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News For NOSYMBOL From The Last 14 Days
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February 8, 2016
09:20 EDTProbability of negative U.S. rates on the rise
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09:15 EDTFX Action: USD-CAD is marginally off its earlier session highs
FX Action: USD-CAD is marginally off its earlier session highs of 1.3977, trading into 1.3940 as WTI crude reclaims the $30 handle, after basing at $29.58 into the open. The CAD largely ignored the better Canada building permit data, though unless crude and risk levels improve, further USD-CAD downside is liable to be limited this morning.
09:10 EDTFed Chair Yellen's testimony highlights this week
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08:40 EDTHedge funds are taking aim at investment grade debt
Hedge funds are taking aim at investment grade debt according to a WSJ report (subscription), betting that blue chip debt will be especially vulnerable to an economic downdraft. Given the heavy corporate issuance in the wake of the financial crisis and demand for higher yielding investment grade paper, marginal rate rises could substantially increase debt roll-over costs even for firms outside of the obviously vulnerable sectors like energy and junk, which are already trading at 70 cents on the dollar. Last week the spread between Treasuries and IG bonds topped 2% for the first time since June 2012. The article cited recent episodes of spread widening by the likes of AMEX and AT&T after earnings issues came up.
08:25 EDTCanada Housing Permits Preview
Canada Housing Permits Preview: Analysts expect permits to rise 5.0% in December after the 19.6% plunge in November. Analysts expect a bounce in multi-unit start values to drive the total permit gain in December. Looking back at November, the substantial pull-back in total permit values was driven by a 56.0% drop in the value of permits in Alberta. Analysts saw the impact of that permit plunge in the January housing starts report, where a big drop in Alberta starts drove total starts to a 165.9k rate in January from the 172.5k clip in December.
08:25 EDTThough Yellen will take top billing
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08:05 EDTFed funds are opening in the 0.38% area
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08:05 EDTEnergy Action: NYMEX crude has fallen to $29.66/bbl lows
Energy Action: NYMEX crude has fallen to $29.66/bbl lows, down from overnight highs of $31.38. Weekend meetings between Saudi oil minister and his Venezuelan counterpart were deemed "successful", though the lack of announcement and concrete proposals gave the oil market license to sell once again. Last week's $29.40 low provides initial support. RBOB gasoline futures meanwhile, are down to levels last seen in December of 2008, trading to $0.9639/gallon lows. This leaves U.S. average retail prices at $1.74/gallon, down 5 cents from a week ago, and down 25 cents from a month ago, according to AAA data.
08:00 EDTU.S. equities are starting out on the defensive
U.S. equities are starting out on the defensive after selling pressure resumed in Europe, especially in the financial sector after another big $99.5 B drawdown in China FX reserves was reported over the weekend, though several markets in Asia were closed for the Lunar New Year. The PBoC was particularly aggressive in reigning in the offshore yuan ahead of the long holiday after speculators were vocal about the currency's woes. The firmer underlying January jobs report also rattled investors who had been banking on Fed procrastination, though Yellen may strike a cautious tone this week. WTI crude is knocking at $30 bB again after OPEC-Venezuela talks broke off without a production agreement. Though Japan's N-225 closed 1.1% higher, the Euro Stoxx 50 is 2.4% lower and the Iberian exchanges are nearly 3% lower. The Dow is 246-points off, S&P fell 29-points and NADAQ traded 99-points lower ahead of the opening bell. Gold is approaching $1,180 and the yen nearly breached 116, which suggests risk aversion is in charge for now.
07:50 EDTTreasury Market Outlook: Treasuries are firmer in thin trading
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07:45 EDTFX Outlook
FX Outlook: N.Y. Risk-off remains front and center, taking global bourses broadly lower, as WTI crude flirts with the $30/bbl level, and yields pull back. USD-JPY is approaching three-week lows, trading to 116.12 on safe-haven flows, while EUR-USD has moved down from session highs of 1.1183, to 1.1120. The U.S. calendar is completely empty today, so focus will remain on risk levels.
07:27 EDTBoard of Governors of the Federal Reserve to hold a board meeting
Closed Meeting, held under expedited procedures, to review and make a determination of the advance and discount rates to be charged by the Federal Reserve Banks is being held in Washington, D.C. on February 8 at 11:30 am.
07:13 EDTFutures point to sharply lower start to week
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06:00 EDTOil prices are down on the day
Oil prices are down on the day and after an initially friendly start to the week are trading below USD 31 per barrel once again as growth concerns and oversupply issues continue to weigh. Saudi Arabia and Venezuela met to discuss cooperation to stabilise the markets. Saudia Arabia said talks were "successful", but there was no actual announcement and no details on the discussions from Saudi Arabia oil minister Ali al Naimi.
05:38 EDTOn The Fly: Morning Wrap-Up for February 8
Globex S&P futures are recently down 21.50 from previous day's SPX cash close. Nikkei 225 up 1.10%, Shanghai Shenzhen CSI 300 Index holiday, DAX down 2.85%. WTI Crude oil is recently at $30.26, natural gas up 2.2%, gold at $1174 an ounce, copper down 0.90%.
05:16 EDTFebruary front month equity options last day to trade is February 19, 2016
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03:05 EDTFX Update: The dollar and commodity currencies
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February 7, 2016
14:53 EDTCLSA semiconductors analysts hold an analyst/industry conference call
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February 6, 2016
06:35 EDTWeek of 2/19 Baker-Hughes Rig Count to be released at 13:00
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February 5, 2016
17:58 EDTConsumer Sentiment Index to be reported at 10:00
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