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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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May 11, 2015
11:50 EDTTreasury's $48 B 3- and 6-month bill sale was very well subscribed
Treasury's $48 B 3- and 6-month bill sale was very well subscribed amid ongoing heavy demand for bills, both for safety and as banks boost holdings to fulfill capital requirements. The $24 B 3-month bill stopped through at 0.02% versus 0.025% at the bid deadline, and versus 0.015% last week. There were $105.6 B in bids for a 4.43 cover, up from 4.13 previously and better than the 4.09 average. Indirect bidders accepted 35.4%, more than double last week's 16.4% last week and well above the 21.1% average. In fact it's the most since November 10. The $24 B 6-month bill stopped at 0.085%, also below the 0.09% at the bid deadline. Bids totaled $101.3 B for a 4.25 cover, also much better than the 3.94 last week and the 4.09 average. Indirect bidders took a hefty 55.6% versus 33.4% previously and the 37.9% average. That's the second highest since October 7, 2013 (bested only by the 62.8% from April 27).
11:05 EDT4-Week Bill Announcement Offering Amount data reported
4-Week Bill Announcement Offering Amount at $40.0 B
10:50 EDTSF Fed's Williams said he sees steady improvement in the labor market
SF Fed's Williams said he sees steady improvement in the labor market and doesn't want to react to just one month's data, in cnbc interview. Weakness in Q1 GDP is more of an anomaly, and the Fed monitors other indicators, reassuring growth is bouncing back in Q2. Williams reminded that "every meeting is on the table" and repeated that the FOMC is data dependent. He expects the Fed will achieve its 5% employment mandate by the end of the year, but there's more uncertainty about the progress on the inflation mandate. He would prefer not to telegraph the policy decisions in advance, but rather react at every meeting to the recent data and economic conditions. He is not worried about market volatility associated with Fed policy uncertainty, as he believes such market volatility is normal and reflects healthy functioning of the markets since economic conditions can change and affect policy decision making.
10:20 EDTEuro$ interest rate futures turned more defensive
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10:15 EDTFed's Labor Market Index (LMCI) dropped 1.9 points in April
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10:10 EDT Chicago Federal Reserve Bank President Charles Evans Speech to be released at 03:00
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10:10 EDT San Francisco Federal Reserve Bank President John Williams Speech to be released at 19:00
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10:10 EDT Chicago Federal Reserve Bank President Charles Evans Speech to be released at 02:00
10:03 EDTMarket follows Friday rally with quiet start to trading
Stock futures traded near fair value throughout the pre-market trading session, which led to a relatively quiet open for the broader market as its looks for direction following Friday’s big advance. Asian stock jumped after China cut interest rates again, but concerns over Greece has the European market lagging the other world averages. About a half hour after the opening bell, the Dow is down 4 points, the Nasdaq is up 12 points and the S&P is up 1 point.
10:00 EDTU.S. corporate bond update: supply is a focal point
U.S. corporate bond update: supply is a focal point with the Treasury refunding this week, and fairly heavy corporate issuance expected. Some $54 B in corporates priced last week, the 4th time this year that weekly sales have topped that level. Today's pipeline includes a number of longer dated issues. There is a 4-tranche deal from Daimler, including 3-year fixed and FRNs, along with 5- and 10-year notes. There is also a $700 M 2-parter from Virginia Electric with 10- and 30-year maturities on tap. Appalachian Power is selling $650 M in 10s and 30s. Verisk Analytics plans a benchmark 10- and 30-year offering. ERP Operating has a benchmark 10- and 30-year deal on tap too. Equity Residential is selling benchmark 10- and 30-year debt. OKB has a benchmark 2-year. Paccar is selling $300 M in 3-year notes.
09:45 EDTFX Action: USD-CAD has pulled back from 1.2144
FX Action: USD-CAD has pulled back from 1.2144 overnight highs, trading under 1.2075 early in the North American session. Firmer oil and gold prices have helped the CAD this morning, while USD-CAD sellers reportedly emerged over the 20-day moving average, which currently stands at 1.2137. Support is now pegged at 1.2047, representing Friday's low.
09:30 EDTA $900 B influx into T-bills is wreaking havoc
A $900 B influx into T-bills is wreaking havoc according to a Bloomberg report, spurred by banking regulations to increase capital requirements that have boosted demand for the safe assets. JP Morgan estimates forecast an extra $900 B in demand for such shorter-dated securities over the next 18-months, relative to the $1.4 tln bill market. After the 4-week T-bill rate fell to a low of -0.028% on April 29, the Treasury responded in the quarterly refunding announcement on May 6 by promising to boost bill issuance to meet demand. But that has merely succeeded in lifting the rate back to 0.0127% presently. This also contrasted the flight from the long-end sparked by the Bund swing. The upshot is that Fed credibility could be at stake if it is unable to control short-term rates because of tighter capital requirements and the bid for safety.
09:10 EDTTreasury Option Action: mixed trade so far
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08:55 EDTDownside Risks for April U.S. Retail Sales:
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08:50 EDTTreasury May refunding: Treasury auctions $64 B in coupons this week
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08:50 EDTOPEC forecasts sub-$100 bbl oil for the next decade
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08:35 EDTJPMorgan energy/oil analysts hold an analyst/industry conference call
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08:32 EDTJPMorgan financial analysts hold an analyst/industry conference call
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08:25 EDTU.S. equities are in shallow positive territory
U.S. equities are in shallow positive territory to start the week after the surge in Asia, which was set alight by yet another China rate cut that sent the Shanghai Comp over 3.0% higher, along with a 1.25% gain in the Nikkei. That failed to impress Europe, however, with the Euro Stoxx 50 0.6% lower and Athens off 3% heading into an ongoing stalemate on Greece at the Eurogroup meeting. The Dow is 8-points higher, S&P is up 1-point and NASDAQ 3-points higher in pre-open action, above overnight lows heading into the open. The data docket is quiet today, leaving focus on M&A, earnings and technicals. Activis rallied 3% after a near-60% surge in revenues, while Salesforce declined 3% as the potential bid by Microsoft evaporated last week. Zulily rallied 18% after Alibaba took a 9% share of the company. Noble Energy bought Rosetta for $2.1 B, rising slightly on the shale deal.
08:16 EDTUBS to hold a conference
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