2005: Il ritorno dei Bund/Bonds viventi ! vm 18 anni

[gastronomo]

Ogni giorno lo stesso spettacolino schifoso, sul bund sono tutti lunghi come dei maiali, quindi Treasury o non Treasury negli ultimi 10 minuti si strappano via al rialzo una bella decina di ticks - il loro cuscinetto sul mark to market ...strunz

 

[f4f]

ciao bbbanda
sk

 

[gastronomo]

Perchè sale il Treasury ora? Boh ...

Letture

US Treasury turns fickle, triggers 30-yr bond rout
Wed May 4, 2005 12:56 PM ET
(Recasts, updates prices)
NEW YORK, May 4 (Reuters) - Long-term Treasury debt prices tumbled on Wednesday after the U.S. Treasury stunned the market by saying it might bring back the 30-year bond.

Assistant Secretary for Financial Markets Timothy Bitsberger said Treasury would "examine if we have flexibility to issue 30-year bonds while maintaining deep and liquid markets in our other securities and determine if nominal bond issuance is cost effective."

Treasury ceased issuing bonds in October 2001 and since then repeatedly stated it had no plans to bring it back. The subsequent scarcity tended to keep prices relatively high.

Any new issuance would not start until February, 2006 but still the prospect of fresh supply sent the 30-year bond (US30YT=RR: Quote, Profile, Research) down over two full points in price. Its yield shot up to 4.61 percent from 4.49 percent on Tuesday, the biggest one-day rise in over a year.

"It's a complete shock," said Sadakichi Robbins, head of global fixed-income trading at Bank Julius Baer.

"You could argue that the 30-year will find more than enough demand given the global hunt for duration right now," he added. "But an awful lot of people have been playing curve trades and this is going to cause them a lot of pain."

Investors have been making money by betting on a flattening of the yield curve, selling short-term debt and buying longer-dated issues, which has proven very profitable in recent months. However, with long-term yields now surging, the curve was steepening sharply and forcing people to abandon their flattening bets at a considerable loss.

The gap between 10- and 30-year yields widened to 40 basis-points, from 31 basis points on Tuesday, having dropped all the way from around 80 basis points late last year.

"I feel sorry for the customers -- Treasury has again caught everyone by surprise," said Dominic Konstam, head of interest-rate strategy at CSFB. Treasury sent the market into turmoil when it first dropped the bond back in 2001.

"For us, it's the right decision, but they could have given people more warning," he added. "The market's reaction is fully justified and yields could rise a lot further given how everyone was positioned for flattening trades."

The rush out of such trades left two-year Treasuries unscathed as investors bought back short-dated debt. Indeed, two-year yields (US2YT=RR: Quote, Profile, Research) actually ticked down to 3.62 percent from 3.64 percent.

In the middle of the curve, the five-year note (US5YT=RR: Quote, Profile, Research) held steady at 3.87 percent. In contrast, the 10-year note (US10YT=RR: Quote, Profile, Research) lost 10/32, lifting yields to 4.21 percent from 4.17 percent.

Traders did note, however, that any sale of 30-year paper would likely replace some current issuance of 10- and five-year paper, thus making them relatively more scarce.

CSFB's Konstam also suspected the back-up in longer-term yields would go some way to solving Federal Reserve Chairman Alan Greenspan's "conundrum". He, and other Fed officials, have said it was puzzling why long-term yields had not risen further given how the Fed had hiked short term rates -- the latest being a quarter-point rise to 3.00 percent on Tuesday.

Wednesday's economic data were overshadowed by the news on the 30-year, but did show some slowing in the U.S. service sector.

The Institute for Supply Management index of services eased much as expected to 61.7 in April, from 63.1 in March. However, the breakdown was soft, with new orders declining and the employment index dropping to 53.3 from 57.1 in March.

The latter was another blow to those looking for a strong rise in from Friday's payrolls report for April, and provided some support to bonds.


U.S. Treasury hears market call for long bond
Wed May 4, 2005 12:08 PM ET
WASHINGTON, May 4 (Reuters) - The U.S. Treasury Department has been getting strong signals from financial markets that they would like Treasury to sell more longer-dated securities, a senior department official said on Wednesday.
The official, speaking to reporters on condition of anonymity, emphasized that no decision has been taken about reintroducing sales of 30-year U.S. Treasury bonds, but indicated that Treasury saw a market for them.

