Gold traded lower early Thursday as the dollar rose to its highest level in more than a year after the Federal Reserve left interest rates unchanged at the conclusion of its two-day policy meeting on Wednesday, while signaling that rates could rise later this year. Gold for July delivery was last seen down US$106.50 to US$4,274.90 per ounce.
US initial jobless claims fell to a level of 226,000 in the employment survey week ended June 13 from an upwardly revised 230,000 level in the previous week, compared with expectations for a larger decrease to 225,000 in survey of analysts compiled by Bloomberg as of 7:30 am ET. Initial claims were at a level of 210,000 in the employment survey week ended May 16.
The US dollar rose against its major trading partners early Thursday ahead of the release of weekly jobless claims and the Philadelphia Federal Reserve's manufacturing reading for May, both at 8:30 am ET.
European bourses tracked moderately lower midday Thursday as traders mulled the somewhat hawkish commentary that new Federal Reserve Chair Kevin Warsh delivered overnight, and prospects for a tighter US monetary policy in the seasons ahead. Food and property stocks led broad, tempered losses on continental trading floors.
Commerzbank in its "European Sunrise" note of Thursday highlighted: Markets: United States Treasuries fall after the Federal Reserve decision on Wednesday, with the curve flattening, partly reverse losses in Asia. Fed keeps rates unchanged, removes reference to additional rate adjustments and drops easing bias in statement.
Societe Generale in its early Thursday economic news summary pointed out: -- US dollar is bid, two-year United States Treasury yield spikes to 4.21% after hawkish FOMC, three-month SOFR pricing +25bps in October. -- Fed: hawkish hold, nine of 18 FOMC members want a rate hike in 2026, six want two hikes or more.
Brazil's central bank lowered its benchmark Selic rate by 25 basis points to 14.25% for a third consecutive meeting, pressing ahead with monetary easing despite a worsening inflation outlook, multiple outlets reported on Wednesday. The decision, led by Governor Gabriel Galipolo, was in line with the expectations of the majority of economists surveyed by Bloomberg.
The Federal Reserve held interest rates unchanged for a fourth straight meeting on Wednesday but signaled one rate hike by the end of 2026 as inflation remains elevated, AFP reported. The central bank kept its benchmark rate at 3.50% to 3.75%, with policymakers raising their year-end rate forecast in updated economic projections.
Most economists expect the Bank of Japan to raise interest rates again by the end of 2026 following this week's hike to 1%, Bloomberg reported Wednesday. In a Bloomberg survey of 44 economists, 90% forecast another increase by December, while 36% expect a move in October.
Hudbay Minerals (HBM) said Wednesday it has priced an offering of $52 million in 4.50% solid waste disposal revenue bonds for the Copper World project. The Arizona Industrial Development Authority will issue the bonds with an initial mandatory tender date of July 2, 2036, the company said.
US equity indexes fell while government bond yields jumped as odds favoring higher interest rates this year surged after the Federal Reserve removed the so-called easing bias from its policy statement. The Nasdaq Composite fell 1.4% to 26,021.66, with the S&P 500 down 1.2% to 7,420.10 and the Dow Jones Industrial Average lower by 1% to 51,492.55 on Wednesday.
US equity indexes declined while government bond yields jumped ahead of Wednesday's close after the Federal Reserve removed the so-called easing bias from its policy statement.
Financial stocks fell in late Wednesday afternoon trading with the NYSE Financial Index declining 0.7% and the State Street Financial Select Sector SPDR ETF decreasing 0.8%. The Philadelphia Housing Index fell 1.9%, and the State Street Real Estate Select Sector SPDR ETF dropped 2.3%. Bitcoin dropped 0.9% to $65,060, and the yield for 10-year US Treasuries rose 3.5 basis points to 4.463%. In ec...
The Federal Reserve kept its monetary policy steady Wednesday, removing the so-called easing bias from its statement, while raising its interest rate expectations through 2028. The central bank's Federal Open Market Committee maintained its interest rate at 3.50% to 3.75%, in line with Wall Street's expectations and marking its fourth consecutive pause.
