1pm - 'Economic news' courtesy reminder time Traders!
'Market Focus' in the US this evening
"Is QE2 $500 billion or not! If larger, watch for a big rally. Yet if the Fed torpedoes QE2, a major selloff is in store." [Source: nasdaq.com., Mark Pender]
'Market Reflections' from the last trading session (02.11.2010)
"Markets marked time ahead of today's election results and tomorrow's FOMC decision. The Dow rose 1/2 percent to 11,188 while the dollar index dipped slightly to 77.07. Gold ended at $1,356 while oil is firm at $84. Short and middle rates were unchanged but long rates fell on Asian buying. The 30-year Treasury yield fell seven basis points to 3.93 percent." [Source: nasdaq.com., Mark Pender] ______________________________________________________
Of note in the US this evening:-
FOMC Meeting Announcement (ie; Fed. Interest Rate Decision) [ Market moving indicator] [The Federal Open Market Committee (FOMC) is the policy-making arm of the Federal Reserve. It determines short-term interest rates in the U.S. when it decides the overnight rate that banks pay each other for borrowing reserves when a bank has a shortfall in required reserves. This rate is the fed funds rate. The FOMC also determines whether the Fed should add or subtract liquidity in credit markets separately from that related to changes in the fed funds rate. The Fed announces its policy decision (typically whether to change the fed funds target rate) at the end of each FOMC meeting. This is the FOMC announcement. The announcement also includes brief comments on the FOMC's views on the economy and how many FOMC members voted for and how many voted against the policy decision.]
Motor Vehicle Sales [ Merits extra attention] [Unit sales of domestically produced cars and light duty trucks (including sport utility vehicles and mini-vans). Individual manufacturers report usually report sales on the first business day of the month. Motor vehicle sales are good indicators of trends in consumer spending.]
ADP Employment Report [ Merits extra attention] [The ADP national employment report is computed from a subset of ADP records that in the last six months of 2008, represented approximately 400,000 U.S. business clients and approximately 24 million U.S. employees working in all private industrial sectors. The data are collected for pay periods that can be interpolated to include the week of the 12th of each month, and processed with statistical methodologies similar to those used by the U.S. Bureau of Labor Statistics to compute employment from its monthly survey of establishments.]
ISM Non-Mfg Index (Oct) [ Merits extra attention] [The non-manufacturing ISM surveys nearly 400 firms from 60 sectors across the United States, including agriculture, mining, construction, transportation, communications, wholesale trade and retail trade.]
EIA Petroleum Status Report [ Merits extra attention] [The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products.]
Factory Orders (Sep) [ Moderate volatility expected] [The Factory orders released by the US Census Bureau is a measure of the total orders of durable and non durable goods such as shipments (sales), inventories and orders at the manufacturing level which can offer insight into inflation and growth in the manufacturing sector. Normally, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).]
MBA Purchase Applications [The Mortgage Bankers' Association compiles various mortgage loan indexes. The purchase applications index measures applications at mortgage lenders. This is a leading indicator for single-family home sales and housing construction.]
Challenger Job-Cut Report [This monthly report counts and categorizes announcements of corporate layoffs based on mass layoff data from state departments of labor. The job-cut report must be analyzed with caution. It doesn't distinguish between layoffs scheduled for the short-term or the long term, or whether job cuts are handled through attrition or actual layoffs. Also, the job-cut report does not include jobs eliminated in small batches over a longer time period. Unlike most economic data, this series is not adjusted for seasonal variation.]
Treasury Refunding Announcement [Each quarter the U.S. Treasury announces its funding needs for the next two quarters. The announcement includes which securities will be offered and the dates of their announcement, auction and settlement.]
Total Vehicle Sales (Oct) [Total Vehicle sales released by the Autodata Corp. measures vehicle sales in the U.S. It is considered as an indicator for consumer confidence. A high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).]
3-Yr Note Announcement; 10-Yr Note Announcement; and 30-Yr Bond Announcement [Treasury notes are sold at regularly scheduled public auctions; and Treasury notes are sold at regularly scheduled public auctions.] ______________________________________________________
... AND ... ______________________________________________________
Of note in Australia tomorrow:-
Retail Sales Trend (MoM) (Sep) [ Moderate volatility expected] [The Retail Sales released by the Australian Bureau of Statistics is a survey of goods sold by retailers is based on a sampling of retail stores of different types and sizes and it''s considered as an indicator of the pace of the Australian economy. It shows the performance of the retail sector over the short and mid-term. Positive economic growth anticipates bullish trends for the AUD, while a low reading is seen as negative or bearish.]
AiG Performance of Construction Index (Oct) [ Moderate volatility expected] [Based on 120 interviews to companies, the HIA/AiG Performance of Construction Index, released by the Australian Industry Group and the Housing Industry Association, is considered as an indicator that measures the conditions on the short and medium term in the construction market. Companies answer questions related to production, employment, prices supplier deliveries, inventories and new orders. A high reading is seen as positive, or bullish for the AUD, while a low reading is seen as negative, or bearish.]
Trade Balance (Sep) [The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.]
1pm - 'Economic news' courtesy reminder time Traders!
Market moving indicator]
Merits extra attention]
