US stocks started the week lower as investors awaited key economic data to be released later this week, including the November employment report. The Nasdaq Composite fell 0.6% to 23,057.4, closing lower for a third consecutive session. Most sectors ended higher, led by health care, while technology saw the steepest decline. The government's nonfarm payrolls report for November is out on Tuesday.
The Toronto Stock Exchange closed lower again on Monday, falling for a second day from Thursday's record high on weak commodity prices while investors found little inspiration in November CPI data that came in softer than expected, even as underlying pressures persist, and November home sales that remained flat.
S&P Global Ratings on Monday revised its outlook on freight railroad services provider Canadian Pacific Kansas City (CP) to positive from stable, citing company's "resilient operating performance and integration of KCS". The agency also affirmed all its ratings on CPKC and related subsidiaries, including its 'BBB+' issuer credit rating on the company.
Financial stocks were advancing in late Monday afternoon trading, with the NYSE Financial Index increasing 0.4% and the State Street Financial Select Sector SPDR ETF adding 0.1%. The Philadelphia Housing Index added 0.1%, and the State Street Real Estate Select Sector SPDR ETF was up 0.3%. Bitcoin was falling 3.1% to $85,880, and the yield for 10-year US Treasuries decreased 1.4 basis points to...
US nonfarm payrolls are expected to rise by 50,000 in November after a 119,000-jobs gain in September, the most recent month that data was available for, based on a survey compiled by Bloomberg. The November employment report is due to be released at 8:30 am ET Tuesday and will include October establishment survey data, but not household survey data for October that was not able to be calculated.
Fed Governor Stephen Miran said that shelter prices remain elevated due to supply/demand imbalances from two to four years ago and the FOMC should be focused on the outlook for inflation, not fixing issues in the past.
The Canadian inflation print in November was generally more moderate than consensus expectations, with the overall consumer price index posting annual growth of 2.2%, while the median consensus among economists was 2.3%, said National Bank of Canada.
Federal Reserve Governor Stephen Miran said Monday that core inflation is likely closer to the US central bank's 2% target than what official data suggest. The President Donald Trump ally was one of the three Federal Open Market Committee members who dissented from the majority in last week's move to cut interest rates by 25 basis points.
Canadian core inflation gauges for November came in softly, even as the headline consumer price index roughly matched expectations, said Scotiabank. Canada's November CPI was 0.1% month over month and 2.2% year over year based on data released on Monday.
National Bank of Canada said it sees likely changes in policy rates at the Federal Reserve and Bank of Canada. For nearly the past decade, the two central banks have moved directionally in tandem, but that's due to change in 2026, noted National Bank. The bank sees the Fed continuing to ease early in the year, while the BoC will remain on hold before starting to increase policy in the fall.
Canadian consumer prices rose 0.1% month over month in November, or 0.2% in seasonally adjusted terms, a bit lower than expected and mild enough to hold the annual inflation rate steady at 2.2%, said Bank of Montreal.
Canadian existing home sales declined 0.6% month over month in November, partially reversing October's 1% month-over-month gain, said TD after Monday's data from the Canadian Real Estate Association. Ontario and Quebec, drove the national decline, noted the bank.
CIBC expects headline inflation will see some volatility in the months ahead, thanks to base effects from last year's GST/HST holiday, but it also expects core measures excluding tax changes to continue easing following the release of "generally softer measures of core inflation" Monday.
Canadian headline consumer price index inflation for November came in at 2.2% year over year, matching October's pace and broadly in line with expectations, said TD after Monday's data. However, inflation at the grocery store heated up in November, with prices up 4.7% year over year, up from 3.4% in October and the fastest pace of increase in nearly two years.
Canadian headline prices rose 0.1% month over month in November, matching expectations, said Desjardins after Monday's consumer price index data. That left the annual rate of inflation tracking 2.2% for the second month in a row. The average three-month annualized rate of the Bank of Canada's trimmed mean and median measures fell to 2.3% from 2.6%, respectively.
Multiple municipal bond offerings this week have a high exposure to climate risk, specifically high Flood and Wildfire Scores, according to ICE Climate Data. A $5 million offering from Augusta Independent School District, Ky., records a Flood Score of 4.3 out of 5.0, ICE reports.
US equity futures were higher ahead of Monday's opening bell, with traders gearing up for a busy week of economic data releases. Dow Jones Industrial Average futures rose 0.5%, S&P 500 futures were up 0.5%, and Nasdaq futures were 0.6% higher. Key economic reports due this week include nonfarm payrolls, housing starts and permits, retail sales, and the consumer price index.
