Archive for August, 2016
Tuesday, August 9th, 2016
Via Bloomberg:
Third-quarter to extend earnings contraction to sixth period
Energy, industrials have biggest downward profit revisions
The profit recovery has been pushed back. Again.
Even as the S&P 500 Index sits near a record, analyst forecasts just turned negative for a sixth straight quarter for corporate results in the three months ending ...
Posted in Uncategorized | Comments Off on Corporate Profits Should Suffer Another Poor Quarter
Monday, August 8th, 2016
Via WSJ:
By Ben Eisen
Updated Aug. 8, 2016 7:09 p.m. ET
Bond issuers are heeding the call of tumbling interest rates.
Companies and government agencies are “calling” bonds at the fastest pace in four years, taking advantage of provisions that let them redeem securities under certain circumstances and save money by reissuing at ...
Posted in Uncategorized | Comments Off on Call of the Wild
Tuesday, August 2nd, 2016
Via Bloomberg:
Auto Makers Fall Short of July U.S. Sales Goals
Ford Motor Co. and General Motors Co. reported U.S. light-vehicle sales in July that fell more than analysts had anticipated while Nissan Motor Co. and Fiat Chrysler Automobiles NV gained less than expected, reinforcing concerns that the market may have peaked ...
Posted in Uncategorized | Comments Off on Auto Sales a Tad Weak
Tuesday, August 2nd, 2016
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: The Caixin/Markit Serrvices and Composite PMIs for July will follow readings of 52.7 and 50.3, respectively, in June; The jump in the Manufacturing PMI for July (50.6 vs. 48.6 in June) suggests a rise in the Composite index.
AUSTRALIA: The AiG Services PMI for ...
Posted in Uncategorized | Comments Off on Overnight Preview
Tuesday, August 2nd, 2016
Via Millan Mulraine at TDSecurities:
TD SECURITIES DATAFLASH
US: Inflationary Backdrop Remains Weak, Spending Stays Strong
· Consumer spending activity rose at a very solid 0.4% m/m pace in June, underscoring the sustained positive momentum in this segment of the US economy. In real terms, spending advanced at a respectable 0.3% m/m pace
· The ...
Posted in Uncategorized | Comments Off on Personal Income and Spending
Tuesday, August 2nd, 2016
Via Bloomberg:
Treasury All-Client, Active Surveys Both Flip to Net Short: JPM
2016-08-02 11:41:59.600 GMT
By Stephen Spratt
(Bloomberg) -- In week ended Aug. 1, all-client survey
flips from net long Treasuries to biggest net short position
since May 31.
* Active client survey on Treasuries moves from neutral to
most net shorts since March 7
* All clients ...
Posted in Uncategorized | Comments Off on JPMorgan Duration Survey
Tuesday, August 2nd, 2016
Via Bloomberg:
U.S. Lifts Borrowing Estimate for This Quarter on Lower Receipts
2016-08-01 19:00:00.9 GMT
By Saleha Mohsin
(Bloomberg) -- The U.S. government plans to issue 30
percent more of its debt this quarter than previously estimated
partly because of lower tax receipts, the Treasury Department
said.
The department will issue $201 billion in net marketable
debt from July through ...
Posted in Uncategorized | Comments Off on Uncle Sam A little Short
Tuesday, August 2nd, 2016
Via Marc Chandler at Brown Brothers Harriman:
Greenback Slides Despite RBA Rate Cut and 7-year Low in UK Construction PMI
The negativity toward the US dollar is offsetting the RBA rate cut and further evidence that the UK economy is taking a hit in the immediate post-referendum period
The derivatives market ...
Posted in Uncategorized | Comments Off on FX
Tuesday, August 2nd, 2016
Via Bloomberg:
By Robert Elson
(Bloomberg) -- Expected to price today:
* African Development Bank (AFDB) Aaa/AAA, to price at least
$250m re-opened Global 1.00% May 15, 2019, via managers
BNP/RBS; guidance MS +2
LATEST UPDATES
* Columbia Property Trust (CXP) Baa2/BBB; investor meetings
held Aug. 1
* Empresa Nacional del Petroleo (ENAPCL) Baa3/BBB-, hires
C/JPM to arrange investor meetings ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Tuesday, August 2nd, 2016
Via CNBC:
Banca Monte dei Paschi di Siena (BMPS) may have a strong future, Italy's prime minister told CNBC on Monday, in spite of the stricken lender receiving the bottom score in a Europe-wide stress test.
"My view is that Italian banks are good," Renzi told CNBC in Rome.
"There are some problems, ...
Posted in Uncategorized | Comments Off on Italian banks Sliding