A look at the day ahead in European and global markets from Tom Westbrook. European inflation figures are due on Tuesday and the risk is to the downside, which will reinforce bets that the European Central Bank cuts interest rates later in the month. Already this week Germany's September inflation came in below forecasts and, at 1.8% year-on-year, was the lowest since 2021.
* Fed Chair Powell says not 'in a hurry' to lower rates. * Yen steadies as traders assess incoming Japanese PM. * Aussie firm after upbeat retail sales data. By Kevin Buckland and Brigid Riley. TOKYO, Oct 1 - The U.S. dollar firmed against its major peers on Tuesday after Federal Reserve Chair Jerome Powell pushed back against bets on more supersized interest rate cuts.
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ABU DHABI, UAE, Sept. 30, 2024 /PRNewswire/ -- The United Arab Emirates' leadership is heavily investing in developing its knowledge-based economy, with a strategic focus on expanding the biotechnology sector. Abu Dhabi and leverage the Emirate's leadership potential within the global industry.
Australia's central bank has barred Canada's global investment bank from confidential briefings after one of its clients leaked details from a closed door briefing, two sources aware of the decision said on Tuesday.
Australia's central bank has barred Canada's global investment bank from confidential briefings after one of its clients leaked details from a closed door briefing, two sources aware of the decision said on Tuesday.
-MSCI's global equities index fell with Treasury yields on Tuesday as investors shied away from riskier assets while oil futures rallied on concerns about supply after Iran launched missiles at Israel. However Wall Street stocks ended above their session lows and Treasuries yields also pared declines on hopes that further escalation of the Middle East conflict was not imminent.
* Factory activity in Japan shrinks in September, slows in Taiwan. * South Korea's export growth slows on soft U.S. demand. * China's stimulus may offer relief for Asia's exporters. By Leika Kihara.
Asian stocks eased near two-and-half-year highs on Tuesday and the U.S. dollar firmed following hawkish comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Mid-East tension kept risk sentiment in check.
Google said on Tuesday its investments in Malaysia would create 26,500 jobs and contribute more than $3 billion to the country's economy by 2030, as it announced its new $2 billion data centre there had broken ground.
Japan's factory activity was subdued in September as output and new orders contracted due to a weak economy and lacklustre overseas demand, a private-sector survey showed on Tuesday. The final au Jibun Bank Japan manufacturing purchasing managers' index dipped to 49.7 in September from 49.8 in August, but edged up from 49.6 reported in the flash reading.
Japan's factory activity was subdued in September as output and new orders contracted due to a weak economy and lacklustre overseas demand, a private-sector survey showed on Tuesday. The final au Jibun Bank Japan manufacturing purchasing managers' index dipped to 49.7 in September from 49.8 in August, but edged up from 49.6 reported in the flash reading.
Bank of Japan policymakers discussed the need to go slow in raising interest rates as jittery markets clouded the outlook, a summary of their September meeting showed, reducing the chance of a near-term rate hike.
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Japanese business sentiment was steady in the three months to September, a closely watched survey showed, a sign the economy remained on track for a moderate recovery that leaves scope for further interest rates hikes by the central bank.
* Big manufacturers' sentiment steady, matches forecast. * Big service-sector mood improves slightly, outlook darkens. * Big firms expect to increase capex by 10.6% this fiscal year. * Data among factors closely watched by BOJ in setting rates. By Makiko Yamazaki and Leika Kihara.
Japanese big manufacturers' business sentiment was steady in the three months to September compared with the previous quarter, the Bank of Japan's closely watched tankan survey showed on Tuesday. The headline index for big manufacturers' sentiment stood at +13 in the third quarter, matching economists' estimate in a Reuters poll, the September tankan survey showed.
Japan's jobless rate in August fell to 2.5% from 2.7% in July, government data showed on Tuesday. The seasonally adjusted unemployment rate compared with economists' median forecast of 2.6%. The jobs-to-applicants ratio in August declined to 1.23 from 1.24 July, separate labour ministry data showed.
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A look at the day ahead in Asian markets. Investors in Asia kick off the new quarter on Tuesday catching their breath from an astonishing end to the third quarter that saw Chinese stocks clock their best day since 2008 and Japanese stocks register one of their biggest falls in years.
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* U.S. two-year yield has largest quarterly fall since Jan 2020. * U.S. two-year yields rise to two-week peak. * U.S. 10-year yields post biggest quarterly decline since October. * Fed's Powell says no preset course for monetary policy. * U.S. rate futures price in higher odds of 25-bp cut in November. By Gertrude Chavez-Dreyfuss and Alden Bentley.
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WASHINGTON, Sept. 30, 2024 Fannie Mae?is reminding homeowners and renters impacted by natural disasters, including those affected by Hurricane Helene, of available mortgage assistance and disaster relief options. "Our top priority is the safety and well-being of those affected by Hurricane Helene.
Colombia's peso slipped on Monday
after the country's central bank opted for a modest interest
rate cut, while an index tracking Latin American currencies was
on course for its biggest ...
Federal Reserve chair Jerome Powell flagged a recent upward revision to income and savings data as a sign of economic strength. He said the information could factor into the central bank's monetary policy discourse during the Fed's next interest rate meeting in November.
"As September draws to a close, some dynamics may prevail in October but others could undergo a shift," said NewSquare Capital's Kim Olsan.?"One aspect that will continue is the level of supply coming to market."?
The dollar rose on Monday after Federal Reserve Chair Jerome Powell adopted a more hawkish tone on the economy, leading traders to pare bets that the U.S. central bank will cut rates by 50 basis points again at its next meeting. Powell said recent revisions to data on economic growth, savings rates and personal income had. removed. some "downside risks" the Fed has been focused on.
Toronto Dominion Bank (MLWIQXX) is set to pay over $20 million as part of a deal with U.S. authorities to resolve an investigation into a former employee's fraud trading tactics to manipulate the U.S. Treasuries market. Canada's second-largest bank entered into a three-year deferred prosecution agreement, the U.S. Department of Justice said on Monday in a filing with the New Jersey federal court.
* Fed's reverse repo facility sees quarter-end surge. * Facility likely to shrink again. * Reverse repos ebbing amid Fed balance sheet contraction. By Michael S. Derby. The New York Federal Reserve said eligible firms on Monday parked the largest amount of cash in its reverse repo facility since late June, in a move almost certainly tied to the end of the third quarter.
Stocks slid Monday after Federal Reserve Chairman Jerome Powell said that future interest rate cuts would depend on economic data during his appearance at the National Association of Business Economics.
-The U.S. economy seems poised for a continued slowdown in inflation that will allow the Federal Reserve to cut its benchmark interest rate and "over time" reach a level that is no longer holding back activity, Fed Chair Jerome Powell said on Monday in remarks that showed no obvious lean towards a faster or slower pace of rate reductions.
- Major banks expect gold to extend its record-breaking price rally into 2025 because of a revival in large inflows to exchange-traded funds and expectations of additional interest rate cuts from prominent central banks around the world, including the U.S. Federal Reserve.
* Powell says economy poised for ongoing inflation slowdown. * Fed chief says risks to policy outlook are 'two-sided' * US economy is in 'solid shape,' Powell says. By Howard Schneider.
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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