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Daily Snapshot

Daily Snapshot – 2 March 2023

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“Will there be any companies left in the UK at this rate?” I asked my UK sales specialist. Plenty of M&A in the post-Brexit aftermath at lowly levels followed by a rush to be listed in the U.S. has left a somewhat depleted look. CRH the latest to call time on it’s primary London listing and shift to New York, following Fergusson last year with ARM choosing to avoid the City of London all together will come as a major blow. Its been reported that dealmakers are inundated with incoming from clien…

The View from 5th Avenue

The View from 5th Avenue – 1 March 2023

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U.S. stock futures edged higher this morning to usher in the new month. March supposedly heralds spring, a rebirth, a new dawn. But, markets remained unable to skirt the major theme that has clutched the heart of 2023 thus far – inflation (just as it did in ‘22!). Signs that China’s economy is rebounding via their monster PMI print last night spurred a rally in Hong Kong, but did little in the way of spilling that confidence over to the US, as this morning’s ISM Prices Paid rose to 51.3 from th…

Daily Snapshot

Daily Snapshot – 1 March 2023

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Sorry for the delayed Snapshot today but I’m catching up with all that’s been going on having been in to see a client about our Scaling Auction Algo. Amazing amount of work gone into it, though if you ask Phil Risley to explain the mechanics around it, you might have to push back your next meeting (or two)! As always happy to run anyone through the mechanics (as I know them) but if you want the nitty gritty then happy to set that up with the team too! The Stoxx 600 closed down 75bps on okay vol…

The View from 5th Avenue

The View from 5th Avenue – 28 February 2023

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The shortest month of the year is now behind investors and markets have bent, but not broken (yet) the work they did in January. The last couple of trading sessions of any month always gets the added element of positioning, and today was no different. After a sluggish start, equites rallied after economic data showed some deterioration once again. The weaker data did not change the Fed rate trajectory, but manufacturing (Richmond Fed/ MNI Chicago PMI) declined sequentially, and Consumer Confide…

Daily Snapshot

Daily Snapshot – 28 February 2023

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I for one am very happy February lasts just 28 days this year. Not wanting to wish away time (especially as I get older) but it really has been a tricky month for everyone involved with markets. A mixture of very little clarity, a lack of direction and an absence of conviction all making it extremely difficult to see the wood from the trees on a daily basis. The pattern was similar today with lots of moving parts but with risers and fallers largely offsetting, the Stoxx 600 ended the day broadl…

The View from 5th Avenue

The View from 5th Avenue – 27 February 2023

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Markets are grasping at any piece of economic data to determine their trajectory for the day. After major indexes suffered the worst week of the year, they started this week out differently with both the SPX (+0.31%) and NDX (+0.74%) closing in the green. It was once again soft economic data that pushed the indexes higher as US durable goods orders were down 4.5 percent (est. -4%). In the face of “higher for longer” interest rates, traders are looking for any sign that could point to weakness i…

Daily Snapshot

Daily Snapshot – 27 February 2023

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Yes there is a lot of faff, but a Sunday roast has to be up there with one of the best things to come out of Britain….ever? A roast chicken has to be the go to, less thrills but a classic, but if I’m feeling a bit adventurous there is nothing wrong heading down the pork belly route though it is certainly a bit trickier. Part of the joy/pain is using every single pot, pan, spoon and any other utensil you can find to then proceed to eat the roast in about 5 mins before spending an hour washing it…

The View from 5th Avenue

The View from 5th Avenue – 24 February 2023

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Economic data is not your financial assets friend and doesn’t look like it will be for the foreseeable future. PCE data has been on everyone’s radar since January CPI was released two weeks ago. To the Fed’s dismay, the data continues to disappoint. After a three-month sequential decline, core PCE YoY is back up to 4.7% (est. 4.3%) and MoM increased 0.6% (est. 0.4%). The consumer is strong, people have money and are willing to spend it. Personal spending jumped 1.8%, which is the largest increa…

The View from 5th Avenue

The View from 5th Avenue – 23 February 2023

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February has been a month of repricing expectations on a few levels. As macro data has shown to be resilient, so has the Fed’s resolve, and investors have had to amend positions for a higher for longer trajectory. Treasuries have seen the most aggressive repositioning this month, as the 10-yr yield have moved to 3.88% from 3.42% when the FOMC last met (February 1st). Stocks continue to hold up however, even though they have tested some support levels this week. The genesis of the Streets rethin…

Daily Snapshot

Daily Snapshot – 23 February 2023

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It’s a new dawn. It’s a new day. It’s a new life. For me us. And I’m we’re feeeeeeeling good. Yes that’s right – a brave new dawn for Redburn as we spent yesterday busily working on our first ever ECM transaction. Joint bookrunners on an Accelerated Book Build in SigmaRoc with everything running – dare we say it? – relatively smoothly. Shares up 7% today and we did our B&D’ing (IYKYK) without any drama. “On to the next one!” barked our irrepressible head of ECM and I’d say we could get quite us…