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News For NOSYMBOL From The Last 14 Days Check below for free stories on NOSYMBOL the last two weeks. |
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| May 23, 2013 |
| 02:25 EDT |  | | Japan stock markets collapsed
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| 01:15 EDT | | | Asian stocks slumped
Asian stocks slumped following the fallout from Bernanke's JEC testimony and the Q&A. His testimony was relatively benign and he maintained his dovish credentials, but in the Q&A, when pushed, he was forced to admit the potential for QE tapering "in the next few meetings", depending on data. It led to sharp price swings across all asset classes and was a negative lead for Asia at the open. Adding to the correction was a very poor HSBC flash China manufacturing PMI, which came in at 49.6 in May from 50.4 in April. The MSCI Asia Pacific Index ex Japan is just over 1.5% lower on writing, while the Nikkei plunged more than 2% as USD-JPY reversed from 103.60 to under 102.50. Both the ASX and Hang Seng were also around 1.6-1.7% lower by the Asian afternoon, but the SSEC was relatively stable, up 0.1%. |
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| May 22, 2013 |
| 21:46 EDT | | | Beige Book to be released at 14:00
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| 15:13 EDT |  | | Iceland delays consideration of EU entry, WSJ reports
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| 15:10 EDT | | | Treasury Closing Summary:
Treasury Closing Summary: Quite a wild ride on on the bond market mule Weds, after Fed Chairman Bernanke's JEC testimony was benign, but his Q&A referenced a potential QE taper "in the next few meetings" if the data cooperated. Though that was not really new, it provided cover for a fresh sell-off in Treasuries which were crowded by another heavy dose of investment grade issuance as well. The FOMC minutes threw fuel on the fire with some participants looking for a taper starting as early as June, while others were still concerned about low inflation. Stocks initially rallied, then sold off with the jump in the T-note yield to Mar highs. Existing home sales rose moderately. |
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| 15:07 EDT | | | IMF likely to publish paper on sovereign bond restructuring shortly, FT says
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| 15:00 EDT | | | U.S. weekly jobless claims preview:
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| 14:44 EDT | | | Week of 5/31 EIA Petroleum Status Report to be released at 10:30
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| 14:39 EDT |  | | CBOE Volatility Index VIX is recently up 97c to 14.34
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| 14:35 EDT | | | WSJ's Hilsenrath suggests FOMC does not appear to be near a consensus on when to start reducing asset purchases
WSJ's Hilsenrath suggests FOMC does not appear to be near a consensus on when to start reducing asset purchases in his blog piece, Parsing the FOMC Minutes. He cited the statement that "a number of participants expressed willingness to adjust the flow of purchases downward as earlly as June...however, views differed about what evidence would be necessary." That was our conclusion too, noting both that statement and the tone in Chairman Bernanke's JEC testimony earlier. Today's Fed events also support the notion that QE is still benefiting the economy. Plus, the recent mix of data are keeping policymakers uncertain over the path of growth, and hence policy. |
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| 14:35 EDT | | | U.S. New Homes Sales Preview
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| 14:29 EDT | | | Some Fed members say willing to cut asset purchases by June
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| 14:28 EDT | | | April Factory Orders to be released at 10:00
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| 14:28 EDT | | | May ISM Non-Mfg Index to be released at 10:00
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| 14:28 EDT | | | Productivity and Costs to be released at 08:30
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| 14:28 EDT | | | May ADP Employment Report to be released at 08:15
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| 14:25 EDT | | | Dallas Fed hawk Fisher: printing money does no good
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| 14:20 EDT | | | Treasury Action: yields are back off highs as stocks extend their declines
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| 14:15 EDT | | | FOMC Minutes: a number of participants expressed a willingness to adjust purchases downward as early as June
FOMC Minutes: a number of participants expressed a willingness to adjust purchases downward as early as June if the economic data showed evidence of sufficiently strong and sustained growth. But, the Minutes also revealed disagrement on the evidence needed. Also, "many" wanted to see more progress on the labor market before slowing QE. Additionally, recent data opened up some concerns that the recovery was stalling. So, the minutes continue to reflect debate over QE. June sticks out, but analysts don't believe the Committee will be ready to pull the trigger next month. |
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| 14:06 EDT | | | 'Most' Fed members looking for continued progress before easing
Minutes from the last Federal Reserve meeting state, "Participants also touched on the conditions under which it might be appropriate to change the pace of asset purchases. Most observed that the outlook for the labor market had shown progress since the program was started in September, but many of these participants indicated that continued progress, more confidence in the outlook, or diminished downside risks would be required before slowing the pace of purchases would become appropriate." |
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