The Egyptian pound weakened to close at 50.0024 to the dollar on Thursday, having breached the 50 pound psychological barrier for the first time since March, Egypt's central bank said.
The U.S. trade deficit contracted sharply in October as imports declined by the most since late 2022, potentially positioning trade to contribute to economic growth in the fourth quarter. The trade gap narrowed 11.9% to $73.8 billion from a revised $83.8 billion in September, the Commerce Department's Bureau of Economic Analysis said on Thursday.
The U.S. trade deficit contracted sharply in October as imports declined by the most since late 2022, potentially positioning trade to contribute to economic growth in the fourth quarter. The trade gap narrowed 11.9% to $73.8 billion from a revised $83.8 billion in September, the Commerce Department's Bureau of Economic Analysis said on Thursday.
U.S. drugmaker Amgen (AMGN) said on Thursday it will invest $1 billion in a second manufacturing facility in North Carolina, expanding its prior $550 million commitment to the region. The new facility, to be built in Holly Springs alongside Amgen's (AMGN) existing site, will create 370 new jobs.
The number of Americans filing new applications for unemployment benefits rose slightly last week, pointing to steadily easing labor market conditions heading into the final stretch of 2024.
* Trade deficit narrowed to C$924 million for October. * Trade surplus with the U.S. lowest this year. * Total exports rose 1.1%, imports were up by 0.5% By Promit Mukherjee. OTTAWA, Dec 5 - Canada recorded in October a bigger-than-expected trade deficit with the world and its surplus with top trading partner the United States fell to its lowest this year, data showed on Thursday.
* Initial weekly jobless claims at levels consistent with steady job growth. * Sluggish hiring keeping those without jobs on unemployment rolls for longer. The number of Americans filing new applications for unemployment benefits increased moderately last week, suggesting that the labor market continued to steadily cool.
The Egyptian pound weakened to close at 50.0024 to the dollar, having breached the 50 pound barrier for the first time since March, Egypt's central bank said on Thursday.
Denmark has again raised its outlook for economic growth, fuelled by the expansion of the country's pharmaceutical industry and in particular by weightloss drug maker Novo Nordisk, the Danish economy ministry said on Thursday. GDP for 2024 is now expected to grow by 3.0%, up from 1.9% seen in August, while the projection for 2025 was raised to 2.9% from 2.2% previously, the new forecasts showed.
* Bitcoin surges to fresh milestone. * World stocks at record highs. * French government collapses, euro holds up. By Dhara Ranasinghe and Tom Westbrook. Bitcoin broke $100,000 on Thursday as investors bet on a friendly U.S. regulatory shift, while world stocks touched fresh record highs with sentiment bolstered by upbeat comments on the economy from Federal Reserve chief Jerome Powell.
* Starmer: UK will "aim" for highest sustained GDP growth in G7. * Government targets rising living standards in every part of UK. * Real household disposable income has been historically weak. * OBR projects only a modest improvement this parliament.
British Prime Minister Keir Starmer said on Thursday he would judge his government's progress in boosting the economy by using data on household disposable income and GDP per capita over the five-year parliament.
New battery electric vehicle sales in UK rose 58% in November, marking the eleventh straight month of growth, industry data showed, driven by deep discounts to meet government-mandated levels. However, overall new car sales for the month fell 1.9% from a year ago to 153,610 units, due to waning demand among private buyers, The Society of Motor Manufacturers and Traders said.
U.S. stocks ended down slightly on Thursday, with UnitedHealth down sharply and technology shares easing as investors awaited Friday's jobs report. The S&P 500 technology index fell from a record closing high on Wednesday, when all three major U.S. stock indexes also notched closing highs.
U.S. stocks ended lower on Thursday, with UnitedHealth down sharply and technology shares easing as investors awaited Friday's jobs report. The S&P 500 technology index fell 0.2% after hitting a record closing high on Wednesday, when all three major U.S. stock indexes also notched closing highs.
