Archive for April, 2014

FX

Tuesday, April 22nd, 2014

Via Mark Chandler at Brown Brothers : The dismissal of Manchester United’s manager is getting more attention than the global capital markets, where trillions of dollars are exchanging hand every day.  It is a testimony to the sociological representation in the capital markets, as well as to the absence of fresh ...

Corporate Guys Earning Fees

Tuesday, April 22nd, 2014

The quest for fee income is never ending and spans the globe. In that spirit we already have three non household names lighting up the corporate new issue market docket. Via the good folks at Bloomberg: $b  Sinochem Offshore Capital (SINOCH) A3/A- 144a/Reg-S 5Y  +175 area ANZ/C/DB/GS/HSBC/JPM/UBS $b  Tencent Holdings (TENCNT) A3/A-  Barc/DB/JPM 144a/Reg-S  $m  3Y ...

Required Reserve Cuts in China

Tuesday, April 22nd, 2014

China announced last week that it would cut required reserves at smaller rural banks. Today it announced the details of the cuts. The cuts are 2 percent for some banks and 0.5 percent for others. Via WSJ: Asia News China Details Cut in Rural Banks' Reserve Requirements China Aims to Boost Economic Growth By ...

Earnings

Tuesday, April 22nd, 2014

McDonalds and Bank of America are due to release earnings before the North American open.

Federal Reserve Governor With Early Morning Case of Logorrhea

Tuesday, April 22nd, 2014

*WILLIAMS DOESN'T HOLD POLICY VOTE ON FOMC THIS YEAR *WILLIAMS FORECASTS ECONOMY TO GROW 2.5% TO 3% THIS YEAR *WILLIAMS FORECASTS JOBLESSNESS TO FALL TO 6.25% BY END OF 2014 *WILLIAMS DOESN'T SEE `BIG RISK' TO ECONOMY IN CREDIT MARKETS *WILLIAMS FORECASTS INFLATION TO SPEED UP TO 1.7% BY END OF 2015 *WILLIAMS PREDICTS UNEMPLOYMENT ...

April 22 2014 Opening

Tuesday, April 22nd, 2014

Prices of Treasury coupon securities are posting very small gains in another overnight trading session enveloped by an enervating ennui.One dealer in his early note reports that volume was about 50 percent of the norm. Against that background the yield on the 10 year note slipped to 2.708 from 2.717 ...

Hilsenrath Yesterday

Tuesday, April 22nd, 2014

This Hilsenrath piece was out yesterday but I only found it this morning. It highlights the alternative measures of the labor market which Ms Yellen follows and notes that it will be quite sometime before those data points return to pre recession normality. The author suggests this is a reason ...

Late Day Bond Swoon

Monday, April 21st, 2014

The Treasury curve steepened over the course of the afternoon and did so in spite of the light volume. I do not have a solid answer as to why but would surmise that some of the steepening is just a rebound following the clubbing the sector took on Thursday. The ...

Extremely Quiet Day.

Monday, April 21st, 2014

I knew it was a quiet one today but did not realize the extent of the lack of activity gripping the market place until I read the closing piece from CRT Capital. Volume today was 35 percent of the 10 day average and it was the slowest day since the ...

Mid Morning Monday Miscellany

Monday, April 21st, 2014

The equity market has turned wobbly and that has energized Treasuries. Both 10s and 30s are making new highs for the day and I believe each is through the best levels attained in the truncated overnight session. Separately, swap spreads are 1/2 to 3/4 tighter. The only flows there are model ...