New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
Check below for free stories on NOSYMBOL the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
<< 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | all recent NOSYMBOL news | >>
August 22, 2014
09:38 EDT Market has uneventful open
Subscribe for More Information
09:35 EDTFed Policy Outlook: it's all about Yellen and Draghi today
Subscribe for More Information
09:10 EDTEuro$ interest rate options: bullish positioning
Euro$ interest rate options: bullish positioning included the sale of 5k in Green December 76 puts. That said, trading conditions in the underlying rate futures are pretty quiet heading into Yellen's speech, which is embargoed for 10 ET and will contain no Q&A. The lead September 2014 contract is a quarter point lower near 99.7625, while the deferreds are 0.5-1.0 ticks lower.
09:05 EDTFX Action: USD-CAD sprinted up to 1.0980
Subscribe for More Information
08:45 EDTU.S. equities were dented by Russian convoy acrimony
Subscribe for More Information
08:31 EDTEuropean Central Bank President Draghi to speak at symposium
European Central Bank President Draghi to speak at the Federal Reserve's Annual Symposium: Re-Evaluating Labor Market Dynamics being held in Jackson Hole, WY on August 22 at 2:30 pm.
08:30 EDTMore from Bullard: he cheered the Fed's actions on rescuing the economy
Subscribe for More Information
08:20 EDTStL Fed's Bullard said a more hawkish slant doesn't have to be bad news
StL Fed's Bullard said a more hawkish slant doesn't have to be bad news for the economy in referring to the tone of the FOMC Minutes. The markets have been trading more dovishly than the median of the Committee's SEP would suggest. Why should the market price for the very lowest end of the Fed's dot forecasts. The economy has been improving more quickly than expected. Bullard is still seeing rate lift-off around the end of Q1, which would be the March 17, 18 FOMC meeting. He believes the Fed has been too pessimistic on unemployment. He argued at the last policy meeting about characterization labor underutilization as "significant." These comments are consistent for the more hawkishly inclined Bullard, who is not a voter this year or next.
08:12 EDTFederal Reserve Bank Chairperson Janet Yellen speaks at symposium
Subscribe for More Information
08:10 EDTCanada Retail Sales Preview
Canada Retail Sales Preview: Analysts expect retail sales to expand 0.5% m/m in June (median +0.4%) after the 0.7% rise in May. The ex-autos sales aggregate is expected to rise 0.3% m/m in June (median +0.4%) after the 0.1% move higher in May. Gasoline prices marched higher, which should again lift gasoline station sales. An as-expected gain in sales would underpin the Q2 GDP rebound scenario, but not deter the BoC's focus on the less certain growth outlook this year amid serial disappointment globally and in Canada.
08:10 EDTCanada CPI Preview
Subscribe for More Information
08:00 EDTTreasury Market Outlook: bonds are higher globally
Subscribe for More Information
07:58 EDTSecurity Traders Association of Portland to hold a conference
74th Annual Pacific Northwest Security Traders Association Conference to be held in Stevenson, Washington on August 22-24.
07:57 EDTWeek of 8/25 Money Supply to be released at 16:30
Subscribe for More Information
07:57 EDTWeek of 9/3 Fed Balance Sheet to be released at 16:30
07:55 EDTTreasury Market Outlook: bonds are higher globally
Subscribe for More Information
07:40 EDTN.Y. FX Outlook
Subscribe for More Information
07:30 EDTFutures lower ahead of Yellen keynote speech
Stock futures are trading slightly lower following reports that a Russian convoy had crossed the Ukrainian border without permission. Investors hope the market can continue its winning ways after the S&P hit a new all-time high, the Nasdaq reached a new 14 year high and the Dow closes in on a new record. Janet Yellen will deliver the keynote speech in Jackson Hole today at 10:00 am and investors will be listening for clues about any changes in monetary policy.
07:30 EDTFX Update: Directional impetus has been limited
Subscribe for More Information
06:05 EDTFX Action USD-JPY has ebbed below 103.70
Subscribe for More Information
05:40 EDTOn The Fly: Morning Wrap-Up for August 22
Globex S&P futures are recently up 00.70 from previous day’s SPX cash close. Nikkei 225 down 0.30%, DAX down 0.36%. WTI Crude oil is recently at $93.59, natural gas up 0.87%, gold at $1281 an ounce, and copper up 0.58%.
05:14 EDTSeptember front month equity options last day to trade September 19, 2014
Subscribe for More Information
02:20 EDTFX Update: The dollar has been trading softer
Subscribe for More Information
August 21, 2014
17:25 EDTFed hawk Plosser said it's unwise for wages to be the policy centerpiece
Subscribe for More Information
16:32 EDTMoney Supply M2 Weekly Change data reported
Subscribe for More Information
16:32 EDTFed Balance Sheet Total Assets data reported
Subscribe for More Information
16:32 EDTWeek of 8/29 EIA Petroleum Status Report to be released at 11:00
16:32 EDTWeek of 8/29 EIA Natural Gas Report to be released at 10:30
Subscribe for More Information
16:32 EDT Productivity and Costs to be released at 08:30
Subscribe for More Information
16:32 EDTAugust ISM Non-Mfg Index to be released at 10:00
16:32 EDTJuly International Trade to be released at 08:30
Subscribe for More Information
16:32 EDTWeek of 8/30 Jobless Claims to be released at 08:30
16:32 EDTAugust Challenger Job-Cut Report to be released at 07:30
Subscribe for More Information
15:40 EDTTreasury Closing Summary:
Subscribe for More Information
15:00 EDTCanada CPI Preview
Subscribe for More Information
13:50 EDTU.S. corporate bond update: Bank of America upped the 10-year to $3 B
U.S. corporate bond update: Bank of America upped the 10-year to $3 B and also outlined a $1 B 3-year offering, along with the $500 M 3-year FRN. This brings the issue to $4.5 B, and the week's volume closer to $6 B.
13:40 EDTU.S. corporate bond update: Bank of America announced a 3-pronged deal
U.S. corporate bond update: Bank of America announced a 3-pronged deal shortly after agreeing to pay a $16.65 B fine. On the docket are 3-year and 10-year notes, and a just added 3-year FRN. The 3-year fixed note is expected to be at least $1 B in size, with the FRN at least $500 M. Investment grade issuance remains thin this week, totaling less than $2 B, excluding the BoA offering.
13:20 EDTTreasury Action: muted reaction to the tame TIPs reopening
Subscribe for More Information
13:10 EDTTreasury's $13 B 5-year TIPS reopening was tepid
Treasury's $13 B 5-year TIPS reopening was tepid, as feared. The issue stopped at -0.281% versus -0.284% at the bid deadline and -0.213% at the new issue. There were $39.7 B in bids for a 2.48 cover, down from 2.70 in April. Indirect bidders supported the offering, taking 56.3%, not too far below the record high 58.4% in April.
12:35 EDTTreasury 5-year TIPS auction:
Subscribe for More Information
12:30 EDTFX Action: USD-JPY has remained quite resilient
FX Action: USD-JPY has remained quite resilient, briefly dipping to session lows of 103.60 earlier, before moving back to 103.84 highs. One factor could be options related, with talk making the rounds of a half-yard of 104.00 strike expiries for Friday. Buying into dips has been in vogue through the session, as risk levels remain yen negative.
12:25 EDTTreasury Option Action: bullish positioning in the belly
Subscribe for More Information
12:00 EDTEuro$ interest rate options are marginally firmer
Subscribe for More Information
11:55 EDTSF Fed's Williams stressed Fed rate lift-off timing remains data dependent
Subscribe for More Information
11:15 EDTNY Fed bought $2.214 B in notes
Subscribe for More Information
11:15 EDTTreasury announced a $93 B 3-pronged package of note auctions
Treasury announced a $93 B 3-pronged package of note auctions for next week to complete August offerings, unchanged from July. This includes $29 B in new 2-year notes (Tuesday), $35 B in 5-year notes (Wednesday), and $29 B in 7-year notes (Thursday). A $13 B 2-year FRN reopening was also detailed (for Wednesday). The debt managers also announced a $53 B 3- and 6-month bill for Monday. The size was shaved by $1 B from this week's auction, with the 6-month tranche reduced to $24 B from $25 B previously. The front-end supply could weigh additionally on Treasuries which have been under pressure by the more hawkish FOMC Minutes.
11:05 EDTFed Policy Outlook:
Subscribe for More Information
10:50 EDTU.S. existing home sales beat estimates
Subscribe for More Information
10:45 EDTU.S. equities made another stab higher
U.S. equities made another stab higher in the wake of the better than expected data round, while there were also reports from Russia's Information Agency (RIA) that Russia has "no plans" for an incursion into the Ukraine, according to a Defense Ministry source. That said, the Philly Fed components were mostly weak and undermined the stronger headlines. Treasuries also road out the ostensibly firmer data reportedly thanks to ongoing Japanese demand on dips. The dollar flinched before finding fresh equilibrium. Gold remains sharply lower near $1,277 compared to the $1,291.54-1,273.95 session range. The VIX equity volatility index is above session lows of 11.73.
10:35 EDTThe Philly Fed August surge to a 28.0 three-year high
The Philly Fed August surge to a 28.0 three-year high extended the July pop to 23.9 from 17.8 in June, versus a -6.3 fifteen-month low in February. Yet, the ISM-adjusted Philly Fed measure fell to 55.5 in August, after a July surge to a 59.5 cycle-high from 54.1 in June, versus a 49.0 nine-month low in February. The divergence reflected big declines in new and unfilled orders as well as shipments and deliveries that left a more mixed report than implied by the headline surge. The big July vehicle assembly rate pop, and likely ensuing August drop-back, likely fed both the producer sentiment upswing in July and divergent August moves, both within today's report and relative to last Friday's Empire State drop to 14.69 after surging to 24.60 in July, as well as a continued tightening in initial claims. Analysts expect an unchanged Richmond Fed at 4.0, a Dallas Fed up-tick to 13.0 from 12.7, an ISM drop to 55.0 from 57.1, and an ISM-NMI decline to 56.5 from 58.7. The mix should allow the ISM-adjusted average to slip to 55 in August from a 56 cycle-high in July that was also seen in February and March of 2011, versus 54 through Q2 and 52 through Q1.
10:30 EDTGas Inventories 88 Bcf build vs. consensus of 84 Bcf build.
Subscribe for More Information
10:25 EDTFX Action: After retreating from overnight highs
Subscribe for More Information
10:25 EDTNY Fed outright purchase: Fed is buying $2.05 B to $2.50 B in notes
NY Fed outright purchase: Fed is buying $2.05 B to $2.50 B in notes ranging from November 15, 2021 through August 15, 2024. The buyback should help underpin the belly of the curve. Yield have dipped from overnight highs with the 7-year at 2.08% and the 10-year at 2.425%.
10:20 EDTU.S. leading indicator rose 0.9% to 103.3 in July
U.S. leading indicator rose 0.9% to 103.3 in July versus June's 102.4 (revised from 102.2). This is the largest monthly increase since March, and is a sixth straight monthly gain. It's also the first 103 "handle" since October 2007. Seven of the 10 indicators increased, pace by the interest rate spread (0.27%), building permits (0.24%), and jobless claims (0.24%). The remaining three components made negative contributions, paced by the workweek (-0.13%).
10:15 EDTFX Action: The dollar edged higher
Subscribe for More Information
10:15 EDTU.S. July existing home sales rose 2.4% to 5.150 M
U.S. July existing home sales rose 2.4% to 5.150 M after a same-sized increase to 5.030 M in June (revised from 5.040 M). This is a fourth consecutive monthly gain and is a 10 month high. Single family sales increased 2.7%, while condo/coop sales were flat. The months' supply of homes was steady at 5.5 months. The median sales price increased to $222,900 versus $222,000 (revised from $223,300), and is up 4.9% y/y. Data are better than expected and could start to tame Fed fears over the housing market.
10:15 EDTTreasury Action: yields remained pinned down
Subscribe for More Information
10:10 EDTU.S. Philly Fed manufacturing index climbed 4.1 to 28.0 in August
U.S. Philly Fed manufacturing index climbed 4.1 to 28.0 in August after popping up 6.1 points to 23.9 in July. This is the highest since the 34.7 from March 2011. However, the components were mixed and belie the headline strength. The employment index slid to 9.1 from 12.2 (the latter was the best since October 2013). The workweek edged up to 13.3 from 12.5. New orders were more than halved to 14.7 from 34.2. Prices paid dropped to 24.9 from 34.7, while prices received crumbled to 4.2 from 16.8. The 6-month business conditions index surged to 66.4, however, from 58.1, with employment at 24.7 from 29.1, and capital expenditures at 17.5 from 18.9.
