Yesterday’s Vol comment, I suggested we’d see Vol hit on market positioning if bunds pushed support. Well, we saw 6k bunds sold through my 159.34 lvl and Vol felt the consequences. OCT ATM^ lost 8 tics, with NOV ATM taking its time, but playing catch up in late trade, seeing us -7 lower on yesterdays session. This did encourage some to fade the ^ spread, paying 93 the 159.50^ switch which currently sits 93 […] Read More
Will The EM Trade Unwind & Can Policymakers Cope? Following on from our article last week (Risk Repricing Yet To Trigger EM Capital Flight) in which we argued that there is little evidence (so far) of EM capital flows reversing, two questions naturally follow: will the EM trade unwind and can policymakers cope if it does? Fig 1. EM ETF Flows, 3m % Change Source: MNI, Bloomberg As we previously highlighted, over USD1trn […] Read More
FAANG TURN: another fairly disparaging article in the NYT “People talk about bankers being amoral,” said Charlie Beckett, the director of the Truth, Trust and Technology Commission at the London School of Economics. “They are starting to talk about tech people in similar language. Where before they were kind of heroes — they were people who brought us these wonderful products — they are now starting to be blamed for the ills of the […] Read More
AUSTRALIA: *** Little surprising content in the…. AUSTRALIA: *** Little surprising content in the RBA statement, as the bank left its cash rate unchanged at 1.50%. The Bank has stuck to its glass half full approach, and there was a lack of fresh dovish rhetoric that some were looking for, with some of the comments more positive at the margin. The Bank didn’t change its language re: mortgage rates, despite the recent out of cycle […] Read More
Rolls update (up until Friday’s close) James Sewell E James.Sewell@archr.com 49 Carnaby Street, London, W1F 9PY United Kingdom ARCHR.COM Read More
From: Archr <hq=archr.com@send.aweber.com> On Behalf Of Archr Sent: 26 August 2018 20:53 To: Ashley Joye <Ashley.Joye@Archr.com> Subject: ARCHR- The Week Ahead Archr – Focus Event Sunday August 26, 2018 Dear Ashley, U.S. Expect market activity to be muted in the week ahead, late summer malaise hanging on with the passing of the dog days of summer around mid-August. Mostly second-tier data in the week ahead and a dearth of Fed-speakers so far on […] Read More
EU lawmakers from Italy’s coalition parties seek funds to quit euro – Reuters News 01-Jun-2018 15:05:56 To view this story on Eikon, click here BRUSSELS, June 1 (Reuters) – European Union lawmakers from the two parties forming Italy’s new government coalition voted this week to set up EU funds to help countries quit the euro, a sign of the Italian leadership’s ambivalent position on the common currency. The vote came as the anti-establishment 5-Star […] Read More
By Tim Cooper LONDON (MNI) – Source: MNI/Bloomberg EGB SUMMARY: Italian bonds have had a rollercoaster ride this morning in an otherwise subdued trading session, with the UK and US observing holidays. – 10Y BTPs widened to as much as 233.6bps over Bunds after dropping to 189.90 early in the session, last trading 219.3bps, 13.8bps wider. Spreads are entering levels not seen outside crisis (i.e. 2011-13). – Former IMF staffer Cottarelli has now […] Read More
MNI INTERVIEW:Infl Expctns Likely Hovering at 2%-Fed Economist By Sara Haire –Inflation Driven By Inflation Expectations "Difficult" To Prove –Possible There Could Be Downshift in Consumers’ Inflation Expectations WASHINGTON (MNI) – Concerns over the impact that inflation expectations have on actual inflation have been ramped up by some economists recently as expectation measures have converged closer to 2%, but in an interview with MNI, Cleveland Fed senior vice president and research economist Edward Knotek said […] Read More
By Nikos Chrysoloras and Ian Wishart (Bloomberg) — The European Union is fine-tuning what access it’s prepared to give the U.K.’s crucial financial services industry after Brexit, and the proposal falls far short of what Britain and its banks think is fair. The EU will consider offering the U.K. “improved equivalence” for its financial services, according to the latest draft of the bloc’s negotiating position, obtained by Bloomberg. That means the EU will only let […] Read More
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