Archive for October, 2015
Monday, October 12th, 2015
Via the WSJ:
By Mike Cherney
Oct. 12, 2015 1:41 p.m. ET
35 COMMENTS
Falling profits and increased borrowing at U.S. companies are rattling debt markets, a sign the six-year-long economic recovery could be under threat.
Credit-rating firms are downgrading more U.S. companies than at any other time since the financial crisis, and measures of ...
Posted in Uncategorized | Comments Off on Credit Market Signals
Tuesday, October 6th, 2015
Via CRT Capital:
** A solid takedown with a through-stop of 0.3 bp and non-dealer bidding at 58.8% vs. 61% norm ***
* 3-year auction stops at 0.895% vs. a 0.898% 1-pm bid WI.
* Dealers were awarded 41.1% vs. 39% average of the last four 3-year auctions.
* Indirects get 47.7% vs. 51% ...
Posted in Uncategorized | Comments Off on Three Year Result
Tuesday, October 6th, 2015
Via Bloomberg:
Corker: Congress Will Ignore GSE Overhaul Over Next 16 Months
2015-10-06 16:46:51.752 GMT
By Kim Chipman
(Bloomberg) -- Sen. Bob Corker, R-Tenn., predicts Congress
won’t take on any issue that requires “intellectual heft” and
“tough decision-making,” including revamp of Fannie Mae and
Freddie Mac.
* Some Republican lawmakers who “raised Cain” about GSEs
during financial crisis are ...
Posted in Uncategorized | Comments Off on GSE Reform: Not
Tuesday, October 6th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: Official FX Reserves peaked in June 2014 and, on a mark-to-market basis for the decline in currency values versus the USD, have fallen by -$435bn through August. The BBerg consensus expects about decline of about $50bn in September, limiting any growth in China ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Tuesday, October 6th, 2015
Via CRT Capital:
We are optimistic about this afternoon's $24 bn 3-year auction and see the risk of a stop-through in light of the recent takedowns of new 3s and the broader rethink of Fed liftoff expectations in the wake of the disappointing NFP report. On the other hand, the absence ...
Posted in Uncategorized | Comments Off on Three Year Note Auction Preview
Tuesday, October 6th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-10-06 14:01:00.0 GMT
By Allan Lopez
(Bloomberg) -- List of new issues expected to price today:
* Rolls-Royce $benchmark A3/A
* 5Y, 10Y; 144A/Reg S
* Denoms: $200k x $1k
* IPT: 5Y +137.5, 10Y +187.5 (both area)
* Books: BofAML, C, GS, JPM
* Norilsk ...
Posted in Uncategorized | Comments Off on Today’s Corporate Calendar
Tuesday, October 6th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
As discussed a week ago, when the advance trade figures were released, August was a perfect storm in terms of a wider trade gap. Exports fell and imports surged. There are pieces of this move that reflect fundamental/persistent factors, but much of it is ...
Posted in Uncategorized | Comments Off on Trade Deficit
Tuesday, October 6th, 2015
Via Bloomberg:
RATES: Longs and Shorts Rise in Latest JPM Survey
2015-10-06 12:28:02.658 GMT
By Robert Elson
(Bloomberg) -- The JPMorgan Treasury Client Survey for the
week ended Oct. 5 vs week ended Sept. 28.
* Longs 17 vs 15
* Neutrals 63 vs 68
* Shorts 20 vs 17
* Net longs -3 vs -2
* "The all clients ...
Posted in Uncategorized | Comments Off on JPMorgan Duration Survey
Tuesday, October 6th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 8:30am: Trade Balance, Aug., est. -$48b (prior -$41.86b)
* 10:00am: IBD/TIPP Economic Optimism, Oct., est. 44.5
(prior 42)
* Central Banks
* 9:15am: Fed’s George speaks in Chicago
* 1:00pm: European Central Bank’s Draghi speaks in
Frankfurt
* 5:30pm: Fed’s Williams speaks in San Francisco
* 11:00pm: Bank ...
Posted in Uncategorized | Comments Off on What to Watch Today
Tuesday, October 6th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Softens in Consolidative Trade
- The US dollar is trading softer though largely within yesterday's ranges against the majors
- The Reserve Bank of Australia kept rates on hold today, as widely expected
- German factory orders disappointed
- During the North American session, the US ...
Posted in Uncategorized | Comments Off on FX