Archive for September, 2016

Dealer Positions

Friday, September 2nd, 2016

Via Bloomberg: IG CREDIT: Dealer Positions in Long IG Corporates Rose 2016-09-02 10:42:39.818 GMT By Robert Elson (Bloomberg) -- Dealer positions in all corporate bonds fell $2.1b to $17.6b as of August 24, according to Fed NY release. * $6.5b low Oct. 2015; high $45.9b March 2014 * Investment grade positions: * Very short issues fell $319m to ...

Spending Fight

Friday, September 2nd, 2016

Brace yourself for another battle on spending and government funding as Congress reconvenes following its recess. Via TheHill.com Senate braces for shutdown fight By Alexander Bolton - 09/02/16 06:00 AM EDT Lawmakers are returning to Washington next week to confront an impasse over funding bills that threatens to cause a government shutdown, something Republican ...

Some Corporate Bond Stuff

Friday, September 2nd, 2016

Via Bloomberg: IG CREDIT: Trading Volume Lower as No New Issuance Appeared 2016-09-02 10:12:08.672 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $12.8b vs $16.8b Wednesday, $14.6b last Thursday. * 144a trading added $1.5b of IG volume vs $2b Wednesday, $1.8b last Thursday * The most active issues longer than a ...

More FX

Friday, September 2nd, 2016

Via Marc Chandler at Brown Brothers Harriman: US Jobs Data--Higher Anxiety, Thank You Mr. Fischer US jobs data have extra significance following Fed Vice Chairman Fischer's comments at Jackson Hole The median market expectation has been disappointed with the August jobs report for the last five year by an average of ...

Wages and the FOMC

Friday, September 2nd, 2016

Via Bloomberg: Craig Torres ctorresreporter September 2, 2016 — 12:00 AM EDT Elon Musk and the Terrible, Horrible, No Good $779 Million Day ‘Nobody understands the inflation process,’ Slok Says August jobs report Friday to sharpen Fed rate-hike debate   It took more than a decade for Paul Volcker and Alan Greenspan to wring persistently high inflation from ...

Early FX

Friday, September 2nd, 2016

Via Kit Juckes at SocGen: The BIS' triennial FX survey, which reveals (in short) that FX volumes are down and London's share of trading has shrunk, have left this forex participant in defensive mood. It would help if everyone bought and sold a lot of EUR/USD (the cross that is most ...

Credit Pipeline

Friday, September 2nd, 2016

Via Bloomberg: IG CREDIT PIPELINE: List Continues to Grow for September Deals 2016-09-02 09:48:50.136 GMT By Robert Elson (Bloomberg) -- September expected to see an estimated ~$125b; recent history suggests that taking the over is the best strategy. * September may be lower than some expectations as names with September maturities were pushed forward and issued in July/August LATEST UPDATES * ...

Walmart to Layoff 7000

Thursday, September 1st, 2016

Via WSJ: By Sarah Nassauer Updated Sept. 1, 2016 1:50 p.m. ET 126 COMMENTS Wal-Mart Stores Inc. plans to cut thousands of back-office positions around the country, a sign that the retailer’s effort to make its cavernous stores more efficient is also changing the face of its workforce. The largest private employer in the U.S. ...

Glut of High Priced Apartments in Manhattan

Thursday, September 1st, 2016

Via Bloomberg: Another Sign Manhattan Real Estate Is Feeling the Pain Oshrat Carmiel OshratCarmiel September 1, 2016 — 5:00 AM EDT Price cuts, gift cards, penthouse parties among sales tactics Time is the enemy in sputtering market, broker Teplitzky says   Prospective buyers at one Upper East Side condo project are quietly being offered a 5 percent discount. ...

More on This Morning’s Data

Thursday, September 1st, 2016

Via Chris Low at FTN Financial: ISM Manufacturing The ISM manufacturing index unexpectedly fell from 52.6 in July to 49.4 in August, under 50 for the first time in six months. Weakness was extensive, including production, new orders, the orders backlog, employment and almost everything else. ·         Production fell from 55.4 to 49.6 ·         ...