ROME, Oct. 4, 2024 The Rockefeller Foundation became the first philanthropy to join the Global Alliance Against Hunger and Poverty at an event today with its President Rajiv Shah, the Brazilian Ambassador to the Rome-based Agencies, Carla Barroso Carneiro, and The Food and Agriculture Organization Director-General QU Dongyu.
The Dow posted a record closing high on Friday and the Nasdaq ended with a more than 1% gain as a stronger-than-expected jobs report reassured investors who had worried the economy may be getting too weak. U.S. job gains increased in September by the most in six months, and the unemployment rate fell to 4.1%, the report showed.
Euro area yields rose for the third straight day after dropping to multi-month lows earlier this week, while investors are bracing for U.S. data due out later in the session. Germany's short-dated yields, which are the most sensitive to expectations about the path of European Central Bank monetary policy, bounced back after dropping to their lowest levels in almost two years.
Fitch is unlikely to upgrade Brazil's credit rating in the near-term, despite its better-than-expected economic growth, because of doubts the country will be able to significantly improve public finances, a director in its sovereign ratings group said. Fitch currently rates Brazil's credit as BB, two notches below investment grade, with a stable outlook.
U.S. Federal Reserve concerns about a slowing job market were relieved for at least another month when new data on Friday showed job growth jumped and the unemployment rate fell in September, adding to investor bets the central bank will cut its benchmark rate only a quarter of a percentage point next month.
* Growing economy, cooling labor in "tension" * More officials see risks to employment. * September jobs a key step to November Fed meeting. By Howard Schneider. In U.S. Federal Reserve officials' latest projections and recent public commentary, the overall economy is seen remaining in solid shape but the job market is seen as weakening and a subject of increasingly intense concern.
* * Dollar index on track for best week since April. * Sterling ticks higher a day after steep plunge. By Ankur Banerjee and Medha Singh. The dollar hovered near a six-week high on Friday ahead of crucial jobs data that could dictate the path of U.S. interest rates, while the yen jumped, capping a turbulent week hit by uncertainty over Japan's monetary policy outlook.
Wall Street bank Goldman
Sachs (GS) said on Friday it expects Turkey's central bank to cut interest rates in January, rather than a previous forecast of November, after data on Thursday showed monthly inflation well higher than expected in September.
* Silver set for weekly gain. * Platinum, palladium gains 1% * U.S. NFP due at 1230 GMT. * Festivities spark slight demand in India. By Ashitha Shivaprasad. Gold prices were little changed on Friday as investors maintained caution ahead of a key U.S. jobs report that could influence the Federal Reserve's rate path.
It's a packed week ahead with U.S. inflation data, the start of Q3 earnings, a French budget and possibly a big rate cut from New Zealand. Investors are also on edge as Middle East tensions escalate, while Japan's new Prime Minister Shigeru Ishiba is in the spotlight.
Bank of Japan Governor Kazuo Ueda's efforts to lift rock-bottom borrowing costs face fresh challenges as a yen rebound and the new political leadership's preference for loose monetary policy raise the hurdle for rate hikes.
The dollar hovered near a six-week high on Friday ahead of a payrolls report that could decide the path of U.S. interest rates, while the yen surged to cap a turbulent week hit by uncertainty over Japan's monetary policy outlook. The dollar was also boosted by safe-haven demand as investors weighed widening Middle East tensions and their impact on the global economy.
Sudden ebbs and flows of inflation without equivalent hits to economic output may be a feature of a post-pandemic world of fragile supply chains - potentially requiring more forceful and hyperactive central banking, and possibly in both directions.
Ten-year Japanese government bonds were sold on Friday and the short-end was headed for its heaviest weekly selloff for nearly two months as traders reckoned Japan's new prime minister would not get in the way of the central bank raising interest rates.
The dollar hovered near a six-week high on Friday ahead of a payrolls report that could decide the path of U.S. interest rates, while the yen headed for its weakest weekly performance since 2016, hit by uncertainty over Japan's monetary policy. The dollar was also boosted by safe-haven demand as investors weighed widening Middle East tensions and their impact on the global economy.
U.S. job gains increased by the most in six months in September and the unemployment rate fell to 4.1%, pointing to a resilient economy that likely does not need the Federal Reserve to deliver large interest rate cuts for the rest of this year. In addition to the bigger-than-expected increase in nonfarm payrolls reported by the Labor Department on Friday, wages rose at a solid pace last month.
* * Unemployment rate expected to be unchanged at 4.2% * Average hourly earnings seen up 0.3%; 3.8% year-on-year. * Average workweek forecast to be steady at 34.3 hours. By Lucia Mutikani.
