HOUSE_OVERSIGHT_029470.tif
190 KB
Extraction Summary
0
People
9
Organizations
6
Locations
2
Events
0
Relationships
7
Quotes
Document Information
Type:
Financial report/market commentary
File Size:
190 KB
Summary
This document appears to be a market commentary or financial report from Bank of America, detailing various market positions, risks, and forecasts related to European and Russian equities, bonds, and currencies. It discusses specific trades involving options and futures, and highlights political events in Italy and Germany as significant market drivers. The document concludes with a standard email disclaimer from Bank of America.
Organizations (9)
| Name | Type | Context |
|---|---|---|
| Telefonica |
part of an equal weighted basket
|
|
| Iberdrola |
part of an equal weighted basket
|
|
| Enel |
part of an equal weighted basket
|
|
| Unicredit |
part of an equal weighted basket
|
|
| Santander |
part of an equal weighted basket
|
|
| Gazprom |
part of an equal weighted basket of Russian Oil names
|
|
| Lukoil |
part of an equal weighted basket of Russian Oil names
|
|
| Rosneft |
part of an equal weighted basket of Russian Oil names
|
|
| Bank of America |
email disclaimer host
|
Key Quotes (7)
"Positioning short/underweight. Positive news flow for Italy and Spain causing a squeeze in peripheral bonds and equities"Source
HOUSE_OVERSIGHT_029470.tif
Quote #1
"Rates market continues to re-price ECB. lyly Eonia is almost back at recent highs pointing to more upside for SX7E."Source
HOUSE_OVERSIGHT_029470.tif
Quote #2
"Russia is one of the worst performing markets in 2017. Under-positioning and fundamentals getting better"Source
HOUSE_OVERSIGHT_029470.tif
Quote #3
"We think we are entering a period of increasing volatility into the Italian Elections (4th March) and reduce our Long Equity exposure"Source
HOUSE_OVERSIGHT_029470.tif
Quote #4
"We see Political risk underpriced in Europe into 4 March (Italian elections and German SPD member vote)"Source
HOUSE_OVERSIGHT_029470.tif
Quote #5
"FTSE is the worst performing major market ytd. Moreover, we see asymmetry in GBP with UK political risk underpriced and BoE hikes overpriced. We do not agree that the BoE can hike more than the Fed next year."Source
HOUSE_OVERSIGHT_029470.tif
Quote #6
"The risk for equities is a further rise in yields led by higher real rates. Last time 10v real rates were here S&P was closer to 2720."Source
HOUSE_OVERSIGHT_029470.tif
Quote #7
Full Extracted Text
Complete text extracted from the document (1,829 characters)
Positioning short/underweight. Positive
news flow for Italy and Spain causing a
squeeze in peripheral bonds and equities
Rates market continues to re-price ECB.
lyly Eonia is almost back at recent highs
pointing to more upside for SX7E.
markets in 2017, Under-positioning and
fundamentals getting better
Russia is one of the worst performing
We think we are entering a period of
Elections (4th March) and reduce our
Long tquity exposure
We see Political risk underpriced in
Europe into 4 March (Italian elections
and German SPD member vote)
FTSE is the worst performing major
market vtd. Moreover, we see
asymmetry in GBP with UK political risk
underpriced and BoE hikes overpriced.
We do not agree that the BoE can hike
more than the Fed next year.
The risk for equities is a further rise in
yields led by higher real rates. Last time
10v real rates were here S&P was closer
Dec19 Eurodollar
Futures (EDZ9)
Long equal weighted
basket of Telefonica;
Iberdrola;
Enel; Unicredit &
Santander
Long SX7E Mar18 145
calls (40d, 142 ref)
Long equal weighted
basket of Russian Oil
names: Gazprom,
Lukoil, Rosneft
Long SX5E Mar18 3350
puts (35d vs 3406 ref)
26/10/2017 15/02/2018
97.8
92.9
25/01/2018 22/02/2018
2.85
0.2
07/11/2017 22/02/2018
98.95
113.04
22/02/2018 02/03/2018
39
58.40
Short FTSEMIB Index via
Mar18 futures (STH8
Index)
22/02/2018 02/03/2018
22505
22005
Long UKX Mar18 7375
calls
07/02/2018 02/03/2018
55
1.50
Long SPX Mar18
2750/2700 put spread
28/02/2018 02/03/2018
15
30.40
This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and
conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message.
HOUSE_OVERSIGHT_029470
news flow for Italy and Spain causing a
squeeze in peripheral bonds and equities
Rates market continues to re-price ECB.
lyly Eonia is almost back at recent highs
pointing to more upside for SX7E.
markets in 2017, Under-positioning and
fundamentals getting better
Russia is one of the worst performing
We think we are entering a period of
Elections (4th March) and reduce our
Long tquity exposure
We see Political risk underpriced in
Europe into 4 March (Italian elections
and German SPD member vote)
FTSE is the worst performing major
market vtd. Moreover, we see
asymmetry in GBP with UK political risk
underpriced and BoE hikes overpriced.
We do not agree that the BoE can hike
more than the Fed next year.
The risk for equities is a further rise in
yields led by higher real rates. Last time
10v real rates were here S&P was closer
Dec19 Eurodollar
Futures (EDZ9)
Long equal weighted
basket of Telefonica;
Iberdrola;
Enel; Unicredit &
Santander
Long SX7E Mar18 145
calls (40d, 142 ref)
Long equal weighted
basket of Russian Oil
names: Gazprom,
Lukoil, Rosneft
Long SX5E Mar18 3350
puts (35d vs 3406 ref)
26/10/2017 15/02/2018
97.8
92.9
25/01/2018 22/02/2018
2.85
0.2
07/11/2017 22/02/2018
98.95
113.04
22/02/2018 02/03/2018
39
58.40
Short FTSEMIB Index via
Mar18 futures (STH8
Index)
22/02/2018 02/03/2018
22505
22005
Long UKX Mar18 7375
calls
07/02/2018 02/03/2018
55
1.50
Long SPX Mar18
2750/2700 put spread
28/02/2018 02/03/2018
15
30.40
This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and
conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message.
HOUSE_OVERSIGHT_029470
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