Archive for January, 2015
Thursday, January 22nd, 2015
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: The BBerg consensus expects the preliminary January HSBC/Markit Manufacturing PMI to slip slightly to 49.5 from 49.6 in December, which would be the weakest reading since May. However, recent Chinese data has surprised modestly to the upside.
JAPAN: The preliminary Markit/JMMA Manufacturing PMI for ...
Posted in Uncategorized | Comments Off on Overnight Preview
Thursday, January 22nd, 2015
Via CRT Capital:
*** The 10-year TIPS auction was strong with non-dealer bidding at 74.2% vs. 63% norm and a 3.0 bp stop-through. ***
* 10-year TIPS auction stops at 0.315% vs. a 0.345% 1-pm bid WI.
* Dealers were awarded 25.9% vs. 37% average of last six 10-TIPS auctions.
* Indirects get 64.0% ...
Posted in Uncategorized | Comments Off on Steamy TIPS Auction
Thursday, January 22nd, 2015
Via Richard Gilhooly at TDSecurities:
So it appears that Bill Belichick was the only one unaware of deflation, apparently until Monday morning, but the ECB is ahead of the game and launched a credible and aggressive program to counter deflationary forces with an 18 month QE program. Bonds were under heavy ...
Posted in Uncategorized | Comments Off on Market Analysis
Thursday, January 22nd, 2015
*DANISH CENTRAL BANK CUTS DEPOSIT RATE TO -0.35% FROM -0.2
Posted in Uncategorized | Comments Off on Danish Central Bank
Thursday, January 22nd, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: Initial Jobless Claims, Jan. 17, est. 300k (prior
316k)
* Continuing Claims, Jan. 10, est. 2.4m (prior 2.424m)
* Continuing Claims, Jan. 10, est. 2.4m (prior 2.424m)</li></ul>
* 9:00am: FHFA House Price Index m/m, Nov., est. 0.3% (prior
0.6%)
* 9:45am: Bloomberg Consumer Comfort, Jan. 18 ...
Posted in Uncategorized | Comments Off on What to Watch For Today
Thursday, January 22nd, 2015
Via Bloomerg:
IG CREDIT: Very High Volume, Large Issuance Session
2015-01-22 10:56:30.830 GMT
By Robert Elson
(Bloomberg) -- Trace count for secondary trading ended at
$18.5b yday vs $17.3b on Tuesday, $16.3b last Wednesday.
* $18.5b, highest since $19.2b on Feb. 12, 2014
* $18.5b, 9th highest since Jan. 2005
* $18.5b, more than on 99.6% of trading ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading: Very Heavy Trading Yesterday
Thursday, January 22nd, 2015
Prices of Treasury coupon securities have continued the sharp retreat which began yesterday amid volatile trading. Dealers report European central bank buyers in the 5 s through 7s sector and real money from Japan buying in the same sector. Real money has been a chunky seller in the long end ...
Posted in Uncategorized | Comments Off on January 22 2015 Opening
Thursday, January 22nd, 2015
Via Marc Chandler at Brown Brothers Harriman:
Interest Rate Race Supplants Currency Wars
- The interest rate race has now started in earnest, but this is not nearly as troublesome as a true currency war competitive depreciations
- Despite the supposed press leaks about the ECB program, there are still a lot of ...
Posted in Uncategorized | Comments Off on FX
Thursday, January 22nd, 2015
The NYTimes leads with a piece this morning on Goldman Sachs and the Volcker Rule. The Volcker Rule is embedded in Dodd Frank and prohibits banks from making risky bets with its own money. The article reprts that Goldman has purchased apartments in Spain, a shopping mall in Utah and ...
Posted in Uncategorized | Comments Off on Goldman Tramples Volcker Rule
Thursday, January 22nd, 2015
This is an informative note from Kit Juckes to SocGen clients.
Via Kit Juckes at Socgen:
Good morning from a grey, chilly Frankfurt. 30 years ago, when I was in my first job, living here, the dollar was surprising me by its strength daily. It got to USD/DEM 3.46, which is the ...
Posted in Uncategorized | Comments Off on SocGen on ECB