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TradeTheNews.com US Market Update: US Markets Moving Higher
Mon, 10 Nov 2014 11:15 AM EST
- (DE) German IG Metall Union begins wage negotiations for 2015/16
- (PT) Portugal Sept Trade Balance: -€1.1B v -€0.9B prior
- (CA) Canada Oct Housing Starts (Annualized): 183.6K v 200.0Ke
- (MX) Mexico Aug Gross Fixed Investment: 4.3% v 3.2%e
US equities are moving higher this morning with nearly all S&P500 sectors
in the green. As of writing, the DJIA is up 0.12%, the S&P500 is up 0.26%
and the Nasdaq is up 0.33%.
EUR/CHF is getting even closer to the
Swiss National Bank's 1.20 floor, which has not been seen since September 2012.
Analysts reiterate that if the Swiss Gold Initiative referendum on Nov 30th
were to pass, the SNB could be forced to choose between buying gold or giving
up on the peg.
President Obama called on the FCC to implement the strongest rules possible to
protect net neutrality, including classifying the internet as a utility. This
would put the internet under Title II regulation, the same treatment given to
phone companies, allowing the FCC to enforce more robust regulations. Today FCC
Chairman Wheeler is briefing members of Congress from both parties on his ideas
for net neutrality rules based on a "hybrid model," involving
elements of both utility-like and free market regulations. Cable internet
providers were down sharply on the news, but have bounced back, with TWC down
3.5% and CMCSA down 3%.
Camera-on-a-stick firm GoPro filed a
Form S-1 with the SEC this morning to sell up to $800 million in common stock
just five months after the firm's IPO. The company plans to offer $100
million in new shares, and the remaining amount will be offered by selling
shareholders. In a separate statement, the CEO said he would sell part of his
stake but would also remain a significant holder for a long time.
McDonalds October sales comps were much
better than expected, however comps in all three of the company's regional
divisions were still in contraction. Recall that with third-quarter
earnings, McDonalds CEO warned that October comps would remain negative.
Prostate cancer drug developer Dendreon said it would seek Chapter 11
bankruptcy protection with a plan that leads to either a sale of the company or
a takeover by lenders. The company said it would continue to manufacture and
deliver provenge to customers during restructuring.
- 12:00 (US) USDA World Agricultural Supply and Demand Estimates (WASDE) Corp
- 17:10 (US) Fed's Rosengren
- 18:50 (JP) Japan Sept Current Account Balance: ¥537.7Be v ¥287.1B prior;
Current Account Adjusted: ¥36.9Be v ¥130.8B prior
- 18:50 (JP) Japan Sept Trade Balance:
-¥782.5Be v -¥831.8B prior
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