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 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | all recent NOSYMBOL news | >> May 19, 2013 16:54 EDT Fed could cut back QE3 early if job gains persist, Reuters says Subscribe for More Information 13:40 EDT China new-home prices rise signaling challenge for Li, Bloomberg says Subscribe for More Information May 17, 2013 19:51 EDT Durable Goods Orders Ex-transportation to be reported at 08:30 Subscribe for More Information 19:51 EDT FHFA House Price Index M/M change to be reported at 09:00 March FHFA House Price Index M/M change will be reported at 09:00 . Current consensus is 0.9% for the month 19:51 EDT May Farm Prices to be released at 15:00 Subscribe for More Information 16:15 EDT May Consumer Sentiment to be released at 09:55 Subscribe for More Information 16:15 EDT May Chicago PMI to be released at 09:45 16:15 EDT April Personal Income and Outlays to be released at 08:30 Subscribe for More Information 15:20 EDT Treasury Action: Treasuries remain at their lows of the day Subscribe for More Information 15:10 EDT Treasury Closing Summary: Treasury Closing Summary: Bonds bombed on Friday after the data took a turn for the better following a week of largely dour reports. The QE debate remained in full force, with fresh contributions from a think tank, PIMCO, Hilsenrath and Fed's Kocherlakota. Though this took on fresh urgency and relevance ahead of next week's FOMC minutes and Bernanke JEC testimony, though analysts don't expect it to be resolved by then. Though the NY Fed made its biggest purchase of Treasuries of the week, it barely slowed the sell-off at the long-end today. 14:40 EDT More from Kocherlakota: the Fed needs to better communicate its QE stance and the timing of its taper More from Kocherlakota: the Fed needs to better communicate its QE stance and the timing of its taper. But he added the communication tool is still a work in progress. The new set of thresholds are an important component of monetary policy. It would be difficult for the Fed to start raising rates with the unemployment rate over 6.5%. 14:00 EDT Fed's Kocherlakota's comments are dovish Subscribe for More Information 13:50 EDT Action Economics Survey results: Action Economics Survey results: Fed taper talk still dominates the market chatter as the beginning to the end continues to be debated. But setting a date seems more like trying to pin the tail on the donkey, and a moving donkey at that, considering the uncertainty over when the employment and inflation criteria will be met. There's a dearth of crucial economic data out over the next two weeks, so neither analysts nor the FOMC will get much new information. However, median estimates suggest what figures will be released will support signs of moderate growth. Both new and existing home sales are expected to post gains in April. Durable goods orders are also expected to rebound, while Q1 GDP is expected to be revised slightly higher. More importantly though, Chairman Bernanke testifies before the JEC on Wednesday where analysts'll scrutinize his comments for any new policy leanings following the shift to a symmetric stance on asset purchases at the May 1 meeting. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p> 13:45 EDT U.S. Treasury is prepared to take steps to free up $260 B Subscribe for More Information 13:15 EDT Treasury Action: Treasuries have been smacked Subscribe for More Information 13:05 EDT U.S. equities have stalled out below highs Subscribe for More Information 12:31 EDT Fitch downgrades Slovenia to 'BBB+' from 'A-', outlook negative Subscribe for More Information 12:25 EDT WSJ Fedwatcher Hilsenrath Previewed Bernanke's JEC testimony WSJ Fedwatcher Hilsenrath Previewed Bernanke's JEC testimony in a video journal on the "Real Time Economics" blog, summarized as follows: amid the QE taper debate the Fed would clearly like for the economy to be sufficiently strong to head for the exit, but inflation has been declining and the jobs outlook improving somewhat, which suggests that the Fed is "not there yet." The debate could focus on risk of a stock market bubble, but Bernanke has downplayed that in recent speeches. Housing gains have been important, but that's one of the Fed's primary goals to help restore household balance sheets and improve confidence and spending. As to Ben's successor, Hilsenrath leans toward Yellen and away from Geithner and Summers, who have closer ties to the Obama Administration at an awkward time during recent IRS scandals and the like. 12:21 EDT Energy Department authorizes LNG export facility Subscribe for More Information 11:10 EDT Another Gross Tweet from PIMCO: Subscribe for More Information 11:10 EDT NY Fed bought $5.469 B in notes Subscribe for More Information 11:00 EDT U.S. factory goods benchmarked data showed mixed revisions Subscribe for More Information 10:55 EDT Today's U.S. reports Today's U.S. reports revealed a big upside May surprise for Michigan sentiment that included an outsized-pop in the present conditions index, alongside a 0.6% April leading indicators rise that beat assumptions, but that followed downward back-revisions that left the April index at the expected level. Analysts would partly attribute the big sentiment surge to volatility in the preliminary survey, and analysts assume some mean-reversion in the final May survey that trims the hefty May gain in the present conditions measure. Overall, today's upside headline surprises take some of the edge off yesterday's disappointing Philly Fed, initial claims and housing starts headlines. 10:54 EDT Guggenheim's Washington Research Group's political analyst holds conference call Subscribe for More Information 10:25 EDT NY Fed outright purchase: the Fed is buying $4.75 B to $5.75 B in notes Subscribe for More Information 10:25 EDT Michigan sentiment surged to a new cycle-high 83.7 Subscribe for More Information 10:20 EDT FX Action: The dollar got another boost FX Action: The dollar got another boost from the much better Michigan sentiment and leading indicators outcomes, taking USD-JPY to new trend highs over 103.10 before retreating. EUR-USD meanwhile, dipped under 1.2800 briefly, before popping back to 1.2820. Cable made session lows under 1.5175, while USD-CAD inched slightly lower on the better U.S. data. Wall Street is on session highs, as yields moved up a touch. 10:12 EDT Leading Indicators data reported Subscribe for More Information 10:10 EDT Treasury Action: yields backed up into the U. Mich. report Subscribe for More Information 10:10 EDT U.S. index of leading indicators rose 0.6% in April to 95.0 Subscribe for More Information 10:05 EDT U.S. May consumer sentiment index surged to 83.7 for the preliminary University of Michigan survey Subscribe for More Information 10:03 EDT Market opens higher ahead of options expiration Stocks were strong at the open as traders rolled out positions ahead of the expiration of options. The volume was relatively heavy at the open, which is typical for a Friday on which options will expire. The averages have already pared back some of their gains but may get a lift from the better than expected University of Michigan Consumer Confidence reading. The reading of 83.7 was above the expected 77.9. The Leading Economic Indicators for April increased 0.6% versus the expected increase of 0.2%. 10:00 EDT U.S. leading economic indicators preview: U.S. leading economic indicators preview: The April index of leading economic indicators (LEI) is expected to rise 0.3% (median 0.1%). Analysts expect a mix of component data, with gains led by the yield curve alongside declines from the factory workweek and ISM new orders. preview for more. 09:56 EDT Consumer Sentiment Index data reported Subscribe for More Information 09:55 EDT U.S. Michigan Consumer Sentiment Preview U.S. Michigan Consumer Sentiment Preview: Michigan Sentiment is expected to show a slight increase to 76.5 (median 78.5) from 76.4 in April. Already released measures of consumer confidence for the month have been weaker with the IBD/TIPP Poll falling to 45.1 from 46.2 and the RBC-CASH Index ticking down to 50.2 from 50.3. 09:31 EDT CBOE Volatility Index VIX is recently down 33c to 12.74 Subscribe for More Information 09:30 EDT Fed Policy: think tank report circulating on next week's FOMC Minutes Fed Policy: think tank report circulating on next week's FOMC Minutes to the April 30, May 1 policy meeting. The report suggests the mintues will show the ongoing debate on the Committee behind QE and the exit (no kidding). The Fed is facing a number of challenges in determing its policy path. Indeed, as analysts have noted there are a number of factors arguing for and against QE (according to the Fed's criteria) that make it a difficult call. Supposedly the FOMC will only start really planning an exit at next month's meeting (such was somewhat presaged by the Hilsenrath article that the Fed is mapping a strategy). Analysts don't expect any definitive indications in next month's policy statement regarading the timing of an exit as much remains dependent on economic and financial conditions. Analysts'll continue to monitor data (as will the Fed and everyone else in the market), especially the May employment numbers, for clues. 09:25 EDT Euro$ interest rate futures are dead quiet Euro$ interest rate futures are dead quiet though the dollar index has just notched fresh trend highs and other rates along the Tsy curve are inching higher as well. Yet the Jun 2013 contract is flat at 99.725, while the deferreds don't seem to have a pulse either. 3-month dollar Libor declined to 0.2736% from 0.2741%, however, while the Libor/OIS spread held fast at +14 bp. 09:25 EDT FX Action: USD-CAD touched 1.0313 highs Subscribe for More Information 09:08 EDT Deutsche Bank's specialty pharma analyst to hold a conference call Specialty Pharmaceuticals Analyst Steinberg, along with COO Jacobsen of AlcheraBio and President Van Schoick of Med-Pharmex Animal Health, discuss animal healthcare on an Analyst/Industry conference call to be held on May 17 at 1 pm. 09:00 EDT Treasury Action: longer dated Treasuries have shed their gains Subscribe for More Information 08:10 EDT Fed funds opened at 0.12% Subscribe for More Information 08:00 EDT Treasury Market Outlook sovereign debt markets are mostly higher but are off their best levels Subscribe for More Information 07:51 EDT JPMorgan's TMT analysts hold an analyst/industry conference call Subscribe for More Information 07:48 EDT Deutsche Bank's automotive analysts hold an analyst/industry conference call Subscribe for More Information 07:30 EDT Futures lower ahead of open Stock futures are pointing to a slightly lower open, continuing the pattern that has been in place all week. For most of the week, the market has opened lower, but buyers have emerged and brought the averages back to positive territory. With options due to expire today, there may be increased volatility as traders roll out positions. As a result, the pattern that has been in place so far this week could be altered. The University of Michigan's consumer confidence reading and the Index of Leading Economic Indicators will be released after the market opens. 07:30 EDT FX Action: USD-CAD extended gains over 1.0255 Subscribe for More Information 07:25 EDT S&P warns India of rating downgrade, Economic Times reports Subscribe for More Information 07:20 EDT N.Y. FX Outlook N.Y. FX Outlook: Aside from moves in the commodity bloc, FX trade was fairly steady overnight. The euro and yen moved inside of familiar ranges, as the CAD and AUD seased back on global growth concerns. Friday trade may be consolidative into the weekend, with the data calendar light. Preliminary May U. of Michigan sentiment is due at 9:55 EDT, followed by April leading indicators at 10:00 EDT. 07:10 EDT Stocks continue to rise after lukewarm earnings, WSJ reports A so-so Q1 earnings season hasn't dented investors' enthusiasm for stocks as prices have been rising, with the DJIA up 16% for the year and 4.2% since earnings season began April 8, reports the Wall Street Journal.Reference Link 06:55 EDT European Midday FX Update Subscribe for More Information 06:52 EDT Drug companies using databases to track doctors, NY Times reports Subscribe for More Information 06:48 EDT Finance Minister says French economy poised to rebound, Reuters says Subscribe for More Information 06:33 EDT BofA/Merrill to host a conference Subscribe for More Information 06:20 EDT Week of 5/29 Fed Balance Sheet to be released at 16:30 06:20 EDT Week of 5/20 Money Supply to be released at 16:30 Subscribe for More Information 06:05 EDT BOJ expected to stay with monetay policy, Reuters reports Subscribe for More Information 06:02 EDT Shares in Europe down as Fed officials talk of QE exit, Reuters reports Subscribe for More Information 05:58 EDT On The Fly: Morning Wrap-Up for May 17 Subscribe for More Information 05:55 EDT CBOE Volatility Index VIX closed at 13.07, 10-day moving average is 12.79 Subscribe for More Information 05:53 EDT May front month equity options expire today, May 17, 2013 02:10 EDT Asia FX Update Subscribe for More Information May 16, 2013 18:06 EDT Central Bank of Chile keeps interest rate at 5% Subscribe for More Information 16:39 EDT Money Supply M2 Weekly Change data reported Subscribe for More Information 16:39 EDT Fed Balance Sheet Reserve Bank credit data reported Week of 5/15 Fed Balance Sheet Reserve Bank credit at $26.8B 16:39 EDT Fed Balance Sheet Total Assets data reported Subscribe for More Information 16:28 EDT Week of 5/24 EIA Petroleum Status Report to be released at 11:00 Subscribe for More Information 16:28 EDT Week of 5/24 EIA Natural Gas Report to be released at 10:30 Subscribe for More Information 16:28 EDT April Pending Home Sales Index to be released at 10:00 16:28 EDT GDP to be released at 08:30 Subscribe for More Information 16:28 EDT Week of 5/25 Jobless Claims to be released at 08:30 Subscribe for More Information 16:28 EDT Corporate Profits to be released at 08:30 15:20 EDT Treasury Closing Summary: Treasury Closing Summary: Yields rotated sharply lower as the losing streak in U.S. data continued on Thursday, though largely ignored by stocks which preferred to look at the bright side in terms of the Fed QEinfinity while marveling at the elevation of Cisco after its stellar earnings report. Bond-friendly news came from the sizable rebound in claims and plunge in housing starts, and tame core CPI, followed by another plunge on the Philly Fed index. Fedspeak ran the gamut from dovish Rosengren to hawkish Fisher, though WSJ Fedwatcher Hilsenrather later in his blog said the Fed isn't that concerned about deflationary risks due to quirks in the inflation data. 15:08 EDT Fed's Williams says central bank may trim bond buying by Summer, DJ reports Williams says Fed may be able to halt QE program by year end, according to Dow Jones. 15:07 EDT Moody's upgrades Turkey government bonds to 'Baa3' from 'Ba1', outlook stable Subscribe for More Information 14:55 EDT Canada Wholesale Preview Canada Wholesale Preview: Analysts expect wholesale shipments, due Friday, to rise 0.5% in March (median +0.1%) after the flat reading in February. The 0.3% drop in March manufacturing shipments is a downside risk for our wholesale sales projection. The wholesale report will help firm-up the March GDP forecast. Analysts currently expect March GDP to rise 0.1% after the 0.3% surge in February. 