Archive for September, 2015
Sunday, September 27th, 2015
The FT has an interesting post about the trials and tribulations and financial travails of Saudi Arabia as the price of oil craters. The FT article notes that the Kingdom has repatriated about $73 billion in recent months as it suffers a cash squeeze.
Via the FT:
Saudi Arabia
Saudi Arabia withdraws overseas ...
Posted in Uncategorized | Comments Off on Oil Squeeze
Friday, September 25th, 2015
Via my friend and former colleague Steve Liddy:
I must have gotten 10 messages, from various people, wondering what the FED Chair was doing with last night’s speech and how the FED had lost credibility. I’m not here to dissect the speech, but it really does read like most everything she ...
Posted in Uncategorized | Comments Off on Guest Post
Friday, September 25th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
Q2 GDP came in stronger than expected, as the consumer spending figures were revised upward by more than I had projected. The 3.9% annualized gain for Q2 has to be taken in context (Q2 was a bounceback quarter after a difficult Q1). Nevertheless, the ...
Posted in Uncategorized | Comments Off on GDP
Friday, September 25th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 8:30am: GDP Annualized, 2Q T, est. 3.7% (prior 3.7%)
* Personal Consumption, 2Q T, est. 3.2% (prior 3.1%)
* GDP Price Index, 2Q T, est. 2.1% (prior 2.1%,
revised 2.1%)
* Core PCE, 2Q T, est. 1.8% (prior 1.8%)
* 9:45am: Markit US Composite PMI, ...
Posted in Uncategorized | Comments Off on What to Watch Today
Friday, September 25th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Yellen Lifts the Dollar
- The Fed's Chair seemed to have surprised the market with her comments after North American markets closed yesterday
- The dollar has gained against the yen as much as it has gained against the euro
- Comments from ECB officials this week ...
Posted in Uncategorized | Comments Off on FX
Friday, September 25th, 2015
Via the WSJ:
By Vipal Monga
Updated Sept. 24, 2015 8:56 p.m. ET
Companies reaching for better returns on their cash have found a new favorite investment—other companies’ bonds—and they are loading up.
Cash-rich companies like Apple Inc., Oracle Corp. and Johnson & Johnson are snapping up corporate bonds sold by highly rated companies ...
Posted in Uncategorized | Comments Off on Corporations with Cash Buying Corporates
Friday, September 25th, 2015
End users based in Europe sold 10 year notes.
Japan based clients sold the belly (5s and 7s).
Central banks parked money in very short bills.
US based end users sold 1 year through 2 year paper.
Posted in Uncategorized | Comments Off on Overnight Flow
Friday, September 25th, 2015
Via Bloomberg:
IG CREDIT: Long T, VZ Issues Led Trading; Spreads Move Wider
2015-09-25 09:36:24.376 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $14.9b vs $13.6b Wednesday, $13.1b last Thursday.
* 10-DMA $13.3b; 10-Thursday moving avg $14.6b
* 144a trading added $2.8b of IG volume vs $3.2b on Wednesday,
$2.5b last ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading
Friday, September 25th, 2015
Via Kit Juckes at SocGen
<http://www.sgresearch.com/r/?id=heb4e763,142898bb,142898bc&p1=136122&p2=d7695d369b1eaafd4d95faca2f8e8c06>
FX weekly is attached.
The Fed has led the world in a mad experiment of central bank bond-buying and zero rates. But while 'QE' sought to boost demand through a wealth effect as asset prices rose, that particular piece of string can only be pushed so far. ...
Posted in Uncategorized | Comments Off on Early FX
Thursday, September 24th, 2015
Via the FT:
Financial conditions and a catch-22 for the Fed
Gavyn Davies
Author alerts
When Janet Yellen announced last week that the Federal Open Market Committee had considered, but decided against, a rate rise in September, many commentators concluded that the Fed had taken a decisive shift towards dovishness. Yet the markets, ...
Posted in Uncategorized | Comments Off on Financial Conditions