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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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November 18, 2014
16:15 EDTU.S. TIC data showed foreign accounts sold $55.6 B in net U.S. assets
U.S. TIC data showed foreign accounts sold $55.6 B in net U.S. assets in September, from a downwardly revised $44.8 B in August (was $74.5 B). However, overseas accounts also purchased $164.3 B in net long-term assets versus August's $52.1 B. There was relatively heavy demand across asset classes, with accounts nearly doubling their purchases of Treasury coupons, buying $48.1 B versus $25.7 B previously. Foreigners bought $20.7 B in corporate bonds after dumping $7.3 B in August, while they also picked up $21.0 B in agency bonds, and $4.4 B in stocks. Foreign official accounts reduced their holdings of Treasury coupon s by $17.4 B, with Japan the largest seller at $9.0 B, followed by Thailand (-$7.3 B) and Belgium (-$6.0 B). France and oil exporters were the biggest buyers of Treasuries in September at $13.3 B and $11.9 B, respectively.
16:03 EDTTreasury International Capital Foreign Demand for Long-Term U.S. Securities data reported
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16:03 EDTWeek of 11/29 Redbook to be released at 08:55
16:03 EDTWeek of 11/29 ICSC-Goldman Store Sales to be released at 07:45
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15:00 EDTTreasury Closing Summary:
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14:25 EDTFOMC Minutes awaited for more clarity on the rate trajectory
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13:50 EDTFed's Kocherlakota reiterated he doesn't see inflation hitting 2% until 2018
Fed's Kocherlakota reiterated he doesn't see inflation hitting 2% until 2018, largely repeating prior comments in today's speech titled "Clarifying the Objectives of Monetary Policy." He believes the FOMC should be clear that its inflation objective is "symmetric." And secondly he believes the FOMC "should consider articulating a benchmark two-year time horizon for returning inflation to the 2% goal. Remember, Kocherlakota dissented at the October 29 meeting because of the inflation outlook as he thought the policy statement was consistent with other interpretations of price stability, not just the two-year time horizon.
13:45 EDTU.S. dollar swap spreads narrowed a bit today
U.S. dollar swap spreads narrowed a bit today, though the movement has been pretty glacial like the rest of the markets so far. Heavy corporate issuance continues this week and may be contributing to near-term widening, though that may relent by the end of the week, according to sources. The 2-year swap spread narrowed fractionally to +21.5 bp (mid) from earlier wides near +21.8 bp, compared to +22 bp levels earlier in the week. This was a little more obvious on the 5-year spread, which hit 2-month narrows of +12.25 bp (mid) before nudging back out to +12.75 bp compared to October 16 wides of +21.5 bp. Likewise, the 10-year swap spread probed 2-month narrows of +11.25 bp (mid) vs +12.25 bp session wides, also well in from +16.75 bp in mid-October. Against this trend there has been some talk of "fast money" wideners as well, but time will tell.
12:55 EDTFX Action: USD-JPY has been range bound
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12:50 EDTU.S. corporate bond update: it's another heavy issuance day
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12:05 EDTEuro$ interest rate options: mixed positioning
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11:41 EDTJPMorgan life science tools analyst to hold an analyst/industry conference call
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11:40 EDTTreasury's $40 B 4-week bill auction was ok
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10:45 EDTTreasury Option Action: block and vol trade on 5-year futures
Treasury Option Action: block and vol trade on 5-year futures was cited, with the block sale of 7.3k in December 119-18.25 5-year futures and the sale of 1.5k in February 118 put/119.5 call strangles (volatility) as well. Yet December 5s are 2.2-ticks firmer near 119-172 compared to their 119-20 to 119-155 range.
10:35 EDTU.S. equities have snapped to life
U.S. equities have snapped to life following the bounce in NAHB, while also piggy-backing solid gains in Europe after the firm German ZEW reading ahead of the open. Euro Stoxx 50 is 1.15% higher and the German DAX extended gains to 1.6% on the day. The major U.S. indices are 0.4-0.5% firmer after a flat start. Among the top gainers in the Dow are UnitedHealth +2.0%, Intel +1.4% and Boeing +1.0%, while Home Depot is at the bottom of the heap -0.9%.
10:30 EDTTreasury Option Action: fairly quiet trade
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10:30 EDTFed Policy Outlook:
Fed Policy Outlook: better than expected PPI and NAHB data should not alter views on the rate trajectory. While the improvement is good news for policymakers (it's certainly better than stagnation or erosion) neither report is indicative of sufficient strength to get the FOMC excited. In the case of PPI, the strength of the numbers was in service prices and with the ongoing slide in energy and other commodities, a meaningful pick-up in prices isn't likely. The tepid recovery in housing has also been a thorn in the Fed's side, and while homebuilder sentiment improved to the high end of its recent range, it's still far below pre-financial crisis highs that were in the 70s. Market consensus for a rate hike continues to shift from mid- to late 2015. Given the deterioration in Asian growth, the stagnation in Europe, weakness in prices, and very limited gains in wages, not to mention the dovish make-up of the 2015 FOMC, a hike in the first half of 2015 seems unlikely.
10:15 EDTTreasury Action: yields remain on neutral footing
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10:10 EDTU.S. NAHB homebuilder index rose 4 points to 58 in November
U.S. NAHB homebuilder index rose 4 points to 58 in November, nearly fully unwinding the 5 point drop to 54 in October. Note the 59 from September was the highest since November 2005 when the index hit 61, and compares to a cyclical high of 72 from June 2005, and an all time peak of 78 from December 1998. The low reading was 8 from January 2009. The present single family sales index rebounded 5 points to 62 after falling 6 points previously to 57, while the future sales index edged up 2 points to 66 from 64. The index of prospective buyer traffic increased 4 points to 45 from 41.
10:10 EDTOil Action: NYMEX crude
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