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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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November 21, 2014
10:10 EDTFed's looming jobs vs inflation conundrum
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09:47 EDTMarket opens with new records following China rate cut, ECB pledge
Stock futures were strong throughout the pre-market trading session on the heels of a rate cut in China and the suggestion by ECB President Mario Draghi that the central bank stood ready with additional stimulus measures. The market opened with a triple digit rise for the Dow and nearly 1% gains as well for the other major equity indices. In early trading, the Dow is up 152 points, the Nasdaq is up 37 points and the S&P is up 17 points.
09:45 EDTFed Governor Tarullo warned that physical commodities can pose unique risks
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09:10 EDTEuro$ interest rate options: bearish positioning
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08:50 EDTFX Action: USD-CAD fell
FX Action: USD-CAD fell in the aftermath of the much hotter Canadian CPI report, taking the pairing to 1.1192 lows, down from 1.1260 ahead of the release. The move marks the lowest since the end of October, with support now seen at the October 31 low of 1.1185. Another significant move for USD-CAD, as it fell from 1.1326 highs following the news that China cut rates. The rebound in commodity prices drove the CAD higher then.
08:35 EDTU.S. equities are back in rally mode
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08:05 EDTOil Action: NYMEX crude is up to $77.75/bbl
Oil Action: NYMEX crude is up to $77.75/bbl, up from $75.62 lows, on the back of China's rate cut, posting eight-session highs in the process. Adding to the rally has been a shift in sentiment toward an OPEC production cut next week, where members Venezuela and Libya have indicated they are agreeable to reducing output. Initial resistance is seen just under $78, where prices peaked on November 11-12.
07:50 EDTTreasury Market Outlook: Treasuries are fractionally lower as equities surge
Treasury Market Outlook: Treasuries are fractionally lower as equities surge after dovish comments from ECB's Draghi and a surprise rate cut by China. The 10-year yield edged up to 2.35% Trading volume was strong. European sovereigns are modestly higher with the Bund yield slipping below 0.80%. Reviving hopes for QE was Draghi's statement that "indicators have been declining to levels that I would deem excessively low," and he indicated that the Bank might have to "broaden even more the channels through which analysts intervene." Meanwhile, the Fed's Williams said low global growth with low inflation is a risk in comments from London. There wasn't much data overnight and today's U.S. calendar is empty save for the KC Fed manufacturing index. Treasury supply is heavy next week and could leave Treasury yields biased higher, especially if Wall Street continues higher.
07:31 EDTFCC to hold an open commission meeting
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07:30 EDTSenate Banking, Housing & Urban Affairs Committee to hold a hearing
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07:30 EDTN.Y. FX Outlook
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07:29 EDTSenate Homeland Security & Government Affairs Committee to hold a hearing
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07:25 EDTFedspeak is due from Governor Tarullo
Fedspeak is due from Governor Tarullo who will testify at a hearing on "Physical Commodities" before a Senate subcommittee on Homeland Security & Governmental Affairs" from 9:30 ET.
07:10 EDTFX Update: Two develops drove the EUR lower and the AUD higher
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07:08 EDTChina rate cut, ECB statement lift futures
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07:05 EDTFX Update: Two develops drove the EUR lower and the AUD higher
FX Update: Two develops drove the EUR lower and the AUD higher. One was a shock interest rate cut by the PBoC, which drove stock and commodity prices higher and saw AUD-USD spike nearly 100 pips to a three-day high at 0.8722. USD-CAD concurrently dipped to a three-day low at 1.1277. The other market-moving development was provided by ECB boss Draghi, who said, "indicators have been declining to levels that I would deem excessively low," and that, "if on its current trajectory our policy is not effective enough" to achieve price stability, "analysts would step up the pressure and broaden even more the channels through which analysts intervene." That sent EUR-USD tumbling to a one-week low at 1.2424, thereafter seeing little bounce. USD-JPY, meanwhile, was largely unaffected by the China rate move, and held in a choppy range in the mid-to-upper 117s and 118.00. The pair had dropped from levels above 118.30 during the Tokyo session after Japan's Finance Minister Aso said that yen weakening over the past week had been "too rapid."
06:38 EDTDraghi indicates more stimulus measures on the way, NY Times reports
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06:20 EDTStock markets have rallied on the China rate cut shock
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06:15 EDTChina's PBoC unexpectedly cut interest rates
China's PBoC unexpectedly cut interest rates, slashing the one-year lending rate by 40 bp and the one-year deposit rate by 25 bp. The move has a similar shock impact as the BoJ's unexpected expansion of its QQE program had last month, and likely reflects Chinese policymakers' determination to keep growth above 7.0% y/y (Q3 GDP dipped to 7.3% from 7.5%).
05:50 EDTOn The Fly: Morning Wrap-Up for November 21
Globex S&P futures are recently up 14.30 from previous day’s SPX cash close. Nikkei 225 up 0.33%, DAX up 1.70%. WTI Crude oil is at $75.65, natural gas down 2.47%, gold at $1189 an ounce, copper down 0.05%.
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