Archive for June, 2016
Monday, June 27th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h10ce0543,1771ef81,1771ef82&p1=136122&p2=571104ff12ff9628e5c9d9f1443d2cbe>
The extent of the uncertainty that now clouds the UK's economic and political outlook is hard to exaggerate. The Government is in limbo ahead of a Conservative Party leadership contest. The opposition is in chaos. The rest of the EU would like negotiations on the UK's ...
Posted in Uncategorized | Comments Off on Early FX
Sunday, June 26th, 2016
The opening paragraph of this Bloomberg story remarks that prime Minister Abe issued instructions to calm markets and that has resulted in a rebound in Japanese equities. It made me think of the story of King Canute in which he attempted to command the tides. I doubt that Abe will ...
Posted in Uncategorized | Comments Off on PM Abe Channels King Canute
Saturday, June 25th, 2016
Via NYTimes:
FRANKFURT — Only hours after Britain decided to leave the European Union, Emmanuel Lumineau cast his own “remain” vote — with his feet. Mr. Lumineau said he would move to Paris from London and take about 10 employees at his financial start-up with him.
The looming question on Friday was ...
Posted in Uncategorized | Comments Off on Will Corporations Flee UK?
Saturday, June 25th, 2016
Via Bloomberg:
Christopher Condon
chrisjcondon
Jeanna Smialek
jeannasmialek
June 24, 2016 — 8:34 AM EDT
Updated on June 24, 2016 — 1:25 PM EDT
Liquidity concerns could arise in the short-term for Fed
Decision could effect rate hike path and U.S. GDP growth
Britain’s vote to leave the European Union will almost certainly have repercussions for the Federal Reserve ...
Posted in Uncategorized | Comments Off on Fed to Play Long Game in Evaluating Brexit
Saturday, June 25th, 2016
Via Politico.com
Hillary Clinton's campaign on Friday tried to frame the Brexit vote fallout as a leadership test, and the latest opportunity to paint Donald Trump as unfit for the Oval Office.
But Democrats outside her campaign said the strength of the “Leave” bloc in economically frustrated regions of Britain — a ...
Posted in Uncategorized | Comments Off on What Does UK Vote Mean For Trump/Clinton?
Friday, June 24th, 2016
I was just reading this over at Nate Silver's 538 site. At the end of the piece Ben Casselman cites a rumor that EU will offer UK sweet heart deal which would entice UK to remain in Eu which would require another referendum.
"Or how about this for a plot twist: ...
Posted in Uncategorized | Comments Off on Brexit Mulligan?
Friday, June 24th, 2016
Via Bloomberg:
The world’s 400 richest people lost $127.4 billion Friday as global equity markets reeled from the news that British voters elected to leave the European Union. The billionaires lost 3.2 percent of their total net worth, bringing the combined sum to $3.9 trillion, according to the Bloomberg Billionaires Index. ...
Posted in Uncategorized | Comments Off on Rentier Class Ripped by Brexit
Friday, June 24th, 2016
Via Barron's :
une 24, 2016, 11:53 A.M. ET
How Brexit Will Affect the US Economy in 3 Paragraphs
6
By Amey Stone
Investment strategists around the globe are offering commentary Friday about what the U.K’s Brexit vote means for the U.S. economy.
Bill Stone, PNC’s chief investment strategist, has some particularly clear, even-handed ...
Posted in Uncategorized | Comments Off on Brexit and US
Friday, June 24th, 2016
Via Robert Sinche at Amherst Pierpont Securities:
No…not the UK Referendum, Spain votes this Sunday in national elections after the vote in December was inconclusive and a caretaker government has been in place. The most likely outcome appears to be another inconclusive result with the traditional parties unable to gain a ...
Posted in Uncategorized | Comments Off on Weekend Preview
Friday, June 24th, 2016
Via an anonymous market participant:
EUROPEAN BANK SUBS ~ 35-50... ONE VOLATILE EX:
DB 4.50 25 WERE 430/405 7:20AM
DB 4.50 25 WERE ~375/365 LAST NIGHT
DB 4.50 25 WERE 415/405 JUNE 16
UK SENIOR HOLDCO ~ + 20-30... HSBC 10YR BENCH HSBC 4.30 26 WERE 220/210 6:15AM HSBC 4.30 26 WERE ~190/185 YDAY HSBC ...
Posted in Uncategorized | Comments Off on Bank Spreads