The trading desk has received a number of queries over recent weeks asking if we have seen a material uptick in lending activity as a result of the increased volatility in the equity markets. The short answer – it’s too early to say. In this post, Robert Lees, Global Head of Securities Lending Trading, offers his perspective on the dynamics at play. Continue reading
Serbia’s central bank meets tomorrow and is expected to keep rates steady at 3.5%. With inflation falling to cycle lows, we see risks of a dovish surprise. The growth outlook remains favorable for equities, while the inflation outlook is favorable for bonds. Continue reading
M&A has been a key demand driver this week. In the UK, GVC Holdings received shareholder approval for the acquisition of Ladbrokes Coral with 99.97% of votes in favor of the deal. Elsewhere, the healthcare segment is in focus after Cigna agreed to buy Express Scripts Holding Co.(ESRX) in cash and stock and Singapore’s state-owned investment firm, Temasek Holding Pte, announced its plans to sell a $1 billion stake in Celltrion Inc and its affiliate Celltrion Healthcare Co.
Trade wars, like trade itself, produces winners and losers. Here is a brief overview of some of the considerations.
EM FX ended Friday on a firm note, and capped off a mostly firmer week. MXN, KRW, and ZAR were the best performers last week, while CLP, CZK, and PLN were the worst. US jobs data was mixed, with markets focusing on weak average hourly earnings rather than on the strong NFP number. Still, the data did nothing to change market expectations for a 25 bp by the FOMC this month. Continue reading