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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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August 22, 2014
13:55 EDTAction Economics Survey results:
Action Economics Survey results: Fed Chair Yellen didn't provide any definitive clues on rate hikes in her comments, and didn't materially alter general policy outlooks as far as the markets are concerned. What she did leave us with is what analysts already had -- the policy path is data dependent. Of course there is a big array of data from which to choose as analysts try to assess the degree of labor market slack and try to determine the extent of cyclical versus structural forces. It's still looking like rate lift-off will occur around mid-2015, maybe earlier if the recent trend of improved growth is sustained. This week's Survey results suggest that will be the case. Of interest in the coming week will be durable goods, where the Survey median points to a 5.5% increase, with significant upside risk thanks to Boeing orders, as reflected by the 35.0% high estimate. Other key reports ahead show Q2 GDP should post a still strong 3.9% rate of growth, down only slightly versus the Advance report. The Survey also suggests gains in home sales and manufacturing. Meanwhile, the August jobs report should reveal a 213k increase in payrolls and a 6.1%.
12:20 EDTFed dove Lockhart: anticipation of inflation alone is not sufficient
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12:20 EDTSF Fed's Williams said the unemployment rate is still too high
SF Fed's Williams said the unemployment rate is still too high, in a Bloomberg TV interview. The dovish voter added he thinks a very accommodative policy is still what's needed. He doesn't see the risk of an inflation overshoot. Rate lift-off should begin around mid-2015, he reiterated, but the timing will remain data dependent. Reverse repos, one of the tools expected to be used in the normalization process, should be limited in scope. There's nothing new from Williams, but remember he is a voter in 2015.
12:15 EDTFX Action: USD-JPY took out the April high of 104.13
FX Action: USD-JPY took out the April high of 104.13, peaking at 104.19, though has since edged back under the figure. A variety of sellers were noted into the highs, including Japanese exporters, and options related interest. The volatility seen at 10:00 was partially from Yellen's comments, though 1.04 expires rolled off at the same time, which likely led to the bulk of price action.
12:10 EDTPIMCO's Gross Tweeted: "Yellen was a 2-handed economist today
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12:00 EDTTreasury Option Action: mostly bearish flows
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11:23 EDTBofA/Merrill Russian & CIS economist holds analyst/industry conference call
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11:00 EDTTreasury Action: yields are backing up to highs
Treasury Action: yields are backing up to highs again despite Yellen's best attempt to be a 2-handed economist on the complex topic of labor market slack. She even went so far as to quote the FOMC statement and reiterate that any move is data-dependent - could tighten sooner if the economy picks up faster or delay if it slows down. Curiously, the move up in yield back toward 2.44% pivot on the T-note seems to be led by a jerk higher in the dollar, which has cleared 104 vs the yen and hit 1.3220 vs the euro. The USD index has posted a fresh 11-month high of 82.41. No doubt this is the favored trade by those looking for more dovish hints from ECB's Draghi later at 14:30 ET. Stocks have really just rotated in place.
10:25 EDTFX Action: The dollar initially slipped
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10:20 EDTFed Chair Yellen's speech was fairly neutral and very "two-handed"
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10:15 EDTTreasury Action: yields jerked to highs
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10:15 EDTFed Chair Yellen's speech was relatively neutral and very "two-handed"
Fed Chair Yellen's speech was relatively neutral and very "two-handed" in terms of the policy course. She said there's no "simple receipe for appropriate policy." She indicated the economy is improving and the FOMC now is questioning the degree of slack in the economy, adding that assessing the latter has become more difficult. She continued to appeal to a variety of labor market indicators for assessing slack. She also repeated that faster progress toward the employment and inflation goals could speed up rate hikes, but if progress is disappointing, then the accommodative stance could remain intact for longer -- that is, the Fed is data dependent. She indicated cyclical and structural factors have both affected the labor market.
10:06 EDTYellen says economy 'getting closer' to Fed's objectives
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09:55 EDTOil Action: NYMEX crude is down 67 cents
Oil Action: NYMEX crude is down 67 cents at $93.29, with the recent supply/demand imbalance continuing to weigh on prices. The API reported on Thursday that U.S. oil production is at a 28 year high. Meanwhile. OPEC continues to pump at elevated levels, while concerns over slowing growth in China and Europe should keep crude prices pressured. Sources look for a downside target of $90 in the coming week.
09:45 EDTA couple of papers on labor at Jackson Hole
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09:38 EDT Market has uneventful open
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09:35 EDTFed Policy Outlook: it's all about Yellen and Draghi today
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09:10 EDTEuro$ interest rate options: bullish positioning
Euro$ interest rate options: bullish positioning included the sale of 5k in Green December 76 puts. That said, trading conditions in the underlying rate futures are pretty quiet heading into Yellen's speech, which is embargoed for 10 ET and will contain no Q&A. The lead September 2014 contract is a quarter point lower near 99.7625, while the deferreds are 0.5-1.0 ticks lower.
09:05 EDTFX Action: USD-CAD sprinted up to 1.0980
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08:45 EDTU.S. equities were dented by Russian convoy acrimony
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