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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
Check below for free stories on NOSYMBOL the last two weeks.
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September 4, 2014
14:50 EDTCanada Employment Preview
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14:25 EDTU.S. corporate bond update: another very full calendar
U.S. corporate bond update: another very full calendar is adding to the heaviness in Treasuries. CSFB has a $3 B 10-year deal on tap. Bank of NY Mellon is selling $2 B in a 3-part offering, including $1.15 B in 5-year notes, a $500 M 10-year, and a $350 M 5-year FRN. Barclays launched a $1.25 B 10-year note. American Honda Finance is selling $1 B in 5-year notes and $500 M in a 2-year FRN. Bank of Nova Scotia launched a $1.5 B 5-year covered bond. There are also a number of big high-yield deals on tap.
14:10 EDTU.S. Employment Preview
U.S. Employment Preview: August employment will be released Friday and should reveal a 210k (median 220k) gain for nonfarm payrolls on the heels of last month's 209k gain. There are a number of factors contributing to upside risk for tomorrow's release from strong producer sentiment and consumer confidence to firm vehicle assemblies all of which analysts discussed in Monday's commentary.
13:50 EDTMore Mester: she wants the Fed to communicate the proximity to its goals
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21:22 EDTHousing Starts to be reported at 08:30
August Housing Starts will be reported at 08:30 . Current consensus is 1.038M
21:22 EDTJobless Claims to be reported at 08:30
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13:15 EDTTreasury Action: yields remain stuck below highs
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13:10 EDTFX Action: USD-CAD sold off to 1.0821 lows
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12:50 EDTCleveland Fed's Mester struck a slightly more hawkish tone
Cleveland Fed's Mester struck a slightly more hawkish tone in her first public speech (The Economics Outlook, Monetary Policy, and Communications: Progress on Multiple Journeys) since taking the helm in June from retired president Pianalto. She said it's time to "reformulate its forward guidance." She seems a little more upbeat on the labor market than Yellen, noting "steady improvement in in labor market conditions," including "substantial improvement" in the unemployment rate. However, she does add the caveat that the "labor market's journey is not yet complete." She expects growth over the next 6 quarters to be somewhat above her trend forecasts. The balance sheet will remain very large, even after QE ends, and will complicate the normalization process. She refrained from giving any time frame to rate hikes. She is a voter this year. Note too that she began her Fed career in Philadelphia, which is led by one of the most hawkish on the FOMC.
12:20 EDTFX Action: USD-JPY continues to struggle
FX Action: USD-JPY continues to struggle over 1.0500, printing 105.25 highs as it runs into reported Japanese exporter offers. Overall however, analysts look for further yen downside, on the view that the BoJ is heading for fresh monetary stimulus to counter the impact of the sales tax hike. The January USD-JPY high of 105.44 is in the market's sights now, though analysts suspect a test will only come this week on the back of a better U.S. employment report on Friday. In the meantime, support is seen into 104.75.
11:40 EDTDavid Tepper of Appaloosa: "beginning of the end" of the bond market bubble
David Tepper of Appaloosa: "beginning of the end" of the bond market bubble has occurred as thanks to the ECB decision to cut rates, he said on Bloomberg TV. A perennial bull on stocks, the hedge fund manager's comments may have added to some weakness in the defensive bond market on the margin following the ECB's decisions, though the bank still hasn't ruled out full-blown QE however controversial to some members. Just why the decision in Europe marks the end of the bull run in bonds remains to be explained, especially after global bonds have kept a lid on U.S. yields for some time and the ECB is more worried about downside risks in Europe.
11:20 EDTTreasury Option Action: bearish positioning
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11:15 EDTNY Fed bought $1.616 B in shorter notes
NY Fed bought $1.616 B in shorter notes maturing between December 31, 2018 through April 30, 2019. The Street offered $9.429 B. The bond market has extended its declines with the 5-year yield now up nearly 5 bps to 1.717%.
11:10 EDTTreasury announced a $61 3-pronged package of coupon auctions
Treasury announced a $61 3-pronged package of coupon auctions for next week. This includes $27 B in 3-year notes (Tuesday), $21 B in reopened 10s (Wednesday), and $13 B in reopened 30s (Thursday). Treasury also outlined a $49 B 3- and 6-month bill sale for Monday. That's a $3 B cut from this week's volume, with $2 B shaved from the 3-month tranche to $26 B, while the 6-month bill was trimmed by $1 B to $23 B.
11:00 EDTCrude Inventories for the week of August 29
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11:00 EDTToday's U.S. reports
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10:55 EDTFed Policy Outlook: data continue to reflect the ongoing economic gains
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10:35 EDTNY Fed outright purchase: the Fed is buying $1.4 B to $1.7 B in notes
NY Fed outright purchase: the Fed is buying $1.4 B to $1.7 B in notes dated from September 30, 2018 through May 31, 2019. The buyback isn't providing much support to the bond market that is under pressure from the stronger than expected data and the declines in Bunds. The 5-year yield is over 3 bps higher at 1.705%.
10:30 EDTEIA Natural Gas Storage Change for the week ending August 29
Gas inventories 79 Bcf build vs. consensus of 75 Bcf build.
10:30 EDTThe U.S. ISM-NMI August climb to a 59.6 nine-year high
The U.S. ISM-NMI August climb to a 59.6 nine-year high extended the July surge to 58.7 from 56.0 in June, just as the ISM-adjusted measure rose to a 57.9 eight-year high from 57.2 in July and 55.5 in June. The August headline has climbed well above the 51.6 four-year low in February, just as the ISM-adjusted measure has risen well above the 51.4 two-year low in February. The ISM-NMI has enjoyed the same Q3 lift evident in the Q3 factory surveys that analysts attribute to the July vehicle assembly rate pop. For the August factory surveys, the ISM rose to 59.0 from 57.1, the Chicago PMI surged to 64.3 from 52.6, the Dallas Fed dropped to 7.1 from 12.7, the Richmond Fed bounced to 12.0 from 7.0, the Philly Fed rose to 28.0 from 23.9, and the Empire State declined to 14.69 from 24.60. The mix of major sentiment readings left the ISM-adjusted average at the same 56 cycle-high seen in July, as well as February and March of 2011, versus 54 through Q2, 52 through Q1, and a 53 average in Q3 and Q4 of 2013.
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