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Stock Market & Financial Investment News

News Breaks
January 2, 2013
14:45 EDTMoody's: 'Cliff' deal not basis for meaningful improvement in U.S. debt ratios
Moody's Investors Service said that the fiscal package passed by both houses of Congress yesterday is a further step in clarifying the medium-term deficit and debt trajectory of the federal government. It does not, however, provide a basis for a meaningful improvement in the government's debt ratios over the medium term. The rating agency expects that further fiscal measures are likely to be taken in coming months that would result in lower future budget deficits, which are necessary if the negative outlook on the government's bond rating is to be returned to stable. On the other hand, lack of further deficit reduction measures could affect the rating negatively. Notably, yesterday's package does not address the federal government's statutory debt limit, which was reached on December 31. The need to raise the debt limit may affect the outcome of future budget negotiations. Moody's said the macroeconomic effects of the package are positive, since it averts the recession that would likely have occurred had personal income taxes gone up for all income levels. However, the increase in the Social Security payroll tax from 4.2% to 6.2% of income that became effective on January 1 will likely be a constraint on growth in coming quarters. Furthermore, expenditure cuts that may be decided in coming months could also affect the rate of GDP growth in the near term. Overall, therefore, the recent package mitigates part of the fiscal drag on the economy associated with the fiscal cliff but does not eliminate it. Moody's added that it believes that the debt limit will eventually be raised and that the risk of default on Treasury bonds is extremely low, this confluence of events adds uncertainty to the outcome of negotiations. However, the spending measures that result from the negotiations will form part of the medium-term outlook for the budget deficit. Moody's will need to consider these measures in assessing the rating outlook. Further revenue measures may also form part of the negotiations. The debt trajectory resulting from this process is likely to determine whether the Aaa rating is returned to a stable outlook or downgraded to Aa1, as Moody's previously stated.
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April 10, 2014
08:31 EDTImport Prices data reported.
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08:15 EDTN.Y. FX Outlook
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08:15 EDTU.S. trade price preview:
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08:15 EDTU.S. initial jobless claims preview:
U.S. initial jobless claims preview: jobless claims for the week ended April 5 are expected to see a 3k increase to 329k (median 320k). The 16k U.S. initial claims bounce to 326k in the final week of March reversed the 13k drop to 310k (was 311k) from 323k in the BLS survey week, as claims oscillate well below the lofty 349k figure at the end of February. The March tightening in claims after the February overshoot likely reflects a March unwind of prior weather distortions.
07:55 EDTBank of England keeps Bank Rate at 0.5%
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07:55 EDTFed funds opened at 0.08%
Fed funds opened at 0.08% after a 0.07% close Wednesday. The rate ranged from 0.05% to 0.375% yesterday with a 0.08% effective. Interbank borrowing rates were mixed at today's Libor fixing. The overnight dollar Libor rate dipped to 0.08850% after edging up to 0.08860% yesterday. The 1-week rate rose to 0.12045% versus 0.11925%. The 3-month rate dropped to 0.22705% from 0.22755%. And the 12-month rate was fell to 0.54850% from 0.55300%. In the repo market, it's the current 5-year note that is special at -0.13%.
07:50 EDTTreasury Market Outlook: bond markets remain in rally mode
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07:39 EDTInternational Monetary Fund to hold a discussion with Christine Lagarde
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07:36 EDTFutures quiet following yesterday’s big advance
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07:35 EDTCFA Society of St. Louis to hold a discussion
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07:33 EDTBrookings Institute to hold a discussion on global monetary policy
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07:31 EDTSEC to hold a committee meeting
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07:26 EDTNYSSA to hold a conference
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07:25 EDTEvercore to hold a conference
Evercore Mini-Conference: Pragmatic Advertising is being held in New York on April 10.
06:55 EDTEuropean FX Update
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06:34 EDTChina's exports, imports unexpectedly dropped last month, NY Times says
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05:57 EDTOn The Fly: Morning Wrap-Up for April 10
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05:48 EDTApril front month equity options expire, April 17, 2014
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05:30 EDTMarch China trade data may not be as weak as they seem
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02:15 EDTFX Update: The USD came under pressure against the AUD
FX Update: The USD came under pressure against the AUD, which rallied on a stellar Australian jobs report, the JPY, which gained on hawkish sounding BoJ-speak, and the EUR, which extended to a 17-day high of 1.3870 in the early Asia session before settling under 1.3850. In the mix was China's March trade report, where unexpected weakness in exports and a sharp drop in imports fed concerns about economic slowdown. The saw Asia stocks give most intraday gains. Japanese stocks underperformed as the yen strengthened after BoJ's Miyao said that Japan’s economic recovery is becoming more broad-based, which further eroded expectations for further monetary stimulus. Japan's machinery orders for February also fell 8.8% m/m, below expectations, and China Premier Li downplayed the need for fresh stimulus. AUD-USD had made a new four-month peak to 0.9440 following the solid Australian jobs report, which showed a 18.1k headline gain and a dip in the jobless rate to 5.8%, but was knocked back to the 0.9400 area by the China trade numbers.
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