10:02 EDTExisting Home Sales data reported
Subscribe for More Information
10:02 EDTLeading Indicators data reported
Subscribe for More Information
09:55 EDTU.S. leading indicators preview:
Subscribe for More Information
09:55 EDTU.S. Markit flash PMI climbed to 58.0 in August
Subscribe for More Information
09:50 EDTU.S. Philadelphia Fed Index Preview
Subscribe for More Information
09:50 EDTU.S. Existing Home Sales Preview
Subscribe for More Information
09:40 EDTTreasury Option Action: bearish positioning on a short 10-year
Subscribe for More Information
09:34 EDTMarket hoping to extend winning ways
Subscribe for More Information
09:34 EDTJPMorgan automotive analyst holds an analyst/industry conference call
Auto Analyst Brinkman provides an industry update and outlook on an Analyst/Industry conference call to be held on August 21 at 10 am.
09:32 EDTJPMorgan LatAm telecos/education analysts hold analyst/industry conference call
Subscribe for More Information
09:25 EDTTreasury 5-year TIPS auction:
Treasury 5-year TIPS auction: Treasury reopens $16 B in 5-year TIPS this afternoon. Yields on shorter dated issues are a little higher with the April 5-year at -0.294% versus -0.33% yesterday, which compare to the award rate of -0.213%. The updraft in yield should provide some underpinning to the auction, but in the midest of summer doldrums and with inflation still quite benign, demand should be lacking. The April auction saw a 2.70 cover and a 58.4% indirect bid. Analysts look for overseas accounts to again support this auction.
09:24 EDTFederal Reserve Bank of Kansas City to hold symposium
Subscribe for More Information
08:50 EDTThe 14k U.S. initial claims drop to 298k
The 14k U.S. initial claims drop to 298k in the August BLS survey week trimmed the prior 22k bounce to 312k (was 311k) from 290k at the start of the month to leave a five-week stretch of oscillations around lean claims since the depressing effect of auto retooling that left a 279k mid-July cycle-low. Claims are averaging 303k thus far in August, which is above the tight 296k July figure but well below prior averages of 315k in June and 312k in May. Today's 298k August BLS survey week reading sits below the tight 303k July figure, as well as previous BLS readings of 314k in June and 327k in May. Analysts assume a 210k August payroll gain that sits between the 209k July increase and the 214k average rise of the last twelve months, though analysts may see some August give-back of July strength for the goods-sector data as a temporary boost from firm July truck assembly rates is unwound. Payrolls face ongoing upside risk from tight claims, a firm Q3 producer sentiment and ADP trajectory, solid vehicle assembly rates, and an ongoing consumer confidence climb back above mid-2013 levels.
08:50 EDTU.S. equities are on the rise again
Subscribe for More Information
08:45 EDTTreasury Action: bonds were not bothered
Subscribe for More Information
08:45 EDTFX Action: The dollar largely shrugged off
FX Action: The dollar largely shrugged off the slightly better than consensus jobless claims, with EUR-USD trading just under 1.3270, and USD-JPY hovering near 103.80. Trade will likely turn a bit more cautious going forward, where eyes will be on Yellen's Jackson Hole speech on Friday, and on the weekend, where some position paring may be in store in light of geopolitical risks.
08:43 EDTJobless Claims data reported
Subscribe for More Information
08:40 EDTU.S. initial jobless claims dropped 14k to 298k in the week ended August 16
U.S. initial jobless claims dropped 14k to 298k in the week ended August 16, versus 312k previously (revised from 311k). That pushed the 4-week moving average to 300.75k versus 296k (revised from 295.75k). Continuing claims fell 49k to 2,500k in the week ended August 9, versus 2,549k (revised from 2,544k). The report is consistent with ongoing improvement in the labor market, and the initial jobless claims figure takes on greater importance as it coincides with the BLS survey week.
08:34 EDTFutures suggest higher open following claims data
Subscribe for More Information
08:25 EDTOil Action: NYMEX crude is down 68 cents at $92.78/bbl
Oil Action: NYMEX crude is down 68 cents at $92.78/bbl. The October contract takes over as front month, following the expiry of the September contract on Wednesday. Prices have continued their move lower, with faltering demand and ample supply weighing. Softer China PMI data, a stronger dollar and upped OPEC and U.S. output should keep the pressure on for now.
08:15 EDTU.S. weekly jobless claims preview:
U.S. weekly jobless claims preview: jobless claims for the week ended August 16 are expected to see a 7k decrease to 304k (median 298k) as claims remain lean after the gyrations seen over the past three weeks. The 21k U.S. initial claims bounce to 311k in the second week of August more than reversed the big 13k drop to 290k (was 289k) at the start of August to leave the measure well above the 279k mid-July cycle-low. Though claims are reversing some of last month's retooling-hit, levels remain tight relative to the pre-July trajectory.
07:50 EDTTreasury Market Outlook: Treasuries are little changed to lower
Subscribe for More Information
07:40 EDTN.Y. FX Outlook
Subscribe for More Information
07:19 EDTFutures higher as market looks to extend rally
Subscribe for More Information
06:50 EDTEuro zone PMI fell in August, AP reports
Subscribe for More Information
06:50 EDTFX Update: The dollar extended gains
Subscribe for More Information
06:43 EDTChina PMI hit three month low, Reuters reports
Subscribe for More Information
05:55 EDTOn The Fly: Morning Wrap-Up for August 21
Subscribe for More Information
05:47 EDTSeptember front month equity options last day to trade September 19, 2014
Subscribe for More Information
02:20 EDTFX Update: The dollar will open in Europe strongly
Subscribe for More Information
August 20, 2014
18:02 EDT Beige Book to be released at 14:00
Subscribe for More Information
15:50 EDTU.S. Existing Home Sales Preview
Subscribe for More Information
15:45 EDTU.S. Philadelphia Fed Index Preview
Subscribe for More Information
15:35 EDTU.S. weekly jobless claims preview:
U.S. weekly jobless claims preview: U.S. initial jobless claims for the week ended August 16 are expected to see a 7k decrease to 304k (median 298k) as claims remain lean after the gyrations seen over the past three weeks. The 21k U.S. initial claims bounce to 311k in the second week of August more than reversed the big 13k drop to 290k (was 289k) at the start of August to leave the measure well above the 279k mid-July cycle-low. Though claims are reversing some of last month's retooling-hit, levels remain tight relative to the pre-July trajectory.
15:20 EDTTreasury Closing Summary:
Subscribe for More Information
14:50 EDTFOMC Minutes takeaway:
Subscribe for More Information
14:45 EDTMany FOMC members say stimulus may have to be removed sooner than expected
Subscribe for More Information
14:20 EDTJuly Factory Orders to be released at 10:00
Subscribe for More Information
14:20 EDTWeek of 8/30 Redbook to be released at 08:55
Subscribe for More Information
14:20 EDTWeek of 8/30 ICSC-Goldman Store Sales to be released at 07:45
Subscribe for More Information
14:20 EDTAugust ADP Employment Report to be released at 08:15
14:20 EDTWeek of 8/29 MBA Purchase Applications to be released at 07:00
Subscribe for More Information
14:20 EDTFOMC Minutes: "many" officials saw a rate hike sooner than expected
FOMC Minutes: "many" officials saw a rate hike sooner than expected thanks to the improvement in the labor market, with the job market "noticeably closer" to normal. But, not surprisingly, there were differing opinions on the degree of labor slack. "Most" on the Committee also believed downside inflation risks had diminished. Some participants were more uncomfortable with the forward guidance language, namely Plosser for one who dissented. Financial vulnerabilities were also well contained. While the bond market is giving a bearish nod to the Minutes given the fact that "many" on the Committee could see the first rate increase sooner, that view is what analysts expected at the time of the July 30 policy meeting. Analysts'll look for Yellen's speech on Friday to offer a counter to the hawks.
14:20 EDTFX Action: The dollar rallied broadly
Subscribe for More Information
14:15 EDTTreasury Action: yields jerked higher on the FOMC minutes
Subscribe for More Information
14:05 EDTFed minutes discuss removing monetary policy quicker than expected
Minutes from the last Federal Reserve meeting state, "Many participants noted that if convergence toward the Committee’s objectives occurred more quickly than expected, it might become appropriate to begin removing monetary policy accommodation sooner than they currently anticipated."
13:50 EDTTreasury Action: Verizon's hefty $13.3 B debt exchange
Subscribe for More Information
13:30 EDTIs China's Economy Slowing?
Subscribe for More Information
13:20 EDTTreasury Option Action: a good mix of positioning
Treasury Option Action: a good mix of positioning was reported into the FOMC minutes, including the bearish purchases of 7k in October 124+ puts, 5k in September 125+/126 put spreads and 2.5k in December 123 puts. On the bullish side were purchases of 5k in September 127 calls and 10k in September 126/October 125+ call diagonals (buying Oct). There was also a bearish sale of 1.5k in September/December 125 calls. The September 10-year future is 3.5-ticks lower near 126-035, compared to range of 126-095 to 126-020.
13:00 EDTTreasury Action: TIPS are slightly weaker
Subscribe for More Information
12:40 EDTU.S. equities inched reluctantly higher
Subscribe for More Information
12:32 EDTBarclays commodities-energy analysts hold an analyst/industry conference call
Subscribe for More Information
12:02 EDTBofA/Merrill LatAm economist/strategist holds analyst/industry conference call
Chief Brazilian Economist & Strategist, along with Arko Advice's Political Consultant, Murillo Aragao, discuss the prospects for the presidential elections, after the death of Eduardo Campos and the Datafolha opinion poll showing Marina Silva's strong showing, on an Analyst/Industry conference call to be held on August 21 at 9 am.
10:40 EDTOil Action: Front month NYMEX crude rallied slightly
Subscribe for More Information
10:31 EDTCrude Inventories for the week of August 15
Crude inventories 4.47M draw vs. consensus of 1.75M draw. Gasoline inventories 585K build vs. consensus of 1.55M draw. Distillates 960K draw vs. consensus of 300K draw.
10:25 EDTEuro$ interest rate options: hefty block trades
Subscribe for More Information
09:50 EDTFX Action: USD-CAD peaked at 1.0962
Subscribe for More Information
09:32 EDTMarket lower ahead of Fed’s minutes
Subscribe for More Information
09:25 EDTEuro$ interest rate options: a large bearish trade
Subscribe for More Information
08:50 EDTTreasury Action: curve flatteners are the trade ahead of the FOMC Minutes
Subscribe for More Information
08:40 EDTU.S. equities are in shallow negative territory
Subscribe for More Information
08:25 EDTOil Action: NYMEX crude is up 91 cents
Oil Action: NYMEX crude is up 91 cents at $95.39/bbl, recovering some of Tuesday's losses, reportedly as traders book profits ahead of the September contract's expiry this afternoon. Prices touched a seven-month low of $94.26 yesterday. October crude, which will take over as front-month on Thursday, and where the bulk of volume is now traded, stands at $93.24.
08:00 EDTCanada Wholesale Sale Preview
Subscribe for More Information
07:45 EDTN.Y. FX Outlook
Subscribe for More Information
07:40 EDTU.S. MBA mortgage market index rose 1.4%
Subscribe for More Information
07:35 EDTTreasury Market Outlook: Treasuries are little changed
Subscribe for More Information
07:24 EDTFutures quiet as investors await FOMC minutes
Subscribe for More Information
06:50 EDTFX Update: The dollar extended gains against the euro and yen
Subscribe for More Information
05:57 EDTOn The Fly: Morning Wrap-Up for August 20
Subscribe for More Information
05:48 EDTSeptember front month equity options last day to trade September 19, 2014
Subscribe for More Information
05:45 EDTFX Action: EUR-USD has logged an 11-month low
FX Action: EUR-USD has logged an 11-month low of 1.3285 after breaching 1.3300 and last November's 1.3295 low. The move reflects broad dollar strength, with USD-JPY, for instance, having concomitantly made new four-moth highs above 103.30. The dollar is unpinned following net positive U.S. data yesterday and comes ahead of the FOMC minutes from the late July meeting, due later today, which may show the hawkish voices at the Fed strengthening a little. French President Hollande also said today that the EUR-USD level remains is in the process of being adjusted, and that the ECB is aware that the euro is overvalued, while Eurozone construction output dropped 0.7% m/m in June after already falling 1.4% m/m in May. The Ukraine situation, meanwhile, along with the impact of sanctions against Russian on the Eurozone economy (Russia is the Eurozone's fourth largest trading partner), and the Eurozone's disinflation problem, should collectively maintain EUR-USD's bearish bias, even if the is Fed taking its time to an eventual policy tightening. Analysts continue to anticipate an eventual test of 1.3000.
