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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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July 11, 2014
09:05 EDTFX Action: USD-CAD spiked up to 106.91
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09:05 EDTEuro$ interest rate options: heavy overnight trading
Euro$ interest rate options: heavy overnight trading resulted from the bearish purchase of 57k in Green December 68/70/72 broken put butterflies, along with a purchase of 5k in Mar 2015 93/95/96 put butterflies. The Sep 2014 contract is a half-tick higher at 99.765, while the deferreds are 1-2 ticks firmer out the curve. Fedspeak from hawk Plosser will be balanced against doves Evans and Lockhart in panel discussions later. Note, WSJ Fedwatcher Hilsenrath (subscription) surmised that an earlier end to rate hikes will leave a lower 3.75% level by H1 of 2018, according to the Fed's survey of 22 bond dealers.
08:58 EDTFutures point to slight bounce-back from yesterday's sell-off
Stocks futures continue to point toward a slightly higher open for the broader market following yesterday's moderate sell-off prompted by credit fears emanating from Europe's periphery. The first of the big U.S. banks has released its quarterly results, with Well Fargo (WFC) reporting earnings that matched expectations and stating that its credit performance continued to improve in the second quarter of the year. Later this afternoon, investors will receive one relatively minor economic data point, the monthly budget statement for June which is scheduled to be released at 2 pm ET.
08:40 EDTOil Action: NYMEX crude is down 44 cents at $102.49
Oil Action: NYMEX crude is down 44 cents at $102.49 in early trade, though is up nearly a dollar from Thursday's lows. Fund buyers were active yesterday on the $101 handle, after a better than 5% fall from June highs. Barring supply disruptions, sources now say a near term bottom has been reached, and prices should remain in the $102-$103 area for the time being.
08:40 EDTU.S. equities have bounced back
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08:20 EDTFed funds opened at 0.09%
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08:20 EDTCanada Employment Preview
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08:10 EDTMore bipolar Fedspeak on Friday
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08:10 EDTFed President Evans still sees a lot of evidence of resource slack
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08:05 EDTFederal Reserve Bank Presidents Lockhart and Evans participate in a panel
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08:00 EDTPhiladelphia Federal Reserve Bank President Plosser to speak at conference
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07:50 EDTTreasury Market Outlook: Treasuries are little changed to modestly higher
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07:47 EDTFCC to hold a meeting
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07:35 EDTFDA Obstetrics and Gynecology Devices Panel to hold a meeting
The Panel discusses the regulatory classification of laparoscopic power morcellator devices when used to cut and extract tissue during gynecologic laparoscopic procedures in a meeting being held at FDA Silver Spring, Maryland offices on July 11 at 8 am. Webcast Link
07:30 EDTFX Update: The dust settled
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05:54 EDTOn The Fly: Morning Wrap-Up for July 11
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05:48 EDTJuly front month equity options last day to trade July 18, 2014
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04:55 EDTFX Action: USD-JPY has settled after yesterday's dive
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04:15 EDTFX Action: USD-CAD is under modest pressure
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02:15 EDTFX Update: The dollar majors are near net unchanged
FX Update: The dollar majors are near net unchanged following an uneventful pre-Europe session in Asia. The AUD wobbled following mixed housing finance data, with the above-forecast headline offset by less encouraging details, but overall impact was limited and AUD-USD remained well within its yesterday range, posting a 20 pip rang in the high 0.93s. EUR-USD oscillated around 1.3600. USD-JPY settled today around 101.25-35 in Tokyo trade after breaking lower yesterday, which left a six-week low at 101.06. Market participants will continue to watch Eurozone developments after being spooked yesterday by the missed debt repayment by a company linked to Portugal's second biggest bank. Banco Espirito Santo.
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