Federal Reserve Governor Stephen Miran said Thursday that he will resign from the Fed before or shortly before Kevin Warsh is sworn in as a governor and Fed Chair. Miran was filling a term that expired on Jan. 31, 2026, when he said that he would remain in the position until a successor was appointed.
Gold moved lower midafternoon Thursday as the dollar rose after a report showed U.S. retail-sales growth slowed in April. Gold for June delivery was last seen down US$22.20 to US$4,684.50. The U.S. Census Bureau reported retail sales roes by 0.5% last month, down from a revised 1.6% in March but matching expectations according to Marketwatch.
Weekly applications for unemployment insurance in the US increased more than estimated, while continuing claims also rose, government data showed Thursday. For the week through May 9, the seasonally adjusted number of initial claims grew by 12,000 to 211,000, the Department of Labor said.
National Bank of Canada on Wednesday reiterated its sector-perform rating on the shares of Hydro One (HRNNF) while raising its price target to C$56.00 from $55.00 following the company's first-quarter results. The bank raised the price target after incorporating the company's incremental capex guidance through 2027, as well as the Red Lake Transmission Line within longer-term estimates.
Canada's existing home sales rose 0.7% month over month in April, while new listings jumped 4.1% month over month, said TD. Canadian average home prices rose much more sharply in April, increasing 2.6% month over month, noted the bank after Thursday's release of data from the Canadian Real Estate Association.
US retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated. Sales rose 0.5% in April following a revised 1.6% gain in March, the Census Bureau reported Thursday, matching the consensus in a survey compiled by Bloomberg.
National Bank of Canada on Wednesday raised Torex Gold Resources' (TORXF) price target to C$101 from $98 with an outperform rating. The higher price target was based on a higher NTM EBITDA window and using a 6.5x EV/EBITDA multiple, National Bank said.
Canadian existing home sales nudged up 0.7% month over month in April from March in seasonally adjusted terms, but no one is going to mistake this for a sign of spring for the chilly housing market, said Bank of Montreal on Thursday.
Gold edged higher early Thursday as treasury yields eased after a report showed U.S. retail-sales growth slowed in April. Gold for June delivery was last seen up $4.00 to US$4,710.70. The U.S. Census Bureau reported retail sales roes by 0.5% last month, down from a revised 1.6% in March but matching expectations according to Marketwatch.
The Bank of Canada's minutes for its April 29 rate decision were released on Wednesday, notes Rosenberg Research. "By far", it said, the most important quote was: "With slack in the labour market and excess supply in the economy, businesses would be less likely to pass higher costs on to consumers.
US retail sales rose by 0.5% in April, as expected in a survey compiled by Bloomberg as of 7:35 am ET and following the previous month's 1.6% gain. Excluding a 0.4% decrease in motor vehicle sales, retail sales were up 0.7%, also as expected. Removing both motor vehicles and a 2.8% gain in gasoline station sales, retail sales were up 0.5% in April after a 0.7% increase in March.
US initial jobless claims rose to a level of 211,000 in the week ended May 9 from a downwardly revised 199,000 level in the previous week, compared with expectations for a smaller increase to 205,000 in survey of analysts compiled by Bloomberg. The four-week moving average rose by 750 to 203,750 after decreasing by 4,750 to a level of 203,000 in the previous week.
The US dollar rose against its major trading partners early Thursday ahead of a busy day of economic releases, starting with weekly jobless claims, April retail sales, and April import and export price data, all at 8:30 am ET.
Commerzbank in its "European Sunrise" note of Thursday highlighted: Markets: United States Treasuries better supported in the late New York session and Asia. --Fed: Kevin Warsh is confirmed as Federal Reserve chair in a 54-45 Senate vote. --Fed: Federal Reserve Bank of Boston President Susan Collins argues that rates should remain on hold for "some time."
Canada will release the consumer price index data for April on Tuesday, said Bank of Montreal. The bank expects Canada's CPI to hit 3% year over year in April, up from 2.4% in March. MT Newswires does not provide investment advice.
