Former Citi Head of Global FX Anil Prasad set to launch his own hedge fund in early 2015 following the invocation of the Dodd-Frank Act’s Volcker Rule. Could this fill the void left by the demise of FX Concepts last year? Almost a year has gone by since the high profile demise of what was the…
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Move over John Taylor! Former Citi FX senior executive set to launch his own hedge fund
Two of the most recognizable barometers of investor’s confidence have proven less effective in 2014. Central Bank actions have dictated the pace global economics and their intervention has disrupted the supply and demand of commodities. While the stimulus pushed by central banks in order to boost…
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Commodities Outlook Central Banks and Geopolitical Risks Drive Direction
Vladimir Putin risks becoming an international pariah over the Ukraine crisis but the Russian president is battening down the hatches for the gathering economic and political storm. The United States and the European Union saw the downing of Malaysian Airlines flight MH17 as a chance for Putin to…
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Putin may have passed point of no-return over Ukraine
The Conference Board Consumer Confidence Index®, which had improved in June, increased in July. The Index now stands at 90.9 (1985=100), up from 86.4 in June. The Present Situation Index increased to 88.3 from 86.3, while the Expectations Index rose to 92.7 from 86.4 in June. The monthly Consumer…
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The Conference Board Consumer Confidence Index Improves Again
With all other operating holdcos having already declared bankruptcy, the anxiety over Banco Espirito Santo is growing (despite DE Shaw and Goldman Sachs recommending investors buy the shares). Despite Bank of Portugal reassurance last night that “BES is able to raise capital), the stock is plunging…
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Banco Espirito Santo Plunges: Shareholder Meeting Cancelled Due To "Unexpected Facts"
As Argentina comes to the brink of a possible default on its sovereign debt, it’s worth considering another country that could find itself in a similar situation: Russia. Argentina’s debt drama will reach a crucial stage this week. Under a recent New York court decision, the government has until …
Residential real-estate prices rose in the 12 months ended May at the slowest pace in more than a year as a lull in the U.S. housing market limits appreciation. The S&P/Case-Shiller index of property values in 20 cities increased 9.3 percent from May 2013, the smallest year-to-year advance since …
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Home Prices in 20 U.S. Cities Rose at Slower Pace in May
Morgan Stanley is technically bearish on EUR/USD, EUR/AUD, and EUR/CAD. In EUR/USD, MS notes that it has crossed and stayed below the key 1.35 level (a retracement and previous low), suggesting that there is room to move lower. “Over the medium term we look for a move lower towards the 38….
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Bearish On EUR/USD & EUR-Crosses: Levels To Target – Morgan Stanley
A fairly sedate beginning to the week saw Wall Street markets closing around flat, not helped by a slightly disappointing set of Pending Home Sales from the US. Asian markets were also rather subdued with only slight gains on the Nikkei which was helped a further weakening of the yen amid the…
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Little reason yet to bat against this Euro sell-off
Interest rates have fallen this year because the otherwise compelling case for why they should rise was missing one crucial piece — until now. That missing piece was in the sentiment arena: Far from the excessive bullishness typically seen at market tops, bond traders and investors instead have …
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Why the 10-year Treasury could yield 4% by Thanksgiving
Argentina is on the brink of its second debt default since the turn of the century. Its officials meet with a US mediator later on Tuesday in the latest chapter of a decade-long debt battle with “vulture fund” bondholders who are demanding complete repayment from the Latin American country. Fears…
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Argentina’s looming debt default: what happens next?
A think tank believes bankers should be expected to swear an oath in which they promise to behave properly, in the same way as doctors. ResPublica has drawn up a statement that it says people who work at major financial institutions should agree to adhere to. The oath includes a promise to “…
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Bankers Should Be Made To Take ‘Moral Oath’
Apart from the offers at 1.7000-10 that I’ve been highlighting we’ve also seen down pressure on cable through EURGBP finding a few buyers having foiled attempts to crack 0.7900 over the past 24 hours Regular readers will know that the pair sees month-end buying interest from the BUBA to convert t…
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EURGBP demand adds to pound selling pressure
U.S. and European leaders agreed on Monday to impose wider sanctions on Russia’s financial, defence and energy sectors as Ukraine said its forces advanced towards the crash site of Malaysian flight MH17. The new sanctions, which U.S. President Barack Obama and leaders of Germany, Britain, Franc…
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West agrees wider Russia sanctions as Kiev says forces near crash site
British mortgage approvals picked up in June and were stronger than expected after falling for the previous four months while banks introduced more stringent checks on borrowers. The Bank of England said on Tuesday that mortgage approvals numbered 67,196 last month, up from 62,007 in May. Anal…
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UK mortgage approvals rise in June for first time since January
German 10-year government bonds rose, sending yields to the lowest on record, surpassing levels set at the worst of the European sovereign-debt crisis. Unprecedented European Central Bank stimulus measures imposed to stave off deflation are boosting bonds across the region, with yields on debt f…
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German Bund Yield Falls to Record, Surpassing Euro-Crisis Levels
UK broad money, M4 excluding intermediate other financial corporations (OFCs), increased by £8.0 billion in June, compared to the average monthly increase of £4.3 billion over the previous six months. The three-month annualised and twelve-month growth rates were 4.6% and 3.9% respectively. M4Lx i…
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UK Money and Credit: June 2014
Prepare for the pound to fall ahead of a vote on whether Scotland should break away from the United Kingdom and become an independent country. That’s what some analysts are saying in the rundown to the Sept. 18 referendum, even though the pound GBPUSD -0.04% has been on an upswing against the do…
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How to play the pound in Scotland’s independence vote
Banks are handing out mortgages of as much as $10 million to the wealthy in record numbers while first-time homebuyers struggle to get loans. Erin Gorman, managing director at Bank of New York Mellon Corp., said she’s fielding more requests for home loans of at least $2 million than ever befo…
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Million-Dollar U.S. Housing Loans Surge to Record Level
Shortly after we exposed the real liquidity crisis facing Chinese banks recently (when no repo occurred and money market rates surged), China (very quietly) announced CNY 1 trillion of ‘Pledged Supplementary Lending’ (PSL) by the PBOC to China Development Bank. This first use of the facility “smacks…
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Is This China’s QE?
