Archive for November, 2015
Friday, November 13th, 2015
Via WSJ:
By
Paul Hannon,
William Horobin and
Nina Adam
Updated Nov. 13, 2015 5:08 a.m. ET
The eurozone economy slowed in the three months to September as exports to large developing economies weakened, a development that makes it more likely the European Central Bank will expand its stimulus programs in December.
The slowdown was ...
Posted in Uncategorized | Comments Off on Eurozone GDP
Friday, November 13th, 2015
Albert Edwards is a perma bear on equities who writes interesting and provocative research pieces for SocGen. Here is his latest piece which discusses the overabundance of corporate debt as well as a coming squeeze on profits as wages rise.
Posted in Uncategorized | Comments Off on Lonely Bear on the Frozen Tundra
Friday, November 13th, 2015
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=hf1e368f,14cdcc4b,14cdcc4c&p1=136122&p2=3a26b9838dced835a401dfd7671fbbb0>
Good Morning, Happy Friday the 13th. Oil and industrial metals are the ugly-looking bits of the world, leaving Asian equities in a slightly nervous state which isn't really the way to end the week. We've had our first look at Q3 GDP data in France and ...
Posted in Uncategorized | Comments Off on Early FX
Thursday, November 12th, 2015
Via Luke Kawa at Bloomberg:
Credit Suisse has published its 2016 Global Outlook, in which economists and strategists offer their favorite trades and base-case view for economic activity around the world, as well as possible developments that could derail their prophesied path from being realized.
The title—"The Fed Awakens"—would seem to imply that ...
Posted in Uncategorized | Comments Off on Things That Could Derail Economy in 2016
Thursday, November 12th, 2015
Via Ian Lyngen at CRT Capital:
*** The auction was well-received with a 1.5 bp stop-through and non-dealer bidding at 70.5% vs. 62% norm ***
* 30-year auction stops at 3.070% vs. a 3.085% 1-pm bid WI.
* Dealers were awarded 29.6% vs. 38% average of last four 30-year Refundings.
* Indirects get 60.3% ...
Posted in Uncategorized | Comments Off on Long Bond Result
Thursday, November 12th, 2015
Via Ian Lngen at CRT Capital:
We are apprehensive on the outlook for this afternoon's long-bond Refunding auction and anticipate more of a concession - either outright or on the curve -- will be needed to take it down without a tail, leaving a tailed auction as the most likely outcome. ...
Posted in Uncategorized | Comments Off on Thirty Year Bond Auction
Thursday, November 12th, 2015
This one is personal as I owned (past tense) some Macy stock and got clobbered yesterday.
Via the NYTimes:
When Macy’s, a store closely associated with Christmas, says there is trouble brewing ahead of the holidays, it is enough to send the world of shopping into a tailspin.
The retailer of “Miracle on ...
Posted in Uncategorized | 2 Comments »
Thursday, November 12th, 2015
Via Bloomberg:
Bank projects 10-year break-even rate will increase to 2%
Implied inflation rate may rise amid stabilizing crude prices
Bond traders should bet that the Federal Reserve will meet its objectives for quicker inflation, say analysts at Goldman Sachs Group Inc.
Sliding energy prices and slowing global economic growth have weighed down a ...
Posted in Uncategorized | Comments Off on Goldman Sachs on Inflation
Thursday, November 12th, 2015
Via Robert Elson at Bloomberg:
CREDIT MORNING CALL: Allocations Near Record High: Deals on Way
2015-11-12 12:30:48.146 GMT
By Robert Elson
(Bloomberg) -- Client allocations to corporate bonds rose
to 35.3% this week, according to Stone McCarthy Portfolio
Manager Survey; highest level ever was 35.4% seen March 4, 2014,
Bloomberg’s Robert Elson writes.
* Hard to know if ...
Posted in Uncategorized | Comments Off on High Allocation to Corporates by Money Managers
Thursday, November 12th, 2015
Via Marc Chandler at SocGen:
Dollar Firms, Strong Jobs Lift Aussie, Awaiting Fed-Speak
- Draghi's comments to the European Parliament are similarly dovish in tone to the October post-ECB press conference
- Japanese machinery orders rose 7.5% in September, more than twice the Bloomberg consensus estimate
- The Australian dollar is easily the best ...
Posted in Uncategorized | Comments Off on FX