"We really try to listen to the marketplace," the official said, "And we hear very strong anecdotal evidence of more demand for longer-dated treasuries."

Treasury discontinued the long bond in 2001 but announced on Wednesday that it will decide by Aug. 3 whether to reintroduce them.

The official also said tax receipts so far in April were running at healthy levels, about 20 percent above levels in April 2004.

 

[gastronomo]

U.S. 30-Year Bond Falls; U.S. Considers Reintroducing Security
May 4 (Bloomberg) -- The 30-year U.S. Treasury bond had its biggest drop in more than a year after the government said it may resume sales of the security, surprising investors and spurring a decline in benchmark 10-year notes.

The plunge in the bond was the biggest fluctuation of any government debt security today. As recently as last month Treasury officials said they had no plans to bring back the 30- year bond.

``No one could figure out what was going on,'' said Robert Auwaerter, who oversees about $265 billion in bond investments as head of fixed-income at Vanguard Group in Malvern, Pennsylvania. He said one of his managers was unable to buy 30-year bonds in the minutes after the announcement because prices were so volatile.

The 5 3/8 percent bond due in February 2031 fell more than 2 points, or $20 per $1,000 face amount, to 111 3/8 at 12:45 p.m. in New York, according to bond broker Cantor Fitzgerald LP. The yield rose 13 basis points, or 0.13 percentage point, to 4.62 percent. The increase in the yield, which rose to as high as 5.02 percent in the minutes after the announcement, is the most since it rose 17.7 basis points on April 2, 2004.

The 4 percent note maturing in February 2015 fell 3/8 to 98 9/32, as the yield added 5 basis points to 4.22 percent.

``We are doing this because times have changed, and our debt portfolio has changed,'' Timothy Bitsberger, assistant secretary for financial markets, said in Washington today. ``We believe now we have the flexibility to issue 30-year bonds and maintain liquid issuance in all of our other securities.''

A decision on bringing back the security will be announced in August, Bitsberger said.

The Treasury also said it will auction $14 billion in 10- year notes, $15 billion in five-year notes, and $22 billion in three-year notes next week.

`Yield Curve'

``It's very big news,'' said Raymond Remy, head of fixed income at Daiwa Securities Inc. in New York and another primary dealer. ``The market will start to price in the fact that they will do it. It could affect the shape of the yield curve with more issuance in the long end. It will steepen it out.''

The yield curve refers to the difference between short- and long-term debt yields. The gap between two- and 10-year yields widened 6 basis points to 59 basis points as longer-term debt undeperformed.

Traders had ``massive'' bets on a narrowing of the yield curve, said Nicolas Beckmann, head of U.S. government bond trading at BNP Paribas Securities Corp. in New York. ``Those positions are going to have to be forced out of the market.''

The Treasury, concerned about costs, suspended the 30-year bond in 2001, saying it was too costly. The decision was made 16 months before John Snow was named secretary. At the time, the Treasury foresaw a diminishing need to borrow. The bipartisan Congressional Budget Office projected budget surpluses would grow to $5.6 trillion by 2011.

That surplus forecast proved wrong after President George W. Bush's 2001 tax cuts and a recession reduced government revenue. The war in Afghanistan that year and 2003 military operations in Iraq drove up spending. The White House predicts the deficit this fiscal year will reach $427 billion, the third successive record, compared with last year's $413 billion.

Diminishing Need

``If they reissue the 30-year that means there is less chance of regaining our budget surplus,'' said Michael Cheah, who manages $2 billion in bonds at AIG SunAmerica Asset Management in Jersey City, New Jersey. ``The perception of long-term deficit is now there until proven otherwise.''

Cheah said he sold five-, 10- and 30-year securities last week.

On the day the Treasury announced it was stopping sales of 30-year bonds, the 5 3/8 percent bond soared 5 2/32 to 107 20/32, driving the yield down 32 basis points to a three-year low of 4.88 percent as investors were caught off guard by the plan crafted by then Treasury Undersecretary Peter Fisher.

``We had Greenspan saying he didn't understand why yields were so low,'' said BNP's Beckmann. ``Now we have the Treasury saying, `If yields are so low, we're going to issue because there is a significant need for duration out there.''

Federal Reserve Chairman Alan Greenspan said in February that low yields were a ``conundrum.''

Pension Changes

Bond yields tumbled in January and early February, pushing the 30-year bond yield to as low as 4.35 percent, on speculation pension-fund rule changes proposed by the Labor Department may force pension funds to hold more long-term debt.

