Archive for April, 2014

Earnings Reports Today

Wednesday, April 23rd, 2014

A partial list of some of the big names reporting earnings today via MNI: US EARNINGS: Some of biggest names to report Q1 earnings near-term include: Date Company Estimate/share Apr 23 Dow Chemical Co $0.71 Apr 23 Procter & Gamble Co $1.02 Apr 23 Texas Instruments Inc $0.41 Apr 23 Apple Inc $10.16 Apr 23 E*Trade Financial ...

Overnight Data Watching

Tuesday, April 22nd, 2014

Via Pierpont Securities' Robert Sinche: AUSTRALIA: CPI report for 1Q2014. While there are 3 measures, most focus is on the Trimmed Mean index, with the BBerg consensus expecting an acceleration to 2.9%, right near the 3% top on the RBA’s preferred range. The weaker AUD (down about 15% YOY versus the ...

Merrill Lynch on 5s 30s: Overdone

Tuesday, April 22nd, 2014

I apologize for the format as I could not get this to print any other way. Think of it as an E E Cummings poem (and maybe I should have written his name in lower case). As an aside I would often quote a line from E E Cummings when ...

MBS

Tuesday, April 22nd, 2014

Mortgages are two ticks to three ticks tighter to Treasuries amidst light activity. The 3 .5s and 4s are marginally better bid then their stack cousins. Origination is light.The 15 year sector is also better versus Treasuries by 2 ticks to 3 ticks.

Bernanke Still Speaking

Tuesday, April 22nd, 2014

Via a fully paid up subscriber: *BERNANKE: FED ACTIONS DIDN'T FAVOR WALL STREET OVER MAIN STREET 13)        *BERNANKE SAYS RISKS OF INFLATION BELOW ZERO `QUITE LOW' 14)        *BERNANKE PREDICTS INFLATION TO SPEED UP TO 2% 15)        *BERNANKE SAYS NEITHER INFLATION NOR DEFLATION BIG RISK TO ...

Two Year Note Result

Tuesday, April 22nd, 2014

Via RBS Securities: Treasury auctioned $32bn in new 2yr notes at 0.447% versus a 1:00pm level of 0.445% so the auction came with a 0.2bp tail. 0.2bp tail      (6-auction average 0.2bp thru) Bid/Cover 3.35X (6-auction average 3.46X) *below average* Indirects 23.4% (6-auction average 29.5%) *below average Directs 19.0%  (6-auction average 25.3%) *below average Dealers ...

Two Year Auction Primer

Tuesday, April 22nd, 2014

Via CRT Capital: • 2-years have recently met solid receptions with stop-throughs at every auction since July – which stopped on-the-screws. 2s haven’t tailed since June 2013. • Indirect awards have been increasing recently, taking an average of 23% at the last four auctions vs. 27% at the prior four. The non-dealer ...

Treasury Market Update

Tuesday, April 22nd, 2014

The bond market possesses a merdurinous tone today as it probes toward the upper end of the trading range. The 10 year note is a tad shy of 2.75. The shape of the curve is not dramatically different than what is was when I wrote early this morning. The 5 ...

ECB Apparatchik Open to Action if Inflation Stays Low

Tuesday, April 22nd, 2014

Via MNI: Linde:ECB May Be 'Open to Action' If No April Or May HICP Rise 2014-04-22 12:35:01.58 GMT By David Barwick WASHINGTON (MNI) - European Central Bank Governing Council member Luis Linde has told MNI that if Eurozone consumer prices do not improve in April and May, then the ECB may consider the state ...

JPM Duration Survey

Tuesday, April 22nd, 2014

Via Bloomberg: RATES: Net Shorts at Highest Level Since May 2013, JPM Says 2014-04-22 11:20:43.411 GMT By Robert Elson April 22 (Bloomberg) -- The JPMorgan Treasury Client Survey for the week ended April 21 vs week ended April 14. * Longs unchanged at 11 * Neutrals 55 vs 57 * Shorts 34 vs 32 * Net longs -23 vs ...