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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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May 19, 2015
13:10 EDTFOMC minutes could be a source of further volatility for the markets
FOMC minutes could be a source of further volatility for the markets, even though no big surprises are anticipated. The bond market has generally been defying weaker fundamentals during the selloff over the last three weeks, until today's housing starts figures. And traders may cherry-pick hawkish comments in the minutes to the April 28, 29 meeting to support the potential for a September rate hike, if not June. There weren't any real surprises in the April policy statement, and the forward guidance was removed in favor of data dependency, as universally expected. Remember that the Fed slightly downgraded its economic outlook, though it attributed some of the Q1 slowing to "transitory" factors. So there are likely to be a number of differing views on these topics from which traders can choose. Indeed, there are a number of factors that policymakers can cite to support rate liftoff, especially in the job market, but there are also a number of elements, specifically wages and prices, not to mention sluggish Q1 growth, that give the FOMC pause.
12:15 EDTEnergy Action: NYMEX crude is down 3%
Energy Action: NYMEX crude is down 3% on the session, trading to lows of $58.34, and near support at $58.11, which has been the lowest since the start of May. Sources expect follow through to the $56.50 region should $58.00 give way.
11:45 EDTTreasury's $45 B 4-week bill auction results were soft
Treasury's $45 B 4-week bill auction results were soft, though in part it's a function of the $5 B increase in size. The bill tailed, however, to 0.015% versus 0.005% at the bid deadline, and is a little cheaper than last week's 0.010% too. Bids totaled $151.7 B for a 3.38 cover, down from the prior 3.95 and the 3.79 average. In fact, it's the smallest since December 16. Indirect bidders took 15.6%, about half of the 31.4% take last week, and is below the 27.7% average.
11:25 EDTU.S. corporate bond update: another heavy calendar
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10:45 EDTMorgan Stanley to hold a conference
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10:33 EDTThe FTC to hold a press conference on major consumer fraud case
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10:20 EDTFed Policy Outlook: the FOMC is on course for rate liftoff later this year
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10:14 EDTBarclays industrials analysts hold an analyst/industry conference call
Industrials Analysts provide a weekly industry outlook on an Analyst/Industry conference call to be held on May 19 at 11 am.
10:00 EDTSF Fed writes "shockingly weak" Q1 GDP was likely a statistical anomaly
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10:00 EDTFX Action: USD-JPY has run into sellers from the 120.45 level
FX Action: USD-JPY has run into sellers from the 120.45 level, with offers reportedly in place now from 12050 to 120.80. Pent up yen demand from Japanese exporters is the likely source of the USD-JPY selling interest, though with yields staying firmer, and overall dollar pullback limited, the market may well begin to test the depth of the sellers.
09:55 EDTEconomic Club of New York to hold a luncheon meeting
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09:55 EDTStocks fluctuate around flatline in early trading
Stock futures remained in positive territory throughout the pre-market trading session, showing little reaction to the better than expected housing starts and building permits data. The futures action led to a positive open for the broader market, but the averages have turned mixed in the early going, with the Dow down 20 points, the Nasdaq up 3 points and the S&P down 1 point.
09:52 EDTFinancial Stability Oversight Council holds an open session meeting
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09:35 EDTU.S. starts and permits revealed big April rebounds
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09:25 EDTTreasury Action: Treasury-Bund note spread gapped out to 168 bps
Treasury Action: Treasury-Bund note spread gapped out to 168 bps as recent data/events highlight the divergent policy paths of the FOMC and the ECB. The 10-year Treasury rate climbed to 2.27% after the data, while the Bund yield is down over 4 bps to 0.59% currently (it was as low as 0.549% in European trading). The spread was as wide as 184 bps just prior to the April 29 FOMC statement amid fears of a hawkish tone (which turned out not to be the case). The stronger than expected housing starts figures gives credence to the Fed's view that much of the Q1 weakness was "transitory," which keeps alive the potential for rate liftoff later this year (June still seems unlikely). Meanwhile, European bond yields dropped sharply overnight on ECB comments that they are prepared to accelerate QE amid summer doldrums. Spread plays should remain volatile near term with a lot of key U.S. data ahead, including the June 5 employment report.
09:25 EDTFX Action: USD-CAD is on one-month highs of 1.2239
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09:00 EDTU.S. stocks will try to extend higher
U.S. stocks will try to extend higher after the S&P 500 made a new record high on Monday. The risk rally has gained added traction on China stimulus speculation and ECB willingness to accelerate bond purchases in May and June, so as not to hamper liquidity in July and August. Although bond yields have backed up from session lows, contending with the much stronger than expected U.S. housing data. In corporate news, Wal-Mart has reported Q1 earnings that missed estimates, hurt by the stronger dollar, according to Bloomberg. Urban Outfitters has also disappointed with Q1 earnings. But Home Depot has raised its profit and sales guidance for the year on the back of the housing market recovery. Meanwhile, H-P plans to sell its Chinese unit to Tsinghua Unigroup, according to the WSJ. S&P 500 futures have firmed 3.75 points, Nasdaq futures have increased 15.5 points. And Dow futures have advanced 41 points.
08:59 EDTRedbook Store Sales data reported
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08:50 EDTTreasury Action: Treasury gains were undone by the stronger housing data
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08:50 EDTFX Action: The dollar rallied across the board
FX Action: The dollar rallied across the board after the much better than expected housing starts data. EUR-USD fell to one-week lows of 1.1140 from 1.1190, as USD-JPY ramped up to two-week highs of 120.43, from 120.18. Euro support is now seen at 1.1131, the May 11 low, while USD-JPY resistance is at 120.50, the May 5 high. Equity futures kept their gains, as yields moved higher.
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