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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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October 9, 2014
10:30 EDTEIA Natural Gas Storage Change for the week ending October 3
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10:30 EDTThe U.S. wholesale trade report
The U.S. wholesale trade report revealed diverging sales and inventory paths that were modestly discouraging on net. Wholesale sales undershot inventories in August given a 0.7% sales rise but 0.7% inventory, after a five-month stretch of stronger sales than inventory figures. Thanks to disappointing sales, the inventory-to-sales (I/S) ratio bounced to 1.19 from 1.17 over the prior three months (was 1.16 in July) to bring the ratio back to the high-end of the 1.16-1.19 range evident since April of 2013. Analysts saw a much lower 1.13 cycle-low in January of 2011 that matched the all-time low in June of 2008. Our 2.8% Q3 GDP growth estimate incorporates a $12 B inventory subtraction, following a $49.6 B inventory boost to Q2 GDP growth that translated to a relatively lofty $84.8 B accumulation rate. For monthly forecasts, analysts expect a 0.4% (was 0.3%) August business inventory rise, given today's 0.7% wholesale increase, the 0.1% factory inventory rise, and an assumed 0.6% retail inventory gain. The overall business I/S ratio should rise to 1.30 in August from 1.29 over the prior five months.
10:25 EDTTreasury 30-year auction outlook:
Treasury 30-year auction outlook: the $13 B bond reopening completes this week's auctions. Yesterday's 10-year sale was very poorly subscribed, after a strong 3-year sale Tuesday, and today's is likely to fall somewhere in between. The wi richened to 3.03% in early trading, the lowest since May 2013, but has risen to 3.06% after the improved claims data and as the market sets up for the sale. The bond traded as cheap as 3.135% on Monday as the jobs report continued to reverberate. Like the 10-year auction yesterday, the outright richness may temper demand. Meanwhile, the 10s-30s spread has widened out to 73 bps, the widest since mid-September, which could be attractive at the margin. A tame inflation outlook is also supportive. There will be a natural bid for duration, and the likely 3% coupon should bring in real money buyers too, while the wide spreads to European and Asian sovereigns should underpin. However, the indirect bid on yesterday's 10-year came in a little below average. September's bond auction priced strong at 3.24% and saw a 2.67 cover (2.44 average) and a 45.5% indirect bid (44.3% average), while direct bidders accepted a hefty 21.8%.
10:15 EDTTreasury Action: yields held above lows
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10:15 EDTFX Action: USD-CAD peaked at 1.1126
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10:10 EDTU.S. August wholesale inventories surged 0.7%, while sales dropped 0.7%
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10:03 EDTWholesale Trade Inventories data reported
August Wholesale Trade Inventories up 0.7% vs. consensus of 0.3% for the month
10:00 EDTU.S. wholesale trade preview:
U.S. wholesale trade preview: Wholesale sales are expected to grow 0.2% in August (median 0.4%) vs 0.7% in July, while inventories should grow 0.3% vs 0.1% in July. Data in-line with our forecast would leave the I/S ratio up to 1.17 from 1.16 in July. report for more detail.
09:54 EDTBofA/Merrill REITs-Apartments hold analyst/industry conference call
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09:48 EDTBloomberg Consumer Comfort Index Level data reported
Week of 10/5 Bloomberg Consumer Comfort Index Level at 36.8
09:39 EDTMarket opens in negative ground despite lower weekly jobless claims
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09:25 EDTEuro$ interest rate options: a variety of flows
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08:55 EDTU.S. equities are underwater again
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08:50 EDTOil Action: NYMEX crude is down 40 cents
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08:50 EDTThe 1k U.S. initial claims downtick to 287k
The 1k U.S. initial claims downtick to 287k in the first week of October extended last week's 8k drop to 288k (was 287k) to leave a sustained lean trajectory for claims since the 279k cycle-low in mid-July. Claims continue to oscillate closer to the tight 281k September BLS survey week figure than the elevated 316k Labor Day reading. Claims are entering October below the 294k September average, following higher prior averages of 303k in August, 296k in July, and 315k in June. The 281k September BLS survey week reading sat well below prior BLS readings of 299k in August, 303k in July, and 314k in June. Analysts assume a 210k October payroll rise that undershoots the 248k September gain, versus average monthly increases of 224k in Q3, 220k over the past year, and 209k over the past two years. Analysts assume 210k monthly gains through Q4. Payrolls face upside risk from a firm trend for initial claims, producer sentiment, and ADP, and an ongoing consumer confidence climb back above mid-2013 levels.
08:45 EDTFX Action: The dollar perked up slightly
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08:45 EDTTreasury Action: yields retreated from lows
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08:40 EDTU.S. initial jobless claims slipped 1k to 287k in the week ended October 4
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08:36 EDTFutures little changed after claims data
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08:20 EDTWorld Bank Group to hold a press briefing
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