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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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July 28, 2015
14:50 EDTTreasury Action: there are several more auctions this week
Treasury Action: there are several more auctions this week with the 5-year sale and 2-year FRN Wednesday, both prior to the FOMC announcement, and a 7-year sale Thursday. The results may not be as solid as today's 2-year auction given the proximity of the Fed. Yields have backed up today, with the wi 5-year note up 2.5 bps to 1.600% and the wi 7-year up 3.1 bps to 1.990%. However, the concessions may not be sufficient to bring in buyers as those rates are much lower than June's stops at 1.710% and 2.153%, respectively. The 7-year might benefit from the fact the Fed will be out of the way, and may see some month-end flows.
14:30 EDTFX Action: USD-JPY made 123.51 lows
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14:05 EDTTreasury Option Action: mostly mixed positioning
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13:50 EDTAverages, internals very positive in afternoon trading
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13:40 EDTU.S. equities are extending their rally
U.S. equities are extending their rally and are trading up around 1% across the board with some relief that China didn't continue to melt down at the same pace, while WTI oil has bubbled back up above $48 bbl again - supporting resource stocks. Recent market volatility has quelled any lingering concern that the Fed make hike sooner, pushing those expectations to the very back end of 2015, with December now favored over September by many. Indeed, within the Dow the top performers are Exxon +3.7%, CAT +3.4% and Chevron +3.0%, while du Pont -0.8%, Verizon -0.13% and UT -0.1% are the underperformers.
13:15 EDTTreasury 2-year auction garnered solid demand
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13:15 EDTTreasury Action: short yields cooled off a tad
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13:00 EDTTreasury Option Action: volatility is drifting lower
Treasury Option Action: volatility is drifting lower into the start of the 2-day FOMC meeting, with September 10s stuck around 127-00, say sources. Among the major themes were outright sales of Sep bond puts (risk reversals), sales of 10k in September 127/126 put 1x2s (roll down of strike) and call butterfly exits. Other trades included bearish purchases of 4k in September 125.5 puts, 3k in September 126 puts, 4k in September 124 puts and 1.5k in September 126.5/125.5/124.5 put butterflies. There was also a bearish seller of 4k in September 128/129/130 call butterflies (exit). September 10s are still stuck at 127-00, compared to a tight 127-075 to 126-26 range.
12:40 EDTTreasury 2-year auction preview: market opinions are mixed
Treasury 2-year auction preview: market opinions are mixed on the auction, in large part due to uncertainties over the FOMC and the degree of hawkishness in tomorrow's policy statement. Meanwhile, there's only been a small outright concession on the note, as the wi has backed up to 0.69%, though it was at 0.700% earlier. The curve, however is a little steeper as the front end outperforms. Supporting expectations for a good reception to the auction is the modest concession, where a stop here would be the second highest of the year. The new cash need is also small. Many are starting to price out Fed liftoff in September too. Month-end buying could also come into play, while investment fund demand has been on the rise. On the other hand, trading volume has been limited by summer conditions, and the advent of the Fed could keep many potential buyers sidelined. There is some fear the note isn't priced sufficiently for a hawkish Fed. And volatility amid Chinese woes may also undermine. The June offering stopped at 0.692% and garnered a 3.28 cover (3.42 average) with a 52.6% indirect bid (39.9% average).
12:25 EDTFX Action: USD-CAD has fallen to one-week lows
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12:17 EDTS&P revises Brazil outlook to negative; ratings affirmed
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12:15 EDTEuro$ interest rate options: some bullish positioning
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11:40 EDTTreasury's $40 B 4-week bill auction results were mixed
Treasury's $40 B 4-week bill auction results were mixed. The bill stopped through at 0.050% compared to 0.055% at the bid deadline, and compared to last week's 0.035%. There were $138.2 B in bids for a 3.47 cover, below last week's 3.52 and the 3.74 average. Indirect bidders took 25.4% versus 22.2% previously and the 22.2% average.
11:20 EDTU.S. RJ/CRB total return index is 11.5% lower
U.S. RJ/CRB total return index is 11.5% lower on the year near 204 presently, right at the bottom of its 203.17-299.44 52-week range. On the day its up 0.4% after closing at 203.21 following China's equity implosion yesterday. With WTI crude oil lingering below $48 bbl and commodity prices at the lowest level since the financial crisis, the Fed may have to wait a bit longer before reaching its inflation goal, regardless of how urgently it would like to lift rates from zero.
11:15 EDTFed Policy Outlook: the meeting is underway
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10:40 EDTTreasury 2-year auction outlook: Treasury kicks off its $90 B
Treasury 2-year auction outlook: Treasury kicks off its $90 B in coupon auctions with today's $26 B offering. Some concession building overnight boosted the wi 0.70%, though it's come down to 0.69% currently. The note traded as rich as 0.67% yesterday. The advent of the FOMC decision with the potential that the statement hints at a September rate hike could make for a somewhat difficult auction. Buyers could sit this one out as the outlook for Fed action has become quite uncertain. Also, the corporate calendar is heavy and is competing with the Treasury today. Historical data shows a stop here would be the highest since the 0.703% from December. The June offering stopped at 0.692% and garnered a 3.28 cover (3.42 average) with a 52.6% indirect bid (39.9% average).
10:30 EDTU.S. Richmond Fed factory index rose to 13.0 in July
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10:25 EDTChina tumult will cause Fed to delay lift-off
China tumult will cause Fed to delay lift-off according to a Goldman survey of investors, reported late yesterday by the WSJ Grand Central blog. Chief equity strategist Kostin was quoted accordingly: "Our recent client meetings reveal that many investors believe economic uncertainty in China will cause the Fed to delay tightening until 2016." Certainly few see any risk of a hike as early as tomorrow, though the language could possibly be updated to weight global growth risks and lower commodity prices. But, more are arguing for a deferral to 2016 thanks to fresh jitters related to Greece and China, and more importantly risk of a deeper financial correction. (subscription).
10:15 EDTU.S. consumer confidence fell to 90.9 in July
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10:15 EDTyields dipped briefly
Treasury Action: yields dipped briefly following the plunge in consumer confidence in June, which marked the lowest level since September 2014. But stocks continue to churn in shallow positive territory and yields quickly stabilized again. The T-note yield probed 2.25% from 2.266% session highs after rising from 2.21% lows yesterday ahead of the 2.17% July low . The 2s-10s spread continues to steepen back out to the +160 bp area. The dollar slipped.
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