Archive for January, 2016
Sunday, January 31st, 2016
Via Bloomberg:
Cost-cutting actions outlined in Jan. 29 memo to employees
CEO Stuart Gulliver is seeking $5 billion in savings by 2017
HSBC Holdings Plc will impose a hiring and pay freeze this year as part of its drive to cut as much as $5 billion in costs by the end of 2017, ...
Posted in Uncategorized | 1 Comment »
Sunday, January 31st, 2016
Via the FT:
Seismic’ shock awaits bond liquidity
by: Madison Marriage and Attracta Mooney
Fund managers have made a last-ditch attempt to convince European regulators to water down proposed trading rules designed to prevent a repeat of the market turmoil encountered during the financial crisis.
The rules, which will increase transparency in fixed income ...
Posted in Uncategorized | Comments Off on Transparency Drive Run Amok
Sunday, January 31st, 2016
Via FT:
by: Shawn Donnan in Washington and Maggie Fick in Lagos
Nigeria has asked the World Bank and African Development Bank for $3.5bn in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices.
The ...
Posted in Uncategorized | Comments Off on Nigeria Feels Oil Pain
Sunday, January 31st, 2016
Via Bloomberg:
Japan has a new plan to get its banks to lend more: Tax them for being too conservative with their cash.
Perhaps that sounds good in theory. Bank of Japan Governor Haruhiko Kuroda certainly seemed to think he’d give a jolt to the nation’s lackluster markets this week by announcing ...
Posted in Uncategorized | Comments Off on Negative on Negative Rates
Sunday, January 31st, 2016
Via the WSJ:
By Juliet Chung and
Carolyn Cui
Jan. 31, 2016 5:30 a.m. ET
9 COMMENTS
Some of the biggest names in the hedge-fund industry are piling up bets against China’s currency, setting up a showdown between Wall Street and the leaders of the world’s second-largest economy.
Kyle Bass’s Hayman Capital Management has sold off ...
Posted in Uncategorized | Comments Off on Hedge Funds Versus Nascent (Communist) Superpower
Saturday, January 30th, 2016
Via the WSJ:
By
Paulo Trevisani
Updated Jan. 29, 2016 2:03 p.m. ET
BRASÍLIA—Brazil is losing the battle to tame its ballooning debt as the government struggles to revive a moribund economy amid political gridlock, a central-bank report showed Friday.
Latin America’s largest economy ended last year with a budget deficit equal to ...
Posted in Uncategorized | Comments Off on Brazil Drowning in Sea of Debt
Saturday, January 30th, 2016
Via Bloomberg:
Two-year yields across euro area dropped to records this week
Government debt has outperformed as stocks tumbled in January
This month’s rally in German government bonds pushed the yield on Europe’s benchmark 10-year securities down by the most since May 2012, two months before European Central Bank President Mario Draghi pledged ...
Posted in Uncategorized | Comments Off on Euro Area Yields Likely to Move Lower
Friday, January 29th, 2016
Via Robert Sinche at Amherst Pierpont Securities:
AUSTRALIA: The AiG Performance of Manufacturing index for January will follow a 51.9 reading in December, capping a 6-month trend of readings >50.
CHINA: The Bberg consensus expects the Official China Manufacturing PMI to slip to 49.6 in January from 49.7, which would match the ...
Posted in Uncategorized | Comments Off on Weekend Preview
Friday, January 29th, 2016
I have been playing retired guy today and have not been at my work station for much of the day. There is a multi tranche ATT deal which will raise $6 billion. Here are the current details at the launch:
BFW 01/29 18:26 *LAUNCH: AT&T $6B DEBT OFFERING IN FOUR PARTS
LAUNCH: ...
Posted in Uncategorized | Comments Off on ATT Deal
Friday, January 29th, 2016
Via Kit Juckes at SocGen:
Friday evening in South Korea and the talk of currency wars is pretty loud in the bars round here. The BOJ has cut rates on balances held at the central bank to -0.1%, creating a three-tiered rate system that's left economists scratching their heads. The yen ...
Posted in Uncategorized | Comments Off on More FX