Archive for July, 2015

Eclectic Stuff

Saturday, July 25th, 2015

Via Merrill Lynch Research: Policy matters. We continue to think that policy changes will dictate financial market performance in the short and medium term. First and foremost the coming US shift toward monetary policy tightening has substantial negative implications for sectors that benefited from the super easy monetary policy stance in ...

Weekend Data Preview

Friday, July 24th, 2015

Via Robert Sinche at Amherst Pierpont Securities: CHINA: The June report on Industrial Profits is likely to show virtually no net gain YOY as companies struggle with a relatively strong CNY and sluggish global demand growth. EURO ZONE: Monthly report on Monetary Aggregates and Lending for June, likely to confirm signs of ...

Collusion

Friday, July 24th, 2015

I cant backtrack to where I found this. it says Bloomberg but it originated elsewhere I believe. Treasury securities dealers accused of collusion in pension fund-led lawsuit By Bloomberg | July 24, 2015 10:48 am | Updated 10:51 am Bank of America, Goldman Sachs Group (GS) and J.P. Morgan Chase are among 22 ...

Interesting FOMC “Leak”

Friday, July 24th, 2015

BN 07/24 15:02 *FED STAFF PROJECTIONS SEE GDP 2.31% 2015, 2.38% 2016 BFW 07/24 15:01 *FED STAFF PROJECTIONS SEE FED FUNDS AT 1.26% 4Q 2016 BFW 07/24 15:00 *FED STAFF PROECTIONS SHOW YEAR-END FED FUNDS OF 0.35% 2015 BN 07/24 14:58 *FED SAYS PROJECTIONS POSTED TO PUBLIC WEBSITE ON JUNE 29 BFW 07/24 14:57 ...

New Home Sales

Friday, July 24th, 2015

Via Stephen Stanley at Amherst Pierpont Securities: New home sales were considerably softer than expected in June, posting a 482,000 annual pace, the lowest reading since last November.  In addition, the April and May figures were revised noticeably lower, yielding a significantly more restrained trajectory over the first half of the ...

Corporate Bond Run

Friday, July 24th, 2015

Via a fully paid up subscriber: 7/23 CLOSE    7/24 OPEN      CHANGE GE  24        88/85          89/86            +1 WFC 25      128/125        129/126          +1 JPM 25      148/145        149/146  ...

What to Watch Today

Friday, July 24th, 2015

Via Bloomberg: WHAT TO WATCH: * (All times New York) * Economic Data * 9:45am: Markit US Manufacturing PMI, July preliminary, est. 53.6 (prior 53.6) * 10:00am: New Home Sales, June, est. 548k (prior 546k) * New Home Sales m/m, June, est. 0.3% (prior 2.2%)

More FX

Friday, July 24th, 2015

Via Marc Chandler at Brown Brothers Harriman: - Official creditors (IMF, EC and ECB) are returning to Athens today for the first time in several months - Ukraine’s debt negotiations are also back on the spotlight - Aside from iron ore, most commodity prices remained under pressure this week - Mexico reports monthly GDP ...

Eclectic Topics

Friday, July 24th, 2015

Via Merrill Lynch:   More defensive flows. Mutual fund and ETFs flows turned more defensive last week (ending on July 22nd). Stock funds reported a small $0.23bn outflow following a $6.43bn inflow in the prior week. Similarly, after a $1.54bn inflow high yield funds had a $0.34bn outflow last week. While the ...

Overnight Treasury Flow

Friday, July 24th, 2015

Central banks  and end users buy 5s and 10s. Bank portfolios selling 5s. End users selling 30s. One dealer noted that for the first time in days it felt as though there was some long end paper in the market place.