Mineral Resources Ltd (MALRF): * MIN PRICES US$1.3 BILLION SENIOR UNSECURED NOTES OFFERING. * NOTES OFFERING SETTLEMENT EXPECTED IN NEW YORK ON 29 APRIL 2026. * 2032 NOTES PAY 6.000% PER ANNUM, 2034 NOTES PAY 6.250% PER ANNUM. * PROCEEDS TO REFINANCE US$625 MILLION NOTES DUE 2027 AND REDEEM US$350 MILLION NOTES DUE 2028 Further company coverage:
Oil rose on Monday and the main U.S. equity indices fell as U.S.-Iran tensions re-escalated and the Strait of Hormuz was closed, although the fairly mild market moves suggest investors are hopeful negotiations will resume and yield positive results.
Democratic members of a Senate panel set to hold a confirmation hearing for Federal Reserve chair nominee Kevin Warsh on Tuesday are worried about the potential central bank leader's pledge to unload assets not allowed by current ethics rules.
* Senate Democrats question transparency of Warsh's asset divestiture plan. * Concerns raised over Warsh's ties to billionaire Stanley Druckenmiller. * Warsh updates divestiture plan after ethics office talks, faces tough confirmation path. By Michael S. Derby.
* Canadian dollar gains 0.4% against the greenback. * Touches its strongest since March 13 at 1.3636. * Price of oil settles 6.9% higher. * Annual inflation rate rises to 2.4% in March. By Fergal Smith.
* Treasuries volumes subdued, investors eschew large bets. * US rate futures price in 14 bps of cuts this year. * Focus on Kevin Warsh's Senate hearing for top Fed job. By Gertrude Chavez-Dreyfuss.
Wells Fargo CEO Charlie Scharf said on Monday that lowering interest rates now, before there is clarity about a potential end to the Iran conflict, would be "the wrong thing to do." "Until it's clear what the end is in sight, there's real risk out there," Scharf said, adding that there seems to be a consensus about waiting to see how the Iran conflict will play out.
Wells Fargo CEO Charlie Scharf said on Monday that lowering interest rates now before there is clarity about a potential end to the Iran conflict would be "the wrong thing to do." "Until it's clear what the end is in sight, there's real risk out there," Scharf said.
Kevin Warsh, U.S. President Donald Trump's nominee to lead the Federal Reserve, will tell lawmakers at his Senate confirmation hearing on Tuesday that he is "committed to ensuring that the conduct of monetary policy remains strictly independent," according to prepared remarks released on Monday.
Kevin Warsh, U.S. President Donald Trump's nominee to lead the Federal Reserve, will tell lawmakers at his Senate confirmation hearing on Tuesday that he is "committed to ensuring that the conduct of monetary policy remains strictly independent," according to prepared remarks released on Monday.
* Warsh pledges to work with the administration, Congress on non-monetary Fed matters. * He reprises criticisms of Fed overreach. * Warsh says Fed independence is threatened by its failure to maintain price stability. By Ann Saphir and Doina Chiacu.
* Treasuries volumes have been subdued, investors eschew large bets. * US rate futures price in 14 bps of cuts this year. * Prices rebound from earlier losses. By Gertrude Chavez-Dreyfuss.
Federal Reserve Chair nominee Kevin Warsh has pledged to divest from a foreign-oriented investment fund?if confirmed to lead the U.S. central bank, according to an updated financial disclosure filing.
Federal Reserve Chair nominee Kevin Warsh has pledged to divest from a foreign-oriented investment fund if confirmed to lead the U.S. central bank, according to an updated financial disclosure filing. The fund that Warsh says he will divest from targets Canadian equities.
The U.S. Supreme Court declined on Monday to hear a bid by Bank of America (BAC) and seven other major financial institutions to prevent American cities from banding together in a $12 billion class action accusing them of artificially inflating interest rates on a popular municipal bond.
The U.S. Supreme Court declined on Monday to hear a bid by Bank of America (BAC) and seven other major financial institutions to prevent American cities from banding together in a $12 billion class action accusing them of artificially inflating interest rates on a popular municipal bond.
The U.S. Federal Reserve's vice chair for supervision, Michelle Bowman, has told big bank executives that she does not expect the industry to stage another aggressive pushback in a bid to win further capital relief, according to three people with knowledge of the communications.
South Korean President Lee Jae Myung formally appointed Shin Hyun-song, a Bank of International Settlements economist, as governor of the Bank of Korea on Monday, South Korea's Newsis news agency reported. Shin is set to take office as central bank chief on Tuesday for a four-year term and is expected to chair his first rate-setting monetary policy meeting on May 28.
