Archive for April, 2016

FX

Wednesday, April 13th, 2016

Via Marc Chandler at Brown Brothers Harriman: US Dollar Comes Back Bid The US dollar is well bid in the Europe and is poised to start the North American session with the wind to its back China's March trade surplus was reported at $29.86 bln, down from $32.59 bln in February The news ...

Credit Stuff

Wednesday, April 13th, 2016

Via Bloomberg: IG CREDIT: Long VZ Issues Led Trading on Client Buying 2016-04-13 09:52:36.448 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $17.2b vs $13.4b Monday, $19.9b the previous Tuesday. 10-DMA $17.4b; 10-Tuesday moving avg $18b, 3rd highest since 2005,when the series began. * 144a trading added $2.3b of IG volume ...

Credit Pipeline

Wednesday, April 13th, 2016

Via Bloomberg: IG CREDIT PIPELINE: Finland to Price; OFC Files 2016-04-13 09:33:48.766 GMT By Robert Elson (Bloomberg) -- Set to price today: * Republic of Finland (FINL) Aaa/AA+, to price $bench Global 3Y, via managers Barc/GS/HSBC/JPM; guidance MS +13 area Most recent updates: * Corporate Office Properties (OFC) Baa3/BBB-, files debt shelf; last issued in June 2015 * Sydney Airport ...

China Bond Defaults

Wednesday, April 13th, 2016

Via the FT: 3 hours ago by: Gabriel Wildau in Shanghai Chinese bond defaults by state-owned enterprises are on the rise, heightening investor anxiety that is creating difficulties for other companies aiming to sell debt. Since the start of April, two SOEs have missed scheduled bond payments, while a third suspended trading of its ...

Eurozone IP

Wednesday, April 13th, 2016

Via the FT: 29 minutes ago by: Katie Martin Today’s industrial production data for Europe fell shy of expectations, with production falling by 0.8 per cent on the month in February, a tad worse than the 0.7 per cent decline expected. The reading was “poor”, said Pantheon Macroeconomics, but perhaps not a surprise, given ...

China Exports Surge

Wednesday, April 13th, 2016

Via Bloomberg: Shipments rose 11.5%, imports moderated drop to 7.6% Data add to recent signs of stabilization in economy China’s exports jumped the most in a year and declines in imports narrowed, adding to evidence of stabilization in the world’s second-biggest economy. Stocks rallied. Overseas shipments rose 11.5 percent in dollar terms in March ...

China Copper Imports Surge

Wednesday, April 13th, 2016

Via Bloomberg: State reserve purchases bolster local prices spurring imports Inbound shipments in first quarter climb 30% from year earlier China’s imports of copper climbed to a record in March after domestic buying by the state reserve helped support prices in the biggest consumer and encouraged foreign purchases ahead of the peak demand ...

Overnight Data Preview

Tuesday, April 12th, 2016

Via Robert Sinche at Amherst Pierpont Securities: WTI Crude Oil…continue to watch the close relative to the 200-day MA…currently at $41.03…has closed below every day since July 30, 2014. The Bank of Canada is expected to keep rates on hold at their rate decision announcement tomorrow at 10am, with the economy stabilizing ...

Saudi Arabia Takes Ratings Hit

Tuesday, April 12th, 2016

Via Bloomberg: Rating already downgraded by Standard & Poor's, Moody's Saudi stock market benchmark index maintains gains after move Saudi Arabia’s credit worthiness was downgraded at Fitch Ratings after the plunge in oil prices. The kingdom’s rating was lowered one level to AA-, the fourth-highest investment grade, the rating agency said on Tuesday. It ...

JPMorgan Duration Survey

Tuesday, April 12th, 2016

Via Bloomberg: RATES: Longs Fall, Shorts Rise in Latest JPM Survey 2016-04-12 11:08:39.400 GMT By Robert Elson (Bloomberg) -- The JPMorgan Treasury Client Survey for the week ended April 11 vs week ended April 4. * Longs 18 vs 23 * Neutrals 64 vs 61 * Shorts 18 vs 16 * Net longs 0 vs 7 * “The all clients ...