02:40 EDTFX Update: The USD rallied again
Subscribe for More Information
August 19, 2014
21:30 EDTJapan's exports grew 3.9% y/y in July
Subscribe for More Information
16:21 EDTJuly Construction Spending to be released at 10:00
16:21 EDTAugust ISM Mfg Index to be released at 10:00
Subscribe for More Information
15:47 EDTJPMorgan to hold a conference
Subscribe for More Information
15:10 EDTTreasury Closing Summary:
Subscribe for More Information
14:40 EDTCleveland Fed's median CPI rose 0.1% in July
Cleveland Fed's median CPI rose 0.1% in July with the 16% trimmed mean also up 0.1%, in line with the BLS measure. On an annual basis, headline CPI rose 2.2% y/y, versus a 2.3% y/y increase in June, with the trimmed mean up 1.9% y/y, unchanged from June. The BLS' measure showed a similar slowing in the headline y/y figure to 2.0% y/y from 2.1% y/y, and a steady pace for the "core" reading at 1.9% y/y.
14:20 EDTFOMC Minutes preview: the Minutes will be a mixed bag
Subscribe for More Information
14:00 EDTU.S. equities extended their lead
U.S. equities extended their lead even as Apple cracked $100/ps and kept on climbing, up 1.3% to $100.45, which helped prop up stocks 0.3-0.4%, though blue chips are pacing tech for a change. Within the Dow, Home Depot remains the clear winner, up 6.3% followed at a distant second by UnitedHealth at +1.5% and AMEX at +1.0%. At the bottom of the heap are communications companies AT&T -0.5% and Verizon -0.4%. This is keeping yields and the dollar propped up for now.
13:35 EDTU.S. dollar swap spreads are backing out at the long-end
Subscribe for More Information
12:30 EDTEuro$ interest rate options: heavy put buying
Euro$ interest rate options: heavy put buying was reported by a suspected Swiss-based fund, who reportedly bought 20k in bearish Short September 90/91 put 1x3s, buying the 1-leg. There was also a bullish purchase of 10k in Blue September 75/77 call spreads. Euro$s have pared some of their losses, but are still down 0.5-2.0 ticks.
12:25 EDTFX Action: USD-CAD has made new intra day highs
FX Action: USD-CAD has made new intra day highs of 1.0938, moving higher despite the better risk backdrop (though softer oil and gold prices have offset), as USD gains remain broad so far on Tuesday. Some residual corporate buying has been reported, with those missing the boat under 1.0900 stepping in this morning. Light stops are noted over 1.0940, though two-way interest is seen from 1.0950 to 1.0980.
11:50 EDTTreasury Option Action: bearish positioning
Subscribe for More Information
11:45 EDTFX Action: USD-JPY is making slow but steady progress
FX Action: USD-JPY is making slow but steady progress higher, now peaking at 102.87, as it grinds through noted Japanese exporter offers. The positive risk backdrop has allowed the pairing to add to Monday's modest gains, with the near term target set at 103.00. There are liable to be a good number of profit taking related sellers into the figure, though stops are not noted until 103.10, above the July 30 peak.
11:45 EDTTreasury's bill auctions were well received
Subscribe for More Information
11:10 EDTNY Fed bought $0.285 B in Treasury notes
Subscribe for More Information
10:30 EDTNY Fed outright purchase: the Fed is buying $0.25 B to $0.35 B
Subscribe for More Information
10:25 EDTU.S. equities opened higher
Subscribe for More Information
09:40 EDTEuro$ interest rate options: mixed trade
Subscribe for More Information
09:35 EDTThe 0.1% July U.S. CPI headline and core price gains
The 0.1% July U.S. CPI headline and core price gains modestly beat estimates, thanks to a 0.4% food price rise alongside the expected 0.3% July energy price drop. For commodities, CPI food prices haven't fallen since May of 2013, though the July energy price drop capped a three-month string of increases. Analysts expect 0.1% July PCE chain price gains for the headline and core that match today's CPI gains, which rounded-up from respective 0.091% and 0.096% increases. Analysts still expect a 0.1% July nominal PCE rise that matches last week's July ex-auto retail sales rise, though analysts now expect a flat (was 0.1%) "real" figure. Our 3.2% Q3 GDP growth forecast assumes 3.5% (was 3.3%) nominal and 2.2% (was 2.4%) "real" consumption growth, with a 1.2% (was 0.9%) chain price gain. Last week, analysts saw a 0.1% July PPI increase with a 0.2% core price rise, alongside SOP July PPI gains of 0.1% for both. Analysts saw core price resilience but headline oil and food price declines in last week's July trade price report.
09:34 EDTEconomic data helps fuel higher open
Subscribe for More Information
09:25 EDTOil Action: NYMEX crude is up 30 cents
Subscribe for More Information
09:20 EDTThe hefty U.S. July housing starts and permits bounce
The hefty U.S. July housing starts and permits bounce, after a diminished drop over the prior two months thanks to upward revisions, took the edge off the array of downside housing sector surprises through Q2 that left downgrades in most forecasts of the 2014 recovery. The housing rebound more generally remains anemic, likely due to ongoing mortgage market dysfunction, consumer caution, and a reduction in distressed sales, though today's report provided some welcome good news for the sector. housing starts under construction, which drive new home construction, surged in July after defying Q2 restraint and bad weather in Q1. Analysts saw a 2.9% July surge that followd gains of 1.2% (was 1.1%) in June and 1.6% (was 0.9%) in May. There hasn't been a decline in this measure since May of 2011. Analysts still expect GDP growth of 3.2% in Q3, after a downward bump in Q2 growth to 3.8% from the 4.0% advance figure, with residential construction growth of 5% in Q3 after a 7.5% Q2 clip. For nonresidential construction, analysts expect growth of 4% in Q3, after a likely big boost in Q2 growth to the 9% area from 5.3%.
09:10 EDTU.S. housing starts surged 15.7% to a 1.093 M pace in July
Subscribe for More Information
09:10 EDTFed Policy Outlook: policymakers aren't likely to be swayed much
Fed Policy Outlook: policymakers aren't likely to be swayed much by this morning's inflation and housing data, hence leaving Yellen with a relatively dovish leaning when she speaks on Friday from Jackson Hole. Remember, the FOMC said the "recovery in the housing sector remains slow," and while the July rebound in starts will be good news, it's one months' data and most Committee members will want to see more sustained gains. Concurrently, CPI remained tame with the headline y/y pace even slowing slightly. And perhaps most importantly, real earnings were unchanged, and lack of wage growth will remain a thorn in the Fed's side.
09:00 EDTU.S. equities extended their rally
Subscribe for More Information
09:00 EDTFX Action: The dollar rallied
FX Action: The dollar rallied initially after the mix of data, where better housing data drove the move. EUR-USD fell to trend lows of 1.3319, falling from 1.3355, as USD-JPY rallied to 102.79. Firmer yields and another Wall Street rally lifted the greenback, as a relatively calm geopolitical backdrop has helped sentiment as well. EUR-USD barriers are noted at 1.3300, and will likely be defended, though significant stops are seen under the figure.
08:56 EDTRedbook Store Sales data reported
Subscribe for More Information
08:45 EDTTreasury Action: yields snapped up from lows
Treasury Action: yields snapped up from lows following the housing starts surge and upward back revisions, which put a steeper trajectory back on the housing sector, while core CPI was tame. The T-note yield based at 2.36% session lows ahead of the reports and then cleared 2.38% again, with the 2.40-2.44% area remaining a cap so far on the upside and 2.30% the 14-month low below. The 2s-10s spread is trading near +196 bp.
08:45 EDTU.S. housing starts surged 15.7% to a 1.093 M pace in July
Subscribe for More Information
08:40 EDTU.S. CPI rose 0.1% in July, with the core rate up 0.1%
Subscribe for More Information
08:36 EDTFutures move higher following release of economic data
U.S. equity futures moved higher following the release of the Consumer Price Index report. The data showed that consumer prices rose 0.1% overall in the month of July versus expectations of an increase of 0.1%. Excluding food and energy, the core reading showed an increase of 0.1% versus the expected increase of 0.2%. Housing starts increased 15.7% versus the expected increase of 8.1% while building permits rose 8.1% versus the expected increase of 2.8%.
08:32 EDTHousing Starts data reported
Subscribe for More Information
08:20 EDTU.S. CPI Preview
Subscribe for More Information
08:20 EDTU.S. Housing Starts Preview
Subscribe for More Information
08:18 EDTWilliam Blair diagnostic services analysts hold analyst/industry conference call
Subscribe for More Information
08:00 EDTU.S. ICSC Goldman Sachs chain store sales index dropped 1.3%
Subscribe for More Information
07:55 EDTN.Y. FX Outlook
Subscribe for More Information
07:53 EDTCitigroup housing analysts hold an analyst/industry conference call
Subscribe for More Information
07:50 EDTTreasury Market Outlook: Treasuries are a little higher
Subscribe for More Information
07:46 EDTICSC-Goldman Store Sales data reported
Week of 8/16 ICSC-Goldman Store Sales down -1.3% for the week
07:24 EDTMarket looks to extend gains
U.S. equity futures are trading just slightly above fair value following yesterday’s big advance. Easing political tensions and fundamental stability in the marketplace have caused investors to become more optimistic. As a result, the market is on track to have its best performance since February. Today investors will focus on reports on consumer prices, housing starts, and building permits.
07:19 EDTDallas Federal Reserve Bank President to speak at conference
Dallas Federal Reserve Bank President Fisher to speak at the 38th Annual Southwest Securities Conference being held in Dallas on August 19 at 1 pm.
07:10 EDTFX Update: The dollar has been bid
Subscribe for More Information
07:09 EDTCitigroup to hold a conference
Subscribe for More Information
07:08 EDTJMP Securities to hold a bus tour
Internet Bus Tour to travel through Seattle and San Francisco on August 19-20.
07:07 EDTFinancial Industry Regulatory Authority to hold a conference
38th Annual Southwest Securities Conference to be held in Dallas on August 19.
05:57 EDTOn The Fly: Morning Wrap-Up for August 19
Subscribe for More Information
05:46 EDTSeptember front month equity options last day to trade September 19, 2014
Subscribe for More Information
02:05 EDTFX Update: The NZD took a dip while the AUD outperformed
Subscribe for More Information
August 18, 2014
17:49 EDTGaza truce extended by 24 hours as key issues negotiated, Reuters reports
Subscribe for More Information
15:15 EDTTreasury Closing Summary:
Treasury Closing Summary: A risk-on rally boosted stocks sharply in Europe Monday amid truce talks between the foreign ministers of Russia and the Ukraine, despite evidence to the contrary about the likelihood of peace breaking out. Wall Street followed Europe's bullish lead anyway, which sent Treasury yields backing up from 14-month lows set on Friday amid fears of all-out war breaking out. NAHB housing market index surprised on the upside, contributing to these manic moves, though gains in the housing index were focused mainly on the Midwest.
15:15 EDTU.S. CPI Preview
Subscribe for More Information
14:18 EDTTreasury prepares options for Lew to consider on tax inversions, WSJ says
Subscribe for More Information
14:05 EDTU.S. Housing Starts Preview
U.S. Housing Starts Preview: July housing starts will be released on Tuesday and analysts expect the headline to increase 8.6% to 970k (median 965k) following the 9.3% dip to an 893k pace in June. Permits should expand at a 995k in July with completions at 830k.
13:40 EDTU.S. equities advance has slowed
Subscribe for More Information
12:50 EDTTreasury Option Action: mostly bearish positioning
Subscribe for More Information
12:25 EDTU.S. corporate bond update: summer doldrums are taking their toll
Subscribe for More Information
12:00 EDTJackson Hole was bullish for stocks 7 out of last 7 times
Subscribe for More Information
11:45 EDTTreasury's $54 B 3- and 6-month bill sale was solid
Treasury's $54 B 3- and 6-month bill sale was solid, even as the coupons are in retreat following last week's gains. The $29 3-month bill was awarded at 0.030%, a tad richer than 0.035% at the bid deadline, but right on last week's 0.03% stop. There were $135.7 B in bids for a 4.70 cover, better than the prior 4.47 and the 4.62 average. Indirect bidders took 44.9% versus 30.3% previously, and almost twice the 24.0% average. The $25 B 6-month bill stopped at 0.050%, also just through the 0.055% at the bid deadline but on par with last week's 0.050%. There were $120.0 B in bids for a 4.83 cover, compared to 4.72 previously, though in lie with the 4.82 average. Indirect bidders took 48.0% versus 32.0% previously and the 36.0% average.
11:10 EDTTreasury announced a $50 B 4-week bill auction for Tuesday
Subscribe for More Information
11:10 EDTNY Fed bought $1.094 B in bonds
NY Fed bought $1.094 B in bonds dated from February 15, 2036 through August 15, 2044. The Street offered $3.225 B. Treasuries yields remain higher with little impact from the buyback as the market unwinds some of last week's rally. The 30-year yield is up over 4 basis points to 3.17% after closing at 3.13% on Friday, the lowest since May 2013.
11:05 EDTFX Action: USD-JPY has been supported
FX Action: USD-JPY has been supported by the better risk backdrop and equity market rally, though continues to struggle over 102.55-60. Pent up Japanese exporter offers remain in place, reportedly from 102.70 to 103.00. Barring fresh geopolitical shocks, USD-JPY remains on a broadly bullish path. Bloomberg reported last week that BoJ officials are considering cutting growth forecast for FY 2014, "according to people familiar with the central bank's discussions," and the JGB 10-year benchmark yield has dipped below 0.50% for the first time in 16 months, both supportive of the dollar.