14:30 EDT BoJ is expected to discuss the impact of the surge in JGB yields at next week's policy meeteing BoJ is expected to discuss the impact of the surge in JGB yields at next week's policy meeteing (Tuesday, Wednesday), according to the Nikkei. There have been concerns over the volatity and jump in rates that have seen the 10-year JGB yield climb from 0.436% on April 4 when the Bank announced it's massive buyback operation, to an intraday high at 0.92% on Wednesday. Policymakers will also discuss the various risks associated with the move up in rates, and the potential impact on the 2% inflation target. They may also revise their economic outlook higher. Meanwhile, PM Abe indicated he will outline a more stimulus measures Friday, including ways to encourage leasing to boost capital spending. 14:00 EDT Averages mixed in lackluster session Subscribe for More Information 13:20 EDT Treasury Action: the bond market has sustained its early, post-data gains Subscribe for More Information 13:20 EDT More from Rasking: incomes are not increasing at a "robust level" More from Rasking: incomes are not increasing at a "robust level" [sic] she said in post speech Q&A. She added that student debt is an important element of the economy. She worries it could restraing household formation. The Fed is monitoring the "mounting levels of student debt." 12:50 EDT Fed's Raskin said the Fed's highly accommodative policy stance is appropriate Fed's Raskin said the Fed's highly accommodative policy stance is appropriate in her speech on "Prospects for a Stronger Recovery" before the Society of Government Economists and the National Economists Club. Asset purchases have provided "meaningful support" to the recovery. She projects a moderately paced recovery and a gradual decline in the unemployment rate, and reiterated sentiment from the FOMC that fiscal policy is an "important source of restraint," along with income inequality, while the financial sector is presenting less of a headwind. Analysts see nothing in the tone of her comments that would suggest she would argue for QE tapering any time soon. 12:46 EDT Bank of Japan to discuss impact of long-term rate increase, Nikkei says Subscribe for More Information 12:25 EDT Euro$ interest rate options: a few more mostly bearish deals Subscribe for More Information 12:05 EDT U.S. corporate debt: a Thomson Reuters $800 M 2-trancher Subscribe for More Information 10:55 EDT Treasury announces 10-year TIPS reopening details at the top of the hour Subscribe for More Information 10:55 EDT Today's U.S. reports Today's U.S. reports mostly provided downside surprises that highlighted May factory sector weakness via a weak Philly Fed report, likely April weather disruptions to construction given a big housing starts drop despite a permits pop that was a concentrated in both the South and the multi-family sector, a claims surge that reversed the good news in the last two weekly reports, and surprising price weakness in the April CPI report. One silver lining to the weak CPI price data is that it boosted prospects for Q2 "real" consumption growth, which analysts now peg at 2.5% as households continue to defy the policy headwinds from tax rate hikes and sequestration. 10:35 EDT More from Fed hawk Fisher: Subscribe for More Information 10:30 EDT EIA Natural Gas Storage Change for the week ending May 10 Subscribe for More Information 10:30 EDT The May Philly Fed drop to -5.2 The May Philly Fed drop to -5.2 from 1.3 left the index above recent negative readings of -12.5 in February and -5.8 in January but below the 4.6 recent-high in December. The ISM-adjusted measure bucked the headline drop with a rise to 47.1 from 46.8 in April, versus a 50.6 recent-high in December and a 44.4 recent-low in June of 2012. The Philly Fed drop accompanied a May Empire State decline to -1.43 from 3.05, alongside an ISM-adjusted drop to 49.0 from 50.1. Analysts now expect a Chicago ISM rise to 49.5 (was 50.0) from 49.0, an ISM down-tick to 50.5 (was 51.0) from 50.7, and an ISM-NMI down-tick to 53.0 (was 53.5) from 53.1. The mix should leave the ISM-adjusted average unchanged from 50 in April, versus 51 in March, a 53 nine-month high in February, a 58 cycle-high in February of 2011, and a 36 cycle-low in March of 2009. 10:15 EDT Treasury Action: yields stumbled another leg lower Subscribe for More Information 10:14 EDT Averages remain mixed after worse than expected Philly Fed report Subscribe for More Information 10:10 EDT U.S. Philly Fed manufacturing index fell 6.5 pts to -5.2 in May Subscribe for More Information 10:05 EDT Another Gross Tweet from PIMCO: Subscribe for More Information 10:01 EDT Philadelphia Fed Survey General Business Conditions Index data reported Subscribe for More Information 09:55 EDT U.S. Philadelphia Fed Index Preview Subscribe for More Information 09:50 EDT The U.S. housing starts report Subscribe for More Information 09:33 EDT CBOE Volatility Index VIX is recently up 24c to 13.05 Subscribe for More Information 09:30 EDT The 32k U.S. initial claims surge to 360k Subscribe for More Information 09:30 EDT Euro$ interest rate futures were unperturbed Subscribe for More Information 09:20 EDT U.S. equities are slightly lower after damp data Subscribe for More Information 09:15 EDT The big 0.4% April U.S. CPI headline drop Subscribe for More Information 09:05 EDT Fed Policy Outlook: the slowing in CPI will be a major cause of concern for Chairman Bernanke Subscribe for More Information 08:45 EDT U.S. initial jobless claims rose 32k to 360k in the week ended May 11 Subscribe for More Information 08:45 EDT Treasury Action: yields plunged with the weaker data streak Treasury Action: yields plunged with the weaker data streak extended today after the plunge in housing starts, modest rise in jobless claims and tame core CPI. The T-note yield stalled out ahead of 1.96% into these reports, then spilled lower to 1.90% before stabilizing again. The 2s-10s spread flattened from the +172 bp area to +166 bp. 08:45 EDT U.S. CPI dropped a larger than forecast 0.4% in April with the core rate up 0.1% Subscribe for More Information 08:37 EDT Housing Starts Permits data reported Subscribe for More Information 08:37 EDT Housing Starts data reported Subscribe for More Information 08:37 EDT Consumer Price Index CPI less food & energy data reported April Consumer Price Index CPI less food & energy at 0.1% vs. consensus of 0.2% 08:37 EDT Consumer Price Index CPI data reported Subscribe for More Information 08:37 EDT Jobless Claims data reported Subscribe for More Information 08:36 EDT Futures trade near fair value following economic reports Subscribe for More Information 08:20 EDT U.S. CPI Preview U.S. CPI Preview: April headline CPI is expected to show a 0.1% decline (median -0.1%), while the core index rises 0.2% (median 0.2%). The 0.2% March CPI headline drop undershot expectations due to a 2.6% energy price drop that captured a big chunk of the 3.4% decline in the March PPI report and a flat food price figure. Today's 0.7% PPI decline for April was led by another big energy price drop and a smaller food price decline. 08:20 EDT U.S. Housing Starts Preview Subscribe for More Information 08:20 EDT U.S. initial jobless claims preview: Subscribe for More Information 08:16 EDT Foreign direct investment in China slowed, WSJ reports Subscribe for More Information 08:10 EDT Fed funds opened at 0.12% Subscribe for More Information 08:06 EDT Cato Institute discusses proposals for monetary reform Subscribe for More Information 08:04 EDT San Francisco Federal Reserve Bank President speaks on monetary policy Subscribe for More Information 08:01 EDT Commodity Futures Trading Commission (CFTC) holds a meeting Subscribe for More Information 08:00 EDT Boston Fed's Rosengren says the Fed's highly accommodative policy is appropriate Subscribe for More Information 07:50 EDT Treasury Market Outlook: Treasuries are little changed to slightly lower Subscribe for More Information 07:47 EDT Dallas Federal Reserve Bank President Fisher speaks at NABE conference Subscribe for More Information 07:45 EDT Boston Federal Reserve Bank President Rosengren speaks at conference Subscribe for More Information 07:40 EDT Another heavy dose of Fedspeak on Thursday Another heavy dose of Fedspeak on Thursday will include dovish Boston Fed's Rosengren (voter), who speaks on "Recovery 2013 -- Strength or Stagnation?" from 7:45 ET. Dallas Fed hawk Fisher (non-voter) delivers "An Economic and Monetary Policy Outlook" for the NABE conference at 9 ET. Moderate Governor Bloom-Raskin explains the "Prospects for a Stronger Recovery" from 12:30 ET. SF Fed dove Williams (non-voter) addresses the economy and monetary policy from 15:05 ET. And Richmond Fed hawk Lacker (non-voter) explores the economic outlook from 19:15 ET. Speaking overnight, Philly Fed hawk Plosser repeated his call for starting the reduction in QE purchases at the June FOMC and said Europe was not out of its debt crisis. 07:32 EDT CIBC to host a conference High Yield Conference is being held in Toronto on May 16. 07:31 EDT Deutsche Bank to host a conference Subscribe for More Information 07:30 EDT Deutsche Bank to host a conference dbAccess Housebuilders Day is being held in London, England on May 16. 07:29 EDT JPMorgan to host a conference Business Services Conference is being held in London, England on May 16. 07:25 EDT N.Y. FX Outlook Subscribe for More Information 07:12 EDT U.S. housing growth threatened by new bubble, Bloomberg reports Subscribe for More Information 07:11 EDT Gold demand fell to lowest level in three years in Q1, Bloomberg reports Gold demand slid 13% to the lowest in three years in Q1 as record exchange-traded product sales by investors outweighed a surge in buying from China and India, says the World Gold Council, reports Bloomberg.Reference Link 07:10 EDT Euro zone debt crisis now worst of post World War II, WSJ reports The euro zone debt crisis has mutated into Europe's longest slump of the post World War II era, with no recovery in sight for a broad swath of the continent. Continuing government austerity, banks that can't or won't lend and heavy household debts are weighing on many countries, reports the Wall Street Journal.Reference Link 06:53 EDT Euro zone faces deflation threat, Reuters says Subscribe for More Information 06:46 EDT No euro zone stimulus measures expected soon, NY Times says Subscribe for More Information 06:27 EDT On The Fly: Morning Wrap-Up for May 16 Subscribe for More Information 06:10 EDT Commodity markets remained heavy in Europe Subscribe for More Information 06:00 EDT CBOE Volatility Index VIX closed at 12.01, 10-day moving average is 12.84 CBOE Volatility Index VIX 50-day moving average is 13.35. 05:57 EDT May front month equity options expire, May 17, 2013 04:30 EDT FX Action: USD-JPY headed back to the 102.50 region Subscribe for More Information 01:15 EDT Asian stocks were mixed Subscribe for More Information May 15, 2013 20:05 EDT Japan's Q1 GDP revealed a 3.5% gain Subscribe for More Information 20:00 EDT Treasury suspends sale of SLGS starting May 17 Subscribe for More Information 16:48 EDT Treasury to suspend sale of SLGS state, local securities, Bloomberg reports Subscribe for More Information 16:31 EDT Week of 5/25 Redbook to be released at 08:55 16:31 EDT Week of 5/25 ICSC-Goldman Store Sales to be released at 07:45 Subscribe for More Information 16:31 EDT Week of 5/24 MBA Purchase Applications to be released at 07:00 Subscribe for More Information 15:30 EDT Treasury Closing Summary: Subscribe for More Information 14:55 EDT U.S. CPI Preview Subscribe for More Information 14:50 EDT U.S. weekly jobless claims preview: Subscribe for More Information 14:15 EDT U.S. Philadelphia Fed Index Preview Subscribe for More Information 14:10 EDT U.S. Housing Starts Preview U.S. Housing Starts Preview: Thursday's report on April housing starts is expected to show a 5.4% decline for the headline to a 980k (median 970k) level following the 1,036k level in March which marked a new high since 2008. Accompanying the report analysts expect permits to increase to 955k from 907k and completions to rise to 810k from 800k in March. 13:44 EDT Averages higher but off best levels Subscribe for More Information 13:40 EDT EU looking to shift burden of bailing out troubled banks, AP reports Subscribe for More Information 13:05 EDT U.S. corporate bond update: it's a hefty calendar today Subscribe for More Information 12:45 EDT Treasury Action: yields ramped back up to highs Subscribe for More Information 12:40 EDT FX Action: The dollar has moved back toward session highs FX Action: The dollar has moved back toward session highs versus most major currencies, after stumbling in the aftermath of the softer U.S. data earlier. Stocks have rebounded, and as had been the case earlier in the week, firmer equities seem to be supporting the dollar. The soft Q1 EU GDP data released this morning appears to have highlighted how much better a position the U.S. is in from a growth standpoint, and could support the greenback further in the coming days and weeks. 11:35 EDT Treasury Action: supply/demand dynamics remain bullish for the bond market Subscribe for More Information 11:05 EDT U.S. TIC Flows Mixed in March: Subscribe for More Information 10:55 EDT Another Tweet from PIMCO's Gross: Another Tweet from PIMCO's Gross: "Stock appreciation dependent on financial engineering now like stock buybacks, debt 4 equity switches. Real earnings and sales growth tough." Fair enough, sounds like he's talking about Apple, whose shares are 2% lower near $435 today and, of course, others using these tactics. 10:50 EDT EU to investigate China's telecommunications practices, WSJ reports Subscribe for More Information 10:45 EDT FX Action: USD-JPY options could fuel more price chop Subscribe for More Information 10:40 EDT Oil Action: Front month NYMEX crude rallied slightly to $92.68 Subscribe for More Information 10:35 EDT Euro$ interest rate futures are flat as a pre-Galilean map Subscribe for More Information 10:31 EDT Crude Inventories for the week of May 10 Subscribe for More Information 10:30 EDT NY Fed outright purchase: the Fed is buying $0.75 B to $1.0 B in Treasuries NY Fed outright purchase: the Fed is buying $0.75 B to $1.0 B in Treasuries ranging from August 2023 through February 2031. The small buyback is supportive at the margin for bonds in conjunction with the weaker than expected data. Longer dated yields are 3 to 4 bps lower with the 10-year at 1.93%. 10:25 EDT FX Action: USD-JPY losses were contained to just under 102.00 Subscribe for More Information 10:20 EDT Treasury Option Action: unwinding of bearish positioning Treasury Option Action: unwinding of bearish positioning has been reported with the "sale of 5k in Jun 130.5/131.5 put spreads." The Jun 10-year future is 7-ticks firmer near 131-30 compared to its 132-10 to 131-16 range, having already based and rebounded. Recall, there had been heavy bearish put and put spread demand on all the Fed taper talk, so this could well be some profit-taking. 