• USA

    by Published on 06-01-2015 05:17 PM
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    After a choppy morning, US stocks are flat and the 10-year yield is up four basis points to 2.16%. The economic data has been a mixed bag, and spurious Greece rumors have once again taken traders on a bit of a wild goose chase. As of writing, the DJIA and the S&P500 are up 0.02% each, and the Nasdaq is up 0.04%.

    In line with recent strong homebuilding industry data, the April construction spending reading jumped 2.2% to its highest level since November 2008. The percent increase was the largest since May 2012. The May ISM manufacturing index rose to 52.8 from April's reading of 51.5, while the new orders index rose to its highest level since December. Analysts note that the pace of manufacturing expansion seen in the ISM numbers is still well below the levels seen last summer (in Aug 2014, the index rose to 58.1). On a less positive note, the April core PCE data was flat and missed expectations, while April personal spending was flat, slipping lower from the March reading. ...
    by Published on 06-01-2015 06:53 AM
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    University of Michigan’s consumer sentiment final May reading fell to 90.7 compared with a final April reading of 95.9. The data released Friday indicates the U.S. economy has contracted during Q1 2015.

    According to the University of Michigan, “Consumer optimism retreated in May as consumers adopted more modest prospects for a rebound following the economy’s dismal 1st quarter performance.” ...
    by Published on 05-29-2015 07:07 PM
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    European stocks closed at their lows and US stocks are seeing big losses, with all major sectors in the red. The 10-year UST yield is down two basis points and at its lows of the month. As of writing, the DJIA is down 0.70%, the S&P500 is down 0.62% and the Nasdaq is off 0.52%.

    As expected, Q1 US GDP turned negative in the second reading, dropping to -0.7% from the +0.2% advance report. The contraction was slight less than expected. Personal consumption was revised slightly lower. The decrease primarily reflected negative contributions from exports, nonresidential fixed investment, and state and local government spending. The U of Michigan's consumer sentiment survey was two points higher than the early reading, though it was still down five points from April's very buoyant level. ...
    by Published on 05-29-2015 06:20 AM
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    San Mateo, California based camera maker GoPro, Inc. (GPRO-Nasdaq) is diving headfirst into the virtual reality and drone markets with a mounted six-camera array to be available during second half of 2015 with a price-tag upwards of $3,000. GoPro is introducing a six-camera device to capture 360-degree spherical video that comes with a quadcopter drone for capturing video from up high in a whole new way.

    At the Code Conference in Rancho Palos Verdes, California on Wednesday, GoPro founder and Chief Executive Officer Nick Woodman announced the new products. ...
    by Published on 05-28-2015 04:59 PM
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    Just a few sessions after it made fresh seven-year highs, China's Shanghai Composite tumbled 6.5% today as concerns about the sustainability of the rally and higher margin requirements finally took their toll. European and US markets were under pressure until just before 10:00ET, when another round of skeptical Greece headlines knocked stocks lower. As of writing, the DJIA is down 0.26%, the S&P500 is off 0.38% and the Nasdaq is down 0.15%. ...
    by Published on 05-28-2015 06:18 AM
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    Cyber Criminals targeted nearly 100,000 U.S. taxpayers federal income tax returns from February to May 2015. John Koskinen, Commissioner for the U.S. Internal Revenue Service (IRS) announced on Tuesday that hackers used the agency's "Get Transcript" online application 200,000 times, in an attempt to gain access to personal tax information. The application calls up information from previous tax returns. Nearly 50% of the hackers attempts were successful. The IRS intends to strengthen security measures. ...
    by Published on 05-27-2015 05:40 PM
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    US and European equities are bouncing higher this morning after yesterday's big losses. Yesterday Greece seemed hopeless, while today progress is possibly being made. As of writing, the DJIA is up 0.60%, the S&P500 is up 0.60% and the Nasdaq is up 0.87%.

    G7 finance ministers are meeting in Dusseldorf for several days this week and today the meeting is generating market-moving headlines regarding Greece. Just after the open of US cash equity trading, there were reports that a Greece official said Greece and its creditors have begun putting together a "staff level" agreement, including long-term solutions to debt and pension issues. ...
    by Published on 05-27-2015 04:49 AM
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    The National Academy of Sciences on May 18th said they will convene an international summit in the fall, to explore ethical and policy issues associated with the technology 'CRISPR-Cas9' which would allow scientists to edit virtually any gene they target.