10:25 EDTNY Fed outright purchase: the Fed is buying $0.95 B to $1.15 B in bonds
NY Fed outright purchase: the Fed is buying $0.95 B to $1.15 B in bonds today, dated from February 15, 2036 through August 15, 2044. Treasuries remain lower, giving back some of last week's gains, and this purchase isn't likely to offset the selling pressure much. The 30-year yield is up nearly 4 basis points to 3.169% after closing at 3.13% on Friday, the lowest since May 2013.
10:20 EDTSharp gains in the NAHB were focused in the Midwest
Subscribe for More Information
10:10 EDTTreasury Action: Treasuries leaked lower
Treasury Action: Treasuries leaked lower after the pre-release of the better than expected gain in NAHB, though with stocks already on the warpath higher, the data had only marginal impact. The T-note yield nosed over 2.37% to session highs of a tight range, though well above 14-month lows of 2.30% set Friday before peace allegedly broke out during truce talks on the Ukraine. Next upside targets are 2.40-2.44%. The 2s-10s spread is holding near +196 bp.
10:05 EDTU.S. NAHB homebuilder sentiment index rose 2 points to 55 in August
U.S. NAHB homebuilder sentiment index rose 2 points to 55 in August. The index had climbed 4 points to 53 in July. This is the highest level since January's 56. The single family sales index edged up to 58 from 56 (revised from 57). The future index was 65 from 63 (revised from 64). The index of prospective buyer traffic improved to 42 from 39 (revised from 39). Data are better than expected.
09:45 EDTU.S. NAHB housing market index preview:
Subscribe for More Information
09:39 EDTMarket gaps higher at open
Subscribe for More Information
09:30 EDTFX Action: USD-CAD is steady
FX Action: USD-CAD is steady, holding over 1.0975, while running into sellers over 1.0890. Standing bids are seen from 1.0875 down to Friday's 1.0860 lows, though sell stops are rumored below the level. To the upside, option backed sellers are reported at 1.0900, with buy-stops at 1.0930, just over Friday's peak. Oil prices are lower again, perhaps weighing some on the CAD, though a strong Wall Street open may offset to a degree.
09:25 EDTEuro$ interest rate options: a large block trade
Subscribe for More Information
09:15 EDTTreasury Action: curve flatteners should be back on the ticket
Subscribe for More Information
08:54 EDTBofA/Merrill economist & strategist hold an analyst/industry conference call
Chief U.S. Economist Harris and Chief U.S. Equity Strategist Bianco provide a weekly equity strategy outlook on an Analyst/Industry conference call to be held on August 18 at 11 am.
08:52 EDTCitigroup securitized products analysts hold analyst/industry conference call
Subscribe for More Information
08:50 EDTU.S. equities are higher with Europe
Subscribe for More Information
08:49 EDTCitigroup healthcare services and managed care analysts hold a conference call
Subscribe for More Information
08:01 EDTTD Securities to hold a conference
Subscribe for More Information
08:00 EDTMacquarie to hold a conference
Subscribe for More Information
08:00 EDT"Fed bets rate rise can wait" is the banner
"Fed bets rate rise can wait" is the banner headline for WSJ Fedwatcher Hilsenrath's Sunday night expose' (subscription) previewing the Jackson Hole conclave this week, as officials say indicators and markets aren't pointing to overheating. He notes the conference will mainly cover the labor markets, which Yellen is likely to acknowledge are improving, though she may stick to her "slack" theme. He also mentions that 30 private economists in a WSJ survey fear the Fed will get behind the curve on rates, compared to 3 who say the Fed could move too early. That said, after long rates hit a 14-month low on Friday amid global turmoil, Hilsenrath acknowledges that bond markets don't appear to have lost faith in the Fed. Meanwhile, core PCE prices at 1.6% y/y spent 26-months below the Fed's 2% objective. While, the "considerable time" reference may go at some point, the Fed will continue to await more proof on the durability of the recovery, he concludes.
07:59 EDTCRM Magazine to hold a conference
Subscribe for More Information
07:55 EDTTreasury Market Outlook: Treasuries declined overnight
Treasury Market Outlook: Treasuries declined overnight, in tandem with losses in European debt, as risk appetite picked up. Profit taking also weighed on bonds after the 10-year Treasury yield closed at its lowest level in more than a year, and the German Bund hit an historic record low at 0.95%. The 10-year yield has edged up a couple of basis points to 2.364%, with the Bund at 1.0%. Equities have rebounded with Germany's DAX leading the way in Europe, climbing over 1.4%. U.S. equity futures are also sharply higher as worries over Ukraine subside and after the Kurds gained some ground over ISIS. Also, BoE chief Carney sounded more hawkish in a Sunday Times interview. Data was light overnight and is thin in the U.S. today with just the August NAHB homebuilder sentiment index. The NY Fed will purchase $0.95 B to $1.15 B in bonds today. Other data this week includes uly CPI (Tuesday), July housing starts (Tuesday), July existing home sales (Thursday), the August Philly Fed manufacturing index (Thursday), and the Markit flash manufacturing PMI. But what the markets are really waiting for are the FOMC Minutes (Wednesday) and Yellen's and Draghi's speeches from Jackson Hole (Friday).
07:55 EDTOil Action: NYMEX crude is down 82 cents
Subscribe for More Information
07:50 EDTTreasury Market Outlook: Treasuries declined overnight
Subscribe for More Information
07:35 EDTN.Y. FX Outlook
Subscribe for More Information
07:33 EDTEasing world tensions lift futures
Subscribe for More Information
06:12 EDTOn The Fly: Morning Wrap-Up for August 18
Globex S&P futures are recently up 8.20 from previous day’s SPX cash close. Nikkei 225 up 0.03%, DAX up 1.29%. WTI Crude oil is recently at $96.35, natural gas down 0.95%, gold at $1304 an ounce, and copper up 0.08%.
05:50 EDTAugust front month equity options last day to trade August 15, 2014
Subscribe for More Information
August 15, 2014
22:44 EDTPhiladelphia Fed Survey General Business Conditions Index to be reported at 10:00
Subscribe for More Information
22:44 EDTConsumer Price Index CPI to be reported at 08:30
Subscribe for More Information
16:02 EDTAugust Consumer Sentiment to be released at 09:55
Subscribe for More Information
16:02 EDTAugust Chicago PMI to be released at 09:45
Subscribe for More Information
14:10 EDTFed's Bullard said the FOMC is debating the timing of rate lift-off
Fed's Bullard said the FOMC is debating the timing of rate lift-off, in an XM Sirius radio interview. He looks for the first rate hike at the end of Q1 2015 (which would mean the March 17, 18 FOMC), underpinned by the improving labor market. But he admitted that he is on the "early side" of other FOMC members. He noted that recent data has been strong, consistent with the Fed's outlook, and fears the markets are pricing in too dovish a view. The 10-year TIPS (at 0.133%) is "shockingly low." And he's been surprised at market stability in the face of the QE tapering. The slightly more hawkish Bullard is not a voter this year or next.
12:38 EDTJuly Personal Income and Outlays to be released at 08:30
Subscribe for More Information
12:25 EDTU.S T-note technicals: bulls are still in the driver's seat
U.S T-note technicals: bulls are still in the driver's seat as Ukrainian border skirmishes with Russian "humanitarian" forces, along with very dovish remarks on the Fed's inflation target miss by Kocherlakota fueling the rally. This followed on the heels of flat-negative euro-GDP readings and break in the Bund below 1.0% this week. The T-note yield close below 2.40%, followed by a breach of 2.349% August-8 lows puts it in contention for the lowest level since the QE "taper tantrum" gap in late-June of 2013 as those with stubborn bearish positioning are forced to square up. That puts gap range lows of 2.11% from 21-Jun-13 in the cross-hairs and 1.99% below, while 2.40/2.44% reverts to yield resistance, with the 2.50% psych area above.
11:55 EDTMore dovespeak from Kocherlakota: unemployment is unacceptably high
Subscribe for More Information
11:35 EDTPIMCO's Gross Tweeted: on "Global deflation:
Subscribe for More Information
11:25 EDTFX Action: USD-CAD is back over 1.0900
Subscribe for More Information
11:15 EDTU.S. equities retreated back into the red
Subscribe for More Information
11:05 EDTFed dove Kocherlakota: Fed still "some way" from full employment
Fed dove Kocherlakota: Fed still "some way" from full employment and is a "long way" from its employment goal. He doesn't expect inflation goal of 2% to be reached until 2018, meaning resources remain underutilized, even as the jobless rate is seen falling to 5.7% this year. He sees that low rate masking continued weakness in the labor market as the fraction of prime-age potential workers with a job is "disturbingly low." This very dovish view is contributing to the latest drop in T-note yield through the 2.349% Aug-8 low along with ongoing gains in Bunds.
10:55 EDTFX Action: USD-JPY has eased to intra day lows
Subscribe for More Information
10:54 EDTUkraine says troops 'destroy' part of Russian convoy, Bloomberg reports
Bloomberg cites a Ukrainian military spokesperson. Reports from Bloomberg and other news services of increased tension in Ukraine have coincided with a downturn in the averages, The Fly notes.
10:50 EDTPhilly Fed's survey of forecasts showed little change in outlooks on the economy
Philly Fed's survey of forecasts showed little change in outlooks on the economy versus those of three months ago, in the latest report. The panel of professional forecasters project real GDP growth of 3.0% this quarter, and 3.1% in Q4, to bring 2014 growth (annual average over annual average) to 2.1%, a slight downgrade from the 2.4% estimate from May. Growth is expected to pick up to 3.1% in 2015 but slip to 2.9% in 2016 and then 2.8% in 2017. Continued improvement in the labor market is anticipated, with the annual average unemployment rate projected at 6.3% for this year, and dropping to 5.7% in 2015, and 5.4% in 2016. Employment is forecast at a monthly average 228.6k increase for Q3 and 211.2k for Q4, bringing 2014's monthly average gain to 204.8k. That's up a bit from the May estimate of 196.5k. Meanwhile, headline 2014 CPI is seen at a 2.3% clip, revised up from 1.9% in the prior forecast, with the core rate at 2.1% versus 1.8% previously.
10:30 EDTToday's U.S. reports
Subscribe for More Information
10:19 EDTCLSA technology analysts hold an analyst/industry conference call
Subscribe for More Information
10:15 EDTThe August Michigan sentiment drop to 79.2
The August Michigan sentiment drop to 79.2 from 81.8 in July extended the pattern of oscillations around a lean level with a painfully small cyclical uptrend. Michigan sentiment faces headwinds from a deteriorating geopolitical backdrop, limited credit availability, and disruptions from Obamacare, though confidence has enjoyed a 2014 lift from rising equity and home prices. Confidence continues to underperform consumption and payrolls. The tendency for under-estimates in the preliminary report has dissipated somewhat in 2014, though analysts've still seen an upward revision in every month of 2014 with a 0.7 average boost, following a larger 1.8 average boost in 2013. Analysts expect the August reading to sit in the 80.0 area after revision in the final report. Analysts expect an August consumer confidence drop to 87.0 after the July pop to a 90.9 cycle-high from a lower 86.4 in June, versus last year's temporary June peak of 82.1. Analysts've seen small diverging August wiggles in most available confidence indicators as they fluctuate around their mid-2013 levels.
10:10 EDTFX Action: The dollar edged marginally lower
Subscribe for More Information
10:10 EDTU.S. consumer confidence fell 2.6 points to 79.2 in the preliminary August
Subscribe for More Information
10:10 EDTTreasury Action: soft U. Michigan boosted prices
Treasury Action: soft U. Michigan boosted prices on Treasuries and futures, while lowering the boom on yields again to knock the T-note below 2.38% to session lows and still eying 2.349% Aug-8 lows. Yet stocks have opened higher and continue to rejoice on the Fed policy implications ahead of Yellen's Jackson Hole keynote address next week, along with the perception of lower risk in the Mid-East and Ukraine however tenuous. Yet, bearish put demand on the options front has been noted at the long-end.
10:00 EDTTreasury Option Action: some bearish positioning at the long-end
Subscribe for More Information
09:55 EDTU.S. Michigan Consumer Sentiment Preview
U.S. Michigan Consumer Sentiment Preview: The first release on Michigan Sentiment should reveal a headline increase to 82.0 (median 81.5) after the July dip to 81.8. The secondary measures of confidence for the month were mixed with the RBC-CASH Index rising to 51.5 from 50.5 and the IBD/TIPP declining to 44.5 from 45.6.