10:20 EDT Today's U.S. reports Subscribe for More Information 10:15 EDT Treasury Action: yields found some support above lows Subscribe for More Information 10:12 EDT Averages slightly lower in early trading Stock futures were slightly lower throughout the pre-market trading session after the Empire Manufacturing and Industrial Production reports disappointed investors. After the NAHB Housing Market Index for May came in at 44, versus expectations for a reading of 43, the indices came off their lows. About 40 minutes into the session, the Dow is down 11 points, the Nasdaq is down 2 points and the S&P is down 2 points. 10:01 EDT Housing Market Index data reported May Housing Market Index at 44 vs. consensus of 44 10:00 EDT The big 0.5% April U.S. industrial production drop Subscribe for More Information 09:34 EDT CBOE Volatility Index VIX is recently up 18c to 12.95 09:30 EDT U.S. industrial production dropped 0.5% in April Subscribe for More Information 09:30 EDT FX Action: The dollar slipped further FX Action: The dollar slipped further after the softer industrial production outcome, taking USD-JPY under 102.20, and EUR-USD up a tick to 1.2885. Stock futures jerked a bit lower, while yields stayed firm. FX trade is relatively light overall, though today's data so far has put a bit of a dent in growth sentiment. 09:30 EDT Treasury Action: yields eased further Subscribe for More Information 09:17 EDT Industrial Production Manufacturing data reported Subscribe for More Information 09:17 EDT Industrial Production Capacity Utilization Rate data reported Subscribe for More Information 09:17 EDT Industrial Production data reported April Industrial Production down -0.5% vs consensus of -0.2% for the month 09:15 EDT U.S. Treasury capital flows showed foreigners sold another $13.5 B in net long-term assets in March Subscribe for More Information 09:10 EDT The 0.7% U.S. April PPI decline The 0.7% U.S. April PPI decline extended the big 0.6% March drop, thanks to another big energy price drop and a smaller food price decline. Core prices rose by a lean 0.1% in April to extend the string of 0.1%-0.2% monthly gains since October, with restraint due to small vehicle price declines. Commodity price gains into May should cap the recent-two month drop, and analysts assume a 0.4% May headline PPI rise with a 0.2% core price increase. The y/y headline gauge fell to 0.6% from 1.1% in March and 1.7% in February, versus a slightly lower 0.5% recent-low in July of 2012. The core y/y gauge remained at 1.7% for a third consecutive month, versus a 0.9% cycle-low in December of 2009. Analysts expect a climb in headline y/y gains back toward 2% by June due to harder comparisons alongside continued sub-2% y/y core gains. Yesterday's trade price report revealed big April food and energy price drops alongside core price declines that further reversed early-Q1 gains. For the remaining April reports, analysts expect 0.1% headline CPI and PCE chain price drops, with respective core price gains of 0.2% and 0.1%. 09:01 EDT Treasury International Capital Foreign Demand for Long-Term U.S. Securities data reported Subscribe for More Information 09:00 EDT U.S. TIC preview: Subscribe for More Information 09:00 EDT U.S. Industrial Production Preview Subscribe for More Information 09:00 EDT The U.S. Empire State May drop to -1.43 Subscribe for More Information 08:45 EDT FX Action: The dollar eased back Subscribe for More Information 08:45 EDT U.S. PPI fell 0.7% April after a 0.6% decline in March. The core rate edged up 0.1% U.S. PPI fell 0.7% April after a 0.6% decline in March. The core rate edged up 0.1% after March's 0.2% increase. Energy prices fell 2.5% after March's 3.4% drop. Foods were down 0.8%. Consumer goods prices dropped 1.0% as gasoline prices fell 6.0% following a 6.8% drop previously. Passenger car prices declined 0.2%. Residential gas was up 4.5%. Women's apparel was up 0.2%. Capital equipment costs inched up 0.1%, with light motor truck prices down 0.1% and computers off 0.9%. Data are a little weaker than expected and continue to reflect a global slowdown in inflation. 08:45 EDT Treasury Action: yields eased slightly lower Subscribe for More Information 08:40 EDT U.S. Empire State manufacturing index fell 4.5 points to -1.4 in May Subscribe for More Information 08:34 EDT Futures remain quiet following economic reports Subscribe for More Information 08:31 EDT Empire State Mfg Survey General Business Conditions Index data reported Subscribe for More Information 08:31 EDT Producer Price Index PPI less food & energy data reported April Producer Price Index PPI less food & energy up 0.1% vs. consensus of 0.2% for the month 08:31 EDT Producer Price Index PPI data reported Subscribe for More Information 08:15 EDT N.Y. FX Outlook Subscribe for More Information 08:10 EDT Fed funds opened at 0.12% Subscribe for More Information 08:05 EDT Canada Manufacturing Preview: Canada Manufacturing Preview: Analysts expect manufacturing shipments to rise 1.0% in March. The increase would follow the 2.6% surge in February. Export values surged 5.1% in March. Growth was broadbased and export volumes also rose 5.1%. Also on the encouraging side, unfilled orders rose 0.5% in February after a 5.5% gain in January, extending the run of gains seen since November. 08:00 EDT U.S. PPI preview: Subscribe for More Information 08:00 EDT U.S. NY Fed "Empire State" Index Preview U.S. NY Fed "Empire State" Index Preview: May Empire State index is expected to show the headline increasing to 5.0 (median 3.6) from 3.1 in April. The Empire State will give us the first look at how sentiment may be performing in May. At present analysts expect rebounds across the board after a weak April. 07:55 EDT U.S. MBA mortgage market index sank 7.3% Subscribe for More Information 07:53 EDT New America Foundation to hold a discussion Subscribe for More Information 07:43 EDT Bank of England sees growth to be a little stronger, inflation a little weaker Subscribe for More Information 07:40 EDT Citigroup to host a conference Taiwan Investor Conference is being held in Taipei, Taiwan on May 15-16. 07:40 EDT Credit Suisse to host a conference Subscribe for More Information 07:39 EDT Standard & Poor's to host a webcast Subscribe for More Information 07:37 EDT JPMorgan to host a conference European Investor 1:1 Conference is being held in Amsterdam, The Netherlands on May 15. 07:35 EDT Treasury Market Outlook: Treasuries are little changed to slightly higher Subscribe for More Information 07:32 EDT Jefferies to host a forum Subscribe for More Information 07:29 EDT Futures quiet in early trading Subscribe for More Information 07:26 EDT Global Pacific & Partners to host a conference Subscribe for More Information 07:25 EDT American Society of Gene and Cell Therapy to hold annual meeting Subscribe for More Information 07:12 EDT Dollar Index at highest level in nine months, Bloomberg reports Subscribe for More Information 07:11 EDT Concerns raised about a lack of bonds, Reuters reports Subscribe for More Information 07:01 EDT MBA Purchase Applications Refinance Index data reported Week of 5/10 MBA Purchase Applications Refinance Index down -8.0% for the week 07:01 EDT MBA Purchase Applications Index data reported Subscribe for More Information 07:01 EDT MBA Purchase Applications Composite Index data reported Subscribe for More Information 06:13 EDT On The Fly: Morning Wrap-Up for May 15 Globex S&P futures are recently down 1.70 from previous day's SPX cash close. Nikkei 225 up 2.29%, DAX up 0.11%. WTI Crude oil is recently at $93.53, NYMEX Natural Gas up 0.17%, gold at $1411 and ounce copper down 1.09%. 06:12 EDT Gold declines to a three week low, Bloomberg reports Subscribe for More Information 06:08 EDT CBOE Volatility Index VIX closed at 12.77, 10-day moving average is 13.01 Subscribe for More Information 06:04 EDT May front month equity options expire, May 17, 2013 Subscribe for More Information 06:03 EDT Germany's growth remains slow while France falls into recession, Reuters reports Subscribe for More Information 05:40 EDT Commodities remained under pressure Commodities remained under pressure on broad dollar strength, which forced Nymex crude 0.70% lower to the $93.50 bbl region and nominal gold was 1% lower close to $1410. Weighing on the commodity market tone was eurozone GDP data weakness, which came in below expectations. In Asia, China Premier Li also admitted that it would be difficult in the current circumstances to stimulate the economy and pressure remained on the downside. 04:25 EDT FX Action: USD-JPY broke 102.50 barriers FX Action: USD-JPY broke 102.50 barriers amid early European account interest reportedly on behalf of the hedge fund community. So far, corrective action is limited as market participants position for a move up through 103.00 ahead of PM Abe's growth strategy announcement, which is tipped for Friday. Large 103.00 barriers are set to roll off at Friday's N.Y. cut, but vols have taken off as option accounts hedge for further upside risk. Exporters are also aggressively hedging on a 102 handle in anticipation of large option related dollar supply. Buyers are tipped from 102.00 to 101.80 and towards the 101.50 region. 01:05 EDT Asian stocks were underpinned Subscribe for More Information May 14, 2013 16:22 EDT May Consumer Confidence to be released at 10:00 Subscribe for More Information 16:22 EDT May State Street Investor Confidence Index to be released at 10:00 14:30 EDT U.S. fiscal 2013 deficit has been revised down to $642 B U.S. fiscal 2013 deficit has been revised down to $642 B, from $845 B in the February estimate, according to the new CBO forecasts. If achieved, this will be the smallest red ink amount since 2008, and the first time below $1 B since then. As a percent of GDP, it will be only 4.0%, less than half of the 10.1% it was with the FY 2009 deficit. The FY 2014 deficit is now expected to shrink to $560 B. Better than expected receipts are the main factor behind the improved budget outlook. 14:20 EDT U.S. NY Fed "Empire State" Index Preview Subscribe for More Information 14:20 EDT U.S. Industrial Production Preview Subscribe for More Information 14:01 EDT Averages higher, but off best levels Each of the major equity indices remains higher but off their best levels of the day. The move is broad based, with the S&P currently the day's biggest winner, up almost 0.8%. Advancing stocks are ahead of declining stocks by more than 2:1 and up volume is ahead of down volume by almost 4:1. Crude oil prices are lower by 0.2% and gold is down 0.6%. The Dow is up 77 points, the Nasdaq is up 18 points, and the S&P is up 12 points. 13:55 EDT U.S. equities are holding their own Subscribe for More Information 12:55 EDT U.S. corporate bond update: the issuance calendar is much less active today U.S. corporate bond update: the issuance calendar is much less active today. Toyota Motor Credit is selling benchmark sized 3-year fixed and just added a 3-year floater. DISH has a $2.5 B deal in 10-year senior notes. Kimco Realty is offering a $300 M 10-year. Hershey launched a $250 M 10-year. Fannie will price a benchmark 3-year Wednesday. 12:35 EDT FX Action: USD-JPY is comfortably above 102.00 again Subscribe for More Information 12:30 EDT Another PIMCO Tweet from Gross Subscribe for More Information 12:20 EDT Treasury Option Action: some bullish positioning Subscribe for More Information 12:16 EDT Fitch upgrades Greece to 'B-' from 'CCC', outlook stable Fitch Ratings has upgraded Greece's long-term foreign and local currency IDRs to 'B-' from 'CCC'. The short-term foreign currency IDR has also been upgraded to 'B' from 'C' and the Country Ceiling upgraded to 'B' from 'B-'. The outlook on the long-term IDRs is stable. The upgrade of Greece's sovereign ratings by one notch reflects some the following factors: The Greek economy is rebalancing: clear progress has been made towards eliminating twin fiscal and current account deficits and 'internal devaluation' has begun to take hold. The price has been high in terms of lost output and rising unemployment and the capacity for recovery is still in doubt. Nonetheless, sovereign debt relief and an easing of fiscal targets have lifted central bank measures of economic sentiment to a three-year high and the risk of eurozone exit has receded. Reference Link 12:14 EDT Fitch upgrades Greece to 'B-' from 'CCC', outlook stable Subscribe for More Information 11:45 EDT Treasury's $20 B 4-week bill auction was solid Subscribe for More Information 11:40 EDT Reports of an EU raid on oil company offices Subscribe for More Information 11:23 EDT CBOE Volatility Index VIX is recently up 64c to 13.19 11:10 EDT NY Fed bought $3.306 B in Treasuries Subscribe for More Information 10:50 EDT Euro$ interest rate futures are treading water Subscribe for More Information 10:40 EDT Treasury Action: Treasuries are higher on the day Subscribe for More Information 10:30 EDT FX Action: USD-CAD gains were capped below noted 1.0070 offers Subscribe for More Information 10:25 EDT NY Fed outright purchase: Fed is buying $2.75 B to $3.5 B in Treasuries Subscribe for More Information 10:05 EDT Japan PM Abe is set to announce a growth strategy Japan PM Abe is set to announce a growth strategy on Friday. According to BoJ watchers he will begin phase II on growth, which will focus on corporate tax cut, deregulation and investment policy. Abe has said that he would compile a growth strategy before the G8 summit in June and Tokyo insiders are tipping Friday as the big announcement. USD-JPY ticked up on the talk and briefly traded back over 101.80 from the 101.70 area, but overall it is still struggling to reassert itself on 102.00 amid corporate hedging and large option structures from 102.50 to 103.00. 10:00 EDT Treasury Option Action: some more bearish positioning Subscribe for More Information 09:52 EDT Market higher as Tuesday streak looks to continue Subscribe for More Information 09:39 EDT Citigroup's analysts hold an analyst/industry conference call Subscribe for More Information 09:32 EDT CBOE Volatility Index VIX is recently up 4c to 12.59 09:15 EDT Treasury Option Action: mixed overnight trade Subscribe for More Information 08:57 EDT Redbook Store Sales data reported Week of 5/11 Redbook Store Sales up 2.8% for the year 08:55 EDT U.S. trade prices revealed headline April declines Subscribe for More Information 08:50 EDT U.S. equities are trading fairly flat U.S. equities are trading fairly flat heading toward the open after dipping with global stocks on a lack of compelling data overnight and very hawkish words from Fed's Plosser who targeted the June FOMC meeting for the start of QE tapering. Import prices fell 0.5%, while exports were 0.7% lower, clearly not flagging inflation risks. In Asia, Japan's Nikkei fell 0.16%, while the HK Hang Seng sank 0.26% and the Shanghai Comp settled 1.11% lower. Over in Europe, the Euro Stoxx 50 is roughly flat after ZEW and IP left something to be desired, while HICP inflation remained very low. The Dow is 2-points higher, S&P gained 1-point and NASDAQ is fractionally lower in pre-open action. In corporate news, Tesla electronic cars continued to rally on its stronger sales forecasts, while Sony's U.S. shares could be in play after investor Loeb called for it to spin off its entertainment unit. Nokia revealed a new version of its Lumia phone, though its shares fell nearly 4%. RIM Blackberry is in focus during its 3-day Live conference. 