Archive for October, 2016
Tuesday, October 18th, 2016
Via NYTimes DealBook:
A start-up looking to take on the financial information behemoth Bloomberg L.P. is hiring a former Bloomberg executive to begin a new financial news service.
Norman Pearlstine, a former top editor at Bloomberg, The Wall Street Journal and Time, is joining Money.net, which has been building a low-cost alternative ...
Posted in Uncategorized | Comments Off on David Challenges Goliath (Bloomberg)
Tuesday, October 18th, 2016
Via WSJ:
Markets Heard on the Street
By Justin Lahart
Updated Oct. 17, 2016 3:41 p.m. ET
There is a little bit of fear creeping into government bond markets. It is about time, even if investors are still underestimating how much long-term Treasury rates could rise from here.
Government bonds are no longer the can’t-lose ...
Posted in Uncategorized | Comments Off on Bond Market Angst
Tuesday, October 18th, 2016
Via WSJ:
By
Sam Goldfarb and
Serena Ng
Updated Oct. 17, 2016 8:27 a.m. ET
A major postcrisis rule taking effect in December will force Blackstone Group LP and other creators of complex securities to eat some of their own cooking. Many of them are already engineering ways to keep it to ...
Posted in Uncategorized | Comments Off on Skirting the Dodd Frank Rules on Risk Retention
Tuesday, October 18th, 2016
Via Bloomberg:
October 18, 2016 — 3:09 AM EDT
Updated on October 18, 2016 — 4:03 AM EDT
China’s broadest measure of new credit exceeded estimates in September to fuel the economy’s continued stabilization and at the same time underscore escalating concerns over a property binge and the pace of debt expansion.
Aggregate financing ...
Posted in Uncategorized | Comments Off on China Credit Surge
Tuesday, October 18th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h118c5df5,18a7de3b,18a7de3c&p1=136122&p2=28b416cf9c64768ca4b4f5d760196c1d>
Working out how important central bank indepdence has been in building the economic prosperity major economies ahve enjoyed since the end of the 1970s wouldn't be easy, but getting rid of independence and seeing what happens next seems to be on the minds of some politicians, ...
Posted in Uncategorized | Comments Off on Early FX
Monday, October 17th, 2016
I have long thought the next market calamity would be in the corporate bond world. This Bloomberg story reports on a Goldman Sachs research piece which posits that a 1 percent increase in yields would lead to more than $1 trillion in losses in corporate bond portfolios. The more interesting ...
Posted in Uncategorized | Comments Off on Duration Time Bomb
Monday, October 17th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
Industrial production crept up by 0.1% in September, somewhat better than I had expected but a tenth below consensus. Overall production in September was depressed by a weather-related fall in utility usage (though the 1.0% decline was smaller than I had projected). There were ...
Posted in Uncategorized | Comments Off on IP
Monday, October 17th, 2016
Via Bloomberg and hat tip to Steve Feiss at Government Perspectives who you can find on Twitter at @stevefeiss:
Index masks weakness in breadth that spells trouble in past
Divergence happened in 2015, worst year in this bull market
At first glance, the stock market in 2016 is nothing like it ...
Posted in Uncategorized | Comments Off on Equity Market Divergence
Monday, October 17th, 2016
Via Bloomberg:
IG CREDIT: Spreads See New Tight Levels YTD
2016-10-17 10:22:17.859 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $11.7b Friday vs $17.8b Thursday, $11.2b the previous
Friday. 10-DMA $13.9b; 10-Friday moving avg $11.4b.
* 144a trading added $1.9b of IG volume Friday vs $2.5b
Thursday, $1.9b last Friday
* Trace ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Monday, October 17th, 2016
Via Bloomberg:
German Bund Yields Surge to the Highest Since U.K. Referendum
Marianna Duarte De Aragao
aragaomarianna
October 17, 2016 — 4:54 AM EDT
Updated on October 17, 2016 — 6:27 AM EDT
Ten-year yield climbs above 0.1% for first time since June 23
Rising inflation expectations are pressuring debt prices
A selloff in European government bonds pushed ...
Posted in Uncategorized | Comments Off on Yield Rally Continues