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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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September 29, 2014
11:10 EDTA Likely 2-Handle for U.S. Payrolls, Despite August Restraint:
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11:00 EDTU.S. equities bounced from lows
U.S. equities bounced from lows as some short-covering kicks in, though it remains unclear if this is a "moribund feline" bounce or a real rebound, supported by migration of USD-JPY back up from 109.11 lows to 109.40. There was some talk earlier of Morgan Stanley heavily selling equity futures that added to the bearish mix, though whether on a technical break or just quarter-end booksquaring also remains open to speculation. On the other hand, vague rumors continue to swirl about PIMCO outflows from fixed income, which is keeping the asset markets on their toes on both sides of the ledger. Yet stocks remain underwater and Treasuries in the green.
10:25 EDTNY Fed outright purchase
NY Fed outright purchase: the Fed is buying $2.0 B to $2.5 B notes ranging in maturity from November 15, 2021 through August 15, 2024. The 7- to 10-year sector is pacing the rally as equity markets remain rattled.
10:25 EDTFX Action: USD-JPY trades near 109.35
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10:20 EDTGross's departure from PIMCO could cost the firm $100 B
Gross's departure from PIMCO could cost the firm $100 B in investor outflows, estimated the WSJ, after $10 B in withdrawals already from its $2 trl portfolio after Friday's announcement. It's Total Return Bond ETF rebounded 0.2% this morning after PIMCO management sought to reassure investors, but some analysts estimated the exodus could ultimately be even higher. The latest slump on equities has seen a bid return to Treasuries and futures, though high yield debt has remained under pressure. Outflows from its bond funds, however, may quickly find homes in other rival bond funds, leaving the impact temporary and DoubleLine Capital has already reported inflows, though pension fund CALPERS Friday said it was reserving judgment, while studying its exposure. Others are already moving their funds even as PIMCO management reaches out to reassure its biggest investors and one research report estimates investors could withdraw from 10-30% of their assets. This trend, however, has been in motion since El-Erian's departure, which signaled management turmoil amid underperformance of its funds.
10:15 EDTTreasury Action: yields are consolidating near lows
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10:10 EDTU.S. pending home sales fell 1.0% to 104.7 in August
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09:45 EDTU.S. NAR pending home sales preview:
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09:37 EDTMarket begins week sharply lower
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09:25 EDTChicago Fed's Evans said there is still "substantial slack" in the labor force
Chicago Fed's Evans said there is still "substantial slack" in the labor force, in his speech on "Is It Time to Return to Business-As-Usual Monetary Policy? A Case for Patience" before the NABE in Chicago. His answer is "no." Though there have been signs of improvement, the signals have been conflicting and he believes the recovery is still far from complete, as he made his case for patience. That's a stance he's maintained for some time now too. In conclusion he indicated he's "very uncomfortable with calls to raise our policy rate sooner than later" and he favors delaying liftoff until he is more certain that there is sufficient momentum in place toward the FOMC"s goals. And not only does he want a later liftoff, but he argues for a shallow trajectory on rate hikes in order to ensure the economy's momentum is sustainable in the presence of less accommodation. Remember Evans is a 2015 voter, along with the dovish Williams and Lockhart. Lacker will be the only real hawk next year.
09:15 EDTToday's U.S. income report revealed modest August shortfalls
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09:15 EDTEuro$ interest rate options: a large package traded
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09:05 EDTU.S. equities are back under pressure
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08:45 EDTU.S. personal income rose 0.3% in August with spending up 0.5%
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08:45 EDTOil Action: NYMEX crude is down 24 cents
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08:45 EDTTreasury Action: yields have rotated lower
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08:40 EDTFX Action: The dollar edged higher
FX Action: The dollar edged higher after the about in-line income and consumption data, taking EUR-USD back under 1.2700, and USD-JPY over 109.40. Equity futures remain deep in red territory, while yields are a touch easier than opening levels.
08:34 EDTFutures remain lower following economic data
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08:30 EDTU.S. Personal Income Preview
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08:20 EDTChicago Fed's Evans said it will be "quite some time" before the Fed hikes
Chicago Fed's Evans said it will be "quite some time" before the Fed hikes rates as he tried to explain what "considerable time" means, in a CNBC interview ahead of the NABE meeting in Chicago. The ultimate decision on rate liftoff will depend on the consensus view of the Committee. While he suggested June is a good bet, in his own view he'd be more comfortable with something beyond that as he wants to ensure the 2% inflation target is hit. It's ok to go a little past that too, he thinks. On why extreme measures are still being used by the FOMC, he said "you've got to be kidding me" and referred back to the stagnating situations in Europe and Japan, which have had to backtrack after starting to raise rates. He did not really answer the question of whether forward guidance language will have to change before the Fed starts raising rates and he's quite comfortable with the current language. These aren't surprising comments from one of the most dovish members of the FOMC. Note he rotates into voting status in 2015.
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