08:45 EDT FX Action: USD-CAD touched session highs over 1.0140 Subscribe for More Information 08:45 EDT Treasury Action: yields held steady below highs Treasury Action: yields held steady below highs following the weak trade price report, which clearly doesn't give the Fed any fresh motivation to end QE prematurely. The T-note yield is holding near 1.91%, having fallen from 1.93% to1.90% overnight. The 2s-10s spread has pulled back from Monday wides near +170 bp to trade inside +167 bp. 08:45 EDT FX Action: The dollar inched slightly higher Subscribe for More Information 08:40 EDT U.S. import prices fell 0.5% in April, while export prices declined 0.7%. Subscribe for More Information 08:38 EDT Futures move towards positive territory Subscribe for More Information 08:31 EDT Export Prices data reported. Subscribe for More Information 08:31 EDT Import Prices data reported. April Import Prices down -0.5% vs. consensus of down 0.5% for the month. 08:15 EDT U.S. trade price preview: Subscribe for More Information 08:10 EDT Fed funds opened at 0.12% Fed funds opened at 0.12% after a 0.13% close last night. The rate ranged from 0.01% to 0.3125% with a 0.12% effective. Interbank borrowing rates were flat to higher at today's Libor fixing. The overnight dollar Libor rate rose to 0.14650% from 0.14600% on Friday. The 1-week rate edged up to 0.16520% versus 0.16470%. The 3-month rate was steady at 0.27510%. The 12-month rate was unchanged at 0.70110%. 08:05 EDT U.S. ICSC Goldman Sachs chain store sales index dropped 2.0% in the week ended May 11 Subscribe for More Information 07:54 EDT David Tepper says 'definitely' bullish on stock market Subscribe for More Information 07:50 EDT Treasury Market Outlook: Treasuries are modestly higher Subscribe for More Information 07:49 EDT Senate Agriculture, Nutirition & Forestry Committee to hold a markup The Committee holds a Markup to consider the Agriculture Reform, Food and Jobs Act of 2013 (the 2013 Farm Bill) on May 14 at 10 am. Webcast Link 07:46 EDT ICSC-Goldman Store Sales data reported Week of 5/11 ICSC-Goldman Store Sales up 1.2% for the year 07:46 EDT ICSC-Goldman Store Sales data reported Subscribe for More Information 07:35 EDT Philly Fed hawk Plosser said the Fed risks credibility Philly Fed hawk Plosser said the Fed risks credibility if it fails to reduce asset purchases given the better labor market in a panel discussion on the economic outlook and monetary policy from Stockholm, Sweden, earlier. He also warned against failing to adjust policy due to concerns over disappointing or surprising the markets, noting that present labor market conditions warrant scaling back purchases from the June FOMC meeting. On the other hand, the Fed might need to take easing action if inflation expectations begin to fall, though this is not anticipated. Plosser is a non-voter and is among the most hawkish at the Fed, however, this does slot into the current debate on QE tapering, though other more dovish colleagues may not yet be ready to scale back. 07:32 EDT The SEC to host a roundtable Credit Ratings Roundtable is being held at SEC Washington, D.C. headquarters on May 14 at 9 am. Webcast Link 07:26 EDT Futures lower in early trading Subscribe for More Information 07:25 EDT Deutsche Bank to host a conference Subscribe for More Information 07:20 EDT Imperial Capital to host a summit 5th Annual Consumer Summit is being held in Santa Monica on May 14. 07:14 EDT HMG Strategy to host a summit Subscribe for More Information 07:11 EDT Fed’s Plosser: Slowing inflation doesn't need policy response, Bloomberg reports Subscribe for More Information 07:10 EDT Investors more selective about Southeast Asian stocks, bonds, Reuters reports Subscribe for More Information 06:58 EDT New issues complicating U.S.-EU free trade talks, Washington Post says Subscribe for More Information 06:36 EDT On The Fly: Morning Wrap-Up for May 14 Subscribe for More Information 06:29 EDT CBOE Volatility Index VIX closed at 12.55, 10-day moving average is 13.08 CBOE Volatility Index VIX 50-day moving average is 13.39. 06:27 EDT May front month equity options expire, May 17, 2013 Subscribe for More Information 06:00 EDT Nymex crude traded close to $95 bbl Subscribe for More Information 05:00 EDT FX Action: USD-JPY maintained a heavier tone Subscribe for More Information 01:00 EDT Asian stocks were mixed Asian stocks were mixed. U.S. stocks closed unchanged, which offered a limited lead for Asia and the MSCI Asia Pacific Index ex Japan held around flat. USD-JPY's pullback from over 102.00 to the 101.35 region restricted Japan's Nikkei and it was just 0.1% higher on the session on profit taking. The SSEC fell sharply and was 1.6% lower by the afternoon session as domestic investors continue to worry over the economic outlook after yesterday's mixed domestic data. The Kospi overcame some of its recent weakness as car makers and electrical companies bounced back leaving the benchmark index 0.7% higher. The Hang Seng was 0.1% weaker, while the ASX was up just 0.2% as mining stocks capped gains. May 13, 2013 16:20 EDT U.S. trade price preview: Subscribe for More Information 15:25 EDT Treasury Closing Summary: Treasury Closing Summary: Mixed form on global stocks allowed Treasury yields to drift back down from highs initially on Monday before bottom-fishers were caught slightly offsides by the better than expected Apr retail sales reading. The headline sales gain wasn't that impressive, however, though above low median forecasts. Fixation on the Fed's QE exit strategy was amplified by a WSJ Fedwatcher piece, however, that leaned heavily toward Fed VC Yellen taking over the great bond unwind after Bernanke, though she's even more dovish. Stocks rebounded from lows, but didn't really make much forward progress, while the dollar stalled out as well. 14:50 EDT Treasury Action: yields have held steady through the afternoon Subscribe for More Information 14:40 EDT Beware Volatile Bond-Market Mood Subscribe for More Information 14:05 EDT Averages mixed, as Dow remains in negative territory The major equity indices are mixed, with the Nasdaq nearly unchanged and the S&P 500 down by less than 2 points. Declining stocks are ahead of advancing stocks by almost 3:2 and down volume is only slightly ahead of up volume. Crude oil prices are lower by 0.6% and gold is down just 0.1%. The Dow is down 54 points, the Nasdaq is nearly unchanged, and the S&P is down 1 point. 14:05 EDT Treasury Option Action: heavy bearish put liquidation Subscribe for More Information 13:20 EDT SF Fed research on the labor force participation rate Subscribe for More Information 13:15 EDT U.S. equities have backed up to session highs Subscribe for More Information 12:30 EDT U.S. corporate bond update: the calendar is on the light side today Subscribe for More Information 11:55 EDT Treasury's $53 B 3- and 6-month bill sale was a solid Subscribe for More Information 11:50 EDT Fed Chairman Bernanke slated to testify on May 22 before the JEC Fed Chairman Bernanke slated to testify on May 22 before the JEC. This will be a much anticipated event considering the Hilsenrath story that the FOMC has mapped out an exit strategy, though the timing of such is still much debated. It's not obvious, though, that the Fed chief will be able to drop clear indications on the latter, as much is still dependent on economic conditions. 11:37 EDT Some in Congress want to eliminate Iran's energy exports, Washington Post says Some members of Congress are proposing completely preventing Iranian gas and oil from being sold on world markets, according to The Washington Post. The Obama administration is against taking such a step, but is looking at ways of reducing the amount of oil that Iran sells, the newspaper added. Reference Link 11:30 EDT FX Action: USD-CAD found support into 1.0080 FX Action: USD-CAD found support into 1.0080, after tripping stops under 1.0100 earlier. Noted bids into 1.0070 have supported to date, while London short covering and softer equity and commodity prices have resulted in a move back over 1.0100. Offers are in place from 1.0140. 11:10 EDT Treasury announcd a $20 B 4-week bill auction for Tuesday Subscribe for More Information 10:55 EDT Euro$ interest rate futures are fairly flat Euro$ interest rate futures are fairly flat with equities giving little away today in directional terms, the data not really that compelling, the WSJ Fed tapering story interesting on Yellen Chairwomanship but purely speculative on policy. With all this ambiguity, why wouldn't the Jun 2013 contract be flat at 99.725, while the deferreds area flat to a half-tick lower? 3-mont dollar Libor was fixed at unchanged vs 0.2751% on Friday, while the Libor-OIS spread widened a bp to +15 bp. 10:54 EDT Leerink's biotech analysts hold an analyst/industry conference call Subscribe for More Information 10:53 EDT Leerink's biotech analysts hold an analyst/industry conference call Subscribe for More Information 10:50 EDT Today's U.S. reports Today's U.S. reports revealed upside retail sales surprises through April with a big April decline in the price-sensitive gasoline component that left a particularly firm "real" trajectory into Q2, hence adding upside risk to our 2.0% Q2 GDP growth forecast. Yet, business inventories undershot assumptions in both February and March, and this disappointment eliminated our prior assumption of a boost in the 2.5% "advance" Q1 GDP growth estimate. For Q1 GDP revisions, analysts now expect downward bumps of $11 B in inventories and $9 B in construction that offset upward revisions of $16 B in net exports, $3 B in equipment and software, and $2 B in consumption. 10:49 EDT Leerink's biotech analysts hold an analyst/industry conference call Subscribe for More Information 10:46 EDT Leerink's biotech analysts hold an analyst/industry conference call Biotech Analysts provide a preview on ASCO's upcoming Annual Meeting with a focus on Lymphoma on an Analyst/Industry conference call to be held on May 21 at 12 pm. 10:44 EDT Leerink's biotech analysts hold an analyst/industry conference call Subscribe for More Information 10:28 EDT Jefferies' U.S. industrials research team holds a conference call Subscribe for More Information 10:25 EDT Another Gross Tweet from PIMCO: Subscribe for More Information 10:25 EDT U.S. business inventories undershot estimates Subscribe for More Information 10:15 EDT Treasury Action: yields are off earlier highs Subscribe for More Information 10:13 EDT ISI Group's pharma/biotech analysts hold an analyst/industry conference call Subscribe for More Information 10:11 EDT Morgan Stanley's macroeconomics analysts hold a conference call Subscribe for More Information 10:08 EDT DA Davidson's financial services analysts hold analyst/industry conference call Financial Services Analysts Rulis and Tenner discuss the recently held DA Davidson's 15th Annual Financial Services Conference on an Analyst/Industry conference call to be held on May 13 at 11 am. 10:06 EDT Barclays' healthcare analyst team holds an analyst/industry conference call Healthcare Analyst Research Team provides an industry update on an Analyst/Industry conference call to be held on May 13 at 10:30 am. 10:05 EDT U.S. retail sales beat assumptions in April Subscribe for More Information 10:00 EDT Business Inventories data reported March Business Inventories up 0.0% vs. consensus of 0.3% for the month 10:00 EDT Averages begin week lower despite retail sales data Subscribe for More Information 09:50 EDT WSJ Hilsenrath also profiled Fed VC Janet Yellen WSJ Hilsenrath also profiled Fed VC Janet Yellen and touted her as the possible successor to Chairman Bernanke. A long time employee at the Fed, starting as a staffer in 1977, then SF Fed President, and now Fed VC, she is one of the most qualified to take over. She is also one of the most dovish on the Committee. If she were to assume the helm, that could damp somewhat the aggressiveness of the stimulus unwind. Also of interest is her husband, Nobel Prize winner George Akerlof, who is "skeptical of markets," noting in a speech last year that "the public and economists have too great an acceptance that whatever markets do is right." If she also ascribes strongly to that view, she's likely to disregard the any ups and downs in prices and maintain a more dovish stance longer than the markets anticipate. 09:40 EDT U.S. Vehicle Assemblies continue to track slightly above expectations U.S. Vehicle Assemblies continue to track slightly above expectations in the first week of May given data from AutoNews. May light vehicle sales are expected to rise to 15.4 M units from 15.2 M in April. Expectations are for a 0.1% April industrial production decline after a 0.4% rise in March. There was an Empire State plunge to 3.1 from 9.2 in March, while analysts saw a decrease in the Philly Fed to 1.3 from 2.0 in March. Meanwhile, there was an April ISM tally of 50.7 from 51.3 in March, alongside a Chicago ISM fall to 49.0 from 52.4. The initial claims pattern has returned to trend levels, while analysts saw nonfarm payroll gains in April of 165k total and 176k for the private component, with expected May gains of 165k and 180k. 09:35 EDT U.S. Business Inventories Preview Subscribe for More Information 09:33 EDT CBOE Volatility Index VIX is recently down1c to 12.58 09:15 EDT Jefferies glass analyst research team holds an analyst/industry conference call Subscribe for More Information 09:10 EDT U.S. equities trimmed pre-open losses U.S. equities trimmed pre-open losses following the better than expected retail sales print in Apr, though this was relative to very low expectations and the ex-gasoline gain was 0.7%, implying firmer underlying consumer spending that should prove supportive to growth. Stocks had been a tad anxious over more Fed tapering stories, this time on the topic of a Bernanke's potential replacement in Janet Yellen in the WSJ. They had also been disappointed over Chinese data. In Asia, the N-225 rose 1.20% thanks to a dollar probe over Y102 after no G7 complaint, while the Shanghai Comp in China fell 0.22% after missing data targets on output and investment. In Europe, the Euro Stoxx 50 is off 0.35%, with shallow losses across most of the rest of the region, led by -1.3% in Italy. The Dow is 15-points lower, S&P fell 2-points and NASDAQ is 3-points lower, though "fair value" adjustments may push these into the green at the open. In corporate activity, SoftBank reportedly snubbed banks for its upcoming IPO who took part in rival DISH's $25 B bid for Sprint Nextel. Yum Brands reported a 29% dive in China sales due to bird flu. Elan paid $1 B for Theravance royalties from Glaxo. Business inventories are due next. 09:08 EDT Citigroup's chemicals and agriculture analyst holds a conference call Subscribe for More Information 09:05 EDT WSJ's Hilsenrath indicated the Fed has mapped out an exit strategy Subscribe for More Information 09:00 EDT FX Action: The dollar rallied for a few moments Subscribe for More Information 08:55 EDT FX Action: USD-JPY options are expected to influence Subscribe for More Information 08:40 EDT U.S. retail sales rebounded 0.1% in April, but was down 0.1% excluding autos U.S. retail sales rebounded 0.1% in April, but was down 0.1% excluding autos. March's 0.4% headline decline was revised down slightly to -0.5% from -0.4%, while February's 1.0% gain was revised to 1.1%. The 0.4% decline in ex-autos from March was not revised. But the 1.0% February gain was boosted to 1.1%. Retail sales excluding autos, gas, and building materials rose 0.6% versus unchanged in March (revised from -0.2%). Vehicle and parts sales rebounded 1.0%. Gas station sales dropped 4.7%. Building materials climbed 1.5%. Furniture sales were flat. Electronics sales edged up 0.8%. Clothing rose 1.2%. Non-store retailers were up 1.4%. Miscellaneous sales inched up 0.1%. Sales were better than expected. 