    The technology potentially could be used to create 'designer babies' and has ignited an outcry from scientists when it was used in China to alter the DNA of human embryos. The technique holds the power to repair or enhance any human gene. Scientists say that while replacing a defective gene with a normal one may seem entirely harmless, the dangers remain unknown. ...
    by Published on 05-26-2015 04:48 PM
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    The DJIA is down triple-digits this morning as the dollar soars and the 10-year yield drops five basis points. As of writing, indices appear to have bottomed out with the DJIA down 0.95%, the S&P500 off 0.89% and the Nasdaq down 1.10%.

    The raft of US economic data out this morning was very mixed. May consumer confidence was in line with expectations and flat on a m/m basis. May preliminary Markit PMI services index declined slightly from April, right in line with expectations. The advance April durable goods report was slightly stronger: the decline in the headline figure was mainly due to the volatile civilian aircraft sector, while excluding transportation durables the data widely topped estimates and saw decent gains and the March data were revised higher for the second time. ...
    by Published on 05-25-2015 06:42 AM
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    Consumer Price Index (CPI) gained 0.1% during April after an increase by 0.2% in March, the U.S. Labor Department said on Friday. U.S. stock index futures turned lower and prices for U.S. government debt fell after release of the data.

    After dipping 0.1% during March, CPI fell 0.2% in the 12 months through April, striking the largest decline since October 2009. Weak gasoline prices helped to moderate consumer prices during April. Underlying inflation pressures were boosted by rising shelter and medical care prices. Core CPI, which strips out food and energy costs, increased 0.3% striking the largest rise since January 2013, after advancing 0.2% during March. ...
    by Published on 05-22-2015 04:31 PM
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    US equities are under pressure this morning as investors hold back after the CPI report and await remarks from Fed Chair Yellen later this afternoon. Trading volumes are markedly lower ahead of the Memorial Day weekend holiday. As of writing, the DJIA is down 0.32%, the S&P500 is down 0.10% and the Nasdaq is flat.

    The April CPI report was stronger than expected. US April CPI rose m/m for the third straight month, while core CPI saw its biggest m/m gain since January 2013. Analysts also highlighted that for the third straight month, core goods prices increased in April despite the stronger greenback, which should ease concerns that the stronger USD could trim core inflation. ...
    by Published on 05-22-2015 06:47 AM
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    So what happens to the billions of dollars in fines from five of the world's largest banks that is piling up in the bank accounts for the United States Justice Department, United States Federal Reserve, Commodity Futures Trading Commission (CFTC), New York State Department of Financial Services and the U.K.’s Financial Conduct Authority (FCA)?

    On Wednesday, U.S. Justice Department said $5.7 billion in criminal penalties was handed down a group of five banks including Citigroup Inc. (C-NYSE) and JPMorgan Chase & Co. (JPM-NYSE) by the U.S. Federal Reserve. With their guilty pleas, Citigroup agreed to pay $925 million and JPMorgan will pay $550 million. Other banks included in the felony charges by regulators for collusion in the currency market - Bank of America, Barclays, Royal Bank of Scotland and UBS. ...
    by Published on 05-21-2015 06:05 PM
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    European indices closed at their highs and US stocks are not far off session highs as today's bad news is just bad enough to look like good news to market participants. The message seems to dovetail with yesterday's FOMC minutes, which suggested that even September might be too early for Fed rate hikes. As of writing, the DJIA is up 0.07%, the S&P500 is up 0.25% and the Nasdaq is up 0.34%.

    Two May economic data points out this morning were notably weak. The headline Markit May manufacturing PMI reading was softer for a second consecutive month, dropping to its lowest level since January 2014. Overseas markets continue to be a source of trouble: exports have fallen for two months and manufacturers warned the strong dollar was a big drag on their competitiveness in external markets. Meanwhile the May Philly Fed outlook dropped to 6.7 from 7.5 in April (which had been a four-month high). ...
    by Published on 05-21-2015 07:00 AM
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    Four of the banks plead guilty to U.S. criminal charges over manipulation of foreign exchange rates.

    UBS AG also plead guilty to rigging benchmark interest rates.

    Justice Department said, at four of the banks, euro dollar traders referred to themselves as members of “The Cartel”, using an electronic chat room and coded language to manipulate exchange rates to increase profits.

