Archive for the ‘Uncategorized’ Category

Jobs Report Dissected

Friday, April 7th, 2017

Via TDSecurities: ·         The March employment report was a mixed bag on the surface, with payrolls disappointing sharply. But this apparent softness was more than offset by a significant and healthy drop in the unemployment rate and continued firming in wage pressures.                                                                                        ·         The as-expected wage growth and out-sized decline in the ...

FX

Friday, April 7th, 2017

Via Marc Chandler at Brown Brothers : Dollar Firm Ahead of Jobs Report Amidst Rising Geopolitical Risks The highlight today is the March US jobs data Geopolitical concerns are rising, but the impact on markets is unclear Canada also reports March jobs data Mexico reports March CPI, which is expected to ...

FX

Thursday, April 6th, 2017

Via Marc Chandler at Brown Brothers Harriman: Euro Resilient Despite Draghi's Dovish Signals ECB President Draghi made it clear that the market’s hawkish take on recent comments was undesirable Some points about the FOMC minutes are worth mentioning, as the Fed put a lot of focus on balance sheet issues Reserve ...

FOMC Minutes Dissected

Wednesday, April 5th, 2017

Via Stephen Stanley at Amherst Pierpont Securities: There were no Earth-shattering surprises in the March FOMC minutes, but, as usual, several useful nuances were revealed. Economic outlook Participants acknowledged that Q1 GDP was shaping up to be soft, mainly due to the soft January consumer spending figures.  However, the FOMC was broadly confident ...

Commercial Mortgages at Risk

Wednesday, April 5th, 2017

Via Bloomberg: Ratings Shopping Haunts Commercial Mortgage Bonds as Risks Rise 2017-04-05 10:00:01.0 GMT By Matt Scully and Adam Tempkin (Bloomberg) -- Only a decade ago, global investors got a hard lesson about the dangers of relying on rosy bond ratings. Now they’re getting a reminder -- this time in frothy corners of the $528 billion U.S. ...

FX

Wednesday, April 5th, 2017

Via Marc Chandler at Brown Brothers Harriman: Dollar Mixed on Hump Day The US reports weekly mortgage applications, ADP employment, Markit services and composite PMI readings, and the ISM non-manufacturing PMI FOMC minutes will be released Eurozone and UK services and composite PMIs were reported Polls suggest that Le Pen fared ...

FX

Tuesday, April 4th, 2017

Via Marc Chandler at Brown Brothers Harriman: US PMI report yesterday certainly supports the notion that price pressures are rising and the labor market is tightening During the North American session, the US reports February trade and factory orders RBA kept policy steady overnight, as expected; its statement was ...

Corporate Bond Stuff

Tuesday, April 4th, 2017

Via Bloomberg: Lowest IG Trading Volume in 6 Weeks; Spreads Steady 2017-04-04 09:55:47.330 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $13.5b vs $19.5b Friday, $13.9b last Monday. It was the lowest trading volume since $13.46b on Feb. 17. * 10-DMA $17.7b; 10-Monday moving avg $16.3b * 144a trading added $2b ...

Credit Pipeline

Tuesday, April 4th, 2017

Via Bloomberg: IG CREDIT PIPELINE: GMKNR to Price; Glaxo Files, SANTAN Mandate 2017-04-04 09:39:20.133 GMT By Robert Elson (Bloomberg) -- Monday saw a lackluster start to the week with 5 deals totaling $2.75b. Today should be better, moving toward the $15b-$20b expected to price this week. Set to price today: * Norilsk Nickel (GMKNR) Ba1/BBB-, to price $benchmark 144a/Reg-s ...

Credit Pipeline

Monday, March 27th, 2017

Via Bloomberg: IG CREDIT PIPELINE: KEB to Price, Solid Issuance Week Expected 2017-03-27 09:33:48.225 GMT By Robert Elson (Bloomberg) -- 84% of dealers and clients in a Bloomberg News poll expect IG issuance to total at least $20b this week. 50% think it will be over $25b; 16% over $30b. At least 2 industrial deals were held ...