08:40 EDT Treasury Action: yields rebounded to highs Subscribe for More Information 08:34 EDT Futures remain lower ahead of open Subscribe for More Information 08:32 EDT Retail Sales Less Autos & Gas data reported April Retail Sales Less Autos & Gas up 0.6% vs. consensus of 0.4% for the month 08:32 EDT Retail Sales less autos data reported Subscribe for More Information 08:32 EDT Retail Sales data reported April Retail Sales up 0.1% vs consensus of -0.3% for the month 08:20 EDT U.S. Retail Sales Preview U.S. Retail Sales Preview: April retail sales are expected to reveal further declines. Analysts expect the headline to decline by 0.4% (median -0.3%) with the ex-autos figure falling by -0.4% (median -0.1%) as well. Both measures were also down by 0.4% in March as well. 08:15 EDT Fed funds opened at 0.13% Subscribe for More Information 08:10 EDT Treasury Market Outlook: Treasuries are unwinding overnight gains Subscribe for More Information 08:00 EDT Citigroup's managed care analysts holds an analyst/industry conference call Subscribe for More Information 07:55 EDT Deutsche Bank's energy economist to hold an analyst/industry conference call Subscribe for More Information 07:52 EDT Jefferies' energy analysts hold an analyst/industry conference call Subscribe for More Information 07:49 EDT Credit Suisse's macroeconomics research team holds a conference call Subscribe for More Information 07:47 EDT JPMorgan's small cap analysts hold an analyst/industry conference call Subscribe for More Information 07:38 EDT Imperial Capital to host a summit Subscribe for More Information 07:36 EDT UBS to host a conference Subscribe for More Information 07:35 EDT Standard & Poor's to host a webcast Quarterly Teleconference U.S. Banking Sector webcast will be held on May 13 at 11 am. Webcast Link 07:25 EDT Futures slightly lower in early trading U.S. equity futures are pointing to a slightly lower open. There is little news for investors to key in on, as earnings season is nearly over and most bellwether companies have already reported their results. Investors will be examining several pieces of economic data, however. Advance retail sales figures are due out at 8:30 am ET, and analysts are expecting to see a drop of 0.3%. Analysts expect a drop of 0.2% excluding autos. Due out after the market opens are business inventories for March. 07:21 EDT Longview Solutions to host a conference 19th Annual Global Consumer Conference is being held in Atlanta, Georgia on May 13-16. 07:10 EDT Bond sales to decline for first time since 2010, Bloomberg reports Subscribe for More Information 07:09 EDT China's April factory output misses expectations, Reuters reports Subscribe for More Information 07:09 EDT Nikkei jumps tot 5 1/2-year high, Reuters reports Japan's Nikkei share average surged to a new 5-1/2-year high today as the weakening yen further bolstered exporters, while brokerage shares attracted buyers who see growing volume bringing in much more fee income, reports Reuters.Reference Link 07:09 EDT IPOs look to raise most money since 2007, WSJ reports U.S. companies are on track to raise the most money through IPOs since before the financial crisis, driven by the same thirst for risk among investors that has pushed the stock market to new highs. Already this year, 64 U.S.-listed public offerings have raised $16.8B, according to Dealogic, reports the Wall Street Journal.Reference Link 06:54 EDT China becoming more involved in U.S. auto sector, NY Times says Subscribe for More Information 06:24 EDT May front month equity options expire, May 17, 2013 Subscribe for More Information 06:22 EDT CBOE Volatility Index VIX closed at 12.59, 10-day moving average is 13.20 Subscribe for More Information 06:21 EDT On The Fly: Morning Wrap-Up for May 13 Subscribe for More Information 06:09 EDT Europe, pressured by U.S., focused on economic growth, Bloomberg reports Subscribe for More Information 06:00 EDT Nymex crude moved back below $95 bbl, leaving it just over Nymex crude moved back below $95 bbl, leaving it just over 1% lower on the session. The underlying dollar bid tone weighed on the commodity market complex, while China industrial production also acted as a negative lead. China industrial production data improved in April, but it was a bit below expectations at 9.3% y/y. China data over the last month has fueled a mixed opinion on the state of the economy and there is some nervousness over the demand outlook. Fed policy was also back in focus after WSJ's Hilsenrath suggested that the Fed had mapped out a policy exit, but was still uncertain on the timing. Recent data strength and more upside improved could see tapering of QE toward the latter part of the year. With this in mind, nominal gold headed back to $1427 from $1449.70 at the Asia pacific open, which compared with $1421.75 lows on Friday. 05:48 EDT Markets focused on strength of dollar, WSJ reports Subscribe for More Information 03:45 EDT FX Action: USD-JPY corrected from fresh trend highs Subscribe for More Information May 12, 2013 13:59 EDT Fed has a strategy for ending stimulus, WSJ says Subscribe for More Information May 10, 2013 19:30 EDT Consumer Price Index CPI less food & energy to be reported at 08:30 Subscribe for More Information 19:30 EDT Philadelphia Fed Survey General Business Conditions Index to be reported at 10:00 May Philadelphia Fed Survey General Business Conditions Index will be reported at 10:00 . Current consensus is 2.2 19:30 EDT Consumer Sentiment Index to be reported at 09:55 Subscribe for More Information 19:30 EDT Consumer Price Index CPI to be reported at 08:30 Subscribe for More Information 19:30 EDT Housing Starts Permits to be reported at 08:30 April Housing Starts Permits will be reported at 08:30 . Current consensus is 0.945M 19:30 EDT Industrial Production Manufacturing to be reported at 09:15 Subscribe for More Information 19:30 EDT Industrial Production Capacity Utilization Rate to be reported at 09:15 Subscribe for More Information 19:30 EDT Producer Price Index PPI less food & energy to be reported at 08:30 Subscribe for More Information 19:30 EDT Empire State Mfg Survey General Business Conditions Index to be reported at 08:30 May Empire State Mfg Survey General Business Conditions Index will be reported at 08:30 . Current consensus is 3.75 19:30 EDT Producer Price Index PPI to be reported at 08:30 Subscribe for More Information 19:30 EDT Export Prices data reported. April Export Prices at % vs. consensus of down 0.1% for the month. 19:30 EDT Import Prices data reported. Subscribe for More Information 19:30 EDT Retail Sales less autos to be reported at 08:30 April Retail Sales less autos will be reported at 08:30 . Current consensus is [0.1]% for the month 19:30 EDT Retail Sales Less Autos & Gas to be reported at 08:30 Subscribe for More Information 19:01 EDT Fed officials have mapped QE wind-down, WSJ reports Subscribe for More Information 15:35 EDT Treasury Closing Summary: Subscribe for More Information 15:25 EDT More from George: More from George: in Q&A the Fed hawk said the FOMC is focused especially on "being transparent." The Fed will need to exit stimulus without sudden rate increases. Analysts don't think sudden or large rate increases will be an issue for the markets for quite some time given the criteria for rate hikes and the Fed's openness. As Chairman Bernanke and others on the Fed have indicated, she does believe the U.S. needs to address the "too big to fail" issue, but Dodd-Frank legislation really hasn't done the trick. 15:10 EDT More from George: More from George: the lone FOMC dissenter remains concerned the current policy stance poses long term risks. And she worries the near-zero rate posture is creating incentives for investors to reach for yield. The Fed's large balance sheet also risks boosting long term inflation expectations. Nevertheless, she doesn't believe higher rates are needed currently. But when rates are raised, it's likely to be a "painful adjustment" process. She'd be against expanding asset purchases at this point as it could lead to "complications." 15:00 EDT Fed's George said the Bank is dealing with "challenging issues," Subscribe for More Information 14:45 EDT Treasury Action: the improvement in the budget is certainly good news for the debt market Treasury Action: the improvement in the budget is certainly good news for the debt market, though it was presaged by the Treasury's revision in its Q2 financing estimate to a $35 B paydown for Q2, versus an initial projection of a $103 B borrowing need. This now gives the Treasury wiggle room to come under the debt limit, with the suspension to the ceiling is set to expire on May 18. It now looks as though the cap won't be a real issue for the bond market until Labor Day. Also giving the Treasury some flexibility under the cap are expected payments from Fannie and Freddie. However, analysts're not yet sanguine that the improvement is long term since much of the increase in receipts could be a one-off, resulting from the changes in the tax laws late last year. 14:30 EDT Treasury Action: yields pulled back from highs Subscribe for More Information 14:10 EDT U.S. Treasury posted a $112.9 B budget surplus in April Subscribe for More Information 14:02 EDT Treasury Budget data reported April Treasury Budget at $112.9B vs. consensus of $107.5B 14:00 EDT Treasury Budget data reported Subscribe for More Information 19:51 EDT Durable Goods Orders to be reported at 08:30 April Durable Goods Orders will be reported at 08:30 . Current consensus is 1.1% for the month 13:45 EDT U.S. budget surplus preview: Subscribe for More Information 13:44 EDT Mixed market trading in narrow range Subscribe for More Information 13:15 EDT Philly Fed's Survey of Professional Forecasters expect a better labor market Philly Fed's Survey of Professional Forecasters expect a better labor market, but slower growth in the economy near term. The Survey shows nonfarm payrolls averaging 169.8k this year (versus 164.1k in the previous survey) and 180.4k in 2014 (versus 176.8). The unemployment rate is seen holding at an annual average of 7.6% this year (down from 7.7% previously) and falling to 7.1% in 2014 (previously 7.2%), and 6.6% in 2015 (from 6.7%). Real GDP growth is estimated at 1.8% for Q2, down from a 2.3% forecast in the previously survey, 2.3% in Q3 (compared to 2.6% earlier), and picking up to a 2.7% rate in Q4 (from 2.5%). Q1 2014 growth is estimated at 2.5%, down from 2.7% previously. These forecasts suggest the Fed will be basically on hold in terms of rates for some time to come. 12:07 EDT U.S. corn surplus seen at 2B bushels vs. 1.2B a year ago Subscribe for More Information 11:45 EDT FX Action: USD-CAD peaked just over 1.0150 FX Action: USD-CAD peaked just over 1.0150 after tripping stops at 1.0130. The pairing subsequently eased back under 1.0120 in light trade, though with the weekend approaching, analysts look for range bound trade into the close. 11:40 EDT Treasury Option Action: still more "downside reaching" Subscribe for More Information 11:39 EDT China's producer price index fell in April, Xinhua reports China's producer price index, a measure of future consumer inflation, dropped 2.6% year-over-year in April, China said yesterday, according to Xinhua. Reference Link 11:15 EDT NY Fed bought $1.445 B in bonds NY Fed bought $1.445 B in bonds with maturities ranging from February 15, 2036 through February 15, 2043. The Street offered $3.32 B. Treasury yields remain sharply higher on the day and the week, feeling some indigestion following the $72 B refunding, even as equities are in the red. The 30-year yield is 9 bps higher today at 3.10% and is up about 13 bps on the week. Pimco's tweet on the end of the secular bull market in bonds certainly hasn't helped the long end. 10:55 EDT Treasury Option Action: some bearish put buying Subscribe for More Information 10:45 EDT FX Action: Dollar buying picked up after the options cut Subscribe for More Information 10:45 EDT Another Gross Tweet from PIMCO: Subscribe for More Information 10:40 EDT Action Alert: a pick up in margin debt could be a sign of a another brewing asset bubble Subscribe for More Information 10:25 EDT Bernanke on "too big to fail:" Subscribe for More Information 10:15 EDT Bernanke Q&A: regarding identifying bubbles, Bernanke said the Fed monitors asset valuations Subscribe for More Information 10:07 EDT Citigroup's analysts hold an analyst/industry conference call Analyst Research Team, along with International Agribusiness Group Consultant Rob fisher, discuss the recently released World Agricultural Supply and Demand Estimates (WASDE) Report on an Analyst/Industry conference call to be held on May 10 at 2 pm. 10:05 EDT Treasury Option Action: some unwinding of bearish positioning Subscribe for More Information 10:01 EDT Averages all back in positive ground, with Nasdaq leading Subscribe for More Information 09:55 EDT Euro$ interest rate options: a bearish package traded Euro$ interest rate options: a bearish package traded ahead of Bernanke's speech that included a Long Green Mar package that "bought 6k in Mar 2016 80/87 put spreads vs a sale of Mar 2016 97 calls," in effect a doubly bearish trade. Sources also reported some more "conditional steepeners" via options, buying 6k in Short Mar 2013 90/92 put spreads vsa a sale of Green Mar 2013 82/87 put spreads." Yet, the Jun 2013 contract is still stuck near 99.725 and the deferreds are a half-tick lower. 09:45 EDT Fed Chairman Bernanke didn't address policy or the economy Fed Chairman Bernanke didn't address policy or the economy in his prepared remarks. He's speaking at a bank structure conference, and focused on monitoring of the financial system. Analysts didn't believe this was a likely venue for policy revelations, and indeed it was not. He indicated there are still important risks in short term funding markets, including the response to the failure of a broker-dealer or other major borrower. He warned the money markets, which are still vulnerable to "runs." There will be Q&A, but again the Fed chief is not likely to spill any policy beans. 09:35 EDT CBOE Volatility Index VIX is recently down 5c to 13.09 Subscribe for More Information 09:31 EDT Brean Capital will be trading for charity Brean will donate all commissions generated on May 10, 2013, in both equity and fixed income, to The One Fund Boston to help the people most affected by the tragic events which occurred in Boston on April 15, 2013. 