Archive for July, 2016
Friday, July 29th, 2016
Via Bloomberg:
July 28, 2016 — 11:52 AM EDT
Previously unavailble figures on June inventories lead to cuts
Wider trade gap also contributing to lowered expectations
Some forecasts for second-quarter U.S. gross domestic product tumbled after a new report showed weaker inventories and a wider trade deficit in June.
Economists at JPMorgan Chase & Co. ...
Posted in Uncategorized | Comments Off on Q2 GDP Guesses
Thursday, July 28th, 2016
Via the NYTimes:
It was started in the name of forging a greater sense of union among the disparate nations of Europe. It was supposed to enhance commercial ties, erode borders and foster a spirit of collective interest, furthering the evolution of former wartime combatants into fellow nations of a united ...
Posted in Uncategorized | Comments Off on Stiglitz on the Euro: “A Tragic Mistake”
Thursday, July 28th, 2016
Via WSJ:
By
Ian Talley
Jul 27, 2016 7:00 am ET
35 COMMENTS
Record-low yields on U.S. Treasurys have for decades signaled weakness in the U.S. economy and foreshadowed recession. Not this time.
Some economists are pointing to the so-called yield curve—the difference between long-term and short-term rates—as a harbinger of a new slowdown. Yields on 30-year and 10-year ...
Posted in Uncategorized | Comments Off on Yield Curve Signals
Thursday, July 28th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Dollar Pulls Back Further Post-FOMC
After reversing lower yesterday after the FOMC statement, the US dollar has continued to move lower against the major currencies, save sterling
German and Spanish labor market reports showed improvement
As more details of Japan's fiscal plans are known, ...
Posted in Uncategorized | Comments Off on More FX
Thursday, July 28th, 2016
Via Kit Juckes at SocGen:
)<http://www.sgmarkets.com/r/?id=h110a38a5,17d20c7c,17d20c7d&p1=136122&p2=84fb8deadc0184df3fbbc4831cd5b472>
“Job gains were strong in June following weak growth in May. On balance, payrolls and other labor market indicators point to some increase in labour utilization in recent months” says the FOMC statement. ”Near-term risks to the economic outlook have diminished.” Finally, “with gradual adjustments in ...
Posted in Uncategorized | Comments Off on Early FX
Thursday, July 28th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: EXIMBK Set to Price, Domestics Expected
2016-07-28 09:26:50.786 GMT
By Robert Elson
(Bloomberg) -- Expected to price today:
* Export-Import Bank of India (EXIMBK) Baa3/BBB-, to price
$bench 144a/Reg-S 10Y, via managers Barc/BAML/C/JPM/SCB; IPY
+210 area
LATEST UPDATES
* International Business Machines (IBM) Aa3/AA-, filed
automatic mixed shelf yesterday; $2b matured last week
* Analog Devices ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Thursday, July 28th, 2016
Via Bloomberg:
IG CREDIT: Long Bonds Most Active on Client Flows
2016-07-28 09:34:15.114 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $17.6b vs $16.8b Tuesday, $19.6b the previous
Wednesday.
* 10-DMA $15.9b; 10-Wednesday moving avg $17.4b
* 144a trading added $1.6b of IG volume vs $2.3b Tuesday,
$2.5b last Wednesday
* Most active ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Wednesday, July 27th, 2016
Via Robert Sinche at Amherst Pierpont Securities:
EURO ZONE: The Bberg consensus expects the leading Business Climate Indicator to have slipped to 0.17 in July from 0.22 in June; a 0.17 reading would be disappointing but above the 0.12 low for 2016 reached in March. The consensus also expects the overall ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Wednesday, July 27th, 2016
Via Millan Mulraine at TDSecurities:
TD SECURITIES DATAFLASH
US: FOMC Signals “Diminished” Near-term Risks
The July FOMC statement reflects a Fed that has become incrementally more confident in the economic outlook.
While the risk assessment remained absent from the statement, the inclusion of the reference to diminished near term risks suggests that ...
Posted in Uncategorized | Comments Off on FOMC Analysis
Wednesday, July 27th, 2016
Via WSJ:
Investors in Japan’s 40-year bond have lost 24 years of coupon income in just three weeks as the rush into long-dated safe government paper went into sharp reverse.
At one level, the 10% fall in the price of the longest-dated Japanese government bond is just a correction after this year’s ...
Posted in Uncategorized | Comments Off on Another Duration Lesson