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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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August 19, 2015
13:49 EDTHeadlines from FOMC minutes come out early
Headlines from the Federal Reserve's last meeting minutes came out early after a news agency broke an embargo. The minutes show that most Federal Reserve officials thought economic conditions needed for a rate hike were "approaching."
13:40 EDTChina's Economy To Undercut 7% 2015 GDP Target:
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13:30 EDTTreasury Action: TIPS are underperforming nominals
Treasury Action: TIPS are underperforming nominals, not surprisingly, after CPI disappointed forecasts and as commodity prices continue to tumble. The market is also cheaper ahead of Thursday's 5-year TIPS reopening. The 5-year breakeven has fallen to 117 bps, the narrowest since early January when sliding oil prices, Eurozone fears resulting from Greek fallout, and the firming dollar all served to boost disinflation fears. Despite the tame inflation outlook, the TIPS offering should see a decent bid from indirect accounts.
13:00 EDTU.S. VIX equity volatility gapped out
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12:15 EDTEuro$ interest rate futures swung back into the green
Euro$ interest rate futures swung back into the green now that stocks have dug their hole deeper and USD-JPY is probing 124.00 as a sign of risk-off trade or as one pundit put it "NASDAQ 5000 hats off". The December 2015 contract is a tick higher now near 99.47 (0.530%) compared to 99.455 earlier (0.545%), while the 1-3.5 tick losses on the deferreds are now 1.0-3.5 tick gains for a swing of 2-7 ticks out the curve.
12:05 EDTFX Action: USD-CAD posted eight-session highs
FX Action: USD-CAD posted eight-session highs of 1.3173, just shy of the August 10 peak of 1.3182. The commodity meltdown has been the biggest driver this morning, with copper and oil prices on six-year lows. September NYMEX crude, which will expire at the close today, touch new trend lows of $40.60, while the October contract, taking over as front-month tomorrow has fallen to $41.16 lows. USD-CAD offers are reported into the 1.3200 mark, but a break of 1.3213, the August 5 top, should bring significant stops to bear.
11:05 EDTTreasury Action: yields topped out
Treasury Action: yields topped out after the flash crash in the dollar and mixed up Fedspeak, settling back into a range ahead of the FOMC minutes later, which are likely to be just as inconclusive. The net movement has been pretty minor along the curve with initial weakness relatively counterintuitive following low CPI and dovish Fed remarks. That has left yields a basis point or less higher across the curve, not including the bond yield that is nearly a basis point below opening levels now. The 2-year yield jerked below 0.700% on CPI only to surge to 0.738% highs and then back to 0.72% again, while the 10-year yield dove to 2.17%, vaulted to 2.23% and then eased to 2.19%. The 5-year has settled at 1.58% after a test of 1.60% and the bond yield eased back below 2.85% from a test of 2.90%. The 2s-10s spread has settled back at +146 bp from +148 bp and 5s-30s near +127 bp.
11:00 EDTFX Action: USD-CAD rallied to intra day highs
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10:45 EDTEnergy Action: October NYMEX crude fell to session lows
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10:31 EDTCrude Inventories for the week of August 14
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10:15 EDTFOMC minutes preview: the minutes are awaited
FOMC minutes preview: the minutes are awaited for clues on a September rate hike risks. Data reports haven't been too decisive, though at the margin they support liftoff next month. The crux for the Committee may be the weight that is placed on international developments and financial market conditions. Of course it's still domestic factors that take precedence, and so September is still on the table. But Fed officials know they don't operate in a vacuum and are sensitive to international developments and the financial market conditions. The June meeting minutes showed that "several" members were uncertain about the pace of growth in China and emerging markets. And recent actions in China suggest the growth is slowing more. Indeed, the April minutes noted that while there were potential downside risks, from overseas, most participant still viewed risks as nearly balance. That view was absent in June.
10:15 EDTEuro$ interest rate futures are slightly lower
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09:28 EDTMarket opens lower again
Stock futures weakened during the pre-market trading session. The early weakness is being attributed to a rough overnight trading session in China, a weaker than expected consumer price report, and investors sitting on the sidelines prior to the release of the minutes from last month's FOMC meeting. The minutes are scheduled to be released this afternoon at 2:00 pm ET. Before that, the weekly energy inventory report will be released. The price of crude has been under pressure and is near yearly lows
09:22 EDTBarclays to hold a conference
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09:20 EDTU.S. equities extended their slide
U.S. equities extended their slide in the wake the damp readings on CPI and contradictory statements from Fed's Kocherlakota and Bullard on the policy outlook and timing. Chinese equity volatility and likely intervention overnight contributed to the indigestion on stocks, while the German parliament voted for a third Greek bailout but not without some controversy within Merkel's own CDSU party. The Dow is 80-points lower, S&P fell 6-points and NASDAQ dwindled 10-points lower in pre-open action. Major Chinese indices sank some 5% lower to start, then miraculously resurfaced with the Shenzhen +1.59% and Shanghai Comp +1.23%, though the Yuan was relatively stable near 6.40. Japan's N-225 sank 1.61% and the HK Hang Seng -1.3%. In Europe, the Euro Stoxx 50 is 1.0% lower. Lowe's sank 1.6% after an earnings miss, while Staples was dented by the strong dollar, though Yum Brands rallied 1.5% announced a management reshuffle in China and Analog devices rallied. FOMC minutes are due next.
09:05 EDTThe 0.1% July U.S. CPI headline and core price gains
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08:55 EDTFed's Bullard said he favors a September hike
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08:55 EDTFX Action: The dollar initially tanked
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08:40 EDTEnergy Action: October NYMEX crude
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08:40 EDTU.S. CPI edged up 0.1% in July, with the core rate up the same
U.S. CPI edged up 0.1% in July, with the core rate up the same. There were no revisions to June's 0.3% headline gain, with the ex-food and energy component up 0.2%. On an annual basis, July CPI rose 0.2% y/y versus the 0.1% y/y pace in June, with the core at 1.8% y/y for a 4th straight month. Component gains were muted across the board. Energy prices were up only 0.1% in July and are down 14.8% y/y. Services inched up 0.2% last month. Housing costs rose 0.2% too, with owners' equivalent rent at 0.3% (compared to a robust 0.4% June increase). Food/beverage prices increased 0.2%. Transportation was unchanged. Apparel increased 0.3%. Medical care was up 0.1%. Commodities were up 0.1%.
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