Treasuries in Asia
Wednesday, September 30th, 2015One dealer reporting in that there is modest real money selling of the 3 year through 5 year sector as well as modest sellers of 2 year spread product.
Archive for September, 2015
One dealer reporting in that there is modest real money selling of the 3 year through 5 year sector as well as modest sellers of 2 year spread product.
Manufacturing Signal?
Wednesday, September 30th, 2015Millan Mulraine whose work I regularly quote here has published an excellent research note on the pervasive weakness in the manufacturing sector. He notes that all seven regional PMIs are in contractionary territory. He notes that the last two times that happened were in 2009 and 2001. He is not ...
Insider Trading and the FOMC
Wednesday, September 30th, 2015The WSJ has published a long and interesting article about the Federal investigation of confidential data leaked allegedly from the Fed to Medley Global Advisers. The CFTC is conducting an insider trading investigation of that incident under authorization derived from the Dodd Frank bill. Medley Global Advisors has been around for ...
IMF Warns on Weak Growth
Wednesday, September 30th, 2015Via the FT: WORLD NEWSIMF chief Lagarde warns on global growth 6 minutes ago URL Twitter The head of International Monetary Fund has warned of "disappointing and uneven" global growth, with emerging economies set to see their fifth consecutive year of slowing expansion amid a prolonged period of low commodity prices. Christine Lagarde warned that worldwide ...
Weak Chicago PMI
Wednesday, September 30th, 2015Via Millan Mulraine at TDSecurities: TD SECURITIES DATAFLASH US: Chicago PMI Suggests Weak ISM Tomorrow · The Chicago PMI indicator slipped back into contractionary territory, with the headline index declining to 48.7 in September from 54.4 the month before. · As a result, we have lowered our forecast for the ISM manufacturing sector report tomorrow ...
Large Corporate Deal
Wednesday, September 30th, 2015Via Bloomberg: BFW 09/30 12:02 *HEWLETT PACKARD ENTERPRISE $BENCH 30Y NOTES IPT T +360 AREA BFW 09/30 12:02 *HEWLETT PACKARD ENTERPRISE $BENCH 20Y NOTES IPT T +345 AREA BFW 09/30 12:01 *HEWLETT PACKARD ENTERPRISE $BENCH 10Y NOTES IPT T +300 AREA BFW 09/30 12:01 *HEWLETT PACKARD ENTERPRISE $BENCH 7Y FIXED NOTES IPT T +280A BFW ...
Auto Maturities
Wednesday, September 30th, 2015Via Bloomberg: Auto manufacturers may issue 18% more debt in 2016 vs. 2015, potentially affecting spreads. Toyota leads the high-grade auto sector with almost $11 billion of U.S.-dollar denominated issues coming due through 2016. Ford has $6.8 billion of debt maturing and, similar to Toyota, about $1.5 billion due in May. Volkswagen has $1.6 billion of ...
Treasury Market Volatility
Wednesday, September 30th, 2015TDSecurities has written an excellent piece on increased volatility in the Treasury market. It is a worthwhile read.
What to Watch Today
Wednesday, September 30th, 2015Via Bloomberg (and I did not know that Fed officials would suffer bout of logorrhea today): WHAT TO WATCH: * (All times New York) * Economic Data * 7:00am: MBA Mortgage Applications, Sept. 25 (prior 13.9%) * 8:15am: ADP Employment Change, Sept., 190k (prior 190k) * 9:00am: ISM Milwaukee, Sept., est. 48.5 (prior 47.67) * 9:45am: Chicago Purchasing ...
Digital Disruption
Wednesday, September 30th, 2015The FT with a fascinating article on how technology will disrupt bank earnings and revenue: The digital revolution sweeping through the banking sector is set to wipe out almost two-thirds of earnings on some financial products as new technology companies drive down prices and erode lenders’ profit margins. This is one of ...