Archive for April, 2015
Friday, April 3rd, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York; may be subject to delays) Economic Data
* 8:30am: Change in Non-farm Payrolls, March, est. 245k (prior
295k)
* Change in Private Payrolls, March, est. 238k (prior
288k)
* Change in Mfg Payrolls, March, est. 10k (prior 8k)
* Unemployment Rate, March., est. 5.5% (prior 5.5%)
* Average Hourly ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Friday, April 3rd, 2015
Via Marc Chandler at Brown Brothers Harriman:
One Last Thing before the Week is Over
- The US employment report stands between us and the weekend; we think there is an asymmetrical risk
- The weak ADP estimate and soft employment in the ISM manufacturing survey warn of the risk of disappointment with ...
Posted in Uncategorized | Comments Off on FX
Friday, April 3rd, 2015
Via Bloomberg:
IG CREDIT PIPELINE: List of Possible Issuers for April, Beyond
2015-04-03 09:44:59.127 GMT
By Robert Elson
(Bloomberg) -- The following deals may be added to the
calendar in the coming days, weeks, months:
* ING Groep (INTNED) Ba2/na/BB, mandates C/ING/JPM/UBS for
investor meetings beginning April 6; inaugural CRDIV
compliant Additional Tier 1 transaction may follow
* Suncorp-Metway ...
Posted in Uncategorized | Comments Off on Corporate Bond Issuance Pipeline
Friday, April 3rd, 2015
Via Ian Lyngen at CRT Capital:
This week's Fed Custody Holdings of US Treasuries saw a record increase of +$62.9 bn for the week ended Wednesday, April 1. This is a remarkable increase and it's notable the week included the settlement of the recent 2-, 5-, 7-year auctions as well as ...
Posted in Uncategorized | Comments Off on Fed Custody Holdings
Friday, April 3rd, 2015
This is a very important story about the repo market and the scarcity of collateral caused by regulatory changes. The story notes that the repo books of Morgan Stanley and Goldman Sachs have each contracted by about 50 percent last year. Traders are having a difficult time borrowing securities and ...
Posted in Uncategorized | Comments Off on Very Important Repo Story
Friday, April 3rd, 2015
I had retweeted this article from the UK Telegraph which @Russian_Market has posted on Twitter. It is worth posting here as it describes the increasing potential for a conflict between the Greek Government and the IMF. According to the newspaper the Greek Government is prepared to nationalize its banks and ...
Posted in Uncategorized | Comments Off on Greek Tragedy Never Ends
Thursday, April 2nd, 2015
This is an informative note from Stephen Stanley at Amherst Pierpont Securities on the trade balance and initial claims. His explanation of the trade deficit and the disruptions at the west coast ports is excellent. He hiked his Q1 GDP forecast to 0.8 from 0.3.
Via Stephen Stanley at Amherst Pierpont ...
Posted in Uncategorized | Comments Off on Trade Balance and GDP
Thursday, April 2nd, 2015
This nugget about the explosion of leverage in the stock market in China arrived from a fully paid up subscriber.
Via Bloomberg:
Shanghai Traders Make Trillion-Yuan Stock Bet Backed by Debt (2)
2015-04-02 07:44:32.822 GMT
(Updates with closing prices in fifth paragraph.)
By Bloomberg News
(Bloomberg) -- Shanghai traders now have more than 1
trillion yuan ($161 ...
Posted in Uncategorized | Comments Off on Lotta Leverage
Thursday, April 2nd, 2015
Via Bloomberg:
Iron ore, which fell below $50 a metric ton on Wednesday, may extend losses as weakening producer currencies cut mining costs, reducing incentives for the supply cuts needed to balance the market, according to Societe Generale SA.
Lower energy prices have lessened freight expenses and the inability of many high-cost ...
Posted in Uncategorized | Comments Off on Iron Ore Prices at Multi Year Lows
Thursday, April 2nd, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York; may be subject to delays) Economic Data
* 7:30am: Challenger Job Cuts y/y, March (prior 20.9%)
* 8:30am: Initial Jobless Claims, March 28, est. 287k
(prior 282k)
* 8:30am: Initial Jobless Claims, Revisions
* Continuing Claims, March 21, est. 2.405m (prior 2.416m)
* 8:30am: Trade Balance, Feb., est. ...
Posted in Uncategorized | Comments Off on What to Watch for Today