Archive for November, 2015
Wednesday, November 18th, 2015
It ha been rough sledding for macro based hedge funds and another has bit the dust. Money manager BlackRock is closing its macro based fund which is down more than percent this year.
Via the FT:
BlackRock has become the latest investment firm to call time on a macro hedge fund, underlining ...
Posted in Uncategorized | Comments Off on Hedge Fund Agonies
Wednesday, November 18th, 2015
David Ader of CRT Capital sends along this article from the UK Telegraph:
The world's multi-trillion dollar bond market is circling the drain
From British MPs to bank chiefs in the US - everyone seems to be worried about the lack of liquidity in the global fixed income markets
By Ben Wright, Group ...
Posted in Uncategorized | Comments Off on Another Article on Bond Market Liquidity
Tuesday, November 17th, 2015
Via Bloomberg and a hat tip to my friend Steve Liddy:
Carlyle’s Unwanted Debt Exposes Growing Problem on Wall Street
2015-11-18 01:19:13.577 GMT
By Sridhar Natarajan and Christine Idzelis
(Bloomberg) -- Investors who piled into anything and
everything in the junk-debt market in recent years have begun to
run in the other direction at the first ...
Posted in Uncategorized | Comments Off on Signs of Shakiness in Junk Market
Tuesday, November 17th, 2015
This is a very fascinating article on the reasons for the corporate savings glut and the consequences of that glut for the real economy.
Via Martin Wolf at the FT:
The notion of a “savings glut” helps explain the ultra-low real interest rates we have seen since the global crisis of 2007-09. ...
Posted in Uncategorized | Comments Off on Corporate Savings Glut
Tuesday, November 17th, 2015
Via Kit Juckes at SocGen:
Oil and copper prices are down, equity indies are up, the Euro’s weaker and the dollar by and large stronger. On the economic front, Norwegian GDP beat expectations at +1.8% overall and +0.2 for mainland GDP, while UK core CPI inflation edged up to 1.1% from ...
Posted in Uncategorized | 1 Comment »
Tuesday, November 17th, 2015
Via WSJ:
By Matina Stevis
Nov. 16, 2015 3:21 p.m. ET
68 COMMENTS
NAIROBI, Kenya—Rock stars helped convince the international community to write off more than $100 billion of African government borrowings a decade ago. Now the big debts are back, and it’s getting tougher for countries to pay them off.
Mozambique was one of ...
Posted in Uncategorized | Comments Off on Africa on Borrowing Binge
Tuesday, November 17th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Euro Hits New Lows as Greenback Flexes Muscles
- The prospect of the Fed rate hike next month while many other countries consider providing more stimulus continues to underpin the dollar
- A tick up in the UK core CPI offset news of the second consecutive ...
Posted in Uncategorized | Comments Off on FX
Tuesday, November 17th, 2015
Dealers report anemic flows in overnight trading. One dealer reports Asian real money buying the belly in small size. Other dealers reported that while there was business none of it was meaningful in terms of discerning client attitudes.
The 10 year Bund versus the 10 year US Treasury has broken to ...
Posted in Uncategorized | Comments Off on Overnight
Tuesday, November 17th, 2015
Via the FT:
43 minutes ago
by: Emily Cadman
Prices in the UK fell for the second month in a row in October as the country’s bout of negligible inflation stretched into autumn.
Consumer prices fell by 0.1 per cent, the same decline as in the year to September, as lower food and energy ...
Posted in Uncategorized | Comments Off on Quiescent Inflation in UK
Monday, November 16th, 2015
Via Bloomberg:
Copper Extends Retreat to Six-Year Low Amid Weak Chinese Demand
Martin Ritchie
November 16, 2015 — 8:53 PM EST
Copper extended its decline to the lowest level in more than six years on signs of weak demand in China, the biggest consumer, and as the dollar traded near the strongest level since ...
Posted in Uncategorized | Comments Off on Sick Copper Needs a Doctor