Archive for December, 2016
Tuesday, December 27th, 2016
Via a fully paid up subscriber:
Bloomberg Barclays Updates Index Duration Changes for Jan. 1 14:55
Bloomberg Barclays estimated the following duration extensions for Jan. 1 as of Dec. 23 (comparisons are to Dec. 16 ests.):
• U.S. Treasury: 0.07yrs vs 0.08yrs
• U.S. Agency: 0.13yrs, unchanged
• U.S. Credit: 0.08yrs vs 0.07yrs
• U.S. Govt/Credit: ...
Posted in Uncategorized | Comments Off on Index Extension at Month End
Tuesday, December 27th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
The Conference Board measure of consumer confidence continued the trend of surging household attitudes since the election. The overall index jumped by more than 4 points on top of an upwardly-revised 8½-point rise in November. The 113.7 reading was the highest since 2001 (even ...
Posted in Uncategorized | Comments Off on Consumer Confidence at Best Levels Since 2001
Tuesday, December 27th, 2016
Via Bloomberg:
IG CREDIT: Spreads Remain at the Tightest Levels of 2016
2016-12-27 10:51:25.235 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $2.2b Friday vs $8.6b Thursday, $12.6b the previous
Friday. Trading volume less than on 98% of trading days since
Dec. 2005
* 10-DMA $13.2b; 19-Friday moving avg $11.4b
* 144a ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Tuesday, December 27th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Markets Becalmed in Wait-and-See Mode
US dollar is little changed from the end of last week
Equity markets are narrowly mixed
Bond markets are mostly softer, though German bunds seem to be attracting some safe haven flows
Most of the major currencies are little ...
Posted in Uncategorized | Comments Off on FX
Tuesday, December 27th, 2016
Via WSJ:
Trump’s Financial Deregulation Might Be Bad News for Banks After All
Some influential people in the president-elect’s sphere say big lenders should maintain higher capital in return for scaling back some regulations
By
Adam Creighton and
Ryan Tracy
Updated Dec. 26, 2016 4:17 p.m. ET
WASHINGTON—Bank stocks have surged since the election ...
Posted in Uncategorized | Comments Off on Should Large Banks Hold More Capital
Tuesday, December 27th, 2016
Via WSJ:
By
Deborah Ball
Updated Dec. 27, 2016 5:03 a.m. ET
MILAN—Banca Monte dei Paschi di Siena SpA has a far bigger hole in its balance sheet than previously calculated, according to the European Central Bank, significantly raising the amount the Italian government has to deploy to rescue the troubled ...
Posted in Uncategorized | Comments Off on Gaping Hole in Balance Sheet
Monday, December 26th, 2016
Via Bloomberg:
China Industrial Profits Increase as Production, Prices Recover
Bloomberg News
December 26, 2016, 8:44 PM EST
Industrial profits rose 14.5% last month to 774.6 billion yuan
Rise comes amid rebound in factory inflation, coal price gains
Profits at industrial firms in China accelerated last month as prices of products such as ...
Posted in Uncategorized | Comments Off on China Gain
Monday, December 26th, 2016
Via WSJ:
By
Andrew Tangel and
Josh Zumbrun
Dec. 26, 2016 9:00 a.m. ET
1 COMMENTS
A strengthening dollar is re-emerging as a threat to U.S. manufacturers, endangering the profits of some companies and complicating President-elect Donald Trump’s drive to boost factory employment.
The U.S. currency, which has strongly appreciated over the past ...
Posted in Uncategorized | Comments Off on Mighty Greenback Causes Some Pain
Thursday, December 22nd, 2016
This is an interesting note via my friend and former colleague Steve Liddy which reports on the musings of a Wells Fargo analyst on year end flows.
Pensions May See ‘Significant’ Quarter-End Rebalancing: Wells 15:23
U.S. defined-benefit pension funds may need to add about $20b in bonds versus around $32b outflows from ...
Posted in Uncategorized | Comments Off on Year End Flows
Tuesday, December 20th, 2016
Via Barron's:
December 20, 2016, 2:00 P.M. ET
Calpers To Cut Equity Investments Over Next 2 Years
By Johanna Bennett
As public pension plans struggle to meet investment goals, California’s biggest public employee pension system says its plans to cut global equity exposure by five percentage points over the next two years.
Reuters ...
Posted in Uncategorized | Comments Off on Calpers to Reduce Equity Exposure