime minister said the U.K. would aim for a clean break from the EU By Mike Bird Jan. 9, 2017 6:13 a.m. ET   The pound fell sharply against the dollar and euro Monday after U.K. Prime Minister Theresa May said Britain would make a definitive break from ...

Early FX

Monday, January 9th, 2017

Via Marc Chandler at Brown Brothers Harriman: Drivers in the Week Ahead US retail sales late in the week is the main data feature this week The short squeeze in the Chinese yuan appears to have ended UK Prime Minister May comments suggest hard Brexit, which weighs on sterling Brazil is ...

Can the Epic Junk Bond Rally Continue?

Monday, January 9th, 2017

Via WSJ: Investors Betting Strongest Junk-Bond Rally in Years Has Legs Better earnings among risky companies and a slowdown of defaults have given junk-bond investors cause for optimism despite a big decline in yields   Updated Jan. 8, 2017 10:37 p.m. ET   An uptick in earnings among riskier U.S. companies is bolstering ...