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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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November 26, 2014
13:05 EDTTreasury Action: Treasuries are holding small gains
Treasury Action: Treasuries are holding small gains. However, yields inched off their earlier lows after the sloppy 7-year auction. The 10-year yield challenged 2.22% after the data generally disappointed. The 30-year headed down to 2.935%. These are the lowest rate in several weeks and improve the technical outlook heading into December. Also, yields may extend lower into the close ahead of the Thanksgiving Day holiday, with many likely making it a 4-day weekend too considering the early close on Friday and the lack of data. Month-end buying will be supportive for the long end thanks to the big 0.13 year index extension. There's also bullish momentum from rallies in European debt, with Bunds hitting record low yields. Of interest ahead is the OPEC meeting Thursday, though many analysts now doubt there will be any cutbacks in supply. The ECB meeting next week will be crucial for market direction, with many looking for some indication of more QE. The November jobs report follows on Friday.
12:04 EDTWeek of 12/5 MBA Purchase Applications to be released at 07:00
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12:00 EDTEIA Natural Gas Storage Change for week ending November 21
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11:45 EDTTreasury's 7-year note auction results were mixed,
Treasury's 7-year note auction results were mixed, but by and large ok, especially given the very limited set up. Indeed, that and the advent of the thinning conditions ahead of the Thanksgiving Day holiday might have been responsible for the small tail to 1.960% versus 1.955% at the bid deadline. There were $76.4 B in bids for a solid 2.63 cover, better than the 2.42 last month, and the 2.54 average. Indirect bidders took a strong 50.0%, versus 46.6% previously and the 44.9% average. Direct bidders took 12.8%, while primary dealers accepted 37.1%.
11:40 EDTTreasury announced a $$50 B 3- and 6-month bill sale for Monday
Treasury announced a $$50 B 3- and 6-month bill sale for Monday, that's a cut of $2 B versus this week's size, and the volume that has been in place for the past few weeks. The debt manager shaved the $2 B from the 6-month issue, bringing it down to $26 B. Supply lightens next week with just bills on tap.
11:20 EDTToday's deluge of U.S. reports
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10:40 EDTTreasury 7-year auction outlook
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10:40 EDTThe 0.7% U.S. new home sales rise
The 0.7% U.S. new home sales rise to a disappointing 458k October rate left a new cycle-high thanks only to big downward Q3 revisions that eliminated the prior cycle-high in September. The median price soared 16.5% in October however to a new all-time high of $305k, while inventories climbed to a four-year high of 212k. Analysts continue to see only a modest upward tilt in new home sales since the disappointing Q1-Q2 performance, with price gains led by a shift in the mix of homes, and rising inventories as new home construction continues to outpace the appetites of jittery buyers in the face of difficult financing conditions. Analysts expect a Q4 weather headwind for sales that leaves a restrained Q4 pace that matches the 436k (was 446k) average in Q3, as sales continue to undershoot the cycle-high 446k average in Q4 of 2013. Analysts're more generally seeing an erratic climb from cycle-lows for new, pending, and existing home sales, as well as housing starts, permits, and new home construction as discussed in our October 8 commentary.
10:40 EDTOil Action: Front month NYMEX crude fell to $73.45
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10:30 EDTCrude Inventories for the week of November 21
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10:25 EDTThe November Michigan sentiment pop
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10:20 EDTTreasury Action: anther disappointing batch of data
Treasury Action: anther disappointing batch of data has taken some of the bloom off of the GDP-rose after the upward revisions to Q3 growth reported yesterday. Treasury yields remain biased lower with the 10-year yield hitting new lows for the day at 2.22%. Sources look for front-running of month-end buying, and short covering ahead of the Thanksgiving Day holiday (and basically the long weekend) to allow for a test below the 2.2% mark, possibly reaching the October 15 low of 2.13%.
10:15 EDTFX Action: The dollar moved lower
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10:10 EDTU.S. pending home sales index fell 1.1% to 104.1 in October
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10:10 EDTU.S. new home sales rose 0.7% to 458 in October
U.S. new home sales rose 0.7% to 458 in October after rising 0.4% to 455k in September (revised from 467k). The August gain was revised to 453 from 466k, for a net two month revision of -30k. Regionally, sales were higher in the Northeast and Midwest, but lower in the South and West. The months' supply of homes rose to 5.6 from 5.5 (revised from 5.3). The median sales price rose 16.5% to $305,000 from $261,700 (revised from $259,000). And it's up 15.4% y/y. Though the 458k is the fastest pace of sales since July 2008, the downward revisions to the prior months make for a disappointing trajectory.
10:07 EDTNew Home Sales data reported
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10:07 EDTPending Home Sales Index data reported
October Pending Home Sales Index down -1.1% vs. consensus of 0.6% for the month
10:05 EDTU.S. consumer confidence rose to 88.8 in November
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10:00 EDTU.S. New Home Sales Preview:
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10:00 EDTU.S. Consumer Sentiment Preview:
U.S. Consumer Sentiment Preview: sentiment likely picked up to 90.0 in the final November reading from the University of Michigan survey, versus the bounce to 89.4 in the preliminary print from October's 86.9. The data have reflected a rise in confidence since August. The rally in equities, the improvement in the job market, and lower gas prices should help underpin.
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