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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 16, 2014
07:40 EDTFed funds opened at 0.08%
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07:40 EDTOil Action: NYMEX crude is up 94 cents at $100.90/bbl
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07:39 EDTBloomberg Government to hold a webinar
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07:36 EDTHouse Committee on Small Business to hold a hearing
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07:35 EDTTreasury Market Outlook: Treasuries are little changed
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07:34 EDTDallas Federal Reserve Bank President to speak on monetary policy
Dallas Federal Reserve Bank President Fisher speaks on "Monetary Policy and the Maginot Line" in a meeting being held at the Annenberg School for Communication in Los Angeles on July 16 at 12 pm.
07:33 EDTBank of Canada Governor Poloz to hold a press conference
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07:31 EDTHouse Homeland Security Committee to hold a hearing
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07:30 EDTN.Y. FX Outlook
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07:29 EDTHouse Ways & Means Committee to hold a hearing
The Committee holds a hearing on U.S. trade policy and the World Trade Organization on July 16 at 10 am. Webcast Link
07:28 EDTHouse Financial Services Committee to hold a hearing
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07:28 EDTEarnings optimism lifts futures
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07:27 EDTSenate Banking, Housing & Urban Affairs Committee to hold a hearing
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07:26 EDTHouse Budget Committee to hold a hearing
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07:19 EDTThe Cato Institute to hold a conference
After Dodd-Frank: The Future of Financial Markets will be held in Washington, D.C. on July 16-17 with webcasted presentations to begin on July 16 at 10 am. Webcast Link
07:02 EDTMBA Purchase Applications Composite Index data reported
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06:42 EDTChinese GDP growth accelerated, Xinhua reports
China's GDP expanded 7.5% in Q2, up from 7.4% in the first quarter, the government announced today, according to Xinhua. "The Chinese economy showed good momentum of stable and moderate growth in the first half," said a government spokesman, the newspaper stated. Reference Link
05:57 EDTOn The Fly: Morning Wrap-Up for July 16
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05:44 EDTJuly front month equity options last day to trade July 18, 2014
02:35 EDTFX Update: The dollar has remained firm
FX Update: The dollar has remained firm in the wake of Fed' Yellen's slightly less dovish tone during her testimony yesterday. EUR-USD edged out a new low of 1.3556, which is the lowest rate seen since Jun-18. The T-note over Bund yield differential has remained steady around 133 bp, which is down about 5 bp from last week's major-cycle peak. Near expectations China GDP and production didn't cast much impact in Asian markets today. Cable drifted slightly lower, to 1.7130, after logging a new six-year peak yesterday at 1.7192 in the wake of perky U.K. inflation data. USD-JPY eked out a one-week high 101.76. The BoJ monthly report said that the moderate recovery should continue, while the central bank's estimate of the output gap was positive for the first time since Q2 2008, at 0.6%. Nomura said in a note to clients that it now expects additional stimulus from the BoJ in April 2015 rather than October this year. AUD-USD fell to within one pip of the Jul-3 low in making 0.9329, breaching the 50-day moving average on route. RBA's Edwards repeated the central bank's contention that the Aussie dollar is overvalued.
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