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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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November 18, 2014
02:15 EDTFX Update: The dollar consolidated
FX Update: The dollar consolidated during the pre-European session in Asia. EUR-USD settled around the 1.2470 mark after drifting up from around 1.2450. There was little appetite for follow-through euro selling following yesterday's remarks by ECB's Draghi, who said the monetary policy will take time to reach the real economy and suggested that the central bank can do more once policy makers have implemented structural reforms. USD-JPY carved out a 116.42-116.78 range in Tokyo, holding below the 117.05 seven-year peak see on Monday. Japanese policymakers continued to chew on trade-offs between stimulus, deficit spending and tax hike delays. Finance Minister Aso warned that raising the sales tax is unavoidable, regardless of timing as it is important to maintain market credibility with Japan's finances, and that ultra-loose monetary policy was about supporting fiscal reform. AUD-USD settled in the low 0.87s. The RBA minutes to the November meeting repeated that a period of rate stability is likely the most prudent course, and that the currency remains overvalued despite recent depreciation, remaining above "most estimates of its fundamental values." Elsewhere, EUR-CHF continued to trade heavily, holding about 15 ticks above the SNB's 1.2000 franc cap.
02:10 EDTFX Update: The dollar consolidated
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November 17, 2014
21:25 EDTChina's foreign direct investment rose 1.3% y/y in October
China's foreign direct investment rose 1.3% y/y in October, slowing somewhat from the 1.9% y/y rebound in September. September's gain followed large declines in July (-17.0% y/y) and August (-14.0% y/y). The year-to-date pace contracted 1.2% y/y, and was a 4th consecutive year-to-date decline. Meanwhile, outbound non-financial investment was up 17.8% y/y for the year-to-date, versus the 21.6% y/y pace for the Jan-Sep period. The slowdown in investment may be a reflection of investor fears over the slowing economy.
20:35 EDTJapan leaders continue to chew on trade-offs
Japan leaders continue to chew on trade-offs between stimulus, deficit spending and tax hike delays, with Economic Minister Amari saying it is up to PM Abe and Finance Minister Aso to decide what to do about the primary budget deficit target. The PM has apparently not given any specific instructions about the size of a potential stimulus package yet. Aso right on cue warned that raising the sales tax is unavoidable, regardless of timing as it is important to maintain market credibility with Japan's finances. Indeed, ultra-loose monetary policy is based on Japan pursuing fiscal reform. Snap elections by December 14 would also make it hard to put together the state budget for next year by year-end. The fiscal dilemma continues, soon to be followed by political drama and more BoJ hand-wringing. Meanwhile, the Nikkei +1.95% has clawed by 2/3rds of yesterday losses on the back-to-back negative GDP print, while USD-JPY has stabilized near 116.60.
15:29 EDTNomura retail analysts hold an analyst/industry conference call
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15:25 EDTTreasury Closing Summary:
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14:20 EDTEmerging Asia Central Banks to Take it Easy:
Emerging Asia Central Banks to Take it Easy: Emerging Asia's central banks have shifted to easier stances or held steady amid slower growth and rising uncertainty in the region. Japan's hefty Q3 GDP miss is a fresh addition to downside risks for Asia's economies, adding to the downdraft from a new normal of slower growth in China. Against this backdrop, the outlook is for either additional accommodation or steady policy through the first half of next year.
13:20 EDTFOMC Minutes awaited for more clarity on the rate trajectory
FOMC Minutes awaited for more clarity on the rate trajectory, though analysts doubt the report will satisfy. The mixed tone evident between recent FOMC policy statements, the Minutes, and Fedspeak don't suggest a lot of consistency. And the vagaries of the data, as well as global events, are keeping policymakers generally preferring the sidelines. There is ongoing market debate over the tone of the Minutes, and analysts lean on the side of a more dovish take versus the slightly more hawkish spin from the October 29 policy statement. Analysts suspect most FOMC participants will suggest more frustration, if not concern over the soft price trends, albeit while acknowledging the improvement in the job market. This would be akin to the Minutes to the September FOMC, which also leaned to the dovish side by noting concerns over weakness in Europe and the impact of the stronger dollar. Of course the leadership on the FOMC, Yellen, Fischer, and Dudley remains dovish. And there was a dovish dissent at the October meeting, all of which suggests a more bond-friendly tone.
12:05 EDTFX Action: USD-JPY has held relatively steady
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11:45 EDTTreasury's $52 B 3- and 6-month bill sale was well received
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11:40 EDTEuro$ interest rate options: bearish put positioning
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11:15 EDTTreasury announced a $40 B 4-week bill auction for Tuesday
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10:45 EDTTreasury Option Action: bearish put spread demand
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10:35 EDTToday's U.S. reports
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10:25 EDTFX Action: USD-CAD touched 1.1328
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10:20 EDTTreasury Action: yields snapped back to highs
Treasury Action: yields snapped back to highs with those of Bunds following ECB Draghi's remarks that time is need to assess stimulus, though he also continued to hold open the prospect of further action if needed. The moves coincided with a slump in the euro to session lows near 1.2450. The T-note yield cleared 2.33% as the Bund yield topped 0.80% again and coincided with some earlier demand for volatility and a small rebound in stocks from lows with USD-JPY. Yet the 2.38-2.41% zone remains an impediment for an upside break this month. The 2s-10s spread has steepened back to +182 bp from +179 bp earlier.
10:00 EDTThe 0.1% October U.S. industrial production drop
The 0.1% October U.S. industrial production drop undershot estimates, following modest revisions, with weakness due to unexpected drops of 0.9% for mining and 0.7% for utilities, alongside the expected 0.2% manufacturing rise despite a big vehicle assembly rate drop to an 11.1 M rate. The October drop was capped by a 0.6% business equipment rise. Industrial production is poised for an estimated 4% utility-boosted growth rate in Q4, thanks to an expected November lift from cold weather, after rates of 3.3% (was 3.2%) in Q3 and 5.7% (was 5.5%) in Q2. Analysts have a fairly stable 2014 aggregate output climb despite big gyrations in utility and vehicle output. More generally, analysts've seen 1%-9% quarterly rates since the start of the expansion. Analysts've seen a factory outperformance of GDP through this expansion, and particularly in recent quarters. Analysts expect industrial production growth of 4.0% in 2014 after slower growth of 2.9% in 2013 and 3.8% in 2012. Analysts expect a restrained 2.2% growth rate for GDP in 2014 that nearly matches prior rates of 2.2% in 2013 and 2.3% in 2012.
09:47 EDTMarket tone sluggish at open, averages dip in early trade
Stock futures traded below fair value throughout the pre-market trading session, leading to a lower open for the broader market. The weakness was attributed to data out of Japan which suggested the country has slipped into a recession. Manufacturing data in the NY region and industrial production across the U.S. during October both came in weaker than expected, giving little help to a market that is looking for a catalyst to help it move up from the Dow and S&P's near-record levels. In early trading, the Dow is down 21 points, the Nasdaq is down 1 point and the S&P is down 1 point.
09:35 EDTFX Action: The dollar eased a touch against the yen
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09:30 EDTTreasury Action: yields stalled out
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