Pessimism weighing on Britain's households has hit unprecedented levels as the cost-of-living crisis pushed confidence in the economic outlook to its joint lowest, a survey showed. Market research firm GfK said consumer morale gauge, dating back to 1974, touched an all-time low of -40 in May from -38 in April.
GBP/USD look headed for its first weekly gain in four weeks moving into late Thursday trading. UK Q1 GDP data last week proved a real disappointment and March monthly GDP did by even more. Furthermore, the situation with the Northern Ireland protocol still hangs over the pound like the sword of Damocles.
- Minneapolis Federal Reserve Bank President Neel Kashkari on Thursday suggested that because household finances are in some cases in better shape than before the pandemic, the Fed may end up needing to raise rates further to bring inflation under control.
* BANK OF CANADA TO AUCTION C$400 MILLION OF 0.25% REAL RETURN BONDS DUE 2054 ON MAY 26 Source text for Eikon: https://www.bankofcanada.ca/markets/government-securities-auctions/calls-for-tenders-and-results/real-return-bonds/
* BANK OF CANADA TO AUCTION C$4 BILLION OF 2% BONDS DUE 2032 ON MAY 25 Source text for Eikon: https://www.bankofcanada.ca/markets/government-securities-auctions/calls-for-tenders-and-results/nominal-bonds/
The Biden administration?s pick for Federal Reserve vice chair for supervision faced questions about climate change, digital assets and the central bank?s independence. But he did not meet the same resistance from Republicans as the White House?s first choice, Sarah Bloom Raskin, observers said.
This year, Davos, Switzerland,?will host some of the world's most prominent psychedelic industry leaders and researchers in a separate satellite event that will run parallel to the World Economic Forum.
Brazil's Economy Ministry maintained on Thursday its forecast of a 1.5% increase in gross domestic product this year and 2.5% next year, as previously reported by Reuters on Wednesday. The ministry raised the IPCA consumer price index projection to 7.9% in 2022 from 6.55% seen in its previous outlook, from March.
* Weekly jobless claims increase 21,000 to 218,000. * Continuing claims drop 25,000 to 1.317 million. * Mid-Atlantic factory activity slows in May. * Existing home sales fall 2.4% in April. By Lucia Mutikani.
The Federal Reserve has "important but quite limited" authorities to police financial risks emanating from climate change, according to Michael Barr, President Biden's nominee to lead to the central bank's regulatory work.
Michael Barr, the second person nominated by Democratic President Joe Biden to be the Federal Reserve's Wall Street cop, looked to be on a path to confirmation after testifying before the Senate on Thursday. Barr, who served as a senior Treasury Department official under Democratic President Barack Obama, received some skeptical questions from Republican lawmakers.
The Federal Reserve has "important but quite limited" authorities to police financial risks emanating from climate change, according to Michael Barr, President Biden's nominee to lead to the central bank's regulatory work.
U.S. stocks traded lower this morning, with the Dow Jones dipping more than 300 points on Thursday. Following the market opening Thursday, the Dow traded down 1.07% to 31,152.28 while the NASDAQ fell 0.06% to 11,411.11. The S&P also fell, dropping, 0.52% to 3,903.35.
U.S. existing home sales dropped to the lowest level in nearly two years in April as house prices jumped to a record high amid a persistent lack of inventory. Existing home sales fell 2.4% to a seasonally adjusted annual rate of 5.61 million units last month, the lowest level since June 2020 when sales were rebounding from the COVID-19 lockdown slump.
U.S. existing home sales dropped to the lowest level in nearly two years in April as house prices jumped to a record high amid a persistent lack of inventory. Existing home sales fell 2.4% to a seasonally adjusted annual rate of 5.61 million units last month, the lowest level since June 2020 when sales were rebounding from the COVID-19 lockdown slump.
NEW YORK, May 19, 2022 The Conference Board Leading Economic Index? for the U.S. decreased by 0.3 percent in April to 119.2, following a 0.1 percent increase in March. "The US LEI declined in April largely due to weak consumer expectations and a drop in residential building permits," said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board.
Key Highlights ?. Existing-home sales recorded a third straight month of declines, slipping slightly in April, according to the National Association of Realtors?. Month-over-month sales were split amongst the four major U.S. regions, with two areas posting gains and the other two experiencing waning in April.
The Baltic Exchange's main sea freight index rose on Thursday, due to higher rates for all vessels. * The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 100 points, or 3.1%, at 3,289 points, the highest since Dec. 9. * The capesize index gained 221 points, or 5.31%, to 4,385 points.
- The number of people found to be illegally present in the European Union increased by 22% to reach nearly 700,000 in 2021, according to European statistics office data released on Thursday. Syrians made up the largest number, followed by Algerians and Afghans. Men accounted for about 87% of the total number reported by Eurostat, with more than half aged 18 to 34.
Below are some quotes from South African Reserve Bank Governor Lesetja Kganyago on Thursday as he announced the central bank's decision to raise benchmark repo rate by 50 basis points to 4.75%. INFLATION. "As a result of higher global food prices, local food price inflation is also revised up and is now expected to be 6.6% in 2022, and 5.6% in 2023.
- Factory output growth in the U.S. Mid-Atlantic region decelerated far more than expected in May, and the business outlook for the next six months is the weakest in more than 13 years, a regional Federal Reserve bank survey showed Thursday.
South Africa's central bank on Thursday increased its main lending rate by the largest margin in more than six years as it stepped up efforts to fight inflation, sending the rand higher. The decision was in line with a Reuters poll published last week.
South Africa's central bank increased its main lending rate by 50 basis points to 4.75% in a decision announced on Thursday. The decision was in line with a Reuters poll published last week.
The Federal Reserve is not targeting equity markets in its battle against inflation, but that is "one of the avenues" where the impact of tighter monetary policy will be felt, Kansas City Fed President Esther George said on Thursday.
The Federal Reserve is not targeting equity markets in its battle against inflation but that is "one of the avenues" where the impact of tighter monetary policy will be felt, Kansas City Fed president Esther George said Thursday in comments to CNBC.
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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