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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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May 5, 2015
11:35 EDTU.S. Tax Receipts Bounce in April, But Anemic Overall:
U.S. Tax Receipts Bounce in April, But Anemic Overall: Daily Treasury data imply a respectable 10% y/y receipt climb in the important tax-month of April, as capital gains fueled a 13% y/y rise in nonwithheld receipts alongside a 12% y/y withheld receipt rise. Yet, analysts still assume a restrained 6% y/y increase for both Q2 and FY15 overall. An assumed 3% y/y April outlay rise translates to a $138 B monthly surplus, and an estimated $480 B FY15 gap that sits near both the $486 B CBO FY15 estimate and the $483 B FY14 deficit.
11:25 EDTEuro$ interest rate futures: heavy selling pressure
Euro$ interest rate futures: heavy selling pressure has been noted, including the sale of 100k in June 2016 futures from 98.995-98.975. On the options front, there was some bearish buying of 95 put 1x2s on September 2015s, bullish sale of 5k in Short June 88/90 put spreads and bullish buying of 7k in Short May 90/91 call spreads. Also split were bullish sales of 5k in Green May 8 puts and 10k in Green June 80 puts. The December 2015 contract is a half-tick lower at 99.37, while the deferreds are up to 5-ticks lower out the curve.
11:20 EDTFed Policy Outlook: the FOMC will have a hard time justifying a June hike
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11:20 EDTFX Action: USD-CAD met its downside target
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11:05 EDTU.S. 10-year technicals near key chartpoint
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11:00 EDTToday's U.S. reports
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10:45 EDTEnergy Action: NYMEX crude broke through $60.00 resistance
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10:44 EDTBofA/Merrill rates analysts hold an analyst/industry conference call
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10:40 EDTTreasury Option Action: bullish call buying on bonds
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10:25 EDTGoldman cut Q1 GDP tracking estimate to -0.5%
Goldman cut Q1 GDP tracking estimate to -0.5% from +0.2% following the trade deficit explosion, which is a bit more aggressive than our own cut to -0.2% from +0.2%. Yet the bond market is getting little relief from this revisionism after the employment components of both Markit and ISM services PMIs ticked higher. Meanwhile, "good news is bad news" equities have extended their declines as the cost of capital and buybacks goes up and Fed lift-off sentiment remains finely balanced.
10:20 EDTThe U.S. ISM-NMI April pop to 57.8
The U.S. ISM-NMI April pop to 57.8 reversed the March drop to 56.5 to leave the measure just below the 58.8 nine-year high in November. The ISM-adjusted measure rose to 56.4 from a 55.1 one-year low in March to leave the same 56.4 seen in February, versus a 58.1 eight-year high in November. The ISM-NMI chased the factory sentiment measures lower from November highs before today's bounce. For the April factory surveys, analysts saw an unchanged ISM at a lean 51.5, a Chicago PMI rise to 52.3 from 46.3 in March and a 45.8 five-year low in February, a Dallas Fed up-tick to a still-weak -16.0 from a -17.4 four-year low that was also seen in April of 2013, a Richmond Fed rise to -3.0 from -8.0, a Philly Fed rise to 7.5 from 5.0, and an Empire State decline to -1.19 from 6.90. The mix allowed the ISM-adjusted average of the major surveys to bounce to 51 from 50 in March, 52 in January and February, 53 in December, 55 over the four months ending in November, and a 56 cycle-high last July.
10:15 EDTTreasury Action: still more carnage
Treasury Action: still more carnage followed the uptick in ISM services, which was accompanied by the highest reading on the employment component since October and a decent jump in new orders to boot. The T-note ramped over 2.19%, extending its rise from 2.11% lows and inching closer to the 2.259% March 6 high, which is probably safe until the payrolls report. The 2s-10s spread has steepened out another 4 basis points to +157 bp, while the 5s-30s is out to +136 bp.
10:10 EDTU.S. ISM services index rose to 57.8 in April
U.S. ISM services index rose to 57.8 in April, better than expected, after dipping to 56.5 in March. This is the highest reading since November's 58.8 (a 9 year high). The business activity index improved to 61.6 from 57.5. The employment component was little changed at 56.7 versus 56.6. New orders climbed to 59.2 from 57.8. New export orders dropped to 48.5 from 59.0. Prices paid slipped to 50.1 from 52.4.
10:05 EDTGoldman Sachs to hold a symposium
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10:04 EDTISM Non-Mfg Index Composite data reported
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10:00 EDTU.S. Markit services PMI fell to 57.4 in April
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10:00 EDTTreasury Action: and yields back to highs again
Treasury Action: and yields back to highs again following the final Markit PMI services employment component "at the highs since June on a final basis." That was enough to rattle the bond markets nerves ahead of Friday's payrolls. The T-note yield shot to 2.16% 1.5-month highs from the 2.14% area. That sets up the market for a follow up from ISM services shortly, seen steady.
09:58 EDTSenate Health, Ed, Labor & Pensions Committee to hold a hearing
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09:55 EDTSenate Agriculture Committee to hold a hearing
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09:52 EDTSenate Environmental Committee to hold a hearing
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