U.S. existing home sales dropped to a 14-year low in September, weighed down by higher mortgage rates and house prices. The second straight monthly decline in home resales reinforced economists' views that the slump in residential investment, which includes homebuilding, deepened in the third quarter.
* Home sales fall 1.0% to 3.84 million units in September. * Housing inventory up 1.5% to 1.39 million units. * Median existing home price rises 3% from year-ago period. U.S. existing home sales dropped to a 14-year low in September, likely as prospective buyers held out for lower mortgage rates, with house prices remaining elevated.
Key Highlights ? ? ? ? ? ? ?Existing-home sales drew back in September, according to the National Association of Realtors?. Three out of four major U.S. regions registered sales declines while the West experienced a sales bounce. # # # For local information, please contact the local association of Realtors? for data from local multiple listing services.
Despite hopes for a post-pandemic resurgence and cooling inflation, the European economy is now bracing for stagflation as regional economies show signs of a slowdown. Economic data from the third quarter paints a bleak picture. A PMI of 45, the lowest year-to-date, points that the fourth quarter will likely see near-zero growth, if not a contraction.
Bank of America Corp. CEO Brian Moynihan has cautioned the Federal Reserve against implementing overly aggressive interest rate cuts. What Happened: Moynihan?s comments came during an interview with Bloomberg TV in Australia, where Bank of America (BAC) is celebrating 60 years of operations in the country.
Canada's main stock index opened lower on Wednesday, hurt by mining stocks, ahead of the Bank of Canada's monetary policy decision that is widely expected to result in an oversized interest rate cut. At 9:31 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 72.44 points, or 0.29%, at 24,644.26.
Wall Street's main indexes opened lower on Wednesday, pressured by rising Treasury yields and as investors focused on earnings from companies including Coca-Cola, Boeing and Starbucks.
BAM Mutual today announced that municipal bond electronic trading expert Tom Vales will join the Board as an independent director representing BAM?s municipal issuer-members. ?Tom?s career has been about making fixed-income markets more transparent and efficient,? said Se?n W. McCarthy, Chief Executive Officer of BAM.
Canada?s economy continues to grow, supported by a still favorable labor market, rising asset prices and falling inflation, according to a new AM Best report. However, population growth has started to outpace job creation, resulting in wage growth slowing and the unemployment rate increasing.
In an effort to make homeownership more accessible and affordable in Michigan, the Federal Home Loan Bank of Indianapolis and the Michigan State Housing Development Authority have created the MSHDA Rate Relief Mortgage Program to benefit low-income, first-time homebuyers in the state.
U.S. homebuilder PulteGroup (PHM) beat Wall Street estimates for third-quarter earnings on Tuesday, as declining fixed mortgage rates lured in skittish buyers to the market, while historically low housing supply kept demand strong.
* Putin says BRICS role in global economic affairs will strengthen. * Joint communique attacks Western sanctions. * BRICS leaders back common grain exchange, payment system. * BRICS communique backs use of national currencies. By Vladimir Soldatkin and Gleb Bryanski.
The U.S. economy remains on strong footing, fueled in part by continued healthy investment in equipment and software, according to the Q4 update to the 2024 Equipment Leasing & Finance U.S. Economic Outlook.
BairesDev?, an award-winning nearshore software development company, today announced it has joined the World Economic Forum's Global Innovators Community. "The World Economic Forum is pleased to welcome BairesDev to join our Global Innovators community," says Verena Kuhn, Head of the Global Innovators Community, World Economic Forum.
Fabio Natalucci Appointed as the CEO of the Institute, Steering Global Thought Leadership on Key Economic and Financial Trends Global professional services firm Andersen is launching the Andersen Institute for Finance & Economics under the leadership of Fabio Natalucci to focus on key global trends affecting the world economy, financial markets, and business decisions.
* Yen hits three-month low amid rising U.S. Treasury yields. * Euro at three-month low, with dovish ECB also in mix. * Bank of Canada meeting to guide Loonie. * Fed's Beige Book tops U.S. economic calendar on Wednesday. * Investors weigh possibility of Trump win in U.S. presidential election. By Alun John and Brigid Riley.
