Thought leadership | Financial Intelligence

IGM Credit, IGM FX and Rates

China Insight: RRR Cut Reinforces Our Bullish View on CGBs

By Tim Cheung 17 Sep 2019

PBOC on 6 September announced a cut in the reserve requirement ratio (RRR) for all financial institutions by 50bps and a cut for some city commercial banks by an additional 100bps, effective on 16 September. As per PBOC, the RRR cut will release liquidity to the amount of CNY900bn (chart 1). The PBOC stressed that the 900 billion yuan of liquidity should enhance the source of funds for financial institutions to support financing needs of the real economy.

IGM Credit, IGM FX and Rates

The Context 09.16.19

16 Sep 2019

Inside this week’s edition of The Context, Financial Intelligence thought leaders discuss: A Feast of Central Banks The ECB decision impacts other central banks. Most directly, the SNB who gather (Thursday). ECB easing also provides the Fed with some space given the Eurozone economy is one of the FOMC’s concerns. A 25bp cut is fully priced. The NOK Week – Bias is Neutral to Bullish Eur/Nok dipped to 9.8736 in the early exchanges as the market reacted to the spike in oil prices after the weekend's attack on a Saudi oil facility that will remove 5% of global supplies. The pair has quickly returned to 9.9250/9300, with the market looking ahead to Thursday's Norges Bank meeting. Euro Corp Comment: A Few Signs of Indigestion But The ECB Provides More Comfort It was another busy week for the euro investment grade corporate market in the w/e 13th September where EUR12.15bn hit the tape courtesy of 20 separate tranches. Read more from The Context and subscribe to have it delivered to your inbox each week!

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Ryan Nauman's Weekly Recap 09.16.19

By Ryan Nauman 16 Sep 2019

All attention during the week ahead will be on the FOMC’s monetary policy announcement and Jerome Powell’s follow-up press conference. As we mentioned above, the Federal Reserve is in a tough position as they feel pressure from around the globe to cut rates, however, the U.S. economy continues to grow at a solid pace and the labor market remains strong. Read more from Ryan Nauman's Weekly Recap and subscribe to have it delivered to your inbox each week!

EPFR Fund Flows

Outflows the rule for Europe Funds ahead of ECB’s decision to restart quantitative easing

By Cameron Brandt 13 Sep 2019

Outflows the rule for Europe Funds ahead of ECB’s decision to restart quantitative easing With speculation about the measures the European Central Bank (ECB) would take at its September policy meeting ranging widely, EPFR-tracked Europe Equity, Bond and Money Market Funds all experienced net redemptions during the week ending Sept. 11. For Europe Equity Funds it was 11th consecutive outflow and 35th in the 37 weeks year-to-date while Europe Bond Funds saw their longest inflow streak on record come to an end.

IGM Credit

Asia Bond Barometer: Investors are switching out of bonds into equities

By Riki Zhang 12 Sep 2019

Asia Bond Barometer: Investors are switching out of bonds into equities

IGM Credit

China Insight: RRR cut reinforces our bullish view on CGBs

By Riki Zhang 11 Sep 2019

China Insight: RRR cut reinforces our bullish view on CGBs

EPFR Fund Flows

Quants Corner

By Steven Xinlei Shen 11 Sep 2019

Sino-US trade tensions and slower growth in the world’s second largest economy have dominated the headlines for much of this year. But, behind the sound and fury, many mutual fund managers have – with varying degrees of enthusiasm – been increasing their fund’s exposure to China.

IGM Credit, IGM FX and Rates

Hong Kong Insight: Concerns Over Capital Flight Are Growing

By Tim Cheung 10 Sep 2019

The HKMA, on 26 August, announced it had completed a review of its framework for the provision of liquidity to Authorised Institutions (AIs). A new Resolution Facility was introduced to provide for the scenario in which resolution powers under the Financial Institutions (Resolution) Ordinance (FIRO) are exercised by the Monetary Authority as the Resolution Authority. The HKMA has also taken the opportunity to communicate and restate the framework for provision of liquidity, incorporating certain refinements to the prior arrangements where appropriate, so as to foster a better understanding on the part of the market of the different facilities through which the HKMA makes temporary HKD liquidity (i.e. not in the nature of capital support) available to AIs to maintain integrity and stability of the monetary and financial systems in Hong Kong.

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China Insight: RRR Cut Reinforces Our Bullish View on CGBs

The Context 09.16.19

Ryan Nauman's Weekly Recap 09.16.19

Outflows the rule for Europe Funds ahead of ECB’s decision to restart quantitative easing

Asia Bond Barometer: Investors are switching out of bonds into equities

China Insight: RRR cut reinforces our bullish view on CGBs

Quants Corner

Hong Kong Insight: Concerns Over Capital Flight Are Growing