FedEx (FDX) delivered more than $85 billion in direct impact and $39 billion in indirect impact to the global economy in fiscal year 2024 FedEx Corp. (FDX) today released its annual economic impact report, analyzing the company?s worldwide network and role in building prosperity in local communities during its 2024 fiscal year1.
The International Monetary Fund welcomes the Bank of Japan's decision to raise interest rates in July, but further hikes should proceed at a gradual pace, a senior IMF official said on Thursday. Krishna Srinivasan, director of the IMF's Asia and Pacific Department, also told a press briefing that the global lender now expects the BOJ's policy rate to reach 1.5% in 2027.
Most Asian central banks have room to cut interest rates, as the start of the U.S. monetary easing cycle reduces fears of an unwelcome weakening of their currencies, a senior International Monetary Fund official said on Thursday.
Optimism among British firms has sunk, according to two surveys published on Thursday, six days before finance minister Rachel Reeves tries to chart a way between raising taxes and boosting growth in the new government's first budget. The preliminary S&P Global Flash Composite Purchasing Managers' Index for October showed confidence was the lowest since November 2023.
The U.S. labor market continues to exhibit signs of strength, with initial jobless claims falling sharply for the week ending Oct. 19. Initial jobless claims came in at 227,000 last week, a decline of 15,000 from the previous week. The four-week moving average for initial claims, which helps smooth out volatility, rose slightly to 238,500, up from 236,500 the previous week.
Federal Reserve Bank of Cleveland President Beth Hammack said Thursday inflation pressures have been moving down but still have yet to return to where they need to be. "We have made good progress but inflation is still running above the [Federal Open Market Committee's] 2% objective," Hammack said at conference on inflation issues held by her bank.
A widening U.S. fiscal deficit is a growing concern and the threat of recurrent debt-ceiling standoffs and associated risk of a near or technical default remains a key factor behind the negative outlook for the country's credit rating, Scope Ratings said. Europe-based rating firm Scope rates the United States AA with a negative outlook.
A widening U.S. fiscal deficit is a growing concern and the threat of recurrent debt-ceiling standoffs and associated risk of a near or technical default remains a key factor behind the negative outlook for the country's credit rating, Scope Ratings said. Europe-based rating firm Scope rates the United States AA with a negative outlook.
The number of Americans filing new applications for unemployment aid unexpectedly fell last week, but more people were collecting benefits in mid-October, which raises the risk of a rise in the jobless rate this month. Initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 227,000 for the week ended Oct. 19, the Labor Department said on Thursday.
With the Federal Reserve easing interest rates, high-yield dividend ETFs are back in the spotlight. Two popular options, JPMorgan Equity Premium Income ETF (JEPI) and Global X SuperDividend US ETF (DIV), offer strong yields but take very different approaches. Here?s a head-to-head comparison to help investors decide which ETF suits them best in a rate-cutting environment.
Future interest rate adjustments and the total magnitude of the current monetary tightening cycle by Brazil's central bank will be determined by a firm commitment to reaching its 3% inflation target, director Diogo Guillen said on Thursday.
Brazil's government is considering calculating the country's potential growth rate in addition to the official GDP to show that there is room for the economy to expand robustly without fueling inflation, according to Planning Minister Simone Tebet.
******************************************************************************************************** Note to readers: ELFA has updated the name of the Monthly Leasing and Finance Index to the CapEx Finance Index to better reflect what it measures and how it impacts the broader U.S. economy.
S&P GLOBAL RATINGS: * SAYS A LONGER STRIKE DELAYS BOEING'S RECOVERY AND INCREASES FINANCIAL PRESSURE ON THE COMPANY AND ITS CREDIT RATING. * SAYS REJECTION RAISES RISK OF A PROTRACTED STRIKE IF OBSTACLE IS REINSTATEMENT OF A PENSION. * SAYS BELIEVE BOEING IS NOT LIKELY TO AGREE TO A PENSION DUE BECAUSE OF THE COST Further company coverage:
Policymakers at Brazil's central bank will head into their November interest rate-setting meeting with an additional and unpredictable concern that goes way beyond local inflation figures: the U.S. presidential election.
