Archive for July, 2014
Thursday, July 17th, 2014
I guess today was not the best day to enjoy some of the fruits of retirement and spend the day away from acrossthecurve.com global headquarters.
Here is the end of day piece from Richard Gilhooly which is always insightful and cogent:
Today at 4:29 PM
Volatility is back! And risk assets ...
Posted in Uncategorized | Comments Off on Market Commentary From TDSecurities
Thursday, July 17th, 2014
Via Eric Green at TDSecurities:
June housing starts fell 9.3%, the largest decline since January, and well below what was expected to be a modest gain of 1.9%. While the weakness was evenly dispersed across single family units (down 9.0%) and multi-family units (down 9.9%) the regional breakdown indicates all the ...
Posted in Uncategorized | Comments Off on TDSecurities on Housing Starts
Thursday, July 17th, 2014
Via Bloomberg:
Regulatory Changes May Impinge Fed’s Normalization Plans: GS
2014-07-17 11:15:56.457 GMT
By Alexandra Harris
July 17 (Bloomberg) -- Past and upcoming regulatory changes
have “increased uncertainty” about traditional banking
system’s ability to “effect any future shift in the stance of
monetary policy,” Goldman Sachs economist Kris Dawsey wrote in
note yday.
* By maintaining a wide spread ...
Posted in Uncategorized | Comments Off on Goldman on the RRP/IOER Discussion
Thursday, July 17th, 2014
Microsoft just announced that the firm will restructure and as a result it will eliminate 18,000 jobs.
The firm's stock was up about 4 percent a few minutes ago.
Posted in Uncategorized | Comments Off on MSFT Speaks to Janet Yellen
Thursday, July 17th, 2014
Via WSJ:
WSJ: China Plays a Big Role as U.S. Treasury Yields Fall
Record Chinese Purchases of Treasurys Help Explain U.S. Bond Rally
By Min Zeng
Investors wrestling with the mysterious U.S. bond rally of 2014 got a clue about where to look: China.
The Chinese government has increased its buying of U.S. Treasurys this ...
Posted in Uncategorized | Comments Off on China Buys Treasuries Big Time
Thursday, July 17th, 2014
Via the Good Folks at Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: Housing Starts, June, est. 1.02m (prior 1.001m)
* Housing Starts, m/m, June, est. 1.9% (prior -6.5%)
* Building Permits, June, est. 1.035m (prior 1.005m,
revised)
* Building Permits, m/m, June, est. 3% (prior -5.1%,
revised)
* 8:30am: Initial Jobless Claims, week of ...
Posted in Uncategorized | Comments Off on What to Watch For
Thursday, July 17th, 2014
I did not think about this when I wrote my initial opening note but gleaned it from a just received dealer note.The yield on the 10 year Bund made a new low at 1.16 overnight and that led to stop loss buying of the Bund contract when it made a ...
Posted in Uncategorized | Comments Off on Addendum
Thursday, July 17th, 2014
The BBC has a one sentence story in which Ukraine accuses Russia of shooting down one of its planes over Ukraine territory.
Posted in Uncategorized | Comments Off on Ukraine Plane Shot Down?
Thursday, July 17th, 2014
Prices of Treasury coupon securities have edged lower in overnight trading as a bit of a risk off trade has developed. S and P futures are down 5.5 points and among global equity markets the Shanghai composite fell just over 0.5 percent. In addition the yen has appreciated and is ...
Posted in Uncategorized | Comments Off on July 17 2014 Opening
Thursday, July 17th, 2014
Japanese fixed income investors bought over $6 billion of foreign bonds last week. As a former colleague wryly asks do you think they were buying Bunds at 1.20 percent?
Via Bloomberg:
Japanese Bought Net 671.5 Billion Yen Overseas Debt Last Week
2014-07-16 23:51:53.961 GMT
By Isaac Aquino
July 17 (Bloomberg) -- Japanese investors were net
buyers of foreign bonds during the week ended July 11 according
to figures released by the Ministry of Finance in Tokyo.
* Bought 671.5b yen ($6.6b) in overseas bonds and notes
* Largest net bond purchase since week ending June 20, 2014
* Bought 71.9b yen in overseas stocks
* Foreign investors sold 2.9b yen in Japanese bonds
* Sold 160.9b yen in Japanese stocks
Posted in Uncategorized | Comments Off on Japan Fixed Income Investors Search Overseas