Archive for April, 2015

What to Watch Today

Wednesday, April 15th, 2015

Via Bloomberg: WHAT TO WATCH: * (All times New York) * Economic Data * 7:00am: MBA Mortgage Applications, April 10 (prior 0.4%) * 8:30am: Empire Manufacturing, April, est. 7.17 (prior 6.9) * 9:15am: Industrial Production, March, est. -0.3% (prior 0.1%) * Capacity Utilization, March., est. 78.6% (prior 78.9%) * Manufacturing (SIC) Production, March, est. 0.1% (prior -0.2%) * Manufacturing (SIC) Production, March, est. ...

Secondary market Corp Bond Trading Yesterday

Wednesday, April 15th, 2015

Via Bloomberg: IG CREDIT: PETBRA Issues Led Volume; 2 Set to Price Today 2015-04-15 09:36:39.45 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $13.1b vs $10.9b Monday, $14.6b last Tuesday. * 10-DMA $13.1b * 144a trading added $2.4b of IG volume vs $2b on Monday, $2.1b last Tuesday * Most active issues: * ...

FX

Wednesday, April 15th, 2015

Via Marc Chandler at Brown Brothers Harriman: Dollar Recoups Losses - The US dollar has recouped much of the ground lost yesterday in response to the US retail sales report - The softer Chinese data was the dominant feature of the overnight session - Indicative pricing in the OIS market is consistent with about ...

Soft patch in China Data

Tuesday, April 14th, 2015

Via the FT: EconomyChina's March data is where the real gloom is 16 minutes ago URL Twitter China GDP might have met Beijing's target for the first quarter, but the latest data on March gave bears a lot to munch on. Alongside first-quarter GDP growth showing 7 per cent year-on-year growth, China's statisticians said retail growth ...

Aging Baby Boomer Alert

Tuesday, April 14th, 2015

Percy Sledge recorded one of the longer lasting hits of the 1960 with his  soulful rendition of "When A Man Loves a Woman". The NYTimes reports that Sledge died today at the age of 74. Via the New York Times: Percy Sledge, Who Sang ‘When a Man Loves a Woman,’ Dies at ...

Oil Patch layoffs Surge

Tuesday, April 14th, 2015

Via the WSJ: By Dan Molinski April 14, 2015 7:55 p.m. ET 0 COMMENTS Like many other oil-field workers, Chris Sabulsky spent years working a schedule known as “14 on, 14 off:” two weeks at an oil or gas well somewhere followed by another 14 days at home in East Texas, fishing for bass ...

More on Liquidity

Tuesday, April 14th, 2015

Last evening I posted this piece on the comments of Simon Potter, a senior executive at the Federal Reserve Bank of New York, who mused on the possibility of another Flash Crash ala October 15 2015. The FT today reports that in his comments he called on dealers to be ...

Merrill Lynch on Retail Sales and Other Stuff

Tuesday, April 14th, 2015

Merrill Lynch research suggests that the weak retail sales report released today will be revised away as more complete data becomes available. The Merrill economists note that was the pattern last year at the end of the Polar Vortex winter. Via Merrill Lynch Research: Fool me once, fool me twice.A disappointing Retail ...

Flash Crash Redux?

Monday, April 13th, 2015

The so called "Flash Crash" in the Treasury market last October 15 was a traumatic event for traders and a source of angst for regulators. Regulators have expressed abundant concern about the lack of liquidity in the market that day as prices gyrated wildly. Simon Potter is a major domo at ...

Food Fight Among Pension Funds for Bonds

Monday, April 13th, 2015

Via the WSJ: CFO Journal Corporate Pension Funds Pile Into Bonds By Vipal Monga And Mike Cherney Updated April 13, 2015 7:53 p.m. ET Corporate pension plans have become a force to be reckoned with in the bond markets. For the first time in more than a decade, large pension funds hold more bonds than stocks. Their ...