The proposed changes seek to strengthen the funding and disclosure practices of single-employer pension funds by requiring them to measure the market value of their assets and liabilities against the yields of long-term debt. Adhering to that peg might require the funds to buy more long bonds.

European governments have also begun issuing longer-dated securities. France issued 50-year bonds in February and the U.K. plans to May 26. Spain issued 32-year debt on Jan. 12 and the Netherlands sold 30-year bonds yesterday.

``Anyone who's taken out a mortgage in the past couple of years has figured that if you can lock in a 30-year at these low yields rather than 15 or 10 years,'' it makes sense to do it, said Jeremy Fletcher, who manages Treasury debt funds at American Century Investment Management in Mountain View, California, which oversees $8.5 billion in taxable bonds. ``Why wouldn't Treasury want to do the same?''

Refunding

The amount of 10-year notes for sale, on May 12, is up $5 billion from the last offering. The offering for five-year notes, on May 11, is the same amount as before. The three-year notes, also the same amount as in the last offering, will be sold at the monthly auction May 10.

Also today, the Institute for Supply Management said its index of financial services, construction, retail and other non- manufacturing businesses fell to 61.7 in April, from 63.1 a month earlier. A reading of 61 was expected, according to the median estimate of 67 economists in a Bloomberg survey. A number over 50 signals expansion.

Some strategists expect Treasuries to rise on further signs the economy is in a so-called soft patch.

The Fed yesterday said ``spending growth has slowed somewhat'' and that longer-term inflation expectations remain ``well-contained.'' A government report last week showed the economy grew at the slowest pace in two years.

``The outlook for the U.S. economy is now deteriorating,'' said Kornelius Purps, a fixed-income strategist in Munich at HVB Group, Germany's second-biggest bank

U.S. Treasury Considers Reviving 30-Year Bond Sales (Update6)
May 4 (Bloomberg) -- The U.S. Treasury, under pressure to finance record budget deficits, unexpectedly said it may resume selling 30-year bonds, a security the department eliminated four years ago and vowed not to bring back.

Prices on existing 30-year bonds plummeted as traders bet the department would resurrect what was once the nation's benchmark government security, creating additional supply.

The reversal underscores changes in markets, politics and national finances since the bond was eliminated in 2001: President George W. Bush responded to terrorist attacks with wars in Afghanistan and Iraq, budget surpluses became record deficits, and investors sought longer-term securities as the administration announced plans to rework Social Security and pension systems.

``Our pension funds need this kind of thing, our insurance companies need this kind of thing, our international competitiveness as the premier financial center of the world needs this kind of thing,'' said Neal Soss, chief economist at Credit Suisse First Boston, in an interview. ``It's a very constructive announcement.''

The return of the bond may mean additional profit for securities firms seeking to extend a three-year boom in fixed- income trading, which accounts for between 10 percent and 35 percent of their annual revenue. The bond also boosts earnings by allowing longer-term hedging transactions and by providing investments to sell to clients. The bond also would create competition for long-term debt issued this year in Europe.

``The Treasury is right in reconsidering its earlier decision,'' said Micah Green, chief executive officer of the Bond Market Association, in an interview. ``There's clearly demand for longer-term paper throughout the world. We have always believed that the 30-year Treasury is an important tool.''

`Times Have Changed'

The Treasury Department announced the decision today in Washington as it said the government plans to sell $51 billion in notes next week to help finance operations in coming months.

``We are doing this because times have changed, and our debt portfolio has changed,'' said Timothy Bitsberger, assistant secretary for financial markets, in a press conference. ``We believe now we have the flexibility to issue 30-year bonds and maintain liquid issuance in all of our other securities.''

``This is a decision independent of what our deficits are,'' Bitsberger said.

The average maturity on government debt fell to 53 months now from 70 months in October 2001, when the government said it was cutting the 30-year bond.

Decision by August

A decision on the security will be made in August and if the Treasury decides to issue new bonds, it will do so on a semi- annual beginning next February, Bitsberger said. Today's reconsideration was driven by the department's desire to ``diversify borrowing costs'' and the decision is being weighed ``very seriously,'' he said.

A separate document released by the Treasury said the department envisages selling $20 billion to $30 billion in bonds if they are brought back.

Today's announcement sent the 5 3/8 percent bond due in February 2031 tumbling about 2 points, to 110 19/32 as of 10:28 a.m. in New York. The yield rose 12 basis points, or 0.12 percentage point, to 4.60 percent, the biggest increase since April 2.