The U.S. will host further talks in coming weeks for the Group of 20 major economies on the impact of the war in the Middle East on food and fertilizer, as it continues to push for coordinated action.
Kevin Warsh, picked by President Donald Trump to succeed Federal Reserve Chair Jerome Powell, has big plans for the central bank once he takes the helm. As San Francisco Fed President Mary Daly said Friday, "he'll come in with an idea of what he would like to think about and do. Lawmakers at Warsh's Tuesday confirmation hearing will surely have lots of questions about those ideas.
After more than a decade criticizing the U.S. central bank, former Federal Reserve Governor Kevin Warsh faces a mark-to-market moment in a Senate hearing on Tuesday when lawmakers will likely press the Fed chief nominee to flesh out his monetary policy and economic ideas and calls for fundamental change.
* Warsh advocates regime change, lower rates and smaller balance sheet. * He calls for narrowing Fed's remit and more coordination with Treasury. * Criticizes current Fed communication, urges less 'cacophony' and clearer policy direction. Kevin Warsh, picked by President Donald Trump to succeed Federal Reserve Chair Jerome Powell, has big plans for the central bank once he takes the helm.
* Senate Banking Committee to scrutinize Warsh's Fed reform agenda, policy views. * Session on Tuesday is next step in tangled path to confirmation. * Former Fed governor has long track record of central bank criticism to unpack, detail. By Howard Schneider.
FITCH: * FITCH REVISES PHILIPPINES' OUTLOOK TO NEGATIVE; AFFIRMS AT 'BBB' * FITCH ON PHILIPPINES: AFFIRMATION REFLECTS OUR BASELINE THAT, DESPITE RISING RISKS, MEDIUM-TERM GDP GROWTH WILL REMAIN ROBUST. * FITCH: PHILIPPINES HIGHLY EXPOSED TO MIDDLE EAST CONFLICT GIVEN ITS RELIANCE ON ENERGY IMPORTS & POTENTIAL MODERATION OF REMITTANCES FROM GULF REGION.
Japanese government bonds rallied on Monday as investors gauged how inflationary pressures will affect the timing of the rate increases by the central bank. The benchmark 10-year JGB yield, which last week touched a 29-year high of 2.49%, fell 2.5 basis points to 2.395%. The five-year yield, which jumped to a record 1.9% on April 13, slid 2 bps to 1.815%. Yields move inversely to bond prices.
The Bank for International Settlements' chief has made a renewed call for international cooperation on how stablecoins are used, saying this is vital to prevent severe market fragmentation. The central bankers' central bank, as the BIS is known, has long raised concerns about stablecoins - a type of cryptocurrency usually pegged 1:1 to the U.S. dollar.
The head of the Bank for International Settlements has made a renewed call for international cooperation on how stablecoins are used, describing it as vital to prevent severe market fragmentation. The central bankers' central bank, as the BIS is known, has long raised concerns about stablecoins - a type of cryptocurrency usually pegged 1:1 to the U.S. dollar.
Japanese government bonds rallied on Monday as markets awaited an inflation report from the central bank to gauge the timing of the next interest rate increase. The benchmark 10-year JGB yield, which last week touched a 29-year high of 2.49%, fell 2 basis points to 2.4%. The five-year yield, which jumped to a record 1.9% on April 13, slid 1 bp to 1.825%. Yields move inversely to bond prices.
The global economy cannot afford further Strait of Hormuz uncertainty, the CEO of Abu Dhabi state oil company ADNOC said on Sunday, adding that the waterway should not operate under threat. "Hormuz belongs to the world.
The yen may come under further pressure if markets see the Bank of Japan as being too slow in addressing inflationary risks, Asian Development Bank President Masato Kanda said.
* US-Japan interest rate gap behind yen's weakness, Kanda says. * Worry about Japan's fiscal sustainability may also weaken yen. * Kanda urges countries to keep fuel subsidies targeted, temporary. By Leika Kihara. The yen may come under further pressure if markets see the Bank of Japan as being too slow in addressing inflationary risks, Asian Development Bank President Masato Kanda said.
* Central bank relies on scenarios amid volatile commodity prices. * South Africa faces no immediate fuel shortages. * Fertilizer impact unclear until autumn. By Libby George. South Africa's central bank governor told Reuters that it was difficult to see a near-term path for easing interest rates due to the volatility from the war in the Middle East and its impact on inflation.