    British banks pleading guilty to one felony count of conspiracy to fix prices and rig bids for U.S. dollars and euros in the foreign exchange spot market include Barclays Plc who will pay $650 million and Royal Bank of Scotland Plc who will pay $395 million. Both banks will agreed to paying the criminal penalties. ...
    by Published on 05-20-2015 04:17 PM
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    Trading is choppy and volumes are lower again today in US markets. The 10-year UST yield is coming in a few basis points as European bonds sell off on a fresh round of Greece jitters. Traders are awaiting the FOMC minutes, out later this afternoon. As of writing, the DJIA is up 0.6%, while both the S&P500 and Nasdaq are unchanged.

    Greece has proposed imposing a levy on certain bank transactions to raise revenues to meet fiscal targets. Kathimerini reported Athens had proposed a levy of 0.1-0.2% on bank transactions with the aim of raising €300-600 million annually. The reports raised the specter of full-fledged capital controls. Meanwhile, Greek politicians warned Athens would be unable to make its next debt repayment to the IMF on June 5th without a deal with creditors. After failing to retake 1.5000 last week, EUR/USD has retreated four big figures, to test 1.1070 in trading earlier today. ...
    by Published on 05-20-2015 07:32 AM
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    Evidence from psychologists, tobacco-addiction specialists and some world-leading laboratories in Britain shows smoking is the killer, not nicotine. While nicotine is addictive, some believe a daily dose could be as benign as the caffeine coffee.

    Ann McNeill, a professor of tobacco addiction and the Institute of Psychiatry, Psychology & Neuroscience at King's College London, who has spent her career researching ways to help people quit smoking said, "We need to de-demonize nicotine." ...
    by Published on 05-19-2015 03:34 PM
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    Continental European equity indices are up approximately 2% each this morning after a key ECB member said the ECB would front-load QE bond purchases. US 10-year yields are up five basis points on the session to trade around 2.285%. As of writing, the DJIA is down 0.06%, the S&P500 is off 0.12% and the Nasdaq is down 0.11%.

    Comments by French ECB board member Coeurhave sent European stocks through the roof this morning. Coeur said the ECB would front-load its QE purchases because of the seasonal lack of liquidity in the summer, and asserted that the move was not a reaction to recent market conditions. Coeur also said the correction in yields did not bother him per se, but the rapidity of the change was somewhat concerning. EUR/USD continued yesterday's big reversal, with the pair dropping from around 1.1320 at the European open to as low as 1.1130 as of writing. ...
    by Published on 05-19-2015 06:12 AM
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    In an open letter to Tim Cook, Chief Executive for Apple Inc. (AAPL-Nasdaq), billionaire investor Carl Icahn is calling for Apple to return to a longtime theme of the activist investor's campaign for the iPhone maker to boost shareholder returns, requesting the tech giant to execute a much larger share buyback.

    Icahn - one of 10 top Apple investors - said on Monday that shares of Apple are "still dramatically undervalued" and should be trading at $240, nearly double its current share price. In February 2015, Icahn reported that he owned about 53 million shares of Apple, with an approximate value of $6.8 billion. ...
    by Published on 05-18-2015 03:33 PM
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    Both the DJIA and S&P500 are points away from recent all-time highs this morning. Trading volumes are lighter and the action has been pretty choppy. US and European government bond yields moved higher this morning, with the UST 10-year yield gaining more than seven basis points to trade 2.216%. As of writing, the DJIA and S&P500 are just below unchanged, while the Nasdaq is adding 0.12%.

    The NAHB survey of homebuilder confidence slipped lower in May, dropping to 54 from 56 in April, and missed expectations. The report noted consumers are exhibiting caution and want to be on more stable financial footing before purchasing a home, ...
    by Published on 05-15-2015 04:41 PM
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    2. USA

    Yesterday, the S&P500 closed at a fresh record high and the DJIA ended just shy of its record close on March 2nd. Today US stocks are choppy thanks to the misses in the Empire manufacturing survey, industrial production and the Michigan confidence data. European markets had seen some gains in the wake of ECB President Draghi's dismissal of suggestions he might cut back on QE, however stocks closed deep in the red after the US data. As of writing, the DJIA is down 0.07%, the S&P500 is off 0.08% and the Nasdaq is down 0.15%

    The preliminary May University of Michigan confidence survey widely missed estimates and fell to its lowest level since last October. Analysts zoomed in on the forward inflation expectations, with the one-year expectation rising to 2.9% from 2.6% in the final April data. ...
    by Published on 05-14-2015 06:00 AM
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    2. USA

