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Stock Market & Financial Investment News

News For NOSYMBOL;NOSYMBOL From The Last 14 Days
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October 15, 2014
09:05 EDTU.S. equities are significantly lower
U.S. equities are significantly lower and have compounded losses after the trifecta of damp retail, PPI and Empire data returns. Another round of heavy losses in Europe set the early tone on Wall Street with the Dow 157-points lower, S&P off 24-points and NASDAQ down 45-points ahead of the opening gong. The "weakest link" prior to the data was the 27% plunge in Shire shares of the UK, which suffered after AbbVie (-4%) of the U.S. warned it might drop its $51 B merger with the company after inversion tax law changes. The Euro Stoxx 50 is off 2%, while the Italian MIB is 2.9% lower after Italy joined France in challenging EU budget guidelines. Blackrock climbed 1.5% after an earnings beat and BofA also gained 0.5% after posting a Q3 profit despite a $16.7 B mortgage settlement. AMEX and EBay are due after the close. Business inventories and the Fed Beige Book are also on deck.
08:55 EDTSPDR S&P Oil and Gas Exploration and Production ETF volatility elevated at 53
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08:50 EDTFX Action: The dollar fell after the mix of data
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08:50 EDTU.S. PPI posted a 0.1% decline, with the core rate unchanged
U.S. PPI posted a 0.1% decline, with the core rate unchanged, both below forecasts. There were no revisions to the unchanged headline reading for August, and the 0.1% core. Goods prices were down 0.2% after slipping 0.3% previously, with foods prices off 0.7% and energy down 0.7%, compared to respective declines of 0.5% and 1.5% in August. Services prices dipped 0.1% versus a 0.3% August gain. This is yet another soft report for a trifecta today.
08:45 EDTU.S. Empire State manufacturing index fell 21.4 points to 6.2 in October
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08:45 EDTTreasury Action: yields rolled over to fresh lows
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08:40 EDTU.S. retail sales fell 0.3% in September, and slipped 0.2% excluding autos
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08:36 EDTFutures sink following release of several economic data points
Stock futures fell following the release of several economic data points. The Empire Manufacturing Index had a reading of 6.17 versus expectations of 20.25. An advance retail sales index was down 0.3% versus expectations of a decline of 0.1%. while the core reading which excludes autos and gasoline showed a decline of 0.1% versus expectations of an increase of 0.4%. Producer prices fell 0.1%during September versus expectations of an increase of 0.1%. The core producer prices reading which excludes food and energy was unchanged versus expectations of an increase of 0.1%.
08:20 EDTU.S. retail sales preview:
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08:20 EDTU.S. PPI Preview:
U.S. PPI Preview: September overall-PPI is expected to remain flat (median 0.1%) with a 0.1% core index figure (median 0.1%). The flat U.S. August PPI figure with a 0.1% core price increase was exactly as expected, with a 0.3% drop in goods prices that reflected a 1.5% energy price decline and a smaller 0.3% drop for food prices, alongside a 0.3% price increase for services. The September trade price report revealed the expected headline hit from falling petroleum import and food export prices, as seen in both July and August
08:20 EDTU.S. Empire State index preview:
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08:10 EDTFX Action: USD-CAD touched five-year highs
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07:55 EDTOil Action: NYMEX crude slid to new trend lows
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07:46 EDTCFA Society of Washington, D.C. to hold a discussion
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07:45 EDTBloomberg Government to hold a webinar
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07:45 EDTU.S. MBA mortgage market index rose 5.6%
U.S. MBA mortgage market index rose 5.6% in data released earlier, accompanied by a 0.7% drop in the purchase index and a 10.6% surge in the refinancing index for the week ended October 10. The overall market index gain was fueled mainly by the rekindling of refi activity after a 10 basis point drop in the 30-year fixed mortgage rate to lows of 4.20%, as slowing of European growth to a crawl and finally a modest correction on stocks sent the bond market back into ascendance again. As the MBA itself noted: "Growing concerns about weak economic growth in Europe caused a flight to quality into U.S. assets last week, leading to sharp drops in interest rates." At least this has helped provide the Fed some cover for domestic growth as it brings QE3 to a close this month before mulling just when to embark on the tightening cycle.
07:43 EDTThe FDA and BARDA to hold a workshop
The FDA and Biomedical Advanced Research and Development Authority (BARDA) discusses U.S. Government medical countermeasure requirements in chemical, biological, radiological threats in a workshop being held in Washington, D.C. on October 15-17.
07:40 EDTN.Y. FX Outlook
N.Y. FX Outlook: The dollar was fairly steady versus the euro overnight, despite the steady stream of weak EU data. The market remains net short of euros overall, and further consolidation may be in the cards before further downside EUR-USD potential can be seen. Elsewhere, USD-JPY struggles over 107.00, as the soft risk backdrop supports the yen. USD-CAD meanwhile, is on new trend highs over 1.1375, after blowing out the 2014 high of 1.1278. The move comes ass oil prices continue to tank, with NYMEX oil trading on the $81/bbl handle. The U.S. calendar reveals September retail sales, September PPI, and the October Empire State index, all at 8:30 EDT, followed by August business inventories at 10:00 EDT.
07:34 EDTFederal Reserve Bank of Atlanta to hold a conference
Transforming U.S. Workforce Development Policies for 21st Century Conference is being held in New Brunswick, New Jersey on October 15-16.
07:28 EDTUBM Canon to hold a conference
Design & Manufacturing Midwest Conference is being held in Chicago on October 15-16.
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