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News For NOSYMBOL From The Last 14 Days
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October 22, 2014
09:43 EDTMaxim Group analysts to hold an analyst/industry conference call
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09:32 EDTSecurities and Exchange Commission to hold an open commission meeting
The Commission discusses whether to adopt rules relating to credit risk retention by securitizers of asset-backed securities, as mandated by Section 15G of the Exchange Act and Section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act in a meeting being held at SEC Washington, D.C. offices on October 22 at 10 am. Webcast Link
09:25 EDTTreasury Action: yields backed higher still
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09:10 EDTEuro$ interest rate options: more bearish positioning
Euro$ interest rate options: more bearish positioning included the purchase of 7.7k in 87/90/92 put butterflies on the Short December contract, with open interest built up to 409k on the 99 put, 317k on the 98.875 and 401k on the 98.75. Sources speculate that a Swiss based fund is behind the majority of this open interest. The December 2014 contract is flat at 99.76, while the deferreds are 1-4 ticks lower out the curve.
09:05 EDTThe 0.1% September U.S. CPI headline and core price gains
The 0.1% September U.S. CPI headline and core price gains left a headline overshoot attributable to a 0.3% food price rise that bucked market price declines, alongside a smaller than expected 0.7% energy price drop. The slight CPI core price undershoot reflected flat figures for apparel and new vehicle prices and a lean 0.1% medical price rise, alongside a 0.1% tobacco price drop. Analysts now expect a flat (was 0.1%) September PCE chain price figure with a 0.1% core price rise that slightly undershoots today's CPI figures, which rounded from 0.086% and 0.139%, respectively. Analysts now expect a 0.2% (was flat) September nominal PCE rise that overshoots last week's 0.3% September retail sales drop with a 0.2% ex-auto decline, alongside an unrevised 0.1% September estimate for the "real" PCE figure. Our 2.6% Q3 GDP growth forecast assumes 3.2% (was 3.0%) nominal and 2.0% "real" consumption growth, with a 1.2% (was 1.0%) chain price gain.
08:55 EDTU.S. equities are "moderately" lower to start
U.S. equities are "moderately" lower to start the session after a quieter European session and more chop in Asia. Core CPI rose a tame 0.1% headline and core, leaving the markets with little to leverage this morning per se. The Dow is 8-points lower, S&P fell 3-points and NASDAQ is off 4-points in pre-open action. Earnings results from Yahoo! and Broadcom were better than expected, helping put a backstop under the tech sector, while Boeing raised guidance and boosted blue chips. Dow Chemical rallied 3.5%, while VMware slumped over 6% after forecasting a miss. In Japan, the Topix and Nikkei both jumped roughly 2.6%, though the Shanghai Comp sank 0.5% and the HK Hang Seng was up 1.3%. In Europe, the Euro Stoxx 50 is in shallow positive territory as ECB's Coene was unable to dowse expectations of corporate bond buying ahead. That leaves little on the docket other than more earnings reports.
08:50 EDTFX Action: USD-CAD popped to intra day highs
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08:45 EDTTreasury Action: a flurry of pre-CPI jitters
Treasury Action: a flurry of pre-CPI jitters drove the T-note yield over 2.22% from 2.19% earlier, but the data was pretty benign and yields settled back off over highs. Stocks remain ambivalent ahead of the open, while the dollar is making some inroads again. Failing a break of 2.23% week highs, look for a probe of the 2.13-2.12% area. The 2s-10s spread has meanwhile steadied below +185 bp.
08:45 EDTFX Action: The dollar firmed broadly
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08:40 EDTU.S. CPI edged up 0.1% in September, with the core rate up 0.1%
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08:35 EDTFutures remain quiet following CPI data
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08:25 EDTU.S. CPI Preview
U.S. CPI Preview: The September overall-CPI is expected to decline 0.1% (median 0.1%), while the core index rises 0.2% (median 0.2%). Analysts've seen the expected weakness in inflationary data thus far, as declines in trade prices revealed the expected September headline hit from falling petroleum import and food export prices, as seen in both July and August. Further, the 0.1% PPI headline decline with flat core price undershot estimates thanks to a surprising 0.1% decline in service sector prices alongside the expected 0.2% drop in goods prices with component declines of 0.7% for both energy and food.
08:20 EDTOil Action: NYMEX crude is trading up at $82.78
Oil Action: NYMEX crude is trading up at $82.78, after ranging between $82.27 and $82.94 overnight. The improvement in risk taking levels, and recent China data indicating a rise in demand there, has prompted some short covering over the past two sessions. In the bigger picture however, a soft economic outlook for Europe and much of Asia, should see upside limited to the $85/bbl region.
07:40 EDTN.Y. FX Outlook
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07:39 EDTThe FDIC to hold a teleconference
eleconference focuses on common questions and answers pertaining to implementation of the Consumer Financial Protection Bureau's Ability-to-Repay/Qualified Mortgage and Loan Originator Compensation Final Rules and is being held on October 22 at 2 pm.
07:39 EDTCFA Society of Columbus to hold a luncheon meeting
Ryan Dobratz of Third Avenue Management is the guest speaker at a luncheon meeting being held in Columbus, Ohio on October 22 at 12 pm.
07:38 EDTBoston Security Analysts Society holds a discussion
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07:35 EDTU.S. MBA mortgage market index jumped 11.6%
U.S. MBA mortgage market index jumped 11.6% in data released earlier, in addition to a 4.8% drop in the purchase index and a 23.3% surge in the refinancing index for the week ended October 17. This was all a refinancing story, as the benchmark T-note yield hit a 16-month "taper tantrum" low of 1.86% and the 30-year fixed mortgage rate sank 10 basis points to 4.10%. That provided a "get out of jail free card" to a number of households to lower their monthly mortgage expenses through refis. The MBA noted: "Mortgage rates have fallen close to 30 basis points over the last four weeks. Refi application volume reached the highest level since November 2013 as a result, and the average loan balance for refinance applications increased to $306,400, the highest level in the survey's history." For more on the housing sector, see our existing home sales, housing starts and new home sales reports.
07:34 EDTBofA/Merrill to hold a conference
5th Australian REIT Conference is being held in Sydney, Australia on October 22-23.
07:33 EDTJefferson Companies to hold a conference
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