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News For NOSYMBOL From The Last 14 Days
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September 28, 2015
09:15 EDTEuro$ interest rate futures perked up
Euro$ interest rate futures perked up with the latest declines in stocks, while NY Fed dove Dudley reiterated that there will probably be a rate hike later this year and October is a "live" meeting. The personal income report was mixed, but the PCE price component remained unambiguously tame. The December 2015 contract is a half-tick firmer near 99.58 (0.42% implied 3-month yield) compared to Friday lows of 99.555 (0.445%). The deferreds are 1-4 ticks firmer out the back-end.
09:10 EDTThe U.S. income report beat estimates
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09:00 EDTFX Action: The dollar bounced
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08:58 EDTMorgan Stanley to hold a summit
4th Annual Marcellus-Utica Summit is being held in Pittsburgh on September 28-30.
08:55 EDTFed's Dudley reiterated the Fed will probably hike rates this year
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08:50 EDTU.S. equities are under water again
U.S. equities are under water again after a managed rebound in Chinese stocks barely masked the 8.8% y/y plunge in Chinese industrial profits that seemed to imply risk of a harder landing there, combined with the resumption of the commodity slump. Miner Glencore plunged 22% to total 70% in lost value with the rout in commodities. Alcoa was rewarded 6%, however, after announcing plans to split the company in two. The IMF also hinted at risk of additional downgrades to global growth and renewed calls for the Fed to delay rate hikes. Yet the Shanghai Comp miraculously closed up 0.27%, while the Shenzhen gained 2.4% and Japan's N-225 slumped 1.32%. In Europe, the Euro Stoxx 50 is 2% lower, with Spain's IBEX 35 outperforming at -1.1% after Catalonia independence vote failed to reach a majority. Volkswagen is back under pressure, sinking another 6%. In the U.S. the Dow is 85-points lower, S&P sank 10-points and NASDAQ is off 24-points ahead of the opening bell after a relatively tame personal income report. Media General surged 26% after a $4.1 B bid by Nexstar.
08:49 EDTRBC Capital biotech/healthcare analysts hold an analyst/industry conference call
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08:45 EDTTreasury Action: yields consolidated above lows
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08:40 EDTU.S. personal income rose 0.3% in August, with spending up 0.4%
U.S. personal income rose 0.3% in August, with spending up 0.4%. The 0.4% gain in July income was bumped up to 0.5%. July's 0.3% increase in spending was revised to 0.4%. With the revisions, the numbers were a little better than forecast As to income, wages and salaries rose 0.5%. Disposable income was up 0.4%. The savings rate dipped to 4.6% versus July's 4.7% (revised from 4.9%). The PCE chain price index was unchanged after a 0.1% July gain, with the core rate up 0.1% from 0.1% previously.
08:33 EDTFutures still pointing to lower open following consumer spending data
Stock futures are still in negative territory with about an hour to go before the opening bell. Data just reported showed that personal income grew 0.3% in August, versus expectations for it to rise 0.4%, while personal spending rose 0.4% last month, versus expectations for growth of 0.3%.
08:32 EDTDeutche Bank economist and strategist hold an analyst/industry conference call
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08:30 EDTEnergy Action: NYMEX crude is down 2.2%
Energy Action: NYMEX crude is down 2.2% in early N.Y. trade, touching lows of $44.60/bbl, and down from overnight highs of $45.49. Global growth concerns remain a weight on oil prices, with cuts being made to growth forecasts on a regular basis. Citigroup lowered its 2016 outlook to 2.9% from 3.1%, while later today, the IMF is expected to lower its growth guidance for 2016. Oversupply remains a bearish factor for prices as well, though the EIA will release U.S. production data on Wednesday, which will be watched closely for signs of production slowing, following five straight weeks of U.S. operating oil rig declines. RBOB gasoline futures are down 5 cents/gallon at $1.35, while natural gas activity moves to the November contract, trading at $2.697/M BTU, with October expiring at the close today.
08:20 EDTWashington Journal hosts Electronics Transactions Association CEO
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08:17 EDTDonald Trump to hold a news conference
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08:15 EDTU.S. Personal Income Preview
U.S. Personal Income Preview: August income data should reveal a 0.4% (median 0.4%) increase for income while consumption grows by 0.2% (median 0.3%) on the month. This follows respective July figures of 0.4% for income and 0.3% for consumption. Also released will be the PCE chain price data which analysts expect to remain unchanged while the core index grows by 0.1%. This follows a 0.1% headline increase in July with a matching 0.1% increase for the core.
08:14 EDTFederal Reserve Bank of San Francisco President speaks on economic outlook
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08:12 EDTChicago Federal Reserve Bank President to speak on monetary policy
Chicago Federal Reserve Bank President Evans speaks on current economic conditions and monetary policy before the Marquette University Business Leaders Forum, "A Perspective on Monetary Policy" in Milwaukee, Wisconsin on September 28 at 1:30 pm.
08:10 EDTInternational Monetary Fund to hold a discussion
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08:04 EDTFederal Reserve Bank of New York President to be interviewed
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08:02 EDTCredit Suisse macroeconomics analysts hold an analyst/industry conference call
Analysts provide an industry update and outlook on an Analyst/Industry conference call to be held on September 28 at 8 am.
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