Archive for May, 2016
Friday, May 6th, 2016
Via TDSecurities:
TD SECURITIES DATAFLASH
US: Wages Hold Their Ground But Weakness Abound in Employment
Nonfarm employment rose by 160k, falling short of expectations and historical revisions cut 19k from the last two months. The unemployment rate remained unchanged as the participation rate fell to 62.8%. Average hourly earnings met the market ...
Posted in Uncategorized | Comments Off on Employment Thoughts
Friday, May 6th, 2016
Via NYTimes:
One day after assuring Americans he is not running for president “to make things unstable for the country,” the presumptive Republican nominee, Donald J. Trump, said in a television interview Thursday that he might seek to reduce the national debt by persuading creditors to accept something less than full ...
Posted in Uncategorized | 2 Comments »
Friday, May 6th, 2016
Via Bloomberg:
IG CREDIT: Volume Lower, Spreads Leak Wider as Jobs Data Looms
2016-05-06 09:59:30.578 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $15.2b vs $17.9b Wednesday, $16.6b last Thursday.
* 10-DMA $16.1b; 10-Thursday moving avg $17.6b
* 144a trading added $1.9b of IG volume vs $2.6b on Wednesday,
$2.3b last ...
Posted in Uncategorized | Comments Off on Corporate Bond Stuff
Friday, May 6th, 2016
Via Kit Juckes at SocGen:
Good morning. I'm in no way a Liverpool FC fan, but Spain having 'only' three of the four places in the UEFA and CL finals isn't a bad thing and anyway, it's hard not to be a Klopp fan. That was yesterday evening's entertainment, though Fitch ...
Posted in Uncategorized | Comments Off on Early FX
Friday, May 6th, 2016
Via the WSJ:
Corporate pension plans lost ground in April. Lower interest rates pushed funding levels down last month, even though asset returns improved.
The funded ratio for corporate pensions at S&P 500 companies fell to 77.8% in April, down from 77.9% in March, according to Wilshire Consulting. The ratio is down ...
Posted in Uncategorized | Comments Off on Pension Funding
Friday, May 6th, 2016
Via Bloomberg:
Three-year bond yields slide to record after RBA revisions
Central bank concerned at `surprisingly low wage growth'
Australia’s central bank forecast core inflation is unlikely to reach the bottom of its target this year as the developed world’s disinflation quandary spreads Down Under. The currency dropped about 1 percent ...
Posted in Uncategorized | Comments Off on Australia Central Banks Slashes Inflation Outlook
Friday, May 6th, 2016
Via Reuters:
Markets | Fri May 6, 2016 3:17am EDT
Related: Financials, Industrials
China stocks tumble on worries about commodities, bonds
May 6 China stocks suffered their biggest one-day fall in more than two months, shedding gains from a recent rebound amid further corrections in the commodities market and fresh signs of stress with ...
Posted in Uncategorized | Comments Off on China Stocks Tumble, Too
Friday, May 6th, 2016
I thought the one interesting factoid here is that the average holding period is about two hours.
Via the FT:
China’s steel futures suffer biggest weekly loss ’09
23 minutes ago
by: Nathalie Thomas
China’s steel rebar futures fell 9.5 per cent this week, the biggest loss since the contract started seven years ago following ...
Posted in Uncategorized | Comments Off on Steel Futures Plunge in China
Friday, May 6th, 2016
Via Bloomberg:
Dakin Campbell
Laura J Keller
May 5, 2016 — 5:39 PM EDT
Updated on May 5, 2016 — 6:32 PM EDT
Latest move builds on reductions that had affected 8% by April
Firm is also said to dismiss staff in equities division
Goldman Sachs Group Inc. is cutting more jobs in its securities units, extending ...
Posted in Uncategorized | Comments Off on Tough Times at Goldman Sachs
Thursday, May 5th, 2016
Via Barron's:
Are Negative Rates a Tax On the Creation of Credit?
Sub-zero interest rates may actually be acting as a tax on lending, having an unintended restraining effect.
By
Randall W. Forsyth
Updated May 5, 2016 12:10 p.m. ET
What if the stimulant prescribed for the patient turned out to be a depressant?
That may be ...
Posted in Uncategorized | Comments Off on Negative Rates as a Tax on Banks