Archive for September, 2016

Early FX

Thursday, September 22nd, 2016

Via Kit Juckes at SocGen: That thing where I realise an hour later that blackberry doesn't always send things anymore.... <http://www.sgmarkets.com/r/?id=h11627cf4,1863fd1a,1863fd1b&p1=136122&p2=a05212a102fa59d0acb353411ed084c8> A grey, flat, Dutch morning after an FOMC/BOJ day that delivered a market response I didn't expect. These are treacherous markets but the overwhelming magnetic force of yield and carry continues to ...

Dueling PMs

Thursday, September 22nd, 2016

Via Bloomberg: Gundlach, Fidelity Differ on Treasuries as Citi Says Buy on Dips Narayanan Somasundaram sonarayanan September 21, 2016 — 10:26 PM EDT Updated on September 22, 2016 — 2:14 AM EDT U.S. 10-year note yield will rise above 2% this year: Gundlach Fidelity sees yields staying at historically low levels   Jeffrey Gundlach and Fidelity Investments differed in ...

FOMC Analysis

Wednesday, September 21st, 2016

Via TDSecurities: TD SECURITIES DATAFLASH US:  Second Hike is Just Around the Corner ·         Federal Reserve leaves its fed funds rate unchanged but delivers a statement that virtually cements a 2016 hike. The accompanying dot plot helped to offset a lot of this dovishness by paring back the pace of 2017 hikes. ·         The ...

BOJ

Wednesday, September 21st, 2016

Via WSJ: By TAKASHI NAKAMICHI and MEGUMI FUJIKAWA Updated Sept. 21, 2016 3:33 a.m. ET 18 COMMENTS TOKYO—Japan’s central bank took an unexpected step Wednesday, introducing a zero interest-rate target for 10-year government bonds to step up its fight against deflation, after an internal review of previous measures that fell short of expectations. The adoption ...

Credit Pipeline

Wednesday, September 21st, 2016

Via Bloomberg: ============================================================================= Robert Elson (212) 617-2981 [email protected] Bloomberg L.P. 731 Lexington Avenue / 4th Floor New York, NY 10022 IG CREDIT PIPELINE: Issuance Lull Expected Waiting for Fed 2016-09-21 09:31:29.121 GMT By Robert Elson (Bloomberg) -- LATEST UPDATES * ICBC Financial Leasing (ICBCIL) A1/A, mandates C/BNP/BoC/GS/ICBC/JPM/ShangPudong for possible $bench 144a/Reg-S deal; investor calls/meetings from Sept. 20 * Starbucks (SBUX) A2/A-, filed a debt shelf ...

FX

Wednesday, September 21st, 2016

Via Marc Chandler at Brown Brothers Harriman: BOJ Eases Self-Imposed Restrictions, but Can't Weaken the Yen Much of what the Bank of Japan announced today had been largely leaked Attention turns to the Federal Reserve In lieu of a rate hike, the dot plots and Yellen's press conference will be the ...

Retail Sales Analysis

Thursday, September 15th, 2016

I wont be a regular blogger the next several days but here is a retail sales recap via TDSecurities: US: Retail Sales Falls Short of Expectations     ·         August retail sales slipped by 0.3% m/m, which was worse than the consensus had expected. Much of the weakness was concentrated in autos and ...

Thirty Year Bond Auction Preview

Tuesday, September 13th, 2016

Via Ian Lyngen: We are cautiously optimistic about this afternoon’s long-bond Reopening auction and are anticipating a fair takedown (on-the-screws) or a modest stop-through – assuming that the recent concession is enough of an incentive to attract dip-buyers.  We’re also cognizant that the sector has recently performed well at auction and ...

FX

Tuesday, September 13th, 2016

Via Marc Chandler at Brown Brothers Harriman: Dollar Firms Amidst Much Noise, Weak Signal The dollar was firm before its Brainard-induced gyrations, and it has regained its footing China reported firm August IP and retail sales The UK and Sweden both reported lower than expected August CPI South Africa’s ...

liquidity Squeeze in China

Tuesday, September 13th, 2016

Via Bloomberg: Yuan Liquidity Squeeze a Bad Sign for China’s Equity Market Justina Lee justinaknope September 12, 2016 — 12:00 PM EDT Updated on September 13, 2016 — 5:51 AM EDT China focusing on currency at expense of stocks: Hao Hong Yuan loan rates in Hong Kong surge to seven-month high   The outlook for one of the world’s ...