Greece's jobless rate fell to 9.0% in the third quarter from 9.8% in the second quarter, data by the country's statistics service ELSTAT showed on Thursday. The jobless rate for women was 11.5% versus 7.0% for men in the third quarter. About 57%% of Greece's 482,424 jobless are long-term unemployed, meaning they have been out of work for at least 12 months, the figures showed.
Japanese government bond yields rose on Thursday, as market participants grappled with wavering expectations that the Bank of Japan will deliver an interest rate hike this month. The 10-year JGB yield was last up 1.5 basis points at 1.065% after sliding to a three-week low of 1.04% on Wednesday, while 10-year JGB futures slipped 0.18 yen to 143.98 yen.
Business leaders globally are worried about the risk of recession, labour shortages and rising inflation, despite some signs of improvement in economic conditions, a World Economic Forum survey said on Thursday.
Japanese government bond yields rose on Thursday, as market participants grappled with wavering expectations that the Bank of Japan will deliver an interest rate hike this month. The 10-year JGB yield rose 1 basis point to 1.06% after sliding to a three-week low of 1.04% on Wednesday, while 10-year JGB futures slipped 0.08 yen to 143.08 yen.
* Markets price more US rate cuts in 2025. * OPEC+ expected to extend production cuts. * Yen steadies as reports ruffle rate hike bets. By Tom Westbrook. Bitcoin broke $100,000 on Thursday as investors bet on a friendly regulatory shift in the U.S., while Asian stocks were firm after Wall Street indexes notched record highs on growing confidence in U.S. interest rate cuts.
* Markets price more US rate cuts in 2025. * OPEC+ expected to extend production cuts. * Yen steadies as reports ruffle rate hike bets. By Tom Westbrook. Asian stocks were mixed on Thursday in the wake of record peaks on Wall Street as a softer read on U.S. services data boosted investor confidence in the Fed lowering interest rates.
Bank of Japan board member Toyoaki Nakamura said on Thursday the central bank must move "cautiously" in raising interest rates, as smaller firms have yet to see profitability strengthen enough to weather higher borrowing costs. "I am personally not confident about the sustainability of wage growth," Nakamura said in a speech to business leaders in the western Japan city of Hiroshima.
* FITCH RATINGS: CHINA'S HOMEBUILDERS BRACE FOR ANOTHER TOUGH YEAR IN 2025. * FITCH RATINGS - HOME SALES IN CHINA WILL CONTINUE TO DECLINE BY 15% Source text:
* U.S. stocks rise on strong tech earnings. * Dollar, euro steady despite political turmoil in France. * Won near 2-year low amid South Korean political upheaval. * Treasury yields fall. By Lawrence Delevingne.
Federal Reserve Chair Jerome Powell said on Wednesday he is not worried the incoming administration will undermine him as U.S. central bank leader through the people it nominates to Fed leadership ranks. In terms of dealing with a so-called shadow Fed chair, Powell said "I don't think that's on the table at all," while speaking at a New York Times event.
* U.S. stocks rise on strong tech earnings. * Dollar ticks down, euro steady despite political turmoil in France. * Won near 2-year low amid South Korean political upheaval. * Treasury yields fall. By Lawrence Delevingne and Tom Wilson.
U.S. Federal Reserve Chair Jerome Powell on Wednesday said the economy is stronger than it had appeared in September when the central bank began cutting interest rates, allowing policymakers to potentially be more cautious in lowering rates further. "We can afford to be a little more cautious as we try to find neutral," Powell said at a New York Times event.
-U.S. economic activity has expanded slightly in most regions since early October, with employment growth "subdued" and inflation rising at a modest pace and businesses expressing optimism about the future, the Federal Reserve said on Wednesday in a summary of surveys and interviews from across the country known collectively as the "Beige Book."
Federal Reserve Chair Jerome Powell is not worried the incoming administration will undermine him as U.S. central bank leader. Powell said when it comes to the idea of a so-called shadow Fed chair placed on the Fed, "I don't think that's on the table at all," while speaking at a New York Times event.
