Data on the U.S. labor market could signal how aggressive the Federal Reserve will be when deciding if they should cut interest rates in November, after already announcing a rate cut of 50 basis points in September. The Bureau of Labor Statistics is set to release the official September jobs report on Friday at 8:30 a.m. ET.
* IMF closely monitoring situation in southern Lebanon. * Global lender says Gaza's GDP declined 86% in first half of 2024. * Global economy faces higher commodity prices, shipping costs. By David Lawder.
U.S. Treasury yields climbed on Thursday after strong services sector data supported forecasts for a smaller interest rate cut at the Fed's November meeting than in September.
Freddie Mac today released the results of its Primary Mortgage Market Survey?, showing the 30-year fixed-rate mortgage averaged 6.12 percent. ?The decline in mortgage rates has stalled due to a mix of escalating geopolitical tensions and a rebound in short-term rates that indicate the market?s enthusiasm on rate cuts was premature,? said Sam Khater, Freddie Mac?s Chief Economist.
This surge in demand "is no coincidence ? it's the result of weeks of relentless inflows, further amplified by the Federal Reserve's recent rate cut," said 16Rock Asset Management CIO James Pruskowski.
KBRA assigns preliminary ratings to 24 classes from Freddie Mac Structured Agency Credit Risk REMIC 2024-DNA3 Notes, Freddie Mac STACR REMIC Trust 2024-DNA3, a credit risk sharing transaction with a total note offering of $642,500,000.
* Weekly jobless claims at 225,000. * US service sector activity accelerates to 1-1/2-year high. * Levi Strauss tumbles after saying it is exploring unit sale. * East, Gulf coast workers' strike enters third day. * Indexes: Dow down 0.32%, S&P 500 up 0.10%, Nasdaq up 0.45% By Johann M Cherian and Purvi Agarwal.
KBRA releases the September 2024 issue of CMBS Trend Watch. There is a renewed sense of optimism in the commercial real estate industry. In September, KBRA published pre-sales for nine deals including four conduits, four SBs, and one Agency. Click here to view the report.
U.S. services sector activity jumped to a 1-1/2-year high in September amid strong growth in new orders, more evidence that the economy remained on a solid footing in the third quarter. The Institute for Supply Management said on Thursday that its nonmanufacturing purchasing managers index accelerated to 54.9 last month, the highest level since February 2023, from 51.5 in August.
Business Activity Index at 59.9%; New Orders Index at 59.4%; Employment Index at 48.1%; Supplier Deliveries Index at 52.1% TEMPE, Ariz. The report was issued today by Steve Miller, CPSM, CSCP, Chair of the Institute for Supply Management? Services Business Survey Committee: "In September, the Services PMI??registered 54.9 percent, 3.4 percentage points higher than August's figure of 51.5 percent.
* Weekly jobless claims increase 6,000 to 225,000. * Continuing claims fall 1,000 to 1.826 million. * Impact of strikes, Helene may distort labor market. * Services sector activity accelerates in September. By Lucia Mutikani.
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The downturn in Canada's services economy deepened in September as firms shed jobs and new business dropped to a near four-year low, S&P Global Canada services PMI data showed on Thursday. The headline business activity index fell to 46.4 from 47.8 in August, posting the lowest level since March.
Weekly Initial Jobless Claims for the week ending September 28 were 225,000, an increase of 6,000 from the previous week?s revised level, according to data the Labor Department?released on Thursday. The number is above the average economist estimate of 221,000, as per data from Benzinga Pro. The previous week?s level was revised higher by 1,000 from 218,000 to 219,000.
* Jobless claims rise marginally. * Hurricane Helene and strikes at Boeing (BA) and ports may distort labor market. * Fed cut rates by 50 basis points, more cuts expected in November and December.
DALLAS, Oct. 3, 2024 NexPoint Residential Trust, Inc. (NXRT) announced today the closing of 17-property mortgage refinancings through J.P. Morgan Chase Bank and The Federal Home Loan Mortgage Corporation, the sale of Stone Creek at Old Farm, and the Company is scheduled to host a conference call on Tuesday, October 29, 2024, at 11:00 a.m. ET, to discuss third quarter 2024 financial results.
Indefinite delivery, indefinite quantity contract validates demand for BlackSky?s ability to deliver industry-leading commercial real-time, AI-driven monitoring services at scale BlackSky Technology Inc. (BKSY/WS) was awarded a five-year, up to $290 million multi-award indefinite-delivery, indefinite-quantity NGA contract to monitor global economic and environmental activity and military capability using...
Libya's eastern-based government and Tripoli-based National Oil Corp announced on Thursday the reopening of all oilfields and export terminals after a dispute over leadership of the central bank was resolved. This could pave the way for the OPEC producer to raise oil output significantly.
Japan's central bank has scope to raise interest rates further but must move cautiously and slowly to avoid hurting the economy, a dovish policymaker said on Thursday, reinforcing market views it will be in no rush to lift borrowing costs.
Euro zone government bond yields inched away from multi-month lows on Thursday, as markets weighed expectations for European Central Bank interest rate cuts and the escalating conflict in the Middle East.
* Futures off: Dow 0.29%, S&P 500 0.30%, Nasdaq 0.42% U.S. stock index futures slipped on Thursday as markets awaited data for insights on the economic outlook and the likelihood of further interest-rate cuts from the Federal Reserve, while watching for a potential escalation in Middle East hostilities.
A look at the day ahead in U.S. and global markets from Mike Dolan. The U.S. dollar is on course for its best week in six months, surging anew on Thursday against the yen, sterling, euro and Swiss franc as central banks around the world appear set to out-dove the Federal Reserve.
A look at the day ahead in U.S. and global markets from Mike Dolan The U.S. dollar is on course for its best week in six months, surging anew on Thursday against the yen, sterling, euro and Swiss franc as central banks around the world appear set to out-dove the Federal Reserve.
* Israel strikes heart of Beirut, killing at least six. * Ethiopia bondholders reject $1 bln bond rework outline. * South Africa business activity accelerates in Sept - PMI. * Turkish inflation falls below 50% in Sept but above forecasts. * Russian rouble at lowest in a year against yuan. * FX down 0.3% at one-week low, stocks off 1% By Ankika Biswas.
Sterling was on track on Thursday for its biggest daily fall in almost two years versus the euro and in six months against the dollar as investors shifted to safe-haven assets and Bank of England Governor Andrew Bailey hinted at faster policy easing.
Led by the U.S. Federal Reserve, developed market central banks in September delivered their biggest interest rate cut push since the easing wave at the onset of the COVID-19 pandemic, while Brazil kicked off a fresh tightening cycle. Five of the nine central banks overseeing the 10 most heavily traded currencies that held meetings in September lowered benchmarks.
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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