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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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August 21, 2014
15:40 EDTTreasury Closing Summary:
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15:00 EDTCanada CPI Preview
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13:50 EDTU.S. corporate bond update: Bank of America upped the 10-year to $3 B
U.S. corporate bond update: Bank of America upped the 10-year to $3 B and also outlined a $1 B 3-year offering, along with the $500 M 3-year FRN. This brings the issue to $4.5 B, and the week's volume closer to $6 B.
13:40 EDTU.S. corporate bond update: Bank of America announced a 3-pronged deal
U.S. corporate bond update: Bank of America announced a 3-pronged deal shortly after agreeing to pay a $16.65 B fine. On the docket are 3-year and 10-year notes, and a just added 3-year FRN. The 3-year fixed note is expected to be at least $1 B in size, with the FRN at least $500 M. Investment grade issuance remains thin this week, totaling less than $2 B, excluding the BoA offering.
13:20 EDTTreasury Action: muted reaction to the tame TIPs reopening
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13:10 EDTTreasury's $13 B 5-year TIPS reopening was tepid
Treasury's $13 B 5-year TIPS reopening was tepid, as feared. The issue stopped at -0.281% versus -0.284% at the bid deadline and -0.213% at the new issue. There were $39.7 B in bids for a 2.48 cover, down from 2.70 in April. Indirect bidders supported the offering, taking 56.3%, not too far below the record high 58.4% in April.
12:35 EDTTreasury 5-year TIPS auction:
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12:30 EDTFX Action: USD-JPY has remained quite resilient
FX Action: USD-JPY has remained quite resilient, briefly dipping to session lows of 103.60 earlier, before moving back to 103.84 highs. One factor could be options related, with talk making the rounds of a half-yard of 104.00 strike expiries for Friday. Buying into dips has been in vogue through the session, as risk levels remain yen negative.
12:25 EDTTreasury Option Action: bullish positioning in the belly
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12:00 EDTEuro$ interest rate options are marginally firmer
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11:55 EDTSF Fed's Williams stressed Fed rate lift-off timing remains data dependent
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11:15 EDTNY Fed bought $2.214 B in notes
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11:15 EDTTreasury announced a $93 B 3-pronged package of note auctions
Treasury announced a $93 B 3-pronged package of note auctions for next week to complete August offerings, unchanged from July. This includes $29 B in new 2-year notes (Tuesday), $35 B in 5-year notes (Wednesday), and $29 B in 7-year notes (Thursday). A $13 B 2-year FRN reopening was also detailed (for Wednesday). The debt managers also announced a $53 B 3- and 6-month bill for Monday. The size was shaved by $1 B from this week's auction, with the 6-month tranche reduced to $24 B from $25 B previously. The front-end supply could weigh additionally on Treasuries which have been under pressure by the more hawkish FOMC Minutes.
11:05 EDTFed Policy Outlook:
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10:50 EDTU.S. existing home sales beat estimates
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10:45 EDTU.S. equities made another stab higher
U.S. equities made another stab higher in the wake of the better than expected data round, while there were also reports from Russia's Information Agency (RIA) that Russia has "no plans" for an incursion into the Ukraine, according to a Defense Ministry source. That said, the Philly Fed components were mostly weak and undermined the stronger headlines. Treasuries also road out the ostensibly firmer data reportedly thanks to ongoing Japanese demand on dips. The dollar flinched before finding fresh equilibrium. Gold remains sharply lower near $1,277 compared to the $1,291.54-1,273.95 session range. The VIX equity volatility index is above session lows of 11.73.
10:35 EDTThe Philly Fed August surge to a 28.0 three-year high
The Philly Fed August surge to a 28.0 three-year high extended the July pop to 23.9 from 17.8 in June, versus a -6.3 fifteen-month low in February. Yet, the ISM-adjusted Philly Fed measure fell to 55.5 in August, after a July surge to a 59.5 cycle-high from 54.1 in June, versus a 49.0 nine-month low in February. The divergence reflected big declines in new and unfilled orders as well as shipments and deliveries that left a more mixed report than implied by the headline surge. The big July vehicle assembly rate pop, and likely ensuing August drop-back, likely fed both the producer sentiment upswing in July and divergent August moves, both within today's report and relative to last Friday's Empire State drop to 14.69 after surging to 24.60 in July, as well as a continued tightening in initial claims. Analysts expect an unchanged Richmond Fed at 4.0, a Dallas Fed up-tick to 13.0 from 12.7, an ISM drop to 55.0 from 57.1, and an ISM-NMI decline to 56.5 from 58.7. The mix should allow the ISM-adjusted average to slip to 55 in August from a 56 cycle-high in July that was also seen in February and March of 2011, versus 54 through Q2 and 52 through Q1.
10:30 EDTGas Inventories 88 Bcf build vs. consensus of 84 Bcf build.
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10:25 EDTFX Action: After retreating from overnight highs
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10:25 EDTNY Fed outright purchase: Fed is buying $2.05 B to $2.50 B in notes
NY Fed outright purchase: Fed is buying $2.05 B to $2.50 B in notes ranging from November 15, 2021 through August 15, 2024. The buyback should help underpin the belly of the curve. Yield have dipped from overnight highs with the 7-year at 2.08% and the 10-year at 2.425%.
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