Archive for June, 2015
Monday, June 29th, 2015
In the first note I published earlier this morning I reported that the spread between US and Spain in 10 year sector has narrowed to -8 basis points from -24 basis points at the open on Friday. (Currently Spain trades rich to US.) That spread is now back to -11.5 ...
Posted in Uncategorized | Comments Off on Spain/US
Monday, June 29th, 2015
Via the FT:
MarketsWilliam Hill closes betting market on 'Grexit'
UK gambling company William Hill has stopped taking bets on the likelihood of Greece exiting the eurozone before 2016, after punters rushed to put their money on the possibility over the weekend.
Britain's biggest bookmaker is taking action after a dramatic escalation in ...
Posted in Uncategorized | Comments Off on No More Bets, Please
Monday, June 29th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Week Ahead: Thoughts on Greece, China and the US
The inexperienced Greek government lost its nerve. The brink was less than a week away, and it blinked. It changed tactics at the last possible minute. It took a reckless political gamble.
The was still no agreement ...
Posted in Uncategorized | Comments Off on FX
Monday, June 29th, 2015
The Treasury market has experienced a significant move lower in yields as a result of the turmoil in Greece. The yield on the 2 year note has declined 7.5 basis points (from Friday closing levels) to 64.1 from 71.6. The yield on the 3 year note has dropped 8.9 basis ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Sunday, June 28th, 2015
Via Bloomberg:
INSIGHT: Greece’s Narrow Path to Staying in the Euro Area
2015-06-28 20:57:30.698 GMT
(For more news and analysis on Greece, see GREE<GO>.)
By David Powell, Jamie Murray and Maxime Sbaihi
(Bloomberg Economics) -- The Eurogroup’s decision to let
Greece’s bailout expire on Tuesday has left the country to
decide whether to proceed with a referendum ...
Posted in Uncategorized | Comments Off on Narrow Path for Greece
Sunday, June 28th, 2015
Via Bloomberg:
TIMELINE: What’s Next in the Greek Crisis Saga
2015-06-29 00:56:33.130 GMT
By Nikos Chrysoloras and Paul Tugwell
(Bloomberg) -- Talks between Europe’s most indebted state
and its creditors collapsed on June 26, when Greece’s anti-
austerity coalition called a referendum, in which it will ask
voters to reject creditors’ proposals for unlocking bailout
funds.
* ECB Sunday ...
Posted in Uncategorized | Comments Off on Greece Timeline
Saturday, June 27th, 2015
Via Dow Jones:
DJ Eurogroup to Hold Talks Without Greece Later Saturday, Officials Say
By Viktoria Dendrinou and Gabriele Steinhauser
BRUSSELS--The finance ministers of the other 18 eurozone countries will meet without Greece later Saturday evening, two European officials said.
The decision to hold a separate meeting comes after the ministers rejected a Greek ...
Posted in Uncategorized | 1 Comment »
Saturday, June 27th, 2015
Via Bloomberg:
Greek lawmakers are set to decide at a midnight vote Saturday whether to approve a proposal by Prime Minister Alexis Tsipras’s government to hold a referendum on July 5, which could decide the country’s future in the euro area.
If parliament gives its nod, Greek voters will be asked to ...
Posted in Uncategorized | Comments Off on Logistics of Greek Referendum
Saturday, June 27th, 2015
Via the FT:
June 27, 2015 12:17 pm
China central bank cuts benchmark interest rates
Patti Waldmeir in Shanghai
China’s central bank has cut benchmark interest rates to a record low and lowered the amount of reserves certain banks are required to hold, in apparent response to Friday’s Chinese stock market slump and continuing ...
Posted in Uncategorized | Comments Off on China Slashes Rates and Reserve Requirements
Saturday, June 27th, 2015
Via Bloomberg:
Turbulence Looms as Deutsche Bank Says Greek Referendum Negative
2015-06-27 09:50:17.674 GMT
(For more on Greece, see here.)
By David Goodman and Paul Dobson
(Bloomberg) -- Prime Minister Alexis Tsipras’s call for a
referendum on creditors’ demands may spark turbulence at
Monday’s market open, in stark contrast to the confidence gained
among euro-area bondholders this week ...
Posted in Uncategorized | Comments Off on Bloomberg Story on Greece Referendum