Archive for October, 2016
Friday, October 7th, 2016
Via Bloomberg:
IG CREDIT: Dealer Positions in 10Y, 30Y Rose Again
2016-10-07 10:39:21.110 GMT
By Robert Elson
(Bloomberg) -- Dealer positions in all corporate bonds fell
$538m to $21.4b as of Sept. 28, according to Fed NY release.
* $6.5b low Oct. 2015; high $45.9b March 2014
* Investment grade positions:
* Very short issues fell $224m to ...
Posted in Uncategorized | Comments Off on Dealer Positions
Friday, October 7th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Sterling Stabilizes After Harrowing Drop, Now Jobs
Sterling again steals the limelight; there are two main schools of thought regarding flash crashes
German, French, and Spanish industrial output data were consistently stronger than expected
China is still on holiday, but September reserve figures ...
Posted in Uncategorized | Comments Off on More FX
Friday, October 7th, 2016
Via Kit Juckes at SocGen :
Sterling was drunk yesterday, went completely mad late in the evening and probably has a terrible headache this morning. It probably ought to be left to sleep it off today, before the next moment of madness.... ...
Posted in Uncategorized | Comments Off on FX
Friday, October 7th, 2016
Via Bloomberg:
Move ‘caught the market wrong-footed’: Westpac’s Killen
Sterling dives 6.1% in minutes during Asia hours, snaps back
During two chaotic minutes of Asian trading, the pound plunged the most since the Brexit referendum in June, with traders saying computer-initiated sell orders exacerbated the slump.
The 6.1 percent drop drove sterling to ...
Posted in Uncategorized | Comments Off on Sterling Flash Crash
Thursday, October 6th, 2016
Via Bloomberg:
Nonfarm Payrolls Seasonality Points to USD Risk: Analysis
2016-10-06 14:26:56.6 GMT
By TJ Marta
(Bloomberg) -- USD risk skewed to downside for Friday’s
nonfarm payrolls as report for Sept. has missed five of seven
times since 2009; jobs more than 50k below estimates have
regularly resulted in dollar decline, Bloomberg strategist TJ
Marta writes.
* Of seven ...
Posted in Uncategorized | Comments Off on Seasonality of September Labor Report
Thursday, October 6th, 2016
Via Ian Lyngen:
*** Anecdotes for this month’s employment report are biased stronger with 8 positive anecdotes vs. 3 negative ones. In fact, we’d argue the details are even more positive as the negative proxies include the historical NFP bias and Empire State. On the other hand, this month’s positive anecdotes ...
Posted in Uncategorized | Comments Off on Employment Musings
Thursday, October 6th, 2016
Via Marc Chandler at Brown Brothers Harriman:
The Dollar is Firm in Quiet Markets
The US dollar is advancing against the major and most EM currencies
We share four observations about the price action
The deputy speaker of Italy's Chamber of Deputies and one of the leaders of the opposition ...
Posted in Uncategorized | Comments Off on More FX
Thursday, October 6th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h1178ac28,18882b77,18882b78&p1=136122&p2=522a43328923232ba1f70191a40e6eea>
With US labour market data tomorrow, it feels like a day where markets could pause. In the wake of discussion about the ECB tapering its bond market purchases, today's account of last month's ECB ,meeting will take on added importance (at 12:30 BST) and at the ...
Posted in Uncategorized | Comments Off on FX
Thursday, October 6th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: AFDB Set to Price; 2 Names Added to List
2016-10-06 09:29:02.66 GMT
By Robert Elson
(Bloomberg) -- Expected to price today:
* African Development Bank (AFDB) Aaa/AAA, to price $500m
Global 4Y FRN, via managers BMO/BAML/C; guidance 3ML +19
area
LATEST UPDATES:
* Republic of Namibia (REPNAM) Baa3/BBB-, to hold non-deal
investor meetings Oct. 7-13, ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Thursday, October 6th, 2016
Via Bloomberg:
Fed’s Fischer Says Central Banks Need Fiscal Help to Spur Growth
Christopher Condon
chrisjcondon
October 5, 2016 — 7:15 PM EDT
‘Ultra-low interest rates are not necessarily here to stay’
Low pace of innovation may have dampened investment and saving
Federal Reserve Vice Chairman Stanley Fischer said both monetary and fiscal policy steps may be ...
Posted in Uncategorized | Comments Off on Gloomy Fed Fischer