The Canadian consumer price index rose 2.2% on a year-over-year basis in November, matching the increase in October, said the country's statistical agency on Monday. November's CPI was slightly lower than the 2.3% year-over-year consensus figure provided by Scotiabank.
The total monthly seasonally adjusted annual rate of housing starts for all areas in Canada was up 9.4% in November to 254,058 units compared with October, said Canada Mortgage and Housing Corporation. November's increase was higher than the 250,000 consensus figure provided by Scotiabank. The six-month trend in housing starts decreased 1.7% in November to 264,445 units, according to CMHC.
US equity futures were higher pre-bell Monday, with traders gearing up for a busy week of economic data releases. Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.5%, and Nasdaq futures were 0.6% higher. Key economic reports due this week include nonfarm payrolls, housing starts and permits, retail sales, and the consumer price index.
Prospera Energy (GXRFF) over the weekend said it raised $3.6 million after closing its previously announced convertible debt offering. The company said proceeds were allocated "exclusively" toward strengthening working capital, well reactivations, and production optimization.
Canada will release one of two consumer price index readings ahead of the next Bank of Canada meeting on Jan. 28 on Monday at 8:30 a.m. ET, Bank of Montreal said. While the data could move markets, Scotiabank said it does not expect any major policy implications, with the BoC signaling a prolonged pause and a more forward-looking stance.
Canadian existing home sales fell 0.6% month over month in November, or 10.7% year over year, and remain little changed since the summer, said Bank of Montreal after Monday's release of the Canadian Real Estate Association data. New listings declined 1.6%, raising the sales-to-new listings rate to 52.7%, indicating generally balanced market conditions, noted the bank.
Overall, last week's events confirm that Canada's economy is holding up well despite global uncertainties, said TD. This was echoed in the Bank of Canada's interest rate announcement on Wednesday, which brought tidings of comfort, if not exactly joy, noted TD. Inflation also remains a key focus for the BoC.
Canada will release consumer price index data for November at 8:30 a.m. ET on Monday, said RBC. Canada's inflation is expected to have held steady in November, with growth in the headline CPI remaining at 2.2% year over year, unchanged from October after slowing from 2.4% in September, noted the bank.
European bourses tracked moderately higher midday Monday as traders weighed Wall Street cues and awaited European Central Bank and Bank of England policy decisions slated for Thursday. Property, bank, food and oil stocks led broad gains on continental trading floors.
The yen strengthened overnight Sunday ahead of this week's Bank of Japan policy meeting on Friday, said MUFG. USD/JPY has fallen back toward support at the 155.00 level, wrote the bank in a note to clients. The survey revealed that business sentiment in Japan remained resilient in the face of trade disruption.
US equity investors will focus on labor market and inflation data while tuning in to the Federal Reserve speeches and keeping an eye on key corporate results this week, implying no dearth of stimulus as the year slowly comes to a close. * Key quarterly earnings reports due include Micron Technology (MU), Accenture (ACN), Nike (NKE), FedEx (FDX), Paychex (PAYX), Carnival, and Lennar.
Financial stocks were mixed in late Friday afternoon trading, with the NYSE Financial Index shedding 0.3% and the State Street Financial Select Sector SPDR ETF rising 0.1%. The Philadelphia Housing Index was shedding 0.5%, and the State Street Real Estate Select Sector SPDR ETF was easing 0.1%. Bitcoin was falling 2.6% to $90,118, and the yield for 10-year US Treasuries rose 5 basis points to 4...
Chicago Fed President Austan Goolsbee and his Kansas City counterpart, Jeffrey Schmid, said Friday that they dissented from a majority on the Federal Open Market Committee this week due to inflation risks. Goolsbee and Schmid voted in favor of leaving interest rates steady earlier this week, when the FOMC eased its monetary policy for the third straight meeting.
Chicago Fed President Austan Goolsbee said that he dissented at the December meeting in favor of no rate change because he was uncomfortable front loading too many rate cuts and urged patience to assure that inflation is back on a path to 2%. Goolsbee said that the unemployment rate has been fairly stable and that there is low risk that the job market will fall apart overnight, while at the sam...
US benchmark equity indexes were lower intraday as the technology sector tumbled amid a post-earnings selloff in Broadcom (AVGO), while markets parsed remarks by Federal Reserve officials.
