Archive for November, 2015
Saturday, November 14th, 2015
Via Barron's :
Why Consumer Spending Is Better Than Reported
The disappointing October retail sales report tells only part of the story.
By
Gene Epstein
November 14, 2015
Contrary to outward appearances, consumers put in a respectable showing at the stores in October, based on retail-sales data released Friday.
The headline figure showed a mere 0.1% increase, ...
Posted in Uncategorized | Comments Off on IS Consumer Spending Better Than Reported?
Saturday, November 14th, 2015
Via Bloomberg:
The International Monetary Fund's staff has recommended that China's renminbi join the elite basket of currencies used to value its own de-facto currency in a major vote of confidence in China's economic reforms and its efforts to establish the renminbi as an international reserve currency.
In a statement, Christine Lagarde, ...
Posted in Uncategorized | Comments Off on IMF Says China Currency Should be in SDR Basket
Saturday, November 14th, 2015
Bloomberg posted a story on their website about the arrest of a Montenegrin man in Bavaria last week who authorities now believe is linked to the savage attacks in France yesterday.
Via Bloomberg:
51-year-old Montenegrin had cache of weapons hidden in car
German soccer team spend night in stadium after friendly game
German police ...
Posted in Uncategorized | Comments Off on Terror Link
Friday, November 13th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
The retail inventories data for September came in considerably higher than BEA statisticians had assumed in their preliminary Q3 GDP estimate. This adjustment, coupled with a similar upward revision to September wholesale inventories earlier this week, implies a sizable upward bump to Q3 GDP. ...
Posted in Uncategorized | Comments Off on Data Review
Friday, November 13th, 2015
I have published numerous articles here on the evaporation of liquidity in both the corporate bond market and the Treasury market. Add a new giant market to that list as Bloomberg reports this morning on the impairment of liquidity on the Brobdingnagian FX market.
Via Bloomberg:
Candice Zachariahs
candyzach7
Anchalee Worrachate
worrachate
Lananh Nguyen
LananhTNguyen
November 12, 2015 ...
Posted in Uncategorized | Comments Off on Another Liquidity Pool Drying Up
Friday, November 13th, 2015
Via Bloomberg:
IG CREDIT: Corporate Bond Dealer Positions Rise, Long Bonds Led
2015-11-13 11:48:49.186 GMT
By Robert Elson
(Bloomberg) -- Dealer positions in corporate bonds rose
$8.6b to $15.1b as of Nov. 4, vs $6.5b, a new low for the series
Fed began in April 2013; $45.9b, seen March 2014, is the high.
* Investment grade positions:
* ...
Posted in Uncategorized | Comments Off on Dealer Positions in Corporates
Friday, November 13th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Nothing to Fear from Friday the Thirteenth
- As a whole, the eurozone grew 0.3% in Q3, slightly less than the 0.4% seen in Q2
- Some observers will play up what is wrongly called a technical definition of a recession regarding the Q2 ...
Posted in Uncategorized | Comments Off on FX
Friday, November 13th, 2015
Over the 36 years I have followed fixed income markets I have come across many anecdotal data points which help us in arranging the pieces of the puzzle we try and solve each and every day. Here is one which I have never heard of previously.
The American Bankers Association has ...
Posted in Uncategorized | Comments Off on Anecdotal Evidence Suggests Robust Corporate Bond Issuance to Continue
Friday, November 13th, 2015
Via Bloomberg:
=============================================================================
IG CREDIT: AZN Issues Topped Trading; IADB Set to Price
2015-11-13 11:02:17.7 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $14b vs $16.8b Tuesday, $13.7b last Thursday. 10-DMA
$13.1b; 10-Thursday moving avg $15.2b.
* 144a trading added $2.2b of IG volume vs $2.5b Tuesday,
$2.9b last Thursday
* The most ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate Bond Trading Yesterday
Friday, November 13th, 2015
Dealers report real money sellers of 2 year through 3 year sector as well as sellers of high quality spread product in that sector. In addition trading accounts looked to establish flatteners anchored by the Long Bond, predominately versus 5s.
Posted in Uncategorized | Comments Off on Overnight Flow