09:50 EDTThe 0.4% July U.S. industrial production rise matched our estimate
Subscribe for More Information
09:40 EDTFed Policy Outlook: today's reports don't really give fresh ammo to FOMC hawks
Fed Policy Outlook: today's reports don't really give fresh ammo to FOMC hawks and should allow Chair Yellen the opportunity to buddy with ECB's Draghi and sustain a dovish tone at next week's Jackson Hole central banker conference. The data are consistent with the moderate improvement in the labor market and in manufacturing, but nothing quite so rip-roaring that indicate policy has to be firmed sooner rather than later. The tame PPI readings won't really worry the doves either. The FOMC Minutes (Wednesday) will be a little more mixed as hawks will have some say, though the worry over the continued slack in the labor market revealed in the policy statement should overshadow.
09:33 EDTOptions expiration may overshadow economic data
Subscribe for More Information
09:31 EDTBarclays healthcare analysts to hold an analyst/industry conference call
Subscribe for More Information
09:30 EDTU.S. industrial production increased 0.4% in July
Subscribe for More Information
09:30 EDTFX Action: The dollar perked up slightly
Subscribe for More Information
09:30 EDTTreasury Action: yields edged up from
Treasury Action: yields edged up from lows following the slightly firmer tone to the industrial production print, which came in above expectations, along with the earlier surge in TIC outflows. The 10-year yield backed away from a retest of 2.349% August 8 lows and is eying the 2.40% level again. The 2s-10s spread also rebounded to +197 bp.
09:25 EDTU.S. industrial production increased 0.4% in July
Subscribe for More Information
09:20 EDTU.S. Empire State manufacturing index dropped 10.91 points to 14.69 in August
U.S. Empire State manufacturing index dropped 10.91 points to 14.69 in August after jumping 6.32 points to 25.60 in July (the latter was the highest since early 2010). The employment component fell to 13.64 from 17.05 previously. But the workweek rose to 7.95 from 2.27. New orders slid to 14.14 from 18.77. Prices paid rose to 27.27 from 25.00, with prices received at 7.95 from 6.82. The 6-month business conditions index surged to 46.76 after falling to 28.47 in July. The 6-month employment index rose to 22.73 from 17.05, with capital expenditures doubling to 18.18 versus 9.09, and prices paid at 42.05 from 37.50.
09:20 EDTU.S. PPI inched up 0.1% in July with the core rate up 0.2%
Subscribe for More Information
09:16 EDTCredit Suisse healthcare analysts hold an analyst/industry conference call
Subscribe for More Information
09:15 EDTU.S. equities largely sustained gains
Subscribe for More Information
09:15 EDTU.S. TIC data showed foreigners dumped $153.5 B in total U.S. assets in July
U.S. TIC data showed foreigners dumped $153.5 B in total U.S. assets in July after buying a revised $33.1 B in June (was $35.5 B). Net liquidations totaled $18.7 B, unwinding the $18.6 B in June purchases (revised from $19.4 B). Overseas accounts sold $20.8 B in Treasury coupons compared to June's $25.0 B in purchases. They shed $3.6 B in corporates too, while buying $3.4 B in agency bonds and $2.6 B in stocks. The Netherlands was the biggest buyer of Treasury coupons with $5.7 B, followed by Germany's $5.2 B and Taiwan's $5.0 B and Ireland's $5.0 B. The U.K. was the largest seller of Treasury coupons with -$6.2 B, followed by Thailand's -$4.2 B and -$2.6 B from the Caribbean.
09:15 EDTU.S. Industrial Production Preview
Subscribe for More Information
09:05 EDTThe 0.1% U.S. July PPI rise
Subscribe for More Information
09:00 EDTTreasury International Capital Foreign Demand for Long-Term U.S. Securities data reported
June Treasury International Capital Foreign Demand for Long-Term U.S. Securities at -$30.2B
08:55 EDTThe Empire State sentiment drop to 14.69
Subscribe for More Information
08:55 EDTFX Action: USD-CAD fell to 1.0869
FX Action: USD-CAD fell to 1.0869 from near 1.0900 after the upwardly revised Canadian employment report, though has steadied somewhat on either side of 1.0880. The market had largely been positioned short of USD-CAD, in anticipation of an improved labor report, so initial reaction was tempered. The pairing managed only a 19 point drop from Thursday's low.
08:50 EDTTreasury Action: yields probed lows
Subscribe for More Information
08:45 EDTFX Action: The dollar moved a touch higher
Subscribe for More Information
08:45 EDTU.S. PPI inched up 0.1% in July with the core rate up 0.2%
Subscribe for More Information
08:40 EDTU.S. Empire State manufacturing index dropped 10.9 points to 14.7 in August
Subscribe for More Information
08:36 EDTFutures remain higher following economic data
Stock futures remain higher following several economic data points. The NY Fed's Empire Manufacturing Index had a reading of 14.69, versus expectations for a 20.0 reading. The Producer Price Index increased 0.1% overall, matching expectations. The core reading was up 0.2%, which was also in-line with the consensus forecast. The next report is due out at 9:00 am ET with the release of the treasury flows, followed by reports on industrial production and capacity utilization that are due at 9:15.
08:25 EDTOil Action: NYMEX crude is up 9 cents at $95.67/bbl
Oil Action: NYMEX crude is up 9 cents at $95.67/bbl, after falling more than $2/bbl on Thursday. A calmer geopolitical backdrop, abundant supplies, and contracting demand all came together to beat oil down to levels last seen in early April. China crude demand fell 6% in July, according to Reuters data, while stagnant growth in Europe has contributed to oil price weakness. The market will eye U.S. production data at 9:15 EDT this morning for a gauge on U.S. demand.
08:20 EDTU.S. PPI Preview:
Subscribe for More Information
08:20 EDTU.S. NY Fed "Empire State" Index Preview
U.S. NY Fed "Empire State" Index Preview: August Empire State headline index should ease to 20.0 (median 20.0) following the July leap to 25.6 from 19.3 in June. The ISM-adjusted average for July rose to 56 which matched the cycle high and analysts expect an ease back in August.
07:55 EDTTreasury Market Outlook: Treasuries are slightly higher
Subscribe for More Information
07:50 EDTFX Action: USD-CAD has softened
Subscribe for More Information
07:45 EDTN.Y. FX Outlook
Subscribe for More Information
07:39 EDTMinneapolis Federal Reserve Bank President to speak on the economy
Subscribe for More Information
07:34 EDTMorgan Stanley to hold a conference
Brazil Infrastructure Day to be held in Rio de Janeiro, Brazil on August 15.
07:33 EDTHMG Strategy to hold a summit
Subscribe for More Information
07:30 EDTFX Update: The dollar weathered a brief dip
Subscribe for More Information
06:01 EDTOn The Fly: Morning Wrap-Up for August 15
Globex S&P futures are recently up 4.80 from previous day’s SPX cash close. Nikkei 225 up 0.02%, DAX up 0.69%. WTI Crude oil is recently at $95.42, natural gas down 1.54%, gold at $1316 an ounce, and copper up 0.19%.
05:53 EDTAugust front month equity options last day to trade August 15, 2014
Subscribe for More Information
04:25 EDTFX Action: EUR-USD has pushed higher
Subscribe for More Information
04:10 EDTFX Action: USD-JPY has recovered on the 102.50 handle
Subscribe for More Information
03:23 EDTWeek of 8/27 Fed Balance Sheet to be released at 16:30
03:23 EDTWeek of 8/18 Money Supply to be released at 16:30
Subscribe for More Information
August 14, 2014
19:52 EDTAugust Farm Prices to be released at 15:00
Subscribe for More Information
16:32 EDTFed Balance Sheet Total Assets data reported
Subscribe for More Information
16:32 EDTMoney Supply M2 Weekly Change data reported
Week of 8/4 Money Supply M2 Weekly Change at -$34.4B
16:32 EDTWeek of 8/22 EIA Natural Gas Report to be released at 10:30
Subscribe for More Information
16:32 EDTJuly Pending Home Sales Index to be released at 10:00
Subscribe for More Information
15:36 EDTIraqi PM Maliki to concede defeat, back PM-designate, AFP says
Subscribe for More Information
15:30 EDTTreasury Closing Summary:
Subscribe for More Information
15:20 EDTU.S. PPI Preview:
U.S. PPI Preview: The July overall-PPI, due out tomorrow, is expected to remain flat (median 0.1%) with a 0.1% core index figure (median 0.2%). The 0.4% U.S. June PPI rise with a 0.2% core price rise beat estimates thanks to a big 0.5% price rise for goods and a firm 0.3% June service price increase. This morning's trade price report revealed the expected July headline hits from falling petroleum import and food export prices, but with firmness in the ex-oil and ex-food aggregates that left some "core" price resilience into Q3.
14:30 EDTCanada Manufacturing Preview
Canada Manufacturing Preview: Analysts expect shipments, due Friday, to rise 0.7% in June (median +0.6%) after the 1.6% surge in May. Export values grew 1.0% in June after the 4.3% surge in May, but the improvement was due to a 2.5% gain in energy alongside modest 0.5% gains in industrials and M&E. Notably, passenger/light vehicle exports fell 6.3% after the 9.5% surge in May. Hence, the pull-back in June vehicle exports (down 2.5%) suggests some downside risk to our manufacturing shipment projection.
14:30 EDTU.S. NY Fed "Empire State" Index Preview
Subscribe for More Information
14:20 EDTU.S. Michigan Consumer Sentiment Preview
U.S. Michigan Consumer Sentiment Preview: The first release on Michigan Sentiment will be released Friday and should reveal a headline increase to 82.0 (median 81.5) after the July dip to 81.8. The secondary measures of confidence for the month were mixed with the RBC-CASH Index rising to 51.5 from 50.5 and the IBD/TIPP declining to 44.5 from 45.6.
14:10 EDTU.S. equities continue to creep higher
Subscribe for More Information
14:10 EDTU.S. Industrial Production Preview
U.S. Industrial Production Preview: June industrial production will be out on Friday and the headline should reveal a 0.4% (median 0.3%) increase for the month on the heels of a 0.6% gain in May. The capacity utilization rate should rise to 79.2% (median 79.2%) from 79.1% last month.
13:56 EDTWeek of 8/23 Jobless Claims to be released at 08:30
Subscribe for More Information
13:56 EDT Corporate Profits to be released at 08:30
Subscribe for More Information
13:56 EDT GDP to be released at 08:30
13:25 EDTFX Action: The dollar continues to drift mostly higher
Subscribe for More Information
13:15 EDTTreasury Action: the reach for yield
Subscribe for More Information
12:40 EDTTreasury 30-year auction preview:
Subscribe for More Information
11:25 EDTFX Action: USD-JPY has edged up over 102.45
Subscribe for More Information
11:15 EDTNY Fed bought $1.792 B in notes
NY Fed bought $1.792 B in notes dated from May 2019 through April 2020. The Street offered $7.919 B. The buyback has helped support the bond market, which has been in rally mode most of the week. The 5-year yield hit a low of 1.54% earlier this morning but has edged up to 1.558% subsequently.
11:10 EDTTreasury announced a $16 B 5-year TIPS reopening for next Thursday
Subscribe for More Information
10:45 EDTTreasury 30-year auction outlook:
Treasury 30-year auction outlook: the wi 30-year has richened to 3.225% in the face of supply amid weaker than expected European data on the heels of the disappointing U.S. retails sales. So far the first two legs of the refunding have gone ok, and today's should too. At 3.225%, that would be the lowest stop since May 2013. Many of the factors that helped underpin yesterday's 10-year sale should support the bond as well, including wide spreads to other sovereigns, generally bullish momentum, tame inflation, and geopolitical risks. Last month's $13 B reopening was awarded at 3.369% and garnered a 2.40 cover and a whopping 53.2% indirect bid, with direct bidders accepting 11.1% with primary dealers taking 35.7%.
10:35 EDTFX Action: USD-CAD's brief foray under 1.0900
Subscribe for More Information
10:35 EDTNY Fed outright purchase: the Fed is buying $1.6 B to $1.9 B in notes
NY Fed outright purchase: the Fed is buying $1.6 B to $1.9 B in notes dated from May 15, 2019 through April 30, 2020 note. The belly of the curve is outperforming and this purchase will add some further support. The 5-year yield is down 3 basis points to 1.549%, the lowest since late May.
10:30 EDTEIA Natural Gas Storage Change for the week ending August 8
Gas inventories 78 Bcf build vs. consensus of 82 Bcf build.
09:56 EDTCitigroup real estate analysts hold an analyst/industry conference call
Subscribe for More Information
09:50 EDTEuro$ interest rate options: bullish positioning
Euro$ interest rate options: bullish positioning included the sale of 30k in Short December 90/91 put spreads. There was also a purchase of 1k in Short March 83/86 put spreads vs 88/90 call spreads, and a bearish purchase of 10k in Red December 80/85/90 put butterflies, among others. The underlying short-dated rate futures remain well bid with the front September 2014 a half tick higher at 99.77, while the deferreds are 1-4 ticks firmer as well, as Europe knocks on the door of a triple-dip recession.
