Archive for July, 2015

Early Morning FX

Tuesday, July 28th, 2015

Via Kit Juckes at SocGen <http://www.sgresearch.com/r/?id=he483b82,137cac6e,137cac6f&p1=136122&p2=e4c8be0efbf1f337520c08adeadfcdaa> The Shanghai Composite equity index hit its 200-day moving average at 3534 overnight but has recovered some of that ground, still down on the day but ‘only' -1.5%. From the slightly narrow perspective of the FX market however, what is most noticeable is that the reaction ...

overnight data preview

Monday, July 27th, 2015

Via Robert Sinche at Amherst Pierpont Securities and this one covers three nights rather than the usual one night. July 27 ITALY: The BBerg consensus expects the Greece uncertainty will has pushed the Manufacturing Business Confidence Index down slightly to 103.7 in July from 103.9 in June and from a 3-year high ...

Some Spread Widening Today

Monday, July 27th, 2015

7/27 OPEN      7/27 CLOSE    CHANGE GE  24        93/90          94/91            +1 WFC 25      132/129        133/130          +1 JPM 25      153/150        155/152          +2 C  ...

Eclectic Stuff

Monday, July 27th, 2015

Via Merrill Lynch Research: Weakness made in China . In our most recent US credit investor survey (see: Jul '15 Credit Investor Survey: Defensive amidst uncertainties) "China" was identified as number one on the list of investors' biggest concerns. Against that backdrop it is easier to understand the big reaction in ...

Light New issue Calendar Today

Monday, July 27th, 2015

Via Bloomberg: G CREDIT: List of New Issues Expected to Price in U.S. Today 2015-07-27 14:01:00.0 GMT By Allan Lopez (Bloomberg) -- Just 1 new issue expected to price today: * Bank of America $benchmark Baa1/A- * 10Y * IPT +175 area * Books: BofAML

Excellent Commentary

Monday, July 27th, 2015

Via a swap trader who is a fully paid up subscriber: Note to self...don't counter trade a trend in this market.  In our cross markets meeting this morning almost every product area talked about the decline in the commodity complex as a key driver of valuations.  HY, EM, F/X, Rates trading ...

Durable Goods Analysis

Monday, July 27th, 2015

Via Cheng Chen at TDSecurities: Headline durable goods orders surprised to the upside, rebounding a robust 3.4% m/m in June as strong transportation orders led gains. While markets focused on downward revisions to the May report, we note that weaker May data was already made public in the May factory orders ...

MBS

Monday, July 27th, 2015

MBS opened 1 to 2 ticks wider to Treasuries as the risk off attitude drives buyers to the safe sanctuary of the Treasury market

What to Watch Today

Monday, July 27th, 2015

Via Bloomberg: WHAT TO WATCH: * (All times New York) * Economic Data * 8:30am: Durable Goods Orders, June, est. 3.3% (prior -1.8%, revised -2.2%) * Durables Ex Transportation, June, est. 0.5% (prior 0.5%, revised 0%) * Cap Goods Orders Nondef Ex Air, June, est. 0.5% (prior 0.4%, revised -0.4%) * Cap Goods Ship Nondef Ex Air, June, est. 0.5% ...

FX (Very Long)

Monday, July 27th, 2015

Via Marc Chandler at Brown Brothers Harriman: Drivers for the Week Ahead - This week's FOMC meeting is the last one before September - The day after the FOMC meets, the US will publish its first estimate of Q2 GDP - Four other high income countries report GDP figures - The US is ...