Kenya has fulfilled all targets mandated by the International Monetary Fund in a review of its loan programme, the country's central bank governor told Reuters on Wednesday, and expects to continue its engagement with the global lender after April.
* Gradual hikes may build speculative positions, Ueda says. * Hard to pin down appropriate size of rate hikes. * BOJ must keep easy policy to move to new equilibrium. By Leika Kihara.
Sallie Mae, formally SLM Corporation (SLM), today released third-quarter 2024 financial results. This press release features multimedia. Sallie Mae also announced an increase to its 2024 fourth-quarter dividend on its common stock from $0.11 to $0.13 per share. Sallie Mae will host an earnings conference call today, Oct. 23, 2024, at 5:30 p.m. ET.
Brazil's central bank governor said on Wednesday the unanchoring of inflation expectations and current risk premium in local markets worry policymakers. Speaking at an event hosted by UBS, Roberto Campos Neto reiterated the central bank would do "what is necessary" to bring Brazil's inflation back to its 3% target.
Inflation in Kenya continues to decline and the country has built up more foreign exchange reserves, the country's central bank chief Kamau Thugge said on Wednesday, adding that he expected interest rates to go lower.
The event went on as scheduled Tuesday against a backdrop of escalating conflict between the mayor and controller, with each requesting a probe of the other.
"Coming off rich muni-Treasury ratios, the market has swiftly repriced," said 16Rock Asset Management's James Pruskowski. "With now cheaper benchmark yields and wider credit spreads, fresh capital is flowing in, and a strong bottoming opportunity looks to be emerging."
TeraWulf Inc. (WULF), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that it intends to offer, subject to market conditions and other factors, $350 million aggregate principal amount of convertible senior notes due 2030 in a private offering to persons reasonably believed to be qualified institu...
* McDonald's falls after E. coli outbreak. * Texas Instruments (TXN) up as profit beats forecasts. * Boeing (BA) falls after results; contract vote awaited. * Tesla earnings expected after the bell. By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl.
- The European Central Bank should evaluate any deal between Italian lender UniCredit and Germany's Commerzbank purely based on the solidity of the resulting bank rather than national interests, ECB policymaker and Governor of the Bank of Italy Fabio Panetta said on Wednesday.
Bank of Japan Governor Kazuo Ueda said on Wednesday it was "still taking time" to sustainably achieve its 2% inflation target, signaling that the central bank will tread carefully in pushing up the country's still near-zero interest rates.
Bank of Japan Governor Kazuo Ueda said on Wednesday that underlying inflation has been rising slowly, but it was "still taking time" for the country to achieve 2% inflation in a sustainable manner. Ueda also told a panel at the International Monetary Fund that it was "very hard" to pin down the appropriate size of interest rate hikes from here on.
* Fed's 'Beige Book' shows inflation pressures moderating. * Job market kept steady pace from September to early October. * Businesses cautious due to uncertainty about US election. By Lindsay Dunsmuir.
Benchmark 10-year Treasury yields reached a three-month high on Wednesday on growing uncertainty about the Nov. 5 U.S. presidential election, and as investors priced in the likelihood of a less dovish Federal Reserve due to the strong economy.
* Dollar tops 153 vs yen. * * Fed's Beige Book shows little change in economic activity. By Chuck Mikolajczak. 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.
Banks have been tweaking the terms of commercial real estate mortgages to obscure losses, and in delaying the day of reckoning, are increasing risks to the broader financial system, a paper released Wednesday by the Federal Reserve Bank of New York said. The commercial real estate sector, or CRE, has been under heavy pressure from the pandemic and its aftershocks.
* NY Fed warns stressed banks obscuring commercial real estate issues. * NY Fed: Troubled banks extending commercial real estate terms. * NY Fed: Extended troubled CRE loans could quickly become broader problem. By Michael S. Derby.