09:39 EDTMarket opens slightly higher
Stock futures weakened slightly during pre-market trading after there were more jobless claims last week than were expected. The futures closed above fair value, leading to a slightly higher open for the broader market. There is little more scheduled for release from the economic calendar, the earnings season is winding down, and there is relative calm on the geopolitical front at the moment, which may make for little resistance if the market begins to move higher. The Dow began the day just 500 points shy of its all-time high. In early trading, the Dow is up 22 points, the Nasdaq is up 6 points and the S&P is up 4 points.
09:10 EDTThe U.S. trade price report
The U.S. trade price report revealed big July headline hits from falling petroleum import and food export prices, but with firmness in the ex-oil and ex-food trade price measures that left some "core" price resilience into Q3. Commodity prices are now unwind the early-2014 boosts from harsh winter weather and Middle East turmoil. Trade prices have more generally been moving sideways since 2011 as global growth weakness has allowed commodity price restraint, as has the 1%-3% annual rate of climb for the dollar since 2011. For 2014 overall, export prices ex-agriculture and import prices ex-petroleum are showing a slight firming path, with respective year-to-date gains of 0.6% and 0.5% that follow respective 2013 declines of 0.3% and 1.2% and near-zero figures of -0.3% and 0.1% in 2012. For the remaining July inflation reports, analysts expect flat headline figures for CPI, PCE chain prices and PPI, with core price gains of 0.2% for CPI and 0.1% for PCE chain prices and PPI.
09:05 EDTU.S. equities are mildly firmer
U.S. equities are mildly firmer after the round of tame trades price and the claims rebound. Following the "bad is good" theme from yesterday, stocks perversely rebounded overnight led by Europe after negative GDP prints littered around the region led the markets to conclude that more stimulus would be forthcoming from the ECB. Likewise, in Asia another round of slim China lending data encouraged the same belief in the PBoC. Russia's Putin also vowed to do everything possible to stop the Ukraine conflict, though that's a double-edged sword of course. The Dow is 4-points firmer, S&P gained 1-point and NASDAQ is 2-points higher in pre-open action, shedding earlier gains. Meanwhile, Wal-Mart and Cisco missed on the earnings front, capping gains overnight, while Macy's slashed its full-year guidance, though Kohl's beat.
08:52 EDTFutures off highs, still point to slightly higher open
Stock futures are off their earlier highs but are still pointing to a slightly higher open for the broader market following the release of the weekly jobless claims data. Initial claims were 311K, versus the expected 295K, while continuing claims were 2.54M versus the expected 2.5M. The import price index showed a decline of 0.2%, versus an expected decline of 0.3%.
08:50 EDTThe 21k U.S. initial claims bounce to 311k
Subscribe for More Information
08:45 EDTU.S. import prices fell 0.2%, while export prices were flat in July
U.S. import prices fell 0.2%, while export prices were flat in July. There were no revisions to June data that showed a 0.1% increase in import prices and a 0.4% decline in export prices. Petroleum import prices rose dropped 1.2% after strong gains in May and June. Excluding petroleum, prices were unchanged. Food and beverage import prices rebounded 1.0% after declines in the prior 3 months. Import prices with China and Canada dipped 0.2%. Agricultural export prices rose dove 2.2% in July, and prices were up % excluding ag rose 0.3%. Headline data weren't as analysts as analysts projected, but still don't imply any strong pick up in inflation.
08:45 EDTTreasury Action: yields probed lows once more
Subscribe for More Information
08:31 EDTJobless Claims data reported
Subscribe for More Information
08:20 EDTOil Action: NYMEX crude is down 17 cents at $97.42/bbl
Subscribe for More Information
08:15 EDTU.S. trade price preview:
Subscribe for More Information
08:15 EDTU.S. weekly jobless claims preview:
U.S. weekly jobless claims preview: jobless claims for the week ended August 9 are expected to see a 3k decrease to 286k (median 298k) as analysts expect the recent decline to continue. The 14k claims drop to 289k in the first week of August defied the expected unwind of the July retooling distortions that was presumably evident with the prior 23k pop to 303k (was 302k) from the 279k mid-July cycle-low, as claims appear to be oscillating around tighter levels following the July vehicle sector retooling.
07:50 EDTTreasury Market Outlook: global bonds are higher
Subscribe for More Information
07:41 EDTFutures point to higher open following yesterday’s advance
Subscribe for More Information
07:40 EDTN.Y. FX Outlook
Subscribe for More Information
07:12 EDTFDA Pulmonary-Allergy Drugs Advisory Committe to hold a meeting
Subscribe for More Information
06:55 EDTFX Update: The dollar came under moderate pressure
Subscribe for More Information
06:01 EDTOn The Fly: Morning Wrap-Up for August 14
Globex S&P futures are recently down 0.70 from previous day’s SPX cash close. Nikkei 225 up 0.66%, DAX down 0.39%. WTI Crude oil is recently at $97.35, natural gas down 0.39%, gold at $1316 an ounce, and copper down 0.29%.
05:51 EDTAugust front month equity options last day to trade August 15, 2014
August 13, 2014
16:03 EDTWeek of 8/22 EIA Petroleum Status Report to be released at 10:30
16:03 EDTWeek of 8/22 MBA Purchase Applications to be released at 07:00
Subscribe for More Information
15:10 EDTU.S. trade price preview:
Subscribe for More Information
15:05 EDTTreasury Action: August refunding concludes with the 30-year sale
Treasury Action: August refunding concludes with the 30-year sale Thursday. So far the auctions have gone ok and tomorrow's should too, even though the wi richened over 3 bps to 3.245%. That would be the lowest rate since May 2013. Indeed, the lowest yield in over a year on the 10-year didn't really hurt today's auction thanks to the still benign inflation outlook and dimmed worries over aggressive Fed rate action. Many of the factors that helped underpin today's sale should support the bond as well, including wide spreads to other sovereigns, generally bullish momentum, and geopolitical risks. Last month's $13 B reopening was awarded at 3.369% and garnered a 2.40 cover and a whopping 53.2% indirect bid.
15:00 EDTTreasury Closing Summary:
Treasury Closing Summary: A grim July retail sales report put Treasuries back on the boil Wednesday, even boosting stocks with the "bad is good" school of investing back in session. That was because the weaker than expected consumer snapshot, along with damp global data and cool BoE inflation report fed back into the notion that the Fed now has more room for patience in kick-starting the tightening cycle. Despite very low yields and nary a concession, the 10-year auction found ready buyers.
13:25 EDTTreasury Option Action: mixed bag positioning
Treasury Option Action: mixed bag positioning was the rule in the 10-year, leaving volatility to drift a hair lower on the day. Among them were bearish purchases of 2k in October 123 puts and 1k in September 124+/125/125+ put trees. On the bullish side were purchases of 3k in September 126 calls and 1k in December 127/128/128+ call trees. In addition, there were bullish sales of 1k in October 123/124 put spreads, 5k in October 122 puts, 2k in December 125 puts and 2k in Sep/Oct 122 put calendars. September 10-year futures are 7.5-ticks firmer near 126-02 compared with a 126-05 to 125-18 range today.
13:15 EDTTreasury's $24 B 10-year auction was well subscribed
Subscribe for More Information
13:15 EDTTreasury Action: yields ticked up from lows
Subscribe for More Information
12:55 EDTFX Action: USD-CAD has been mired
Subscribe for More Information
12:50 EDTU.S. dollar swap spreads leveled off
U.S. dollar swap spreads leveled off and tapered back in somewhat this week, in line with some moderation in risk aversion, though other risk proxies like gold is still elevated near $1,310. Treasury yields remain low too, which is keeping spreads from tightening much, though there could be a small flicker around the roll to the new 10-year notes after today's auction. The 2-year swap spread topped out at +24 bp (mid) Friday and has since drifted back to lows of +22 bp today before backing up to +23 bp again. The 10-year spread peaked at +16.75 bp (mid) Friday and since rolled back to +14.75 bp narrows.
12:40 EDTTreasury $24 B 10-year auction preview: outlooks are mixed
Subscribe for More Information
11:25 EDTU.S. equities are in ramp mode again
Subscribe for More Information
11:20 EDTU.S. corporate bond update: a few issuers are competing with Treasury
Subscribe for More Information
11:15 EDTTreasury 10-year auction outlook: the auction could see moderate demand
Subscribe for More Information
11:10 EDTNY Fed bought $0.423 B in TIPS in today's buyback
Subscribe for More Information
10:50 EDTToday's U.S. major reports both undershot assumptions
Today's U.S. major reports both undershot assumptions, with component data that were weaker than the restrained headline figures. Analysts saw a flat retail sales figure in July with a tiny 0.1% rise for the ex-auto and "control" measures, while Q2 sales were lowered for the important components that enter GDP calculations. Similarly, analysts saw a restrained 0.4% June business inventory rise, with a skewing in the June gain to the auto component that also doesn't enter GDP calculations. Analysts now assume a downward Q2 GDP growth bump to 3.8% from 4.0%, and our Q3 GDP estimate has been lowered to 3.2% from 3.5%. Note also that today's MBA weekly mortgage market purchase index fell again, leaving potential for this measure to set a new month-average cycle-low in August.
10:40 EDTOil Action: Front month NYMEX crude fell to $97.04
Oil Action: Front month NYMEX crude fell to $97.04 from $96.98 following the EIA inventory data which showed a 1.4 M bbl rise in crude stocks. The street had been expecting a 2.0 M bbl decrease. Meanwhile, gasoline supplies, down 1.5 M bbls actually fell 1.2 M bbls, while distillate stocks were down 2.4 M bbls, versus expectations for a 0.5 M bbl increase. Refinery usage fell to 91.6% from 92.4%.
10:31 EDTCrude Inventories for the week of August 8
Subscribe for More Information
10:30 EDToutright purchase: the Fed is buying $0.35 B to $0.45 B in TIPS
Subscribe for More Information
10:20 EDTTreasury Action: yields have steadied above lows
Subscribe for More Information
10:20 EDTThe expected 0.4% June U.S. business inventory rise
The expected 0.4% June U.S. business inventory rise followed a downwardly-revised 0.5% (was 0.6%) May gain to leave a weaker inventory path than the BEA assume in constructing the 4.0% Q2 GDP growth estimate, and analysts now assume a downward bump in Q2 growth to 3.8%. The downwardly-revised 3.8% (was 4.0%) Q2 GDP growth figure should include a big $24 B downward inventory revision, with downward bumps of $12 B for wholesalers, $6 B for both factories and retailers. This should accompany a $1 B downward consumption revision, but boosts of $15 B in net exports, $3 B in construction, and $2 B in equipment. Our 3.2% Q3 GDP growth forecast incorporates a flat inventory figure, following the expected $34 (was $58) B inventory boost to Q2 GDP growth that translates to a $69.4 (was $93.4) B accumulation rate. For today's inventory specifics, analysts saw a largely expected 0.5% retail inventory rise, alongside already-reported gains of 0.3% for both factories and wholesalers, though the retail gain was skewed toward the auto-component that isn't used for GDP calculations.
10:15 EDTU.S. business inventories rose 0.4% in June
Subscribe for More Information
10:00 EDTBusiness Inventories data reported
Subscribe for More Information
09:55 EDTFX Action: USD-JPY is recovering
Subscribe for More Information
09:55 EDTU.S. Business Inventories Preview
U.S. Business Inventories Preview: June business inventories are expected to reveal a 0.4% (median 0.4%) increase for inventories along with a matching 0.4% increase for sales for the month. Data in line with this forecast would leave the I/S ratio steady at 1.29 for a fourth month in a row.
09:55 EDTFed Policy Outlook: the Fed remains on course to normalize policy
Subscribe for More Information
09:50 EDTEuro$ interest rate options: mixed early activity
Subscribe for More Information
09:47 EDTMarket opens higher despite weak retail sales
Subscribe for More Information
09:40 EDTNY Fed dove Dudley discussed wholesale funding markets
Subscribe for More Information
09:35 EDTThe flat July retail sales headline with a tiny 0.1% ex-auto rise
Subscribe for More Information
09:35 EDTBoston Fed dove Rosengren discussed technical issues
Boston Fed dove Rosengren discussed technical issues and not policy or the economy, among them overdue broker-dealer regulations, capital requirements and limits on repo use by broker-dealers. Nothing to see here folks, move along.
09:05 EDTU.S. equities lost some traction
Subscribe for More Information
08:45 EDTFX Action: The dollar slipped after the retails sales data
FX Action: The dollar slipped after the retails sales data missed expectations, taking EUR-USD to 1.3392 from 1.3365, and USD-JPY to 102.30 from over 102.45. Equity futures gave back some of their gains though remain in positive territory, while Treasury yields slipped.
08:41 EDTFutures remain higher following retail sales data
Subscribe for More Information
08:40 EDTHeadline U.S. retail sales were unchanged
Headline U.S. retail sales were unchanged in July with the ex-auto component up 0.1%, both missing expectations. June's sales were unrevised at 0.2% overall, and 0.4% ex-autos.
