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Stock Market & Financial Investment News

News For NOSYMBOL;NOSYMBOL From The Last 14 Days
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January 23, 2015
21:27 EDTFOMC Meeting Announcement Federal Funds Rate to be reported at 14:00
FOMC Meeting Announcement Federal Funds Rate will be reported at 14:00 . Current consensus is 0 to 0.25%
21:27 EDTRichmond Fed Manufacturing Index level change to be reported at 10:00
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21:27 EDTConsumer Confidence to be reported at 10:00
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21:27 EDTNew Home Sales to be reported at 10:00
December New Home Sales will be reported at 10:00 . Current consensus is 452K
21:27 EDTDurable Goods Orders Ex-transportation to be reported at 08:30
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21:27 EDTDurable Goods Orders to be reported at 08:30
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21:27 EDTDallas Fed Mfg Survey Bus Activity Index to be reported at 10:30
January Dallas Fed Mfg Survey Bus Activity Index will be reported at 10:30 . Current consensus is 4.0
21:27 EDTPMI Services Flash Level to be reported at 09:45
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15:40 EDTGlobal X FTSE Greece 20 ETF volatility increases into national elections
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15:00 EDTTreasury Closing Summary:
Treasury Closing Summary: The QE-rally paused on Friday at least in the states after follow-up gains on European stocks and bonds. The ECB virtually guaranteed further yield compression and equity exuberance and the markets gladly complied this week. Risks ahead include the Greek snap national elections on Sunday and the FOMC next week, which may have justified the pause, but neither should provide a lasting impediment. Data included an expected uptick in existing home sales, along with a healthy gain in leading indicators. Yields probed lower early with Europe, then backed up a bit into the close.
14:20 EDTTreasury Action: Treasury auctions $90 B in coupons
Treasury Action: Treasury auctions $90 B in coupons and the paper will have to be digested amidst major market crosscurrents including ongoing fallout from the ECB, SNB, and BoC actions, as well as the Greek elections, and ahead of the FOMC decision. There are also geopolitical risks that could impact. When issued yields are lower today in conjunction with the rally across the curve. The wi 2-year note (auctioned Tuesday) is down 2 bps to 0.535%. It was offered at 0.703% in December and garnered only modest results as Fed tightening considerations were impacting. The wi 5-year (Wednesday) is 4 bps lower at 1.35% and compares to the 1.739% award rate from December. In fact, the current yield would be the richest stop since November 2013. That auction was also sloppy and lackluster, and this one could be difficult at this price level and ahead of the Fed. The wi 7-7ear is nearly 5 bps richer at 1.65%, far below the 2.125% in December.
14:14 EDTAverages mixed as trading slows
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14:05 EDTAction Economics Survey results:
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13:15 EDTEuro$ interest rate option: bullish positioning
Euro$ interest rate option: bullish positioning included a purchase of 20k in Short June 90/92 call spreads vs an 85 put sale. Underlying futures are still positive, with the March 2015 a half-tick higher at 99.735 and the deferreds still up as much as 12-ticks out the back.
11:40 EDTGlobal X FTSE Greece 20 ETF volatility elevated into national elections
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11:35 EDTToday's U.S. reports
Today's U.S. reports revealed a disappointingly small 2.4% December existing home sales bounce alongside a slightly smaller than expected 0.5% December leading indicators gain, though the shortfalls from estimates were modest and the two gains on the month should trim pessimism. Analysts also saw a surprisingly firm December median price rise to $209,500 that capped a five-month seasonal decline from a solid $222,000 June cycle-high, and the price recovery for the housing market is likely more important for economic growth than the sluggish climb in home transactions.
11:25 EDTFed Policy Outlook:
Fed Policy Outlook: the FOMC meets on Tuesday and Wednesday and now finds itself between a rock and a hard place after a flurry of central bank activity that has yielded dramatic stimulus measures. The question now facing the markets is whether the FOMC will stand alone among the G7 in its policy approach as it looks to start normalizing policy. For credibility's sake, nothing has changed significantly on the domestic front since the December meeting to alter the path of rate liftoff later this year, with many on the Committee touting mid-2015 as the start date. Sure inflation has softened further, but policymakers have told us it's transitory phenomena, with several doves even suggesting they could hike rates even with inflation below target as long as it's moving toward the 2% goal. Meanwhile, the economy and the labor market have been performing above expectations, though housing continues to disappoint. Meanwhile, there have been several momentous changes around the world that are leaving the FOMC on relatively tighter footing already. Given these major crosscurrents, analysts suspect the Fed will retain its newly acquired "patient" terminology, and can finally jettison "considerable time." However, analysts don't expect any strong indications of action prior to June. Of importance will be the outlook on inflation and whether there's any mention of concern over further weakness in prices that could suggest a delay to liftoff into Q3 or beyond.
10:30 EDTThe modest 2.4% U.S. existing home sales bounce
The modest 2.4% U.S. existing home sales bounce to a 5.04 M December clip only slightly trimmed the November drop to a downwardly-revised 4.92 (was 4.93) M six-month low from October's 5.25 M one-year high. The median price rose 1.1% to $209,500 in December to cap a five-month drop from a $222,000 June cycle-high. Sales ended 2014 at an anemic pace and inventories remained depressed, though prices continue to climb at a modest pace. Existing home sales are now 6.3% below the 5.380 M recent-peak in July of 2013 -- before the Fed's taper-talk and rising mortgage rates took a toll. Note that for 2014 overall, existing home sales fell 3.1% to a 4.93 M rate despite the presumed underlying recovery. The existing home sales gyration between November and December may have reflected a temporary November weather-hit, though this sales gauge tracks closings and hence weather-hits often show up with a one-month delay. Analysts have cyclical gains of 46% for existing home sales and 37% for pending home sales, versus larger cyclical gains of 62% for new home sales, 128% for housing starts, and 101% for permits.
10:20 EDTFX Action: The dollar revealed little reaction
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10:20 EDTTreasury Action: yields held up
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