Tuesday, 15 December 2015

Financial Orbit wrap 15/12/15

Five sentences or graphics which sum up the Financial Orbit output over the last 24 hours across the website, twitter account and anything else thought about...

1. High yield - Massachusetts’s top securities watchdog said on Monday it is opening a probe into Third Avenue Management’s closure of a junk-bond mutual fund.  As I observe on Twitter however:

Excellent chart...and also noteworthy just how many HY charts winging around currently = risk of too much fear.

(h/t @Callum_Thomas)

And on a related front:

From a credit pick perspective agree, best ops where big panic

2. Sentiment - Ahead of all the (remaining) 2016 strategic preview notes the latest Fund Manager Survey data from BAML appears...to be a bit same old, same old (sentiment) (see my full post here).

Yes, the euro and the emerging markets are hated...

...the US dollar crowded trade is correctly feared...

3. Agco investor day highlighted the strength of the structural agricultural theme...
...however 2016 preliminary hopes show discernibly lower adjusted EPS and cash flow than anticipated in 2015 (link here).

4. 3M nibbles back their earnings hopes too (link here).  

'...in an environment described as 'positive but soft' the company nibbled down their FY15 guidance...

...even if they hope that FY16e would see either side of a 10% EPS year-on-year progression...'

5. Finally...guess what may be raised tomorrow?

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