Archive for February, 2016
Sunday, February 28th, 2016
Via FT:
4 hours ago
by: Joe Rennison and Kara Scannell in New York
JPMorgan Chase sacked the head of its government debt trading desk and another employee after they allegedly circumvented the bank’s compliance procedures following a disagreement in valuing certain trades, said people familiar with the matter.
Andrew Lombara, then head of ...
Posted in Uncategorized | Comments Off on Zero Coupon Dispute at JPM
Sunday, February 28th, 2016
Via the FT:
US economic recovery
US first-quarter earnings outlook dims on falling oil
Energy company earnings forecast doubles as price of crude oil drops to 13-year low
February 26, 2016
by: Nicole Bullock in New York
Wall Street analysts have slashed expectations for US earnings in the first quarter as companies grapple with plummeting oil ...
Posted in Uncategorized | Comments Off on Earnings Slump
Saturday, February 27th, 2016
Via Bloomberg:
G-20 Wants Governments Doing More, and Central Banks Less
Finance chiefs from the world’s top economies committed their governments to doing more to boost global growth amid mounting concerns over the potency of monetary policy.
In a pledge that will prove easier to write than deliver and may disappoint investors looking ...
Posted in Uncategorized | Comments Off on Fiscal Policy Next on Deck
Saturday, February 27th, 2016
Via the FT:
Bank of America prepares to make investment banking job cuts
More than 5 per cent of employees at unit set to go as rivals also prepare to make retrenchments
February 25, 2016
by: Alistair Gray in New York
Traders at Bank of America are in for an unsettling few weeks as their ...
Posted in Uncategorized | Comments Off on B of A to Slash Jobs
Friday, February 26th, 2016
Via Millan Mulraine at TDSecurities:
US: The Economic Picture Becomes a Little Clearer
Core PCE rose at a relatively firm 0.3% m/m pace in January, and along with the upward revisions to prior months, the annual pace of core PCE inflation jumped to 1.7% y/y.
Personal spending activity also rebounded strongly, advancing at ...
Posted in Uncategorized | Comments Off on Core PCE and Spending
Friday, February 26th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
Real GDP growth in the fourth quarter was surprisingly revised up from the first print of 0.7% annualized to a 1.0% gain. However, the divergence from my forecast of +0.3% was entirely accounted for by an upside surprise to inventories. The monthly data for ...
Posted in Uncategorized | Comments Off on Another Take on Q4 GDP
Friday, February 26th, 2016
Via Millan Mulraine at TDSecurities:
TD SECURITIES DATAFLASH
US: Economic Performance Better Than First Thought
Q4 GDP growth was revised higher, as the second estimate was pushed to 1.0% q/q from 0.7% q/q. This was a far better performance than the market consensus for a downgrade in the GDP estimate to 0.4% q/q.
The ...
Posted in Uncategorized | Comments Off on Q4 GDP Revision
Friday, February 26th, 2016
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 8:30am: Advance Goods Trade Balance, Jan., est. -$61.2b
(prior -$61.513b)
* 8:30am: GDP Annualized q/q, 4Q S, est. 0.4% (prior 0.7%)
* Personal Consumption, 4Q S, est. 2.2% (prior 2.2%)
* GDP Price Index, 4Q S, est. 0.8% (prior 0.8%)
* Core PCE q/q, 4Q ...
Posted in Uncategorized | Comments Off on What to Watch Today
Friday, February 26th, 2016
Via WSJ:
By Richard Barley
Feb. 26, 2016 5:49 a.m. ET
0 COMMENTS
The search for yield ain’t what it used to be.
Investors have had a seemingly insatiable appetite for risky securities in recent years, boosted by central bankers wielding ultraloose monetary policy. Now there are signs of indigestion.
The problem is that lower bond ...
Posted in Uncategorized | Comments Off on Sated Appetite
Friday, February 26th, 2016
Via Bloomberg:
Laid Bare in Shanghai: G-20 Tensions Over How to Spur Growth
2016-02-26 10:33:08.510 GMT
By Enda Curran
(Bloomberg) -- Global finance chiefs split over how best to
revive the world economy, risking disappointment for investors
seeking a coordinated campaign.
Differences were laid bare on Friday as central bankers and
finance ministers from the Group of 20 ...
Posted in Uncategorized | Comments Off on G 20 Divisions and Tensions