* Services sector PMI falls to 52.1 in November. * New orders, production, employment measures decline. * Services inflation little changed; supplier deliveries improve. By Lucia Mutikani. U.S. services sector activity slowed in November after posting big gains in recent months, but remained above levels consistent with solid economic growth in the fourth quarter.
* Salesforce (CRM) jumps after beating Q3 revenue estimates. * November ADP private payrolls at 146,000 versus 150,000 estimate. * ISM non-manufacturing PMI at 52.1 in November, below estimates. * Indexes up: Dow 0.53%, S&P 500 0.37%, Nasdaq 0.88% By Shashwat Chauhan and Purvi Agarwal.
U.S. Federal Reserve Chair Jerome Powell on Wednesday said the economy is stronger now than the central bank had expected in September when it began reducing interest rates, and appeared to signal his support for a slower pace of interest-rate cuts ahead.
* Salesforce (CRM) jumps after beating Q3 revenue estimates. * November ADP private payrolls at 146,000 versus 150,000 estimate. * ISM non-manufacturing PMI at 52.1 in November, below estimates. * Indexes up: Dow 0.47%, S&P 500 0.27%, Nasdaq 0.68% By Shashwat Chauhan and Purvi Agarwal.
The zloty edged up on
Wednesday as Poland's central bank kept rates on hold as
expected, while other Central Eastern European currencies traded
steady.
U.S. services sector activity slowed in November after posting big gains in recent months, but remained above levels consistent with solid economic growth in the fourth quarter. The Institute for Supply Management said on Wednesday that its nonmanufacturing purchasing managers index slipped to 52.1 last month after surging to 56.0 in October, which was the highest level since August 2022.
U.S. services sector activity slowed in November after posting big gains in recent months, but remained above levels consistent with solid economic growth in the fourth quarter. The Institute for Supply Management said on Wednesday that its nonmanufacturing purchasing managers index slipped to 52.1 last month after surging to 56.0 in October, which was the highest level since August 2022.
* BANK OF CANADA SAYS IT WILL AUCTION C$4 BILLION OF FUNGIBLE 29-DAY CASH MANAGEMENT BILLS ON DEC. 5 Source text: https://www.bankofcanada.ca/markets/government-securities-auctions/calls-for-tenders-and-results/cash-management-bills/
* Musalem warns of unclear rate cut pace, risks of too much easing. * Markets await Powell's remarks, focus on upcoming jobs data. * ADP employment slight below expectations. By Tatiana Bautzer and Chuck Mikolajczak.
Canada's services economy expanded for a second straight month in November as firms added staff, but incoming new work was subdued and the threat of U.S. tariffs could yet hurt sentiment, S&P Global's Canada services PMI data showed on Wednesday. The headline business activity index rose to 51.2 from 50.4 in October, posting its highest level since April 2023.
Canada's services economy expanded for a second straight month in November as firms added staff, but incoming new work was subdued and the threat of U.S. tariffs could yet hurt sentiment, S&P Global's Canada services PMI data showed on Wednesday. The headline business activity index rose to 51.2 from 50.4 in October, posting its highest level since April 2023.
Wall Street's main indexes opened higher on Wednesday, with the benchmark S&P 500 and the Nasdaq hitting all-time highs as investors focused on upcoming economic data as well as remarks from Federal Reserve Chair Jerome Powell.
St. Louis Federal Reserve President Alberto Musalem said on Wednesday he's not ready to say what he thinks the U.S. central bank should do at its policy meeting later this month.
Euro zone economic growth could be weaker in the months ahead and downside risks dominate the medium term outlook, European Central Bank President Christine Lagarde said in a parliamentary hearing on Wednesday. The euro zone economy has been virtually stagnant for the past 18 months, and a long-delayed recovery is now also at risk from political turmoil in France.
St. Louis Federal Reserve President Alberto Musalem said on Wednesday he expects the U.S. central bank will be able to continue to cut interest rates but warned the pace of future actions has grown less clear.
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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