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News For NOSYMBOL From The Last 14 Days
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July 20, 2015
13:10 EDTFX Action: USD-JPY failed to advance beyond the 124.8 high
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13:00 EDTFed final capital surcharge rules for big banks
Fed final capital surcharge rules for big banks were proposed for 8 institutions, with all expected to meet the requirement over a 3-year phase-in. By example, there would be a 4.5% surcharge for JP Morgan and 3.5% for Citi, with only JPM facing a $12.5 B shortfall from these goals currently (down from $20 B in December). Fed governor Tarullo noted that the Fed will accordingly tailor stress tests for the largest banks later in the year and the final rule would not add surcharges to the stress test excercise. In an effort to head off contagion this is seen by some as a tax on banking and by regulators as designed to deter over zealous risk taking.
12:50 EDTDemand for floating rate corporate bonds has plunged
Demand for floating rate corporate bonds has plunged even as overall issuance has posted a record this year, according to a WSJ report (subscription). Institutional investors aren't that keen on the protection against higher rates offered by FRNs, given their outlook for a subdued and gradual Fed interest rate path. In some cases the up front yield sacrifice of up to half for an FRN vs fixed debt issue isn't viewed as sufficient compensation for potential subsequent gains/protection. Short-term floaters are also a risk for issuers, who may have to tap the market again at higher yields. The article concludes that this is also an expression of the more stable rate environment of late given the stress of the Greek crisis and other events on keeping a lid on global yields.
11:50 EDTTreasury's $48 B 3- and 6-month bill sale was on the soft side
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11:50 EDTTreasury Option Action: mixed positioning
Treasury Option Action: mixed positioning in very quiet conditions, including a bearish purchase of 12k in August 125.5 puts and a bullish purchase of an 8k x 12k September 126/127 call 2x3 for a net volatility sale equal to 31% of the at-the-money straddle. Also on the vol side were sales of 1.5k in September 126 straddles and 1.5k in October 125 straddles. September 10s are 8-ticks lower near 125-28 after hawkish Fed Bullard remarks, compared to a range of 126-05 to 125-225 on Globex.
11:35 EDTEuro$ interest rate futures sank
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11:15 EDTTreasury Action: Treasury announced a $48 B 4-week bill auction
Treasury Action: Treasury announced a $48 B 4-week bill auction for Tuesday. That's a $5 B reduction from last week. The debt managers continue to use the shorter bills to adjust their cash balances. Supply remains light this week with just bills and a $15 B 10-year TIPS offering, but it picks up next week with the 2-, 5-, and 7-year offerings due.
11:10 EDTU.S. corporate debt: UnitedHealth 8-trancher
U.S. corporate debt: UnitedHealth 8-trancher is reportedly on tap, ranging from a 1.5-year FRN to a 30-year bond, with the order book for its jumbo acquisition bond reportedly topping $23 B. This may contribute to the defensive tone on underlying Treasuries and futures until priced.
10:00 EDTTreasury Action: yields suddenly legged it higher
Treasury Action: yields suddenly legged it higher, with the upmove gathering pace after Fed's Bullard leaned toward a September hike and this seems to be leading Bund yields higher for a change rather than the other way around. The T-note yield ramped from 2.341% session lows to clear 2.39%, but the Bund merely rounded up from 0.74% lows to test 0.77%. The Bund/T-note spread widened from -160 bp to -162 bp as a result.
09:55 EDTTreasury Action: Treasuries lost a little more ground
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09:40 EDTAfter Bullard's remarks Fedspeak goes into hibernation
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09:35 EDTMarket has quiet start to busy week for earnings
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09:25 EDTU.S. Producer Sentiment Upturn Fizzles:
U.S. Producer Sentiment Upturn Fizzles: The early-July producer sentiment surveys revealed a partial give-back of the June upturn, as the Philly Fed headline plunged to 5.7 from 15.2 to leave that gauge near its 5.0 one-year low in March, while the Empire State headline rose in July, but to a still-depressed 3.9. On an ISM-adjusted basis both measures fell to the 50-area, and analysts now expect the ISM-adjusted average of the major surveys to fall back to 52 in July after the June bounce to 53 from 51 in both April and May and a two-year low of 50 in March.
09:23 EDTThe Hudson Institute to hold a discussion on the Internet
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09:10 EDTFed's Bullard said the probability of September rate liftoff is above 50%
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09:10 EDTEarnings updates will cover a wide swath of the economy
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09:00 EDTFX Action: USD-CAD eased to 1.2953 lows
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08:27 EDTFederal Reserve Board to hold an open board meeting
The Board discusses 1. Final Rule to Establish Risk-Based Capital Surcharges for Systemically Important Bank Holding Companies. 2. Final Order Applying Enhanced Prudential Standards to General Electric Capital Corporation under Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the meeting being held in Washington, D.C. on July 20 at 1 pm. Webcast Link
08:25 EDTCanada Wholesale Preview
Canada Wholesale Preview: Shipments are expected to rise 0.5% m/m in May after the 1.9% surge in April. Forecast risk is to the downside given the strong growth in March and April, and the 0.5% drop in manufacturing shipment volumes seen in May (shipment values were 0.1% higher).
08:15 EDTU.S. equities are poised to open slightly firmer
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