On Wall Street Trading Desks, Here's What They're Chatting About Right Now

messy trading desk

Michael Block of Phoenix Partners sends along the big stories he’s chatting about with clients this morning.

  • Everyone focused on November handle for Greek restructuring, Spain bailout request.  Spain will ask for implicit rate cap according to local press.
  • EU Summit Thursday and Friday – need details on fiscal plan including enforcement to make this credible.
  • Citi being taken well at first… so was JPM.  GS, MS, BAC etc  all coming up this week.
  • AAPL “only” has Buy ratings from 85% of the street.  Is that going higher or lower? 
  • TMT deal land – Sprint, TXN, CVC – this is a good effect of ZIRP (especially for arbs and bankers)

 Dave Lutz of Stifel, Nicolaus also basses along the same.

We summarize:

  • Big rally in Europe. More hopes for a Spanish bailout request, possibly in the next month.
  • Big drop in Greek yields.
  • Chinese inflation edges down.
  • Yen is weaker after Softbank deal to buy majority of Sprint.
  • Profits from high-speed trading are down.
  • South African cops fire stun grenades and rubber bullets at protesters.
  • Federal Reserve flirting with allowing inflation go higher.
  • New Turkey-Syria tensions.

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