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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
Check below for free stories on NOSYMBOL the last two weeks.
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July 30, 2014
14:00 EDTFOMC T-Minus 10 and counting: risk is the Fed upgrades its outlook
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13:35 EDTFX Action: The dollar is largely in a holding pattern
FX Action: The dollar is largely in a holding pattern into the FOMC announcement, remaining firm overall. EUR-USD has moved up 10 points or so to 1.3380, on reported light profit taking, while USD-JPY has retreated slightly after touching nearly three-month highs of 103.01. The improvement in GDP, along with firmer yields should keep a floor under the greenback for now, though it might be the FOMC statement that gets the last word.
13:15 EDTTreasury's $29 B 7-year auction was lukewarm
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13:15 EDTTreasury Action: yields backed up to highs
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12:50 EDTTreasury 7-year auction preview:
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12:20 EDTTreasury Action: the one-two punch from the morning's data
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11:45 EDTTreasury's $15 B 2-year FRN was on the soft side,
Treasury's $15 B 2-year FRN was on the soft side, probably hurt by worries that the strength in the GDP report could prompt a Fed tightening sooner rather than later. The issue priced at a 0.07% discount margin, fractionally above the 0.069% for the smaller $13 B June reopening. There were nearly $61.4 B in bids for a 4.09 cover, down well below June's 4.43, as well as the 4.64 for the April new issue. Indirect bidders took 46.7%, better than the 40.1% reopening and the 34.4% new issue.
11:30 EDTTreasury Option Action: bullish positioning in the belly
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11:15 EDTArgentina debt talks were extended into Wednesday
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11:05 EDTTreasury 7-year auction outlook: Treasury sells $29 B in notes
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10:58 EDTCBOE Interest Rate 5 Year Note up into Fed concluding two day meeting
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10:45 EDTFX Action: USD-CAD is at levels last seen on June 10
FX Action: USD-CAD is at levels last seen on June 10, peaking at 1.0906. Domestic name buyers were noted from 1.0895, with stops kicking in at 1.0900. June highs of 1.0960 are on the radar screen now, with resistance seen from 1.0940-60.
10:30 EDTCrude Inventories for the week of July 25
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10:30 EDTToday's U.S. reports
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10:25 EDTEuro$ interest rate options: mostly bearish positioning
Euro$ interest rate options: mostly bearish positioning fit with the upswing in GDP and large 150k bearish bet on September 2014s reported earlier in underlying futures. These included a purchase of 23k in a "put diagonals" in favor of Green August 80 puts vs Green September 77 puts. Also a block trade of 20k in Green December 73/76 put spreads purchased against Green December 81/83 call spreads. In addition, there was a purchase of 5k in June 92/95 put 1x2s and bullish sale of 5k in Blue December 70 puts outright. The September 2014 contract remains a tick lower at 99.755, while deferreds are off by as much as 9.5-ticks now.
10:10 EDTPIMCO's Gross released his August investment Outlook
PIMCO's Gross released his August investment Outlook entitled "Goodnight Vietnam" in which he continues to see rates staying low "due to a lack of aggregate demand and a surfeit of supply." Gross expects capital gains from "almost all asset classes are approaching dusk. Low but relativley dependable income will be the market's future driver." In terms of the curve, "PIMCO has indexed durations, a belief in a flattening but still historically steeper global curve, and credit positions that are mildly overweight." Moreover, he sees the Old Neutral policy rates of 2-4% nominal as out, while New Neutral rates of 0-2% are in given the lack of global demand and rates not rebounding as far as the markets expect. That implies a strategy of high quality Treasury and corporate bonds being "fairly priced, but not cheap;" yield curve flattening; tight credit spreads and the Fed on hold to mid-2015; hiking to 2% by 2017; owning some "bonds and an average proportion of stocks too."
09:45 EDTU.S. Q2 GDP growth beat estimates
U.S. Q2 GDP growth beat estimates thanks to upside surprises across all the major components except trade. Analysts saw a firm 2.3% Q2 growth clip for final sales with a big $58.2 B Q2 inventory boost, though from a weaker Q1 level that left an expected $93.4 B Q2 accumulation rate. Analysts saw a big 5.9% growth pace for fixed investment that was lifted by a 5.3% rise for nonresidential construction despite an expected decline, a firm but expected 7.0% rise for equipment spending, and a 7.5% growth clip for residential construction. Consumption grew at a modestly stronger than expected 2.5% clip, while net exports subtracted the largely expected $23.1 B. Our Q3 GDP growth forecast will likely remain at 3.5% until analysts can review Friday's wide array of reports that will include the June personal income data with annual revisions.
09:38 EDTStrong GDP data lifts market at open
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09:30 EDTThe pop in Q2 GDP growth to 4.0%
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09:25 EDTEuro$ interest rate futures: a massive fire sale
Euro$ interest rate futures: a massive fire sale started late yesterday and has tallied up to 150k in sales of September 2014 contracts so far today. Sources are not sure if this a new bearish short position or a liquidation of previously long position, but are awaiting open interest data at around 11 ET for further clues. The GDP rebound in Q2 has put the Fed meeting in a different light and tilts towards hawkish case and the rate market appears to be reacting accordingly, with the September 2014 contract a tick lower at 99.755 and the deferreds cascading 1-8.5 ticks lower out the back.
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