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News For NOSYMBOL From The Last 14 Days
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March 30, 2015
14:28 EDTAverages remain near session highs in afternoon trading
Stocks remain sharply higher and near their highs of the day in afternoon trading. The market jumped at the open following news of China's central bank being more open to take easing actions if needed as well as a flurry of healthcare related M&A news. The averages have moved in a fairly narrow range since finding a level early in the day, but with an upward drift. The move today is broad based but the Dow, which is up more than 1.5%, is the clear leader.
14:00 EDTTreasury Option Action: some bearish positioning
Treasury Option Action: some bearish positioning was reported, buying 15k in June 125 puts on 10-year futures. Earlier there was some bullish May 164/169 call spread buying on bond futures, as well as a 4k purchase of May 120/120.75 call 1x2 spreads on 5-year futures. June 10s are flat near 128-22 compared to a 128-245 to 128-14 session range.
13:45 EDTU.S. Consumer Confidence Preview
U.S. Consumer Confidence Preview: March consumer confidence is out Tuesday and should reveal a headline decline to 95.0 (median 96.5) from 96.4 in February. Michigan Sentiment has already been released for March and revealed a decline to 93.0 from 95.4 last month but the IBD/TIPP poll for the month managed to improve with a rise to 49.1 from 47.5.
13:30 EDTU.S. corporate bond update: there is one last hurrahs
U.S. corporate bond update: there is one last hurrahs for March issuance amid a light calendar today. Tlestra Corp is offering a $1 B 10-year note, and that's about it for the investment grade sector ahead of month- and quarter-end tomorrow. Over $30 B priced last week to bring the month's total to $178 B. This week's sales are expected to total about $10 B to $15 B. That's on the light side as the upcoming Easter holiday and Friday's jobs report impact.
12:20 EDTTreasury's $48 B 3- and 6-month bill auction was lackluster
Treasury's $48 B 3- and 6-month bill auction was lackluster. The $24 B 3-month bill stopped on the screws at 0.035%, which is a little cheaper than last week's 0.020%. Bids totaled $92.9 B for a 3.90 cover, better than last week's 3.78 but isn't quiet as good as the 4.17 average. Indirect bidders were awarded 26.3%, almost double the prior 14.5%, and better than the 20.8% average. The $24 B 6-month bill was awarded at 0.135%, tailing slightly from the 0.130% at the bid deadline. It's also a couple of basis points cheaper than the prior 0.105%. There were $86.7 B in bids for a 3.66 cover, not quite up to last week's 3.72 or the 4.16 average. Indirect bidders accepted 27.9% versus the previous 37.3% and the 36.3% average.
11:25 EDTFX Action: USD-JPY is back above 120.00
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11:10 EDT4-Week Bill Announcement Offering Amount data reported
4-Week Bill Announcement Offering Amount at $40.0 B
11:10 EDTTreasury announced a $40 B 4-week bill auction for Tuesday
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10:50 EDTDallas Fed's manufacturing index dropped to -17.4 in March
Dallas Fed's manufacturing index dropped to -17.4 in March, after tumbling to -11.2 in February from -4.4 in January. It's a 3rd straight monthly decline and likely reflects a lot of the negative fallout from the drop in energy prices. Weakness was broad-based. The employment index fell to -1.8 from 1.3, an was as high as 12.0 in August. The wage component slipped to 15.6 from 16.8 previously, and is the lowest since November 2013. It was high as 26.8 in September. The workweek dropped to -5.3 from -1.6. New orders fell to -16.1 after dropping to -12.2 in February from -7.7 previously. Shipments dropped to -8.7 from -3.3. The 6-month business activity index slid to 3.0 from 5.5, having recovered from the -6.4 in January. The 6-month employment index doubled to 18.3 from 9.2, with wages at 34.2 from 37.2, new orders at 31.0 from 25.3, and capital expenditures at 7.5 from 14.0.
10:40 EDTDallas Fed Mfg Survey Bus Activity Index data reported
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10:35 EDTDownside Risk Persists for U.S. Payrolls:
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10:25 EDTU.S. Dallas Fed Preview
U.S. Dallas Fed Preview: The March Dallas Fed is expected to improve to -9.0 from -11.2 in February. Other measures of producer sentiment have weakened in March leading to our expectations for an ISM-adjusted average drop to 51 from 52 in both January and February as analysts discussed in Monday's commentary.
10:20 EDTTreasury Action: yields continued to drift lower
Treasury Action: yields continued to drift lower with quarter-end forces prevailing over the firmer round of NAR PHSI data, which was in turn trumped by a shortfall in personal spending. The T-note yield eased from 1.975% highs earlier to probe back below 1.95%. This has continued to keep pressure on the curve, which has narrowed to +137 bp.
10:10 EDTU.S. pending home sales surged 3.1% to 106.9 index level in February
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09:55 EDTU.S. NAR pending home sales index preview:
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09:50 EDTTreasury Action: yields are modestly lower on bullish curve steepeners
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09:50 EDTEuro$ interest rate options: some put positioning
Euro$ interest rate options: some put positioning was reported early, including the bullish sale of 10k in Front September 95 puts (5k outright and 5k covered). There was also a bearish purchase of 5k in Green September 78/81 put spreads, as a package with the Front September (covered) and uncovered 95 put sale. Underlying rate futures have been supported since the relatively dovish FOMC statement and the June 2015 is a half-tick higher near 99.67, while the deferreds are roughly a half-tick higher further out.
09:35 EDTMarket opens sharply higher following M&A announcements
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09:25 EDTToday's U.S. income report
Today's U.S. income report revealed firm Q1 personal income figures but disappointing spending data for January and February that left a rapid savings rate climb to a lofty 5.8% in February, as consumers remain oddly reluctant to spend the discretionary income freed up by plunging gasoline prices. The mix sharply lowered GDP growth prospects in Q1, and analysts lowered our Q1 GDP forecast to 1.3% from 1.8%. The downward bump in our Q1 GDP growth forecast after the 2.2% Q4 climb reflected a big downward revision in our Q1 real consumption growth forecast to just 2.0% (was 2.5%) after the 4.4% Q4 pace. Analysts expect 4.5% personal income growth in Q1 with the same 4.5% pace for disposable income, after recent respective mixes of 4.0% (was 4.1%) and 3.2% (was 3.3%) in Q4 and 4.2% and 3.6% in Q3. The benefits to growth from lower gas prices have been slow to materialize, just as other reports show Q1 headwinds from an inventory unwind, a petro-sector contraction, and bad weather.
09:17 EDTFCC to hold a webinar
The FCC’s Office of Intergovernmental Affairs (IGA) is hosting a webinar for state and local governments that is designed to share vital information about Commission actions and priorities and improve federal, state, and local dialogue and information sharing on March 30 at 1 pm. Webcast Link
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