Deutsche Bank Early Morning Reid – August 14, 2012

The week started off on a fairly dull note with the market mostly treading water on very low volumes. Indeed S&P 500 volumes were just 34% below of its 30 day moving average with the index (-0.13%) closing lower for the first time in 7 days. It also seems fitting to see the VIX fall to a post-crisis...

Deutsche Bank Early Morning Reid – August 13, 2012

Well the Olympics are over and we get on with our lives here in London. The only upsetting thing about the games for me was that Spandau Ballet weren’t asked to play ‘Gold’ live at last night’s closing ceremony. At least lovers of 80s music will be comforted that we’ll now...

Deutsche Bank Early Morning Reid – August 10, 2012

Yesterday we showed the best and worst performing assets in the 5 years since BNP Paribas stopped withdrawals from 3 of its investment funds and arguably started a chain of events in financial markets not seen since the 1930s. We had a lot of requests for the data and also for us to repeat the exercise in...

Deutsche Bank Early Morning Reid – August 9, 2012

It’s hard to believe that its 5 years ago today that the financial world started to appreciate the magnitude of the problems that would be the soundtrack to our lives over the last 5 years. The real warning signs of trouble occurred 6 months earlier with the precipitous drops in the sub-prime indices...

Deutsche Bank Early Morning Reid – August 8, 2012

Yesterday proved to be another good day for risk assets with equities trending higher once again amid the summer lull. Flows were generally light but that certainly didn’t stop the S&P 500 (+0.51%) from closing above 1400 for the first time since the 2nd of May. US jobs openings in June were the...

Deutsche Bank Early Morning Reid – August 7, 2012

In fairly quiet markets the ECB’s conditional backstop for the euro last Thursday continued to dictate the market sentiment yesterday. Further helping this was the latest commentary from Germany yesterday which indicated that Merkel’s government is supportive of the ECB’s action and was in no doubt...

Deutsche Bank Early Morning Reid – August 6, 2012

Well I’m totally exhausted this morning after an extremely tiring weekend lying on the sofa watching an amazing two days of the Olympics. I couldn’t get any tickets but my fiancé went to the Greco-Roman Wrestling last night!! Hope she hasn’t picked up any moves. A spectacular weekend...

Deutsche Bank Early Morning Reid – August 3, 2012

Had you gone on holiday last Wednesday night to a remote blackberry/Bloomberg free desert island and landed back just before the ECB meeting yesterday then you may have been pleasantly surprised by what they offered up. However expectations are everything and they couldn’t live up to the elevated...

Deutsche Bank Early Morning Reid – August 1, 2012

August gets off to a busy start today as we have the FOMC’s policy decision and manufacturing PMIs from both sides of the Atlantic. We’ll review July at the end and include all our usual performance review charts and tables in the pdf. First though we’ll preview the Fed. DB’s Peter Hooper...

Deutsche Bank Early Morning Reid – July 31, 2012

Welcome to the final day of July. We will include our usual monthly asset performance review in tomorrow’s EMR but with the exception of the European peripheral complex July is shaping up to be a positive month for most risk assets largely helped by expectations of some form of ECB intervention in the...

Big Policy en route – Deutsche Bank

The national governments’ response to the euro crisis was stuck under the weight of political and legal constraints, with a lull which could well extend beyond the summer. The ECB is the only institution which could unlock the situation. We think that Draghi’s speech in London on 26 July, provided it...

Deutsche Bank Early Morning Reid – July 30, 2012

This week we’ll probably see the start of a butterfly effect which will shape the rest of the year one way or another. Will the ECB embark on a significant change in direction or will they fail to reach a consensus and risk the rally of the last few days and throw the market back into turmoil? Our...