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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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August 20, 2015
14:50 EDTTreasury Closing Summary:
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13:25 EDTTreasury Action: yields remained near lows
Treasury Action: yields remained near lows, shrugging off the inflationary implications in the niche TIPS reopening, which caught the eye of foreigners but not domestic buyers. The benchmark 10-year yield is probing 2.08% session lows as the NASDAQ is now off 2.23% amid liquidation of former momentum plays in the tech sector, with the blue chips in hot pursuit. The short-end has remained flat, however, near 0.666% on 2s, while paced by a 6.5 bp drop on the cash bond yield to 2.75%, as curve flattening narrows the 2s-10s spread further to +141 bp. In turn this is also backfiring on financial sector stocks, which had been pricing in curve steepening to widen lending margins and spreads.
13:15 EDTTreasury $16 B 5-year TIPS reopening was solid
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13:00 EDTU.S. corporate bond update: the calendar is very thin
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12:45 EDTTreasury 5-year TIPS preview: results of the reopening should be mixed
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12:35 EDTFX Action: USD-JPY is on August lows,
FX Action: USD-JPY is on August lows, printing 123.48 after peaking at 124.16 in London trade. Risk off trade has supported the yen today, though as Asian growth remains a concern, not just in China, but in Japan as well. Emerging Asian currencies continue to fall, which will make yen strength an unattractive outcome for Japan. Incoming Japan data do not bode well for Abenomics, and expectations for further stimulus will likely weigh on the yen in the coming weeks.
12:00 EDTChinese Clouds Gather Over Germany:
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11:55 EDTRJ/CRB index rose 0.6% to 195.40
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11:32 EDTGlobal X Funds volatility flat, Greek Prime Minister will submit resignation
Global X Funds August call option implied volatility is at 44, August weekly is at 49, September is at 48, December at 55; compared to its 52-week range of 34 to 119, suggesting on directional price movement on Greek Prime Minister Alexis Tsipras will submit his resignation to the country's president later Thursday to clear the way for early elections on Sept. 20.
11:10 EDTTreasury announced a $90 B package of short date coupon auctions
Treasury announced a $90 B package of short date coupon auctions for next week. This includes a $26 B 2-year sale (Tuesday), a $35 B 5-year (Wednesday), and a $29 B 7-year (Thursday), all unchanged from prior months. Debt managers also outlined a $13 B 2-year FRN reopening (Wednesday) and a $48 B 3- and 6-month bill offering (Monday). Supply is likely to encourage curve flattening trades, especially if the market reprices for a September Fed rate hike.
11:00 EDTTreasury 5-year TIPS outlook:
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10:50 EDTThe 2.0% July U.S. existing home sales rise to a 5.59 M new cycle-high clip
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10:45 EDTU.S. VIX finally broke out from its range top
U.S. VIX finally broke out from its range top of 16.28 and headed to session highs over 17.0. Given the latest 1% slide in the S&P 500 to the 2,054 area, the break of 16.28 could led to a run at July highs of 20.05, having already taken out the 15.46 50% retrace of the 20.05-10.88 July peak to August trough. The underlying S&P 500 below its 200-day m.a. of 2,077.9 once again now faces 2,052 lows set on the China devaluation. Though bearish follow-through has been lacking on previous minor corrections, the S&P has been in a narrowing pennant pattern, which can precede a more aggressive breakout. If to the downside, that speaks to risk of a 20.0 test on the VIX.
10:30 EDTEIA Natural Gas Storage Change for the week ending August 14
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10:30 EDTThe Philly Fed August bounce to 8.3
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10:25 EDTU.S. leading indicators dropped 0.2% to 123.3 in July
U.S. leading indicators dropped 0.2% to 123.3 in July, from 123.6 in June. This is the second decline in the index this year, and is only the third monthly slip in the last 19 months. And only 2 components made negative contributions, paced by building permits (-0.54%), with stock prices also lower (-0.01%). Seven components increased, led by the yield curve spread (0.24%).
10:15 EDTFX Action: The dollar moved briefly higher
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10:15 EDTU.S. existing home sales rose 2.0% to a 5.590 M clip in July
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10:15 EDTTreasury Action: yields remained relatively subdued
Treasury Action: yields remained relatively subdued relative to the upside surprises on the Philly Fed and existing home sales, though the LEI dropped. The T-note yield is consolidating near 2.10% compared to earlier lows of 2.09%, with little cause to revisit 2.23% pre-FOMC minutes highs. The 2s-10s spread has narrowed to +143 bp compared to wides over +150 bp earlier in the week. The 5-year yield has slumped to 1.48% and the cash bond yield to 2.77%. The long-end is pacing the move, playing catch-up to the short-end outperformance yesterday.
10:10 EDTU.S. Philly Fed index rose 2.6 points to 8.3 in August
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