Category: Hedge Funds
Following "Fine-Tuning", Second Print Of Q4 GDP Lifts It Back To Initial Estimate Of 3.0%
Back on January 27, before the impact of the trillions in liquidity injections by the central banks was fully appreciated, the advance Q4 GDP print came in below estimates of 3.0%, printing at 2.8%. Today, we just got the flip flop to that, after the s…
LTRO 2 Bring Down: €529.5 Billion Gross, €311 Billion Net; Discount Window Stigma Resurfacing
Just like the first time around, the net gain from the LTRO when taking into account rolling off instruments, will be lower than the Gross amount. How much? According to SocGen, the final number by which the ECB’s deposit account will increase will be …
With LTRO Out Of The Picture, Portugal Is Back In Play – Bonds Sliding
As the ECB has stopped its SMP bond-buying and now the LTROs are all done (until the next one of course), Portuguese bond spreads have been increasing rapidly and post-LTRO today even more so. While broadly speaking European sovereign risk is mod…
Busy Leap Day: Today’s Full Schedule Of Events
On this leap day, we have a busy schedule which includes the second Q4 GDP revision, Chicago PMI (expect another massive beat courtesy of consumers confident that they can have Apple apps, if not so much food, since they still don’t pay their mortgages…
Silver Surges 4.5% To Over $37/Oz On "Massive Fund Buying"
From GoldCore
Silver Surges 4.5% To Over $37/Oz On “Massive Fund Buying”
Gold’s London AM fix this morning was USD 1,788.00, EUR 1,329.96, and GBP 1,120.79 per ounce..
Yesterday’s AM fix was USD 1,774.75, EUR 1,321.48, and GBP 1,120.42 per ounce.
Cr…
Summary Of Wall Street’s Opinions On LTRO 2
The following people are paid to have an opinion, whether right or wrong, so it is our job to listen to them. Supposedly. Reuters summarizes the professionals kneejerk reaction to the LTRO 2. Because when it comes to explaining why Europe’s banks are n…
Frontrunning: Leap Year Edition
Euro-Area Banks Tap ECB for Record Amount of Three-Year Cash (Bloomberg)
Papademos Gets Backing for $4.3B of Cuts (Bloomberg)
China February Bank Lending Remains Weak (Reuters)
Romney Regains Momentum (WSJ)
Shanghai Raises Minimum Wage 13% as China Se…
As A Reminder, Here Is What Happened To Risk Following The Surge In Fed Discount Window Borrowings
Since for all intents and purposes the ECB’s LTRO is equivalent (and likely accepts even ‘looser’ collateral) to the Fed’s massive (for its time) liquidity injection following the failure of Lehman, a good question is what happened to stocks after the …
Cascade is to Domino as Greece is to Portugal as LTRO 2 is to…
In 2010 I penned a public post based upon subscriber research called Is Another Banking Crisis Inevitable. In it I presumed that serial and or cascading sovereign defaults will break the European banking system. Aside from calling me “Doom and Glo…
Initial Rally Fades In PMs, FX, And Equities Post LTRO
EURUSD and equity markets are undecided, European sovereigns have rallied modestly back to earlier day tights but no further (and Portuguese debt is underperforming), and credit markets in Europe are leaking modestly wider so far. The biggest movers in…
