Archive for March, 2016

FX

Wednesday, March 9th, 2016

Via Kit Juckes at SocGen: There's something odd about writing a morning comment after supper, but that's the West Coast for you.... “Fragile” is an understatement as a description of global markets. The IMF still wants co-ordinated fiscal easing to tackle the fragility of the global economy and avoid derailment (slim chance ...

Corporate Bond Trading Yesterday

Wednesday, March 9th, 2016

Via Bloomberg: IG CREDIT: Volume Hits Record High 10-Tuesday Moving Average 2016-03-09 10:58:17.717 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $17.8b vs $16.5b Monday, $21.2b the previous Tuesday. 10-DMA $18.9b; 10-Tuesday moving avg $17.6b, highest on record back to March 2005. * 144a trading added $2.7b of IG volume vs ...

Overnight Data Preview

Tuesday, March 8th, 2016

Via Robert Sinche at Amherst Pierpont Securities: CANADA: The BoC is expected to leave its policy rate at 0.50%, where it has been since July 2015. AUSTRALIA: Consumer Confidence for March will follow a solid rebound to 101.3 in February, with a general improvement in place since mid 2015. INDIA: Over the next ...

Three Year Note Auction Today

Tuesday, March 8th, 2016

Via Ian Lyngen at CRT Capital: We are once again constructive on this afternoon's $24 bn 3-year auction and see the risk of a stop-through in light of the recent takedowns of new 3s and the flight-to-quality influences that have been so influential in recent months.  On the other hand, the ...

Multi Tranche Berkshire Hathaway

Tuesday, March 8th, 2016

Via Bloomberg: (BFW) NEW DEAL: Berkshire Hathaway $Bench Offer of Up to 8 Par BFW 03/08 13:21 *NEW DEAL: BERKSHIRE HATHAWAY $BENCH UP TO 8-PART DEAL NEW DEAL: Berkshire Hathaway $Bench Offer of Up to 8 Parts 2016-03-08 13:34:40.943 GMT By Allan Lopez (Bloomberg) -- May price today. * IPT: * 2Y fxd (+80a) * 2Y FRN (3mL equiv) * ...

JPMorgan Duration

Tuesday, March 8th, 2016

Via Bloomberg: =============================================================================   RATES: Active Clients Most Short Since Nov. 23, JPM Survey Shows 2016-03-08 12:13:05.666 GMTBy Alexandra Harris (Bloomberg) -- The JPMorgan Treasury Client Survey for the week ended March 7 vs week ended Feb. 29. * Longs 14 vs 20 * Neutrals 64, unch * Shorts 22 vs 16 * Net longs -8 vs 4 * “The all ...

FX

Tuesday, March 8th, 2016

Via Marc Chandler at Brown Brothers Harriman: Greenback Lacks Momentum, While Profit-Taking Weighs on Dollar-Bloc Turnaround Tuesday sees recent market trends reverse Japanese Q4 15 GDP was revised up.  German February industrial production surged 3.3% Chinese exports implosion likely exaggerate the slowdown in trade Light North American new stream The US dollar is mostly firmer, though ...

Big Spike in German IP

Tuesday, March 8th, 2016

Via Bloomberg: Output gauge climbed 3.3 percent in January from December Year-over-year increase was 2.2 percent on robust economy German industrial production jumped by the most in more than six years in January, in a sign that strong domestic demand may be helping to underpin output even as external trade cools. Production, adjusted for ...

Early FX

Tuesday, March 8th, 2016

Via Kit Juckes at SocGen: Does a wet and windy day in California speak to weird global weather, or promise fruit disinflation next? Either way, we're a bit risk off overnight... Shockingly bad Chinese trade data  set the tone for the European market open, after recent strength in commodity currencies, oil prices ...

Treasury Market Recap

Tuesday, March 8th, 2016

The Treasury market has registered sharp gains in overnight trading as a risk off trade has emerged as the recent state of financial nirvana fades a bit. Yields on 5s 10s ans 30s have declined 5 to 6 basis points from levels which prevailed at the close of New York ...