US equity indexes closed mixed on Wednesday, as communication services and technology led sectors amid the fastest annual pace of growth in producer prices in four years, signaling the strength of the so-called AI trade.
The Senate confirmed Kevin Warsh as the next Federal Reserve chair in a 54-45 vote on Wednesday. Warsh is US President Donald Trump's pick to replace Jerome Powell, whose term as Fed chief expires on Friday. The Senate on Tuesday approved Warsh as a governor on the Fed board, bringing Stephen Miran's term to an end. Warsh served as a governor on the central bank's board from 2006 to 2011.
US equity indexes were mixed ahead of Wednesday's close as communication services and technology topped sector charts, while producer prices grew at the fastest annual pace in four years. The Dow Jones Industrial Average fell 0.1% to 49,707.1, trading off session lows.
The US Senate approved Kevin Warsh as the Federal Reserve chair for a term of four years by a vote of 54-45, the US Senate Daily Press reported Wednesday. Only one democratic senator, John Fetterman of Pennsylvania, voted in favor of Warsh succeeding Jerome Powell, the report added. The Republican-majority body on Tuesday confirmed Warsh to a 14-year term on the Fed's board of governors.
US equity indexes traded mixed after midday Wednesday as a hot producer price inflation print failed to restrain technology bulls. The Dow Jones Industrial Average fell 0.2% to 49,596.1, while the Nasdaq jumped 1.2% to 26,409.3 and the S&P 500 climbed 0.6% to 7,445.5. Utilities, financials, and real estate led the decliners.
Given the elevated pace of inflation, it may be necessary to hold the federal funds rate at its current level for a period of time, or possibly move higher, Boston Federal Reserve Bank President Susan Collins said Wednesday at the Boston Economic Club.
US equity indexes traded mixed in midday trading on Wednesday amid a hot producer price inflation print. The Dow Jones Industrial Average fell 0.5% to 49,532.5, while the Nasdaq rose 0.8% to 26,304.2 and the S&P 500 climbed 0.3% to 7,424.8. Utilities, financials, and real estate led the decliners.
The Dow Jones Industrial Average was down, while the Nasdaq Composite and the S&P 500 Index were up in late-morning trading Wednesday after another hotter-than-expected inflation report and as President Donald Trump prepares for his summit with Chinese President Xi Jinping.
The shock to global energy prices from the Iran war has complicated outlooks for central bank policy, said TD. Before the conflict, labor markets had cooled visibly, and an array of uncertainties weighed on demand, wrote the bank in a note to clients.
US producer prices in April rose at the fastest pace in four years as broad-based increases in services and goods signaled intensifying inflation pressures. The producer price index increased 1.4% on the month, the biggest gain since March 2022, after a 0.7% rise in March, Bureau of Labor Statistics data showed Wednesday.
The Bank of Canada releases its Summary of Deliberations at 1:30 p.m. ET on Wednesday, said Scotiabank. The Summary attempts to reflect the dialogue that was conducted in the lead-up to the April 29 policy decision, noted the bank.
The US Producer Price Index rose by 1.4% in April following a 0.7% gain in March, well above the 0.5% gain expected in a survey compiled by Bloomberg as of 7:35 am ET. Energy prices increased by 7.8% in the month, slower than a 10.1% gain in March. After excluding food and energy prices, core PPI jumped by 1.0% from 0.2% gain in the previous month, well above the 0.3% gain expected.
The main US stock measures were mostly pointing higher in Wednesday's premarket activity as traders await the latest data on wholesale prices and focus on President Donald Trump's visit to China.
Given weak Canadian growth, soft labor-market dynamics and a benign core inflation backdrop, Morgan Stanley doesn't see the Bank of Canada rushing to normalize policy further. The bank expects the BoC to be on hold over the course of this year and 2027, maintaining the view that policy is "in the right place."
Societe Generale in its early Wednesday economic news summary pointed out: -- 10-year United States Treasury consolidates after its highest close of 4.463% since July 2025, following an upside surprise for April core consumer price index on Tuesday.