* McDonald's falls after E. coli outbreak. * Coca-Cola boost revenue outlook, keeps profit forecast. * Boeing (BA) falls after results; contract vote awaited. * Tesla earnings expected after the bell. * Indexes down: Dow %, S&P 500 %, Nasdaq % By Lisa Pauline Mattackal, Purvi Agarwal and Carolina Mandl.
-U.S. economic activity was little changed from September through early October and firms saw a slight uptick in hiring, continuing recent trends that have reinforced expectations the Federal Reserve will opt for a smaller 25-basis-point reduction in borrowing costs in two weeks.
U.S. economic activity was little changed from September through early October while firms saw an uptick in hiring, continuing recent trends that have reinforced expectations the Federal Reserve will opt for a smaller 25-basis-point reduction in borrowing costs in two weeks.
State Treasurer Fiona Ma appointed Christina Sarron as executive director of the California Alternative Energy and Advanced Transportation Financing Authority.
* Canadian dollar weakens 0.2% against the greenback. * Touches its weakest since Aug. 5 at 1.3862. * BoC cuts its policy rate by 50 basis points. * 10-year yield increases half a basis point. By Fergal Smith.
New York City Comptroller Brad Lander announced an initiative to further exclude fossil fuels from pension funds' private portfolios to combat climate change.
Hedge fund Bridgewater Associates said the Federal Reserve independence is probably a top issue in the U.S. presidential election, according to a commentary sent to clients on Tuesday and reviewed by Reuters.
* Co-CIO Jensen says Fed independence is 'structurally important' * Bridgewater sees 'big opportunities' post-election. * All election outcomes are 'very live' at this point. By Carolina Mandl.
A recent European Central Bank working paper criticizing Bitcoin has sparked strong reactions from cryptocurrency academics, accusing the paper of bias and flawed analysis.
The war between Israel and armed group Hezbollah is expected to wipe 9% off Lebanon's national wealth as measured by GDP, the United Nations said on Wednesday, with the scale of hostilities and the economic fallout set to surpass the last war in 2006.
* Kering says 2024 operating income could drop to 2.5 bln euros. * Group's Q3 sales fell 16% on an organic basis, missing estimates. * Gucci sales fell 25% in Q3, worse than expected. * Company struggling to revive Gucci sales. * Kering shares have fallen 42% this year. By Mimosa Spencer.
Median home prices rose for the 13th consecutive month across New York while sales of existing homes dropped in September, according to the housing report released today by the New York State Association of REALTORS?.?. Median home prices jumped 8.4 percent in September, from $387,000 last year to $420,000 in 2024.
* 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. By Lucia Mutikani. U.S. existing home sales dropped to a 14-year low in September, weighed down by higher mortgage rates and house prices.
French luxury goods group Kering warned on Wednesday its full-year operating income would almost halve after reporting a larger-than-expected drop in third quarter sales, as weak demand in China deepened the struggles of its main label Gucci. Revenue for the group which also owns fashion brands Saint Laurent, Balenciaga and Bottega Veneta, was 3.79 billion euros, a 16% decline on an organic basis.
Finance chiefs from the G20 see "good prospects" for a soft landing for the global economy, and they have committed to resist protectionism, according to a draft communique seen by Reuters ahead of the group's meeting this week.
* Dollar tops 153 vs yen. * * Fed's Beige Book due later on Wednesday. By Chuck Mikolajczak. The dollar strengthened beyond 153 against the yen for the first time in nearly three months on Wednesday on an expected divergence among major global central banks' pace of interest rate cuts.
Canada's main stock index slipped on Wednesday due to falling commodity stocks, as investors evaluated a half-point interest rate cut by the Bank of Canada and anticipated further reductions in the future.
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. Here are some quotes from central bank officials: DEPUTY GOVERNOR CAROLYN ROGERS ON QUANTITATIVE TIGHTENING. "Our position on quantitative tightening really hasn't changed.
* * Says further cuts possible if economy evolves in line. * Markets see 25% chance of another 50 bps cut in December. * Revises near-term GDP, inflation forecast. By Promit Mukherjee and David Ljunggren.
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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