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News For NOSYMBOL From The Last 14 Days
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November 14, 2014
07:06 EDTFutures quiet ahead of several economic reports
Stock futures are trading right around fair value as the market gets set to put the finishing touches on one of the more quiet trading weeks of the year. In contrast to the rest of the week, which was devoid of any major economic reports, investors today will receive a host of data, including reports on import prices, retail sales, consumer confidence business inventories, and natural gas inventories.
06:48 EDTEuro zone Q3 growth beats expectations, Reuters says
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06:25 EDTOn The Fly: Morning Wrap-Up for November 14
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05:54 EDTNovember front month equity options last day to trade is November 21, 2014
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02:20 EDTFX Action: The dollar posted gains across the board
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November 13, 2014
20:25 EDTJapan Econ Minister Amari: if sales tax hike is delayed
Japan Econ Minister Amari: if sales tax hike is delayed the government may need to consider if further economic stimulus is required. Indeed, hiking the sales tax or delaying the hike both carry risks that need to be reduced. If PM Abe delays the tax hike, he will do his utmost to achieve primary budget reduction targets and it is not possible to delay it indefinitely as the trust in Japanese debt must not be damaged. Of course, that is the catch-22 in a nutshell. Japan Finance Minister Aso chimed in that though the economy is continuing to moderate and fiscal reform efforts must continue. While private consumption is stalling, employment, incomes and investment is improving. But it would be hard to halve the primary budget deficit as planned for FY2015/2016 is the sales tax is delay. With the rebound in USD-JPY over 116.00 to cycle highs of 116.19 the FX market appears to be assuming that where there's smoke there must be fire on the tax cut delay, though the N-225 is trading lower.
16:00 EDTMinneapolis Fed dovish dissenter Kocherlakota: inflation won't reach 2%
Minneapolis Fed dovish dissenter Kocherlakota: inflation won't reach 2% until 2018 and if the outlook does rise, he could support a rate hike in 2015. Otherwise, if the outlook is unchanged, a 2015 rate hike would be inappropriate. A falling jobless rate should only prompt rate hikes if it generated unwanted inflation. Kocherlakota was expected to discuss the oil boom in the Bakken, but seems to be still justifying his late-October dissent.
15:15 EDTTreasury Closing Summary:
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15:11 EDTSPDR S&P Oil and Gas Exploration and Production ETF volatility elevated
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14:15 EDTU.S. Treasury reported a $121.7 B budget deficit for October
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14:15 EDTTreasury Action: yields settled lower
Treasury Action: yields settled lower after the brief selling bout following the damp 30-year auction results, in line with deteriorating stocks ahead of the close. The widening of the budget gap came as no surprise, though inside our survey median. The T-note yield reversed from 2.37% earlier, stopping shy of 2.384% Asian highs before drifting back below 2.35% to session lows.
14:00 EDTFX Action: USD-JPY managed 115.81 highs
FX Action: USD-JPY managed 115.81 highs in morning trade, before easing back to 115.54. Since the London close, the pairing touched a 115.82 peak, and has subsequently dropped off to 115.56 lows. Offers at 115.90-116.00 are said to be on the heavy side, and price action would seem to confirm that today. The pullback has also been helped by Wall Street turning negative, after it was poised for decent gains earlier. Support is expected into 115.50-30 now.
13:50 EDTU.S. Treasury budget preview:
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13:35 EDTTreasury Option Action: some vol selling on bonds
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13:27 EDTMarket-Vector Russia ETF Trust volatility increases as shares trend lower
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13:15 EDTTreasury's $16 B bond sale was ugly and was the worst of the 3 auctions
Treasury's $16 B bond sale was ugly and was the worst of the 3 auctions. The 30-year tailed to 3.092% versus the 3.085% at the bid deadline. There were only $36.7 B in bids for a 2.29 cover, below both the 2.40 for the $13 B reopening and the 2.42 average. In fact it's the lowest since the May 2014 sale. Indirect bidders took 43.8% versus 46.2% in October and the 44.7% average. Direct bidders took 13.8%, below the prior 21.5%, while primary dealers were awarded 42.5% compared to October's 32.2%. The only good thing to say about the auction is that it finishes the November refunding.
13:15 EDTTreasury Action: long yields popped back up
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13:05 EDTFed Chairwoman Yellen nothing to say
Fed Chairwoman Yellen nothing to say vis-a-vis monetary policy or the economic outlook in welcome remarks before a Global Research Forum in NY sponsored by the ECB, Fed and NY Fed. Nothing to see here, move right along to the 30-year auction results.
12:50 EDTPhilly Fed hawk Plosser is waxing philosophical
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12:50 EDTTreasury 30-year auction preview:
Treasury 30-year auction preview: Treasury's 30-year auction may not go much better than the first two legs, especially given the lack of an outright concession today. However, there has been an increase in investment fund demand, and that may help carry the day today. The wi trades at 3.085%, though 1 bp cheaper than last month's $13 B reopening, a stop here would be the second richest in a year. That may limit the aggressiveness of domestic buyers. However, with spreads to core global sovereigns near historic wides, and a bias for further easing from the ECB and BoJ, foreign demand could be decent. The soft inflation trends are also supportive. The October reopening (for $13 B) was awarded at 3.074% and garnered a 2.40 cover (2.42 average) and a 46.2% indirect bid (44.7% average). Direct bidders took 21.5% and primary dealers were awarded 32.2%. The August refunding issue stopped at 2.60% and saw a 2.60 cover and a 45.9% indirect.
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