Policymakers at Brazil's central bank will head into their November interest rate-setting meeting with an additional and unpredictable concern that goes way beyond local inflation figures: the U.S. presidential election.
By RoboForex Analytical Department The major currency pair fell to 1.0789 by Thursday. This is almost a three-month low. The Euro currency is also weakening under the influence of a decisive rate cut at the European Central Bank. This week, Fed monetary policymakers mentioned that it is desirable to avoid excessive steps regarding the easing of monetary conditions in the US.
Sterling firmed against the dollar and the euro on Thursday, alongside a rise in British government bond yields, as investors assessed the outlook for the Bank of England's monetary policy. The pound firmed 0.4% to $1.29695 against the dollar, not far from the $1.30 mark after sliding to the lowest since mid-August in the previous session.
Futures tied to Canada's main stock index rose on Thursday, aided by higher crude and metal prices, after the Bank of Canada lowered its policy rates by 50 basis points the previous day. December futures on the S&P/TSX index were up 0.5% at 6:02 a.m. ET.
* German 10-year yield down xx bps. * Euro zone composite PMI stays in contraction. * ECB policymakers differ on Dec. rate cut size. By Samuel Indyk. Euro zone government bond yields fell on Thursday after business activity data confirmed that growth is set to remain sluggish in the fourth quarter, supporting the case for further European Central Bank rate cuts.
- Rate cuts and easing bond yields are spurring some U.S. banks to cut losses on low-yielding investment securities, and park those funds in higher-yielding paper to improve returns and liquidity. Such moves are likely to accelerate as more Federal Reserve interest-rate cuts materialize into 2025.
More Canadian homeowners are considering switching to variable rate from fixed rate mortgages after an unusually large interest rate cut by the central bank on Wednesday, mortgage brokers said. The Bank of Canada cut its benchmark policy interest rate by 50 basis points to 3.75%, giving some relief to homeowners after mortgage payments shot up in recent years and increased overall living costs.
Global shares edged higher in choppy trading on Thursday, snapping three straight sessions of losses, while U.S. Treasury yields and strong corporate results allayed worries over upcoming U.S. elections and interest rate cuts. Tesla soared nearly 22% after CEO Elon Musk provided on Wednesday a forecast for robust car sales growth next year that reassured investors.
-The Nasdaq and the S&P 500 gained on Thursday, driven by Tesla's positive earnings forecast and a decline in Treasury yields from a three-month high, which buoyed market sentiment despite declines from some corporate results.
-The Nasdaq and the S&P 500 gained on Thursday, driven by Tesla's positive earnings forecast and a decline in Treasury yields from a three-month high, which buoyed market sentiment despite declines from some corporate results.
Optimism among British firms has sunk, according to two surveys published on Thursday, six days before finance minister Rachel Reeves tries to chart a way between raising taxes and boosting growth in the new government's first budget. The preliminary S&P Global Flash Composite Purchasing Managers' Index for October showed confidence was the lowest since November 2023.
British businesses reported their slowest growth in 11 months in October and hiring shrank for the first time this year as uncertainty ahead of the Labour government's first budget dampened confidence, a survey showed.
Japanese banks have sufficient capital bases but need to be vigilant against tail risks including developments in global financial markets and geopolitical perils, the Bank of Japan said on Thursday. The capital and funding bases at Japanese banks are sufficient to withstand various stress events equivalent to the global financial crisis, the BOJ said in its report on the financial system.
Euro zone government bond yields edged lower on Thursday as investors awaited business activity data that could confirm the region's sluggish growth and potentially justify a pick-up in the pace of European Central Bank rate cuts. Traders are fully pricing a 25 basis point rate cut from the ECB in December, and around a 40% chance of a larger 50 bp move.
Birkin bag maker Hermes reported on Thursday a hefty rise in third-quarter sales, continuing to outshine rivals hit hard by a downturn in China as its luxury handbags lure wealthy shoppers.
* Asian shares follow Wall Street lower. * Dollar holds near three-month high. * Treasuries steady after sell-off. By Stella Qiu. Asian shares tracked Wall Street lower on Thursday as uncertainty over the U.S. election outcome kept investors on edge, while the dollar stood tall near its three-month high, supported by elevated Treasury yields.