Financial stocks fell in late Wednesday afternoon trading with the NYSE Financial Index declining 0.3% and the State Street Financial Select Sector SPDR ETF decreasing 0.6%. The Philadelphia Housing Index fell 1.9%, and the State Street Real Estate Select Sector SPDR ETF dropped 2.3%. Bitcoin dropped 0.9% to $65,060, and the yield for 10-year US Treasuries rose 3.5 basis points to 4.463%. In ec...
Federal Reserve Chair Kevin Warsh announced Wednesday at a press conference that he is creating task forces to look at a variety of topics related to monetary policy. "I'm appointing a task force in each of five areas that are central to the broad conduct of monetary policy -- first, Fed communications," Warsh said.
The Federal Open Market Committee was much briefer in its post-meeting statement on Wednesday than in past meetings, removing the easing bias in its statement while raising its rate outlook and inflation forecasts in first meeting chaired by Kevin Warsh.
The Federal Reserve kept its benchmark lending rate steady Wednesday, leaving the so-called easing bias out of its policy statement. The central bank's Federal Open Market Committee maintained its interest rates at 3.50% to 3.75%, in line with Wall Street's expectations and marking its fourth consecutive pause.
Gold was higher midafternoon Wednesday even as the dollar rose after a report showed U.S. retail sales rose more than expected last month ahead of the latest interest rate decision coming from the Federal Reserve. Gold for July delivery was last seen up US$37.10 to US$4.391.50 per ounce.
US benchmark equity indexes were mixed intraday ahead of the Federal Reserve's latest monetary policy decision and new central bank chair, Kevin Warsh's, press conference. The Dow Jones Industrial Average was up 0.4% at 52,202.7 after midday Wednesday, after closing at a record high in the previous session.
Financial stocks were higher in Wednesday afternoon trading, with the NYSE Financial Index rising 0.7% and the State Street Financial Select Sector SPDR ETF up 0.4%. The Philadelphia Housing Index was up 1.1%, and the State Street Real Estate Select Sector SPDR ETF fell 1.2%. Bitcoin was increasing 0.4% to $65,844, and the yield for 10-year US Treasuries was steady around 4.428%. In economic ne...
US equity indexes traded mixed as investors await Federal Reserve Chair Kevin Warsh's views on monetary policy direction and inflation amid Iran's warning against continued Israeli attacks on Lebanon. The Nasdaq Composite slipped less than 0.1% to 26,379.5, and the S&P 500 edged 0.1% lower to 7,505.8 in Wednesday's midday trading.
Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 0.7% and the State Street Financial Select Sector SPDR ETF up 0.6%. The Philadelphia Housing Index was up 1.2%, and the State Street Real Estate Select Sector SPDR ETF fell 1.1%. Bitcoin was increasing 0.4% to $65,844, and the yield for 10-year US Treasuries was steady around 4.428%. In corporat...
Many fixed-income markets have been "rigidly" trading almost tick-for-tick with oil prices since the Iran conflict began, said Bank of Montreal. In turn, this implies that markets had been pricing in much higher odds of rate hikes in a variety of economies, including the United States and Canada, until now, noted the bank.
US retail sales rose more than expected in May as consumers kept spending despite higher prices. Sales climbed 0.9% after a downwardly revised 0.4% gain in April, the Census Bureau reported Wednesday. Spending on motor vehicles and parts dealers rose 1.2% after a 0.9% decline in April.
Gold edged lower early Wednesday as the dollar rose after a report showed U.S. retail sales rose more than expected last month ahead of the latest interest rate decision coming from the Federal Reserve. Gold for July delivery was last seen down US$4.40 to US$4.350.00 per ounce.
US retail sales rose by 0.9% in May, a larger gain than the 0.6% increase expected in a survey compiled by Bloomberg as of 7:35 am ET and following the previous month's revised 0.4% gain. Excluding a 1.2% increase in motor vehicle sales, retail sales were still up 0.8% compared with an expected 0.6% gain.
