Archive for October, 2014
Friday, October 24th, 2014
The Russian Ruble continues to print new lows as the country is a bit of an international pariah and its main export (oil) is in a bear market. The FT offers some background on the story:
MarketsRussia rouble rattled on rating agency reflection
Another day, another record low for the Russian currency.
As ...
Posted in Uncategorized | Comments Off on Ruble Rubble
Friday, October 24th, 2014
Via Marc Chandler at Brown Brothers Harriman:
Ebola, EU Politics and Brazil's Elections in Focus
- The headlines about a NY doctor testing positive for Ebola yesterday took off some of the enthusiasm for risk taking
- Intra-EU politics is set to heat up again after it demands more funds from the UK ...
Posted in Uncategorized | Comments Off on FX
Friday, October 24th, 2014
Client active last night was subdued. One dealer reported small extension trades by central banks and little else.
Posted in Uncategorized | Comments Off on Flow
Friday, October 24th, 2014
Via Bloomberg:
IG CREDIT: Trading Volume Remains High, BAC Issues Most Active
2014-10-24 09:56:06.531 GMT
By Robert Elson
Oct. 24 (Bloomberg) -- The final Trace count for secondary
trading was $16.6b vs $17.6b Wednesday and $17.9b Tuesday, the
highest day since $18.1b April 23.
* 144a trading added another $3.5b of IG volume
* BAC 5.00% 2021 topped ...
Posted in Uncategorized | Comments Off on Secondary market Corporate Bond Trading
Friday, October 24th, 2014
Prices of Treasury coupon securities have on balance registered losses when compared to levels which prevailed in the aftermath of the news that a New York City doctor had contracted the Ebola virus. On the release of that news the fixed income market rallied and equity futures slumped. Most of ...
Posted in Uncategorized | Comments Off on Octoner 24 2014 Opening
Thursday, October 23rd, 2014
Via Bloomberg:
China Home-Price Drop Spreads as Easing Fails to Halt Downturn
By Bloomberg News Oct 23, 2014 9:38 PM ET
China’s new-home prices fell in all but one city monitored by the government last month as easings of property curbs failed to stem a market downturn amid tight credit.
Prices dropped in 69 ...
Posted in Uncategorized | Comments Off on Sloppy Property Prices in China
Thursday, October 23rd, 2014
A New York City doctor has been diagnosed with Ebola. On that news S and P has cratered to -11.50 from +1 prior to the announcement. The bond market has rallied. The 5 year note is currently 1.464 versus 1.484 prior to the news. The 10 year note has rallied ...
Posted in Uncategorized | Comments Off on Post Ebola News
Thursday, October 23rd, 2014
The Treasury market continues to trade quite heavy and offered. The Treasury sold $7 billion 30 year TIPS and indirect bidders were awarded 64 percent of the issue with only 31 percent going to dealers. The issue came with a 2 basis point tail. The breakeven at auction time was ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Thursday, October 23rd, 2014
Via a fully paid up subscriber and Reuters:
By Noah Barkin , Eva Taylor and Paul Taylor
BERLIN/FRANKFURT/PARIS, Oct 23 (Reuters) - In early October, European Central Bank board member Benoit Coeure paid a discreet visit to the Chancellery in Berlin to express concerns about rising criticism of the bank from German politicians.
The Frenchman, ...
Posted in Uncategorized | Comments Off on Tensions in Europe
Thursday, October 23rd, 2014
I am not sure if I have ever seen that word in print before but a finance Professor uses it to describe an error in futures trading yesterday.
Via Bloomberg:
(BN) ‘Humongous’ Treasury Future Move Shows Trader Didn’t Do Hom
ework
+------------------------------------------------------------------------------+
‘Humongous’ Treasury Future Move Shows Trader Didn’t Do Homework
2014-10-23 16:03:18.642 GMT
By Matthew Leising ...
Posted in Uncategorized | Comments Off on Humongous