The U.S. Federal Reserve's vice chair for supervision, Michelle Bowman, has told big bank executives that she does not expect the industry to stage another aggressive pushback in a bid to win further capital relief, according to three people with knowledge of the communications.
* MOODY'S RATINGS CHANGES OUTLOOK ON BAHRAIN TO NEGATIVE FROM STABLE; AFFIRMS B2 RATINGS. * MOODY'S: NEGATIVE OUTLOOK REFLECTS ASSESSMENT THAT MIDDLE EAST CONFLICT WILL AGGRAVATE PERSISTENT DETERIORATION IN BAHRAIN'S UNDERLYING CREDIT METRICS. * MOODY'S - DISRUPTION OF MARITIME SHIPPING VIA STRAIT OF HORMUZ & AIR TRAVEL AROUND GULF IS AFFECTING BAHRAIN'S HYDROCARBON & ALUMINIUM EXPORTS.
MOODY'S ON IRAQ: * MOODY'S RATINGS CHANGES IRAQ'S OUTLOOK TO NEGATIVE, AFFIRMS CAA1 RATINGS. * MOODY'S ON IRAQ: NEGATIVE OUTLOOK REFLECTS RISING RISKS TO IRAQ'S CREDIT PROFILE STEMMING FROM CONFLICT IN MIDDLE EAST. * MOODY'S: RATINGS AFFIRMATION ON IRAQ REFLECTS CHALLENGES POSED BY WEAK INSTITUTIONS & GOVERNANCE THAT CONSTRAIN GOVERNMENT'S CAPACITY TO RESPOND TO SHOCKS.
* Iran keeps Strait of Hormuz open during ceasefire. * Traders see increased odds of Fed rate cut. * Warsh faces April 21 confirmation hearing as Fed chair. By Karen Brettell. U.S. Treasury yields fell on Friday as optimism grew that the Iran war may be nearing resolution, easing concerns about a renewed bout of inflation.
* Insurance companies may be reluctant, Saudi minister says. * Risks remain until 'serious, credible' de-escalation reached, Al-Jadaan says. * IMF chief Georgieva says it's too soon to back away from most severe scenario. By Andrea Shalal and David Lawder.
Bank of Canada Governor Tiff Macklem said on Friday inflation will rise in the short term and that an uptick in near-term inflation expectations would not worry the central bank. However, he said he would be concerned if longer-term inflation expectations remained elevated. Macklem was speaking to journalists on a call from Washington on the sidelines of the IMF meetings.
* All Fed chairs face economic surprises, Daly says. * Daly in wait-and-see mode on rates since Iran war. * Daly says Fed-Treasury relationship has changed over time, sees no danger in evolution. By Ann Saphir.
Federal Reserve Governor Christopher Waller said on Friday that while the U.S.-Israeli war with Iran will likely drive up near-term inflation, a fast end to the conflict would keep the door open to cutting interest rates later this year.
* Iranian Foreign Minister says Strait open while ceasefire in place. * Brent hits low of $86.09. * Treasury yields fall, dollar slides. * Trump tells Reuters U.S. will work with Iran on uranium. * S&P 500, Nasdaq hit fresh records, Dow strengthens. By Isla Binnie and Alun John.
Kevin Warsh may have plans for big changes at the U.S. central bank, but like previous Federal Reserve leaders cannot know what economic surprises he may need to deal with once he is in the role, San Francisco Fed President Mary Daly said on Friday.
* Markets price in a first ECB hike in July, fewer than two moves fully priced in 2026. * German 2-year yields fall to one-month lows. * Macquarie says a 'nuclear concession' is crucial. By Stefano Rebaudo.
* Iranian Foreign Minister says Strait open while ceasefire in place. * Brent tumbles below $90. * Wall Street advances in the wake of European gains. * Treasury yields fall, dollar slides. * By Isla Binnie and Alun John.
* Dollar index falls to lowest since February, euro and sterling strengthen. * Oil prices plunge over 10% as Strait of Hormuz reopens, easing supply concerns. * Fed rate cut expectations rise, Bank of England and Bank of Japan signal caution. By Chuck Mikolajczak.
Iran's move to reopen the Strait of Hormuz and a sharp drop in oil prices on Friday boosted bets the Federal Reserve may resume its interest rate cuts as soon as December, but its policymakers still face a tangled outlook ahead of their April 28-29 meeting and remained cautious about the risks of higher inflation.
Reopened Middle East shipping and plummeting oil prices on Friday boosted bets the U.S. Federal Reserve may begin cutting interest rates as soon as December, but officials still face a tangled outlook ahead of their April 28-29 policy meeting.
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.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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