HALISTER1: EU Credit Probes April 2015 Trendline as Stock Volatility Falls

EU Credit Probes April 2015 Trendline as Stock Volatility Falls

(Bloomberg) -- iTraxx Xover testing April 2015 trendline after tightening from 38.2% of Nov. 2011 decline (see weekly chart here), Bloomberg strategist Tanvir Sandhu writes.
  • iTraxx Xover has tightened ~80bp after March ECB meeting to 303bp while SX5E 3-mo. ATM vol has declined to 21 from 30
    • Swings in SX5E tend to move in tandem with Xover, see chart here
    • 21-day correlation between SX5E and Xover is -0.62 vs YTD low of -0.93
  • Xover may compress to 2014 low at 218bp on break of the April 2015 trendline
  • Although ECB purchases will be restricted to non-bank IG bonds, credit investors are likely to rotate into securities offering higher carry due to supply scarcity issues
  • NOTE: Tanvir Sandhu is an interest-rate and derivatives strategist who writes for First Word. 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

HALISTER: Ford Pays $199,950 Before Taxes for Tesla’s 64th Model X SUV

Ford Pays $199,950 Before Taxes for Tesla’s 64th Model X SUV

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
F US (Ford Motor Co)
TSLA US (Tesla Motors Inc)
GM US (General Motors Co)

People
William Ford (Ford Motor Co)
Mark Fields (Ford Motor Co)
Michelle Krebs (AutoTrader.com Inc)
Sergey Brin (Alphabet Inc)

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UUID: 7947283

HALISTER1: UST MORNING CALL: Investors Eye Crude, Stocks, Corporate Supply

UST MORNING CALL: Investors Eye Crude, Stocks, Corporate Supply

(Bloomberg) -- USTs little changed after rallying initially in Asia amid WTI crude weakness and China stock sell-off, before paring gains in London hours.
  • Little data this week, Fed officials in blackout period ahead of FOMC meeting; ECB decision on Thursday likely to be the important event for the week, JPMorgan strategist Jay Barry writes in client note
    • Analysts look for limited impact from ECB meeting (see preview)
  • With lack of other scheduled events, focus remains on risk- asset performance; will want to monitor how U.S. market participants react to news the Kuwait oil strike has ended, independent strategist Marty Mitchell writes in a client note
  • Pressure from corporate supply and WTI rally aided yday’s UST sell-off, FTN strategist Jim Vogel writes in a client note
  • Large amount of corporate names exiting the issuance blackout period today
  • Following recent flattening, recommend 5s10s steepeners ahead of next week’s FOMC meeting, where Fed will probably deliver message of patience, RBS strategist John Briggs writes in a client note
  • Technicals
    • Resistance 130-22 (April 18 mid price), 130-28 (61.8% Fibo of April 7-14 fall), 131-01 (76.4% Fibo)
    • Support 130-06 (April 14 low); 130-02 pivot s2
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jay Barry (JPMorgan Chase & Co)
Jim Vogel (Ftn Financial)
John Briggs (RBS Securities Inc)
Marty Mitchell (The Mitchell Market Report LLC)

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UUID: 7947283

HALISTER: Credit Suisse Hires Former Deutsche Bank M&A Head Aslaksen

Credit Suisse Hires Former Deutsche Bank M&A Head Aslaksen

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
CSGN VX (Credit Suisse Group AG)
DBK GR (Deutsche Bank AG)

People
Henrik Aslaksen (Deutsche Bank Securities Inc)
James Amine (Credit Suisse Group AG)
Marisa Drew (Credit Suisse Group AG)
Mark Echlin (Credit Suisse Holdings USA Inc)
Tidjane Thiam (Credit Suisse Group AG)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER: CORRECT: Abbott Labs Raises 2016 EPS Forecast, 1Q EPS Beats

CORRECT: Abbott Labs Raises 2016 EPS Forecast, 1Q EPS Beats

(Bloomberg) -- (Corrects Yr EPS est. in 2nd bullet) Abbott Labs 1Q adj EPS 41c, est. 39c (range 38c-41c); co. forecast 38c-40c (Jan. 28).
  • 1Q rev. $4.89b, est. $4.78b (range $4.71b-$4.86b)
  • Raises 2016 adj EPS forecast to $2.14-$2.24 vs prior forecast $2.10- $2.20 (Jan. 28), est. $2.16 (range $2.11- $2.27)
  • EARNINGS PREVIEW: NSN O5UEJW6KLVRW
  • Call 9am, (773) 799-3472 pw Abbott Earnings
Statement NSN O5XKN43MSFLS
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
ABT US (Abbott Laboratories)

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UUID: 7947283