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  • Squawk / 14 minutes ago
    Head of Macro Strategy / Saxo Bank
    Spanish unemployment declines more than expected in July:

    The Spanish labour market continued to recover from its depression last month as 74,000 left the unemployment queue compared with an expected drop of 44,500. This comes on the back of a drop of 94,700 in June and implies that unemployment is down 401,000 year-to-date vs. a drop of 281,000 in the same period last year.

    The employment series, which is seasonally adjusted, gained 10,500 last month implying an annual change of 3.4%. Employment is up by 897,000 since the bottom in August 2013, but there is still plenty of employment growth needed (more than 2mn) to return to the prior peak in early 2008.

    The IBEX index is up just shy of 10% this year (before dividends).
    Read the Squawk
  • Editor’s Picks / 2 hours ago

    RBA keeps cash rate on hold

    Sydney Morning Herald
    The Reserve Bank of Australia kept the cash rate steady at 2% for the third month in a row, but left the door ajar for a further cut this year. Mark Mulligan writes the decision was widely expected, but the Australian dollar still spiked about one-third of a US cent, to around US73.30¢, reflecting bets that the central bank's next move on interest rates will be up. RBA governor Glenn Stevens reiterated in his statement that inflation was contained and growth remained sub-trend. However, he appeared happy with recent stability in the jobs market, despite spare productive capacity.
    Read article on Sydney Morning Herald
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  • Article / 2 hours ago

    3 Numbers: UK housing uptick, EU PPI, US factory orders

    editor/analyst /
    United States
    3 Numbers: UK housing uptick, EU PPI, US factory orders
    A modest uptick is expected in UK housing prices in today's HPI update, and the outlook for Britain’s housing market looks subdued. In the Eurozone, the producer price index will give guidance on macro momentum. On the other side of the Atlantic, a rise in US factory orders for June would be welcome sign, given two straight months of falling orders.
    Read the article
  • Editor’s Picks / 4 hours ago

    'Ringmaster’ Hayes gets 14 years for Libor rigging

    Former UBS Group AG and Citigroup trader Tom Hayes, the first person to stand trial for manipulating Libor, was sentenced to 14 years in prison after being found guilty of conspiracy to rig the benchmark rate. After a week of deliberations, jurors unanimously found that the 35-year-old worked with traders and brokers to game the London interbank offered rate to benefit his own trading positions. The verdict was among the longest for financial crime in the U.K. “Probity and honesty are essential, as is trust. The Libor activities of which you took part in put that in jeopardy,” Cooke said as he handed out the sentence in London Monday. “A message needs to be sent to the world of banking.” Hayes, dressed in a light blue shirt and sweater, shook his head from side to side as the jury returned their verdict. His wife, Sarah, bit her bottom lip and shook her head from the gallery and his parents looked on impassively as the charges were read out one by one.
    Read article on Bloomberg
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  • Editor’s Picks / 6 hours ago

    Bangladeshi fund move part of push to fix infrastructure

    Nikkei Asian Review
    Bangladesh is readying a sovereign wealth fund to channel its foreign exchange reserves to infrastructure investments, says the governor of the country's central bank. The fund, to be launched in the next few months at the earliest, will have an initial size of $1 billion to $2 billion, said governor Atiur Rahman. "Our economy could achieve double-digit" growth if it overcomes a lack of modern infrastructure and other problems, he said. To try to fix its shoddy roads, ports and other economic bedrock, Bangladesh has already declared itself a founding member of the China-led Asian Infrastructure Investment Bank.
    Read article on Nikkei Asian Review
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  • Article / 6 hours ago

    Morning Report APAC: US ISM pushes rates lower; USDBRL and USDMYR rise

    APAC Sales Trading Desk / Saxo Capital Markets
    Morning Report APAC: US ISM pushes rates lower; USDBRL and USDMYR rise
    The lower than expected ISM Manufacturing figure pushed 10 year bond rates lower. In commodities, the drop in crude oil prices has impacted the commodity currencies. Meanwhile the same currencies continue to suffer in emerging markets.

    US ISM lower than expected push US rates lower, USDBRL continues to move up as well as USDMYR with bank Negara NOT seen selling usd
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  • Trade view / Yesterday at 23:05 GMT
    Strategic trade

    Strong JD earnings should prompt Alibaba rally

    China Watcher / Shanghai
    Alibaba’s biggest rival will release its earnings on Friday, before Alibaba’s own earnings release next week. This will give investors a taste of what to expect from Alibaba’s earnings, because the two firms are similar in business scope. The key focus points for both firms are likely to be logistics investment and O2O business potential. So if reports healthy earnings, Alibaba’s share price should rally.
    Read the Trade View
  • Editor’s Picks / Yesterday at 22:44 GMT

    No need for strong stimulus steps: China's state-run media

    South China Morning Post
    China has no need for "massive stimulus measures" to keep its economy steady, the state-run People's Daily says, to assuage concern over slowing growth. The front-page commentary came amid a sustained fall in factory activity and speculation that top Communist Party leaders are holding their summer policy talks, at which economic development is expected to top the agenda. The economy expanded 7% in the second quarter in what economists said was top policymakers' most difficult three months in the past decade due to declining asset investment, slowing trade growth and a stock market gyration.
    Read article on South China Morning Post
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