``It's very big news,'' said Raymond Remy, head of fixed income at Daiwa Securities Inc. in New York. ``The market will start to price in the fact that they will do it.''

Demand for existing 30-year bonds has made it the year's best- performing Treasury security. As of yesterday it had returned 6.6 percent, compared with a gain of 1.2 percent for Treasuries overall. The 30-year's gain is now about 6.1 percent.

Wall Street Potential

Wall Street's biggest winners would be the largest brokerages and investment banks among the Treasury's 22 primary dealers, said E. Craig Coats, co-head of fixed income at Keefe, Bruyette & Wood Inc., a New York investment bank. Such dealers meet with the Treasury and underwrite sales, bidding directly on regularly auctioned U.S. bills and notes.

Bond trading accounted for 35 percent of combined revenue in each of the past two years at the top five independent U.S. securities firms, according to data compiled by Bloomberg. The five are Morgan Stanley, Goldman Sachs Group Inc., Lehman Brothers, Bear Stearns Cos., and Merrill Lynch & Co. All are based in New York.

``The larger primary dealers will be the main beneficiaries of this as they are going to be the main players in the auctions and clients will gravitate toward them,'' Coats said.

Eliminating the Bond

The U.S. sold more than $600 billion of 30-year bonds after 1977, when it became the government's main tool for raising long- term funds. By 2001, it accounted for 21 percent of the $2.9 trillion in Treasuries outstanding, according to the Bond Market Association in New York. At the end of last year, the security still represented 14 percent of the $3.9 trillion of debt.

Peter Fisher, then the Treasury's undersecretary for domestic finance, announced the end of new sales of the 30-year bond in October 2001, and Treasury Secretary John Snow vowed not to reissue it after he joined the department 16 months later. At the time, Treasury officials called the 30-year too costly. The government pays higher interest on bonds than on short-term debt to compensate for the longer-term risk.

At the time the bond was eliminated, the bipartisan Congressional Budget Office was projecting budget surpluses would grow to $5.6 trillion by 2011.

Surpluses Into Deficits

That forecast proved wrong as tax cuts, recession and wars in Afghanistan and Iraq generated deficits that reached a record $412 billion in 2004 and are expected to linger through the next five years.

At the same time, the Bush administration is pursuing policies that may require bonds. Its plan to overhaul Social Security by introducing private fixed-income and stock accounts will require an estimated $2 trillion in transition costs. The Labor Department is also proposing new rules for pension funds that may require them to measure the market value of their assets and liabilities against the yields of long-term debt. Bitsberger said the new debate over the bond was unrelated to such policies.

In a letter to Snow released today, a group of investors who advise the Treasury said ``most members felt that given the decline in the average maturity of debt and the likelihood that it will decline further in coming years, a reintroduction would give the Treasury greater flexibility with a modest associated cost.''

Advisers Seek Return

New sales would have ``little, if any, disruption, and supply would be easily absorbed given current global and local demand dynamics,'' the Borrowing Advisory Committee said. The panel also suggested the Treasury consider ``the full myriad of longer- duration financing alternatives'' rather than just the 30-year bond.

``Treasury needs to be responsive to changing market conditions if it is to remain a competitive issuer in the global markets,'' Ward McCarthy a principal at Stone & McCarthy Research Associates in Princeton, New Jersey, said before today's announcement.

France sold 6 billion euros ($8 billion) of 50-year bonds in February, double the amount the government said it expected. Spain issued 32-year debt in January and the Netherlands sold 30-year bonds last month. The U.K. will begin auctioning 50-year debt on May 26.

Borrowing Needs

In documents released today, the Treasury said it would consider the effect of bond sales on the issuance of existing securities, costs, borrowing needs and portfolio characteristics. It said it started the debate because ``low cost borrowing over time requires issuance diversification.''

Committee members advised the Treasury to stop selling bonds in 2001, when the federal government was in surplus, then reversed course and told the department in July 2003 that it might come under pressure to resume bond sales as deficits mounted. That was the panel's last joint comment on the bond before today.

Snow told reporters April 20 that while he didn't plan to auction bonds, he could ``never say never.'' Randal Quarles, Bush's choice to become the Treasury's undersecretary of domestic finance, said March 11 the U.S. is ``certainly open to hearing the case for the restatement of the 30-year bond.''

