Treasury Flow
Monday, July 27th, 2015Light flow in the Treasury market overnight with scattered buying by fast money and banks in the 2 year through 10 year sector.
Archive for July, 2015
Light flow in the Treasury market overnight with scattered buying by fast money and banks in the 2 year through 10 year sector.
Research Recap
Monday, July 27th, 2015Via a fully paid up subscriber: Nomura: Post their recent call change to bullish duration over the near-term horizon, they believe that it doesn’t seem many were expecting this bull flattening move to continue, nor for it to happen so quickly, nor in the 10s-plus sector. They believe this micro-rally has ...
Spreads Made New Wides Friday
Monday, July 27th, 2015Via Bloomberg: IG CREDIT: Volume Lower, Spreads Make New Wides for 2015 2015-07-27 09:58:04.582 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $9.8b Friday vs $14.9b Thursday, $10.2b the previous Friday. 10-DMA $13.1b; 10-Friday moving avg $10.8b. * 144a trading added $1.8b of IG volume Friday vs $1.9b on Thursday, $1.8b ...
WSJ Story
Monday, July 27th, 2015Normally I headline this story as "Hilsenrath Story" but on this article Jon Hilsenrath is second fiddle and the lead author is Ben Leubsdorf. The story suggests that the monetary solons who assemble this week will offer some clarity regarding the near term course of interest rates. If we truly ...
Double Diaper Day in Shanghai
Monday, July 27th, 2015Via Bloomberg: China Stocks Sink Most Since 2007 as State-Induced Calm Shatters by Kyoungwha Kim July 26, 2015 — 9:24 PM EDT China’s stocks tumbled, with the benchmark index falling the most since February 2007, amid concern a three-week rally sparked by unprecedented government intervention is unsustainable. The Shanghai Composite Index plunged 8.5 percent to ...
Early Morning FX
Monday, July 27th, 2015Via Kit Juckes at SocGen: <http://www.sgresearch.com/r/?id=he451ec4,1377d4b3,1377d4b4&p1=136122&p2=2a5cbd274b942c1dedd91ee6745f3399> Good Morning. It's taken a single day's trading to wipe out two weeks' worth of bounce in the Shanghai composite equity index. We were 'supposed' be be focusing on the US and the 'will they/won't they hike in September' debate by now, but China/commodities have yet ...
Lack of Breadth Signals Trouble Ahead
Sunday, July 26th, 2015Via the WSJ: By Dan Strumpf July 26, 2015 4:35 p.m. ET 0 COMMENTS Just a few companies are driving the gains in major U.S. stock indexes this year, raising fresh concerns about the health of the market’s advance. Six firms— Amazon.com Inc., Google Inc., Apple Inc., Facebook Inc., Netflix Inc. and Gilead Sciences Inc. ...
Articles of Confederation Moment?
Sunday, July 26th, 2015I am currently reading Ron Chernow's biography of George Washington and in it he describes the circumstances which mandated a Constitutional convention. The governing document from the Revolutionary period was the Articles of Confederation and that document provided for a loose confederation of States with a neutered central government. In ...
FOMC Quandary
Sunday, July 26th, 2015This FT article suggests that the economy has strengthened to the point at which the FOMC might send some signal at this week's confab that a hike is on the autumn schedule. Via the FT: Strengthening US economy bolsters case for rate rise Sam Fleming in Washington A strengthening economy and gathering momentum in ...
Energy Layoffs
Sunday, July 26th, 2015Via the WSJ: By Lynn Cook July 26, 2015 5:30 a.m. ET 85 COMMENTS U.S. energy companies are planning more layoffs, asset sales and financial maneuvers to deal with a recent, sudden drop in U.S. crude-oil prices to under $50 a barrel, the lowest level in four months. The companies had been banking on a ...