Archive for October, 2009
Thursday, October 29th, 2009
European sentiment indicators improved but German jobs data were mixed and amongst the more peripheral countries, the news was not as upbeat. The EC’s business climate indicator fell 1.78 (vs. -1.9 exp and -2.07 in Sept) and German unemployment fell 26K in Oct (vs 15K exp) but the impact was ...
Posted in Uncategorized | Comments Off on European Miscellany Via Brown Brothers
Thursday, October 29th, 2009
Prices of Treasury coupon securities are posting modest (very) losses in overnight trading as some of the fear and angst which dominated trading yesterday fades today.
Equity markets around the globe have posted losses but as one follows the sun the losses diminish and early indications are that the US market ...
Posted in Uncategorized | Comments Off on Bond Market Open October 29 2009
Thursday, October 29th, 2009
*WEBER SIGNALS ECB MAY NOT OFFER 12-MONTH BANK LOANS NEXT YEAR
*WEBER SAYS GERMANY MUST CONSOLIDATE BUDGET QUICKLY FROM 2011
*WEBER SAYS WIDENED GERMAN BUDGET DEFICIT FOR 2010 `ACCEPTABLE'
*WEBER: BANKS MUST PREPARE FOR SLOW WITHDRAWAL OF ECB LIQUIDITY
*WEBER SAYS `VERY LONG' LIQUIDITY OPS MAY BE DISCONTINUED SOONER
*WEBER SAYS UNLIMITED ALLOTMENT IN 7-DAY ...
Posted in Uncategorized | Comments Off on ECB Weber Speaks
Wednesday, October 28th, 2009
On the strategies of the China sovereign wealth fund.
Saudi Arabia abandons West Texas Intermediate (oil).
An opinion piece in the WSJ on Harry Truman and Barack Obama
Iceland, Currency Debasement and the Golden Arches.
No hurry to raise rates in New Zealand.
A sign that baton passing: US car market to lag China car ...
Posted in Uncategorized | 1 Comment »
Wednesday, October 28th, 2009
Q3 GDP +3.5% est, with solid composition
Preview: Q3 GDP +3.5% est with final sales +3.1%; Q3 vacancy rates
(1) We estimate that real GDP rose at a 3.5% annual rate in Q3 (cons 3.2%, after -0.7%). As importantly, the composition of output appears much stronger, with ...
Posted in Uncategorized | Comments Off on Preview of Economic Data Scheduled for Release October 29 2009 Via UBS
Wednesday, October 28th, 2009
Prices of Treasury coupon securities staged another impressive performance as the market showed unwavering strength into the teeth of record issuance by the Treasury. The market maintained its firm tone today despite a significant rebound yesterday.
Some of the same factors which influenced trading yesterday were at work again today.
Risk aversion ...
Posted in Uncategorized | 4 Comments »
Wednesday, October 28th, 2009
Swap spreads are, on balance , narrower today. Roll adjusted the 2 year is unchanged at 32 1/4. Five year spreads are a basis point narrower at 36. Ten year spreads are 1 1/4 basis points tighter at 16 3/4. Thirty year spreads are 1 1/2 basis points tighter at ...
Posted in Uncategorized | Comments Off on Swap Spreads
Wednesday, October 28th, 2009
Corporate bond spreads remain definitively softer. One salesman suggested a generic 5 basis points of spread widening in this session. The Eastman Chemical deal I spoke of earlier priced at 210 and is 205 bid.
Posted in Uncategorized | Comments Off on Corporate Bonds
Wednesday, October 28th, 2009
The premium on a three month/ten year ATM swaption straddle is 490 basis points. Annualized vol is 143.8 and the daily breakeven is9.0 basis points.
The premium on a 5year/10 year ATM swaption straddle is 1499 basis points. Annualized vol is 121.8 basis points and the daily breakeven is 7.6 basis ...
Posted in Uncategorized | Comments Off on Swaption Vol: Softer
Wednesday, October 28th, 2009
Here is the official public document on the largest auction of 5 year notes since the dawn of time.
Posted in Uncategorized | Comments Off on Five Year Result Via Your US Treasury Department