Archive for December, 2015

FX

Tuesday, December 8th, 2015

Via Marc Chandler at Brown Brothers Harriman: Dollar Mixed, Equities Head South, Oil Stabilizing - The Eurozone confirmed Q3 GDP growth at 0.3% q/q for a 1.6% y/y pace - Sterling has been offered since the unexpected decline in Halifax house price index; UK IP data was mixed - As anticipated, Japan's Q3 ...

Aging Baby Boomer Alert

Tuesday, December 8th, 2015

Today sadly is the 35th anniversary of the murder of John Lennon at his apartment on the Upper West side of Manhattan. Last week a piece of Lennon's musical genius, the Rubber Soul album celebrated its 50th birthday.

Big Bets on Higher Rates

Tuesday, December 8th, 2015

Via the WSJ: By Min Zeng Updated Dec. 7, 2015 7:16 p.m. ET Wagers on rising interest rates are highlighting the scramble by investors to prepare for the first Federal Reserve policy tightening in nine years. Hedge funds and money managers had $26.6 billion in net wagers through Dec. 1 that prices of five-year ...

Carnage in the Mining Sector Continues

Tuesday, December 8th, 2015

Via the FT: If you don't like horror movies, look away now. The drop in mining stocks that got underway first thing this morning is gathering speed. At pixel time... Anglo American, fresh from announcing a radical overhaul to adopt to the new era of droopy commodities prices, has seen a 8.1 per cent ...

Early FX

Tuesday, December 8th, 2015

Via Kit Juckes at SocGen: <http://www.sgmarkets.com/r/?id=hf4f8f2d,1519aa7b,1519aa7c&p1=136122&p2=5453ae94d4be01dcb628444e05f5a1e0> Yesterday's slide in oil prices (WTI is trading at USD 37.7 now, after briefly touching USD 42 at lunchtime on Friday), takes most of the headlines. In terms of global significance this may be a bigger deal than the slide under USDD 450/tonne in iron ore ...

Rail Cargo Slump

Monday, December 7th, 2015

Via Bloomberg: December 7, 2015 — 11:38 AM EST A sharper decline in U.S. railroad cargo this quarter points to weak spots in the U.S. economy as a strong dollar crimps exports, retailers whittle down excess inventory and energy investment stalls. Union Pacific, Warren Buffett’s BNSF Railway Co. and other large U.S. railroads ...

Regarding the Depleted Bonus Pool

Monday, December 7th, 2015

Via WSJ: By JOHN CARNEY Updated Dec. 7, 2015 12:48 p.m. ET 0 COMMENTS Will the last capital-markets trader please turn out the lights? Over the past year it has become increasingly clear that hopes for a trading revival on Wall Street this year were worse than premature. If anything, they appeared to be denials ...

Overnight Data Preview

Monday, December 7th, 2015

Via Robert Sinche at Amherst Pierpont Securities: AUSTRTALIA: The NAB Business Conditions and Confidence Indexes for November will be released. While the Confidence index has slumped in recent months (+2 in October), the Business Conditions index has held onto IH2015 gains, holding at +9 in October. CHINA: With commodity costs continuing to ...

Today’s New Issue Calendar

Monday, December 7th, 2015

Via Bloomberg: IG CREDIT: List of New Issues Expected to Price in U.S. Today 2015-12-07 15:01:00.2 GMT By Pham-Duy Nguyen (Bloomberg) -- List of new issues expected to price today: * Ameren Illinois $250m (no grow) A1/A * 30Y FMB (IPT +145a) * Books: BNPPAR, GS, MUFG, SUN, TDSECS * Macy’s $500m (no grow) Baa2/BBB+ * 5Y (IPT+ 200a) * ...

Dealer Positions

Monday, December 7th, 2015

The Federal Reserve Bank of New York publishes a blog called Liberty Street Economics. (For those unfamiliar with lower Manhattan the Federal Reserve Bank of New York is located at 33 Liberty Street.) Today they have posted a very interesting article on dealer positions in corporates and Treasuries. The article ...