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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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October 9, 2014
13:15 EDTTreasury's $13 B bond reopening saw mixed results
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12:55 EDTFX Action: USD-CAD touched 1.1172
FX Action: USD-CAD touched 1.1172, up from session lows of 1.1090, as equities melt down, and as oil prices look to have no bottom in sight. Wednesday's post FOM minutes stock rally has been more then unwound, while NYMEX crude is down another $1.60 at $85.71/bbl after touching trend lows of $85.60. These factors continue to weigh on the CAD, with the next risk event coming Friday in the form of the September Canadian employment report.
12:50 EDTU.S. equities are skidding to lows again
U.S. equities are skidding to lows again as the post-FOMC minutes rally gets fully eradicated after Europe reversed into the red into their close earlier and Wall Street ran with that bearish baton again. Though crude oil is extending its growth-related slide below $86 bbl now, safe haven gold has been bid back up over $1,224, though below $1,233 earlier highs. NASDAQ is leading the charge at -1.7%, followed by the blue chips at a slight lag. Comments from ECB's Draghi about weak growth in Europe reportedly added to investor unease, while IMF's Lagard was pretty bleak as well. Energy and industrial stocks remain at the vortex of selling pressure, with the deepest losses on Dow components Exxon -2.8%, Caterpillar -1.7% and Chevron -2.6%. The VIX equity volatility index shot 15% higher back to a high of 17.44, just below 18.03 from yesterday prior to the FOMC minutes.
12:45 EDTTreasury's 30-year auction preview:
Treasury's 30-year auction preview: the reopening should benefit from another 200+ point drop in the Dow as growth concerns mount. Additionally, some concession building through the morning has boosted the wi to 3.07% after having tested 3.03% early on. However, these are still some of the richest levels since May 2013 and that could prove troubling. Many are also worried that gains since the FOMC Minutes have put the market in over-bought territory. Shorts may have also covered to leave less of a short base. On the plus side the dovish tone from the FOMC Minutes and the soft inflation outlook should underpin, as should today's tilt toward a curve steepener which has cheapened the bond. The 3% coupon should bring in real money buyers and should be attractive to other accounts too, including investment funds, not to mention foreign accounts. Yesterday's indirect bid was below average however and that could be problematic if that's the case again today. September's bond auction priced strong at 3.24% and saw a 2.67 cover (2.44 average) and a 45.5% indirect bid (44.3% average), while direct bidders accepted a hefty 21.8%.
12:40 EDTTreasury Option Action: decent early flows on bonds
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12:10 EDTFed dove Bullard is concerned about the disconnect
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11:40 EDTMore from dethroned Bond King Bill: while he doesn't envisage a crash
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11:25 EDTBill Gross of Janus Capital Group released a new investment outlook
Bill Gross of Janus Capital Group released a new investment outlook in video form as part of his transition from his home port of PIMCO. Riffing on a nautical theme, he quotes "red skies at night, sailers delight," which for him means calmer waters at Janus. However, with a bandage under his right eye, it does look like the door hit him on the way out. Without the clout of a $2 tln portfolio behind him, it's not clear yet that his words will carry the same weight as before, with many withdrawals from PIMCO funds in wake of his departure still on the sidelines as investment boards consider their options. After a "rough few weeks" he believes its going to be a better few months and years. Here's a video link.
11:20 EDTTreasury announced a $51 B 3- and 6-month bill auction for Tuesday
Treasury announced a $51 B 3- and 6-month bill auction for Tuesday (Treasuries closed Monday for Columbus Day), bumping up the volume by $3 B, with all of the increase in the longer tranche. That brings the 6-month size to $27 B, while the 3-month remains at $24 B. The debt managers also outlined an unchanged $25 B 52-week bill sale (Wednesday). Supply lightens next week with just bills on the schedule.
11:09 EDT52-Week Bill Announcement CUSIP Number data reported
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11:09 EDT52-Week Bill Announcement Offering Amount data reported
52-Week Bill Announcement Offering Amount at $25.0 B
11:09 EDT6-Month Bill Announcement Offering Amount data reported
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11:09 EDT3-Month Bill Announcement Offering Amount data reported
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10:50 EDTU.S. corporate debt: a $5.1 B Dynegy Financial multi-trancher
U.S. corporate debt: a $5.1 B Dynegy Financial multi-trancher creeps on to the books on Friday, a high yield offering comprised of 6-,8- and 10-year tranches. A few other high yield deals crop up then as well, including a $1 B 2-trancher form Lunding Mining, MPG, Natural Resources and Providence among them. Otherwise, there's really not much on the corporate docket today to remotely crowd the Treasury's $13 B reopening later.
10:35 EDTSt Louis Fed's Bullard didn't speak on policy or the economy
St Louis Fed's Bullard didn't speak on policy or the economy in his introductory remarks as the Community Banking Research and Policy Conference. He will be speaking with reporters later today. A number of other Fedspeakers are on the docket today, including VC Fischer, governor Tarullo, and presidents Lacker and Williams. Note too that ECB's Draghi will be speaking along with Stan Fischer on monetary policy and global central banking at the Brookings Institute.
10:30 EDTEIA Natural Gas Storage Change for the week ending October 3
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10:30 EDTThe U.S. wholesale trade report
The U.S. wholesale trade report revealed diverging sales and inventory paths that were modestly discouraging on net. Wholesale sales undershot inventories in August given a 0.7% sales rise but 0.7% inventory, after a five-month stretch of stronger sales than inventory figures. Thanks to disappointing sales, the inventory-to-sales (I/S) ratio bounced to 1.19 from 1.17 over the prior three months (was 1.16 in July) to bring the ratio back to the high-end of the 1.16-1.19 range evident since April of 2013. Analysts saw a much lower 1.13 cycle-low in January of 2011 that matched the all-time low in June of 2008. Our 2.8% Q3 GDP growth estimate incorporates a $12 B inventory subtraction, following a $49.6 B inventory boost to Q2 GDP growth that translated to a relatively lofty $84.8 B accumulation rate. For monthly forecasts, analysts expect a 0.4% (was 0.3%) August business inventory rise, given today's 0.7% wholesale increase, the 0.1% factory inventory rise, and an assumed 0.6% retail inventory gain. The overall business I/S ratio should rise to 1.30 in August from 1.29 over the prior five months.
10:25 EDTTreasury 30-year auction outlook:
Treasury 30-year auction outlook: the $13 B bond reopening completes this week's auctions. Yesterday's 10-year sale was very poorly subscribed, after a strong 3-year sale Tuesday, and today's is likely to fall somewhere in between. The wi richened to 3.03% in early trading, the lowest since May 2013, but has risen to 3.06% after the improved claims data and as the market sets up for the sale. The bond traded as cheap as 3.135% on Monday as the jobs report continued to reverberate. Like the 10-year auction yesterday, the outright richness may temper demand. Meanwhile, the 10s-30s spread has widened out to 73 bps, the widest since mid-September, which could be attractive at the margin. A tame inflation outlook is also supportive. There will be a natural bid for duration, and the likely 3% coupon should bring in real money buyers too, while the wide spreads to European and Asian sovereigns should underpin. However, the indirect bid on yesterday's 10-year came in a little below average. September's bond auction priced strong at 3.24% and saw a 2.67 cover (2.44 average) and a 45.5% indirect bid (44.3% average), while direct bidders accepted a hefty 21.8%.
10:15 EDTTreasury Action: yields held above lows
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10:15 EDTFX Action: USD-CAD peaked at 1.1126
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