Archive for May, 2015
Friday, May 15th, 2015
Pedro Da Cost of the WSJ reports on a Federal Reserve Board research paper which pokes holes in the notion that weak Q1 assures stronger growth in remainder of year.
Via Pedro Da Costa at the WSJ:
By
PEDRO NICOLACI DA COSTA
CONNECT
Federal Reserve Board economists are wading into a heated debate over whetherstatistical ...
Posted in Uncategorized | Comments Off on Seasonality
Friday, May 15th, 2015
Via Bloomberg:
G CREDIT: Dealer Positions, Long Maturities Fall to Net Short
2015-05-15 10:43:26.967 GMT
By Robert Elson
(Bloomberg) -- Dealer positions in corporate bonds fell
$3.7b to $22.9b as of May 6. $21.1b, seen Feb. 11, is the low
for the series Fed began in April 2013. $45.9b, seen March 5,
2014, is the high.
* Investment ...
Posted in Uncategorized | Comments Off on Dealer Positions in Corporate Bonds
Friday, May 15th, 2015
David Kelly is a global strategist for JPMorgan's mutual funds and he posits that slow growth is not a problem for stocks.
WALL STREET'S BEST MINDS
Why Slow-Growth Economy Is OK for Stocks
A JPMorgan strategist writes that above-average P/E ratios for equities may be sustainable
By
DAVID KELLY
Updated May 14, 2015 1:34 p.m. ET
Some ...
Posted in Uncategorized | Comments Off on Slow Growth Good For Stocks?
Friday, May 15th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Ends the Week With a Firmer Tone
- The US dollar is enjoying firmer tone as the week winds down
- UK construction bounced back in March, gaining 3.9%, the most since January 2014
- During the North American session, the US reports Empire manufacturing, ...
Posted in Uncategorized | Comments Off on FX
Friday, May 15th, 2015
The WSJ reports that economists expect the economy to spend the remaimder of the year improving.
Via the WSJ:
By KATHLEEN MADIGAN
Updated May 14, 2015 9:13 p.m. ET
26 COMMENTS
After a rough start to the year, economists are counting on the U.S. to bounce back in 2015 much like it did in 2014.
Forecasters ...
Posted in Uncategorized | Comments Off on Deja Vu All Over Again
Friday, May 15th, 2015
Dealers who are kind enough to communicate with me on the topic of overnight flows report light activity overnight with the only notable activity being real money in Japan buying the 7 year and 8 year sectors.
Posted in Uncategorized | Comments Off on Overnight Flows
Friday, May 15th, 2015
Via Bloomberg:
G CREDIT: Trading Volume Falls; DHR/PLL Added to M&A List
2015-05-15 10:10:49.45 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $14.5b vs $17.5b Wednesday, $18.2b the previous
Thursday. 10-DMA $15.1b.
* 144a trading added $2.6b of IG volume vs $2.3b on Wednesday,
$2.9b last Thursday
* Most active issues, longer ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate Bond Trading Yesterday
Friday, May 15th, 2015
A fully paid up subscriber forwarded this technical piece on Bunds.
--
-----RBS on Bunds:
Bullish bias remains, favour being long to 0.33% onto 0.22%. Treasuries: Stay tactically bullish to 2.00% onto 1.90%. Gilts: Remain constructive to 1.55% at least and may see yield double top. BTPS: Favour keeping longs to 1.41% at ...
Posted in Uncategorized | Comments Off on Doji Stars and Other Technical Musings
Friday, May 15th, 2015
Via Kit Juckes of SocGen:
FX weekly link above. The short version.... Q1 was a car crash for the US economy and Q2 is setting up for a more modest bounce than hoped. Euro area growth forecasts are being revised higher, but Chinese growth is still slowing. Oil prices have bounced, ...
Posted in Uncategorized | Comments Off on Morning FX Musings
Thursday, May 14th, 2015
Draghi is nervous about the consequences of aggressive monetary policy. It is a little late for that thought.
Via the FT:
Mario Draghi has warned central banks to beware of the risk that aggressive monetary easing, including mass bond buying, could lead to financial instability and worsen income inequality.
The European Central Bank president ...
Posted in Uncategorized | Comments Off on Draghi Suggests Locking Barn Door After Horse is Gone