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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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November 19, 2014
13:00 EDTEuro$ interest rate options: bearish put buying picked up
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12:25 EDTU.S. corporate bond update: ERBD's $1 B 5-year global
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11:45 EDTFOMC Minutes preview:
FOMC Minutes preview: the minutes from the October 28, 29 policy meeting will reveal the mixed views of the Committee, and hence could suggest a less hawkish bent than the policy statement. That was the case in the September minutes when the mentioned the weaker conditions in Europe and the stronger dollar militated against the hawkish tone in the statement. Remember the FOMC ended QE last month, as widely expected, and also retained the "considerable time" language. It also upgraded its outlook on the labor market and inflation, which may have been done more to appease the two hawkish dissenters (who indeed moved to the sidelines). The minutes are likely to show the frustration in boosting inflation to the 2% target level, and as Kocherlakota has warned, some fears over lost credibility. Interestingly, the Fed discounted the downdraft in energy and commodity prices in the policy statement while appealing to stable inflation expectations, making the distinction between "market-based" prices measures and expectations data. There shouldn't be qualms about the improved labor market outlook. The minutes should again touch on the slower growth in Europe and the stronger dollar, as was a key in the September minutes, since those conditions haven't changed over the past six weeks. The markets will continue look to the minutes for hints on the timing of the first rate hike, as well as when the "considerable time" phrase could be removed -- maybe December?
11:10 EDTOil Action: Front month NYMEX crude fell to $73.97
Oil Action: Front month NYMEX crude fell to $73.97 lows from $94.50 following the EIA inventory data which showed a 2.6 M bbl rise in crude stocks. The street had been expecting a 1.0 M bbl decrease. Meanwhile, gasoline supplies, seen up 0.5 M bbls actually rose 1.0 M bbls, while distillate stocks were down 2.1 M bbls, versus expectations for a 1.5 M bbl fall. Refinery usage rose to 91.2% from 90.1%. Support remained intact under $94, with prices subsequently rebounding to pre-data level.
11:10 EDTRumors of a "NY think tank" report on Japan
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10:30 EDTCrude Inventories for the week of November 14
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10:30 EDTFX Action: USD-JPY continues to climb
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10:15 EDTTreasury Option Action: trade is "pretty quiet"
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10:10 EDTTreasury Action: weakness in European bonds is weighing on Treasuries
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10:00 EDTEuro$ interest rate options: some larger block trades
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09:51 EDTJPMorgan's Japanese strategist to hold an analyst/industry conference call
Japanese Research & Strategist Jesper Koll discusses Japanese equity market strategy and snap elections on an Analyst/Industry conference call to be held on November 20 at 9 am.
09:47 EDTJPMorgan healthcare services analyst holds analyst/industry conference call
Healthcare Services & Managed Care Analyst Lake discusses hospitals and the Supreme Court of the United States on an Analyst/Industry conference call to be held on November 19 at 11 am.
09:44 EDTFutures drift lower, leading to lower open for broader market
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09:40 EDTFX Action: USD-CAD peaked at 1.1356
FX Action: USD-CAD peaked at 1.1356, highs of the week, just ahead of parked offers at 1.1360. The soft commodities backdrop has been an anchor on the CAD of late, and oil prices are likely to remain soft, at least until next week's OPEC meeting, where there appears to be a slight chance the cartel will cut production. In the meantime, USD-CAD may bide its time between 1.13 and 1.14.
09:36 EDTJPMorgan homebuilding analyst holds an analyst/industry conference call
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09:20 EDTThe small 2.8% October U.S. housing starts drop
The small 2.8% October U.S. housing starts drop from an upwardly-revised September level was roughly in line with assumptions, alongside a 4.8% permits pop that modestly beat estimates to leave an encouraging report overall. The positive tilt was fed by strength in the important single-family component, and a welcome bounce in the critical starts under construction series, as well as starts in the South, after a poor Q3 performance. Starts under construction, which drive new home construction, rose 1.4% in October after a 0.1% (was 0.4%) September rise and a 0.1% (was -0.3%) August figure. Analysts haven't seen a decline in this measure since May of 2011. Unfortunately, today's report will likely be followed by a big weather-hit in November, and possibly through the winter overall if the polar vortex proves as stubborn this winter as last. More generally, the single-digit pace of recovery in the 2014 housing market has proven disappointing on net, as the sector faces an ongoing headwind from mortgage market dysfunction and investor caution, and weather-depressed Q4 figures would add to the disappointment.
09:15 EDTFed under fire from both Left and Right:
Fed under fire from both Left and Right: according to WSJ Fedwatcher Hilsenrath, "What's striking this week is how much pressure the Fed is also facing from the left, particularly the Federal Reserve Bank of New York. Sen. Jack Reed, a Democrat from Rhode Island, has introduced legislation that would require that the New York Fed president be nominated by the President and confirmed by the Senate, subjecting the powerful position to a political process which it now escapes. Under current law, the president of the New York Fed is chosen by its own board of directors, with heavy consultation from Washington's congressionally confirmed Board of Governors. Meantime, Senate Democrats Elizabeth Warren, of Massachusetts, and Joe Manchin, of West Virginia, have penned a commentary for the WSJ's editorial pages calling on the President to nominate tough bank supervisors to fill two empty seats on the Board of Governors. Stars may be aligning for a new bipartisan challenge to Fed governance and its oversight of the nation's banking system."
09:00 EDTU.S. equities turned lower
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08:45 EDTTreasury Action: yields eased from highs
Treasury Action: yields eased from highs briefly after the drop in housing starts that caught the markets slightly offguard, though permits were sharply higher and it seems unlikely that too much will be read into this data. The T-note yield continues to probe the 2.35% area, well up from 2.31% Asian lows, but below the 2.38-2.40% threshold that has put a lid on yields in November. The 2s-10s spread is out to +183 bp again.
08:45 EDTFX Action: The dollar largely shrugged off
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