Stanley Collender, managing director of Financial Dynamics Inc., an investment consulting firm in Washington, said Democrats might use the decision to question the administration's faith in narrowing the budget deficit. Bush has vowed to halve the budget imbalance to around 2 percent of the economy by 2009.

``It's an excuse for Democrats to talk about the deficit and the debt and failed fiscal policies,'' Collender said.

 

[Fleursdumal]

oggi era giornata da far una massa di soldi invece si son raccolte le briciole
short in apertura aspettando che coprissero gap e l'eventuale colpo di culo e poi ricopertura e reverse long su s3 o sulla mitica quota totemica 113,5, facile a dirsi oggi volumi record sul T-Bond

 

[Fleursdumal]

sto recupero dei bonds è ancor più stupefacente alla luce della performance degli indici mmm sento puzza di bruciato e metto 125$ su una call117jun , servono mutandazze ferrate

cè prima parlavi della diminuzione di metallo pregiato nelle monete romane man mano che l'Impero perdeva forza? si vuol fare un paragone ardito con la cessazione della convertibilità in oro del dollaro?

 

[gastronomo]

Bond market sighs over US govt releases, moves on
Wed May 4, 2005 04:35 PM ET
NEW YORK, May 4 (Reuters) - A day after getting whipsawed when the Federal Reserve accidentally omitted a key phrase, bond market traders got another surprise on Wednesday when the U.S. Treasury said it might bring back the 30-year bond -- after repeatedly saying it had no plans to do so.
"Pity the bamboozled Treasury trader," said Tony Crescenzi, chief bond market strategist at Miller Tabak & Co in a note to clients.

"Yesterday, the Federal Reserve errantly communicated its policy statement, causing dislocations in the market. Today, the Treasury department seemed to go back on its word with respect to future issuance of 30-year bonds, even though Treasury Secretary (John Snow) might have hinted at it on April 20th when he said 'never say never,'" Crescenzi said.

Most took the Fed foul-up in stride -- anyone can make a mistake -- but some were more flummoxed by the Treasury's move.

"Two weeks ago they were adamant that they weren't going to bring back the 30-year bond ... I don't know what to make of it," said Steven Ricchiuto, U.S. economist at ABN Amro in New York.

Treasury revealed its plan when it announced its refunding auctions to be held next week.

"It's not like the Treasury. They are usually a bit more upfront with these questions," Ricchiuto said, noting that Wall Street had been after the Treasury for months to bring back the bond.

The Treasury suspended the 30-year bond in October 2001 when the budget was in surplus. It is now deeply in deficit, though a Treasury official on Wednesday said the decision was "independent of what our deficits are."

But other analysts said that while the timing of the announcement was a jolt, they were not surprised, or unduly perturbed, that the Treasury had made tentative plans for a long bond.

"It probably would have been better if they had not been so adamant about the demise of the bond," said Lehman Brothers Economist Drew Matus, adding that, having protested so much, the Treasury could not help but surprise the market when it decided to reconsider the issue.

Matus said he had thought the Treasury might bring back the 30-year bond in 2007 as it prepared for a large amount of debt rolling over in 2008.

"The Treasury would have had a harder time refunding without a new point on the curve," he said.

FED NOT INFALLIBLE AFTER ALL

While some traders were still licking their wounds after the Fed's error on its statement, analysts said the mistake would not keep the market from hanging on every word from the Fed in future.

On Tuesday, the Fed omitted a phrase on long-term inflationary expectations being well contained in the statement after its policy meeting, giving the impression that it had become more worried about future price pressures.

Almost two hours later, it announced the omission had been an error, and it reinstated the well-worn phrase.

Treasury debt prices rallied after the clarification, recouping losses they had suffered after the original statement was issued. The dollar fell.

Brian Fabbri, chief economist at BNP Paribas in New York, said that after the glitch, "people might be a little cautious about reacting to the statements made."

"But they need the statements. They can't live without them. Therefore, I think this will blow over quickly," he said.

Lehman Brother's Matus concurred. "At the end of the day, the Fed has a lot of history on its side, a lot of credibility. There might be the occasional, 'let's not react to this' but the market knows that the Fed gets its own message across better than anyone else."

 

[gastronomo]

Are You Ready to Sign Up for the $100 Oil Club?: Matthew Lynn
May 4 (Bloomberg) -- The club of people who say that oil is headed for $100 a barrel is growing steadily.

