Citigroup

Live: Jeff Gundlach Asset Allocation Webcast

It's that time of the month again where the "New Bond King" Jeff Gundlach, CEO of DoubleLine, sits down for his periodic open address to investors and the broader public, to discuss his latest views on the market and everything else.

Watch Live: Donald Trump Hosts Town Hall With Business Leaders

Trump is hosting a town hall meeting at the White House to discuss the "American Business Climate", where dozens of high-profile CEOs will discuss business-related topics. The nearly 2 hour meeting is an "opportunity to discuss policies to create a pro-business climate with top Partnership CEOs from all industries."

LIBOR Pains

LIBOR is a benchmark reference rate (which explains why some banks were so eager to manipulate it). The pricing of all kinds of floating-rate debt is tied to it (corporate loans, mortgages, student loans, credit card debt, and assorted derivatives, such as currency and interest rate swaps, etc.). That has now become a problem.

Frontrunning: March 31

  • GOP disarray deepens (Reuters)
  • Zuma's Night of Long Knives Risks ANC Split, Credit Rating (BBG)
  • China downplays tensions with U.S. ahead of summit (Reuters)
  • Wall Street’s New Favorite Way to Swap Secrets Is Against the Rules (BBG)
  • EU offers Brexit trade talks, sets tough transition terms (Reuters)

Hayes: "A Lot Of What I Know Even The DOJ Is In The Dark”

"It was just after 8 p.m. when my iPhone buzzed with a text message from a number I didn’t recognize. “I’ll meet you tomorrow but I need to be certain I can trust you,” the text read. “This goes much much higher than me and a lot of what I know even the DOJ is in the dark.” The message was from a terrified, and very sober, Tom Hayes."

US "Too Big To Fail" Banks Top $1 Trillion - What Happens Next?

For the first time ever, the market cap of America's "Big Four" banks topped $1 trillion having surged 30% since Donald Trump was elected president. While to some this is cause for celebration, we note that the last time a nation's "big four" banks topped $1 trillion in market cap did not end well...

Why OPEC Is Colluding With Hedge Funds

"In meetings with traders, Mr. Barkindo has asked about the declining role of investment banks in commodity-futures trading and the increased use of automated trades, according to people who were present. He asked why U.S. banks were so quick to reinvest in American shale producers after the bust and what would happen if prices fell again."

JPM: "We See Increasing Risk Of Sell-Off In The Near Term"

First it was Goldman, then Citigroup, now, completing the trifecta of suddenly bearish big banks is JPMorgan, whose US equity strategist Dubravko Lakos-Bujas writes that while the fundamental backdrop remains supporting, the "short-term downside risk" in the S&P is increasing.

Why Deutsche Bank Is Sliding After Its Massive Equity Offering: Wall Street Analysts Chime In

Despite its widely telegraphed $8.5 billion public offering with another $2 billion expected to be raised from asset sales, Germany's biggest lender is down sharply this morning as much as 6.9% (currently 6.1% lower) as Wall Street analysts dig through the details of the bank's latest massive restructuring. Here are some of the early, and quite skeptical, sellside reactions.

Banks "Gag" Analysts From Discussing Politics On Air

Major banks are cracking down on market - and especially currency - analysts talking publicly about politics for fear of appearing to take sides, with HSBC taking its main global currencies commentator off air in an intensification of the crackdown.