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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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January 14, 2015
12:45 EDTTreasury 30-year auction preview:
Treasury 30-year auction preview: various pros and cons, and the morning's volatility, suggest this could be a difficult and sloppy auction. The yield fell to a new all-time low at 2.39%, and that should make it very difficult to attract outright buyers, despite some cheapness on the curve. Sources suggest shorts were covering through the morning and that may damp demand at the auction. Many also see risk of a sell-the-fact trade if the ECB announces QE. On the other hand, the demand for safety, low and declining inflation expectations, and the hunt for yield (as meager as they are, Treasury rates are still measurably above their core sovereign counterparts, and are only slightly higher versus peripheral European bonds) should provide some underpinning. Note the December auction was very strong, stopping at 2.848%, nearly 50 bps above where the bond currently trades, and garnered a solid 2.76 cover (2.47 average) with a 49.8% indirect bid (45.7% average). Direct bidders took a hefty 24.3% while primary dealers accepted a low 25.9%.
12:05 EDTFed funds futures rallied on the weak sales and trade price data
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11:40 EDTU.S. equities resumed their slide
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11:10 EDTTreasury 30-year auction outlook:
Treasury 30-year auction outlook: the $13 B reopening could be sloppy given the big price swings this morning in the wake of the weaker than expected retail sales and trade price reports. Bond yields plunged in tandem with the headline data prints, with the 30-year hitting new ALL TIME lows at 2.39%. Like yesterday's 10-year sale, this auction could see very poor results due to its outright richness. The bond has outperformed in today's action thanks to the decline in inflation outlooks, and the marginally flatter spread to the 10-year won't do the auction any favors either. The bond should get some support from indirect bidders, as has been the trend for many months given the yield premium to core sovereigns. Note the December auction was very strong, stopping at 2.848%, nearly 50 bps above where the bond currently trades, and garnered a solid 2.76 cover (2.47 average) with a 49.8% indirect bid (45.7% average). Direct bidders took a hefty 24.3% while primary dealers accepted a low 25.9%.
10:40 EDTToday's U.S. reports
Today's U.S. reports were dominated by an ugly round of December retail sales figures after downward revisions in October and November, with the only consolation coming from the concentration of weakness in the gasoline, building material and auto components that don't enter "real" consumption calculations in the GDP accounts. Analysts also saw lean 0.2% business inventory gains in October and November that defied stronger data in the factory and wholesale reports to further depressed Q4 prospects, while December trade prices plunged. Though market forecasts had shot above our own 3.5% Q4 GDP growth estimate, some of the more optimistic forecasts may now re-take the 3-handle.
10:40 EDTTreasury Option Action: bearish positioning on bonds
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10:36 EDTSeptember Atlanta Fed Business Inflation Expectations to be released at 10:00
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10:30 EDTCrude inventories for week of January 9
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10:25 EDTThe 0.2% November U.S. business inventory rise
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10:20 EDTTreasury Action: yields have rebounded a bit
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10:15 EDTMore from Philly Fed hawk Plosser: low long-term yields
More from Philly Fed hawk Plosser: low long-term yields are due to the reach for yield, economic troubles in Europe and the relative safety of Treasuries (he left out duration-convexity demand from mortgage servicers). He also confessed that the Fed doesn't control long-term yields as much as it would like, while arguing against over-reacting to falling oil prices, since the U.S. is nowhere near deflation. Earlier he noted that his last dissent was due in part in opposition to a time-based policy (considerable time) and he expects the Fed to return to normal footing now that the economy has as well. He is targeting 3% median growth in 2015 and 2.4% over the long haul, also repeating his preference for a single inflation mandate at the Fed and a systematic rules-based policy.
10:10 EDTU.S. November business inventories rose 0.2%, while sales fell 0.2%
U.S. November business inventories rose 0.2%, while sales fell 0.2%. There was no revision to the 0.2% increase in October, but as expected, the 0.1% sales dip was revised down to -0.3%. The inventory-sales ratio was steady at 1.31 (October's 1.30 was bumped up. The data will help fine tune GDP forecasts.
10:10 EDTFX Action: The dollar shrugged off
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09:50 EDTFed Policy Outlook: Q3 seems the earliest the FOMC could trigger rate liftoff
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09:45 EDTFX Action: USD-CAD has fallen back from overnight trend highs
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09:45 EDTU.S. business inventories preview:
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09:36 EDTStocks drop at open after disappointing retail sales, bank earnings
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09:30 EDTThe U.S. trade price report
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09:15 EDTEuro$ interest rate options: some bearish positioning
Euro$ interest rate options: some bearish positioning has crept in against the grain of the sharp rally on interest rate futures. Among them was a purchase of 15k in Green March 76/78/81 put butterflies thought by a Swiss-based fund, along with a 4k purchase of Red March 2016 86/88 put spreads. The March 2015 contract is a half-tick higher near 99.735, while the deferreds are as much as 13-ticks higher out the curve.
09:14 EDTUBS paper and forest products analysts hold analyst/industry conference call
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<< 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 | >>

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