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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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June 29, 2015
14:20 EDTS&P cuts Greece to CCC- from CCC with a negative outlook
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14:20 EDTFX Action: The euro is higher in thin post-Europe trade
FX Action: The euro is higher in thin post-Europe trade despite today having been a tumultuous one in European equity and bond markets. The Stoxx Europe 600 closed 2.7% for the worse, the biggest daily loss this year. The Greek two-year yield rose to 34.4% after a 14 percentage points gain today, while the 10-year yield climbed above 15% for the first time since 2012. EUR-USD, however, has managed to more than recover the sharp losses that were seen first thing in Asia-Pacific, presently settled about 20 pips off the days high at 1.1278. EUR-JPY and other euro crosses are also up. There doesn't appear to be any good explanation why this is so, though it may simply reflect a position clear out as there is both upside and downside risk depending on how developments unfold this week.
14:15 EDTCanada April GDP Preview
Canada April GDP Preview: Analysts expect GDP, due Tuesday, to rise 0.1% in April (median same at +0.1%) after the 0.2% drop in March. An as expected 0.1% gain would leave GDP on track for a 1.0% rise in Q2, which would undershoot the BoC's 1.7% estimate from the April MPR. While the 0.1% gain would be rather modest, it would contrast with the declines in January (-0.2%), February (-0.1%) and March (-0.2%).
14:06 EDTMarket falls to session lows in afternoon trading
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14:05 EDTEuro$ interest rate futures extended gains
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13:55 EDTU.S. VIX equity volatility index bolted 26% higher
U.S. VIX equity volatility index bolted 26% higher to 17.82 highs from lows of 15.82 and as low as 11.93 just a week ago. This is coming hot on the heels of 4% plunge in the Euro Stoxx 50, which has spilled over to a 1.3% drop in the S&P 500. That's the highest VIX level since mid-February, which at that pace puts the index in range of the 25.20 December 19, 2014, high within a couple more sessions, a level set during the last skirmish over Greece. The S&P 500 has meanwhile taken out June lows of 2,072.14 with a low of 2,071.00 today and has May 6 lows of 2,067.93 in its sights.
13:20 EDTA federal bailout of Puerto Rico is not being contemplated
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12:10 EDTTreasury Option Action: a big call seller on bonds
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11:50 EDTTreasury's $48 B 3- and 6-month bill auction was disappointing
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11:50 EDTU.S. equities are stumbling to fresh lows with Europe
U.S. equities are stumbling to fresh lows with Europe which is closing out by extending losses sharply as the enormity of the potential Grexit sets in. The Euro Stoxx 50 spiraled to a 4.1% loss on the day, led by banking stocks and peripheral weakness. Portugal sank 5.1%, Spain -4.5% and Italy -4.7%, while in core Europe the German DAX was -3.4%, French CAC -3.7% and UK FTSE -1.8%. The NASDAQ comp was subsequently spooked -1.4%, while the Dow and S&P are about 1% lower now. That helped cap the T-note yield under 2.41% and it has since eased under 2.37% as Bunds firmed up into their close as well. The dollar index is 1.25% lower near 95.15, as short-covering on the euro kicks in and it indeed could be a stronger unit without Greece, once past the volatility assuming contagion is contained.
11:40 EDTTreasury Option Action: heavy put buying in the belly
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11:20 EDTTreasury Action: yields remain lower but off their intraday nadirs
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11:15 EDTTreasury announced a $30 B 4week bill auction for Tuesday
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11:07 EDT4-Week Bill Announcement Offering Amount data reported
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10:55 EDTRisk of a Puerto Rico debt default
Risk of a Puerto Rico debt default continues to swirl around the credit markets, just to keep things interesting given the focus on Grexit and China rate cuts. PR Central Bank governor Padilla warned of a potential "death spiral" earlier, noting that "The debt is not payable, there is not other option. This is not politics, this is math. But analysts have to make the economy grow. If not, analysts will be in a death spiral." Padilla is expected to issue a financial report of the U.S. territory's finances conducted by former IMF/World bank officials by tomorrow and then deliver a major policy ultimatim. The main electricity provider PREPA alone needs to make a $400 M payment to creditors by July 1, out of $9 B outstanding. Defualt partial or full risks spilling back over to U.S. credit markets via heavy holdings of PR debt by U.S. funds.
10:50 EDTU.S. Dallas Fed manufacturing index improved to -7.0 in June
U.S. Dallas Fed manufacturing index improved to -7.0 in June after falling to -20.8 in May. This is a 6th consecutive month that the regional index has been in contractionary territory (below zero), which is mainly a function of the recession in the oil sector. The employment component rose to -1.2 from -8.2, with the workweek at -10.7 from -11.6, and wages at 16.4 versus 14.7. New orders edged up to -10.3 from -14.1. Prices paid climbed to 7.4 from -1.7, with prices received at -1.9 versus -8.7. The 6-month index doubled to 8.1 from 4.9, with employment at 16.9 versus 14.1, new orders at 33.9 from 35.3 and prices paid at 19.3 from 21.1.
10:34 EDTDallas Fed Mfg Survey Production Index data reported
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10:30 EDTFX Action: The dollar is softer versus the euro
FX Action: The dollar is softer versus the euro in the wake of the pending home sales miss, though the loss was more reflective of a bout of euro gains, which seems to have been led by a surge in EUR-JPY. EUR-USD gained gain about 30 pips in the latest phase, touching 1.1160, since settling back under 1.1150. The move 'closed the gap' left by the dive seen in early Asia-Pacific time. EUR-JPY rallied by around 50 pips, which USD-JPY rebounded from a dip to 122.82. There's not likely to be too much commitment in the market ahead of key U.S. data this week, and with the Greek situation coming to a head.
10:25 EDTWTI crude tumbled 1.3% to $58.80 bbl
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10:15 EDT San Francisco Federal Reserve Bank President John Williams Speech to be released at 14:00
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