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News For NOSYMBOL From The Last 14 Days
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April 8, 2015
12:45 EDTTreasury 10-year auction preview:
Treasury 10-year auction preview: the auction should see good demand from indirect bidders, but dealer interest may be light. The wi trades at 1.93%, having cheapened over 3 bps on the morning, but it may not be suffienent to bring in heavy demand since it would still be the richest award rate going back nearly 2 years. Additionally, the note is relatively rich on the curve at 139 bps versus the 2-year. There are some brewing inflation expectations too, with the FOMC still expected to start bumping up rates later this year. On the other hand, the note is on special in the repo market at -1.80%. There should be a solid indirect bid given wide spreads to foreign sovereigns (the Bund hit 0.15% this morning). Some real money demand was reported from Asia overnight, as investors are back in the market after fiscal year end on March 31. Indeed, indirect bidding has topped 50% in the last 4 auctions. The March note stopped at 2.139% and garnered a 58.6% indirect (48.4% average), and a 2.65 cover (2.69 average).
12:30 EDTFOMC minutes preview: the minutes lost some of their importance
FOMC minutes preview: the minutes lost some of their importance after the jobs data suggested a rather different economic environment than what existed at the March 17, 18 meeting. While the minutes will be seen as old news, it will be instructive nevertheless to read the thinking at the time. Remember the FOMC dropped "patient," while outlining a more tepid view on the economy in the policy statement as well as via the growth and inflation forecasts, and the new dot-plot. It's likely too that there will be more of a presence of the hawkish point of view that wasn't so visible in the Fed's releases, or Yellen's press conference. But, that stance should be taken with a grain of salt with the doves in clear control of the Committee, and as the two most ardent hawks, Plosser and Fisher, have retired.
12:28 EDTWeek of 4/17 MBA Mortgage Applications to be released at 07:00
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11:45 EDTFX Action: USD-CAD peaked at 1.2548
FX Action: USD-CAD peaked at 1.2548, up better than 100 points from opening levels. The greenback's general resurgence allowed the pairing to rise, while the sell-off in oil prices supported as well. WTI crude slid over 4% on the session, touching $51.36 lows after the large EIA reported crude inventory build. USD-CAD touched six-week lows of 1.2388 overnight, before this morning's rally, levels that have provided solid support since the beginning of February.
11:40 EDTEuro$ interest rate options: mostly bearish positioning
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11:25 EDTTreasury Option Action: position liquidation
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10:55 EDTPiper Jaffray medtech analysts hold analyst/industry conference call
MedTech Research Team, along with Senior Strategist/Technical Analyst Craig Johnson, focuses on the firm's MedTech covered universe ahead of 1Q15 earnings results on an Analyst/Industry conference call to be held on April 10 at 11 am.
10:40 EDTMore from Dudley: Fed will adjust policy tightening
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10:40 EDTEnergy Action: Front month NYMEX crude fell to $52.26
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10:31 EDTCrude inventories for week of April 3
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10:20 EDTNY Fed dove Dudley said March jobs report
NY Fed dove Dudley said March jobs report did not provide a huge signal for the Fed as "weather" likely played a role in the weak report and data has surprised to the downside. The perma-voter said that the oil price drop was a negative for U.S. gas and oil investment, while consumption seems a little weak given the economic cycle. It is apparent that he still sees the glass as half empty and will likely lean toward caution, though he says that a hike in June is still in play depending upon inflation and labor market data. Dudley said the Fed could still hike if the economy and jobs improve, but there are strong arguments for being "a bit on the late side." This is consistent with his more dovish remarks earlier in the week.
10:10 EDTFX Action: The dollar is steady
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10:05 EDTU.S. corporate bond update: the calendar continues to build
U.S. corporate bond update: the calendar continues to build. Turkey headlines today, having just launched a $1.5 B 11-year bond at +250 bps. Societe Generale is selling benchmark sized 10s too. IADB is selling benchmark 7-year notes. Ned Waterschapsbank is also selling 7-year notes. Shinhan Bank has a benchmark 5-year deal in the offing. Yesterday's issuance totaled $7.25 B, and brought the month up to $11.25 B. Spreads are a little tighter today with the Standard and Poor's global fixed income IG index at 175 bps, versus 176 bps yesterday, but the tightest was seen on March 6, and 9 at 170 bps. Supply, including the Treasury's 10-year sale, could keep Treasury yields slightly elevated.
09:55 EDTTreasury 10-year auction outlook:
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09:41 EDTMarket opens slightly higher after energy megadeal
Stock futures drifted higher throughout the pre-market trading session, leading to a slightly higher open for the broader market. The market is looking to log it second consecutive higher weekly close, which is something it has not done in a couple of months. There economic calendar is light again, but investors will be watching the weekly Department of Energy inventory levels, especially in light of Shell's (RDS.A) $70B deal to buy rival BG Group (BRGYY). The big economic event of the day will come this afternoon, with the release of the minutes from last month’s FOMC meeting. In early trading, the Dow is up 66 points, the Nasdaq is up 23 points and the S&P is up 6 points.
09:30 EDTTreasury Option Action: some bullish demand
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09:10 EDTFormer Fed Chief Bernanke has a book title now
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09:06 EDTBarclays to hold a symposium
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09:05 EDTMore from Fed's Powell: significant slack remains
More from Fed's Powell: significant slack remains in the labor market with NAIRU estimated at 5%, while analysts're nearing the point that ZIRP is no longer appropriate. High levels of part time workers and low participation rate are factors. Again, he says the Fed doesn't need to rush to the starting line on rate hikes and will closely watch data between now and June. He believes that continued jobs growth could improve confidence that inflation will move higher over the medium term, and he would be willing to hike at even the current inflation rate if confident of eventual price gains. Powell said the Fed can't wait until the goal posts are in view. He also sees ECB policy as supportive of demand in Europe and helpful overall to the U.S. He's not worried about gaps between market and Fed expectations and doesn't foresee an asset bubble, though liquidity in some fixed income markets raises concern.
08:55 EDTEnergy Action: NYMEX crude eased back
Energy Action: NYMEX crude eased back from its two-month peak of $54.09 posted on Tuesday, currently trading at $52.80, after touching a session low of $52.55. Prices pulled back after Saudi Arabia reported record production in March, while the API reported a weekly U.S. stock build of 12.2 M bbls, much higher than the 4.0 M bbl estimate. EIA inventory data is due at 10:30 EDT. RBOB gasoline prices pulled back to $1,81/gallon from Tuesday highs of $1.86, leaving U.S. average retail gasoline at $2.39/gallon, from $2.40 a week ago, according to AAA data. Natural gas futures are range bound, trading currently at $2.63/M BTU.
<< 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | all recent NOSYMBOL news | >>

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