* Escalating uncertainties fuel demand for CME's hedging products. * Record quarterly ADV of 28.3 mln contracts in Q3. * Strong double-digit growth across all CME's asset classes in Q3. * Q3 2024 best quarter in CME history. By Arasu Kannagi Basil and Laura Matthews.
Futures tied to Canada's main stock index fell on Wednesday, hurt by crude prices, ahead of the Bank of Canada's monetary policy decision that is expected to result in an outsized interest rate cut. December futures on the S&P/TSX index were down 0.2% at 6:03 a.m. ET. The composite index ended slightly lower on Tuesday as declines in financial and utilities sectors weighed.
A look at the day ahead in U.S. and global markets from Mike Dolan. The dollar continues to ride higher on the back of an anxious pre-election climb in U.S. Treasury yields, notching its best levels in almost three months against the euro and yen on starkly contrasting economic and interest rate pictures.
A look at the day ahead in U.S. and global markets from Mike Dolan. The dollar continues to ride higher on the back of an anxious pre-election climb in U.S. Treasury yields, notching its best levels in almost three months against the euro and yen on starkly contrasting economic and interest rate pictures.
- The U.S. Federal Reserve Board received 11 complaints against individuals alleging sexual harassment between 2020 and 2023 and disciplined nine staff members as a result, firing four of them, according to a document the central bank released to Reuters last month.
The Bank of Canada on Wednesday reduced its key benchmark rate by 50 basis points to 3.75%, its first bigger-than-usual move in more than four years, and hailed signs the country has returned to an era of low inflation. The central bank, which hiked rates to a 20-year high to fight soaring prices, has now cut four times in a row since June. "Canadians can breathe a sigh of relief.
* US Fed Board addressed 11 sexual harassment allegations between 2020-2023. * Disclosure shows statistics on employee discrimination complaints don't tell full story. * Sexual harassment at bank regulators thrust into spotlight by FDIC scandal in 2023. * Fed says actions show 'zero tolerance' By Douglas Gillison.
-Wall Street closed lower on Wednesday, as climbing Treasury yields pressured megacap stocks and investors grew less confident about strong rate cuts from the Federal Reserve, while corporate news pressured McDonald's and Coca-Cola.
-Wall Street closed lower on Wednesday, as climbing Treasury yields pressured megacap stocks and investors grew less confident about strong rate cuts from the Federal Reserve, while corporate news pressured McDonald's and Coca-Cola.
* Futures down: Dow 0.36%, S&P 500 0.14%, Nasdaq 0.22% U.S. stock index futures slipped on Wednesday as doubts of a less dovish Federal Reserve lifted Treasury yields, while investors awaited earnings reports from companies such as Boeing, Coca-Cola and Tesla to assess the state of the economy.
* Yen hits three-month low amid rising U.S. Treasury yields. * Euro at two month low, with dovish ECB also in mix. * Bank of Canada meeting to guide Loonie. * Fed's Beige Book tops U.S. economic calendar on Wednesday. * Investors weigh possibility of Trump win in U.S. presidential election. By Alun John and Brigid Riley.
The head of Italy's banking association ABI on Wednesday called for the European Central Bank to be the sole decision-maker over transactions in the industry, saying interfering with its independence to block one deal would be a mistake.
* Stocks drift, dollar trades at multi-month highs. * U.S. Treasury yields rise again, gold hits record. * 'Trump trade' dominates sentiment. By Amanda Cooper. Gold prices hit record highs on Wednesday, defying the dollar's rise, which kept pressure on the yen and the euro, while global stocks edged lower on investors' reluctance to place major bets ahead of the U.S. election in two weeks.
* Focus on U.S. elections on Nov. 5. * S.Africa inflation at 3.8% YoY in September. * EM stocks up 0.3%, FX off 0.1% By Shashwat Chauhan. Most emerging market currencies slipped on Wednesday, as investors tweaked their bets towards a gradual monetary policy easing by the Federal Reserve which helped the dollar, while caution remained in lead-up to the U.S. presidential election.
