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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 20, 2015
09:23 EDTThe Hudson Institute to hold a discussion on the Internet
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09:10 EDTEarnings updates will cover a wide swath of the economy
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09:10 EDTFed's Bullard said the probability of September rate liftoff is above 50%
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09:00 EDTFX Action: USD-CAD eased to 1.2953 lows
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08:27 EDTFederal Reserve Board to hold an open board meeting
The Board discusses 1. Final Rule to Establish Risk-Based Capital Surcharges for Systemically Important Bank Holding Companies. 2. Final Order Applying Enhanced Prudential Standards to General Electric Capital Corporation under Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the meeting being held in Washington, D.C. on July 20 at 1 pm. Webcast Link
08:25 EDTCanada Wholesale Preview
Canada Wholesale Preview: Shipments are expected to rise 0.5% m/m in May after the 1.9% surge in April. Forecast risk is to the downside given the strong growth in March and April, and the 0.5% drop in manufacturing shipment volumes seen in May (shipment values were 0.1% higher).
08:15 EDTU.S. equities are poised to open slightly firmer
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08:05 EDTEnergy Action: NYMEX crude
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07:55 EDTTreasury Market Outlook: Treasuries are little changed to slightly lower
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07:54 EDTCredit Suisse macroeconomics analysts hold an analyst/industry conference call
Macroeconomics Analyst Research Team provides an update and outlook on an Analyst/Industry conference call to be held on July 20 at 8 am.
07:50 EDTTreasury Market Outlook: Treasuries are little changed to slightly lower
Treasury Market Outlook: Treasuries are little changed to slightly lower in thin trading (Japan is on holiday), even as global bonds are higher in price. The yield on the 10-year note has slipped to 2.345% versus an overnight high of 2.37%. The German Bund yield is 4 bps lower at 0.75%. Equities are modestly firmer too, as is the dollar. Athens reportedly settled its debt with the IMF, and the ECB and Greek banks finally reopened, to give some stability to the markets. There wasn't much data overnight. German PPI was steady at -1.4% y/y. There is nothing on today's U.S. economic calendar. Earning season picks up and will highlight. Today's slat has IBM, Morgan Stanley, Halliburton, and Hasbro. Data due later this week will feature housing reports.
07:45 EDTN.Y. FX Outlook
N.Y. FX Outlook: The dollar firmed up overnight, taking EUR-USD to lows of 1.0820, levels last seen on May 27. Greek banks re-opened, though capital controls remained in place, while Athens repaid creditors with help from last week's approved bridge loan. More pain will come on the Greece front, though for now, the storm has subsided. Elsewhere, USD-JPY hit a one-month high of 124.38, in light Japanese holiday trade, as USD-CAD stayed form near 1.3000. Gold price slide to five year lows didn't help the CAD, though oil prices remained steady to a bit firmer, offsetting some. The U.S. calendar is completely empty this morning, so focus will look to news from Greece, along with risk levels, including equity, Treasury and commodity developments.
07:35 EDTThe Heritage Foundation to hold a discussion on the tax code
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07:31 EDTFinancial Research Associates to hold a conference
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07:25 EDTFX Update:
FX Update: The dollar has started the new week where it finished of last week, in bullish form. EUR-USD fell to a 10-week low of 1.0820, stopping just short of the May-27 low at 1.0819. USD-JPY rose to a one-month peak of 124.38 during the London AM session following a quiet Asia session in the absence of Japanese markets, which were closed for a public holiday. Cable ebbed to the mid-1.55s, breaching below its 50-day moving average. Sterling also saw losses against the euro, correcting some of its recent outperformance after EY ITEM Club cautioned the BoE against "premature" tightening, which has prompted a rethink in markets into Wednesday's release of the BoE minutes to the July MPC meeting,
07:13 EDTFutures suggest slightly higher open for market
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06:10 EDTiPath S&P 500 VIX Short-Term Futures at 16.40, 50-day moving average 18.95
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05:47 EDTOn The Fly: Morning Wrap-Up for July 20
Globex S&P futures are recently up 2.25 from previous day’s SPX cash close. Nikkei 225 up 0.25%, Shanghai Shenzhen CSI 300 Index up 0.22%, DAX up 0.79%. WTI Crude oil is recently at $50.91, natural gas down 1.57%, gold at $1131 an ounce, copper down 0.30%.
03:50 EDTFX Action: USD-JPY is plying a tight range
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03:05 EDTFX Update: The euro has started the new week under pressure
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