Archive for December, 2015
Tuesday, December 15th, 2015
Via Millan Mulraine at TDSecurities:
TD SECURITIES DATAFLASH
US: Domestic Inflation Momentum Continues to Build
· The headline CPI index was flat on the month, as weaker energy and food prices offset the gain the core CPI components.
· Core prices were up at a relatively brisk 0.2% m/m pace, as rising medical costs ...
Posted in Uncategorized | Comments Off on CPI Dissected
Tuesday, December 15th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
We noted yesterday that we were surprised that the CFTC data released last Friday showed little short-covering of large short positions in the EUR among non-commercial traders as of last Tuesday, December 8. EUR/USD has been testing the 200-day (1.1033) and 100-day (1.1062) moving ...
Posted in Uncategorized | Comments Off on Whither the Euro Dollar?
Tuesday, December 15th, 2015
This market maker in swaps occasionally writes some commentary which is always well received by readers. He must remain anonymous.
Via an anonymous market maker:
Swap spreads narrowed 4 basis points across the board in an orderly low volume trade. The move in spreads was out-sized given the move in rates and ...
Posted in Uncategorized | Comments Off on Excellent Swap Commentary
Tuesday, December 15th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Softer As Two-Day FOMC Meeting Begins
- Sweden's Riksbank is the first of four major central banks to meet this week; Norway's central bank meets Thursday
- The Federal Reserve's much-anticipated meeting starts today
- There have been some teeth-gnashing over the sharp sell-off in ...
Posted in Uncategorized | Comments Off on FX
Tuesday, December 15th, 2015
Via the good folks at Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 8:30am: Empire Manufacturing, Dec., est. -7 (prior
-10.74)
* 8:30am: CPI m/m, Nov., est. 0% (prior 0.2%)
* CPI Ex Food and Energy m/m, Nov., est. 0.2% (prior
0.2%)
* CPI y/y, Nov., est. 0.4% (prior 0.2%)
* CPI Ex Food and ...
Posted in Uncategorized | Comments Off on What to Watch Today
Tuesday, December 15th, 2015
My friend Steve Liddy forwarded this Bloomberg in which both Larry Summers and Nouriel Roubini argue against a rate hike this week.
Via Bloomberg:
Summers, Roubini Warn of Premature Federal Reserve Rate Move (1)
2015-12-15 09:16:16.359 GMT
By Tom Keene and Nafeesa Syeed
(Bloomberg) -- Federal Reserve policy makers risk making a
mistake that will be ...
Posted in Uncategorized | Comments Off on Summers and Roubini Argue Against Rate Hike
Tuesday, December 15th, 2015
The price of iron ore has plummeted along with the price of most commodities. The CEO of Rio Tinto says that has placed the industry on the cusp of a shakeup.
Via Bloomberg:
Iron ore industry on the verge of unprecedented shake-out
Only four producers profitable at current price: Citigroup
The iron ore collapse ...
Posted in Uncategorized | Comments Off on Iron Ore Companies at the Edge
Tuesday, December 15th, 2015
Via the FT:
German financial analysts are feeling some festive cheer, and even better, they’re spreading it. Their assessments of both current and future economic conditions jumped in December, topping expectations and bringing a dour year to a cheerful close.
The ZEW index of current economic sentiment clocked in at 55, ahead ...
Posted in Uncategorized | Comments Off on German ZEW
Tuesday, December 15th, 2015
Dealers are reporting better buying of 7 year through 30 year paper (in modest size) by yen funded clients. Bank portfolios bought 2 s and 3s.
Posted in Uncategorized | Comments Off on Treasury Flow
Tuesday, December 15th, 2015
Wells Fargo reports that the weakness in the price of energy has resulted in "stresses" in its energy portfolio.
Via the FT:
The head of corporate banking at Wells Fargo, the biggest bank in the world by market capitalisation, has warned of “stresses” in its energy portfolio, as the ongoing slump in ...
Posted in Uncategorized | Comments Off on Energy Portfolio “Stress”