The dollar jumped to a seven-week high on Friday and was on track to post its best week since September 2022 after a surprisingly strong jobs report for September led traders to cut bets that the Federal Reserve will make further 50-basis-point rate cuts.
The dollar hung around a six-week high on Friday, set for its biggest weekly gain since April due to safe-haven demand on rising Middle East tensions. Market activity is expected to be subdued ahead of U.S. non-farm payrolls figures - due later in the day - which will help shape the Federal Reserve's outlook for interest rates.
A look at the day ahead in Asian markets. What comes down must go up. Brent crude leaped more than 5% on Thursday for its biggest rise in a year, bringing the week-to-date gains to more than 8%. If oil holds steady on Friday, it will clock its biggest weekly rise since January last year.
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of ?a-? of Kansas City Life Insurance Company [OTCQX: KCLI]. Additionally, AM Best has revised the outlook of the Long-Term ICR to stable from negative and affirmed the FSR of B++ and the Long-Term ICR of ?bbb+? of Old American Insurance Company, a who...
U.S. Federal Reserve losses crossed the $200 billion point this week, according to data released on Thursday by the central bank. The Fed reported that as of Wednesday, the level of its so-called earnings remittance to the Treasury Department stood at negative $201.2 billion. The negative number is captured in an accounting measure the Fed calls a deferred asset.
Municipal bond mutual funds saw inflows of $1.879 billion in the latest week, marking the 14th consecutive week of inflows and the highest level of 2024, per LSEG data, reiterating the strong investor support for this market.
* Weekly jobless claims at 225,000. * US service sector activity accelerates to 1-1/2-year high. * East, Gulf coast workers' strike enters third day. By Caroline Valetkevitch. U.S. stocks finished lower on Thursday ahead of Friday's monthly U.S. payrolls report and as investors kept a watchful eye on the growing conflict in the Middle East.
The dollar rose to a six-week high on Thursday as data showed a still-solid U.S. economy before Friday's closely watched jobs report, while safe haven demand on concerns about rising Middle East tensions and the impact of a dockworker strike also boosted the currency.
* Weekly jobless claims at 225,000. * US service sector activity accelerates to 1-1/2-year high. * East, Gulf coast workers' strike enters third day. * Indexes: Dow down 0.6%, S&P 500 off 0.3%, Nasdaq down 0.2% By Caroline Valetkevitch.
* US services sector activity jumped to 1-1/2-year high. * Expectations for another 50 bps rate cut remain lower than a week ago. By Matt Tracy. U.S. Treasury yields climbed on Thursday after strong services sector data supported forecasts for a smaller interest rate cut at the Federal Reserve's November meeting than in September.
AM Best has affirmed the Financial Strength Rating of A and the Long-Term Issuer Credit Ratings of ?a+? of the key life/health subsidiaries of Globe Life Inc. [NYSE: GL]. Concurrently, AM Best has affirmed the Long-Term ICR of ?bbb+? of Globe Life.
The Bank of Canada said on Thursday it would appoint a second external deputy governor, a move that will expand the interest rate-setting governing council to seven members from the present six. In a statement, it said the two-year term of external deputy governor Nicolas Vincent has been extended by a year to March 2026.
- Chicago Federal Reserve President Austan Goolsbee on Thursday said retailers and manufacturers had stockpiled about two weeks worth of items in anticipation of the U.S. dockworkers' strike, but the resulting supply-chain disruptions could lead to higher prices if the labor dispute persists.
The SEC has charged Thrivent Investment Management for failing to comply with Regulation Best Interest's care and compliance obligation in connection with recommendations to retail investors in 529 Savings Plans.
A.M. Best and Morningstar DBRS affirm Foresters financial strength ratings TORONTO, Oct. 3, 2024 Foresters Financial?, a leading global life insurer committed to empowering its members and their families to do more of the good they want to do, today announced that independent rating agency A.M. Best Company?has affirmed The Independent Order of Foresters Financial Strength Rating of "A" with a ...
-Rising tensions in the Middle East add new uncertainties for the global economy even as policymakers start to congratulate themselves on having steered it out of a bout of high inflation without triggering recession.
Rising tensions in the Middle East add new uncertainties for the global economy even as policymakers start to congratulate themselves on having steered it out of a bout of high inflation without triggering recession. The following sketches what we know about how this could play out on the world economy in the weeks ahead. WHAT IMPACT, IF ANY, HAS BEEN FELT SO FAR?
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.
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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