US equity indexes were mixed on Tuesday after hotter-than-anticipated inflation data and higher crude oil prices amid US-Iran peace negotiation deadlock. * The US seasonally adjusted consumer price index jumped by 3.8% in April from 3.3% in the prior month, according to data released Tuesday by the Bureau of Labor Statistics, compared with the 3.7% consensus.
The consumer price index rose by 0.6% in April after a 0.9% gain in the previous month and was up 0.4% excluding food and energy prices after a 0.2% gain. The gain lifted the year-over-year increase to 3.8% from 3.3% in March, while the core measure was up 2.8% year-over-year after a 2.6% rate in the previous month.
All three major US stock indexes were down in late-morning trading after April inflation data came in hotter than expected. The US seasonally adjusted consumer price index rose by 0.6% in April, as expected and following a 0.9% increase in March, the Bureau of Labor Statistics said Tuesday.
National Bank of Canada on Monday maintained its outperform rating on the shares of B2Gold (BTG) while raising its price target to C$10.70 from $10.00 following the miner's first-quarter results.
National Bank of Canada on Monday reiterated its outperform rating on the shares of Ovintiv (OVV) while raising its price target to US$82.00 from US$80.00 after the oil and gas producer reported first-quarter results.
US annual consumer inflation accelerated in April to the fastest pace in almost three years as energy prices surged amid the near-complete closure of the Strait of Hormuz. The consumer price index accelerated to 3.8% year over year in April -- the highest print since May 2023, the Bureau of Labor Statistics reported Tuesday.
In Canada, investors get an update on the state of the residential sector with the release of April housing starts on Friday, said National Bank of Canada. Judging by the data on building permits, the latter could have increased to 245,000 in annualized terms, led by the multi-unit segment, noted the bank. year, led by stronger sales in Toronto and Calgary.
The spring buying season provided little boost to Canada's "lacklustre" housing market in April, says Bank of Montreal, while noting that existing home sales data for April will be released on Thursday at 5 a.m. ET. Nationally, BMO expects sales to tick up from March, but to remain about 2% below year-ago levels.
Gold moved lower early Tuesday, dropping for a second day as the dollar and yields rose after the United States reported inflation continued to surge last month on higher energy prices that followed the war on Iran. The U.S. Bureau of Labor Statistics reported the April Consumer Price Index rose at a 3.8% annualized pace, up from 3.3% in March, but matching expectations according to Marketwatch.
The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.6% in April, as expected and following a 0.9% increase in March, according to data released Tuesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.4%, higher than the consensus estimate for a 0.3% increase.
The underlying softness in Canada's job market reasserted itself in April, said Bank of Montreal. It's true that some of the big cooldown in employment growth simply reflects the near-stall in the labor force, which was up just 0.4% year over year, noted the bank. But there are plenty of signs that labor demand is "chilly," stated BMO.
Societe Generale in its early Tuesday economic news summary pointed out: -- Brent tops US$105/barrel and 10-year United States Treasury scales 4.42% amid United States/Iran deadlock, resistance 4.48% into Tuesday's U.S. consumer price index, 10-year refunding. -- United Kingdom: end nigh for Prime Minister Starmer?
The US Consumer Price Index is expected to rise by 0.6% in April after a 0.9% energy-led gain in March, according to a survey compiled by Bloomberg. The year-over-year rate is forecast to accelerate further to 3.7% from 3.3% as a result. The CPI data are scheduled to be released at 8:30 am ET Tuesday.
US existing home sales increased less than projected in April even as affordability continued to improve, data from the National Association of Realtors showed Monday. Sales edged up 0.2% sequentially to a seasonally adjusted annual rate of 4.02 million units last month.
The Bank of Canada is seen increasing its policy rate in March 2027, according to findings in its own Q1 Market Participants Survey released Monday. The MPS showed that a median of 28 financial participants expect the policy rate to rise by 25bps to 2.50% in March 2027.
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.
Log In Required
Publication Date