Archive for August, 2015
Thursday, August 27th, 2015
Via Jon Hilsenrath of the WSJ:
By
Jon Hilsenrath
Updated Aug. 27, 2015 6:11 p.m. ET
JACKSON HOLE, Wyo.—After months of forewarning by Federal Reserve officials that they are preparing to raise short-term interest rates, some international officials attending the Fed’s annual retreat here this week have a message: Get on with ...
Posted in Uncategorized | Comments Off on Hilsenrath at Jackson Hole
Thursday, August 27th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: Industrial Profits have sagged this year with little net growth, and that likely continued in July (June -0.3% YOY). August would be the first month that the decline in the CNY might contribute to modest translation gains for foreign profits of Chinese companies.
JAPAN: ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Thursday, August 27th, 2015
GDP revisions generally do not cause a ripple in the marketplace. That is not the case today as the revision of Q2 GDP manifests an economy in much better shape than initially believed. That suggests strong momentum as Q3 began.
Via Millan Mulraine at TDSecurities:
The US economic recovery shifted up a ...
Posted in Uncategorized | 1 Comment »
Thursday, August 27th, 2015
Via Ian Lyngen at CRT Capital;
We're apprehensive about the prospects for this afternoon's 7-year auction and anticipate a more significant concession will be needed either ahead of 1pm or at the auction itself via a tail. The market is trading a bit higher in the long-end this morning, not pricing ...
Posted in Uncategorized | Comments Off on Seven Year Note Auction
Thursday, August 27th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Relief Rally Mode Activated
- Markets hung heavily on the words of Fed NY President Dudley
- But some observers may have exaggerated what Dudley meant in his comments
- While talk of QE4 seems wide of the mark for the Fed, the ECB meets next ...
Posted in Uncategorized | Comments Off on FX
Thursday, August 27th, 2015
Via Bloomberg:
(BN) China Said to Sell Treasuries as Dollars Needed to Back Yua
n (3)
-------------------------------------------------------------------------------
+------------------------------------------------------------------------------+
BFW 08/27 06:06 China Said to Cut Treasury Holdings to Fend Against Yuan Plunge
+------------------------------------------------------------------------------+
China Said to Sell Treasuries as Dollars Needed to Back Yuan (3)
2015-08-27 10:11:25.324 GMT
(Adds analyst comment in eighth paragraph.)
By Bloomberg News
(Bloomberg) -- China has ...
Posted in Uncategorized | Comments Off on Heavy Selling From China
Thursday, August 27th, 2015
Via Bloomberg:
IG CREDIT: Best Volume Since June 2, Short Issues Led Flows
2015-08-27 10:07:10.439 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $16.9b vs $15.3b Tuesday, $14.5b the previous
Wednesday. It was the highest volume since $18.5b June 2. *10-
DMA $12.1b; 10-Wednesday moving avg $14.8b
* 144a trading added ...
Posted in Uncategorized | Comments Off on Corporate Bond Stuff
Thursday, August 27th, 2015
Musing on the FX market from Kit Juckes at SocGen:
<http://www.sgresearch.com/r/?id=he7d908c,13d22355,13d22356&p1=136122&p2=36d2b65d54671559ad0852e22f060f4e>
Markets remain messy, but also somewhat less volatile. The Shanghai Composite index is rallying as of writing, and European equity indices are higher. New York Fed President William Dudley, FOMC arch-dove, shed little fresh light on the most over-debated topic in ...
Posted in Uncategorized | Comments Off on Early FX
Wednesday, August 26th, 2015
Via Merrill Lynch Research:
We have been strategically (long term) underweight US HG credit since April 10th this year.
However, our view is shifting toward a more bullish short term view on credit.
We now go tactically long using a basket of liquid on-the-run 10-year non-energy, non-materials corporate bonds.
Tactically long US HG. ...
Posted in Uncategorized | Comments Off on Merrill Lynch Turns Bullish on Credit Spreads
Wednesday, August 26th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
AUSTRALIA: Private capital Expenditure has been sliding irregularly since its mid-2012 high as excess capacity has developed in key export industries. The BBerg consensus expects another -2.5% in 2Q, which would be the 3rd straight large drop.
PHILIPPINES: The BBerg consensus expects 2Q Real GDP ...
Posted in Uncategorized | Comments Off on Overnight Data Preview