Archive for February, 2014
Friday, February 7th, 2014
I decided to apply a different methodology and rather than speaking to street types with whom I regularly converse I spoke with two portfolio managers. Each of those gentleman believed that the number is stronger than the headline 113. One cited the robust household survey (+625) and the increase in ...
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Friday, February 7th, 2014
Dealers reporting fast money covering shorts in mortgages. MBS unchanged to Treasuries in the early pop and origination light thus far.
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Friday, February 7th, 2014
SocGen expects a blow out number this morning (290K) and cites the weather in its analysis.
Via SocGen and Reuters:
Societe Generale, on the other hand, is looking for a blowout month for hiring, first forecasting 290,000 jobs, revising this estimate down to 270,000 after the ADP report. They were one of ...
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Friday, February 7th, 2014
Via TD Securities:
We had a pretty quiet trading session in Europe, outside of some mild reaction to the slew of industrial production numbers out today. The EUR also slipped on headlines from Germany’s Constitutional Court on the legality (or lack thereof, in its view) of the ECB’s OMT. The Court ...
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Friday, February 7th, 2014
Prices of Treasury coupon securities have registered just marginal changes in overnight trading as it appears that participants have rearranged portfolios to an extent at which they feel comfortable in advance of the labor report in the US at 830AM. The consensus expects that non farm payrolls increased 180K in ...
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Friday, February 7th, 2014
Via Bloomberg:
Draghi’s ‘Whatever It Takes’ Questioned by Germany’s Top Court
2014-02-07 09:54:44.69 GMT
(To see the German court's decision, click here.)
By Karin Matussek
Feb. 7 (Bloomberg) -- Germany’s top court questioned the
European Central Bank’s bond-buying plan and asked the European
Union’s highest tribunal to rule on the legality of the program.
Germany’s Federal Constitutional Court ...
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Thursday, February 6th, 2014
Singapore is engaged in a war on the wealthy and on the accouterments of wealth. So to advance that cause the island nation has placed a punitive tax on luxury cars such as Ferrari's and Lamborghini's. Sales have plummeted with Ferraris sales down over 90 percent. Other luxury car makers ...
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Thursday, February 6th, 2014
Via WSJ:
L Brands, Costco Boost Otherwise Chilly January Retail Sales
Several Retailers Lowered Outlooks on January Slowdow
ANNA PRIOR
CONNECT
Feb. 6, 2014 9:49 a.m. ET
Harsh weather generally chilled retailers' sales in January as stores tried to clear through excess holiday inventory, though L Brands Inc. LB +4.39% and Costco Wholesale Corp.COST +3.18% managed to buck the negative trend.
The cold weather and winter ...
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Thursday, February 6th, 2014
Mortgages opened flattish and then widened out 1 to 2 ticks. That widening attracted buyers and MBS are 2 ticks to 3 ticks better than Treasuries. Origination remains very light. Fifteen year paper faring well too and is 2 to 3 ticks better on the day also. That market has ...
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Thursday, February 6th, 2014
One trader with whom I converse in Treasury space reports sellers of off the run 5 year paper. He will use any additional flattening of 10s 30s to add to steepeners. He opines that the range in 10s is 2.9 to 2.6 and at these rate levels retail buyers will ...
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