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October 1, 2014
NYSE MAC Desk
Jun 23 2014 | 10:20 AM

From the Trading Floor: Equities are fluctuating this morning after a new round of M&A deals hit the market and on positive manufacturing and housing reports

  • Chicago Fed National Activity Index rose to 0.21 during May, significantly higher than the –0.32 the previous period

  • US. Markit Manufacturing PMI for June expanded to 57.5 vs. 56.4 the previous month

  • US. Existing Home Sales rose 4.9% in May to 4.89 million pace

  • Oracle (ORCL) announced that it will acquire Micros Systems (MCRS) for $5.3 bln, or $68 per share, in cash.

  • PwC forecasts global spending on capital projects and infrastructure to increase by more than $9T a year after 2025, and estimates $78T in total global spending between now and then. Spending for 2012 was $4T. The new calculation also projects much faster growth in China and other Asian countries which have not faced the brunt of the financial crisis.

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Posted by: Charles Brown
Managing Director, The Capital Markets Desk
Ahead of the Bell
Jun 23 2014 | 8:28 AM

MARKET ACCESS CENTER: MORNING REPORT


Ahead of the Bell: Dow futures are trading down 9 points and S&P futures are trading down 2 points. Upbeat Chinese manufacturing data lifts global shares but gains were capped by lackluster euro zone business activity. According to HSBC/Markit Flash China PMI, the world's second largest economy rose for the first time in six months, signs China is stabilizing as Beijing implements new reforms. Manufacturing activity also improved in Japan for the first time in three months, supported by demand for workers, which boosted pressure on wages as consumers ignored the higher sales tax. However, euro zone's flash composite purchasing managers' index fell in June, compared with May, led by France, reports showed.


On the economic calendar today, existing home sales for May will be published after the opening bell, a reading of 4.75 M is forecasted compared with 4.65 M for April.
The dollar is up against a basket...

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Posted by: Parasnand Madho
Director, Market Watch & Corporate Actions
End of Day Report
Jun 20 2014 | 4:14 PM

U.S. stock indices continued to press higher on Friday with the Dow reaching a fresh intraday all-time-high on Fed momentum and ongoing M&A activity.  Energy and Healthcare led gains on the S&P 500, while Utilities and Discretionary topped declines.   Crude, Gold, and the dollar are all fractionally higher.


 


Gold rose for a third consecutive week and posted its biggest weekly increase in three months.  The precious metal rallied 3.3% on Thursday, the biggest one-day increase in nine months.  Recent strength is attributed to a number of factors, including technicals, thoughts that the Fed may be falling behind the curve, and geopolitical concerns. 


 


In other news, Bloomberg reported that the Mortgage Bankers Association (MBA) projects US housing sales to fall in 2014 for the first time in four years, adding to concerns about the health of the housing recovery.  The...

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Specialist, Market Watch
NYSE MAC Desk
Jun 20 2014 | 10:20 AM

Equities have pushed modestly higher as the Fed's comments have spurred optimism that the economic recovery will accelerate

  • Performance Sports Group began trading on the NYSE this morning. Already trading in Canada they priced 7 million shares at $15.50. The stock opened at $16.00

  • Volume is expected to be elevated today as it is a Quad Witch day expiration and an S&P index rebalance day

  • AbbVie has announced that Shire rejected its proposed merger, which valued the latter at $78.87 a share. This was the third merger attempt made by AbbVie (ABBV) in recent months.

  • NATO has announced that Russia has begun increasing troops again on its border with Ukraine. Vladimir Putin has blamed Ukraine for the escalation, stating that the military operation on the eastern border has been raging for days.

  • As EU policymakers continue talks regarding budget consolidation, former German Chancellor Gerhard...

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Posted by: Charles Brown
Managing Director, The Capital Markets Desk
Ahead of the Bell
Jun 20 2014 | 8:16 AM

MARKET ACCESS CENTER: MORNING REPORT
Ahead of the Bell: Dow futures are trading up 7 points and S&P futures are trading up 2 points. Global financial markets are hovering near all-time highs today buoyed by the Fed's commitment to keep pumping more monetary stimulus into the US economy, as investors keep a wary eye on the crisis in Iraq. Traders this week, got the green light from Janet Yellen and company that the Federal Reserve will continue to keep interest rates low at least through 2015, while inflation remains tame. The central bank also reduced it asset purchases by another $10 billion. Violence in Iraq continues to rage on between various ethnic groups for control of the country's oil refineries, driving up crude oil prices, as the US begins to commit a small number of troops to act as advisors to the Iraqi military.

• On the economic calendar today, no major reports are due. The dollar is up against the euro and down against the Japanese yen and the...

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Posted by: Parasnand Madho
Director, Market Watch & Corporate Actions