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Thursday, August 16, 2012, 1:24 PM Rick Rieder - BlackRock's CIO for fixed income - is putting money to work in Spanish and Italian sovereign bond markets for the first time in a year, though he says it's just a small portion of the $620B he manages. His favorite sector remains high yield debt. Reider says low nominal yields make sense with Treasurys below 2%, and spreads have room to tighten further. 2 Comments [Global & FX]
Friday, August 10, 2012, 9:05 AM What crisis? Europe's corporate bond market is cruising, investment-grade euro-denominated bonds returning 8.9% YTD. Spreads remain wide - more than 200 bps to sovereign bonds vs. 50 bps pre-crisis - but there are good reasons for this. The search for yield continues, but how much upside is left? Comment! [Global & FX]
Saturday, August 4, 2012, 9:44 AM Focused on what ECB action may be on sovereign debt, markets are underpricing the chance the central bank steps into corporate bonds, opine two Goldman strategists. Measures could include direct purchases of corporate paper or a "funding for lending" scheme (a la the BOE). The moves would allow the ECB to provide market support without violating its mandate against financing of governments. 9 Comments [Global & FX]
Friday, June 8, 2012, 3:46 PM Speculative short positions in the euro jumped another 7.1K to 234.8K contracts in the week ended June 5, the largest gang on one side of the boat since at least Dec. 2007, according to Dow Jones. Shorts in the aussie grew a whopping 12.6K to 68.4K contracts. Maybe not surprisingly, with all that heft underneath, both currencies have performed decently since the 5th. (CFTC report) Comment! [Global & FX]
Thursday, June 7, 2012, 4:29 AM Chinese sovereign wealth fund CIC has scaled back its holdings of European stocks and bonds, and CIC Chairman Lou Jiwei says he sees mounting risks of a eurozone breakup. The remarks underscore China's dismay at how eurozone leaders are handling the crisis in China's largest export market. Comment! [Global & FX]
Wednesday, June 6, 2012, 8:44 AM Draghi press conference: The gist of his prepared remarks suggests the ECB is holding firm in its insistence it won't come to the rescue of governments that (it feels) continue to dally. European shares are shedding some gains, the Stoxx 50 up just 1%. The euro takes a big dive, now back to flat at $1.2457. 3 Comments [Global & FX, Breaking News]
Friday, May 18, 2012, 8:26 AM The ECB is playing a game of chicken - sitting on its hands to play tough with the Club Med states - but (along with the other major central banks) will "step in massively," says HSBC's David Bloom, and set off a powerful rally. Bob Janjuah agrees - "The Fed and the ECB will respond (soon) and trigger a short, sharp rally." 5 Comments [Global & FX]
Wednesday, May 16, 2012, 11:31 AM While the news with respect to the ECB and the Greek banks may be more technical in nature (as opposed to cutting anybody off), Bloomberg's Linda Yueh reports sources at the central bank saying there are no plans for additional stimulus even if market tensions rise. A review of policy is under way, and expected to be completed in July. 5 Comments [Global & FX]
Wednesday, May 16, 2012, 11:15 AM The ECB has stopped monetary operations to some Greek banks because recapitalizations are not yet in place, reports Reuters' Jamie McGeever, citing ECB sources. European shares give up solid gains, now flat on the session. 1 Comment [Global & FX, Breaking News]
Monday, May 14, 2012, 11:56 AM As cheeky traders flirt with the SNB's 1.20 floor on the euro/Swiss franc cross (driving it to CHF 1.2009), central bank chief Jordan tells an audience the franc remains "clearly overvalued." His remarks, however, fail to budge the pair. FXF -0.6%. Comment! [Global & FX]
Monday, May 14, 2012, 8:53 AM Already down on the day, the euro tumbles further as European Commission VP Almunia says the ECB has room to maneuver. He also suggests the EU move towards "debt mutualization." The euro is buying $1.2836, it's lowest level since January. FXE -0.6% premarket. Comment! [Global & FX]
Wednesday, May 9, 2012, 5:03 PM A major shift, the Bundesbank suggests it would accept higher German inflation to assist the rebalancing effort between the Club Med countries and the EU core. For months, the Buba has leaned against an ECB it sees as too loose. Its comments - submitted in testimony to parliament - suggest an "awareness" of the deflationary pressures in the peripheral states. 3 Comments [Global & FX]
Wednesday, May 9, 2012, 9:32 AM EMU troubles may soon put the SNB and its 1.20 euro/franc floor to the test, the cross sinking as low as 1.2003 several times today. The floor has thus far been maintained with very little intervention by the central bank. A true rush of money into francs, however, would force the SNB to make good on its promise of printing "unlimited" amounts of currency. Comment! [Global & FX]
Wednesday, May 9, 2012, 9:11 AM The Spanish PM announced today his country's banking system has collapsed and it's barely caused a whisper, writes Adam Button. Being locked out of debt markets isn't "theoretical," PM Rajoy told the Senate, ("it's) happening to the immense majority of regions, our whole financial sector and most big companies." Madrid -3.7%, STD -6.8%, BBVA -7.1%. 5 Comments [Global & FX]
Tuesday, May 8, 2012, 4:51 PM The IMF labels appropriate Switzerland's setting of a 1.20 floor on the euro/franc exchange rate, and says it has helped shore up the economy. The fund notes the floor has not really been challenged yet - should that happen and the SNB be forced to respond by printing francs to sop up euros, the resulting monetary expansion could lead to inflation and/or asset bubbles. Comment! [Global & FX]
Friday, May 4, 2012, 11:53 AM More evidence the euro is about to explode out of its tight trading range (which way TBD): The implied volatility of the euro/dollar exchange rate has collapsed, sharply diverging from its relationship with EU stocks. This sort of action may not last for too long. Today is seeing a bit of breakout - to the downside. FXE -0.5%. (see also) Comment! [Global & FX]

EU WisdomTree Euro Debt ETF

EU

WisdomTree Euro Debt ETF