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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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January 28, 2015
11:10 EDTFX Action: The dollar is on the decline
FX Action: The dollar is on the decline, following Wall Street lower, as stocks give up their early gains. EUR-USD is back over 1.1340 after finding support into 1.1300 earlier, while USD-JPY eases under 117.70, after stalling into the 118.00 level. Follow through will likely be limited into this afternoon's FOMC announcement.
10:40 EDTEnergy Action: Front month NYMEX crude fell briefly to $44.53
Energy Action: Front month NYMEX crude fell briefly to $44.53 from $44.70, before rallying to $45.10 following the EIA inventory data which showed a 8.9 M bbl rise in crude stocks. This was less than the huge 12.7 M bbl increase reported by API on Tuesday. Meanwhile, gasoline supplies, seen up 0.5 M bbls actually fell 2.6 M bbls, while distillate stocks were down 3.9 M bbls, versus expectations for a 1.5 M bbl fall. Refinery usage rose to 88.0% from 85.5%.
10:30 EDTCrude inventories for week of January 23
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10:30 EDTTreasury 2-year auction outlook:
Treasury 2-year auction outlook: the note sale, and the 2-year FRN, were delayed until today due to the storm "Juno." The coupon offering is likely to be lackluster as the bid deadline is an hour before the FOMC announcement, and given various market crosscurrents. Though the markets are not looking for any major changes in the policy statement, many potential buyers may sit on their hands, just in case the FOMC hints a June hike is still in the cards. The market hasn't been able to build in a concession with the wi yield slightly lower at 0.54%, and an award rate there would be one of the richest since June. That may put off buyers too, as could the bias toward curve flatteners. There is also a $15 B 2-year FRN on which to bid at 11:30 ET. However, on the plus side, even a 0.555% rate looks attractive versus Germany's equivalent at -0.162% and Japan's at -0.006%. And geopolitical risks may elicit a bid. The December note stopped at 0.703% and garnered a sub-par 3.21 cover and a better than average 35.7% indirect bid. Direct bidders accepted 14.5% while primary dealers took 49.8%.
10:20 EDTEnergy Action: NYMEX crude is on session lows of $44.81
Energy Action: NYMEX crude is on session lows of $44.81, with repositioning reportedly under way ahead of the 10:30 EST EIA inventory data. Tuesday's API data revealed a huge 12.7 M bbl stock build, and the market currently appears to be setting up for a larger than expected EIA reported inventory build. The $44.20 level provides initial support, though under $44.19, which was the January 13 trend low, another wave of selling can be expected.
10:10 EDTTreasury Option Action: mixed positioning in front of the Fed
Treasury Option Action: mixed positioning in front of the Fed has been the main theme, as there was a bullish buyer of 7.5k in March 132-00 calls on 10-year futures and also a bearish purchase of 10k in March 128/129 put spreads. March 10s are 3.5-ticks firmer near 129-245 compared to a 129-295 to 129-16 session range.
09:50 EDTFX Action: USD-CAD is back up near 1.2450
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09:38 EDTEarnings help lift market at open
Stock futures improved during the pre-market trading session, thanks in part to better than expected earnings reports from Boeing (BA). The futures action led to a positive open for the broader market, with Boeing's post-earnings gain fueling the Dow and Apple (AAPL) powering the Nasdaq higher. The timing of the earnings beats for those two big names could not have been better given yesterday’s sell-off following the earnings disappointments from a number of other corporate giants. Investors will now be turning their attention to the Fed’s rate announcement, due out this afternoon at 2:00 pm ET. In early trading, the Dow is up 45 points, the Nasdaq is up 43 points and the S&P is up 9 points.
09:10 EDTFed Policy Outlook: FOMC resumed its meeting
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09:05 EDTEuro$ interest rate options: pre-FOMC flows
Euro$ interest rate options: pre-FOMC flows are said to include a bearish purchase of 2.5k in December 2015 88/90/92/93 put condors and an added purchase of 1.8k in Front December 88/90/92/93 put condor and an 88/90 put spread. Heading towards the FOMC decision, underlying rate futures are quite mixed, with the front-end in shallow negative territory and the back with shallow positive gains.
08:40 EDTU.S. equities are mostly firmer on Apple's earnings
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08:30 EDTEnergy Action: NYMEX crude fell to $45.14
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08:15 EDTThe U.S.-China Economic & Security Review Commission holds a hearing
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08:00 EDTN.Y. FX Outlook
N.Y. FX Outlook: The dollar largely consolidated Tuesday's moves, as positions were pared into this afternoon's FOMC policy announcement. EUR-USD steadied in the mid 1.13's, as USD-JPY traded either side of 118.00. USD-CAD found support on weaker oil prices, though cable maintained its recent bid, holding near 1.5200. Equity futures indicate a firmer Wall Street open, helped by positive earnings reports from Apple, yahoo and Boeing. Yields are a touch softer. The calendar is bare but for weekly EIA petroleum inventory at 10:30 EST, and of course the FOMC announcement at 14:00 EST.
07:40 EDTU.S. MBA mortgage market index sank 3.2%
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07:36 EDTSenate Budget Committee to hold a hearing
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07:35 EDTTreasury Market Outlook: Treasuries are modestly higher
Treasury Market Outlook: Treasuries are modestly higher, having pared overnight losses. The 10-year yield traded narrowly around 1.80%. European bonds are trying to rebound too, but are still slightly underwater, while Asian bonds closed in the red. Note that Greek yields have soared amid worries over the new government. Eurogroup head Dijsselbloem, who is set to meet Tsirpas Thursday, said that ongoing support from Europe requires efforts from Greece and "the message 'analysts want your support but not your conditions' won't fly." European bourses are mostly lower with U.S. shares mixed, despite blowout earnings news from Apple. Market focus is now turning to the FOMC announcement at 14:00 ET (there is no press conference). The Fed is widely expected to maintain its "patient" approach to rate normalization. Also, the bond market will have to bid on $26 B in 2-year notes and $15 B in 2-year FRNs before the policy announcement (the auctions were moved from Tuesday due to storm "Juno"). The MBA reported mortgage applications fell 3.2% for the January 23 week. The only other data today includes weekly oil inventories. Earnings reports today include Facebook, Boeing, General Dynamics, and Wynn Resorts.
07:15 EDTCFA Society of Cleveland to hold a luncheon meeting
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07:11 EDTMaxim to hold a conference
Drug Pricing & Reimbursement Conference is being held in New York on January 28.
06:40 EDTFX Update: The dollar traded steady-to-softer
FX Update: The dollar traded steady-to-softer into the Fed announcement. EUR-USD oscillated between 1.1332 and 1.1382. The market ignored an above-forecast German consumer confidence reading today, and the rebound tone of yesterday is absent today, though there seems to be a feeling that the euro has managed to build a toehold after making an 11-year low at 1.1098 on Monday. USD-JPY dipped below 117.70 in Europe after oscillating in a narrow range around 118.00 during Tokyo trade. Selling in EUR-JPY drove the move (EUR-USD was concomitantly lower), with the cross down 95 pips after logging a new rebound high of 134.35. AUD-USD made a five-day peak of 0.8025 after Australian Q4 CPI data. Elsewhere, the SGD dove sharply after Singapore's MAS unexpectedly cut the slope of monetary policy band.
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