Financial stocks were falling in Friday afternoon trading, with the NYSE Financial Index fractionally lower and the State Street Financial Select Sector SPDR ETF shedding 0.1%. The Philadelphia Housing Index was down 0.5%, and the State Street Real Estate Select Sector SPDR ETF was easing 0.2%. Bitcoin was falling 2.3% to $90,433, and the yield for 10-year US Treasuries rose 5 basis points to 4...
Financial stocks were mixed in Friday afternoon trading, with the NYSE Financial Index fractionally lower and the State Street Financial Select Sector SPDR ETF increasing 0.2%. The Philadelphia Housing Index was down 0.5%, and the State Street Real Estate Select Sector SPDR ETF was easing 0.2%. Bitcoin was falling 2.3% to $90,433, and the yield for 10-year US Treasuries rose 5 basis points to 4...
European stock markets closed lower in Friday trading as the Stoxx Europe declined 0.53%, Germany's DAX dropped 0.45%, the FTSE 100 fell 0.56%, France's CAC lost 0.21%, and the Swiss Market Index was down 0.14%. In Germany, monthly inflation declined 0.2% in November, compared with October, according to the Federal Statistical Office, and matched analyst forecasts, according to Bloomberg.
Chicago Fed President Austan Goolsbee said Friday in an exclusive interview with CNBC that he dissented at the Federal Open Market Committee meeting this week in favor of no rate change because he is "uncomfortable" front loading too many rate cuts and urged patience to assure that inflation is back on a path to 2%. Goolsbee said that the unemployment rate has been fairly stable and that there ...
Canadian trade revisions will add to Q3 gross domestic product growth, said Scotiabank. Instead of 2.6% quarter-over-quarter seasonally adjusted annual rate GDP growth in Q3, the country may be crossing 3% the next time Statistics Canada takes a swing at the numbers, noted the bank.
The long-awaited September trade data came in even better than Statistics Canada's preliminary estimates, said Bank of Montreal. Not only did the trade balance improve from a $6.4 billion deficit to a $200 million surplus versus an estimated $1.25 billion shortfall in the Q3 gross domestic product figures, but volumes were also firmer, noted the bank.
The US dollar rose against its major trading partners early Friday, except for a decline versus the Canadian dollar, ahead of a light schedule that includes only an appearance by Chicago Federal Reserve President Austan Goolsbee at 10:35 am ET and an expected update to the St. Louis Fed's gross domestic product Nowcast estimate for Q3 around midday.
PNC Financial Services (PNC) has received approval from the Federal Reserve for its proposed acquisition of FirstBank Holding, the central bank said Thursday. The deal is subject to the approval of the Office of the Comptroller of the Currency, the Fed said. MT Newswires does not provide investment advice.
The Bank of England is set to impose a rate cut by 25bps next Thursday and the United Kingdom gross domestic product data released earlier Friday will certainly help reinforce those expectations, said MUFG. Real GDP contracted by 0.1% month over month in October, which followed a similar contraction in September.
Societe Generale in its early Friday economic news summary pointed out: -- Foreign exchange majors rangebound, 10-year United States Treasuries steady at 4.15% after drop to 4.10% on Thursday on spike in weekly jobless claims. -- The United Kingdom October gross domestic product contracts 0.1% month over month, drops 0.1% three-month/over/three-month, below forecast.
Surgery Partners (SGRY) said late Thursday its Surgery Center subsidiary priced a private offering of $425 million of 7.25% senior unsecured notes due 2032. The company expects the offering to close Tuesday and plans to use the net proceeds for general corporate purposes. MT Newswires does not provide investment advice.
DIRTT Environmental Solutions Thursday said it signed an agreement with the Business Development Bank of Canada under which the lender has agreed to lend the company up to C$15 million. If finalized, DIRTT would receive the funds in staged funding of $10 million and $5 million.
WSFS Financial (WSFS) said late Thursday it closed a public offering of $200 million of 5.375% fixed-to-floating rate senior unsecured notes due 2035. From Dec. 15, 2030, the rate will reset quarterly at an annual floating rate equal to the three-month term secured overnight financing rate, plus 189 basis points, the company said.
The Toronto Stock Exchange set a second-straight record close Thursday, with investors buoyed by one set of economic data showing Canadian household balance sheets "remained resilient" in the third quarter and another showing a better than expected trade balance.
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