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  • Editor’s Picks / 3 hours ago

    Liquidity drought could spark market bloodbath

    The Telegraph
    Investors face a “painful” adjustment in a world of evaporating liquidity and higher US interest rates that will trigger huge market swings with potentially catastrophic consequences, the Institute of International Finance has warned. Timothy Adams, the chief executive of the IIF, which represents the world’s biggest banks, described liquidity as the “top issue” at high level meetings of central bankers, chief executives and other financial institutions, Szu Ping Chan reports.
    Read article on The Telegraph
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  • Squawk / 3 hours ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    US services sector speeds up in April, says ISM:

    The ISM non-manufacturing report for April is out and it shows that the US services sector saw activity rise at a faster clip last month compared with March. The headline index printed 57.8 vs. 56.2 expected and 56.5 prior, the highest reading in six months.

    Among the components, business activity rose to 61.6 from 57.5 while new orders hit 59.2, up from 57.8 a month earlier. The employment component - particularly interesting in light of the upcoming employment report on Friday - improved a bit to 56.7 from 56.6.

    Overall a strong report, which bodes well for the employment report on Friday and the US economy in general. I maintain the view that the US economy will bounce back on Q2 (like we saw last year) and grow at rates around 3% in Q2 through Q4.
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  • Editor’s Picks / 3 hours ago

    Why bonds are the scariest thing out there

    CNBC
    Consensus may have it that bonds will only move slightly higher by the end of 2015, but Bessemer Trust's chief investment officer Rebecca Patterson thinks they "are the scariest thing out there right now," because of that very alignment of views. If bond yields correct on the back of the US economy gaining momentum, then a period of volatility will follow in equities, she says, and warns investors that a diversified portfolio is the best way to "get better returns and less volatility along the way."
    Read article on CNBC
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  • Editor’s Picks / 6 hours ago

    Here comes the liquidity drought

    The Telegraph
    Investors are facing a "painful" adjustment in a world of evaporating liquidity and higher US interest rates, the Institute of International Finance says, reported by the Telegraph's Szu Ping Chan. According to IIF chief executive Timothy Adams, investment banks which have traditionally supported liquidity have reined back on their activities after the global financial crash contributing to the liquidity drought and forcing risk "out into the shadows" of non-bank lending. This new financial order is replete with risk, says Adams, who adds "you'd better make sure you're ready...and this is a rollercoaster that you understand."
    Read article on The Telegraph
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  • Article / 9 hours ago

    FX Update: AUD rallies, but USD chomping at the bit

    Head of FX Strategy / Saxo Bank
    Denmark
    FX Update: AUD rallies, but USD chomping at the bit
    AUD jumped as the RBA’s guidance was seen as neutral, even as they cut rates as expected. The rally may not last in AUDUSD, though that pair will be highly data-reactive for the rest of the week. The next US data point in the cross-hairs is today’s April US ISM non-manufacturing survey.
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