German Economy Minister Robert Habeck said on Wednesday he believed further interest rate cuts were coming too slowly after the European Central Bank reduced rates in June and September. Speaking at an event hosted by the BGA trade association, Habeck also said Germany had got through three quarters of the economic crisis caused by Russia's full-scale invasion of Ukraine.
Worries about risks to the UK financial system posed by a global economic downturn have risen sharply to their highest level since the second half of 2019, a Bank of England survey showed on Wednesday.
U.S. drugmaker Eli Lilly (LLY) said on Wednesday it will invest $4.5 billion to create a new center for advanced manufacturing and drug development in Indiana.
OKLAHOMA CITY, Oct. 2, 2024 Ascent Resources Utica Holdings, LLC announced today that it, along with its wholly-owned subsidiary,?ARU Finance Corporation, intends to offer $600 million in aggregate principal amount of senior unsecured notes due 2032 in a private placement to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933, as amended.
The market capitalization of many tech firms surged in September, buoyed by a Federal Reserve rate cut that typically enhances future profits and cash flows for high-growth companies, and further fuelled by continued enthusiasm for artificial intelligence.
The Hungarian forint fell to
its weakest against the euro in 6-1/2 months on Wednesday, while
the Czech crown hit a new eight-week low and the zloty eased
before a Polish rate decision.
Global asset prices remain stretched and are vulnerable to a big fall as investors grow more concerned about geopolitical risks, the Bank of England said on Wednesday. The BoE said overall risks to British financial stability were unchanged compared with its last assessment in June, but that it would be wrong to draw comfort from a rapid rebound in asset prices after a drop in August.
* STOXX 600 flat. * Defence companies rise amid Middle East conflict. * Euro zone's unemployment rate at 6.4% for August. By Pranav Kashyap and Shashwat Chauhan. Europe's STOXX 600 ended flat on Wednesday as investors shied away from risk-taking amid more warfare in the Middle East, although advancing energy shares kept a lid on losses.
Real-world asset tokenization company Digital Asset said Tuesday that it completed a pilot initiative to tokenize U.K. bonds, Eurobonds, and gold for financial transactions using the Canton Network protocol.
Ferguson Enterprises Inc (FERG): * REG-Ferguson Enterprises Inc (FERG). FERGUSON PRICES $750 MILLION OF SENIOR UNSECURED NOTES. * Ferguson Enterprises Inc (FERG) - PRICED A PUBLIC OFFERING OF $750 MILLION IN AGGREGATE PRINCIPAL AMOUNT OF 5.000% SENIOR UNSECURED NOTES DUE 2034 Source text for Eikon: Further company coverage:
?. On October 1, 2024, Ferguson Enterprises Inc. (FERG) announced that it has priced a public offering of $750 million in aggregate principal amount of 5.000% senior unsecured notes due 2034. Ferguson intends to use a portion of the net proceeds from the sale of the Notes to prepay certain outstanding term loans, with the remaining proceeds to be used for general corporate purposes.
* Israel vows response to Iran missile attack. * U.S. ADP employment report later in the day. By Daksh Grover. Gold prices eased on Wednesday as the dollar held firm, while investors looked for more U.S. economic data for further cues on upcoming rate cuts by the Federal Reserve. Spot gold was down 0.5% at $2,649.17 per ounce, as of 0648 GMT.
Asia stocks sank on Wednesday, catching up with the sell-off on Wall Street after Iran's ballistic missile strike on Israel provoked fears of a wider regional conflict, while crude oil pushed higher on the risk of supply disruptions. Investors flocked to safer assets, pushing U.S. Treasury bond yields down in Asian time, while gold hovered near an all-time high.
South Korea's consumer inflation cooled more than forecast in September and below the central bank's target for the first time since early 2021, amid growing expectations of an imminent policy easing. The consumer price index rose 1.6% in September from a year earlier, after a rise of 2.0% in August, data from Statistics Korea showed on Wednesday.
South Korea's factory activity contracted at the sharpest pace in 15 months in September as overseas demand slowed for the first time in the year, a private survey showed on Wednesday, suggesting a slow road to a full-blown economic recovery.
The dollar hit a three-week high against the euro on Wednesday after the ADP national employment report showed U.S. private payrolls increased more than expected in September, ahead of Friday's highly anticipated jobs data.
South Korea's consumer inflation cooled more than forecast in September and below the central bank's target for the first time since early 2021, amid growing expectations of an imminent policy easing. The consumer price index rose 1.6% in September from a year earlier, after a rise of 1.9% in August, data from Statistics Korea showed on Wednesday.
Ratings agency Moody's upgraded Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2 on Tuesday, leaving Latin America's largest economy just one step away from regaining investment grade. A higher rating reflects improved creditworthiness, enabling countries to issue debt at lower interest rates.
AM Best has assigned a Financial Strength Rating of B++ and a Long-Term Issuer Credit Rating of ?bbb+? to AVLA Re Ltd.. The outlook assigned to these Credit Ratings is stable. The ratings of AVLA Re reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
A look at the day ahead in Asian markets. The final quarter of the year is under way, and the sense of caution that characterized its open on Tuesday could not be further removed from the ebullience and optimism that marked the end of the third quarter 24 hours earlier.
S&P: * S&P SAYS ISRAEL LONG-TERM RATINGS LOWERED TO 'A' FROM 'A+' ON HEIGHTENED SECURITY RISK; OUTLOOK NEGATIVE. * S&P: INCREASING LIKELIHOOD THAT ISRAEL'S CONFLICT WITH HEZBOLLAH BECOMES MORE PROTRACTED AND INTENSIFIES, POSING SECURITY RISKS FOR ISRAEL. * S&P SAYS DOWNGRADE REFLECTS FALLOUT ON ISRAEL'S ECONOMY AND PUBLIC FINANCES FROM A WORSENING CONFLICT WITH HEZBOLLAH IN LEBANON.
Ratings agency Moody's upgraded Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2 on Tuesday, maintaining a positive outlook for the country. The move leaves Latin America's largest economy just one step away from regaining an investment grade rating. A superior rating reflects enhanced creditworthiness, allowing nations to issue debt at reduced interest rates.
F&G Annuities & Life Inc (FG): * F&G ANNUITIES & LIFE PRICES SENIOR UNSECURED NOTES OFFERING. * F&G Annuities & Life Inc (FG) - PRICES $500 MILLION SENIOR NOTES DUE 2034 Source text for Eikon: Further company coverage:
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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