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Market Focus Moves From Putin to Yellen
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Russian President Vladimir Putin announced this morning that the Russian Federation would officially annex Crimea and the city of Sevastopol following the region's referendum vote. In the speech, Putin specifically said that Russia has no plans to split up Ukraine and is simply defending the interests of Russian-speaking citizens in Crimea. The US government broadly condemned the move by Russia, calling it a "land grab" and promised further sanctions.

Market participants took his speech as de-escalatory, however, and risk assets around the globe rallied strongly. S&P 500 (INDEXSP:.INX) futures rose 14 points in the pre-market and continued that rally to gain 20.25 for the day's session. The S&P 500 index rose 0.8% today. The yield on 10-year German government bonds rose by three basis points to 1.58% before settling the day unchanged. Lastly, the Russian ruble posted gains against the euro and US dollar.

Consumer prices rose 1.1% in February from a year ago, slightly below the expected increase of 1.2%. The deceleration in growth was largely attributable to slackening gasoline and transportation prices in the month. February housing starts declined to a seasonally adjusted annual rate of 907,000, marginally below the 910,000 expected. The prior month's figure was revised up to 909,000 from 880,000. New housing permits posted strong 7.7% month-over-month gains, rising to a 1.018 million annual rate, implying that housing activity will accelerate in the coming months.

Oracle (NYSE:ORCL) reported earnings after the close, missing estimate slightly. Earnings-per-share were $0.68 vs $0.70 estimates and revenues were $9.32 billion vs $9.36 billion estimates. The company noted the recent strength in the US dollar accounting for a 2% drag in its earnings, which would have put its results inline with estimates. The stock was down more than 6% in post-market trading.

Tomorrow's Financial Outlook

The FOMC's monthly monetary policy decision and first press conference from new Chair Janet Yellen will be the main events for tomorrow. The statement will be released at 2:00 p.m. EDT; Yellen will hold her press conference at 2:30 p.m. It is highly unlikely that the Fed will deviate from its plan to cut asset purchases by $10 billion at each meeting. Additionally, Yellen will look to begin laying out her monetary policy stance, though it is unlikely to be anything seismically different from the FOMC's existing framework.

It's a big day tomorrow in the UK. The minutes from the Bank of England's meeting two weeks ago will be released. Additionally, February's jobless claims figures and January's three-month unemployment rate are scheduled to be reported.

FedEx (NYSE:FDX) will be the first major company to report first-quarter earnings tomorrow. Other notable companies scheduled to report include General Mills (NYSE:GIS) and KB Home (NYSE:KBH).

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Market Focus Moves From Putin to Yellen
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Russian President Vladimir Putin announced this morning that the Russian Federation would officially annex Crimea and the city of Sevastopol following the region's referendum vote. In the speech, Putin specifically said that Russia has no plans to split up Ukraine and is simply defending the interests of Russian-speaking citizens in Crimea. The US government broadly condemned the move by Russia, calling it a "land grab" and promised further sanctions.

Market participants took his speech as de-escalatory, however, and risk assets around the globe rallied strongly. S&P 500 (INDEXSP:.INX) futures rose 14 points in the pre-market and continued that rally to gain 20.25 for the day's session. The S&P 500 index rose 0.8% today. The yield on 10-year German government bonds rose by three basis points to 1.58% before settling the day unchanged. Lastly, the Russian ruble posted gains against the euro and US dollar.

Consumer prices rose 1.1% in February from a year ago, slightly below the expected increase of 1.2%. The deceleration in growth was largely attributable to slackening gasoline and transportation prices in the month. February housing starts declined to a seasonally adjusted annual rate of 907,000, marginally below the 910,000 expected. The prior month's figure was revised up to 909,000 from 880,000. New housing permits posted strong 7.7% month-over-month gains, rising to a 1.018 million annual rate, implying that housing activity will accelerate in the coming months.

Oracle (NYSE:ORCL) reported earnings after the close, missing estimate slightly. Earnings-per-share were $0.68 vs $0.70 estimates and revenues were $9.32 billion vs $9.36 billion estimates. The company noted the recent strength in the US dollar accounting for a 2% drag in its earnings, which would have put its results inline with estimates. The stock was down more than 6% in post-market trading.

Tomorrow's Financial Outlook

The FOMC's monthly monetary policy decision and first press conference from new Chair Janet Yellen will be the main events for tomorrow. The statement will be released at 2:00 p.m. EDT; Yellen will hold her press conference at 2:30 p.m. It is highly unlikely that the Fed will deviate from its plan to cut asset purchases by $10 billion at each meeting. Additionally, Yellen will look to begin laying out her monetary policy stance, though it is unlikely to be anything seismically different from the FOMC's existing framework.

It's a big day tomorrow in the UK. The minutes from the Bank of England's meeting two weeks ago will be released. Additionally, February's jobless claims figures and January's three-month unemployment rate are scheduled to be reported.

FedEx (NYSE:FDX) will be the first major company to report first-quarter earnings tomorrow. Other notable companies scheduled to report include General Mills (NYSE:GIS) and KB Home (NYSE:KBH).

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

More From Minyanville Staff
Daily Recap
Market Focus Moves From Putin to Yellen
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Russian President Vladimir Putin announced this morning that the Russian Federation would officially annex Crimea and the city of Sevastopol following the region's referendum vote. In the speech, Putin specifically said that Russia has no plans to split up Ukraine and is simply defending the interests of Russian-speaking citizens in Crimea. The US government broadly condemned the move by Russia, calling it a "land grab" and promised further sanctions.

Market participants took his speech as de-escalatory, however, and risk assets around the globe rallied strongly. S&P 500 (INDEXSP:.INX) futures rose 14 points in the pre-market and continued that rally to gain 20.25 for the day's session. The S&P 500 index rose 0.8% today. The yield on 10-year German government bonds rose by three basis points to 1.58% before settling the day unchanged. Lastly, the Russian ruble posted gains against the euro and US dollar.

Consumer prices rose 1.1% in February from a year ago, slightly below the expected increase of 1.2%. The deceleration in growth was largely attributable to slackening gasoline and transportation prices in the month. February housing starts declined to a seasonally adjusted annual rate of 907,000, marginally below the 910,000 expected. The prior month's figure was revised up to 909,000 from 880,000. New housing permits posted strong 7.7% month-over-month gains, rising to a 1.018 million annual rate, implying that housing activity will accelerate in the coming months.

Oracle (NYSE:ORCL) reported earnings after the close, missing estimate slightly. Earnings-per-share were $0.68 vs $0.70 estimates and revenues were $9.32 billion vs $9.36 billion estimates. The company noted the recent strength in the US dollar accounting for a 2% drag in its earnings, which would have put its results inline with estimates. The stock was down more than 6% in post-market trading.

Tomorrow's Financial Outlook

The FOMC's monthly monetary policy decision and first press conference from new Chair Janet Yellen will be the main events for tomorrow. The statement will be released at 2:00 p.m. EDT; Yellen will hold her press conference at 2:30 p.m. It is highly unlikely that the Fed will deviate from its plan to cut asset purchases by $10 billion at each meeting. Additionally, Yellen will look to begin laying out her monetary policy stance, though it is unlikely to be anything seismically different from the FOMC's existing framework.

It's a big day tomorrow in the UK. The minutes from the Bank of England's meeting two weeks ago will be released. Additionally, February's jobless claims figures and January's three-month unemployment rate are scheduled to be reported.

FedEx (NYSE:FDX) will be the first major company to report first-quarter earnings tomorrow. Other notable companies scheduled to report include General Mills (NYSE:GIS) and KB Home (NYSE:KBH).

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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