business newsDow Industrials Extend Positive Streak to 9 Days
Today's financial recap and tomorrow's financial outlook.
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Chinese indices were weaker on concern that the Chinese government would have to tighten policies as real estate speculation begins to spiral out of control. The Shanghai Composite fell 0.99% in overnight trade.
The first reopening of the 10-year Treasury saw increased demand as the auction stopped through 2bp from the when-issued note, indicating heavy demand. The increased demand was due to a lack of supply and heavy shorts in the 10-year.
BlackBerry (BBRY) announced that it had received an order for 1 million BlackBerry 10 models, the largest single order in the company's history. The stock spiked up about 8% as the deal would add as much as $600 million in cash to the company's coffers.
In non-financial news, the Vatican cardinals elected Cardinal Bergoglio as Pope Francis I, after three days of deliberations. Francis will be the first-ever pope from the Americas.
Tomorrow's Financial Outlook
Tomorrow is a lighter economic data day in the US. Weekly initial jobless claims are forecast to come in at its 4-week average of 350,000, higher than last week's 340,000, but still near its 5-year low. The US will also release the producer price index from February, expected to increase to an annual rate of 1.7% from January's 1.4%. The Treasury will also issue the first reopening of its 30-year bond.
On the global calendar is employment figures from Australia and the Swiss National Bank decision. Australia's unemployment rate is expected to increase to 5.5% from January's 5.4% and the SNB is expected to make no major changes. Spain will sell 2-,5-, and 10-year notes.
The major earnings reports to note are Aeropostale (ARO) and Ulta Salon (ULTA).
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