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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.
News For NOSYMBOL From The Last 14 Days
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November 13, 2014
08:00 EDTOil Action: NYMEX crude
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07:50 EDTTreasury Market Outlook: Treasuries are mixed
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07:40 EDTN.Y. FX Outlook
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07:35 EDTStanford Institute for Economic Policy Institute to hold a symposium
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07:34 EDTFederal Reserve Bank of Atlanta to hold a conference
Risk Management of Third-Party Payment Processors Conference is being held in Atlanta, Georgia on November 13.
07:31 EDTStifel to hold a conference
Midwest 1:1 Conference is being held in Chicago on November 13.
07:28 EDTEuropean Central Bank, Fed Reserve & Fed Reserve Bank of NY hold forum
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07:25 EDTUBS to hold a conference
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07:20 EDTScotiabank to hold a conference
Energy Infrastructure Conference is being held in Toronto on November 13.
07:15 EDTEdison Electric Institute to hold a conference
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07:11 EDTSecurities Industry & Financial Markets Association to hold a conference
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07:09 EDTJPMorgan to hold a conference
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07:06 EDTFutures higher as oil prices continues to slide
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07:00 EDTFX Update: The dollar oscillated
FX Update: The dollar oscillated against the euro and yen, posted gains against the still-underperforming pound and lost ground to the Aussie dollar. AUD-USD rebounded quite strongly during the European AM session after taking a dive in Sydney hours after RBA assistant governor Kent said that the central bank "hasn't ruled out intervention." AUD-USD left low at 0.8672 before a stop-fuelled scramble propelled the pair to eight-day highs above 0.8760. EUR-USD drifted higher to the mid-to-upper 1.24s, though continued to hold well within the approximate 1.2400-1.2500 range that's developed over the last four trading days. The intraday bid reflected a general ebb in the dollar, with USD-JPY having dipped to the 115.50 area. Cable was an exception, edging out a fresh 13-month low at 1.5753, extending the decline that was set in motion by the release of the November BoE Quarterly Inflation Report on Wednesday. BoE's Broadbent said today that disinflationary trends will persist for a while, while the Oct BRC house price balance dropped to 20% from 30%.
06:55 EDTFX Update: The dollar oscillated
FX Update: The dollar oscillated against the euro and yen, posted gains against the still-underperforming pound and lost ground to the Aussie dollar. AUD-USD rebounded quite strongly during the European AM session after taking a dive during in Sydney hours after RBA assistant governor Kent said that the central bank "hasn't ruled out intervention." AUD-USD left low at 0.8672 before a stop-fuelled scramble propelled the pair to eight-day highs above 0.8760. EUR-USD drifted higher to the mid-to-upper 1.24s, though continued to hold well within the approximate 1.2400-1.2500 range that's developed over the last four trading days. The intraday bid reflected a general ebb in the dollar, with USD-JPY having dipped to the 115.50 area. Cable edged out a fresh 13-month low at 1.5753, extending the decline that was set in motion by the release of the November BoE Quarterly Inflation Report on Wednesday. BoE's Broadbent said that disinflationary trends will persist for a while, while the Oct BRC house price balance dropped to 20% from 30%.
06:49 EDTOfficial indicates Germany avoided recession, Reuters says
The German economy averted a recession last quarter, as private consumption and foreign trade grew, a German official indicated, according to Reuters. Reference Link
05:59 EDTOn The Fly: Morning Wrap-Up for November 13
Globex S&P futures are recently up 6.20 from previous day’s SPX cash close. Nikkei 225 up 1.14%, DAX up 0.96%. WTI Crude oil is recently at $76.73, natural gas down 0.96%, gold at $1161 an ounce, copper up 0.66%.
05:51 EDTNovember front month equity options last day to trade is November 21, 2014
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05:35 EDTFed's Dudley said expectations for a mid-2015 rate hike are "reasonable"
Fed's Dudley said expectations for a mid-2015 rate hike are "reasonable" in a speech made in Abu Dhabi, though the timing of the first tightening "really depends on how the economy evolves and how analysts progress towards our objectives of maximum sustainable employment in the context of price stability." He added that hiking interest rates too early would pose "considerably greater" risks for the Fed than moving too late.
02:25 EDTFX Update: The AUD took a dive on an RBA intervention threat
FX Update: The AUD took a dive on an RBA intervention threat from assistant governor Kent, who said that the central bank "hasn't ruled out intervention" while repeating the RBA's view that the currency remains fundamentally overvalued relative to falling resource prices. AUD-USD dove from the 0.8734 area to session lows of 0.8672, subsequently recovering to the 0.8700-10 area. Most of the other main currencies posted narrow ranges. EUR-USD drifted in a narrow range around 1.2440-50, holding well within the approximate 1.2400-1.2500 range that's developed over the last four trading days. USD-JPY consolidated in the mid-to-upper 115s, keeping Monday's 116.10 six-year high in range. There was another flood of Japanese policymaker speak, which generally sent the message the QQE isn't risking hyper-inflation down the track, and that the recovery is on track, which helped fuel another solid rally in the Nikkei. GBP was unaffected by BoE-speak from Carney, who said the economy is normalizing, and Broadbent, who said disinflationary trends will persist for a while, especially if commodity prices remain low.
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