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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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May 19, 2015
09:35 EDTU.S. starts and permits revealed big April rebounds
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09:25 EDTTreasury Action: Treasury-Bund note spread gapped out to 168 bps
Treasury Action: Treasury-Bund note spread gapped out to 168 bps as recent data/events highlight the divergent policy paths of the FOMC and the ECB. The 10-year Treasury rate climbed to 2.27% after the data, while the Bund yield is down over 4 bps to 0.59% currently (it was as low as 0.549% in European trading). The spread was as wide as 184 bps just prior to the April 29 FOMC statement amid fears of a hawkish tone (which turned out not to be the case). The stronger than expected housing starts figures gives credence to the Fed's view that much of the Q1 weakness was "transitory," which keeps alive the potential for rate liftoff later this year (June still seems unlikely). Meanwhile, European bond yields dropped sharply overnight on ECB comments that they are prepared to accelerate QE amid summer doldrums. Spread plays should remain volatile near term with a lot of key U.S. data ahead, including the June 5 employment report.
09:25 EDTFX Action: USD-CAD is on one-month highs of 1.2239
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09:00 EDTU.S. stocks will try to extend higher
U.S. stocks will try to extend higher after the S&P 500 made a new record high on Monday. The risk rally has gained added traction on China stimulus speculation and ECB willingness to accelerate bond purchases in May and June, so as not to hamper liquidity in July and August. Although bond yields have backed up from session lows, contending with the much stronger than expected U.S. housing data. In corporate news, Wal-Mart has reported Q1 earnings that missed estimates, hurt by the stronger dollar, according to Bloomberg. Urban Outfitters has also disappointed with Q1 earnings. But Home Depot has raised its profit and sales guidance for the year on the back of the housing market recovery. Meanwhile, H-P plans to sell its Chinese unit to Tsinghua Unigroup, according to the WSJ. S&P 500 futures have firmed 3.75 points, Nasdaq futures have increased 15.5 points. And Dow futures have advanced 41 points.
08:59 EDTRedbook Store Sales data reported
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08:50 EDTFX Action: The dollar rallied across the board
FX Action: The dollar rallied across the board after the much better than expected housing starts data. EUR-USD fell to one-week lows of 1.1140 from 1.1190, as USD-JPY ramped up to two-week highs of 120.43, from 120.18. Euro support is now seen at 1.1131, the May 11 low, while USD-JPY resistance is at 120.50, the May 5 high. Equity futures kept their gains, as yields moved higher.
08:50 EDTTreasury Action: Treasury gains were undone by the stronger housing data
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08:46 EDTCowen healthcare analysts hold an analyst/industry conference call
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08:40 EDTU.S. housing starts surged 20.2% to 1,135k in April
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08:33 EDTFutures remain higher following housing data
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08:20 EDTU.S. housing starts preview:
U.S. housing starts preview: starts are expected to rise another 8.0% to a 1,000k pace, after the 2.0% March gain, still correcting from the 15.3% weather-impacted plunge in February. Despite the gains, starts are still below the recent high of 1,098k in July. Permits should improve to a 1,055k pace from a revised 1,042k in March (were 1,039k).
08:05 EDTOil Action: NYMEX crude traded to lows of $59.41
Oil Action: NYMEX crude traded to lows of $59.41 in London, after Saudi Arabia reported crude shipments of nearly 8 M bpd, a 10-year high. In addition, slack global demand, particularly in China, should see oil prices head lower still in the coming weeks. RBOB gasoline futures are near one-week low, trading at $2.03/gallon, leaving U.S. average retail prices at $2.71/gallon, up 5 cents from a week ago, and up 25 cents from a month ago, according to AAA data. Demand going into the U.S. Memorial day holiday weekend has helped gasoline prices higher. Natural gas futures meanwhile, touched four-month highs of $3.06/M BTU, as warmer weather throughout much of the U.S. ramps up electricity demand.
07:55 EDTU.S. chain store sales slid 1.2% in the week ended May 16
U.S. chain store sales slid 1.2% in the week ended May 16, according to The Retail Economist, after falling 1.7% in the week prior. In fact, this is a 3rd consecutive weekly decline, a string that hasn't been seen since mid-January. However, on an annual basis, sales accelerated a bit to a 2.3% y/y pace, versus the 2.1% y/y clip previously, though it's one of the slowest rates in a few months. According to the report, unfavorable weather hurt apparel sales, but furniture and home improvement provided an offset.
07:45 EDTN.Y. FX Outlook
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07:45 EDTTreasury Market Outlook: bonds and stocks are higher around the world
Treasury Market Outlook: bonds and stocks are higher around the world. Gains have been paced by European markets, inspired by comments from the ECB's Coeure and Noyer, who each indicated the central bank will accelerate bond purchases slightly in May and June and could extend the QE program beyond September next year if necessary. Also, European Commission President Juncker's optimism on a quick deal on Greece added support. Data also factored in as German ZEW and U.K. inflation unexpectedly declined. The German Bund yield is down over 7 bps to 0.575%, with the 10-year Treasury off 4 bps to 2.19%. There isn't a lot on the U.S. calendar today with just April housing starts and weekly chain store sales.
07:38 EDTCarver Federal Savings Bank / New York SBDC to hold a seminar
Profit Mastery Seminar is being held in Jamaica, New York on May 19-20.
07:37 EDTUBS to hold a conference
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07:35 EDTDeutsche Bank to hold a conference
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07:21 EDTJPMorgan to hold a conference
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07:19 EDTEuropa Organisation to hold a conference
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