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News For NOSYMBOL From The Last 14 Days
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November 14, 2014
09:50 EDTU.S. corporate bond update: issuance is moderate today
U.S. corporate bond update: issuance is moderate today. But the Treasury market is still suffering a bit from indigestion from a heavy calendar this week that looks to total about $35 B, along with the $66 B in the Treasury refunding. Headlining today is a $3 B 2-year global deal from FHLB. Newell Rubbermaid has a benchmark 5- and 10-year offering. And, First Tennessee Bank is selling $300 M in 5-year notes.
09:45 EDTU. Michigan sentiment preview:
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09:30 EDTFed's Bullard said low inflation does not justify zero rates
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09:20 EDTFed rate view is being pulled in two directions
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09:15 EDTThe 0.3% retail sales headline and ex-auto gains
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09:00 EDTU.S. equities marginally padded gains
U.S. equities marginally padded gains after the retail sales came in above low expectations and trade prices were dragged lower by tumbling energy prices. The Dow rose 15-points, S&P gained 2-points and NASDAQ is 3-points firmer in pre-open trade. Fresh trend lows in the yen helped prop up Japan's N-225 0.56%, supported by ongoing speculation over sales tax hike delay and stimulus, though Europe is trading mixed despite somewhat-firmer-but-still-limp GDP returns in Europe. The Euro Stoxx 50 has reclaimed shallow positive territory from out of the red earlier. Merger talks between Halliburton and Baker Hughes boosted their shares, while Geron leapt 37% after licensing a cancer drug to J&J. Hertz sank 1.5% after cutting its 2014 outlook and confirming cost cutting. Up next are U. Michigan and inventory data to round out the week.
08:55 EDTFX Action: USD-CAD initially fell
FX Action: USD-CAD initially fell after the mix of data, where stronger Canadian manufacturing data took the spotlight. The pairing traded into 1.1360 from over 1.1380, though has since moved back over 1.1380. The modest rebound in oil prices has lent some support to the CAD, though most seem to think this morning's oil rally is nothing more than pre-weekend short covering related. USD-CAD support is seen into 1.1350, with resistance remaining at 1.1400.
08:50 EDTU.S. import prices dropped 1.3% in October, with export prices down 1.0%
U.S. import prices dropped 1.3% in October, with export prices down 1.0%. The 0.5% drop in September import prices was revised to -0.6% (and August was nudged to -0.8% from -0.6%). Also revised down was the 0.2% decline in export prices for September, which is now -0.4%. Petroleum import prices plunged 6.9% from -2.6% (revised from -2.8%). Petroleum prices have posted big declines since July. Excluding petroleum, import prices dipped 0.1% from -0.1% in September (revised from -0.2%). Industrial supplies import prices dropped 4.1%. Import prices with Canada fell 2.3%, but rose 0.1% with China. For exports, ag prices fell 2.1% after a 1.7% decline previously (revised from -0.9%). Food, beverage export prices were down 2.1% versus -1.5% (revised from -0.9%). Excluding ag, export prices slid 0.9% from -0.2% previously. Trade prices were weaker than expected, though that's in keeping with the slide in global prices in general.
08:45 EDTU.S. retail sales rose 0.3% in October, as did the ex-auto component
U.S. retail sales rose 0.3% in October, as did the ex-auto component. And there were no revisions to the September data including a 0.3% decline on the headline, and a 0.2% dip for the ex-auto figure. Excluding autos, gas, and building materials, retail sales rose 0.6% from 0.1% (revised from unchanged). Gas station sales dropped 1.5% last month. Electronic store sales fell 1.6%. Motor vehicles and parts salas rebounded 0.5% after a 1.2% September decline (revised from -0.8%). Non-store retailer sales increased 1.9%. Sporting goods climbed 1.2%. Furniture and building material sales posted small gains. Health and personal care spending rose 0.7%. Data are better than expected and should underpin strength in equities.
08:45 EDTTreasury Action: yields popped up to highs
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08:40 EDTFX Action: The dollar rallied
FX Action: The dollar rallied after the sharp decline in import prices, and the better than forecast headline retail sales data. EUR-USD fell under 1.2410 from over 1.2440, as USD-JPY ramped up to fresh trend highs over 116.75 from near 116.50. Yields edged slightly higher, as equity futures bounced, turning marginal losses into slight gains.
08:38 EDTFutures move higher following economic data
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08:25 EDTFedspeak is due from St. Louis Fed dove Bullard
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08:15 EDTU.S. retail sales preview:
U.S. retail sales preview: retail sales are expected to remain unchanged in October, with the ex-autos aggregate remaining unchanged as well (medians 0.2% for both). This compares to a recent high of 2.2% in March '10, and a low of -2.6% in September '09. Forecast risk is downward, however, as analysts expect a drag from falling gasoline prices and slower chain store sales. preview for more.
08:15 EDTU.S. trade prices preview:
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08:05 EDTCanada Manufacturing Preview
Canada Manufacturing Preview: Analysts expect factory shipments to rise 1.0% m/m in September (median same at +1.0%) after the 3.3% plunge in August. Supportive of our projection, export values rose 1.1% in September after a 2.5% drop in August. An as-expected bounce in manufacturing would further underpin the view that the pull-back in manufacturing and exports during August was temporary. The August export decline was in large part due to a shift in the annual retooling schedule, which was likely also a culprit behind the weakness in August manufacturing.
08:05 EDTOil Action: NYMEX crude touched trend lows
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07:55 EDTFX Update: The dollar was mixed
FX Update: The dollar was mixed, posting fresh trend highs against the underperforming yen and sterling, while seeing some losses against the euro, which found an underpinning on forecast-beating Eurozone GDP data. Flash Q3 GDP Eurozone came in stronger than expected at 0.2% q/q, with Q2 revised up to 0.1% from 0.0%, helping EUR-USD lift to the mid-to-upper 1.24s. USD-JPY punched out a fresh six-year peak at 116.40 as the dollar's yield advantage pushed toward recent highs at 190 bp at the 10-year level between in the U.S. T-note and JGB. Sterling dived to fresh lows, with Cable making a new 13-month low at 1.5654 and EUR-GBP reaching new three-week highs above 0.7950. The move extended the decline that was set in motion by the release of the November BoE Quarterly Inflation Report on Wednesday, which trimmed growth and inflation forecasts. The market is also looking next week's U.K. October CPI release, which comes with downside risk. The AUD managed to recover above 0.8700 after dipping on news that Glencore, the world's biggest thermal coal miner, is planning to close a number of mines in Australia in December due to global oversupply.
07:55 EDTTreasury Market Outlook: Treasuries are little changed in quiet trading
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07:55 EDTN.Y. FX Outlook
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