09:05 EDT U.S. equities are moderately higher Subscribe for More Information 08:25 EDT Guggenheim's Washington Research Group's political analyst holds conference call Subscribe for More Information 08:25 EDT One more heavy dose of Fedspeak Subscribe for More Information 08:23 EDT Barclays analysts hold an analyst/industry conference call Subscribe for More Information 08:10 EDT Credit Suisse's analyst research team holds a conference call Analyst Research Team, along with industry expert George Olsen, provide an update on Washington healthcare policy on an Analyst/Industry conference call to be held on May 10 at 10 am. 08:05 EDT Fed funds opened at 0.13% Fed funds opened at 0.13% after a 0.15% close last night. The rate ranged from 0.03% to 0.3125% yesterday with a 0.12% effective. Interbank borrowing rates were flat to lower at today's Libor fixing. The overnight dollar Libor rate fell to 0.14600% versus yesterday's 0.14750%. The 1-week rate dropped to 0.16470% from 0.16720%. The 3-month rate was unchanged at 0.27510%. The 12-month rate slid to 0.70110% from 0.70210%. 07:55 EDT Treasury Market Outlook: a big risk-on rally is weighing heavily on bonds globally Subscribe for More Information 07:55 EDT Canadian Employment Preview Canadian Employment Preview: Our projection is for employment (8:30 ET) to rebound 20k in April (median +11k) after having tumbled 55k in March. The unemployment rate is projected to dip to 7.1% (median 7.2%) from 7.2% in March, but holding above the 7.0% seen in January and February that was a post recession low. Hours worked are expected to improve 0.3% after the 0.4% drop in March, leaving a trajectory that is broadly consistent with improved GDP growth in Q1 and Q2. And average hourly wages are expected to rise 0.1%, leaving an annual growth rate of 2.5%. 07:53 EDT Federal Reserve Chairman Bernanke to speak at conference Subscribe for More Information 07:35 EDT N.Y. FX Outlook Subscribe for More Information 07:35 EDT FX Action: U.S. name triggered stops in USD-JPY FX Action: U.S. name triggered stops in USD-JPY into the N.Y. open on the successful breach of 101.50 barriers. London dealing desks tipped large stops at 101.55 and 101.60 to fuel highs over 101.70. EUR-JPY extended its rally to fresh three year highs over 132.20 on the flows, while a strong Middle Eastern account bid was reportedly behind EUR-USD's rebound back over 1.3000. The yen sell-off has gained traction into the G7 interestingly. BoJ's Kuroda said he will tell the G7 that easing in April was for domestic purposes and it is not targeting FX rates. Overnight, South Korea raised fresh concerns over yen weakness, while U.S. Treasury Secretary Lew said Japan must respect FX rules as it seeks growth. 07:30 EDT Futures suggest higher open Subscribe for More Information 07:08 EDT China closes wealth management funds loophole, Reuters reports Subscribe for More Information 07:08 EDT Small investors trend: margin debt, WSJ reports Small investors are borrowing against their portfolios at a rapid rate, reaching levels of debt not seen since the financial crisis. The trend, driven by rising stock values and low interest rates, is sparking a growing debate among market watchers, reports the Wall Street Journal.Reference Link 06:40 EDT Confirmation of EPA nominee in jeopardy, Politico says The fate of President Obama's nominee for head of the EPA, Gina McCarthy, is in doubt after Republicans prevented a Senate committee from voting on the nomination by boycotting the vote, according to Politico. Reference Link 06:06 EDT Fed officials debate QE3, Reuters reports Subscribe for More Information 06:05 EDT May front month equity options expire, May 17, 2013 06:05 EDT Commodities were tipped lower Commodities were tipped lower by dollar gains. The USD index edged up through 83.00, which were its best levels since late April and leaned on the commodity market complex despite broad based equity market gains. Investor rotation out of gold forced a move into $1445 from $1462 in late Asia, while Nymex crude headed back to $95.75 bbl, leaving it 0.70% lower on the session. Copper prices held up around $3.346 and a touch higher intra-day. The improvement in China trade raised expectations of increasing demand and there are renewed hopes that Germany may have overcome its soft path. The U.S. economy is also on the recovery path and there are even signs that the U.K. economy may be over its worst. 06:03 EDT CBOE Volatility Index VIX closed at 13.13, 10-day moving average is 13.30 Subscribe for More Information 06:02 EDT On The Fly: Morning Wrap-Up for May 10 Subscribe for More Information 05:48 EDT SEC looks at new rules for 'prime' funds, WSJ reports Subscribe for More Information 05:46 EDT SEC pressured to tighten rules for executive trading plans, WSJ reports Subscribe for More Information 05:30 EDT FX Action: USD-JPY made a run on 101.50 barriers Subscribe for More Information 01:33 EDT Week of 5/22 Fed Balance Sheet to be released at 16:30 01:33 EDT Week of 5/13 Money Supply to be released at 16:30 Subscribe for More Information 01:15 EDT Asian stocks were mixed Subscribe for More Information May 9, 2013 16:32 EDT Fed Balance Sheet Total Assets data reported Subscribe for More Information 16:32 EDT Fed Balance Sheet Reserve Bank credit data reported Week of 5/8 Fed Balance Sheet Reserve Bank credit at $10.4B 16:32 EDT Money Supply M2 Weekly Change data reported Subscribe for More Information 16:06 EDT Week of 5/17 EIA Natural Gas Report to be released at 10:30 19:51 EDT New Home Sales to be reported at 10:00 Subscribe for More Information 15:35 EDT Treasury Closing Summary: Subscribe for More Information 15:15 EDT "Fed insider" taper talk is doing the rounds again Subscribe for More Information 14:55 EDT Canadian Employment Preview Subscribe for More Information 14:55 EDT FX Action: USD-JPY has spiked to 100.50 Subscribe for More Information 14:42 EDT Dan Loeb calls Japan 'best idea,' is short Yen, long Nikkei, CNBC reports Subscribe for More Information 14:02 EDT Averages back in positive territory Subscribe for More Information 14:00 EDT Treasury Action: supply is out of the way until the end of the month Subscribe for More Information 13:50 EDT Philly Fed hawk Plosser: 2BTF reforms are falling short Philly Fed hawk Plosser: 2BTF reforms are falling short and Basel III requirements may be simply too low, arguing that higher leverage ratios could be based upon bank size, interconnectedness and complexity. He views higher capital as unlikely to be prohibitively costly and has serious doubts about breaking up too-big banks. Plosser warns that Dodd-Frank is too arbitrary, unpredictable and vulnerable to politics, suggesting that a new Chapter 14 bankruptcy law would be far preferrable. He still feels creditors believe they will be bailed out by the government and is not a fan of the living will program. Overall he seems pretty sour on the process, but at least is offering some alternatives. No near-term monetary policy implications. 13:20 EDT FX Action: USD-JPY has made fresh highs over 99.60 Subscribe for More Information 13:15 EDT Treasury's $16 B 30-year auction was better than feared. Subscribe for More Information 13:15 EDT Treasury Action: solid bond auction results Treasury Action: solid bond auction results helped knock long-yields back down to session lows again as the refunding wraps up in style and the relief rally spreads as smoothly as the likely distrubution in the secondary market. The current 30-year yield stalled out ahead of the 3.0% area ahead of the sale and plunged back down to 2.95% in its wake, compared to the 2.98% award rate that priced slightly through the WI. 19:51 EDT Jobless Claims to be reported at 08:30 Subscribe for More Information 12:45 EDT Treasury 30-year auction preview: Subscribe for More Information 12:28 EDT China's inflation accelerated in April, China Daily reports Subscribe for More Information 12:10 EDT Euro$ interest rate options: put spread flood continues Euro$ interest rate options: put spread flood continues, padding outstanding positions according to sources. "50k in Short Dec 92/95 put spreads were sold vs Green Dec 86/90 put spreads" in addition to a like trade of 100k two days ago. Jun 2012s remain slightly lower near 99.72, with little of this hefty options activity spilling over to underlying futures per se. 11:25 EDT Treasury announced a $53 B 3- and 6-month bill auction Subscribe for More Information 11:20 EDT NY Fed bought $1.369 B in TIPS Subscribe for More Information 11:20 EDT Euro$ interest rate options: a hefty put spread steepener Subscribe for More Information 11:05 EDT Fed's Evans said accommodation has been appropriate Subscribe for More Information 10:30 EDT EIA Natural Gas Storage Change for the week ending May 3 Subscribe for More Information 10:30 EDT U.S. wholesale trade report revealed a big 1.6% price-led March sales drop Subscribe for More Information 10:25 EDT FX Action: The dollar showed no reaction FX Action: The dollar showed no reaction to the wholesale data, which is normally the case, and the dollar remains at, or near session highs versus major currencies. The previously noted dollar buy order appears to have run its course, and overall, the greenback is on a more stable footing now. 10:25 EDT NY Fed outright purchase: the Fed is buying $1 B to $1.5 B in TIPS Subscribe for More Information 10:15 EDT Treasury Action: yields held steady near highs Treasury Action: yields held steady near highs despite the weak wholesale sales data, with stocks still in shallow negative territory and the dollar on the warpath. The 10-year yield is testing overnight highs in the 1.80/1.81% area, having bounced from 1.78% after the claims drop. The curve remains steep heading into the 30-year bond auction later and a small TIPS purchase by the NY Fed not really material. The 2s-30s spread is wide of +276 bp. 10:01 EDT Wholesale Trade Inventories data reported Subscribe for More Information 10:00 EDT FX Action: The dollar was buoyed by a real money order Subscribe for More Information 10:00 EDT Treasury Option Action: bullish positioning Subscribe for More Information 09:45 EDT U.S. Wholesale Trade Preview Subscribe for More Information 09:33 EDT CBOE Volatility Index VIX is recently up 22c to 12.88 Subscribe for More Information 09:20 EDT Treasury Option Action: demand for "cheap calls" Subscribe for More Information 09:05 EDT U.S. equities are still mildly lower U.S. equities are still mildly lower to start the session, despite another drop in jobless claims, even with the lack of caveats to the ongoing downtrend, with some fatigue setting in after recent highs. Changes in global shares were mostly to the downside, as the N-225 in Japan sank 0.66% and the Shanghai Comp fell 0.59%, though the Kospi rose 1.2% after BoK cut. In Europe the Euro Stoxx 50 is off 0.6% even as many bourses on the Continent are closed for Ascension Day, while the UK FTSE was fractionally lower after the BoE held pat. The Dow is off 14-points, S&P is 2-points lower and NASDAQ traded 7-points lower prior to the opening bell, above earlier lows. In corporate news, Groupon surged over 12% after posting revenue growth of 7.5%, while News Corp saw revenues surge 14% and its shares rallied. Fannie Mae reported plans to refund the Treasury $59.4 B after a tax-related windfall, though its CEO warned that this was not a sign that reforms of the GSEs should be slowed. Up next are wholesale trade figures, 30-year auction and more Fedspeak. 08:50 EDT The 4k U.S. initial claims drop to a five-year low 323k Subscribe for More Information 08:45 EDT Treasury Action: yields ticked up as claims fell again Subscribe for More Information 08:40 EDT U.S. jobless claims declined 4k to 323k in the week ended May 4 Subscribe for More Information 08:35 EDT Richmond Fed hawk Lacker favors increasing capital Subscribe for More Information 08:32 EDT Futures continue to trade quietly ahead of market open Subscribe for More Information 08:31 EDT Jobless Claims data reported Subscribe for More Information 08:31 EDT Jobless Claims 4-week Moving Average data reported Subscribe for More Information 08:31 EDT Jobless Claims data reported Subscribe for More Information 08:20 EDT U.S. weekly jobless claims preview: Subscribe for More Information 08:00 EDT Fed funds opened at 0.13% Subscribe for More Information 07:55 EDT Treasury Market Outlook: Treasuries are higher Treasury Market Outlook: Treasuries are higher, along with Bunds and Gilts, while equities are lower, as risk-off trades dominated overnight. Peripheral spreads are wider. The 10-year Treasury yield is 3 bps lower at 1.78%. Profit taking after another record gain is weighing on U.S. equity futures. Trading volume in bonds was good but some regions in Europe were closed for Ascension Day. The Bank of Korea surprised with a 25 bp rate cut to 2.50%. On the other hand, the BoE left rates unchanged, as expected. U.K. manufacturing data beat expectations. Spain successfully sold bonds. The U.S. calendar remains thin with just initial claims, wholesale trade, and a 30-year bond offering. The Treasury will try again today with $16 B 30-year sale. The wi trades at 3.0%. The NY Fed will buy $1 B to $1.5 B in TIPS. There's Fedspeak today from Plosser, Lacker and Evans. 07:36 EDT British PM Cameron says Britain must stay in European Union, Reuters reports Subscribe for More Information 07:35 EDT Fedspeak resumes with a vengence Subscribe for More Information 07:30 EDT N.Y. FX Outlook Subscribe for More Information 07:19 EDT Futures quiet in early trading Subscribe for More Information 07:11 EDT Junk bond yields hit new low, WSJ reports Subscribe for More Information 07:02 EDT Bank of England leaves benchmark rate unchanged Subscribe for More Information 06:52 EDT Senator introduces bill to slash interest rate on student loans, Politico says Subscribe for More Information 06:42 EDT Egypt sovereign credit ratings downgraded by S&P Subscribe for More Information 06:34 EDT Euro zone economy expected to contract this year, Reuters reports A survey of economists, academics and other professional forecasters indicates that the euro zone economy will shrink 0.4% this year, according to the European Central Bank, which conducted the survey, Reuters reported. That's down from a forecast of 0% growth in the previous survey of the forecasters, conducted three months ago, the news service added. Reference Link 06:20 EDT On The Fly: Morning Wrap-Up for May 9 Globex S&P futures are recently down 0.90 from previous day's SPX cash close. Nikkei 225 down 0.66%, DAX down 0.02%. WTI Crude oil is recently at $96.01, NYMEX Natural Gas down 1.18%, gold at $1471 and ounce copper down 0.90%. 06:10 EDT CBOE Volatility Index VIX closed at 12.66, 10-day moving average is 13.35 Subscribe for More Information 06:10 EDT Commodities recorded modest losses intra-day Subscribe for More Information 06:07 EDT May front month equity options expire, May 17, 2013 Subscribe for More Information 04:35 EDT FX Action: Japan bids held the USD-JPY downside FX Action: Japan bids held the USD-JPY downside, helping it to drift back to the 98.85 region in quiet trade. USD-JPY option expiries may see another frustrating session close to 99.00. There are several good size maturities at 98.50, 98.75, 98.80, 98.85 and 99.00, which could result in another frustrating session either side of 99.00. Meanwhile, EUR-JPY's move out of 129.80 back to the 130.20 was a supportive lead and the crosses could drive action ahead of today's U.S. data releases. EUR is looking poised for more topside movement, while GBP may also see increased buying interest over the BoE decision. 