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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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August 19, 2014
09:20 EDTThe hefty U.S. July housing starts and permits bounce
The hefty U.S. July housing starts and permits bounce, after a diminished drop over the prior two months thanks to upward revisions, took the edge off the array of downside housing sector surprises through Q2 that left downgrades in most forecasts of the 2014 recovery. The housing rebound more generally remains anemic, likely due to ongoing mortgage market dysfunction, consumer caution, and a reduction in distressed sales, though today's report provided some welcome good news for the sector. housing starts under construction, which drive new home construction, surged in July after defying Q2 restraint and bad weather in Q1. Analysts saw a 2.9% July surge that followd gains of 1.2% (was 1.1%) in June and 1.6% (was 0.9%) in May. There hasn't been a decline in this measure since May of 2011. Analysts still expect GDP growth of 3.2% in Q3, after a downward bump in Q2 growth to 3.8% from the 4.0% advance figure, with residential construction growth of 5% in Q3 after a 7.5% Q2 clip. For nonresidential construction, analysts expect growth of 4% in Q3, after a likely big boost in Q2 growth to the 9% area from 5.3%.
09:10 EDTU.S. housing starts surged 15.7% to a 1.093 M pace in July
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09:10 EDTFed Policy Outlook: policymakers aren't likely to be swayed much
Fed Policy Outlook: policymakers aren't likely to be swayed much by this morning's inflation and housing data, hence leaving Yellen with a relatively dovish leaning when she speaks on Friday from Jackson Hole. Remember, the FOMC said the "recovery in the housing sector remains slow," and while the July rebound in starts will be good news, it's one months' data and most Committee members will want to see more sustained gains. Concurrently, CPI remained tame with the headline y/y pace even slowing slightly. And perhaps most importantly, real earnings were unchanged, and lack of wage growth will remain a thorn in the Fed's side.
09:00 EDTU.S. equities extended their rally
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09:00 EDTFX Action: The dollar rallied
FX Action: The dollar rallied initially after the mix of data, where better housing data drove the move. EUR-USD fell to trend lows of 1.3319, falling from 1.3355, as USD-JPY rallied to 102.79. Firmer yields and another Wall Street rally lifted the greenback, as a relatively calm geopolitical backdrop has helped sentiment as well. EUR-USD barriers are noted at 1.3300, and will likely be defended, though significant stops are seen under the figure.
08:56 EDTRedbook Store Sales data reported
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08:45 EDTTreasury Action: yields snapped up from lows
Treasury Action: yields snapped up from lows following the housing starts surge and upward back revisions, which put a steeper trajectory back on the housing sector, while core CPI was tame. The T-note yield based at 2.36% session lows ahead of the reports and then cleared 2.38% again, with the 2.40-2.44% area remaining a cap so far on the upside and 2.30% the 14-month low below. The 2s-10s spread is trading near +196 bp.
08:45 EDTU.S. housing starts surged 15.7% to a 1.093 M pace in July
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08:40 EDTU.S. CPI rose 0.1% in July, with the core rate up 0.1%
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08:36 EDTFutures move higher following release of economic data
U.S. equity futures moved higher following the release of the Consumer Price Index report. The data showed that consumer prices rose 0.1% overall in the month of July versus expectations of an increase of 0.1%. Excluding food and energy, the core reading showed an increase of 0.1% versus the expected increase of 0.2%. Housing starts increased 15.7% versus the expected increase of 8.1% while building permits rose 8.1% versus the expected increase of 2.8%.
08:32 EDTHousing Starts data reported
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08:20 EDTU.S. CPI Preview
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08:20 EDTU.S. Housing Starts Preview
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08:18 EDTWilliam Blair diagnostic services analysts hold analyst/industry conference call
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08:00 EDTU.S. ICSC Goldman Sachs chain store sales index dropped 1.3%
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07:55 EDTN.Y. FX Outlook
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07:53 EDTCitigroup housing analysts hold an analyst/industry conference call
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07:50 EDTTreasury Market Outlook: Treasuries are a little higher
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07:46 EDTICSC-Goldman Store Sales data reported
Week of 8/16 ICSC-Goldman Store Sales down -1.3% for the week
07:24 EDTMarket looks to extend gains
U.S. equity futures are trading just slightly above fair value following yesterday’s big advance. Easing political tensions and fundamental stability in the marketplace have caused investors to become more optimistic. As a result, the market is on track to have its best performance since February. Today investors will focus on reports on consumer prices, housing starts, and building permits.
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