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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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November 12, 2014
17:26 EDTWeek of 11/21 EIA Natural Gas Report to be released at 12:00
17:26 EDTWeek of 11/21 EIA Petroleum Status Report to be released at 10:30
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06:59 EDTJobless Claims to be reported at 08:30
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15:25 EDTTreasury Closing Summary:
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14:30 EDTFed dovish dissenter Kocherlakota: I am concerned
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13:15 EDTTreasury's $24 B 10-year note auction was ok
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13:15 EDTTreasury Action: yields remained elevated
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12:46 EDTWeek of 11/21 MBA Purchase Applications to be released at 07:00
12:45 EDTTreasury 10-year auction preview: the auction should see mixed results
Treasury 10-year auction preview: the auction should see mixed results, with ongoing support from indirect bidders, and a fairly lackluster domestic bid. The wi is a little richer on the day at 2.355%, though that's at the higher end of the week's 2.28% to 2.38% range. Nevertheless, an award rate there would be the richest in over a year. There is a lot of cash to be reinvested, which should support. Additionally, ongoing worries over growth and inflation, particularly in Europe, should foster a bid. Ukraine tensions are flaring again and that could bring in some flight to safety. The near record-wide spreads to core sovereigns should also underpin sponsorship, especially as many forecast further dollar appreciation. The $21 B October reopening was poorly subscribed, tailing out to 2.381%, with a 2.52 cover, below September's 2.71 and the 2.69 average. It was the smallest since August 2013. Indirect bidders were awarded 44.4%, below September's 53.0% and the 45.9% average. Direct bidders took 6.6%, about half of the prior 13.5%, while primary dealers accepted 49.0% versus 33.5% previously.
12:35 EDTTreasury Option Action: a fairly quiet tone
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12:00 EDTTreasury Action: but yields are probing higher
Treasury Action: but yields are probing higher in deference to upcoming 10-year supply, according to sources, reversing earlier slippage with the declines on Wall Street. The current 10-year yield found traction near 2.32% before rebounding over 2.345% again, still below 2.365% highs in Asia. Sources expect decent foreign demand for the T-note, however, thanks to its value relative to other sovereigns (0.812% on Bunds, 0.53% on JGBs). Indeed, some look for the 2.38-2.40% 50% retracement area to hold, though with the JPM duration survey showing the largest number of longs by "active traders" since January 2014, long-squaring could become a factor on a break.
11:55 EDTFX Action: USD-CAD has made three attempts
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11:45 EDTTreasury's 4- and 52-week bill auctions were ok
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11:40 EDTU.S. equities are slipping again
U.S. equities are slipping again after a dead cat bounce with USD-JPY earlier after energy prices rolled over again. It seems that oil prices took a gander at China's inflation drop again, initially faltering somewhat ahead of tomorrow's EIA inventory report, which is expected to show elevated stockpiles as well, before NYMEX crude rebounded toward $78 bbl again. European bourses are extending their drop, with the Euro Stoxx 50 off nearly 2% now and Milan 2.9% lower following fresh regulatory actions and fines on FX manipulators. Blue chips are leading the pace into the red, with the NASDAQ lagging lower. Biggest decliners in the Dow are not coincidentally JPM -1.6% and Goldman -1.2%, though the latter somehow was not named in the probe.
11:20 EDTFX Action: USD-CAD made two attempts
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11:18 EDTGlobal X Uranium ETF volatility decreases as shares trend up from record low
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11:15 EDTU.S. corporate bond update: there are several deals on the calendar
U.S. corporate bond update: there are several deals on the calendar to compete with the Treasury's 10-year sale, but none are particularly large. Gilead just announced a benchmark 3-part offering including 5-, 10-, and 30-year debt. Volkswagen has a benchmark 3-year fixed and/or FRN, along with a 5-year note. Canadian Natural Resources has a benchmark 3- and 10-year deal. Phillips 66 is selling benchmark 10- and 30-year paper. Ally Financial announced a benchmark 5-year. Duke Realty has a $300 M 10-year, while AvalonBay Communities has a $300 M 10-year. Investment grade issuance on Monday totaled nearly $11 B, to bring the monthly volume to $62 B.
10:55 EDTEuro$ interest rate futures perked up
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10:40 EDTThe U.S. wholesale trade figures beat estimates
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10:15 EDTTreasury Action: yields continued to loiter near lows
Treasury Action: yields continued to loiter near lows following the uptick in wholesale sales and inventories, which never is much of a market mover, leaving the bond market to focus on weaker stocks and the widening FX manipulation probe. The T-note yield is holding near 2.32%, just up from NY session lows, but well below opening highs of 2.365% in Asia. The 2s-10s spread at a hair under +180 bp, slightly narrower, while the 5s-30s spread is holding near +144 bp.
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