Share This Story
TradeTheNews.com US Market Update: Correction? What Correction?
Fri, 17 Oct 2014 11:28 AM EST
- (PT) Portugal PPI M/M: -0.2% v -0.1% prior; Y/Y: -1.0% v -1.0% prior
- (PL) Poland Sept Sold Industrial Output M/M: 16.5% v 14.5%e; Y/Y: 4.2% v
- (PL) Poland Sept PPI M/M: 0.1% v 0.1%e; Y/Y: -1.6% v -1.5%e
- (US) Sept Housing Starts: 1.017M v 1.008Me; Building Permits: 1.018M v
- (CA) Canada Sept CPI M/M: 0.1% v 0.1%e; Y/Y: 2.0% v 2.0%e; Consumer Price
Index: 125.8 v 125.7 prior
- (CA) Canada Sept CPI Core M/M: 0.2% v 0.2%e; Y/Y: 2.1% v 2.1%e
- (US) Oct Preliminary University of
Michigan Confidence: 86.4 v 84.0e
The equity snap-back has been general
over the European and US sessions. Stock indices in Europe are looking to close
up around 3% a piece, while most leading US indices are up more than 1.5% a piece.
Meanwhile, the VIX is back around 20 after reaching 29.30 just 24 hours ago.
Benchmark government yields are reversing the moves seen midweek, and the US
10-year is at 2.22%. As of writing, the DJIA is up 1.60%, the S&P500 is up
1.55% and the Nasdaq is up 1.63%.
The Chinese central bank stepped in with more support for China's banking
system, just two days after the September CPI data came in at its lowest level
since early 2010. Reportedly the PBoC
will inject 200 billion yuan into as many as 20 publically traded banks.
Recall that back on September 16th, the PBoC started offering a 500 billion
yuan standing liquidity facility to the top five Chinese banks.
After dropping to the $80 handle in trade yesterday, WTI crude is up more than
three bucks to trade around $83.45 this morning. Headlines out today suggest that non-Persian Gulf OPEC nations are
pushing back against their Gulf partners and seeking a cut in OPEC production
quotas. Libya wants a ceiling of 30M bpd, while Iran wants an emergency
meeting and will call on Saudi Arabia to lower its production.
Shares of ITT Education are up sharply
this morning after the company released long-delayed second quarter enrollment
metrics and fresh third quarter metrics. This was the first enrollment
data out of the company since the company disclosed it had breached debt
covenants and withdrew its 2014 forecast in May and warned enrollments would
fall again. The data suggested the fall-off wasn't as bad as expected and
shares are up ~80%, but off their best levels.
Earnings winners include General Electric and Morgan Stanley. GE is up 3.6% after the firm reported very
solid results. CEO Immelt called the economy healthy and the best US market
since the crisis. Industrial names Honeywell and Textron are also up
sharply on strong results: HON is up 4% and TXT is up 11%. Like other big
investment banks, Morgan Stanley had an excellent third quarter, with earnings
and revenue that comfortably topped expectations, although some of its unit
revenue growth was less impressive than its peers. MS is up 2.6%.
On the downside, shares of Google are off their worst post-market lows but
still down more than 1% after its dismal third quarter results. Analysts note
that the firm's decline in cost per click was better than last quarter,
although the gain in paid clicks was much less than forecasted. Shares of
Sandisk fell nearly 5% in the postmarket after the firm's fourth quarter
guidance missed expectations and executives warned they were seeing grow
constraints despite the robust demand outlook. SNDK is down 1% as of writing.
- Norway, Slovenia and Spain Sovereign Debt Rating may be released after the
- 15:00 (US) API Monthly Statistical Report
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."