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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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December 10, 2014
09:39 EDTWeak oil prices followed by lower open for equities
Stock futures weakened slightly during the pre-market trading session, leading to a moderately lower open for the broader market. Crude oil prices continue to drop, with WTI crude down another 2.5% in early trading this morning, raising concerns over a global growth slowdown. Investors will be watching the weekly Department of Energy inventory report due out at 10:30 am ET to see how it impacts energy prices. In early trading, the Dow is down 75 points, the Nasdaq is down 6 points and the S&P is down 7 points.
09:25 EDTOil Action: NYMEX crude has posted fresh five-year lows
Oil Action: NYMEX crude has posted fresh five-year lows of $61.96, with the next downside target seen at the August 3, 2009 weekly low of $60.74. Reports than Iran has said oil prices could drop to $40 should OPEC discord continue has been a factor in this morning's sell-off.
09:05 EDTEuro$ interest rate options: some put positioning
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09:00 EDTFX Action: USD-CAD posted modest gains overnight
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08:40 EDTThe FDA to hold a public workshop
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08:40 EDTU.S. equities have turned lower
U.S. equities have turned lower after a mixed overnight session that saw a large 2.9% snap-back gain in the Shanghai Comp, paired with a 2.25% slump in Japan's N-225 and a 0.4% rebound in the Euro Stoxx 50. Yesterday worries about China bond collateral restrictions and Greek politics dented global stocks in particular. Though inflation in China hit a 5-year low, markets there hoped that this would result in more PBoC stimulus. U.S. MBA mortgage market data rebounded the week after the Thanksgiving break. That's left the Dow 35-points lower, the S&P 4-points lower and NASDAQ off 4-points in pre-open trade. Energy sector stocks have resumed their descent with another $2 drop in WTI crude to the $62.50 bbl area, while airline shares have been bid up in anticipation of improved profitability. Home builder Toll Brothers gained after earnings results, while Costco rallied 1% after improved profitability as well. Yum Brands lowered guidance, however, due to weak China sales.
08:15 EDTOil Action: NYMEX crude is trading at $62.50
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08:13 EDTBofA/Merrill to hold a seminar
Global Macro Year Ahead Seminar 2014 is being held in Sao Paulo, Brazil on December 10.
08:11 EDTJPMorgan to hold a conference
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08:11 EDTPacific Crest to hold a bus tour
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08:00 EDTN.Y. FX Outlook
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07:40 EDTTreasury Market Outlook: Treasuries dipped slightly overnight
Treasury Market Outlook: Treasuries dipped slightly overnight, in tandem with losses in European sovereigns as some of the flight to safety trades dissipate. The 10-year Treasury yield has edged up to 2.227% after hitting 2.19% yesterday. The German yield moved up to 0.69% after making another fresh record low at 0.67%. China's Shanghai rebounded 2.9% after its worst drubbing in over 5 years yesterday, while European bourses are correcting higher too, in spite of ongoing worries over Greece's political situation. Wall Street is little changed. There wasn't much economic news overnight. China's CPI slowed to 1.4% y/y in November from 1.6% y/y. Japan's business outlook survey eroded slightly. The U.S. calendar is light today with just the $21 B 10-year reopening and the November Treasury budget. The MBA reported mortgage applications rebounded 7.3% in the week ended December 5. to erase the prior week's 7.3% drop.
07:35 EDTU.S. MBA mortgage market index rose 7.3%
U.S. MBA mortgage market index rose 7.3% in data released earlier, while the purchase index rose 1.3% and the refinancing index climbed 13.2% for the week ended December 5. Mortgage rates actually backed up last week; with the 30-year fixed rate 3 basis points higher to 4.11%, though they remain historically low thanks to concerns about global growth. The firmer tone to the mortgage market, therefore, could have been a little pent up demand following the long Thanksgiving weekend break. With even Fed doves contemplating the launch of Fed tightening in 2015 that would seem a foregone conclusion, though global forces continue to conspire against any aggressive moves from the Fed, however much they want to begin to normalize policy. For more on the housing sector, see our existing home sales, housing starts and new home sales reports.
07:19 EDTThe FDIC Advisory Committee on Systemic Resolution holds a meeting
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07:14 EDTFutures suggest quiet open
Stock futures are trading near fair value as world markets settled down overnight. Yesterday’s early weakness came after overseas markets declined on concerns over global growth. The recovery in the U.S. markets yesterday afternoon has given investors hope that a late year rally is still in the cards. The lone major economic report scheduled to be released today is the weekly Department of Energy Inventory data.
07:05 EDTFX Update: USD pairings traded within Tuesday
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05:58 EDTOn The Fly: Morning Wrap-Up for December 10
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05:54 EDTDecember front month equity options last day to trade is December 19, 2014
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02:45 EDTFX Update: The main currency pairings held within Tue ranges
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01:40 EDTJapan consumer confidence dropped 1.2 points to 37.7 in November
Japan consumer confidence dropped 1.2 points to 37.7 in November, worse than expected, from 38.9 in October. It's a third straight monthly decline. All the sub-indexes declined, with the employment component sliding 1.9 points and overall livelihood falling 1.5 points. Income growth dipped 0.4 ticks, while the willingness to purchase durable goods fell 1.1 points. The data will add to investor angst and risk-off trades, and indeed, the Nikkei is sharply lower with a better than 2% loss, though off its lows.
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