JPMorgan, Wells Fargo, and Citi are all set to release earnings prior to the New York bell with Saxo Bank head of equity strategy Peter Garnry bullish on trading income, commercial banking, and – Trump permitting, of course – stock markets in general.
Squawk / 04 August 2016 at 21:56 GMT
Managing Director / Technical Research Limited
New Zealand
The Bank of England’s decision to combine a cut to the Bank rate with an increase in bond buying raises the issue of how big their balance sheet will become relative to the size of the market. The chart below shows the BOE is already a bigger player than the US Fed or ECB, but way behind the Bank of Japan. Yesterday’s announcement from Mark Carney suggests a return to the 2012 levels. Carney also suggested negative rates for the UK are out of the question, so any further monetary easing would have to come via a final drop in the Bank rate to zero plus even more bond buying.
Patto Patto
Sterling down; bond yields down; stock market up. A very successful move by the BOE. Lessons here for other central banks. Neither the Bank of Japan nor Reserve Bank of Australia got any bang for their buck in recent easings: next up the Reserve Bank of New Zealand on Aug 11. They definitely do need some bang for their buck so will have watched their BOJ, BOE and RBA colleagues closely......
goldfinger goldfinger
Carney is not slow on the uptick. Also states neg interest rates don't work and that he is not an advocate. He has flooded banks with liquidity and insisted rate drop passed to borrowers. What happens when banks say commercial judgement doesn't allow further lending? Because his caveat was that the borrower had to be viable. I have been on the wrong end of a bank saying "we are not lending to that sector at the moment". Got naff all to do with individual viability.


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