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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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May 29, 2015
13:15 EDTAction Economics Survey results:
Action Economics Survey results: Q1 GDP growth wasn't quite as weak as the median suggested, falling "only" 0.7%. But, the composition of that report, along with recent data, don’t indicate Q2 is bouncing sharply. And it’s still not clear how much of this sluggishness can be blamed on "transitory" factors. Nevertheless, a Fed rate hike in September is still in the cards, as indicated by the Median forecast. Fedspeak of late, even from the doves, has suggested policymakers want to start the normalization process. But will that be possible as soon as next quarter? The FOMC will need to see stronger data over the next couple of months to make liftoff credible. There are a lot of numbers due out next week that will feed directly into the Fed's outlook. The Survey Medians show modest gains for April income and consumption of 0.3% and 0.2%, respectively. The ISM is expected to bounce to 52.0 in May, but the ISM services index should dip to 57.0. The highlight of the week will be Friday's jobs report, where payrolls are seen rising 220k, with the unemployment rate holding at 5.4%. Average hourly earnings are expected to tick up to 0.2%.
12:40 EDTStocks and USD-JPY got a leg up
Stocks and USD-JPY got a leg up on reports that Greece will make its June 5 IMF payment as scheduled, according to its Economy Minister Stathakis, quoted by various sources. While that may provide fodder for short-covering gains into month-end, many remain suspect of the credibility of such assertions from Greek officials, which haven't been supported by European, EU or IMF officials and creditors of late. NASDAQ is back nearly to unchanged and USD-JPY poked back above 124.00. Meanwhile, the Euro Stoxx index settled over 2.0% lower and France's CAC sank 2.5% as credibility on the Continent doesn't run deep.
12:20 EDTFX Action: USD-JPY is back over 124
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11:35 EDTTreasury Option Action: some bearish put buying
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10:40 EDTEnergy Action: NYMEX crude has rallied to three-session highs
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10:30 EDTTreasury Option Action: large calendar rolls
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10:15 EDTFX Action: The dollar continued its trek lower
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10:15 EDTTreasury Action: yields remained subdued
Treasury Action: yields remained subdued following the upward final revision of May U. Michigan sentiment from weak initial readings, both of which were well below the April reading. That leaves the data deck cleared for the week and month, with the downward bias on yields intact especially with index duration extensions just ahead. But the firm bond market, weaker stocks and dollar remain subject to fickle Friday settlement flows and liquidity traps that may keep follow-through in question. If the T-note doesn't decisively take out 2.10% on the downside, there could be some long unwinds back to 2.15% if stocks and dollar-yen lift-off again from lows.
10:15 EDTThe May Michigan sentiment drop
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10:10 EDTU.S. consumer sentiment fell to 90.7 for the final May print
U.S. consumer sentiment fell to 90.7 for the final May print, versus April's 95.9, though it is a little better than the 88.6 May preliminary reading. Both components softened, with the current conditions index sliding to 100.8 from last month's 107.0 (99.8 preliminary). The expectations component fell to 84.2 from 88.8 in April (81.5 for the preliminary). The 1-year inflation index edged up to 2.8% from April's 2.6% (but 2.9% for the May preliminary), with the 5-year index also at 2.8% from 2.6% last month (2.8% preliminary). The weakness for May was presaged by the preliminary figures, so there shouldn't be much market reaction on this report. However, the general tone of weaker than expected data of late should keep Treasuries bid.
10:00 EDTTreasury Action: a big miss on Chicago PMI
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09:55 EDTChicago PMI Business Barometer Index data reported
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09:55 EDTU.S. Chicago PMI unexpectedly dropped 6.1 points to 46.2 in May
U.S. Chicago PMI unexpectedly dropped 6.1 points to 46.2 in May, erasing the 6.0 point increase to 52.3 in April. That's a third reading of the year below 50, and isn't far off of the 13.6 point plunge to 45.8 in February. The index hit a recent high of 65.1 in October 2013. The data should help Treasuries extend their gains.
09:38 EDTMarket starts last trading day of May in negative territory
Stock futures fell slightly during the pre-market trading session and traded below fair value. The revised GDP data showed the economy shrunk in the first quarter, versus the prior look that pointed to slight expansion. Additionally, personal consumption came in below expectations. Today is the last trading day before June, which has historically been one of the worst performing months of the year, begins. In early trading, the Dow is down 48 points, the Nasdaq is down 5 points and the S&P is down 5 points.
09:35 EDTU. Michigan consumer sentimement preview:
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09:35 EDTTreasury Action: Treasury yields remain lower
Treasury Action: Treasury yields remain lower on the combination of the downward revision to GDP, month-end buying, and amid the rally in overseas bonds. The 10-year rate has fallen to 2.10%. The composition of GDP revisions do suggest a modestly slower Q2 growth pace than originally forecast and analysts lowered our estimate to a 2.2% pace from 2.5%. Of course the Fed needs to see a decent rebound from Q1 weakness to support their claim that that the downdraft was mostly "transitory," and so cuts to the outlook could damp expectations for a September rate hike. Meanwhile, month-end buying is also being supported by the advent of the weekend, with next week's calendar providing a lot of risks with respect to Greece, data (including the May jobs report), and an ECB meeting. Note too the month-end extension was revised higher to 0.14 years from the prior estimate of 0.13 years. The German Bund yield is 3 bps lower at 0.50% again for the first time since May 8.
09:25 EDTU.S. Chicago PMI preview:
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09:10 EDTThe downward U.S. Q1 GDP growth bump to -0.7%
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09:10 EDTU.S. Q1 GDP growth was revised lower to -0.7% pace
U.S. Q1 GDP growth was revised lower to -0.7% pace versus a 0.2% pace in the Advance report, and it compares to a 2.2% clip from Q4. That's not quite as weak as forecast. For the latest report, consumption was nudged lower to 1.8% versus 1.9% previously, and is down from a 4.4% Q4 rate. Fixed investment was bumped up to -1.3% versus -2.5% previously thanks to a 2.8% drop in nonresidential activity, versus -3.4% previously, as structures fall 20.8% compared to -23.1% (in large part due to shrinking rig counts in the oil industry). Residential construction was boosted to a 5.0% pace from the prior 1.3%. Government consumption was revised lower to -1.1% from -0.8%. Inventories added $15.0 B, have of the original $30.3 B contribution. Net exports subtracted $77.0 B versus -$50.7 B. The chain price index was steady at -0.1% previously, and is down from Q4's 0.1% and Q3's 1.4% rate. The core rate posted a 0.8% rate from 0.9% previously, and versus 1.1% in Q4 and 1.4% in Q3.
09:05 EDTEuro$ interest rate futures are firming
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