A recent European Central Bank paper provides a timely reason to revisit central banks' growing preference for gold, with persistent geopolitical tensions continuing to support strong official demand in 2025, said National Bank of Canada.
The US dollar rose against its major trading partners early Wednesday, except for a decline versus the yen, ahead of the Federal Open Market Committee's meeting statement at 2:00 pm ET.
After having declined by nearly 11% seasonally adjusted from November 2025 to March 2026, Canada's housing sales have since recovered more than half of this decline with increases in April and May, said Scotiabank. In this latter month, national sales posted a 5.5% monthly rise, the strongest since October 2024, noted the bank.
International investors were big net buyers of Canadian securities in April to the tune of $46.9 billion, said Bank of Montreal. That's among the larger inflows over the past few years, noted the bank. Buying was focused in federal and provincial government debt, as well as corporate bonds, pointed out BMO.
Dell Technologies (DELL) said Wednesday that its units had completed a public offering of $3 billion in senior unsecured notes, consisting of $1 billion of 4.75% notes due 2031, $750 million of 5.% notes due 2034, and $1.25 billion of 5.25% notes due 2037. The company said it may redeem the notes before maturity using specified "make-whole" provisions and at par during the final months before maturity.
California Resources (CRC) said late Tuesday it is pricing a private offering of $550 million in aggregate principal amount of its 7.250% senior unsecured notes due 2035 at par.
The Dow Jones Industrial Average hit a fresh record high on Tuesday despite a sell-off in the technology sector, as the Federal Reserve kicked off its two-day monetary policy meeting. The Dow rose 0.6% to 51,999.7, notching a new closing high for a second straight day. Among sectors, financials paced the gainers, while tech saw the biggest drop.
The Federal Open Market Committee is widely expected to maintain the range for its federal funds rate at the current 3.50% to 3.75% for the fourth straight meeting as uncertainty remains elevated, putting the focus on the updated Summary of Economic Projections. Currently, the CME's FedWatch Tool sees a 99.6% chance of no change to the current target range.
Housing starts fell by 15.4% to a 1.177 million annual rate in May, with single-family housing starts and multi-family starts both lower. Building permits fell by 0.7% to a 1.413 million rate in May. Single-family permits were higher while multi-family permits declined.
Whirlpool's recent refinancing removes near-term debt maturity risks, but the associated increase in interest costs will likely weigh on earnings and free cash flow, RBC Capital Markets said in a note emailed Tuesday. Earlier in June, the appliance maker priced an upsized $2 billion debt offering.
Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index rising 1.3% and the State Street Financial Select Sector SPDR ETF ahead 1.4%. The Philadelphia Housing Index was gaining 1.7%, and the State Street Real Estate Select Sector SPDR ETF was up 0.3%. Bitcoin was declining 0.9% to $65,682, and the yield for 10-year US Treasuries was falling 4.1 basis points t...
US housing starts plummeted to the lowest level since 2020 in May amid a steep drop in multi-family projects, government data showed Tuesday. Starts slid 15% sequentially to a seasonally adjusted annual rate of 1.18 million units last month, according to the Census Bureau and the Department of Housing and Urban Development.
Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index rising 1.4% and the State Street Financial Select Sector SPDR ETF ahead 1.6%. The Philadelphia Housing Index was gaining 1.7%, and the State Street Real Estate Select Sector SPDR ETF was up 0.3%. Bitcoin was declining 0.9% to $65,682, and the yield for 10-year US Treasuries was falling 4.1 basis points t...
Canadian existing home sales rose 5.5% month over month in May, said TD after Tuesday's data from the Canadian Real Estate Association. Broad-based gains were observed, headlined by Nova Scotia, Manitoba, Ontario and British Columbia. Canadian average home prices posted a more muted gain than sales, rising 0.7% month over month.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
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