* Germany's GDP could slump 1.5% with 20% tariffs, IW says. * U.S. GDP decline stronger initially, then improves-IW. * German exports to U.S. could fall by 14.9% with tariffs, Ifo study shows. * German industrial strength potentially a source of weakness. By Maria Martinez.
- The European Central Bank will probably cut interest rates by a quarter-point in December, Bloomberg News reported on Thursday in an interview with ECB policymaker Robert Holzmann. "I'd say a quarter-point step is probable in December," Holzmann told Bloomberg. "A bigger half-point cut is unlikely though not impossible.
A look at the day ahead in European and global markets from Rae Wee. Markets in Europe on Thursday will be focused on a raft of preliminary Purchasing Managers' Index readings, particularly from the euro zone, where growth prospects have become a source of concern among investors and policymakers.
A look at the day ahead in European and global markets from Rae Wee. Markets in Europe on Thursday will be focused on a raft of preliminary Purchasing Managers' Index readings, particularly from the euro zone, where growth prospects have become a source of concern among investors and policymakers.
Global shares edged higher in choppy trading on Thursday, snapping three straight sessions of losses, while U.S. Treasury yields and strong corporate results allayed worries over upcoming U.S. elections and interest rate cuts. Tesla soared nearly 22% after CEO Elon Musk provided on Wednesday a forecast for robust car sales growth next year that reassured investors.
South Korea's economy barely grew in the third quarter as consumer spending showed signs of recovery but exports declined, raising the chances for more stimulus to support growth. That prompted the central bank to warn of a potential downgrade to its 2024 growth forecast, while the finance minister called for response measures to confront the slowdown.
The euro and Japanese yen strengthened on Thursday as the U.S. dollar paused after rallying to a nearly three-month high, with the greenback only briefly moving off earlier lows as data supported views for slower rate cuts by the Federal Reserve.
The U.S. dollar traded close to a three-month high against major peers on Thursday, underpinned by expectations for a slower pace interest rate cuts by the Federal Reserve and growing bets of a possible second Donald Trump presidency.
Japan's factory activity contracted for the fourth straight month in October on subdued demand and weak orders, a private-sector survey showed on Thursday. The au Jibun Bank flash Japan manufacturing purchasing managers' index declined to 49.0 in October from 49.7 in September. The index stayed below the 50.0 threshold separating growth from contraction for a fourth straight month.
Japan's factory activity contracted for the fourth straight month in October on subdued demand and weak orders, a private-sector survey showed on Thursday. The au Jibun Bank flash Japan manufacturing purchasing managers' index declined to 49.0 in October from 49.7 in September. The index stayed below the 50.0 threshold separating growth from contraction for a fourth straight month.
South Korea's economy barely grew in the third quarter, missing market expectations, as consumer spending rebounded but exports fell. In the July-September quarter, gross domestic product expanded 0.1% from a quarter earlier on a seasonally adjusted basis, according to the Bank of Korea's advance estimates released on Thursday.
Mercer International Inc. (MERC) today announced the pricing of its private offering of $200.0 million in aggregate principal amount of 12.875% senior notes due October 1, 2028.
Laurentian Bank of Canada (LRCDF): * LAURENTIAN BANK OF CANADA DECREASES ITS PRIME RATE. * DECREASES PRIME LENDING RATE BY 50 BASIS POINTS. * NEW PRIME RATE SET AT 5.95% EFFECTIVE OCTOBER 24, 2024 Source text for Eikon: Further company coverage:
- A look at the day ahead in Asian markets. Asian markets are likely to open on the defensive on Thursday with sentiment badly dented by the continued rise in U.S. bond yields and mounting speculation the Federal Reserve won't cut U.S. interest rates as much as investors had previously hoped.
A look at the day ahead in Asian markets. Asian markets are likely to open on the defensive on Thursday with sentiment badly dented by the continued rise in U.S. bond yields and mounting speculation the Federal Reserve won't cut U.S. interest rates as much as investors had previously hoped.
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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