Could Moderation in US Markets Affect Halliburton in 4Q17?

In this series, we’ll analyze Halliburton’s drivers, balance sheet, free cash flow, and dividend yield.

Pre-Market Report: Global Markets Are Strong on December 8

The Shanghai Composite Index fell in the first four days this week and opened lower on December 8. It rose as the day progressed and ended the day higher.

US Markets Were Mixed on December 7

On December 7, nine out of the S&P 500’s 11 major sectors rose. Strength in the industrials and materials sectors supported the market.

Will Walmart Maintain Its Growth Momentum in Fiscal 2019?

Walmart is changing fast. It isn’t just a store operator anymore. It’s a key e-commerce player in the US and the world’s largest retailer (XRT).


10 year bond yield historical
Is the secular bond bull market over? A primer on interest rate risk, Part 6

Back to Part 5 Non-agency mortgage backed securities – interest rate risk and credit risk When we think of non-agency paper, we have both interest rate risk and credit risk.…

10 year bond yield historical
Is the secular bond bull market over? A primer on interest rate risk, Part 5

Back to Part 4 Changing duration Let’s take a typical recently issued Ginnie Mae 3.5% security. The loans in that security will have mortgage rates of anywhere from 3.75% to…

10 year bond yield historical
Is the secular bond bull market over? A primer on interest rate risk, Part 4

Back to Part 3 Interest rate risk and mortgage backed securities Mortgage backed securities have different interest rate risk than conventional Treasuries and corporate bonds. This is because of prepayment risk. When…

10 year bond yield historical
Is the secular bond bull market over? A primer on interest rate risk, Part 3

Back to Part 2 Credit risk is not exactly interest rate risk but still critical; Treasury Bonds do not have credit risk. Treasury investors do not have to worry about…

10 year bond yield historical
Is the secular bond bull market over? A primer on interest rate risk, Part 2

Back to Part 1 Interest rate risk with U.S. Treasuries Let’s take a look at the current 10-year Treasury. It has a coupon payment (semiannual interest) of 1.75% and a…

HSBC Mexican Manufacturing PMI  2013-06-19
Mexico's manufacturing sector flat during May: bottom reached or further downside?

The May PMI survey for Mexico showed growth at the same rate as in May, possibly implying the bottom has been reached or instead that further pains are ahead. The…

2013.05.27 - Nat Gas Prices ST
Significant decline in nat gas prices hurts producers like SWN

Natural gas prices took a leg down last week, in a negative sign for gas-weighted producers such as Southwestern Energy (SWN) and Chesapeake Energy (CHK).

2013.05.27 - US Initial Jobless Claims
Crude traded up on speculation of continued Fed stimulus given weak jobs figures

Crude traded up despite a weaker than expected jobs figure as the market anticipated continued Fed stimulus measures.

2013.05.27 - AMLP vs BBB Credit
Corporate credit backed up again while MLP yields compressed, reducing spread between the two

The spread between corporate credit yields and MLP yields (as measured by the Alerian MLP Index) continued to compress last week.

MBA Mortgage Apps
Mortgage applications continue to tumble as mortgage rates rise

Mortgage applications, as reported by the Mortgage Bankers Association, fell 8.8% for the week ending May 24th as mortgage rates spiked Mortgage applications are primarily interest-rate driven. Applications typically increase…

Sovereign Yields
Is it something Bernanke said? Or something else?

Sovereign yields have been rising since the beginning of May Investors in the U.S. have been focused on the rising yield of the 10-year bond since the beginning of May.…

Foreclosure Completions
Foreclosure completions drop again in April

Foreclosure starts are a leading indicator of future housing supply and pricing Foreclosure activity is closely watched by investors, realtors and home builders alike because they provide a forecast of…

2013.05.27 - CDD
Another hot summer could drive a natural gas bull market

Last week’s hotter than normal weather was a positive signal for natural gas prices.

ARMs vs 30s
Spread between 5/1 ARMs and 30-year fixed rate mortgages blows out

The spread between the 30-year fixed rate mortgage and the 5/1 ARM changes over time After the financial crisis, Adjustable Rate Mortgages (ARM) got somewhat of a dirty name. Lenders…

2013.06.02 - Frac Spread ST
Natural gas inventories increased more than expected, prices close slightly weaker

Natural gas inventories increased more than expected, causing the commodity to trade down slightly.

Case-Schiller 2
S&P/Case-Shiller Home Price Index rises in March

The Standard and Poor’s/Case-Shiller index of real estate prices increased 10.9% year-over-year in March, hinting that the real estate market bottomed around this time last year. The Case-Shiller index The…

Consumer Confidence
Consumer confidence jumps in May

The Conference Board Consumer Confidence Index is a leading indicator for the U.S. economy The Conference Board Consumer Confidence Index (CCI) is an important indicator of the consumer’s perception of…

Richmond Fed
Richmond Fed bounces back in May

The Richmond Fed Manufacturing Survey looks at business conditions in the Fed’s fifth district, which covers Washington DC, Baltimore, Richmond, and Charlotte. The Richmond Fed Manufacturing Survey is sent out…

Vietnam's Gross Manufacturing Margins Indicators 2013-05-30
Despite positive PMI issues remain in Vietnam's manufacturing

HSBC released their April PMI report for Vietnamese manufacturing on May 1st 2013. While the report showed some positive signs for overall PMI and stronger operations measures than in the…

HSBCMarkit Vietnam PMI 2013-05-30
Vietnam’s PMI holds steady against global headwinds

Vietnam’s manufacturing PMI, or Purchasing Managers Index, for April came in 51, above last month’s 50.8. The expansion represents the second month in a row of posting above the 50…


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