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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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October 30, 2014
13:20 EDTTreasury Action: yields steadied below highs
Treasury Action: yields steadied below highs in the wake of the mixed-to-damp results on the 7-year auction, which tailed, was light on the cover and ok on the indirect bid. The current 7-year yield poked back over 2.0% from the 1.99% area earlier, compared to session lows of 1.98%, Asian highs of 2.036% and the award rate of 2.018%.
13:15 EDTTreasury's $29 B 7-year auction wasn't great
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13:05 EDTTreasury 7-year auction preview:
Treasury 7-year auction preview: the auction could benefit from the fact the FOMC is out of the way, even if the result was less bullish than many had hoped. But while the positive momentum in the market on the heels of the rally in German Bunds could make for a decent auction, especially given the widening spread of Treasuries to other core sovereigns, the bid cover is likely to be below par. The big redemptions this week and month-end flows could also support, along with a tendency toward curve flatteners. On the other hand, negatives for the sale include the lack of concession, with the 2.005% bid on the wi looking a bit rich. There's also no QE of course, so the intermediate sector of the curve is lacking a big buyer that's been in place for the last few years. There isn't a large short base either. The September auction garnered a 2.48 cover (2.56 average) and a 48.3% indirect (43.8% average). Direct bidders accepted 10.0% last month, while primary dealers took 41.7%.
13:05 EDTFX Action: USD-JPY has largely taken a breather
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12:05 EDTU.S. equities recouped some losses
U.S. equities recouped some losses with the help of a substantial rebound in European bourses from session lows prior to the U.S. GDP report. The Euro Stoxx 50 is nearly back to unchanged after down about 1.5% prior to the U.S. data, while peripheral indices are in shallow negative territory after falling roughly 2.0% earlier (after bank regulators warned that the stress tests wouldn't support a lending boost). That is a big reversal, especially considering think tank report that the ECB may prefer to rely on the TLTRO for now thanks to the firm dollar, though weaker German HICP inflation may have put potential ECB QE back on the agenda again. In the states, the Dow is 0.8% firmer, while the S&P gained 0.3% and NASDAQ is still 0.15% lower after the 3.5% gain in advance Q3 GDP. Visa is still the top gainer in the Dow at an extraordinary +9.1% following its upbeat earnings report and plans to charge banks higher fees, followed by Coca Cola +1% and Pfizer +0.8%, while on the downside are Intel -3.3% and Microsoft -1.3%, which seem to be behind the tech sector underperformance.
11:15 EDTEuro$ interest rate options: growing open interest
Euro$ interest rate options: growing open interest in Short December 87 puts just increased by another 10k, though this one may be a liquidation according to sources. In addition, there was a bearish purchase of 10k in Green December 75/77 put spreads and 3k in Green December 77/80 put spreads. The short-dated rate futures are recovering with the rest of the rate complex as the Fed rate hike doesn't seem so imminent after all in the bright daylight following the FOMC, especially with European fixed income leaning the other way. The deferreds are trading 0.5-5.5 ticks higher now.
11:10 EDTTreasury announced a $54 B 3- and 6-month bill auction for Monday
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10:50 EDTTreasury Action: Treasuries are extending gains with the long end leading
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10:30 EDTEIA Natural Gas Storage Change for the week ending October 24
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10:10 EDTTreasury 7-year auction outlook: the $29 B sale completes this week's supply
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09:35 EDTFX Action: USD-CAD found a base into the 1.1165 level
FX Action: USD-CAD found a base into the 1.1165 level, where standing bids were noted. The pairing has since bounced back over 1.1185, though selling interest at 1.1200 is reportedly on the rise. Equities and oil prices should help determine direction from here, where currently, weaker U.S. stock futures, and softer WTI prices should limit USD-CAD downside.
09:30 EDTEuro$ interest rate options: a variety of flows
Euro$ interest rate options: a variety of flows have been in the mix since the Fed statement and follow-up firmer GDP print. Among them, a bullish purchase of 5k in Green November 83/85 call spreads and a sale of 6k in Blue March 72/75 strangles (vol). In block trade, there were some 80k in Blue Dec 70, 71, 72, and 73 puts traded. Overnight there was a bearish purchase of 15k in Short January 88/90 put spreads as well. The December 2014 contract is flat at 99.76, but the deferreds are 1-5 ticks firmer out the curve despite the evident concern about the Fed's tightening trajectory after yesterday's statement.
09:30 EDTFed Chair Yellen did not discuss monetary policy or the economy
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09:25 EDTU.S. GDP growth beat estimates with a 3.5% Q3 clip
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09:00 EDTU.S. equities have remained soggy
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08:50 EDTFX Action: The dollar initially rallied
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08:45 EDTU.S. GDP growth slowed to a 3.5% pace in Q3
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08:45 EDTTreasury Action: yields flinched higher
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08:40 EDTU.S. initial jobless claims rose 3k to 287k in the week ended October 25
U.S. initial jobless claims rose 3k to 287k in the week ended October 25, from a revised 284k previously (was 283k). That brought the 4-week moving average to 281k from 281.25k (revised from 281k). Continuing claims rebounded 29k to 2.384k in the week ended October 18 versus a revised xk previously (was 2,351k).
08:34 EDTFutures remain slightly lower following economic reports
Stock futures remain slightly lower following the release of the jobless claims, GDP, and personal consumption reports. There were 285K initial claims versus the expected 285K while continuing claims came in at 2.38M versus the expected 2.35M. GDP rose 3.5% for the third quarter versus expectations of a 3.0% increase. Personal consumption rose 1.8% in the third quarter versus expectations of a 1.9% gain.
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