* Sterling dips ahead of central bank governor speech. * Bank of England's Andrew Bailey to speak at 1845 GMT. * Weaker-than-expected British inflation could lead to dovish tone. The pound dipped a touch on the dollar and held steady on the euro on Wednesday, as traders awaited remarks by Bank of England Governor Andrew Bailey that could affect expectations of the central bank's rate cut path.
Bitcoin's {{BTC}} latest failure to surpass $70,000 has analysts scrambling for an explanation, with some worrying the ongoing rise in the U.S. Treasury yields could lead to an extended drop. The concerns, however, may be overblown, and the path of least resistance for bitcoin remains on the higher side, consistent with the upcoming coveted "golden cross" price pattern.
Germany's two-year government bond yields fell on Wednesday, and money markets increased their bets on a 50 basis point European Central Bank rate cut in December, as investors expect the bank to accelerate its monetary easing cycle.
U.S. and European interest rates have followed parallel paths this year, even as the regions' economic and inflationary outlooks have veered in different directions. True, the Fed and ECB had a modest head start on the BoE, with the latter cutting by only 25 bps so far this cycle compared to 50 bps for its two peers.
* Yen hits three-month low amid rising U.S. Treasury yields. * Fed's Beige Book tops economic calendar on Wednesday. * Investors weigh risk of Republican sweep in U.S. presidential election. By Brigid Riley.
LONDON, Oct. 23, 2024 ?ION, a global leader in trading and workflow automation software, high-value analytics and insights, and strategic consulting to financial institutions, central banks, governments, and corporate organizations, announces it?has connected to the FMX Futures Exchange?, which opened on 23 September 2024.
Gold prices hit a record high on Wednesday and the dollar was on the rise again, keeping pressure on the yen and the euro, while Asian stocks inched higher as investors were reluctant to place major bets ahead of a hotly contested U.S. election.
A look at the day ahead in European and global markets from Ankur Banerjee?. The rising odds of a Trump presidency in a still-too-tight-to-call U.S. election and shifting expectations of the Federal Reserve being less aggressive in its easing has left investors nervous, leading to safe assets dollar and gold soaring.
A look at the day ahead in European and global markets from Ankur Banerjee The rising odds of a Trump presidency in a still-too-tight-to-call U.S. election and shifting expectations of the Federal Reserve being less aggressive in its easing has left investors nervous, leading to safe assets dollar and gold soaring.
- European Central Bank policymakers have begun to debate whether interest rates need to be lowered enough to start stimulating the economy, ending years of economic restriction, conversations this week with half a dozen sources indicate.
Global stocks edged lower on Wednesday amid tepid trading ahead of the U.S. election, while gold prices retreated from record highs, dragged down by gains in the U.S. dollar. Investors are also rethinking how much the Federal Reserve might need to cut interest rates after the most recent U.S. economic data pointed to an economy that continues to expand and create jobs.
Gold prices jumped to record high and the dollar was on the rise again on Wednesday, keeping the pressure on the yen and the euro, while stocks in Asia stuttered as investors were reluctant to place major bets ahead of a hotly contested U.S. election.
The dollar climbed above 153 against the yen for the first time in nearly three months on Wednesday on U.S. economic strength and an expected divergence among major global central banks' pace of interest rate cuts.
* Yen hits three-month low amid rising U.S. Treasury yields. * Fed's Beige Book tops economic calendar on Wednesday. * Investors weigh risk of Republican sweep in U.S. presidential election. By Brigid Riley. The U.S. dollar hovered at a 2-1/2-month peak on Wednesday as investors adjusted bets toward a gradual reduction of interest rates while keeping an eye on a close presidential election race.
"The identity of the marginal buyer may be shifting, and with that the market's valuation of structure and liquidity," said Matt Fabian, a partner at Municipal Market Analytics.
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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