Are they right or is it just another of those outlandish financial predictions to be filed with the fanciful forecast in 1999 that the Dow Jones Industrial Average may reach 36,000 within five years?

The price of oil has certainly been climbing. In New York, it rose to a peak of $58 last month, from $38 a barrel in May last year. It is now hovering near $50.

To some analysts, the market is taking a short pause for breath in what may be a bull run lasting a decade or more.

At the bar of the $100 Oil Club, you can certainly find some respectable company.

Last week, Matthew Simmons, an energy adviser to U.S. President George W. Bush, said at a conference in Edinburgh that oil production was close to its peak, and the price may reach $100 or more within three years, according to the Guardian newspaper.

The same message was delivered in March. ``Simply to sustain the oil system and start to modernize what's becoming a very old system, you are going to have to have prices up somewhere in the triple digits per barrel or you don't create enough revenue to be plowed back to make the system work,'' Simmons, who heads Houston- based energy investment bank Simmons & Co., told Bloomberg News.

At the end of March, Goldman Sachs Group Inc. caused a stir with a prediction that oil may reach $105 in the next few years. Its previous upper limit was $80.

$101 in Five Years

A similarly bullish view has been pushed by Jeffrey Rubin, chief economist at Toronto-based CIBC World Markets Inc. ``We calculated the market clearing price that will align future demand with supply,'' he said in an e-mailed response to questions. ``Those prices are $61 for 2006, $70 for 2007, and ultimately $101 for 2010.''

Shock predictions are a feature of any bull market -- and oil is no exception. Many of them end up leaving their authors looking foolish. Jim Glassman and Kevin Hassett's 1999 book ``Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market'' probably isn't being rushed into a fresh edition by its publishers right now. And Henry Blodget, the former star Internet analyst, may regret his 1998 prediction that Amazon.com Inc. shares would reach $400 within a year. They are now trading at about $33.

London Share Sales

Yet that doesn't mean the predictions were worthless. They asked a serious question: Are we at the foot of a rising curve?

In any bull market, people get carried away. Lots of predictions are made and almost everyone hops on the bandwagon. Traders like nothing more than a buying frenzy. When they see what looks like a one-way bet, they want to be on the right side of it.

Evidence of that can be seen in the rush of oil-prospecting companies selling shares in London right now. Gulfsands Petroleum Plc, Monitor Oil Plc and Gasol Plc have all been busy with listings. The extravagant predictions of a continually soaring oil price may well be part of the same frothy, bull market. Indeed, it might not be long before some bright spark decides to make a splash with an outlook of $200 a barrel. In the forecasting business, you have to keep pushing higher to hold your audience.

Against that, the bears who attribute the oil-price increase to hedge-fund speculation and demand from China are sounding slightly hollow. The market has been rising for more than a year. That is hardly just a blip.

Oil Bulls

The price of anything will rise until it either becomes so expensive that people stop buying so much, or else more supply comes on stream. That point has yet to arrive in the oil market. ``Based on what we've seen to date, there hasn't yet been much of a substitution response from consumers,'' CIBC's Rubin said. ``For example, you would be hard-pressed to see the jump in oil prices from American gasoline consumption over the last 12 months.''

The bulls may be right. This surge looks very different from the oil shocks of the 1970s, which were driven by a politically motivated reduction in supply. Now the market is driven by a supply-demand imbalance. And we have little certainty about oil availability. We may already have passed peak production -- unless there's a lot of it down there that we don't know about.

If nothing else, the $100 Oil Club is fighting complacency. It is pushing traders into thinking about whether the oil wells are running dry, and what the long-term consequences of that might be. Oil may never reach $100, yet the club is reviving the debate on a global economy with finite resources.



To contact the writer of this column:
Matthew Lynn in London at [email protected].

 

[gastronomo]

sto recupero dei bonds è ancor più stupefacente alla luce della performance degli indici mmm sento puzza di bruciato e metto 125$ su una call117jun , servono mutandazze ferrate

...anche io non capisco proprio...il problema è che nel tempo che capisco gli stacco assegni...a sti bandidos...della borsa se ne son fregati...o sanno il dato di venerdi...o sanno il dato di venerdi ! Non vedo altre spiegazioni...

 

[gastronomo]

Buongiorno a tutti,
livelli per oggi sul bund
r3 121.95
r2 121.35
r1 121.04
pivot 120.75
s1 120.44
s2 120.15
s3 119.55

Caffeeeè !!!