Archive for April, 2014
Wednesday, April 16th, 2014
Via mark Chandler of Brown Brothers Harriman:
The US dollar is firmer against the yen and dollar bloc currencies, but is weaker against the euro and especially, sterling. Sterling has been lifted by an unexpected decline in the unemployment rate to below 7%, the threshold under the previous forward guidance framework. ...
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Wednesday, April 16th, 2014
In my opening note I remarked on an MNI story on the possibility that the PBOC might buy longer maturity bonds issued by China Development Bank. Here is the full piece from MNI.
Via MNI:
ANALYSIS: China Bond Yields Fall On Talk PBOC To Target Curve
BEIJING (MNI) - Long-term Chinese bond yields ...
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Wednesday, April 16th, 2014
Prices of Treasury coupon securities have executed a full volte face as robust economic data has trumped (for now) the still dangerous situation in the Ukraine. So risk is on today and bond markets are on their back foot as we prepare to trade bonds on this side of the ...
Posted in Uncategorized | Comments Off on April 16 2014 Opening
Wednesday, April 16th, 2014
Good Morning. I am just gathering the data for my opening piece and came across this nice summary of data in China via TDSecurities. It covers retail sales, Industrial Production, and the long awaited GDP (weaker than previous quarter but tad better than expected).
Via TDSecurities:
CNY GDP rose by 7.4%/yr in ...
Posted in Uncategorized | Comments Off on China Data Summary
Tuesday, April 15th, 2014
Via Merrill Lynch Research:
Geopolitical risks weigh on credit. As our economists discuss in more details below, the Ukraine/Russia tensions intensified today. CDX IG widened about 2.5bps following the news headlines around 10 a.m., before trading tighter in the second half of the day and closing about 1bps wider relative to Monday. ...
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Tuesday, April 15th, 2014
Via RBS Securities:
Our Treasury flows were 2-way in 10’s by real money while there was other real money selling of 2’s, 7’s, and 30’s. Fast money was also buying 10’s. In swaps, we had fast money receiving 2y1y while we heard of MBS-linked paying 7yr away. In TIPS, we had ...
Posted in Uncategorized | Comments Off on Late Day Flows
Tuesday, April 15th, 2014
China GDP the most important data point but alot of other data to reflect upon.
Via Pierpont Securities:
AUSTRALIA: Leading Economic Indicator reading for March. Slight downward tilt to the index over the last 6 months, but little sign of a major deterioration.
CHINA: Tremendous data flow…and quite important as March was first ...
Posted in Uncategorized | Comments Off on An Overnight Preview
Tuesday, April 15th, 2014
One dealer reporting very heavy flows in cash in belly of the curve. He has observed sellers of off the run 10s in favor of 2041 and 2042 paper. ( I believe that the actuaries have me dead out that far.) The same dealer notes that TY has outperformed 5s ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Tuesday, April 15th, 2014
Greed and fear dominate markets and it appears that greed is morphing into fear today. The Long Bond has enjoyed a significant rally and trades at its lowest level since July 2013 when we were in the midst of the oh my God they are going to taper soon swoon. ...
Posted in Uncategorized | Comments Off on Market Miscellany
Tuesday, April 15th, 2014
Via Bloomberg.
Wal-Mart 3 paert
guidance 3 yr +20 +/- 3 bps
10 yr +75 +/- 2 bps
30 yr +92 +/- 2 bps
split TBD
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