01:15 EDT Asian equities were more mixed today Subscribe for More Information May 8, 2013 21:32 EDT FOMC Minutes to be released at 14:00 Subscribe for More Information 16:43 EDT Week of 5/17 EIA Petroleum Status Report to be released at 10:30 Subscribe for More Information 19:51 EDT Existing Home Sales to be reported at 10:00 April Existing Home Sales will be reported at 10:00 . Current consensus is 5.00M 15:35 EDT Treasury Closing Summary: Subscribe for More Information 15:15 EDT U.S. weekly jobless claims preview: Subscribe for More Information 14:40 EDT U.S. corporate bond update: corporates continue to take advantage of a favorable borrowing environment Subscribe for More Information 14:06 EDT Averages drifting in positive territory Subscribe for More Information 13:25 EDT U.S. Wholesale Trade Preview Subscribe for More Information 13:20 EDT Treasury Action: yields bounced from lows on 10-year auction results Treasury Action: yields bounced from lows on 10-year auction results, which came in shy of expectations and caught the bond market leaning the other way after the more bullish run earlier following option and real money positioning. The current T-note yield rebounded from 1.75% lows to clear 1.77%, compared to the 1.81% award rate on the new notes and earlier highs of 1.80%. 13:10 EDT Treasury's $24 B 10-year refunding auction was quite disappointing Subscribe for More Information 13:02 EDT Week of 5/17 MBA Purchase Applications to be released at 07:00 Subscribe for More Information 12:55 EDT Treasury Option Action: bullish positioning accompanied the rebound Treasury Option Action: bullish positioning accompanied the rebound in underlying 10-year futures, according to sources. This included "purchases of 6k in Jun 134 calls, 10k in Jun 135 calls and 3.6k in Jun 133/133+/134 call butterflies." Also bullish were "sales of 4k in Jul 132+ puts, 4k in Jun 132 puts and 10k in Jun 131/132 put spreads." It would appear that the options market is betting recent post-payrolls ranges will hold, as analysts head into the 10-year auction results shortly. Jun 10s are 6.5-ticks firmer near 132-265, compared to their 132-27 to 132-17 range, while the T-note yield stalled at 1.80% and reversed to 1.75%. 12:45 EDT Treasury 10-year auction preview: Subscribe for More Information 12:20 EDT G7 to review demand, growth in Japan Subscribe for More Information 12:15 EDT Fed's Fisher said fiscal policy is the main culprit Fed's Fisher said fiscal policy is the main culprit behind the failure of the FOMC's massive stimulus to boost the job market, in a CNBC interview. He noted businesses cannot make decisions under the fog of fiscal policy, not knowing what tax and spend policies will be, what healthcare costs will be, or what regulations will be in place. On QE, the Dallas Fed hawk reiterated there is no QE infinity. There must be limits. , still not seeing transmission of ultra accommodation to job market. Why not job creation....? Answer: fiscal policy, cannot make decisions under uncertainty. total fog from fiscal policy. don't know what taxes, spending, cost of health care, etc. Won't see kind of growth analysts want until Washington "get's its act together." Fed exit: No central bank has experience to navigate back home from where analysts are now. Need practible limits, can't go on forever. there is no QE infinity.... theoretically how analysts can exit, but how do you get it done is the real question. For instance flow basis...buying neaerly 90% of MBS, but how do you sell them, do you sit on them. before talk about exit, question is do analysts continue the $85 B pace of purchases. would taper be more towrd mbs or tsy, fish thinks it should be via MBS. at risk of overkill. accumulating too much, what are analysts going to do with it?Dodd Frank likely to be reformed...premise and purpose of the legislation, too big to fail, has yet to be solved...dood frank way to far, way to complicated. 11:35 EDT FX Action: USD-CAD slipped to lows just under 1.0020 Subscribe for More Information 11:15 EDT NY Fed bought $3.646 B in notes NY Fed bought $3.646 B in notes with maturities ranging from February 15, 2019 through April 30, 2020. Treasuries have climbed to their highs of the session, in tandem with gains in Bunds, while stocks also rebound. The 10-year yield is down 2 bps to 1.76%. 10:30 EDT Crude Inventories for the week of May 3 Subscribe for More Information 10:09 EDT Averages open lower, turn mixed in early trading Subscribe for More Information 10:00 EDT PIMCO's Gross at Twitter again: Subscribe for More Information 09:35 EDT Treasury Action: Treasuries have erased overnight losses Subscribe for More Information 09:32 EDT CBOE Volatility Index VIX is recently up 2c to 12.86 Subscribe for More Information 09:30 EDT Euro$ interest rate futures are roughly flat Euro$ interest rate futures are roughly flat after easing back a bit so far this week following brighter data and historic highs on blue chip stocks. Today's start is a bit more subdued, though data in China and Europe was better. The Jun 2013 contract is a half-tick lower, while deferreds are flat to 0.5-ticks lower. 3-month dollar Libor was again fixed steady at 0.2751%, while the Libor/OIS spread held at +15 basis points, giving away little on the rate front. In options, sources reported a bearish "purchase of 4k in Sep 90/92/93/95 put condors." 09:15 EDT Treasury Option Action: a NOB flattener Subscribe for More Information 09:10 EDT Treasury 10-year auction outlook: Subscribe for More Information 09:00 EDT FX Action: USD-CAD remains inside of painfully narrow ranges FX Action: USD-CAD remains inside of painfully narrow ranges, managing just a 1.0040-60 band since the North American close on Wednesday. Bids remain at 1.0020, with option barrier defense expected ahead of 1.0000. The risk backdrop is fairly neutral, and currently offering few leads for the CAD. 08:55 EDT U.S. equities are tilting lower Subscribe for More Information 08:48 EDT ECB may buy bad loans from southern Europe, Reuters reports Subscribe for More Information 08:20 EDT Fed funds opened at 0.13% Fed funds opened at 0.13%. The rate ranged from 0.08% to 0.3125% yesterday with a 0.14% effective. Interbank borrowing rates were mixed at today's Libor fixing. The overnight dollar Libor rate dipped to 0.14850% from 0.15000%. The 1-week rate was steady at 0.16720%. The 3-month rate was unchanged at 0.27510%. The 12-month rate rose to 0.70310% versus 0.70210%. 07:40 EDT U.S. MBA mortgage market index surged 7.0% Subscribe for More Information 07:27 EDT Deutsche Bank to host a conference dbAccess Chile One-on-One Conference is being held in London England on May 8-9. 07:26 EDT Futures flat in early trading Subscribe for More Information 07:26 EDT BofA/Merrill to host a conference Subscribe for More Information 07:26 EDT Armada Health Care to host a summit Subscribe for More Information 07:25 EDT BMO Capital to host a conference Subscribe for More Information 07:25 EDT Treasury Market Outlook: Treasuries are little changed to modestly lower Treasury Market Outlook: Treasuries are little changed to modestly lower as global stocks powered higher following the Dow's record closing high above 15000. Better than expected Chinese trade data and stronger German production further supported equity gains. Nevertheless, German Bunds and U.K. Gilts managed to recover slightly from recent losses, which gave some support to Treasuries. The current 10-year Treasury yield has crept higher to 1.788%, and the 30-year bond is at 3.01% ahead of today's $24 B 10-year sale, the second leg of the May refunding, and tomorrow's $16 B 30-year bond offering. Today's data calendar remains thin with just the MBA mortgage figures and oil inventories. The MBA reported a 7.0% increase in applications for the week ended May 3. The NY Fed will buy $3.0 B to $3.75 B in February 15, 2019 through April 30, 2020 notes. Governor Stein will speak at the Chicago Fed's conference on "Dollar Funding and the Lending Behavior of Global Banks." 07:22 EDT Credit Suisse to host a conference Subscribe for More Information 07:11 EDT Fed faces test as inflation moves below target, Reuters reports Subscribe for More Information 07:10 EDT Americans are borrowing again, WSJ reports Subscribe for More Information 07:10 EDT N.Y. FX Outlook Subscribe for More Information 07:02 EDT MBA Purchase Applications Refinance Index data reported Week of 5/3 MBA Purchase Applications Refinance Index up 8.0% for the week 07:02 EDT MBA Purchase Applications Index data reported Subscribe for More Information 07:02 EDT MBA Purchase Applications Composite Index data reported Subscribe for More Information 07:01 EDT ECB weighing steps to spur lending to businesses, Reuters reports Subscribe for More Information 06:55 EDT Grand bargain deficit deal can still be reached, Politico says Subscribe for More Information 06:18 EDT On The Fly: Morning Wrap-Up for May 8 Globex S&P futures are recently up 0.80 from previous day's SPX cash close. Nikkei 225 up 0.74%, DAX up 0.35%. WTI Crude oil is recently at $95.35, NYMEX Natural Gas down 0.54%, gold at $1452 and ounce copper up 0.65%. 06:15 EDT CBOE Volatility Index VIX closed at 12.83, 10-day moving average is 13.44 CBOE Volatility Index VIX 50-day moving average is 13.62. 06:12 EDT May front month equity options expire, May 17, 2013 Subscribe for More Information 05:55 EDT China's April trade data beat expectations, Reuters reports Subscribe for More Information 05:55 EDT Nymex crude consolidated close to $95.50 bbl Nymex crude consolidated close to $95.50 bbl, leaving it largely unchanged on the session. Buying interest went through in Asia after China trade data came in on the stronger side. However, gains were limited ahead of today's EIA data, which will reveal the latest snapshot on crude stockpiles. API data came in below expectations on Tuesday after crude stocks rose 0.7 M barrels, but inventories are still at historically high levels. This has been a major cap on prices, along with ongoing concerns over the demand outlook. Meanwhile, nominal gold was supportive ahead of $1450 amid reports of strong physical demand out of China over the last two weeks. Zhang Bingham, secretary general of the China Gold Association, told Reuters that investment demand should continue to stay strong due to the lack of investment alternatives. China gold imports hit record highs in March and are expected to gain further this year. 05:51 EDT Some hedge funds, big investors cautious on selling Canada short, WSJ reports Subscribe for More Information 04:55 EDT FX Action: USD-JPY was capped over 99.00 FX Action: USD-JPY was capped over 99.00 overnight as non-Japanese accounts pared back long positions after increased exporter hedging on Monday and Tuesday. Positive risk appetite has helped the JPY crosses, but yen selling has lost some its intensity. The BoJ have eased policy and are likely to digest the impact from the new asset purchase scheme before shifting again. There are also very heavy outstanding 100.00 barriers that are still intact, which has encouraged hedging from lifers and exporters that want to lock current levels. Until these flows run their course USD-JPY may be a range trade. On an intra-day basis, support is noted into 98.50-60. Offers are noted from 99.20-30. 01:10 EDT Asian stocks were boosted by China trade Subscribe for More Information May 7, 2013 15:20 EDT Treasury Closing Summary: Subscribe for More Information 15:15 EDT Treasury Action: yields remained stalled near highs Subscribe for More Information 15:10 EDT U.S. consumer credit rose only $8.0 B in March U.S. consumer credit rose only $8.0 B in March, half of what was expected, from a revised $18.6 B surge in February (was $18.1 B). Revolving credit, i.e. credit cards, declined $1.7 B after a 0.5 B gain previously. Nonrevolving credit, including auto loans and student loans, climbed $9.7 B following February's $18.2 B jump (revised from $17.6 B). The data shouldn't have market impact. 15:10 EDT Canada Housing Starts Preview Subscribe for More Information 14:30 EDT U.S. consumer credit preview: Subscribe for More Information 14:15 EDT U.S. equities are consolidating higher U.S. equities are consolidating higher though forward progress has stalled a bit after Europe's strong close. The Euro Stoxx 50 rose 0.67%, helped by solid German manufacturing orders, while the Italian MIB outperformed at +1.54% as yield spreads continued to narrow there. The Dow and S&P are up about 0.5%, with the NASDAQ comp lagging for a change just in positive territory. Biggest gainers so far have been Caterpillar at +2% and JPMorgan +1.95%, while the losing column has been led by Cisco -1.9% and Microsoft -1%. Yet that's been enough to keep risk assets lording it over safety. The T-note remains lodged just below session 3-week highs of 1.79% 14:09 EDT Dow, S&P at all-time highs The market began the day in quiet fashion but has steadily tacked on gains, pushing the Dow and S&P 500 to new all-time highs with the Dow poised to close above 15,000 for the first time. Advancing stocks are ahead of declining stocks by more than 2:1 and up volume is ahead of down volume by the same margin. Crude oil prices are lower by 0.6% and gold is lower by 1.2%. The Dow is up 74 points, the Nasdaq is up 4 points, and the S&P is up 7 points. 13:26 EDT Sequestration's effects on economy will accelerate, The Hill reports Subscribe for More Information 13:20 EDT Treasury Action: yields inched higher Subscribe for More Information 13:10 EDT Treasury's $32 B 3-year note auction was disappointing Subscribe for More Information 13:03 EDT Week of 5/18 Redbook to be released at 08:55 Subscribe for More Information 12:45 EDT Treasury 3-year note auction preview: Subscribe for More Information 12:25 EDT Treasury Option Action: more unwinding of bearish positioning Treasury Option Action: more unwinding of bearish positioning has been reported into the sell-off, with profit-taking sales of 5k in Jun 132.5 puts on 10-year futures. Note, there was a build-up in such bearish positioning into the payrolls report on Friday and so far this week there has been mainly squaring up of these positions, suggesting some are playing for the range to remain intact rather than have the sell-off deepen. 11:49 EDT Week of 5/18 ICSC-Goldman Store Sales to be released at 07:45 11:45 EDT Treasury's $20 B 4-week bill auction results were very strong Subscribe for More Information 11:15 EDT NY Fed bought $1.456 B in bonds NY Fed bought $1.456 B in bonds in today's buyback. The Street offered $4.43 B. Treasury yields are modestly higher given the advance in stocks but off their intraday peaks. The yield on the current 30-year is at 2.989%, having found some buyers (along with the Fed) at the 3.0% level. Though demand for risky assets has been on the rise since the jobs report, traders believe the stimulus from central banks around the world (Australia just cut 25 bps) will generally be supportive of bonds. 