BofA: S&P 500 2021 fair value sensitivity to real risk-free rate and ERP assumptions (bold= current trading range); every basis point move in real risk-free rate or ERP = a 20-30bps move in the S&P 500 $SPX https://t.co/4x3edBiw1f
Newsquawk Fri 13 Aug 2021 12:29- Seeing Bunds lead the bond complex lower currently (GER 10yr +2bps at -0.44%), with looming supply weighing as EUR 14bn of supply is due out of Europe next week, up from EUR 4bn this week, seeing some of that selling creep into Tsys, but much more contained Newsquawk Fri 13 Aug 2021 12:29
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- A group of House moderates is throwing a wrench in the Democrats' two-prong economic agenda, threatening to block a multi-trillion-dollar budget bill until party leaders enact the Senate's bipartisan infrastructure package, according to The Hill Newsquawk Fri 13 Aug 2021 12:14
- "At mid-Aug, [next events ahead of Sept 3rd NFP:] Retail Sales (8/17), PMIs (8/23), Chicago PMI (8/31), and ISM (9/1). The move higher in markets seems to be more a function of lack of participation rather than conviction; and, we may see some chop into NFP." - JPM Newsquawk Fri 13 Aug 2021 11:44
- BofA Flow Show: "week of rotation back to “value”...largest inflows to financials in 10 weeks ($2.6bn), to Europe ($1.5bn) & materials ($0.3bn) in 8 weeks, smallest inflow to tech in 7 weeks ($0.4bn), largest outflow from EM debt funds ($0.3bn) in 7 weeks." Newsquawk Fri 13 Aug 2021 11:14
- European bourses and US futures have a minimal positive bias but ultimately haven't deviated much from unchanged levels USD is downbeat but remains within reach of 93.00 with peers firmer but ultimately rangebound; debt sees USTs firmer while EGBs lost impetus after an initial flurry higher Tokyo daily COVID cases set a new record high and Japan's total exceed 20k for the first time while Australia's New South Wales reported record new cases US FDA has allowed immunocompromised individuals to receive certain COVID booster shots, and said others do not need one at this point Looking ahead, highlights include US Export/Import Prices & University of Michigan Sentiment (Prelim.)
- "The resurgence of Covid due to the Delta variant threatens to turn Biden’s biggest early success on its head. Case numbers are soaring, hospitalizations and deaths are rising. What was supposed to be 'Hot Vax Summer' suddenly ain’t that hot." --Punchbowl Newsquawk Fri 13 Aug 2021 10:14
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EQUITIES
European equities (Eurostoxx 50 +0.2%) trade with little in the way of firm direction as macro newsflow remains light and markets remain in “holiday mode”. The Stoxx 600 is on course to finish the week with gains of around 1% having printed several record highs along the way and extending its rally seen since the start of the month. Overnight, Asia-Pacific trade was predominantly softer with underperformance in Chinese bourses alongside a backdrop of increased regulation and mounting COVID concerns. Stateside, futures are little changed with some minor underperformance in the RTY (-0.1%) relative to the ES (+0.1%) with the latter currently at record highs. Commentary...
- HAPPY "FRIDAY 13TH" I don't believe in 'bad luck'; only normal distribution. https://t.co/9gR1IY3pj2 Newsquawk Fri 13 Aug 2021 08:34
- With markets in paralysis mode at the open, today is all about the return of the Premier League. Who do you think will win the title this season? (Sorry North London) Newsquawk Fri 13 Aug 2021 07:09
- Asia-Pac equities traded mixed with a downside bias; the ASX 200 outperformed and the KOSPI lagged In FX, DXY traded on either side of 93.00 whilst the EUR saw a mild bid as EUR/GBP tested 0.85 South Korea issued a weekend stay-at-home order whilst Australia's New South Wales reported record new COVID cases US FDA has allowed immunocompromised individuals to receive certain COVID booster shots, and said others do not need one at this point The Central Bank of Mexico hiked by another 25bps as expected, taking the rate to 4.50% Looking ahead, highlights include US Export/Import Prices & University of Michigan Sentiment (Prelim.)
- - Looking ahead, highlights include US Export/Import Prices & University of Michigan Sentiment (Prelim.) Newsquawk Fri 13 Aug 2021 05:29
- - The Central Bank of Mexico hiked by another 25bps as expected, taking the rate to 4.50% Newsquawk Fri 13 Aug 2021 05:29
- - US FDA has allowed immunocompromised individuals to receive certain COVID booster shots, and said others do not need one at this point Newsquawk Fri 13 Aug 2021 05:29
- - South Korea issued a weekend stay-at-home order whilst Australia's New South Wales reported record new COVID cases Newsquawk Fri 13 Aug 2021 05:29
- - In FX, DXY traded on either side of 93.00 whilst the EUR saw a mild bid as EUR/GBP tested 0.85 Newsquawk Fri 13 Aug 2021 05:29
- Morning all and happy Friday! - Asia-Pac equities traded mixed with a downside bias; the ASX 200 outperformed and the KOSPI lagged Newsquawk Fri 13 Aug 2021 05:29
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- CIA WEIGHS A SPECIAL CHINA UNIT IN BID TO OUT-SPY BEIJING https://t.co/VBK9o3LTpJ Newsquawk Thu 12 Aug 2021 18:49
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