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Long-dated Treasury yields climb after Trump agrees deal to extend debt limit

Long-dated Treasury yields rose after President Donald Trump agreed to support a 3-month debt limit extension, attached to a relief bill to help Texas recover from Hurricane Harvey. This comes after Senate Minority Leader Chuck Schumer and House Democratic Leader Nancy Pelosi announced they would back such a deal earlier in the day. The 10-year Treasury note yield was up 2.6 basis points to 2.098%, while the 30-year Treasury bond yield rose 2.3 basis points to 2.712%. The shorter 2-year note barely budged after the reports. On the very front-end, the one-month Treasury bill showed the biggest move, falling by more than 10 basis points to 1.088%. An auction held on Tuesday for 4-week T-bills had attracted weak demand as investors avoided Treasurys expiring early next month, the date when the federal government would run up against its borrowing cap.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Long-dated Treasury yields climb after Trump agrees deal to extend debt limit

Long-dated Treasury yields rose after President Donald Trump agreed to support a 3-month debt limit extension, attached to a relief bill to help Texas recover from Hurricane Harvey. This comes after Senate Minority Leader Chuck Schumer and House Democratic Leader Nancy Pelosi announced they would back such a deal earlier in the day. The 10-year Treasury note yield was up 2.6 basis points to 2.098%, while the 30-year Treasury bond yield [s:tmubmusd30y] rose 2.3 basis points to 2.712%. The shorter 2-year note [s:tmubmusd02y] barely budged after the reports. On the very front-end, the one-month Treasury bill showed the biggest move, falling by more than 10 basis points to 1.088%. An auction held on Tuesday for 4-week T-bills had attracted weak demand as investors avoided Treasurys expiring early next month, the date when the federal government would run up against its borrowing cap.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Trump agrees to fund government, raise debt limit to Dec. 15, Schumer, Pelosi say

President Donald Trump and congressional leaders agreed to extend the debt limit and fund the government until Dec. 15, as well as approve aid for victims of Hurricane Harvey, Democratic leaders said in a statement on Wednesday. Senate Democratic Leader Chuck Schumer and House Minority Leader Nancy Pelosi said “both sides have every intention of avoiding default in December.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Does your mortgage technology measure up?

[Expert commentary] Today’s consumers are accustomed to making instant banking transactions and home searches from the palms of their hands, and they expect this kind of ease of use across industries. Ultimately, the best lenders are those who will bring greater transparency to the borrower, which often requires the adoption of new technology as it comes available. Here are different categories of technology every lender should be using and key considerations in choosing and adopting the right vendor. …read more

From:: Real Estate Wire

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House approves nearly $8 billion in Hurricane Harvey aid

The House of Representatives voted Wednesday to approve nearly $8 billion in aid for states devastated by Hurricane Harvey. The $7.85 billion relief package now heads to the Senate, where it may be amended with an increase in the U.S. debt ceiling. Democrats have said they want a three-month increase in the borrowing limit but House Speaker Paul Ryan called tying such a short-term increase to Harvey aid unworkable. Republicans reportedly want to extend the debt limit past the 2018 midterm elections. Just three House lawmakers voted against the aid package, all Republicans.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Merck to buy privately-held biotech Rigontec for 115 mln euros upfront

Merck & Co. said Wednesday that it will acquire privately-held biotech Rigontec for €115 million ($137 million) upfront to Rigontec’s shareholders and up to €349 million ($416 million) in additional milestone-contingent payments. Germany-based Rigontec develops RNA-based immunotherapeutics to treat cancer and viral diseases. The company’s approach “complements our strategy and our current pipeline,” said Merck Research Laboratories’ Dr. Eric Rubin. “We think this is an interesting early stage deal that has potential synergy with other [immuno-oncology] agents, although there may be some safety concerns related to immune stimulation in general,” said EvercoreISI analyst Umer Raffat. Raffat also noted that it’s an early-stage deal: Rigontec’s lead product is currently in early-stage trials with an expected readout by the end of 2019. Merck shares rose 0.5% in light trade midday Wednesday. Shares have declined 1.1% over the last three months, compared with a 1.4% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Caliber Home Loans fires mortgage exec after Fed banned banker from industry

On Tuesday, the Federal Reserve Board banned Daniel Brennan, a former executive at Regions Bank, from the banking industry for allegedly paying one Regions’ loan processors to approve mortgages that did not meet Regions’ lending standards. As HousingWire reported Tuesday, Brennan’s employment at Regions ended in 2016, but HousingWire can now confirm that Brennan continued to work in the mortgage business, albeit for a different company, until news of his Fed banishment broke on Tuesday. …read more

From:: Real Estate Wire

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Class Action Costs Foreclosure Lawyer Over $1 Mil

A class action lawsuit that was filed against a Florida foreclosure attorney has yielded more than $1 million for charities and former borrowers.

As part of a rare legal procedure, Palm Beach County Circuit Judge Cymonie Rowe Tuesday approved immediate distribution of some funds to charities.

The ruling came after lawyers who sued disgraced foreclosure attorney David Stern reported that efforts to find all 1,150 of the foreclosed borrowers had stalled.

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GoDaddy’s stock falls after 2nd share offering in 4 months

Shares of GoDaddy Inc. pulled back sharply Wednesday from a record close, after the cloud platform company announced a public stock offering, the second offering in four months. The company said late Tuesday that selling stockholders were offering 20 million shares of common stock, which represented about 12% of the total shares outstanding. Earlier Wednesday, GoDaddy said the offering priced at $44 a share, or 2.6% below Tuesday’s record close of $45.18. The stock slumped 3.7% in afternoon trade, after running up 5.8% over the past week. Analyst Sameet Sinha at B. Riley said given that company fundamentals remain on track and the stock’s reaction to the last stock offering, he recommended buying on weakness. The stock had dropped 2.3% on May 3 after the company announcing a 24 million share stock offering. It fell another 3.1% in intraday trade the following session, before reversing to close the session up 1.1%. GoDaddy have run up 24% year to date, while the S&P 500 has gained 9.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News