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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
Check below for free stories on NOSYMBOL the last two weeks.
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August 26, 2014
12:50 EDTTreasury 2-year auction preview: the auction should be ok
Treasury 2-year auction preview: the auction should be ok, but not great. There has been no concession today with the wi trading at 0.535%, though that would still be the second cheapest stop since 2011. Domestic auction demand has been souring in general for much of this year, and quiet summer trading shouldn't help. Additionally, the FOMC is likely to start hiking rates around mid-2015. There should be good support, however, from overseas accounts, especially given the widening spread to European sovereigns and dovish commentary from ECB's Draghi. There's a 54 bp spread to the German Schatz, which trades in negative territory. That dynamic should bring in buyers. There's also a large redemption, and cash will be need to be put back to work. The July auction stopped at 0.544% and garnered a 3.22 cover (3.37 average) and a 27.0% indirect bid (25.9% average). Direct bidders took 14.3%, while primary dealers were awarded 58.7%.
11:55 EDTTreasury's $50 B 4-week bill sale was solid
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11:55 EDTNASDAQ options market resolved earlier system issues
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11:30 EDTU.S. equities extended gains with European shares
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11:25 EDTEuro$ interest rate options: a large bearish position
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11:25 EDTTreasury 2-year auction outlook: the $29 B auction should go ok
Treasury 2-year auction outlook: the $29 B auction should go ok despite the high probability of a rate hike around mid 2015. And the lack of a concession this morning could hurt at the margin too. Nevertheless, the wi trades at 0.535%, a little richer than July's stop, but would be the second highest award rate in several years. Additionally, the note is cheap on the curve at 187.5 bps versus the 10-year, and 197 bps a week ago. The auction could get some support from profit taking on those trades. Perhaps most importantly, it's at a 7-year wide at 54 bps compared to the German Schatz, where the yield is in negative territory. That should bring in a solid indirect bid. There is a large redemption too, which means some cash could be put back to work. The July auction stopped at 0.544% and garnered a 3.22 cover (3.37 average) and a 27.0% indirect bid (25.9% average). Direct bidders took 14.3%, while primary dealers were awarded 58.7%.
11:20 EDTNY Fed bought $2.275 B in notes
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10:55 EDTTreasury Action: eying up the 2-year yield
Treasury Action: eying up the 2-year yield over 0.50% ahead of the $29 B 2-year auction, sources believe that the wi-yield in the 0.53-0.54% area will get the deal done. That's about the same level as a 10-year JGB and half the level of the Bund, providing some relative value at a much shorter duration. In addition, some relative value against the curve and any profit-taking on curve flatteners could be flattering for the sale. Moreover, ahead of the long weekend some may also find solace in the short-end unless peace breaks out.
10:41 EDTCitigroup automotive analysts hold an analyst/industry conference call
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10:35 EDTFX Action: The dollar trended a bit higher
FX Action: The dollar trended a bit higher after the outsized gain in confidence, though reaction was limited overall. Yields barely budged, while Wall Street remains in positive territory. EUR-USD edged into 1.3190, as USD-JPY moved up to just shy of 104.00.
10:30 EDTThe August U.S. consumer confidence surge
The August U.S. consumer confidence surge to a 92.4 seven-year high from a prior cycle-high 90.3 (was 90.9) in July left a four-month stretch of readings above last year's June temporary high of 82.1. Consumer confidence has risen with consumption and payrolls, unlike other confidence gauges that mostly remain stuck below lean mid-2013 levels. Confidence has enjoyed a 2014 lift from rising equity and home prices, though confidence faces headwinds from a deteriorating geopolitical backdrop, limited credit availability, and disruptions from Obamacare. For other surveys, the Michigan sentiment index dropped to 79.2 from 81.8, versus an 85.1 cycle-high last July. The IBD/TIPP index fell to 44.5 from 45.6, versus a 54.0 cycle-high in October of 2012. The RBC-IPSOS index rose to 51.5 from 50.5, versus a 51.8 cycle-high in March that was also seen last June. The weekly Bloomberg Consumer Comfort index slipped in the first three weeks of August to a 36.5 average from a 37.1 cycle-high average in July, versus a 36.4 temporary high in July of 2013.
10:25 EDTNY Fed outright purchase: the Fed is buying $2 B to $2.5 B in notes
NY Fed outright purchase: the Fed is buying $2 B to $2.5 B in notes dated from May 31, 2020 through Agusut 15, 2021.
10:20 EDTU.S. Richmond Fed manufacturing index jumped to 12 in August
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10:20 EDTFX Action: USD-CAD touched session lows of 1.0949
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10:15 EDTU.S. consumer confidence climbed 2.1 points to 92.4 in August
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10:15 EDTTreasury Action: consumer confidence defied gravity
Treasury Action: consumer confidence defied gravity though yields did not and remain below earlier highs despite a couple rounds of relatively solid headline data that have driven stocks back into the green. For the T-note the 2.40-2.44% corridor is providing a cap into month-end and ahead of Labor Day, with curve flatteners continuing to anchor the long-end along with the fixed income rally in Europe ahead of next week's ECB meeting. On the lower end of the range, 2.30% August 15 lows are providing a prop. 2s-10s remains narrow inside +188 bp, while 5s-30s is near +147 bp.
10:11 EDTThe Cato institute holds a discussion on corporate inversions
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10:01 EDTConsumer Confidence data reported
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10:00 EDTEuro$ interest rate options: some bullish positioning
Euro$ interest rate options: some bullish positioning to start the session included the purchase of 5k in Green September 81/82/83 call butterflies. The September 2014 contact is fractionally higher at 99.765, while the deferreds are 0.5-4.0 ticks firmer out the curve. Some $29 B in 2-year supply today should keep a lid on the rate futures, though they could benefit later if the auction draws in decent demand over 0.50%.
09:45 EDTU.S. Consumer Confidence Preview
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