11:05 EDT Euro$ interest rate options: a large curve steepener Subscribe for More Information 10:30 EDT NY Fed outright purchase: the Fed is buying $1.25 B to $1.75 B in bonds Subscribe for More Information 10:25 EDT Another Gross Tweet from PIMCO: Subscribe for More Information 10:21 EDT Explosions heard near missile site in Tehran, Jerusalem Post says Subscribe for More Information 10:15 EDT U.S. JOLTS report showed job openings fell 55k in March to 3,844 Subscribe for More Information 09:56 EDT Dow retakes 15K, moves to all-time high in early trading Subscribe for More Information 09:55 EDT Treasury Option Action: some profit-taking on bearish positioning Subscribe for More Information 09:31 EDT CBOE Volatility Index VIX is recently down 3c to 12.59 09:20 EDT Euro$ interest rate futures are lower Subscribe for More Information 08:56 EDT Redbook Store Sales data reported Subscribe for More Information 08:50 EDT U.S. equities are nosing higher again U.S. equities are nosing higher again after a listless session on Monday, with the financial markets back to full strength after recent bank holidays. Not that there's any more data to sink our teeth into, but at least the liquidity is there today. A quarter point base rate cut in Australia didn't help the Aussie ASX 200, which fell 0.24%, though Japan's N-225 surged 3.55% higher after Japan returned from holiday break (playing catch-up to ECB cut and payrolls). In Europe, the Euro Stoxx 50 is 0.8% higher, wih the DAX 0.9% firmer after strong German manufacturing orders. But the Italian MIB is the leading gainer at +1.4%. The Dow is 36-points higher, S&P climbed 3-points and NASDAQ rose 7-points in pre-market action. In corporate news, Emerson Electric sales missed and it cut its outlook, though Fossil rallied over 4% after beating the Street. OfficeMax surged nearly 2% after announcing a $1.50 special dividend after its earnings miss. Apple is extending gains from Monday, while BofA is facing a new suit by the NY Attorney General after its settlement with MBIA yesterday saw its shares surge. The Treasury 3-year note auction and consumer credit due later may provide some indirect influence. 08:05 EDT Treasury Market Outlook: risk-on moves in global equities has Treasuries and other core sovereign markets slightly lower Subscribe for More Information 08:05 EDT FX Action: USD-CAD took out standing1.0050 bids FX Action: USD-CAD took out standing1.0050 bids in early North American trade, on its way to 1.0037 lows. Since then, buyers have emerged ahead of reported 1.0020 bids, taking the pairing back over 1.0055. The improved risk backdrop, and noted offers from 1.0080 may keep further gains in check for now. 08:05 EDT Fed funds opened at 0.13% Subscribe for More Information 08:00 EDT U.S. ICSC Goldman Sachs chain store sales index fell 1.0% in the week ended May 4 Subscribe for More Information 07:55 EDT Treasury Market Outlook: risk-on moves in global equities has Treasuries and other core sovereign markets slightly lower Subscribe for More Information 07:46 EDT ICSC-Goldman Store Sales data reported Subscribe for More Information 07:46 EDT ICSC-Goldman Store Sales data reported Subscribe for More Information 07:33 EDT FCC to hold a committee meeting Subscribe for More Information 07:31 EDT Futures quiet in early trading Subscribe for More Information 07:30 EDT Lazard to host a bus tour Subscribe for More Information 07:26 EDT Goldman to host a conference European Small & Mid Cap Conference is being held in London on May 7-10. 07:25 EDT Bloomberg LINK to host a summit Subscribe for More Information 07:22 EDT Standard & Poor's to host a conference Subscribe for More Information 07:20 EDT N.Y. FX Outlook Subscribe for More Information 07:11 EDT Saudis seeks to attract institutional funds to its stock market, Bloomberg says Subscribe for More Information 06:59 EDT FCC nominee likes major government, industry deals, Politico says Subscribe for More Information 06:48 EDT Health care spending deceleration could continue, NY Times reports Subscribe for More Information 06:20 EDT Nymex crude traded back below $96 bbl Nymex crude traded back below $96 bbl, leaving it 0.45% lower, in line with other losses across the commodity market complex. However, the much stronger than expected German manufacturing orders data could boost commodities amid hopes that a revival in activity would boost demand for raw materials. Tomorrow's trade data from China will also be an important barometer for commodities. In recent weeks, concerns over the China outlook have added some weight, but the local press expected China Q2 GDP to pick up to 8% and HSBC also tipped H2 growth to accelerate in the statement released with today's earnings report. 06:15 EDT On The Fly: Morning Wrap-Up for May 7 Subscribe for More Information 06:04 EDT iPath S&P 500 VIX Short-Term Futures at 18.20, 10-day moving average is 18.97 06:03 EDT CBOE Volatility Index VIX closed at 12.66, 10-day moving average is 13.51 CBOE Volatility Index VIX 50-day moving average is 13.75. 06:00 EDT May front month equity options expire, May 17, 2013 Subscribe for More Information 03:50 EDT FX Action: USD-JPY is tied up around 99.00 Subscribe for More Information 01:20 EDT Asian stocks were mostly higher Subscribe for More Information May 6, 2013 15:30 EDT Treasury Closing Summary: Treasury Closing Summary: Post-payrolls declines on Treasuries extended on Monday, albeit at a slower pace with the absence of Tokyo and London for bank holidays and no real data for the markets to mull over. There were moments of excitement that punctuated the calm, such as when ECB's Draghi reaffirmed the bank's easing bias, but these were rare. Any risk aversion from reputed Israeli airstrikes on Syria was lost in the momentum in favor of risk assets for now. The Fed Senior Loan Officer survey revealed slightly easier banking standards in some areas, along with stronger loan demand. 14:33 EDT Averages trading near session highs Each of the averages are currently drifting in positive territory, as they have for much of the session. The Nasdaq is the biggest winner up just less than 0.5%. Advancing stocks are ahead of declining stocks by 5:4 while up volume is ahead of down volume by 3:1. Crude oil is up by about 0.6%, and gold prices are higher by 0.3%. The Dow is up 11 points, the Nasdaq is up 15 points, and the S&P is up 4 points. 14:05 EDT Fed says banks’ business lending policies generally eased over last three months Subscribe for More Information 13:55 EDT Treasury Option Action: and even more bearish positioning Subscribe for More Information 13:30 EDT Treasury Action: concession building into the refunding is keeping Treasuries underwater Subscribe for More Information 12:45 EDT U.S. equities continue to inch higher Subscribe for More Information 12:10 EDT Treasury's $53 B 3- and 6-month bill auction was strong Treasury's $53 B 3- and 6-month bill auction was strong. The $29 B 3-month bill was awarded at 0.040%, just through the 0.045% at the bid deadline. There were $143.3 B in bids for a 4.96 cover, up from last week's 4.86. But, indirect bidding remains light for this tranche at only 10.3% compared to 6.7% previously. The $24 B 6-month bill stopped at 0.075%, also inside the 0.08% at the bid deadline. Bids totaled almost $128 B for a 5.37 cover, down modestly from 5.43 previously. Indirect bidders took 29.7% compared to last week's 39.4%. 11:40 EDT Treasury Option Action: bearish positioning continued Subscribe for More Information 11:25 EDT U.S. corporate debt: a 2-trancher from Ford Motor Co. U.S. corporate debt: a 2-trancher from Ford Motor Co. sits atop the lean investment grade calendar, which also has small deals from Federal of a $250 M 10-year, Piedmont's $250 M 10-year and Xcel's $400 M 3-year issue. Things are actually a bit more lively in the high yield sector, as GM is stepping in with a $2 B triple trancher of 3-, 5- and 10-year legs. Other assorted HY offerings include Barminco, Buena Vista, Commercial, Fidelity, Ion, Iracore, LBC Magnetation, among others. Though still defensive after payrolls, the fixed income market should be able to absorb this week's supply. 11:10 EDT Treasury cut 4-week bills by another $10 to $20 B for Tuesday's sale Treasury cut 4-week bills by another $10 to $20 B for Tuesday's sale. The volume is down from $45 B on April 15. The surge in Treasury receipts (see our report) has allowed the debt managers to reduce bill volumes to keep cash balances under control. Remember in the debt limit suspension bill, the government prohibited the Treasury from building a war chest of cash. Supply is heavy this week with the $72 B May refunding on tap. 11:00 EDT Treasury Supply: debt managers may further cut 4-week bill issuance today Subscribe for More Information 11:00 EDT Euro$ interest rate futures eased Euro$ interest rate futures eased to start the week as the rate complex remains jittery following Friday's payrolls, but other signals continue to point to a slowdown. The Jun 2013 contract is a half-tick lower, while the deferred contracts are off 0.5-1.0 ticks. Following this nervous pattern, 3-month dollar Libor settled higher at 0.2751% from 0.2731%, though the 3-month dollar Libor/OIS spread held at 14 basis points. There's not much on the economic docket for the rate market to sink its teeth into, but supply starts with 3-year notes tomorrow, which could keep the pressure on until over a hurdle or two. 10:55 EDT NY Fed outright purchase: the Fed is buying $1.25 B to $1.75 B in bonds Subscribe for More Information 10:15 EDT Market opens quietly, averages mixed in early trade Subscribe for More Information 09:45 EDT FX Action: USD-CAD pulled up just short of 1.0100 Subscribe for More Information 09:40 EDT Cuba challenges Australian tobacco rules, NY Times reports Cuba is looking to overturn Australia's tobacco-labeling rules at WTO, reports the New York Times. A WTO spokesman said the country has filed a request for consultations with Australia and marks the first time Cuba has used the forum to confront another nation over its commercial laws. Reference Link 09:25 EDT Treasury May refunding outlook: Treasury auctions $72 B in coupons Treasury May refunding outlook: Treasury auctions $72 B in coupons, starting tomorrow with the $32 B 3-year note, followed by Wednesday's $24 B 10-year and Thursday's $16 B 30-year. About $60 B in coupons will be maturing. The back up in rates over the past couple of sessions should provide some support, but yields are still near all time historical lows, and that's been hurting recent offerings. Note the current 10-year yield is teetering right on the 200-day moving average at 1.754%. Concurrently, the NY Fed will be a buyer all week of up to $12.25 B in coupons and TIPS (though the 3-year sector is outside the Fed's maturity range). Concerns that the Fed could start tapering buybacks has also dissipated, especially after the shift to symmetric language on buybacks in last week's policy statement, and that will help at the margin. Downgrades to Q2 GDP to the 1.5% to 2.0% area along with the drag from fiscal policy suggest economic growth won't be picking up anytime soon which will keep bonds in play. However, sources suggest better buying could be seen in the belly of the curve, which would leave the 10s and 30s in the cold. Our contacts also believe there will be solid competition from corporate sales. 09:16 EDT Citigroup analysts to hold an analyst/industry conference call Securitized Products Research Team provides a weekly group update on an Analyst/Industry conference call to be held on May 6 at 11 am. 08:50 EDT BofA/Merrill's gobal financial analysts hold an analyst/industry conference call Global Financials Analysts provide their Best Ideas for the 2Q13 on an Analyst/Industry conference call to be held on May 9 at 10 am. 08:45 EDT U.S. equities are trading rather flat Subscribe for More Information 08:43 EDT Barclays' industrials analyst research team holds a conference call Industrials Research Team provides a weekly industry update and outlook on an Analyst/Industry conference call to be held on May 6 at 11 am. 08:39 EDT Citigroup's healthcare analyst team holds an analyst/industry conference call Managed Care & Healthcare Services Analyst Research Team provides an industry update and outlook on an Analyst/Industry conference call to be held on May 6 at 10 am. 08:36 EDT Barclays' healthcare analyst team holds an analyst/industry conference call Subscribe for More Information 08:30 EDT Futures continue to trade near fair value Subscribe for More Information 08:15 EDT Fed funds opened at 0.14% Subscribe for More Information 08:03 EDT BofA/Merrill's economist and strategist hold analyst/industry conference call Subscribe for More Information 07:58 EDT JPMorgan's small cap analysts hold an analyst/industry conference call Subscribe for More Information 07:57 EDT Oman may issue a U.S. dollar-denominated sovereign bond, Reuters reports Subscribe for More Information 07:56 EDT Jefferies' energy analysts hold an analyst/industry conference call Subscribe for More Information 07:45 EDT Treasury Market Outlook: the markets are little changed to slightly lower Subscribe for More Information 07:25 EDT N.Y. FX Outlook Subscribe for More Information 07:19 EDT Futures quiet in early trading Subscribe for More Information 07:17 EDT Citigroup to host a forum Beyond the Basics Financial Services Forum is being held in Napa, California on May 6-8. 07:11 EDT Bond investors don't see a repeat of 1994 crash, Bloomberg reports Bond investors are gaining confidence that Fed Chairman Bernanke will unwind the central bank’s unprecedented $3.3T balance sheet without sparking a crash similar to 1994, reports Bloomberg.Reference Link 06:53 EDT On The Fly: Morning Wrap-Up for May 6 Globex S&P futures are recently down 0.50 from previous day's SPX cash close. Nikkei 225 down 0.76%, DAX up 0.26%. WTI Crude oil is recently at $96.30, NYMEX Natural Gas down 0.84%, gold at $1475 and ounce copper down 0.23%. 06:50 EDT CBOE Volatility Index VIX closed at 12.85, 10-day moving average is 13.68 Subscribe for More Information 06:47 EDT May front month equity options expire, May 17, 2013 Subscribe for More Information 06:08 EDT China's service sector growth slowed in April, Reuters reports Subscribe for More Information 06:05 EDT Downturn in euro zone business points to deeper recession in Q2, Reuters reports Subscribe for More Information 05:55 EDT Nymex crude hit five week highs over $96 bbl Subscribe for More Information 05:50 EDT Offshore tax cheats receiving lighter sentences from courts, WSJ reports U.S. courts are handing out more lenient punishment to tax evaders who hide money offshore than to other tax cheats, reports the wall Street Journal. The average sentence in those cases has been about half as long as in some other types of tax cases, according to a comparison of IRS statistics and data compiled by former U.S. Justice Department lawyer Jack Townsend. Reference Link 05:40 EDT FX Action: USD-JPY headed to 99.45 highs 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 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | all recent NOSYMBOL news | >> Sign up for a free trial to see the rest of the stories you've been missing.