08:20 EDTU.S. Retail Sales Preview
Subscribe for More Information
08:20 EDTOil Action: NYMEX crude is down 3 cents at $97.34/bbl
Oil Action: NYMEX crude is down 3 cents at $97.34/bbl into the N.Y. open. The combination of softer demand in China and Europe, OPEC pumping at its highest levels since March, and steadily increasing U.S. output have kept oil price gains at bay. Support is seen at $96.60-40 now, representing last week's, and May lows.
07:50 EDTN.Y. FX Outlook
N.Y. FX Outlook: Soft EU, U.K. and Japanese data supported the dollar overnight. EUR-USD did manage to remain above the 1.3333 trend low, while cable dove to two-month lows, and USD-JPY rallied to six-session highs. The U.S. calendar reveals July retail sales at 8:30 EDT, followed by June business inventories at 1000 EDT, and weekly EIA petroleum inventory data at 10:30 EDT.
07:45 EDTU.S. MBA mortgage market index fell 2.7%
U.S. MBA mortgage market index fell 2.7% in data released earlier, on top of a 1.0% dip in the purchase index and a 4.0% drop in the refinancing index for the week ended Aug-8. The average 30-year mortgage rate was flat at a low 4.35% as Ukraine and Iraq tensions helped keep a lid on market yields, along with mixed global economic news. The Fed is a bit of a victim of its own success in propping up housing prices, which kept further foreclosures from spiraling out of control and permanently damaging the financial sector, but also priced out many from the housing market. For more on housing, see our existing home sales, housing starts and housing starts reports.
07:38 EDTEquity futures higher, on track for modest bounceback at open
Subscribe for More Information
07:20 EDTFX Update: The dollar remained in the ascendant
Subscribe for More Information
06:00 EDT On The Fly: Morning Wrap-Up for August 13
Subscribe for More Information
05:54 EDTOn The Fly: Morning Wrap-Up for August 13
Subscribe for More Information
05:50 EDTAugust front month equity options last day to trade August 15, 2014
Subscribe for More Information
August 12, 2014
23:05 EDTJapan's GDP fell 6.8% in Q2
Subscribe for More Information
15:53 EDTCredit Suisse to hold a conference
Subscribe for More Information
15:52 EDTFederal Reserve Bank of New York and Boston to hold a workshop
Subscribe for More Information
15:51 EDTFederal Reserve Bank of New York and Boston to hold a workshop
Subscribe for More Information
15:00 EDTTreasury Closing Summary:
Subscribe for More Information
14:15 EDTFX Action: It appears a one-off sell order
Subscribe for More Information
14:15 EDTTreasury Action: yields are settling below highs
Subscribe for More Information
14:10 EDTU.S. Treasury posted a $94.6 B budget deficit in July
U.S. Treasury posted a $94.6 B budget deficit in July, a 3.1% y/y improvement compared to the $97.6 B July 2014 red ink amount. Receipts rose 5.3% y/y while outlays increased 2.5% y/y. For the fiscal year to date, the deficit totals $460.5 B, compared to $607.4 for the same 10-month period last year, a 24.2% improvement. Analysts're still forecasting a $475 B budget shortfall for fiscal 2014, significantly improved from the $680 B FY2013 deficit.
14:07 EDTAugust State Street Investor Confidence Index to be released at 10:00
Subscribe for More Information
14:07 EDTAugust Consumer Confidence to be released at 10:00
Subscribe for More Information
14:00 EDTTreasury Budget data reported
July Treasury Budget at -$94.6B vs consensus of -$96.0B
14:00 EDTWeek of 8/23 Redbook to be released at 08:55
Subscribe for More Information
14:00 EDTJuly Durable Goods Orders to be released at 08:30
Subscribe for More Information
13:50 EDTU.S. Treasury budget deficit preview:
U.S. Treasury budget deficit preview: The Treasury is expected to report a $96.0 B deficit for July (median -$96.0 B), versus a $97.6 B deficit in July of last year. This estimate aligns with the CBO Monthly Budget Review released August 7. Receipts are expected to rise 5%, or $10 B y/y, to extend prior gains of 13% in June and 1% in May. Receipts have increased y/y since February of 2012, including a 28% surge in April of 2013. Outlays are expected to rise 3% y/y, or $8 B, to $306 B. preview for more.
13:45 EDTU.S. equities lost momentum
U.S. equities lost momentum and are lingering in shallow negative territory, with European bourses limping home today with a 0.78% drop in the Euro Stoxx 50 and 1.21% drop in the German DAX on the sour ZEW. News of a 280 Russian truck "humanitarian" convoy heading to the Ukraine caused serious market qualms early, especially amid evidence it had been in the works for a while and was not invited or part of the Red Cross effort yet. High drama in the Ukraine hryvnia and Russia ruble lent to the air of crisis still, though Russian stocks rebounded from lows to roughly unchanged. Within the Dow the largest losses were on Chevron -0.8% and Exxon -0.5%, leading energy sector shares lower amid IEA reports of a supply surplus, while biggest gains were posted by du Pont +0.8% and Merck +0.6%.
13:15 EDTTreasury's $27 B 3-year auction results were mixed, but it priced well
Subscribe for More Information
13:15 EDTTreasury Action: short yields nudged up
Treasury Action: short yields nudged up on the mixed 3-year sale results before easing back down from highs with the current 3-year yield popping over 0.904% before pulling back below 0.90% again compared to the 0.924% award rates on the new notes.
12:50 EDTTreasury 3-year auction preview: today's sale could see light demand
Subscribe for More Information
12:30 EDTWeek of 8/23 ICSC-Goldman Store Sales to be released at 07:45
Subscribe for More Information
11:55 EDTTreasury's upsized $50 B 4-week bill sale was on the soft side
Treasury's upsized $50 B 4-week bill sale was on the soft side, likely in part because of the unexpectedly large $10 B increase versus last week. The bill was awarded at 0.04%, right on the screws, and up from last week's 0.02%. Bids totaled $186.3 B for a 3.73 cover, down from last week's 4.26, and well below the 4.22 average. Indirect bidders took 19.7% versus 23.4% previously, and a 19.5% average.
11:55 EDTJapan's Q2 GDP to Plunge Due to Tax Hike:
Subscribe for More Information
11:15 EDTNY Fed bought $1.094 B in bonds
Subscribe for More Information
11:15 EDTTreasury 3-year auction outlook: the $27 B 3-year sale kicks off the refunding
Treasury 3-year auction outlook: the $27 B 3-year sale kicks off the refunding. These could be a difficult set of auctions as Fed rate hikes are a factor. The wi trades at 0.925%, at the high end of the 0.94% to 0.83% range. It would also be one of the highest award rates in over 3 years, though not as cheap as stop-out rates over the past three months. With the FOMC increasingly seen tightening policy by the middle of 2015, if not earlier, some buyers may balk and want to hold out for a 1.0% handle. However, there's still considerable anxiety in the markets regarding growth dynamics, along with considerable geopolitical risks, which could help underpin the auction. July's auction was rather average. It stopped at 0.992% and garnered a 3.38 cover (3.33 average) and a 38.2% indirect bid (33.2% average). Direct bidders were awarded 12.7% versus 19.4% previously, while primary dealers took 49.1% compared to 54.1%.
11:15 EDTEuro$ interest rate options: some put positioning
Subscribe for More Information
11:10 EDTTreasury 3-year auction outlook: the $27 B 3-year sale kicks off the refunding
Subscribe for More Information
10:35 EDTTreasury Action: yields were given a JOLT
Subscribe for More Information
10:30 EDTNY Fed outright purchase: the Fed is buying $0.095 B to $1.15 B in bonds
NY Fed outright purchase: the Fed is buying $0.095 B to $1.15 B in bonds dated from February 15, 2036 through May 15, 2044. The small purchase could provide some support to the long-end, which is underperforming despite the advent of the 3-year auction. The benchmark 30-year yield is flat
10:15 EDTU.S. JOLTS reported job openings rose 94k to 4,671k in June
U.S. JOLTS reported job openings rose 94k to 4,671k in June from a revised 4,577k in May (was 4,635k). This is the highest level since February 2001. The rate rose to 3.3% from 3.2% previously. Hirings rose 92k to 4,830k, versus 4,738k previously (revised form 4,718k), which pushed up the rate to 3.5% from May's 3.4%. Quitters increased 47k to 2,534k, from May's 2,5487k (revised from 2,527k). The rate was steady at 1.8%. The data are consistent with most of the job numbers seen over much of this year.
09:50 EDTFX Action: USD-JPY sold off marginally
FX Action: USD-JPY sold off marginally to 102.09 lows, with intra day sellers stepping in on the move under 102.23, which marked the London low. Bids noted into 102.00 have resulted in a slight rebound, though gains have been tempered by a softer Wall Street open. A rebound in risk levels will support dollar-yen, though further erosion in equities could see stops under 102.00 threatened.
09:50 EDTJPMorgan Treasury Client Survey pared longs
Subscribe for More Information
09:35 EDTMarket hopes to build on advance but starts slightly in the red
Subscribe for More Information
08:55 EDTRedbook Store Sales data reported
Subscribe for More Information
08:45 EDTU.S. equities attempted to find fresh equilibrium
U.S. equities attempted to find fresh equilibrium with global equities steadying with mixed performances overnight. Another quiet U.S. session lays ahead in economic terms, with focus on the Ukraine and Mideast still lingering in the background. A plunge in the German ZEW index due in turn to regional tensions has knocked the Euro Stoxx 50 0.4% lower, while the German DAX is off 0.7% and Russian bourses are 0.2-0.7% lower. In Asia, stocks were mixed as well, with Nikkei up 0.2% and Shanghai Comp down 0.14%. The Dow is 6-points higher, S&P is a point firmer and NASDAQ is up 2-points ahead of the open. In company news, ReneSola rose 7% after a beat, Intercept Pharma surged 57% after a clinical trial and Nuance Communications sank 10% after a not-so-subtle Q3 earnings miss. Scotts Miracle-Gro gained 5% after a special dividend and share buy-back.
08:25 EDTOil Action: NYMEX crude is down 81 cents
Subscribe for More Information
08:00 EDTU.S. ICSC Goldman Sachs chain store sales index dropped 1.4%
Subscribe for More Information
08:00 EDTTreasury Market Outlook: Treasuries are little changed to lower
Treasury Market Outlook: Treasuries are little changed to lower, underperforming other core sovereign bond markets. Asian accounts have been noted sellers in thin volume. German Bunds are higher after another disappointing ZEW reading, where the 8.6 print was the lowest since December 2012 as Ukraine worries hurt sentiment. The Treasury market also has seen some set up for today's supply with the $27 B 3-year note auction. The wi 3-year trades at 0.925%, flat on the session, but one of the cheapest levels in years. U.S. equity futures are a little higher, in sync with gains in Asia, but against the grain of weaker European bourses. Today's data calendar is thin with just June JOLTS data, the July Treasury budget, and weekly chain store sales. The NY Fed will buy $0.095 B to $1.15 B in bonds.
07:50 EDTN.Y. FX Outlook
Subscribe for More Information
07:46 EDTICSC-Goldman Store Sales data reported
Subscribe for More Information
07:45 EDTU.S. NFIB small business confidence rose 0.7% to 95.7 in July
Subscribe for More Information
07:12 EDTMarket setting up for a quiet session
Subscribe for More Information
05:56 EDTOn The Fly: Morning Wrap-Up for August 12
Subscribe for More Information
05:55 EDTFX Action: USD-JPY made a five-day peak of 102.36
FX Action: USD-JPY made a five-day peak of 102.36 amid a generally firm dollar environment as the market anticipates recovery-affirming data out of the U.S. this week. Japanese exporter selling interest is reported around 102.50. The yen has also lost its upside bias amid the abatement in geopolitical tensions. USD-JPY breached the 200-day moving average at 102.32, though the pair has yet to make a clear break. Support is now marked at 102.17-20 ahead of 102.00-08 (which encompasses the 100-day moving average). Analysts remain USD-JPY bullish on the assumption that geopolitical concerns remain contained.
05:52 EDTAugust front month equity options last day to trade August 15, 2014
Subscribe for More Information
05:30 EDTGreece sold EUR 1.3 B in 13 week Treasury bills
Subscribe for More Information
02:05 EDTFX Update: The dollar rose across-the-board
Subscribe for More Information
August 11, 2014
16:11 EDTJuly New Home Sales to be released at 10:00
Subscribe for More Information
15:15 EDTTreasury Closing Summary:
Subscribe for More Information
13:45 EDTTreasury Option Action: a super quiet start to the week
Subscribe for More Information
13:35 EDTTreasury Action: curve trade has been minimal
Treasury Action: curve trade has been minimal today after some talk of slight steepening into this week's dose of supply, which has been largely washed back out again. The 2s-10s spread widened out a basis point to the +198 bp area first thing, but has since reposed back near +197 bp again as the first issue on tap is the $27 B 3-year note auction tomorrow anyway. 5s-30s has settled back inside +162 bp as well.
