Wednesday, 09 December, 2020
In Brief: • No change in interest rates expected at this meeting • New unanimous expectations that ECB will extend/expand PEPP and TLTROs: o Increase PEPP size by €500bn plus extension until at least the end of 2021 o TLTRO III ‘special’ discounted rate of -1.0% extended until at least the end of 2021 • Some banks expect additional measures to be announced, potentially including: o Increase the Tiering multiplier from […] Read More
Monday, 30 November, 2020
(BN) Three-Month Dollar Libor May Win Retirement Reprieve to Mid-2023 ——————————————————————————-This message may contain confidential or privileged information. If you are notthe intended recipient, please advise us immediately and delete this message.The unauthorised use, disclosure, distribution and/or copying of this e-mail orany information it contains is prohibited.This information is not, and should not be construed as, a recommendation,solicitation or offer to buy or sell any securities or related financialproducts. This information does not constitute investment advice, does notconstitute a personal recommendation and has been prepared without regard tothe individual financial circumstances, needs or objectives of persons whoreceive it. Three-Month Dollar Libor May Win Retirement Reprieve to Mid-20232020-11-30 14:00:31.25 GMT By William Shaw, Liz Capo McCormick and Craig Torres (Bloomberg) — The administrator of dollar Libor isconsidering extending key tenors on the discredited interest-rate benchmark until the end of June 2023, according to astatement from the Board of Governors of the Federal ReserveSystem, the Federal Deposit Insurance Corporation and the Officeof the Comptroller […] Read More
Monday, 30 November, 2020
https://www.fca.org.uk/news/statements/fca-response-iba-proposed-consultation-intention-cease-us-dollar-libor ICE Benchmark Administration (IBA), the FCA-regulated and authorised administrator of LIBOR, has today announced that it will consult in early December on its intention to cease US$ LIBOR. IBA intends that, subject to confirmation following its consultation, one week and two month US$ LIBOR settings will cease at end-2021, and that the US$ LIBOR panel will cease at end-June 2023. This follows IBA’s previous announcement to consult on its intention that […] Read More
Monday, 30 November, 2020
Bloomberg-BarclaysIndex Extensions US Tsys 0.16Y, MBS 0.08Y, EGBs 0.04Y, Gilts minus 0.01Y Huge shift expected from equities to bonds, combines with large UST extn If equity markets stay roughly where they are, then the November rally would be largest upside move in a month for European indices over the past 10 years of data and not far off for the US. This should lead to a tremendous switch by indexed/balanced funds into the debt market. […] Read More
Wednesday, 25 November, 2020
Please be advised of the following changes to the trading schedule due to forthcoming Christmas and New Year holidays. Items in red are not yet confirmed and based on what occurred on last year. Thursday 24th December CBOE Earlier close EUREX Market closed for all products EURONEXT Equity options and Index options close at 12:.55 London time. Commodity and Index Futures at 13:00. Single Stock Futures will […] Read More
Tuesday, 17 November, 2020
New Deposit Facility A BOJ Warning To RegionsNI INSIGHT: By Hiroshi Inoue TOKYO (MNI) – The Bank of Japan’s introduction of a Special Deposit Facility for regional banks should not be seen as a measure of blanket support for the sector in its current form but rather as the central bank pushing for greater reform and consolidation with the aim of strengthening the wider financial system, MNI understands. The Covid-19 pandemic has added to the […] Read More
Tuesday, 17 November, 2020
SOMETHING TO THINK ON: with Tesla +13% on index inclusion news after hours, the stock move will add $50bn to its market cap. Moderna’s entire market cap is $38bn. So the selection committee of the S&P 500 have managed to create more market value by adding Tesla to an index than the team of scientists at Moderna did by inventing a successful vaccine against a global pandemic. ——————————————————————————-This message may contain confidential or privileged information. If you are notthe intended recipient, please advise us immediately and delete this message.The unauthorised use, disclosure, distribution and/or copying of this e-mail orany information it contains is prohibited.This information is not, and should not be construed as, a recommendation,solicitation or offer to buy or sell any securities or related financialproducts. This information does not constitute investment advice, does notconstitute a personal recommendation and has been prepared without regard tothe individual financial circumstances, needs or objectives of persons whoreceive it. Read More
Monday, 09 November, 2020
(APW) Pfizer Says Early Data Signals COVID-19 Vaccine Is Effective ——————————————————————————-This message may contain confidential or privileged information. If you are notthe intended recipient, please advise us immediately and delete this message.The unauthorised use, disclosure, distribution and/or copying of this e-mail orany information it contains is prohibited.This information is not, and should not be construed as, a recommendation,solicitation or offer to buy or sell any securities or related financialproducts. This information does not constitute investment advice, does notconstitute a personal recommendation and has been prepared without regard tothe individual financial circumstances, needs or objectives of persons whoreceive it. Pfizer Says Early Data Signals COVID-19 Vaccine Is Effective2020-11-09 12:47:19.2 GMT By LINDA A. JOHNSON and LAURAN NEERGAARD (AP) — Pfizer says an early peek at its vaccine datasuggests the shots may be 90% effective at preventing COVID-19,indicating the company is on track later this month to file anemergency use application with U.S. regulators. Monday's announcement doesn't mean a vaccine is imminent:This interim analysis, […] Read More
Friday, 06 November, 2020
BofA recommend tactically shorting 10-year Treasuries at 0.765%, targeting a move to 0.90% and placing a stop at 0.70%, as the post-election rally appears to be an overreaction, according to BofA. There are five key reasons for the trade: Post-election rally is largely fueled by positioning led unwind, which is partly evidenced by the lack of reaction to the stocks rally, strategists including Ralph Axel write in a note Still see a relatively high probability of some […] Read More
Wednesday, 04 November, 2020
USA!USA!USA! Irrespective of who wins, one thing we do know with 151 years of combined wisdom, America should be proud of their two gladiators ——————————————————————————-This message may contain confidential or privileged information. If you are notthe intended recipient, please advise us immediately and delete this message.The unauthorised use, disclosure, distribution and/or copying of this e-mail orany information it contains is prohibited.This information is not, and should not be construed as, a recommendation,solicitation or offer to buy or sell any securities or related financialproducts. This information does not constitute investment advice, does notconstitute a personal recommendation and has been prepared without regard tothe individual financial circumstances, needs or objectives of persons whoreceive it. Read More
