Archive for August, 2016
Thursday, August 25th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h1133ae0a,181809ac,181809ad&p1=136122&p2=fe7fdb38a6093339e883ca12244848f1>
Oil prices are marginally higher, Treasury yields are marginally lower, Chinese equities have fallen overnight and in FX, it's ranges everywhere, though upward guidance on milk prices has AUD/NZD testing the bottom of its range. If markets are waiting for Jackson Hole the good news is ...
Posted in Uncategorized | Comments Off on FX
Wednesday, August 24th, 2016
This essay posits that a referendum in Italy this fall is more important than the Brexit vote in UK.
Via Nick Andrews and Stefano Capacci:
Renzi’s Great Gamble
By Nick Andrews and Stefano Capacci
August 24, 2016
Prime ministers come and go in Italy – four since the financial crisis – but precious little seems ...
Posted in Uncategorized | Comments Off on Reform in Italy
Wednesday, August 24th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
Existing home sales pulled back somewhat in July to a weaker-than-expected 5.39 million unit annualized pace, consistent with the pending home sales figures for June. Given that June’s reading was a post-bust high and that the July pace still compares quite favorably with 2015’s ...
Posted in Uncategorized | Comments Off on Existing Home Sales
Wednesday, August 24th, 2016
Via Robert Sinche at Amherst Pierpont Securities:
S. KOREA: Data on Household Credit for 2Q will be monitored to see if lower rates are sparking faster borrowing growth; household debt levels are often a concern for the S. Korean economy.
HONG KONG: The Bberg consensus expects Export growth to slide to -2.1% ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Wednesday, August 24th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: SEK to Price Today, DBJJP Tomorrow
2016-08-24 09:35:02.278 GMT
By Robert Elson
(Bloomberg) -- Set to price today
* Swedish Export Credit (SEK) Aa1/AA+, to price $bench Global
3Y, via managers C/JPM/Nom/RBC; guidance MS +18 area
* Expected to price Thursday
* Development Bank of Japan (DBJJP) A1/A+, to price 2-part
144a/Reg-S deal, via ...
Posted in Uncategorized | 1 Comment »
Tuesday, August 23rd, 2016
Via Bloomberg:
Fed’s Regional Bank Boards Increase Pressure for Rate Hike (1)
2016-08-23 19:07:25.335 GMT
By Christopher Condon
(Bloomberg) -- The boards of directors at eight of the 12
regional Federal Reserve banks sought last month to increase the
rate on direct loans from the Fed to 1.25 percent from 1
percent, according to details released by ...
Posted in Uncategorized | Comments Off on Regional Hawks
Tuesday, August 23rd, 2016
Via Bloomberg:
JPMorgan Treasury All-Client, Active Surveys Remain Net Long
2016-08-23 11:26:51.214 GMT
By Stephen Spratt
(Bloomberg) -- In week ended Aug. 22, all-client survey
continues to show net longs, now around 14 percentage points
longer than its 1 yr average.
* Active client survey also remains net long by 14 percentage
points; neutrals rise, erasing last month’s ...
Posted in Uncategorized | Comments Off on JPMorgan Duration Survey
Tuesday, August 23rd, 2016
This via Chris Low at FTN Financial:
Yesterday, the Dow dropped 23 points, or 0.12%. That would not normally be noteworthy, except it marked the end of the quietest period in US stocks in 21 years. As the WSJ notes, only five of the past 30 days saw the S&P 500 ...
Posted in Uncategorized | Comments Off on Tight Range in Stocks Too
Tuesday, August 23rd, 2016
Thanks to Steve Feiss (@stevefeiss)at Government Perspective for the heads up on this one.
Via Bloomberg:
August 22, 2016 — 10:57 PM EDT
Updated on August 23, 2016 — 4:27 AM EDT
Traders wait for policy clues when Fed chief speaks Aug. 26
Futures pricing shows odds of rate increase this year at 51%
Treasury 10-year ...
Posted in Uncategorized | Comments Off on Tight Range in Treasuries
Tuesday, August 23rd, 2016
Via Bloomberg:
IG CREDIT: Spreads Ease Back From Tightest Levels of the Year
2016-08-23 10:25:14.960 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $10.3b vs $9b Friday, $11.5b the previous Monday. 10-
DMA $13.5b.
* 144a trading added $1.3b of IG volume vs $966m Friday, $1.3b
last Monday
* The most active ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff