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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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September 2, 2014
10:15 EDTTreasury Action: yields backed higher
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10:15 EDTU.S. construction spending rebounded 1.8% in July
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10:01 EDTISM Mfg Index data reported
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10:01 EDTConstruction Spending data reported
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10:00 EDTU.S. final Markit ISM for August climbed to 57.9
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09:55 EDTOil Action: NYMEX crude is down $1.31
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09:38 EDTMarket opens quietly as investors return from holiday
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09:30 EDTU.S. Manufacturing ISM Preview
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09:30 EDTU.S. construction spending preview:
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09:25 EDTFX Action: USD-CAD is back over 1.09
FX Action: USD-CAD is back over 1.09, peaking at 1.0920 into the North American open. General USD strength has dragged USD-CAD higher, up from lows under 1.0870 overnight, and a Friday low of 1.0811. Standing offers are noted from 1.0930-40, while buy stops are in place from 1.0960. Short covering ahead of Wednesday's BoC policy meeting may continue to support the pairing, as expectations for dovish guidance from the Bank persist.
09:05 EDTU.S. corporate bond update: the calendar to start September is heavy
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08:45 EDTU.S. equities are mildly firmer to start September
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07:55 EDTN.Y. FX Outlook
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07:50 EDTTreasury Market Outlook: Treasury yields have jumped higher
Treasury Market Outlook: Treasury yields have jumped higher, in tandem with weakness in global bonds. The Treasury 10-year is up over 4 bps to 2.38%, though U.K. Gilts are underperforming with the yield up 5 bps to 2.43%. There was some unwinding of safe-have flows from Friday. Japanese accounts were noted sellers. Trading volume was large to open September. Equities are higher with Japan's Nikkei leading the way with a 1.24% surge. Overseas data were mixed with a strong U.K construction reading and a decline in Eurozone PPI to -1.1%. It's a busy week of data and events globally, with all eyes on the ECB meeting Thursday with expectations for more stimulus. In the U.S. the key report is the August employment release (Friday). Today's slate includes the August ISM manufacturing index and construction spending for July. Also of interest this week is the Fed's Beige Book for the September 16, 17 FOMC (Wednesday).
07:25 EDTFutures higher as investors return from break
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06:55 EDTFX Action: USD-JPY took out option barriers at 105.00
FX Action: USD-JPY took out option barriers at 105.00 in extending to a fresh eight-month peak of 105.01. January's major-trend peak at 105.44 is now in scope. The move reflects general dollar outperformance along with yen underperformance, with the Japanese currency declining on the view that the BoJ is heading for fresh monetary stimulus to counter the impact of the sales tax hike. EUR-JPY hit nine-day highs earlier while AUD-JPY logged a new 16-month peak during the Tokyo session today. USD-JPY support is now marked at 104.27-30, ahead of 104.00.
06:06 EDTOn The Fly: Morning Wrap-Up for September 2
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05:58 EDTSeptember front month equity options last day to trade September 19, 2014
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05:45 EDTFX Action: The dollar has continued to ascend
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01:46 EDTSeptember Empire State Mfg Survey to be released at 08:30
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