U.S. Treasury yields rose on Thursday and two-year yields hit a three-month high before Friday's highly anticipated jobs report for October, after data on Thursday showed falling wage inflation and strong consumer spending. Friday's data could create a large market reaction and potentially make some Federal Reserve interest rate cuts less likely if it comes in much stronger than expected.
COLLEGE PARK, Md., Oct. 31, 2024 The Smith Enterprise Risk Consortium? at the University of Maryland's Robert H. Smith School of Business announces the rollout of a pair of mortgage credit risk indexes to guide lenders, servicers, credit investors, regulators and other market participants and inform their view of changes in credit risk of GSE-eligible mortgages.
* Loonie touches a 12-week low at 1.3945. * Currency weakens 2.8% in October. * August GDP was flat. * Bond yields ease across the curve. By Fergal Smith. The Canadian dollar steadied near a 12-week low against its U.S. counterpart on Thursday and posted its biggest monthly decline in more than two years, as the domestic economy stalled in August and investors globally grew risk averse.
Fitch Ratings on Thursday brought Latin American e-commerce giant MercadoLibre's (MELI) credit rating up to investment grade status, marking an important milestone for one of the region's most valuable firms by market capitalization. Fitch upgraded MercadoLibre's (MELI) issuer default ratings to BBB- from BB+, putting it one notch into its investment grade status.
MADRID, October 31, 2024 - Neinor Homes, the leading listed residential property developer in Spain, has successfully completed its second bond issuance, upsizing the initial targeted amount to 325 million euros, with 5.25 years maturity and a cost of 5.875%, excluding Neinor?s interest rate cap ? even so, this entails an improvement on Neinor?s overall cost of debt of 62.5bps. Moreover, the b...
* September US PCE inflation ticks up, as expected. * Fed seen cutting policy rate by 25 bps in Nov and Dec. * Yen firms after less dovish BOJ. * Euro higher after the bloc's strong Oct inflation data. By Saqib Iqbal Ahmed and Laura Matthews.
AM Best has downgraded the Financial Strength Rating to A+ from A++ and the Long-Term Issuer Credit Ratings to ?aa? from ?aa+? of Auto-Owners Insurance Company and its four wholly owned property/casualty companies that comprise Auto-Owners Insurance Group.
- Federal Reserve Governor Adriana Kugler, the newest of the U.S. central bank's seven board members, has run afoul of new ethics rules governing how officials and their families can trade and invest after her spouse bought stock in Apple and another company without her knowledge this summer.
Federal Reserve Governor Adriana Kugler, the newest of the U.S. central bank's seven board members, has run afoul of new ethics rules governing how officials and their families can trade and invest after her spouse bought stock in Apple (AAPL) and another company without her knowledge this summer.
ISTANBUL, Oct. 31, 2024 At the 10th Ultra-Broadband Forum, David Wang, Huawei's Executive Director of the Board and Chairman of the ICT Infrastructure Managing Board, delivered a keynote speech titled "UBB Advanced Paves the Way to All Intelligence". The Fourth Industrial Revolution has been progressing rapidly thanks to AI, with AI becoming a major driver of global economic growth.
* Markets reduce expectations for BoE rate cuts after budget. * Fiscal watchdog sees inflation averaging 2.6% next year. * Ten-year gilt yields rise to highest in a year. * Investors still expect BoE to cut rates next week. By Andy Bruce and David Milliken.
Traders are eagerly awaiting October?s official jobs data, set for release on Friday at 8:30 a.m. ET ? widely viewed as the week?s most crucial economic event.
* Wheat falls as rains hit US Plains. * Soybeans rise on strong US export demand. * Corn falls on signs of harvest pressure. By Heather Schlitz. Chicago wheat futures turned lower on Thursday as rains hit drought-stricken areas of the U.S. Plains, traders said. Corn futures also fell as U.S. harvesting weighed on prices, while soybeans rose on international demand.
The number of Americans filing new applications for unemployment benefits fell to a five-month low last week and consumer spending increased more than expected in September, showcasing the economy's strength heading into the final stretch of 2024 and just days before next Tuesday's presidential election.
The month's total is above the 10-year average of $40.288 billion. The market needs to see about $45 billion of issuance in November and December to hit an all-time record year.
Brazil's labor market is posting blockbuster numbers ahead of a central bank rate decision next week, amid bets that the country's rate-setting committee will need to speed up monetary tightening due to inflationary risks.
Euro zone bond yields rose to multi-week highs on Thursday, and were set for their biggest monthly rise in six months as traders processed a series of developments around the world, each largely pointing to a slower pace of central bank rate cuts.
