Archive for November, 2015
Monday, November 9th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar's Gains Pared to Start Week, but Yen Remains Soft
- The combination of strong US data and soft German data sets the broad investment framework for the period ahead
- The argument that the divergence meme has been long discounted never sat well with us
- ...
Posted in Uncategorized | Comments Off on FX (Very Long Today)
Monday, November 9th, 2015
Via the FT:
The biggest international banks must raise as much as €1.1tn by 2022 in special debt designed to prevent taxpayer bailouts of lenders, a global group of policymakers said as it claimed it had “created the tools needed to end too big to fail banks”.
The Financial Stability Board, which ...
Posted in Uncategorized | Comments Off on Capital Hole
Monday, November 9th, 2015
The dealers who are kind enough to write to me overnight have reported real money sellers of 7s 10s and 30s. End users bought 2 and 3s. Trading accounts bought 10s.
Posted in Uncategorized | Comments Off on Overnight
Monday, November 9th, 2015
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=hf140c32,14bd83d2,14bd83d3&p1=136122&p2=1595c4e912b39270f7555bb5ca723f1b>
Good morning. so far, the reaction to Friday's US labour market data might best be described 'edgy'. Bond yields are higher across Asia, marginally higher in Europe. Most EM-Asian currencies are a bit softer, but key Asian equity indices are higher while Europe's have opened marginaly ...
Posted in Uncategorized | Comments Off on Early FX
Sunday, November 8th, 2015
Via Bloomberg:
Money-market rules may push $650 billion into safest assets
Treasury's plans to increase bill issuance won't meet demand
The blowout U.S. jobs report for October means the Federal Reserve may be weeks away from raising interest rates. For U.S. savers earning next to nothing on $2.6 trillion of money-market mutual funds, ...
Posted in Uncategorized | Comments Off on T Bill Shortage
Sunday, November 8th, 2015
Via the WSJ:
By Justin Baer
Nov. 8, 2015 8:00 p.m. ET
0 COMMENTS
Wall Street bonuses are expected to drop for the first time in four years as financial firms reel from a choppy 2015, according to a closely watched study from consulting firm Johnson Associates Inc.
Chaotic global markets harmed the returns of ...
Posted in Uncategorized | Comments Off on Hard Times for the Rentier Class
Sunday, November 8th, 2015
Via WSJ:
Wall Street banks are struggling to sell billions of dollars of loans they made to finance the corporate buyout boom, a sign that investor appetite for riskier debt remains muted despite a robust autumn rally in other financial markets.
The slowdown threatens to cool the surge in mergers-and-acquisitions that has ...
Posted in Uncategorized | Comments Off on Demand for Risky Credit Slips
Sunday, November 8th, 2015
Since the earliest days of this blog my "Aging Baby Boomer Alert" headline has always been reserved for the wonderful music of that period. Not so today. Jim Tankersley is an economics reporter for the Washington Post and he has penned a piece (too long to cut and paste in ...
Posted in Uncategorized | Comments Off on Aging Baby Boomer Alert
Sunday, November 8th, 2015
Via the FT:
Saudi Arabia is determined to stick to its policy of pumping enough oil to protect its global market share, despite the financial pain inflicted on the kingdom’s economy.
Officials have told the Financial Times that the world’s largest exporter will produce enough oil to meet customer demand, indicating that ...
Posted in Uncategorized | Comments Off on Saudi Arabia to Keep on Pumping
Sunday, November 8th, 2015
Larry Summers with a trenchant article on the challenges China and the rest of the globe confront as China attains super power status.
Via Larry Summers at the FT:
For the first time in centuries, China now affects the global economy as much as it is affected by the global economy. In ...
Posted in Uncategorized | Comments Off on Challenging China Choices