    US equities are seeing strong gains this morning, with the DJIA within 100 points of all-time highs. Global bond markets have quieted down, with yields remaining subdued. Greece rhetoric remains opaque, with all sides repeating stale rhetoric, although Finance Minister Varoufakis raised eyebrows after suggesting that Greek debt repayments to the ECB be pushed into the "distant future." EUR/USD rose to 1.1350 yesterday and made a run for 1.1450 earlier today, although the failure to take the level sent the pair right back to where they were yesterday. As of writing, the DJIA is up 0.82%, the S&P500 is up 0.66% and the Nasdaq is up 0.92%.

    The headline April PPI data surprised people, coming in much weaker than expected. However, the core PPI measure, which excludes food, energy, and the erratic trade services component, posted an as-expected 0.1% increase. Analysts expect to see similar weakness in food and energy in next week's CPI reading. Weekly initial jobless claims sank to within a hair of the 15-year low seen two weeks ago. ...
    by Published on 05-13-2015 04:05 PM
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    2. USA

    European indices closed just a few points off their lows this morning, with big equity gains on mixed preliminary Q1 GDP data (France was a bit better than expected, Germany missed). US stocks were volatile, quickly shrugging off the April retail sales miss for a move up in the first 30 minutes of cash trading, followed by a move back towards unchanged. Bond markets continue to see-saw higher. As of writing, the DJIA is up 0.05%, the S&P500 is up 0.06% and the Nasdaq is up 0.24%.

    European bond yields dipped lower earlier today in the wake of the soft April Chinese Industrial Production and Germany Q1 GDP data, helping prices recover from Tuesday's bout of selling, and Germany and Italy both successfully sold government debt. However the trend was reversed during the US session after the April retail sales report, with the 10-year UST giving up gains and adding 2.2 basis points, while the 10-year bund yield headed back in the direction of last Thursday's highs, adding five basis points to trade 0.720%. ...
    by Published on 05-12-2015 04:26 PM
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    2. USA

    US markets are struggling to get out from under higher oil, higher yields and a weaker greenback this morning after bond chaos reached Asian markets and the JOLTs reading, Chair Yellen's favorite, missed expectations. Greece is pummeling European markets: the IMF confirmed Athens made its €750M payment, however Greece used funds from its IMF account to meet the payment (and reserves kept in IMF holdings need to be replenished within a month). As of writing, the DJIA is off 0.14%, the S&P500 is down 0.30% and the Nasdaq is down 0.34%.

    The bond market selloff reached Japan today, with Japanese 10-year yields up six basis points to 0.450% earlier the session and Australia up 19 basis points to 3.05% after Japan's 10-year bond auction drew bids for 2.24 times the amount for sale, the lowest in six years. There was another day of volatility in Europe, as the 10-year bund yield rose as much as 12 basis points to 0.74% before dipping lower, while the US 10-year rose as high as 2.370%. ...
    by Published on 05-12-2015 10:28 AM
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    New therapies - which could generate tens of billions of dollars in annual sales for drugmakers - involving the use of 'CAR T cells' can eliminate blood cancers such as leukemia and lymphoma in 40% to 90% of patients may have to be genetically modified to include a switch that shields healthy cells from attack.

    CAR T cells are white blood cells taken from the body and genetically modified to have the cancer-spotting traits of antibodies. These cells can circulate inside a person for years or even during their lifetime, relentlessly seeking out cancerous growth. Most CAR T cells target a protein or antigen called CD19 found on the surface of B-cells, a type of white blood cell associated with blood cancers. ...
    by Published on 05-11-2015 06:08 PM
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    2. USA

    The Greece situation is pressuring global markets again this morning, pushing yields higher and equities lower. As of writing, the DJIA is -0.17%, S&P500 is off 0.06% and the Nasdaq is up slightly.

    Yields on Greek government 10-year bonds shot up 23 basis points ahead of its next big IMF payment, due on Tuesday. The Greek Finance Ministry released a statement around 10:30ET that it had ordered the payment to go through, however yields remain very elevated, with the 10-year UST up 6.5 basis points to 2.213% and the 10-year bund up 4.8 basis points to 0.593%. Nobody really expects a deal at the Eurogroup today and more people are worrying about a possible Greek default. EUR/USD has been bouncing between 1.1140 to 1.1195 all morning. ...
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