On October 23, 2024, Moody?s downgraded the long-term ratings of The Toronto-Dominion Bank (MLWIQXX) and its U.S. subsidiaries in response to the company?s guilty plea earlier in the month to having engaged in a conspiracy to commit money laundering and agreement to pay a $3 billion fine.
A 0.25% interest rate cut at the Federal Reserve?s Nov. 7 meeting, just two days after the U.S. presidential election, is almost fully priced in by markets, with another similar cut likely in December as cooling inflation allows the Fed to gradually ease its policy stance.
Federal Home Loan Mortgage Corp (FMCC) : * FREDDIE MAC: ALTHOUGH UNCERTAINTY WILL REMAIN, IT APPEARS MORTGAGE RATES ARE CRESTING, DO NOT EXPECT THEM TO REACH HIGHS SEEN EARLIER IN FY Source text: Further company coverage:
Freddie Mac today released the results of its Primary Mortgage Market Survey?, showing the 30-year fixed-rate mortgage averaged 6.72 percent. ?Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August,? said Sam Khater, Freddie Mac?s Chief Economist.
Mexican President Claudia Sheinbaum said on Thursday she will attend the G20 summit in November hosted by Brazil, marking her first international trip since taking office earlier this month. The decision marks a change from Sheinbaum's predecessor and mentor, former President Andres Manuel Lopez Obrador, who rarely traveled.
AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Ratings of ?aa-? of Health Care Service Corporation, a Mutual Legal Reserve Company and its subsidiaries. The ratings reflect HCSC?s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.
* Weekly jobless claims fall 12,000 to 216,000. * Continuing claims drop 26,000 to 1.862 million. * Consumer spending increases 0.5% in September. * Core PCE price index rises 0.3%; up 2.7% year-on-year. * Labor costs post smallest gain in over three years in Q3. By Lucia Mutikani.
* September US PCE inflation ticks up, as expected. * Fed seen cutting policy rate by 25 bps in Nov, Dec. * Yen firms after less dovish BOJ. * Euro higher after the bloc's strong Oct inflation data. By Saqib Iqbal Ahmed.
MONTR?AL, Oct. 31, 2024 Garda World Security Corporation, an entrepreneurial-driven corporation focused on building global champions in security services, AI-enabled security technology, integrated risk management and cash automation solutions, announced today the closing of the private offering of US$1.0 billion aggregate principal amount of 8.375% senior unsecured notes due 2032.
The Mint earns coveted industry recognition for the world's first double-sided colour circulation coin for the Central Bank of the Bahamas and its environmentally responsible bronze plating process OTTAWA, ON, Oct. 31, 2024 /PRNewswire/ - The Royal Canadian Mint is delighted to have won two prestigious Excellence in Currency awards at the International Association of Currency Affairs' 2024 Coin...
AM Best has affirmed the Financial Strength Rating of B++ and the Long-Term Issuer Credit Rating of ?bbb? of British Caribbean Insurance Company Limited. The ratings reflect BCIC?s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
* * Employment cost index falls to lowest in more than 3 years. * Underlying inflation, election cloud 2025 rates outlook. By Ann Saphir. With inflation now only just above the Federal Reserve's 2% target and. wage pressures easing., U.S. central bankers are widely expected to cut short-term borrowing costs next week in an effort to keep the labor market from further cooling.
U.S. labor costs recorded their smallest increase in more than three years in the third quarter amid cooling wage growth, indicating that inflation was firmly on a downward trend. The employment cost index, the broadest measure of labor costs, rose 0.8% last quarter, the Labor Department's Bureau of Labor Statistics said on Thursday.
Canada's main stock index opened lower on Thursday due to losses led by mining stocks, as uninspiring earnings from Wall Street tech giants dampened sentiment, while investors analyzed domestic GDP data. At 9:31 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 103.05 points, or 0.42%, at 24,404.74.
- The Commerce Department's personal consumption expenditures price index, closely watched by the Federal Reserve, increased 0.2% in September after an unrevised 0.1% gain in August. In the year through September, the PCE price index increased 2.1%, the smallest year-on-year rise in PCE inflation since February 2021 and followed a 2.3% advance in August.
U.S. labor costs recorded their smallest increase in more than three years in the third quarter amid cooling wage growth, indicating that inflation was firmly on a downward trend. The employment cost index, the broadest measure of labor costs, rose 0.8% last quarter, the Labor Department's Bureau of Labor Statistics said on Thursday.
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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