US annual consumer inflation is expected to reach 6% in the ongoing quarter and remain above 2% in the long term, a poll of economists by the Federal Reserve Bank of Philadelphia showed Friday. The headline consumer price index is expected to average 6% in the second quarter, according to the Fed branch's latest quarterly Survey of Professional Forecasters.
RBC Capital Markets said Tuesday's April CPI report will be the highlight for next week, with the headline print likely to accelerate while broader price pressures should remain contained. In its CAD Weekly Soundbites report, RBC said it and consensus expect April CPI to rise 3.1% year-over-year, compared with 2.4% previously, as headline price pressures should escalate from higher energy costs.
US industrial production rebounded more than projected in April, buoyed the manufacturing and utilities categories, Federal Reserve data showed Friday. Industrial output rose 0.7% last month following a revised 0.3% drop in March, the Fed said.
The Federal Reserve said Friday it has terminated its enforcement actions with UBS Group (UBS), Credit Suisse and their subsidiaries. UBS declined to comment to MT Newswires. Price: 45.46, Change: -0.89, Percent Change: -1.92. MT Newswires does not provide investment advice.
The Federal Reserve said Friday it has terminated its enforcement actions with UBS Group (UBS), Credit Suisse and their subsidiaries. UBS didn't immediately reply to a request for comment from MT Newswires. Price: 45.64, Change: -0.72, Percent Change: -1.54. MT Newswires does not provide investment advice.
National Bank of Canada on Thursday reiterated its sector-perform rating on the shares of Lithium Americas (LAC) and lowered its price target to C$7.25 from C$7.50 following the company's first-quarter results.
National Bank of Canada on Thursday increased Northland Power's price target to C$28 from $27 with an outperform rating. The company reported an adjusted EBITDA of C$427 million in the first quarter, below the bank's forecast of $454 million but in line with the consensus forecast of $424 million.
New York manufacturing activity grew at the fastest pace in more than four years this month amid robust new orders, the Federal Reserve Bank of New York reported Friday. The Empire State Manufacturing Survey's general business conditions index climbed to 19.6 in May, the highest reading since April 2022, from 11 last month, the Fed branch said.
Canadian existing home sales came in line with expectations of a 0.7% month-over-month uptick in April, following a 0.1% dip in March, noted Rosenberg Research. This was the first monthly gain since last October, and took the level back to 35,600 units -- a three-month high, noted Rosenberg Research.
The total monthly seasonally adjusted annual rate of housing starts for all areas in Canada increased 17% in April to 279,317 units compared with March, said the Canada Mortgage and Housing Corporation on Friday. April's increase was better than the 245,000 consensus figure provided by MUFG.
Canada will publish the April housing starts at 8:15 a.m. ET on Friday, said Bank of Montreal. The starts look to "tick up" to around 240,000 annualized units, according to the bank. BMO noted CMHC is looking into collecting additional data -- including building permits and more insight into the pre-construction world -- so the bank awaits more details on that front.
The US dollar rose against its major trading partners early Friday ahead of the New York Federal Reserve's Empire State manufacturing reading for May at 8:30 am ET and industrial production data for April at 9:15 am ET. The St. Louis Fed is expected to update its GDP nowcast estimate for Q1 around midday.
Societe Generale in its early Friday economic news summary pointed out: -- Risk off as United States Treasury yields accelerate, OIS pricing 80% chance of Federal Reserve rate hike by December. -- Federal Reserve's Williams: no need to raise or cut rates now, policy in a good place. -- Day ahead: U.S. industrial production.
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.
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