13:00 EDTTreasury Action: traders await the 3-year auction tomorrow
Treasury Action: traders await the 3-year auction tomorrow. There's some concern that the low volume conditions will limit demand. There's been little set up for the auctions so far too. The wi 3-year is flat at 0.925%. Though that would be one of the cheapest levels in years, with the Fed likely to end QE in October and start hiking rates sometime after that, buyers could remain sidelined, holding out for a 1% handle. The July auction was ok, rather routine, stopping at 0.992% and garnering a 3.38 cover (3.34 average) and a 38.2% indirect bid (33.4% average).
12:50 EDTFX Action: USD-CAD touched session lows of 1.0927
Subscribe for More Information
11:55 EDTTreasury's $54 B 3- and 6-month bill sale was strong
Subscribe for More Information
11:50 EDTFX Action: USD-JPY posted N.Y. session highs
Subscribe for More Information
11:45 EDTU.S. equities maintained their bid
Subscribe for More Information
11:10 EDTTreasury announced a $50 B 4-week bill auction for Tuesday
Treasury announced a $50 B 4-week bill auction for Tuesday. The debt managers boosted the size by $10 B compared to last week's volume, and brings auction supply to $171 B, including today's $54 B 3- and 6-month bill offering and the $67 B refunding.
11:00 EDTU.S. dollar interest rate swap spreads have narrowed
Subscribe for More Information
09:55 EDTEuro$ interest rate options: bearish positioning
Subscribe for More Information
09:49 EDTGlobal calm leads to higher market open
Subscribe for More Information
09:45 EDTU.S. corporate bond update: a heavy calendar greets traders
Subscribe for More Information
09:40 EDTTreasury Action: Treasuries are a flat to richer ahead of this week's supply
Subscribe for More Information
08:55 EDTFX Action: USD-CAD has eased back to 1.0950
Subscribe for More Information
08:40 EDTU.S. equities extended Friday's rebound
Subscribe for More Information
08:35 EDTBofA/Merrill economist & strategist hold an analyst/industry conference call
Subscribe for More Information
08:33 EDTCitigroup securitized products analysts hold analyst/industry conference call
Subscribe for More Information
08:30 EDTFed VC Fischer said slower growth in labor supply is a "source of concern,"
Subscribe for More Information
08:24 EDTBarclays industrials analysts hold an analyst/industry conference call
Subscribe for More Information
08:22 EDTCitigroup healthcare services and managed care analysts hold a conference call
Subscribe for More Information
08:17 EDTJefferies energy analysts hold an analyst/industry conference call
Analysts provide a weekly industry update on an Analyst/Industry conference call to be held on August 11 at 8:15 am.
08:14 EDTFDA to hold a public hearing
Subscribe for More Information
08:10 EDTOil Action: NYMEX crude is up 20 cents at $97.85/bbl
Oil Action: NYMEX crude is up 20 cents at $97.85/bbl into the N.Y. open, with gains limited by some relative calm on the geopolitical front, and ample supply. With Russia apparently stepping back from the Ukraine border, and U.S. bombing runs in Iraq allowing Kurdish forces to make some headway against ISIS, the geopolitical picture has steadied to a degree. This said, prices will be subject to event risk, so the oil market will remain nervous.
08:10 EDTCanada Housing Starts Preview
Subscribe for More Information
07:55 EDTTreasury Market Outlook: Treasuries are lower as risk appetite picks up
Subscribe for More Information
07:40 EDTN.Y. FX Outlook: The dollar is a bit firmer
N.Y. FX Outlook: The dollar is a bit firmer going into the N.Y. open, making up some ground versus the euro, which trades under 1.3400 after Friday's short squeeze, while holding over 102.00 versus the yen. Kurdish gains against ISIS in Iraq, aided by U.S. bombings, another cease fire in the Israel/Gaza conflict, and the apparent pulling back of Russian forces from the Ukraine border have all combined to cool global risk aversion, though geopolitical forces are far from tranquil. A lack of U.S. data this morning will keep markets focused on events, though for now, risk-on is partially back in fashion.
07:15 EDTEasing global tension lift futures
Subscribe for More Information
07:05 EDTFX Update: EUR-USD drifted back under 1.3400
FX Update: EUR-USD drifted back under 1.3400, correcting some of Friday's gains in quiet early-week trade. Friday's price action was a short squeeze driven by news of a possible Russian-led de-escalation in the Ukraine. News that Russia has finished military jet exercises and another ceasefire between Israel and Palestine helped stock markets in Europe, though the geopolitical situation in both the Mideast and Ukraine remains convoluted. AUD-USD made fresh a fresh intraday low at 0.9261, which marks about a 50% retrace of Friday's rebound rally. Good selling interest was reported during the Sydney session following a brief pop above 0.9290. USD-JPY was steady in the low 102s. The BoJ's monthly report said that exports are likely to recover moderately as overseas economies improve, and that household spending should remain firm, reflecting improvements in jobs, income as sales tax effect begins to subside.
06:44 EDTPacific Crest to hold a forum
16th Annual Global Technology Leadership Forum will be held in Vail, Colorado on August 10-12.
05:59 EDTOn The Fly: Morning Wrap-Up for August 11
Globex S&P futures are recently up 6.80 from previous day’s SPX cash close. Nikkei 225 up 2.38%, DAX up 1.39%. WTI Crude oil is recently at $97.75, natural gas up 1.16%, gold at $1309 an ounce, and copper up 0.63%.
05:51 EDTAugust front month equity options last day to trade August 15, 2014
Subscribe for More Information
03:05 EDTFX Update: Narrow ranges have prevailed
Subscribe for More Information
August 9, 2014
15:51 EDTObama indicates U.S military to have lengthy role in Iraq, WSJ says
Subscribe for More Information
August 8, 2014
19:07 EDTConsumer Sentiment Index to be reported at 09:55
Consumer Sentiment Index will be reported at 09:55 . Current consensus is 82.3
19:07 EDTIndustrial Production Capacity Utilization Rate to be reported at 09:15
Subscribe for More Information
19:07 EDTEmpire State Mfg Survey General Business Conditions Index to be reported at 08:30
Subscribe for More Information
19:07 EDTImport Prices data reported.
July Import Prices at % vs. consensus of down 0.2% for the month.
19:07 EDTRetail Sales less autos to be reported at 08:30
Subscribe for More Information
15:20 EDTTreasury Closing Summary:
Subscribe for More Information
14:50 EDTFed Policy Outlook: a couple of upcoming events could be crucial for the markets
Subscribe for More Information
14:35 EDTAction Economics Survey results:
Subscribe for More Information
13:50 EDTAnother late leg higher on stocks
Subscribe for More Information
13:20 EDTTreasury Refunding Preview:
Treasury Refunding Preview: next week's $67 B in auctions could provide an important glimpse on demand amid a variety of risk factors and evolving outlooks on economic growth, inflation, and central bank dynamics. So far risk aversion and the bullish momentum in bonds are trumping set up for supply. Treasury yields remain sharply lower on the week, with the long end outperforming to keep flattening trades intact. It's not clear yet what forces will dominate next week, fundamentals, technicals, positioning, data, central bank dynamics, or geopolitics, all amid thin summer trading conditions. The wi 3-year is slightly lower at 0.895%, while the 10-yeawr is at 2.40%, with the 30-year at 3.220%. For the 3-year, this would be one of the cheapest award rates in several years, but for the longer-dated coupons, these are some of the richest levels.
12:40 EDTSolid July Boeing aircraft orders
Solid July Boeing aircraft orders will lift the durable and factory orders headlines for the month, with a robust transportation and aircraft lift that will add to the huge July transportation boost from a vehicle assembly rate pop to an estimated 12.6 M units attributable to limited auto retooling. Boeing posted a surge in aircraft orders to 324 in July from 109, thanks to the Farnborough air show, despite a drop in deliveries to 58 planes from a solid 71. Durable orders should post a July rise in the 3.0% area despite an assumed 1.1% ex-transportation decline, while factory goods orders rise 2.0% despite a lean 0.2% ex-transportation rise. All the factory figures in the current expansion have been lifted substantially from a booming aircraft sector, a sharp vehicle sector recovery from a deep recession-low, and soaring growth in the U.S. mining industry.
12:30 EDTU.S. dollar swap spreads drove out again
Subscribe for More Information
12:10 EDTEuro$ interest rate futures remain bid
Subscribe for More Information
10:40 EDTThe U.S. wholesale trade report
The U.S. wholesale trade report revealed tiny June gains of 0.2% for sales and 0.3% for inventories that undershot larger respective prior gains of 0.7% and 0.3% (was 0.5%) in May, and 1.3% and 1.0% in April to leave a disappointing report overall. Analysts no longer expect a revision in the 4.0% Q2 GDP growth figure, given a likely big $12 B downward Q2 bump in wholesale inventories alongside a $6 B factory inventory hit that leave a big $18 B downward bump for Q2 inventories overall. The expected Q2 GDP growth boost reflects an expected $15 B hike in net exports, a $3 B boost in construction, and a $2 B boost in equipment. Analysts still assume Q3 GDP growth of 3.5% with a tiny $1 B inventory subtraction, following the expected $40 (was $58) B inventory boost to Q2 GDP growth that translates to a $75.4 (was $93.4) B accumulation rate. For monthly forecasts, analysts expect a 0.4% (was 0.5%) June business inventory rise, given today's 0.3% wholesale increase, the 0.3% factory inventory rise, and an assumed 0.5% retail inventory gain.
10:20 EDTTreasury Action: Treasuries are taking their cues mostly from stocks
Treasury Action: Treasuries are taking their cues mostly from stocks and overseas events today, and not data. There was no response to the weaker than expected wholesale trade report, that could nudge down Q2's 4.0% GDP growth rate. The markets are taking more of a wait and see stance currently after some wild swings earlier. The benchmark 10-year note is holding around 2.38%.
10:10 EDTU.S. wholesale inventories increased 0.3% in June, and sales were up 0.2%
U.S. wholesale inventories increased 0.3% in June, and sales were up 0.2%, both below expectations. The 0.5% inventory gain in May was nudged down to 0.3%. The 0.7% print on May sales was not revised. Durable goods inventories paced the gain, rising 0.7% with the aid of a 1.8% rebound in computers, while non-durable sales slipped 0.2%. Auto sales rose 2.1% and helped support the headline gain. The inventory-sales ratio was steady at 1.17 (May was revised down from 1.18).
09:53 EDTMarket opens higher despite U.S. military action in Iraq
Subscribe for More Information
09:10 EDTThe slightly larger than expected 2.5% Q2 U.S. productivity rise
Subscribe for More Information
08:50 EDTCitigroup homebuilding analysts hold an analyst/industry conference call
Analysts, along with Metrostudy' Chief Economist Brad Hunter, discuss Metrostudy's Quarterly Survey of Finished & Future Lot/Home Supply on an Analyst/Industry conference call to be held on August 14 at 11 am.
08:50 EDTTreasury Action: there was no response to the mixed productivity data
Subscribe for More Information
08:45 EDTFX Action: USD-CAD rallied sharply
Subscribe for More Information
08:40 EDTFX Action: The dollar was unmoved
Subscribe for More Information
08:40 EDTU.S. productivity growth rose 2.5% in Q2
Subscribe for More Information
08:38 EDTInvestors remain cautious following authorization of bombing in Iraq
Subscribe for More Information
08:35 EDTTreasury Action: risk aversion is subsiding thanks to tweets out of Russia
Subscribe for More Information
08:30 EDTOil Action: NYMEX crude is up 24 cents at $97.58/bbl
Subscribe for More Information
08:07 EDTDA Davidson active lifestyle analyst to hold an analyst/industry conference call
Subscribe for More Information
08:00 EDTN.Y. FX Outlook
Subscribe for More Information
07:52 EDTArgus Research to hold an analyst/industry conference call
Subscribe for More Information
07:45 EDTTreasury Market Outlook: flight to safety continued to underpin bonds
Subscribe for More Information
07:33 EDTU.S. military action has investors on edge
Subscribe for More Information
07:32 EDTFCC to hold a meeting
Open Commission Meeting is being held at FCC Washington, D.C. offices on August 8 at 10:30 am. Webcast Link
06:38 EDTChina's exports jumped 14.5% last month, Xinhua reports
Subscribe for More Information
05:58 EDTOn The Fly: Morning Wrap-Up for August 8
Subscribe for More Information
05:52 EDTAugust front month equity options last day to trade August 15, 2014
Subscribe for More Information
03:55 EDTIraq crisis hits markets.
Subscribe for More Information
01:50 EDTBoJ kept policy unchanged
Subscribe for More Information
<< 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | all recent NOSYMBOL news | >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use