Archive for November, 2015
Tuesday, November 24th, 2015
Written by Bob Elson at Bloomberg with a thank you to my friend Steve Liddy for forwarding:
IG CREDIT PIPELINE: EXPE, CFG Added to Lengthening List
2015-11-24 10:37:10.951 GMT
By Robert Elson
(Bloomberg) -- Most recent updates:
* Expedia(EXPE) Ba1/BBB-, held investor calls Friday via
BofAML/GS/JPM
* Pfizer (PFE) A1/AA, Allergan (AGN) Baa3/BBB-, reported
“reverse merger” Nov. 23; ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Tuesday, November 24th, 2015
Bank of America analysts expect that the long peg of the yuan to the dollar will break in 2016. In a Bloomberg story by Luke Kawa the Bank's analyst argue that the peg will crumble as economic weakness in China forces that nation to devalue its currency to stimulate the ...
Posted in Uncategorized | Comments Off on Broken Peg
Tuesday, November 24th, 2015
Fixed income markets have rallied and equity markets are posting modest declines in response to news that Turkey has shot a Russian jet from the sky. Russia asserts that the plane was over Syria while Turkey claims that the plane had violated its airspace and ignored warnings to leave.
Via the ...
Posted in Uncategorized | Comments Off on Geopolitical Tensions Rise in Mideast
Tuesday, November 24th, 2015
Via Kit Juckes at Socgen:
Today at 3:38 AM
<http://www.sgmarkets.com/r/?id=hf32500e,14ee118b,14ee118c&p1=136122&p2=87fb15600f473b56c627b7a61060961c>
The Euro Area composite PMI rose to a new cyclical high, oil prices bounced marginally and Bund yields rose. The result was that relative bond yields moved in the Euro's favour (see chart) and despite a brief look at life below ...
Posted in Uncategorized | Comments Off on Early FX
Monday, November 23rd, 2015
Via the FT:
14 hours ago
by: Eric Platt and Mary Childs in New York
Wall Street’s largest banks are bracing for losses after investors backed away from risky deals this month, as the credit cycle showed mounting signs that it had entered its final innings.
A race for quality has left underwriters with ...
Posted in Uncategorized | Comments Off on Risky Business
Monday, November 23rd, 2015
Via the WSJ:
By Chester Dawson
Nov. 23, 2015 7:45 p.m. ET
24 COMMENTS
The prolonged slump in crude prices is rippling beyond the oil industry into areas of the North American economy that, until recently, had managed to avoid the worst of the downturn.
With the crude-market decline in its 17th month and nearly ...
Posted in Uncategorized | Comments Off on Ripple in the Still Water
Monday, November 23rd, 2015
That is the desk at which I began my bond market career in late 1979 under the tutelage of Peter Sternlight. I found my calling at the Open Market Desk and have been enamored of fixed income markets ever since.
Via the WSJ:
By Katy Burne
Nov. 23, 2015 6:42 p.m. ET
0 COMMENTS
When ...
Posted in Uncategorized | Comments Off on Rate Hike Mechanics and the Chief Mechanic
Monday, November 23rd, 2015
Via timeanddate.com
November 23 is Fibonacci Day, an annual holiday that honors one of the most influential mathematicians of the Middle Ages - Leonardo Bonacci.
Also known as Leonardo of Pisa, he is popularly known as Leonardo Fibonacci. Fibonacci is a contraction of filo Bonacci, meaning the son of Bonaccio.
Date Sequence
November 23 ...
Posted in Uncategorized | Comments Off on Fibonacci Day
Monday, November 23rd, 2015
Via Bloomberg:
Yellen Says ‘Overly Aggressive’ Rate-Rise Path Would Harm Growth
2015-11-23 21:00:00.11 GMT
By Scott Lanman
(Bloomberg) -- “It remains critically important for all
Americans, including savers, that monetary policy continues to
foster economic expansion and stable prices,” Federal Reserve
Chair Janet Yellen writes in letter to consumer advocate Ralph
Nader.
* If economy keeps expanding, jobs market ...
Posted in Uncategorized | Comments Off on Yellen on the Rate Hike Path
Monday, November 23rd, 2015
Via Stephen Stanley at Amherst Pierpont:
Existing home sales fell back in October to 5.36 million units at an annualized pace after surging in September. Given the lags involved with existing home sales (they are recorded at contract closing), the dip in October likely reflects the brief period of cautiousness that ...
Posted in Uncategorized | Comments Off on Existing Home Sales