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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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April 6, 2015
10:00 EDTFX Action: USD-JPY continues to find support
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09:55 EDTU.S. Markit services ISM rose 2.1 points to 59.2 in the final March read
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09:55 EDTU.S. Non-Manufacturing ISM Preview
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09:40 EDTMore from Dudley: Fed could pause rate hikes
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09:35 EDTStocks in red in first reaction to weak jobs report
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09:30 EDTCanada Ivey PMI Preview
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09:15 EDTTreasury Action: supply features this week with $58 B in coupon auctions
Treasury Action: supply features this week with $58 B in coupon auctions. The offerings kick off Tuesday with the $24 B 3-year sale, to be followed Wednesday with $21 B in reopened 10s, with $13 B in 30-year bonds Thursday. After the big gains on Friday following the disappointing jobs report, traders will look to cheapen the market ahead of the sales. The wi 3-year yield is 1 bp higher this morning at 0.825%, while the 10- and 30-year rates are little changed at 1.855% and 2.495%, respectively. Stops at those levels would be the richest 3-year since March 2014. For the 10-year, this would be the lowest since May 2013. And for the bond, January's 2.43% award rate was the lowest ever, so as stop here would be the second lowest on record. Such rates could limit domestic demand, but indirect bidding should remain healthy thanks to wide spreads to foreign core sovereigns.
08:45 EDTFed's Dudley said liftoff timing is still uncertain
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08:40 EDTU.S. equities extended their slide
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08:35 EDTEnergy Action: NYMEX crude rallied to seven-session highs
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08:31 EDTBofA/Merrill restaurants analysts hold an analyst/industry conference call
Restaurants Analysts Buckley and Francfort, host restaurant industry consultant Malcolm M. Knapp, who provides his views of the current consumer environment, as well as his outlook for the restaurant industry on an Analyst/Industry conference call to be held on April 10 at 11 am.
08:00 EDTFX Action: USD-CAD stayed under 1.2500
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07:50 EDTTreasury Market Outlook: Treasuries are little changed
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07:40 EDTN.Y. FX Outlook
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07:37 EDTNew York Federal Resere Bank President speaks on the economy
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07:35 EDTMoney 20/20 to hold a conference
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07:27 EDTFutures sharply lower on disappointing jobs data
U.S. equity futures are indicating that stocks will open sharply lower, after jobs data reported on Friday showed that the economy last month produced the fewest new net jobs in more than a year. Investors are now trying to determine if the lower job growth rate is a reflection of a slow growing economy or if the data reflects poor weather and is a one-off event. Today investors will be watching ISM nonmanufacturing data which is expected to be released shortly after the market opens.
06:48 EDTGreek minister says Athens intends to meet obligations, Reuters says
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06:02 EDTOn The Fly: Morning Wrap-Up for April 6
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05:56 EDTApril front month equity options last day to trade is April 17, 2015
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