Archive for August, 2016

Early FX

Wednesday, August 17th, 2016

Via Kit Juckes at SocGen: )<http://www.sgmarkets.com/r/?id=h11296e58,180625a1,180625a2&p1=136122&p2=d4e8cbf7676e885c5ae760618014d445> Market pricing of the odds of a 2016 Fed rate hike continue to gyrate with data and FOMC comments. Better housing starts and manufacturing output data yesterday reversed some of the recent sogginess but it was New York Fed President Bill Dudley's comments that markets are ...

Some Corporate Bond Stuff

Wednesday, August 17th, 2016

Via Bloomberg: IG CREDIT: ORCL, ECOPET 10Y Issues Led on Client Selling 2016-08-17 09:36:58.882 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $15.7b vs $11.5b Monday, $16.2b the previous Tuesday. 10-DMA $14.3b; 10-Tuesday moving avg $16.5b. * 144a trading added $1.8b of IG volume vs $1.3b Monday, $2.1b last Tuesday * The ...

Credit Pipeline

Wednesday, August 17th, 2016

Via Bloomberg: IG CREDIT PIPELINE: EBRD Set to Price; More Domestics Expected2016-08-17 09:29:27.253 GMTBy Robert Elson (Bloomberg) -- Expected to price today: * European Bank for Reconstruction & Development (EBRD) Aaa/AAA, to price $bench 4Y Global, via managers BMO/MS/TD; spread set at MS +11LATEST UPDATES * NextEra Energy (Baa1/A-) to buy ...

Obama Care Causing Job Cuts

Wednesday, August 17th, 2016

Via WSJ: Fed Survey: Obamacare Causing Companies to Cut Jobs By Vipal Monga Aug 16, 2016 5:35 pm ET 7 COMMENTS Many companies are cutting jobs in response to rising health care costs spurred by the Affordable Care Act, according to a new survey by the Federal Reserve Bank of New York. Roughly ...

Tough Times at Tudor Hedge Fund

Wednesday, August 17th, 2016

Via Bloomberg: Firm informed employees on Tuesday about the job reductions Tudor has suffered $2.1 billion in redemptions this year Billionaire Paul Tudor Jones dismissed about 15 percent of the workforce in a shakeup at his hedge fund that’s reeling from more than $2 billion in investor withdrawals this year. Tudor Investment ...

Cisco To Layoff 20 Percent of Staff

Wednesday, August 17th, 2016

Via Bloomberg: Jillian Ward jillianfward August 16, 2016 — 8:51 PM EDT Updated on August 16, 2016 — 9:32 PM EDT CEO Robbins is shifting to emphasize software as growth slows Cuts could account for up to 20 percent of 73,000 employees   Cisco Systems Inc., the largest maker of networking equipment, will cut as many as 14,000 ...

Scrapping Bonuses at Deutsche Bank

Wednesday, August 17th, 2016

Via Bloomberg: Nicholas Comfort nickcomfort August 17, 2016 — 4:44 AM EDT Lender scrapped 2015 management bonuses following annual loss No dividend means bonuses should be up for debate, Sewing says   Deutsche Bank AG’s supervisory board should discuss scrapping management-board members’ bonuses for a second year after Germany’s largest lender put dividend payments on hold, consumer ...

JPMorgan Duration Survey

Tuesday, August 16th, 2016

Via Bloomberg: JPMorgan Treasury All-Client, Active Surveys Flip to Net Long 2016-08-16 11:20:27.301 GMT By Stephen Spratt (Bloomberg) -- In week ended Aug. 15, all-client moves to net long, shows least neutrals since Nov. 23 2015. * Active client survey shows most net longs since June 20 * All clients (Aug. 15 vs Aug. 8) * Long: 31 ...

More FX

Tuesday, August 16th, 2016

Via Marc Chandler at Brown Brothers Harriman: Dollar Slumps, Driver Not So Obvious The US dollar is being sold across the board today RBA minutes were released overnight During the North American session, the US reports July CPI, IP, and housing starts/building permits India reported higher than expected WPI inflation; ...

Early FX

Tuesday, August 16th, 2016

Via Kit Juckes at SocGen: <http://www.sgmarkets.com/r/?id=h1127971c,18030d10,18030d11&p1=136122&p2=da1e6d227e94d860b23993edab08f866> Thin August markets, soggy US data, highs in equities and a continuation of the weak dollar trend. Overnight, the oil price rally and Asian equities have run out of steam but the dollar remains under pressure. The Empire State manufacturing index, yesterday's only noteworthy economic release, ...