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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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April 15, 2015
13:00 EDTFed's Beige Book preview:
Fed's Beige Book preview: the report should reiterate the weary "moderate growth" mantra on the economy. However, that will belie the mixed results across Districts and sectors as the northeast and south try to recover from some of the weather hits, while lingering impacts from the ports' strike in the west, and difficulties in the oil sector impact more broadly. The job sector should remain a bright spot, the March employment report notwithstanding. Consumer spending should have generally increased. Also, manufacturing likely expanded at varying rates, as noted in the March Beige Book, while services should have extended gains too. Wage pressures likely remained moderate, except for skilled workers in difficult-to-fill positions. Prices probably were mostly steady to slightly higher. The prior report indicated shipping costs had increased due to delays from the ports' strike. There shouldn't be anything in the report that will give the Fed confidence to start rate liftoff anytime soon.
12:40 EDTTreasury Action: yields have settled near lows
Treasury Action: yields have settled near lows even as stocks extended gains, with the belly of the curve outperforming, where yields on 5s and 7s are nearly 3 basis points lower compared to a 1.2 bp decline on the 2-year to the 0.50% area and an 1.5 bp dip in the bond yield to 2.53%. 5s are probing below 1.31%, but are still some way above the 1.239% low struck on payrolls Friday. The 10-year yield has eased below 1.88% and the 2s-10s spread has narrowed back to +137 bp from the +140 bp area, but 5s-30s has steepened to +121 bp as a result. The ECB aiming for full QE implementation has evidently provided the bullish signal to both asset classes (cue confetti), despite mostly weaker headline data.
12:10 EDTGreece downgraded to 'CCC+' from 'B-' by S&P
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12:05 EDTEuro$ interest rate options update: large sale of call condors
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10:40 EDTEnergy Action: Front month NYMEX crude rallied sharply
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10:30 EDTCrude inventories for week of April 10
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10:30 EDTFX Action: USD-CAD spilled below yesterday's low
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10:25 EDTEuro$ interest rate options: mixed positioning
Euro$ interest rate options: mixed positioning included a bearish purchase of 5k in December 87/92/93/95 put condors at a 2x1x1x1 ratio, along with a purchase of 5k in December 91/93 call spreads. The lead June 2015 contract is a half-tick higher at 99.695, while the deferreds are 1-3.5 ticks firmer out the curve. ECB Draghi's commitment to QE appeared to offset mostly weaker data today, leaving both stocks and Treasuries higher.
10:15 EDTTreasury Action: yields steadied above lows
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10:10 EDTU.S. NAHB homebuilder confidence index climbed 4 points to 56 in April
U.S. NAHB homebuilder confidence index climbed 4 points to 56 in April after sliding 3 points to 52 in March (revised from 53), though it's still down from 58 in November and December. Gains were across all 3 components. The single family sales index improved to 61 from 58. The future sales index rose to 64 from 59. The index of prospective buyer traffic increased to 41 from 37.
10:03 EDTHousing Market Index data reported
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10:03 EDTAtlanta Fed Business Inflation Expectations Bus Infl Exp % Yr/Yr data reported
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10:00 EDTThe 0.6% U.S. March industrial production drop
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09:55 EDTU.S. NAHB housing market index preview:
U.S. NAHB housing market index preview: the NAHB HMI is forecast to rise to 54 in April from 53. For more detail, see the NAHB website.
09:47 EDTStocks rise despite manufacturing, industrial production data missing forecasts
U.S. equity futures were higher throughout the pre-market trading session despite weaker than expected reports on manufacturing in the New York region and industrial production. The Empire State manufacturing report and the industrial production decline were worse than expected but the market showed little reaction as earnings take center stage. The broader market opened in positive territory and the Dow and S&P 500 are both up about 0.5% in early trading. About fifteen minutes after the opening bell, the Dow is up 101 points, the Nasdaq is up 16 points and the S&P is up 11 points.
09:45 EDTAtlanta Fed's GDPNow model forecasts 0.1% growth in Q1
Atlanta Fed's GDPNow model forecasts 0.1% growth in Q1 and this automated estimate updated in real time tracks 13 components of GDP growth as they are reported (analysts are still at 1.0%). The project goes back only to the second half of 2011, but in 7 quarters from late 2011 to 2014, its accuracy beat economists 5 out of 7 times, with 1 loss and 1 tie. The model is apparently especially good when the expected growth is less than 1%, according to sources. for more detail.
09:30 EDTFX Action: The dollar fell back
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09:30 EDTTreasury Action: yields extended declines
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09:20 EDTFed's Bullard said holding zero rates for too long risks asset price bubbles
Fed's Bullard said holding zero rates for too long risks asset price bubbles, in his remarks on financial regulation from Washington. And added that a gradual rise in rates would mitigate that risk, while still providing "significant" policy accommodative. He will reserve judgment on inflation until oil prices stabilize, but said a drop in inflation expectations bears watching and he'd be concerned if they fell from 2%. Labor markets are approaching more normal conditions and he forecasts growth of about 3% over the medium term. Bullard isn't a voter.
09:15 EDTU.S. equities are holding their own
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