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Jeremy Frommer, CEO of Hedge Fund LIVE Jeremy Frommer has 20 years of industry experience and is currently responsible for general management and leadership of the General Partner. Previously, Mr. Frommer was a Managing Director and Head of the Global Prime Services Group (“GPS”) at RBC... More
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  • Friday Morning Recap: European Bank Upgrades Help Lift Markets  0 comments
    May 27, 2011 9:20 AM

    HedgeFundLIVE.com – Morning Notes

    - Mixed performance in global markets
    - Shanghai saw notable weakness, closing down 1% after Credit Agricole cut its growth forecast and increased its inflation forecast
    - Nikkei closed down as well, 40bps, though the index was able to bounce off their lows
    - Note that after the Asian market close, Fitch revised its outlook on Japan to negative from stable
    - European bourses are showing strength, particularly the Financials
    - There were a several upgrades on major European banks (by SocGen and Citi) this morning, hence the strength in the bank names
    - Also, EU banks may side step part of the more stringent Basel III capital requirements under drafting legislation implementing new rules, according to the FT
    - G8 finished its two day meeting today- global recovery is gaining strength and they will remain focused on solving public finance issues
    - Dollar is weak
    - S&P futures are trading higher this morning
    - April PCE Prices: +0.2% vs. +0.2%
    - April Personal Income: +0.4% vs. +0.4%
    - April Personal Spending: +0.4% vs. +0.2%
    - Remaining on the economic calendar for today: UMich Sentiment at 9:55a and March Pending Home Sales at 10a
    - Note that the Treasury market will close early today at 2p in light of Memorial Day weekend

     

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