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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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April 16, 2015
12:25 EDTU.S. VIX equity volatility has drifted lower
U.S. VIX equity volatility has drifted lower to the 13.0 area as stocks find some traction from lows, compared to a very tight range of 13.35-12.95. Year lows of 10.28 set on July 3 of 2014 provide the next area of support, with life lows of 8.2 on July 4 1994 seemingly at odds with volatility expected surrounding the Fed rate lift-off later in the year. Compared to 16.66 April highs on the first of the month, this followed suit with the rebound in the S&P 500 from 2,048 lows on the same day to an April high of 2,111. That's a 13.8% gain from flash crash lows of 1,820 back on October 17th. In the meantime, another run at life highs of 2,119.59 set on February 25 doesn't seem much of a stretch, especially if earnings continue to shrug off the Q1 economic slump.
12:05 EDTFX Action: USD-JPY managed to rally back to 110.43
FX Action: USD-JPY managed to rally back to 110.43 highs before heading lower, with talk of technically driven sellers stepping in ahead of the overnight high of 119.47, and the 50-day moving average, which currently sits at 119.55. The April 3 low of 118.72 provides initial support, with the March 26 base of 118.33 the next downside target.
11:40 EDTU.S. equities are attempting to base
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11:15 EDTTreasury announced an $18 B 5-year TIPS offering for Thursday
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11:10 EDTFed Policy Outlook: it's harder and harder to make a case for a June hike
Fed Policy Outlook: it's harder and harder to make a case for a June hike (analysts've always thought September was the soonest anyway). Softer data and the dovish tone of key Fed officials and policy statements have largely taken mid-year rate liftoff out of the picture. This week's disappointing economic reports, along with the unexpectedly weak March jobs report, will leave policymakers sidelined in June. There's just not enough time over the next two months to make up the erosion. Q4 GDP growth was more than halved from the 5.0% pace of Q3, and Q1 looks to be cut in two as well, with our forecast of a 1.0% clip. Q2 is still quite uncertain, as noted by Fed VC Fischer, but it's not starting off on great footing. Manufacturing growth remains uneven, as indicated by the April Philly Fed and Empire State reports. The housing sector is also not cooperating. Inventories remain bloated with the I/S ratio at a recessionary level. Consumption hasn't benefited much from the oil price drop windfall. And while the labor market has been a major bright spot, there's risk from ongoing erosion in the energy sector. And as for price pressures, at best the Fed will see bottoming, but aren't likely to be convinced yet that inflation is moving to the 2% target given the slow economic growth so far this year.
11:10 EDTEuro$ interest rate options: some bearish positioning
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11:07 EDT5-Yr TIPS Announcement CUSIP Number data reported
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11:07 EDT5-Yr TIPS Announcement Offering Amount data reported
5-Yr TIPS Announcement Offering Amount at $18.0 B
10:35 EDTTreasury Action: yields set session highs
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10:35 EDTThe Philly Fed bounce to 7.5
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10:35 EDTFed VC Fischer showed no urgency for a June hike,
Fed VC Fischer showed no urgency for a June hike, but acknowledged the obvious that rates will go up eventually, in a CNBC interview. He didn't want to give any definite timeline and said the Fed didn't really know when it will liftoff since the policy action is data dependent. So far the recovery has been uneven -- there's growth, but it's not spectacular -- with Q1 looking a lot like it did last year with weather impacting. It won't be necessary for inflation to be at the 2% target before the Fed starts to remove accommodation, price pressures just need to be moving toward that goal. He sidestepped questions on whether he's "fearful" about raising rates. He acknowledged it's possible to get things wrong, but he stressed that even with a hike, the Fed's stance will still be expansionary. The dollar is one of many factors that affect the way the economy is behaving. He expects the markets to be forward looking and so should be taking account of the Fed's eventual rate hike, and noted that they cannot depend on the Fed remaining accommodative forever.
10:30 EDTEIA natural gas storage change for week ending April 10
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10:15 EDTFX Action: The dollar edged a touch higher
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10:15 EDTU
U.S. Philly Fed index rose 2.5 points to 7.5 in April, slightly better than expected, after slipping 0.2 points to 5.0 in March. The improvement this month breaks a string of four consecutive monthly declines. However, the internals were mixed and take some of the shine off of the report. The employment component jumped back to 11.5 from 3.5 and is the highest since November. The workweek rose to 3.4 from -11.4. But new orders slid to 0.7 from 3.9 and is the lowest print since February 2014. Prices paid dropped further to -7.5 from -3.0, the weakest since June 2009. Prices received increased moderately but remain in contractionary territory at -4.1 versus -6.4 previously. The 6-month general business activity index edged up to 35.5 from 32.0. The future employment index increased to 20.6 from 14.4, with new orders dipping to 30.8 from 34.3 and capital expenditures at 15.8 from 16.4.
10:10 EDTTreasury Action: yields inched up from lows
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09:48 EDTBloomberg Consumer Comfort Index Level data reported
Week of 4/12 Bloomberg Consumer Comfort Index Level at 46.6
09:44 EDTMarket opens lower after U.S. housing data, Greek debt yield surge
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09:40 EDTU.S. Philly Fed index preview:
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09:35 EDTTreasury Option Action: mixed early positioning
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09:30 EDTThe 2.0% March U.S. housing starts uptick
The 2.0% March U.S. housing starts uptick to a still-weak 926k rate only slightly trimmed the weather-led February plunge to a 908k (was 897k) pace from 1.072 (was 1.081) M in January. Analysts saw the expected big weather rebounds for starts in the Northeast and Midwest, but there were surprising further declines in the West and South. Housing completions also fell further in March, to a 823k nine-month low from an already-weak 850k February rate. Permits fell 5.7% in March to a 1.039 M rate after a 4.0% pop in February to a 1.102 M cycle-high pace from the 1.060 M rate in December and January. Permits are outpacing starts despite the lean March figure, and analysts still expect starts to climb back toward the 1.105 M expansion-high set in November of 2013. Starts under construction, which drives new home construction, rose by a lean 0.6% in March after a small 0.2% (was 0.4%) rise in February. Analysts haven't seen a decline in this measure since May of 2011, though the pace of growth for this important metric clearly slowed in Q1.
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