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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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January 28, 2015
14:02 EDTFed says can be 'patient' in beginning to normalize policy
The Federal Reserve said in today's statement, "Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy. However, if incoming information indicates faster progress toward the Committee’s employment and inflation objectives than the Committee now expects, then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated. Conversely, if progress proves slower than expected, then increases in the target range are likely to occur later than currently anticipated."
14:00 EDTFOMC keeps 'patient' language regarding normalized rates
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13:15 EDTTreasury's $26 B 2-year auction was very well received
Treasury's $26 B 2-year auction was very well received. As expected, the offering was underpinned by overseas accounts. And the results also suggest no real fear of the Fed. The note stopped just through at 0.540% versus 0.545% at the bid deadline (which is much richer than December's 0.703% stop). There were over $97.2 B in bids for a 3.74 cover. Though aided a bit but the $1 B cut in size, the cover is nevertheless much better than the 3.21 last month and a 3.39 average. In fact it's the highest since December 2013. Indirect bidders were awarded 48.6% (the highest since February 2010), above the 35.7% previously and the 31.8% average. Direct bidders accepted 8.8%, down from the prior 14.5%, while primary dealers took 42.6% versus 49.8% in December.
13:15 EDTTreasury Action: short yields steadied mid-range
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12:45 EDTTreasury 2-year auction preview:
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12:05 EDTU.S. equities surrendered their opening bounce
U.S. equities surrendered their opening bounce and the blue chips are trading back in the red, while only the Apple-infused NASDAQ is still holding its head above water. The quick roll-back in Greek reforms and re-nationalization of several government services and restoration pensions, etc., has knocked Athens down over 12% now and the Euro Stoxx 50 is 0.65% lower, with Italy and Spain down 1.0% and 1.5% respectively as peripheral debt comes back under scrutiny. Meanwhile, Greek 5-year credit default swaps are flagging a 75% risk of default. Moreover, crude oil prices have resumed their slump in the wake of EIA and API inventory builds, with WTI crude 2.2% lower to $45.2 bbl, weighing on the energy sector.
11:45 EDTTreasury's $15 B 2-year FRN was well received
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11:40 EDTEuro$ interest rate options: more upside positioning
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11:10 EDTFX Action: The dollar is on the decline
FX Action: The dollar is on the decline, following Wall Street lower, as stocks give up their early gains. EUR-USD is back over 1.1340 after finding support into 1.1300 earlier, while USD-JPY eases under 117.70, after stalling into the 118.00 level. Follow through will likely be limited into this afternoon's FOMC announcement.
10:40 EDTEnergy Action: Front month NYMEX crude fell briefly to $44.53
Energy Action: Front month NYMEX crude fell briefly to $44.53 from $44.70, before rallying to $45.10 following the EIA inventory data which showed a 8.9 M bbl rise in crude stocks. This was less than the huge 12.7 M bbl increase reported by API on Tuesday. Meanwhile, gasoline supplies, seen up 0.5 M bbls actually fell 2.6 M bbls, while distillate stocks were down 3.9 M bbls, versus expectations for a 1.5 M bbl fall. Refinery usage rose to 88.0% from 85.5%.
10:30 EDTCrude inventories for week of January 23
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10:30 EDTTreasury 2-year auction outlook:
Treasury 2-year auction outlook: the note sale, and the 2-year FRN, were delayed until today due to the storm "Juno." The coupon offering is likely to be lackluster as the bid deadline is an hour before the FOMC announcement, and given various market crosscurrents. Though the markets are not looking for any major changes in the policy statement, many potential buyers may sit on their hands, just in case the FOMC hints a June hike is still in the cards. The market hasn't been able to build in a concession with the wi yield slightly lower at 0.54%, and an award rate there would be one of the richest since June. That may put off buyers too, as could the bias toward curve flatteners. There is also a $15 B 2-year FRN on which to bid at 11:30 ET. However, on the plus side, even a 0.555% rate looks attractive versus Germany's equivalent at -0.162% and Japan's at -0.006%. And geopolitical risks may elicit a bid. The December note stopped at 0.703% and garnered a sub-par 3.21 cover and a better than average 35.7% indirect bid. Direct bidders accepted 14.5% while primary dealers took 49.8%.
10:20 EDTEnergy Action: NYMEX crude is on session lows of $44.81
Energy Action: NYMEX crude is on session lows of $44.81, with repositioning reportedly under way ahead of the 10:30 EST EIA inventory data. Tuesday's API data revealed a huge 12.7 M bbl stock build, and the market currently appears to be setting up for a larger than expected EIA reported inventory build. The $44.20 level provides initial support, though under $44.19, which was the January 13 trend low, another wave of selling can be expected.
10:10 EDTTreasury Option Action: mixed positioning in front of the Fed
Treasury Option Action: mixed positioning in front of the Fed has been the main theme, as there was a bullish buyer of 7.5k in March 132-00 calls on 10-year futures and also a bearish purchase of 10k in March 128/129 put spreads. March 10s are 3.5-ticks firmer near 129-245 compared to a 129-295 to 129-16 session range.
09:50 EDTFX Action: USD-CAD is back up near 1.2450
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09:38 EDTEarnings help lift market at open
Stock futures improved during the pre-market trading session, thanks in part to better than expected earnings reports from Boeing (BA). The futures action led to a positive open for the broader market, with Boeing's post-earnings gain fueling the Dow and Apple (AAPL) powering the Nasdaq higher. The timing of the earnings beats for those two big names could not have been better given yesterday’s sell-off following the earnings disappointments from a number of other corporate giants. Investors will now be turning their attention to the Fed’s rate announcement, due out this afternoon at 2:00 pm ET. In early trading, the Dow is up 45 points, the Nasdaq is up 43 points and the S&P is up 9 points.
09:10 EDTFed Policy Outlook: FOMC resumed its meeting
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09:05 EDTEuro$ interest rate options: pre-FOMC flows
Euro$ interest rate options: pre-FOMC flows are said to include a bearish purchase of 2.5k in December 2015 88/90/92/93 put condors and an added purchase of 1.8k in Front December 88/90/92/93 put condor and an 88/90 put spread. Heading towards the FOMC decision, underlying rate futures are quite mixed, with the front-end in shallow negative territory and the back with shallow positive gains.
08:40 EDTU.S. equities are mostly firmer on Apple's earnings
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08:30 EDTEnergy Action: NYMEX crude fell to $45.14
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