The U.S. services sector accelerated to a more than two-year high in October as employment rebounded strongly, suggesting that a near stall in job growth last month was an aberration.
* Stocks, Treasury yields rise ahead of tight US election. * Dollar and bonds set to react to US vote. * VIX 'fear index' at low ebb. * USD/CNH implied volatility near record high. By Koh Gui Qing and Lawrence White.
* Higher fiscal deficit seen regardless of which candidate wins. * US services index rises, help extend gains in Treasury yields. * US yield curve steepens slightly. * US Treasury to sell $42 billion in 10-year notes. By Gertrude Chavez-Dreyfuss.
The U.S. services sector's economic momentum is firing at all cylinders, with business activity in October reaching its strongest level in over two years.
Fitch: * FITCH: EXPECT INFLATION IN CHINA TO RISE IN NEXT TWO YEARS, AS FISCAL & MONETARY STIMULUS SUPPORTS DOMESTIC DEMAND. * FITCH ON CHINA: EXTERNAL DEMAND IS ROBUST, BUT A SLOWING GLOBAL ECONOMY IN 2025 WILL LIKELY CONSTRAIN EXPORT GROWTH Source text:
U.S. services sector activity unexpectedly accelerated in October to a more-than two-year high, and employment strengthened, more evidence that the economy is in solid shape as the nation heads to the polls to pick the next president. The Institute for Supply Management said on Tuesday that its nonmanufacturing purchasing managers index accelerated to 56.0 last month from 54.9 the prior month.
U.S. services sector activity unexpectedly accelerated in October to a more-than two-year high, and employment strengthened, more evidence that the economy is in solid shape as the nation heads to the polls to pick the next president. The Institute for Supply Management said on Tuesday that its nonmanufacturing purchasing managers index accelerated to 56.0 last month from 54.9 the prior month.
* Services sector PMI increases 1.1 points to 56.0 in October. * Employment index highest in just over a year. * Trade deficit rises 19.2% to $84.4 billion in September. * Imports jump 3.0%; exports decline 1.2% * Imports of goods and services were highest on record. By Lucia Mutikani and Ann Saphir.
Business Activity Index at 57.2%; New Orders Index at 57.4%; Employment Index at 53%; Supplier Deliveries Index at 56.4% TEMPE, Ariz. Steve Miller, CPSM, CSCP, Chair of the Institute for Supply Management? Services Business Survey Committee: "In October, the Services PMI??registered 56 percent, 1.1 percentage points higher than September's figure of 54.9 percent.
Canada's services economy expanded for the first time in five months in October as the amount of new business increased and confidence in the outlook improved, S&P Global Canada services PMI data showed on Tuesday. The headline business activity index rose to 50.4 from 46.4 in September, moving above the 50 threshold for the first time since May. A reading above 50 shows expansion in the sector.
Canada posted a higher than expected trade deficit of C$1.26 billion in September mainly on account of lower prices which pulled down the value of exports but overall volumes of outbound shipments rose, data showed on Tuesday.
* * Imports declined 0.4%, flat in volume terms. * Canada increases its trade surplus with the US. * Bets for 50 bps cut in rate in Dec at almost 50% By Promit Mukherjee and Fergal Smith.
AM Best has upgraded the Long-Term Issuer Credit Rating to ?bbb+? from ?bbb? and affirmed the Financial Strength Rating of B++ of Guardian Insurance Company, Inc.. The outlook of the Long-Term ICR has been revised to stable from positive while the FSR is stable.
The U.S. services sector accelerated to a more than two-year high in October as employment rebounded strongly, suggesting that a near stall in job growth last month was an aberration.
The U.S. trade deficit widened sharply in September as businesses boosted imports to meet robust domestic demand and in anticipation of higher tariffs on goods. The trade gap increased 19.2% to $84.4 billion from a revised $70.8 billion in August also as exports fell, the Commerce Department's Bureau of Economic Analysis said on Tuesday.
Canada posted a higher than expected trade deficit of C$1.26 billion in September as a larger drop in imports failed to offset a drop in exports, data showed on Tuesday. The September data was its seventh straight monthly trade deficit, primarily led by lower exports to major trading countries other than its biggest trading partner the U.S., Statistics Canada said.
The global monetary easing cycle ground along in October, with central banks across developed and emerging economies lowering interest rates ahead of the year's biggest geopolitical event, the U.S. election. Three of the four central banks overseeing the 10 most heavily traded currencies that held meetings in October lowered benchmarks.
The global monetary easing cycle ground along in October, with central banks across developed and emerging economies lowering interest rates ahead of the year's biggest geopolitical event, the U.S. election. Three of the four central banks overseeing the 10 most heavily traded currencies that held meetings in October lowered benchmarks.
BETHESDA, Md.?, Nov. 5, 2024 Centrus Energy Corp.?today announced the pricing of $350 million aggregate principal amount of 2.25% Convertible Senior Notes due 2030 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
- The U.S. Federal Reserve cut interest rates by an oversized 50 basis points in its Sept. 17-18 meeting that Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation had eased.
Bond investors are keeping a defensive but neutral stance in managing portfolios ahead of this week's Federal Reserve policy meeting, which is being eclipsed by the too-close-to-call U.S. presidential election.
By Gertrude Chavez-Dreyfuss. Bond investors are keeping a defensive but neutral stance in managing portfolios ahead of this week's Federal Reserve policy meeting, which is being eclipsed by the too-close-to-call U.S. presidential election.
Britain's services sector lost momentum in the run-up to the new government's first budget in October, with business activity growing at the weakest rate in 11 months and the first fall in employment since December, a survey showed on Tuesday. The S&P Global UK Services Purchasing Managers Index stood at 52.0 last month from September's 52.4 - the slowest pace of increase since November 2023.
Japanese government bond yield edged down on Tuesday, tracking U.S. Treasury yields lower in the previous session, as market participants awaited the results of the U.S. presidential election.
* * Renewed yen falls could prod BOJ to hike as soon as December. * BOJ may hold till January given political, market uncertainty. * Huge debt issuance may keep BOJ from accelerating QT. By Leika Kihara and Takahiko Wada.
* RBA keeps policy rate at 12-year high of 4.35% * Underlying inflation remains too high, central bank says. * Reiterates it is not ruling anything in or out on policy. By Stella Qiu and Wayne Cole.
Australia's central bank held interest rates steady on Tuesday, as expected, and cautioned policy would need to stay restrictive for some time yet, strongly suggesting borrowers could expect no Christmas cheer this year.
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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