HALISTER: Bank of America Profit Rises 7.3% on Bond Trading, Cost Cuts (1)

Bank of America Profit Rises 7.3% on Bond Trading, Cost Cuts (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BAC US (Bank of America Corp)
WFC US (Wells Fargo & Co)

People
Brian Moynihan (Bank of America Corp)
Christian Meissner (Bank of America Corp)
Christopher Kotowski (Oppenheimer & Co Inc)
Paul Donofrio (Bank of America Corp)

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UUID: 7947283

HALISTER1: Gilt Face Temporary Topside Risks If Support Holds: Charts

Gilt Face Temporary Topside Risks If Support Holds: Charts

(Bloomberg) -- Gilt 10-year yields may see a rollover if important hurdle holds at 119-120bps and any strength seen as a tactical unwind from oversold conditions, Bloomberg technical analyst Sejul Gokal writes; consolidation may form the basis of a larger slump toward 136-140bps.
  • See live chart here
  • Yield now at 1.16% after testing 1.19%-1.20%, which is confluence of the 61.8% head-and-shoulders Fibonnaci projection, the Dec. yield downtrend and 200-DMA
    • Head-and-shoulders pattern completed Oct. 7 has a measured objective set at 1.36%
  • Support at 106bps, 100bps, 98bps-96bps
  • Oct. 10 outlook had flagged possibility that U.K. 10-year yield projected toward pre-Brexit High, with interim Fibonacci projection at 1.20%
  • Pricing for the next rate moves from the BOE now leans toward rises in Q4 2017, whereas a full 10bps cut was priced in on Sept. 30; see more here
  • NOTE: U.K. yield surge may continue amid speculation of a hard Brexit and global curve steepening, analysts say
  • NOTE: Sejul Gokal is a technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: *ROGERS COMMUNICATIONS NAMES NATALE CEO; LAURENCE STEPS DOWN

*ROGERS COMMUNICATIONS NAMES NATALE CEO; LAURENCE STEPS DOWN

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
RCI/B CN (Rogers Communications Inc)

People
Amy Schwalm (Rogers Communications Inc)
Dale Rogers (Rogers Capital Management Inc)
Edward Rogers (Rogers Communications Inc)
Joseph Natale (TELUS Corp)

Topics
Management Changes
Who's News - People

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UUID: 7947283

HALISTER: Bank of America 3Q EPS 41c; Trading Rev. Ex-DVA $3.73b

Bank of America 3Q EPS 41c; Trading Rev. Ex-DVA $3.73b

(Bloomberg) -- Bank of America 3Q EPS 41c, may not compare to estimate 33c (range 31c-37c).
  • 3Q rev. $21.6b, est. $20.82b (range $20.14b-$21.36b)
  • Related:
    • BANK EARNINGS STREET WRAP: JPMorgan’s Rising Tide Lifts All
  • Call 8:30am, 877-200-4456, pw 79795
Statement: NSN OF6TTYAIH8N6
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
BAC US (Bank of America Corp)

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UUID: 7947283

(2) *BANK OF AMERICA 3Q EPS 41C, MAY NOT COMPARE WITH EST.

*BANK OF AMERICA 3Q EPS 41C, MAY NOT COMPARE WITH EST.

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
BAC US (Bank of America Corp)

People
Brian Moynihan (Bank of America Corp)
Paul Donofrio (Bank of America Corp)

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UUID: 7947283

HALISTER: Deutsche Bank Mulls Spain, Italy Retail Exit: Handelsblatt

Deutsche Bank Mulls Spain, Italy Retail Exit: Handelsblatt

(Bloomberg) -- Deutsche Bank reviewing foreign markets outside U.S. for profitability, Handelsblatt reports, not saying where it got the information.
  • Handelsblatt says Deutsche Bank declined to comment
  • NOTE: Deutsche Bank is said to explore shrinking its U.S. operations
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
DBK GR (Deutsche Bank AG)

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UUID: 7947283

HALISTER1: Favor Longs in USTs Expecting 10Y Yield to Return to 1.60%: UBS

Favor Longs in USTs Expecting 10Y Yield to Return to 1.60%: UBS

(Bloomberg) -- UBS prefers being long duration after recent Treasury sell off, for a number of reasons including the fact long end rates trade above the Fed’s terminal real rate forecasts, analyst Chirag Mirani writes in client note.
  • Breakevens pointing to another decade of disinflation is another reason
  • Says divergent monetary policy means the pace of U.S. rate increases will be gradual given dollar feedback loops and foreign demand should continue to be strong
  • Calculates breakeven widening explains almost 20bps of the sell-off in Treasuries
    • As this coincided with an uptick in oil prices, says U.S. TIPS breakevens could continue to widen and rates can move higher if oil makes more gains
    • UST 10y rates may rise to 190bps if prices rise and may weaken to 1.50% if data weakens and/or oil price moves lower
  • Lifts year-end forecast to 1.60% vs 1.35% prior forecast; recommends outright longs in 30y TIPS
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Chirag Mirani (UBS Asset Management Japan Ltd)

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UUID: 7947283