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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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August 27, 2015
10:10 EDTU.S. NAR pending home sales index rose 0.5% in July
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10:05 EDTA China central banker said the Fed should delay
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10:01 EDTPending Home Sales Index data reported
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09:55 EDTU.S. NAR pending home sales index preview:
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09:46 EDTBloomberg Consumer Comfort Index Level data reported
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09:35 EDTToday's U.S. reports
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09:10 EDTThe hefty Q2 GDP growth boost to 3.7%
The hefty Q2 GDP growth boost to 3.7% from 2.3% beat estimates due to unexpected boosts for equipment spending and intellectual property, alongside an expected big construction-led hike in government spending alongside smaller boosts for nonresidential and residential construction. Analysts saw a small $3.6 B net export hike that was also expected, alongside a smaller than expected boost of $11.1 B for inventories, and a hike in Q2 consumption that fell a tad short of assumptions. Analysts'll leave our Q3 real GDP growth estimate at 3.0% until tomorrow's July income report. The Q2 GDP revisions leave a cycle-high $121.1 B inventory accumulation rate that exceeds the $116.2 B prior cycle-high in Q3 of 2010, and that sits just a tad short of the all-time high of $124.9 B in Q1 of 1998. The average real GDP growth clip for the expansion rose to 2.2% (was 2.1%) from 2.1% in Q1 but the same 2.2% in Q3 and Q4 of last year, while average nominal GDP growth for the expansion rose to 3.8% (was 3.7%) in Q2 from 3.7% in Q1 but the same 3.8% in Q4. Real and nominal GDP growth are oscillating around a "long-run" rate that is only just sustainable, despite an ongoing output-gap.
09:05 EDTKC Fed hawk George is doing the rounds
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08:58 EDTStocks set to extend yesterday's advance
Stock futures remain sharply higher on the heels of yesterday's big advance and China's stock market rally last night. The updated estimate of GDP growth showed the economy grew 3.7% in the second quarter GDP grew 3.7%, topping expectations for annualized growth to be revised up to 3.2%. Personal consumption in the quarter rose 3.1%, matching expectations. Initial jobless claims were 271K last week, versus expectations for 274K first-time claims. Near 9 am EDT, Dow futures are about 190 points above fair value, S&P futures are 22 points above fair value and Nasdaq futures are about 50 points above fair value.
08:55 EDTFX Action: The dollar popped higher
FX Action: The dollar popped higher after the outsized upward GDP revision and the slightly lower than expected initial claims data, taking EUR-USD to lows of the week of 1.1249, and down from near 1.1290 ahead of the data. USD-JPY rallied to 120.43 from under 120.20. Equity futures have held onto their gains, while Treasury yields moved to session highs.
08:55 EDTU.S. equities are in rally mode again
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08:52 EDTDirexionshares Financial Bull 3X Shares volatility elevated on wide movement
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08:50 EDTThe 6k U.S. initial claims drop to 271k
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08:45 EDTTreasury Action: yields snapped back to highs
Treasury Action: yields snapped back to highs after Q2 GDP was revised up sharply and jobless claims sank, which put the economy in a better light than recent market volatility implied. A little more hawkish tone from KC Fed's George also provided a dose of caution as well for bonds. The T-note yield probe the 2.19-2.20% area (testing Thursday closing highs), up from 2.17%, while the 2-year yield vaulted back over 0.70%, leaving the 2s-10s spread over 148 bp.
08:45 EDTU.S. initial jobless claims fell 6k to 271k
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08:44 EDTCorporate Profits After-tax data reported
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08:44 EDTJobless Claims data reported
Week of 8/22 Jobless Claims at 271K vs. consensus of 270K
08:40 EDTU.S. GDP was revised up to 3.7% in the second Q2 release
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08:33 EDTDeutsche Bank Chief Chinese Economist holds an analyst/industry conference call
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08:20 EDTFX Action: The CAD was a beneficiary
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