HALISTER1: Investor Fear Derives From Policy Ineffectiveness: Englander

Investor Fear Derives From Policy Ineffectiveness: Englander

(Bloomberg) -- Perceived U.S. economic fragility leaves no place for currencies to depreciate against, Citigroup strategist Steven Englander writes in client note.
  • QE/negative rates have lost their financial market and economic impact
  • Investors looking for support at G-20 on Feb. 26-27 could be disappointed
    • There are too many simultaneous issues, meaning that policy coordination is unlikely
    • Doubtful that G-20 will produce a realizable action plan
  • U.S. economy is less fragile than thought by Fed and some investors
    • Global policy makers will be more imaginative, but FX divergence trade is sidelined for now
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Steven Englander (Citigroup Inc)

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HALISTER1: Korean Won, Indian Rupee, Indonesian Rupiah Forwards Most Active

Korean Won, Indian Rupee, Indonesian Rupiah Forwards Most Active

(Bloomberg) -- USD/KRW non-deliverable forwards account for 52.5% of total volume today, according to trades reported to DTCC; USD/INR second-most active at 13.6%, USD/IDR third at 11.2%.
  • Notional amounts traded include:
    • $250m+ of USD/KRW at 1,210.989 maturing March 16
  • Total volume was $8.2b as of 2:51pm HKT; global total yesterday was $55.4b, with USD/KRW accounting for 26.7%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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HALISTER: Renault 2015 Profit Beats Estimate, Forecasts Further Growth

Renault 2015 Profit Beats Estimate, Forecasts Further Growth

(Bloomberg) -- Renault FY oper profit EU2.32b, est. EU2.02b.
  • Rev EU45.33b, est. EU44.9b
  • Automotive operating profit rose 74% to EU1.5b; margin 3.5% vs 2.2% y/y
    • Cites volume growth (EU480m), ost reduction (EU527m) vs he mix/price/enrichment negative EU379m
  • Div EU2.4, Bdvd forecast EU2.3/shr; yr ago EU1.9
  • Outlook: Global market growth of 1% to 2%, European
market +2%, France +2% **Co aims to increase group revenues (at constant FX), improve group operating margin, generate positive Automotive operational FCF
  • NOTE: 2016 rev. consensus est. EU48.1b; oper profit EU2.62b: Bloomberg data
  • Statement, 8am CET call via Web site
  • Preview
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
RNO FP (Renault SA)

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HALISTER1: Japanese Bonds Drop on Policy Uncertainty, Long Liquidation: BNP

Japanese Bonds Drop on Policy Uncertainty, Long Liquidation: BNP

(Bloomberg) -- JGBs slide across curve, with 2-year yield up 5 bps to -0.170%, 10-year yield up 5.5 bps to 0.060% and 20-year yield up 4 bps to 0.790%; 5-year yield jumps 6.5 bps to -0.160%, set for biggest gain since May 2013.
  • Long positions in bonds which were created ahead of BOJ’s planned application of negative rates on Feb. 16 are likely being unwound, says Tomohisa Fujiki, chief rates strategist at BNP Paribas, in an interview; says demand at enhanced- liquidity auction was weak and GC repo rate that settles on Feb. 16 hasn’t fallen as much as expected
  • Market volatility will probably remain high due to factors such as uncertainty over policy actions by govt and BOJ: Tokyo-based Fujiki; adds, however, a 10-year yield in 0.05%-0.10% range may attract buying interest next week
  • Yen’s GC govt repo rate down 0.5 bp to 0.075%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Tomohisa Fujiki (BNP Paribas SA)

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HALISTER: Silicon Valley Hoodies Claim Victim in German Executive Wardrobe

Silicon Valley Hoodies Claim Victim in German Executive Wardrobe

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
DAI GR (Daimler AG)
FB US (Facebook Inc)
9719029Z GR (Robert Bosch Stiftung GmbH)
SIE GR (Siemens AG)
VOW GR (Volkswagen AG)

People
Dieter Zetsche (Daimler AG)
Ferdinand Piech (Volkswagen AG)
Josef Kaeser (Siemens AG)
Manfred Abraham (Interbrand Ltd)
Mark Zuckerberg (Facebook Inc)

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