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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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April 23, 2015
14:10 EDTFX Action: USD-JPY managed to eek out an eight session high of 120.09
FX Action: USD-JPY managed to eek out an eight session high of 120.09, though continued Japanese exporter offers would not let the pairing climb further. From the early session peak, the pairing then turned south, following the dollar's broadly weaker backdrop. The bleeding was stopped at 119.48 lows, just over the Wednesday base, and just under the 20-day moving average. USD-JPY remains in range trade mode overall, largely maintaining a 118.50 to 120.50 band over the past six weeks or so.
13:50 EDTU.S. Durable Goods Preview
U.S. Durable Goods Preview: March durable goods data is out Friday and should reveal a 1.5% (median 0.8%) increase for orders. Shipments are expcted to grow by 0.5% with inventories up 0.3%. Data in-line with this forecast would leave the I/S ratio steady at 1.69 for a second month. There is some downside risk to the release from the -0.6% decline in industrial production for the month and the drop in Boeing orders which fell to 39 from 72 in February.
13:45 EDTToday's U.S. reports
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13:45 EDTTreasury Action: AT&T $17.5 B debt launch
Treasury Action: AT&T $17.5 B debt launch is said to be behind the uptick in prices at the long-end, according to sources, presumably as any rate locks are being unwound.
13:35 EDTCommodity Action: RBOB gasoline futures are up 13 cents
Commodity Action: RBOB gasoline futures are up 13 cents from Wednesday's lows, rallying to five-month highs, and trading over the $2.00/gallon mark for the first time since the beginning of December. The larger than expected drop in gasoline inventory, reported yesterday by the EIA started the steep rally, with buying stepping up on the break of the $1.9550 one-week high posted on Monday. NYMEX crude meanwhile, is up nearly $2/bbl trading over $58.00.
13:30 EDTFund manager says Nav Sarao a hero, not goat
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13:15 EDTTreasury $18 B 5-year TIPS sale was solid
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12:45 EDTTreasury 5-year TIPS preview: the auction is expected to be well covered
Treasury 5-year TIPS preview: the auction is expected to be well covered. However, one stumbling block is a relatively rich valuation. The wi trades at -0.34%, down 5 bps on the day. And a stop there would be the lowest since the -0.375% award rate from December 2013 (but it was at a record low of -1.496% at the December 2012 auction). The $18 B new issue amount is also above the $16 B reopen volume, which could make the bid cover look a little soft. Nevertheless, a variety of factors support today's sale, including the acceleration in core CPI this year, including the increase to a 1.8% y/y rate in March. Oil prices have been on the rise since mid-March to add to the uptick in inflation outlooks. There's also a large month-end extension that could see some front running today. The indirect bid should remain very strong. The December 5-year TIPS was awarded at 0.395% and garnered a 2.37 cover and a 64.8% indirect bid.
12:40 EDTDouble-top? NASDAQ cleared record closing highs
Double-top? NASDAQ cleared record closing highs of 5,048.62 set all the way back on March 10, 2000 - about 15-year ago. The comp is about 0.3% higher near 5,050. The all-time intraday high is 5,132.52, however, which is still a few points away.
12:20 EDTTreasury Action: Treasuries are rebounding
Treasury Action: Treasuries are rebounding, even as gains in European sovereigns fade. The 10-year Treasury yield neared the 2.0% mark again, and that has attracted real money demand, which has helped knock the rate back down to 1.96%. Slowing in manufacturing PMI data in the U.S. and Europe, and further contraction in China's index, were more evidence of the slowdown in growth, and suggest Q2 is still suffering from the various factors that weakened Q1, including the stronger dollar, erosion in oil/mining industries, and the ports strike. Clearly the FOMC will be cognizant of these elements as they meet next week. No policy changes expected, but the markets will focus on the statement for any new indications of the Committee's concerns over their growth and inflation outlooks. Treasuries should remain cautious into the FOMC, while also taking into account the likely better than $200 B in bill and coupon auctions next week. Meanwhile, the upcoming $18 B 5-year TIPS sale should be well subscribed.
12:00 EDTEurozone Investment Weakness Remains:
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11:40 EDTJanus' Gross is doubling down on his short-Bund
Janus' Gross is doubling down on his short-Bund trade recommendation, Tweeting: "Bunds are a great short but so is Bund volatility - a great short. Skin the cat in 2 ways." Note, earlier in the week he had Tweeted: "German 10yr Bunds = The short of a lifetime. Better than the pound in 1993. Only question is Timing / ECB QE". Bund yields hit a record low of 0.049% on last Friday and have since backed up to a high of 0.173% today before pulling back to 0.161%. Perhaps someone is taking Bill's Bund spoof literally this week and jamming a few offers through.
11:25 EDTEuro$ interest rate options update: more bearish positioning
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11:10 EDT San Francisco Federal Reserve Bank President John Williams Speech to be released at 12:45
11:10 EDT Atlanta Federal Reserve Bank President Dennis Lockhart Speech to be released at 13:30
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11:10 EDT Minneapolis Federal Reserve Bank President Narayan Kocherlakota Speech to be released at 20:00
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11:10 EDT Chicago Federal Reserve Bank President Charles Evans Speech to be released at 12:25
11:10 EDT San Francisco Federal Reserve Bank President John Williams Speech to be released at 15:10
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11:10 EDT San Francisco Federal Reserve Bank President John Williams Speech to be released at 15:25
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11:10 EDT Cleveland Federal Reserve Bank Loretta Mester Speech to be released at 08:30
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