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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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January 21, 2015
10:03 EDTBank of Canada lowers overnight rate target to 0.75%
The Bank of Canada announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 0.75%. The Bank Rate is correspondingly 1% and the deposit rate is 0.5%. This decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada. Inflation has remained close to the 2% target in recent quarters. Core inflation has been temporarily boosted by sector-specific factors and the pass-through effects of the lower Canadian dollar, which are offsetting disinflationary pressures from slack in the economy and competition in the retail sector. Total CPI inflation is starting to reflect the fall in oil prices, the bank noted.
09:56 EDTMarket searching for direction in early trading
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09:55 EDTU.S. equities snapped higher after the open
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09:45 EDTEuro$ interest rate options: mixed flows
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09:38 EDTECB said to weigh bond buying program of EUR 50B per month, Bloomberg reports
The ECB quantitative easing program is said to be considered to run at EUR 50B per month through 2016, according to Bloomberg.
09:25 EDTBank of Canada Governor Poloz holds a news conference
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09:25 EDTThe 4.4% December U.S. housing starts bounce
The 4.4% December U.S. housing starts bounce to a 1.089 M clip beat estimates, after upward October and November revisions, alongside a 6.3% bounce in completions that mostly reversed the October-November drop. Yet, analysts also saw a 1.39% permits decline to a surprisingly lean 1.032 M pace that trimmed prospects for starts in January. A hefty 2.3% December pop in starts under construction slightly lifted the balance of risks for Q4 GDP, were analysts still expect 3.5% growth. The weather improved sharply in December after harsh weather in November as was evident in the big utility gyration in the last industrial production report that included a 7.3% December plunge after a 4.2% November surge though regional starts data slow little evidence. Beyond weather, the single-digit pace of recovery in the 2014 housing market was disappointing on net. Starts and permits are both poised for restrained Q1 rates in the 1.065 M area, versus prior respective rates of 1.075 M and 1.059 M in Q4 and a 1.030 M rate for both in Q3.
09:16 EDTCFA Society of Atlanta to hold annual forecasting event
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09:15 EDTU.S. Redbook reported chain store sales slid 3.5% for the month-to-date
U.S. Redbook reported chain store sales slid 3.5% for the month-to-date ending January 17, from a 3.2% decline previously. Compared to the same period last year, sales slowed a bit to 3.4% y/y versus 3.8% y/y. According to the Goldman Sachs/Retail Economist (formerly known as the ICSC index), sales fell 1.3% in the week ended January 17 after a 2.1% decline previously. It's a third straight monthly decline for this measure. The post-holiday shopping season is starting off with a thud as discounting weighs a bit on the bottom line. Compared to last year, however, the Retail Economist sales index rose at a 3.4% y/y rate versus the prior 2.8% y/y clip, though not as fast as the 3.9% y/y pace for the January 3 week.
09:08 EDTRedbook Store Sales data reported
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09:08 EDTFinancial Stability Oversight Council to hold a meeting
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09:05 EDTAmerican Enterprise Institute holds a discussion on the FCC
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09:05 EDTU.S. equities rolled over lower after an IBM miss
U.S. equities rolled over lower after an IBM miss and amid caution emerging ahead of the ECB meeting tomorrow, which, if history is any future guide, could come up shy of market expectations on full-blown QE (ECB's Nowotny downplayed). Housing starts rose 4.4% in December, perhaps beginning to feel the benefit of lower global rates, though permits were lower. This didn't thrill stocks and the Dow is 65-points lower, S&P fell 5-points and NASDAQ is off 7-points in pre-market action. The Euro Stoxx 50 is above earlier lows, but still 0.4% lower and the Swiss Market Index is 2% lower after more mixed trade in Asia with the Japan N-225 0.49% lower and the Shanghai Comp 4.7% higher. IBM shed 2.5% after coming up shy of expectations, while Qualcomm sank 2.8% after reports Samsung may not use its chips in its next Smartphone. That said, Netflix surged 18% on news of increased subscriber growth.
09:04 EDTCFA Society of Columbus to hold a luncheon meeting
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09:02 EDTCFA Society of Washington, D.C. to hold a luncheon meeting
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09:01 EDTCFA Society of Pittsburgh to hold luncheon meeting
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08:55 EDTFX Action: The dollar didn't do much of anything
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08:45 EDTTreasury Action: yields probed lows perversely
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08:40 EDTU.S. housing starts rebounded 4.4% to 1.089 M in December
U.S. housing starts rebounded 4.4% to 1.089 M in December after falling 4.5% to 1.043 in November (revised from 1.028 M; October's prior 1.045 M pace was revised to 1.092 M). Building permits dropped another 1.9% to 1.032 M from a revised 1.052 M (was 1.035 M). Single family starts increased 7.2% following a 5.2% December drop (revised from -5.4%), while multifamily starts dipped 0.8% after a 3.2% decline previously (revised from a 6.7% gain). Housing completions were up 6.3% after declines of 4.7% in November (revised from 6.4%) and 3.7% in October (revised from 2.9%).
08:35 EDTFX Action: USD-CAD has retreated from Tuesday's trend high
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