State-level data from the Bureau of Labor Statistics showed that the unemployment rate rose in three states and the District of Columbia in April, fell in two states, and held steady elsewhere. The largest unemployment rate increases were in Massachusetts and the District of Columbia, both rising by 0.2 percentage points.
National Bank of Canada maintained its outperform rating on the shares of Coveo Solutions (CVOSF) while raising its price target to C$8.50 from C$7.50, following the company's fiscal fourth-quarter results. The bank noted Coveo reported "in-line" fourth quarter results on Tuesday, posting a fourth-quarter total revenue of US$34.4 million, up 5.4% from US$32.6 million a year earlier.
The National Association of Realtors' measure of US existing-home sales is expected to increase to a 4.10 million annual rate in April, based on a survey compiled by Bloomberg as of 7:45 am ET, after falling by 5.9% to a 4.02 million rate in March. Existing-home sales were at a 4.08 million rate in April 2024, so the year-over-year rate would be slightly positive if sales rise as expected.
Angola's central bank on Wednesday said its Monetary Policy Committee decided to keep its policy rate unchanged at 19.50%. The MPC decided to keep the rate on hold due to the global economic uncertainty, noted the BNA policy statement. MT Newswires does not provide investment advice.
State-level data released by the Bureau of Labor Statistics Wednesday showed the unemployment rate rose in three states and Washington DC in April, fell in two and held steady elsewhere. The largest unemployment rate gains were in Massachusetts and the District of Columbia, where it increased by 0.2 percentage point each.
The Reserve Bank of Australia cut the cash rate by 25bps to 3.85% at its meeting on Tuesday, which was expected by most market economists and was priced in by money markets, noted UBS. The forecasts were also downgraded, but the major surprise was the dovish shift as the RBA made a distinct departure from its longstanding hawkish bias, wrote the bank in a note to clients.
The Canadian headline consumer price index Tuesday fell sharply to 1.7% year over year from 2.3%, largely from the roughly 0.5pp contribution decline from the elimination of the carbon tax, said RBC. The Bank of Canada will place less weight on headline changes due to one-off tax adjustments.
One of the hottest components of Canada's April consumer price index, published on Tuesday, is one that seemed to have just been tamed: groceries, said Bank of Montreal. Indeed, grocery price inflation jumped to 3.8% year over year, its highest pace since December 2023 and about a. percentage point above the long-run median, noted the bank.
The United Kingdom April consumer price index print will make for uncomfortable reading for the Bank of England's Monetary Policy Committee, said Sanjay Raja, Deutsche Bank chief U.K. economist, after Wednesday's CPI data. The bank labelled this as the biggest test for the MPC in Q2.
Societe Generale in its early Wednesday economic news summary pointed out: -- Risk off, oil +1.5% on CNN report that Israel is preparing to strike Iranian nuclear facilities. -- United Kingdom consumer price index accelerates to 3.5% year over year in April from 2.6% in March, above forecast. -- Japan's trade balance swings to 115.8 billion yen deficit in April from 559.4 billion surplus in March.
West Texas Intermediate crude, the U.S. benchmark, rose 2% last week to US$62/barrel while West Canadian Select crude remained flat at C$72/b as the heavy differential expanded slightly to US$11/b, National Bank of Canada said in a Tuesday note.
The U.S. economy is facing a potential crisis as the national debt continues to rise, sparking concerns among economists and analysts. What Happened: Deutsche Bank?s Jim Reid expressed his concerns about the U.S. fiscal situation.
US benchmark equity indexes closed lower on Tuesday, as investors evaluated comments on the impacts of tariffs by a Federal Reserve official. The Nasdaq was down 0.4% to 19,142.71, while the S&P 500 decreased 0.4% to 5,940.46. The Dow Jones Industrial Average was down 0.3% to 42,677.24. Among sectors, utilities posted the largest gain while communications and energy saw the steepest declines.
US benchmark equity indexes ended lower Tuesday as Wall Street parsed comments by a Federal Reserve official. * St. Louis Fed President Alberto Musalem said Tuesday that tariffs are expected to "dampen" economic activity and result in "some further softening" of the labor market.
US benchmark equity indexes are on track to close lower Tuesday after a Federal Reserve official signaled a slowdown in economic activity and softening of the labor market due to tariffs.
St. Louis Fed President Alberto Musalem said that monetary policy is "well positioned" to address changes in the economic outlook and that policy will depend on how tariffs impact inflation and the job market.
US benchmark equity indexes were lower intraday as Wall Street parsed comments by a Federal Reserve official. The S&P 500 and the Nasdaq Composite were down 0.4% each at 5,940.5 and 19,138.2, respectively, after midday Tuesday. St. Louis Fed President Alberto Musalem said Tuesday that tariffs are expected to "dampen" economic activity and result in "some further softening" of the labor market.
National Bank of Canada maintained its outperform rating on the shares of Pet Valu Holdings (PTVLF) and its price target of C$33.00, following the company's closing of C$150 million secondary bought-deal offering.
National Bank of Canada on Tuesday maintained its ratings and price targets on Air Canada (ACDVF) and Transat A.T (TRZBF). following the release of Canada's consumer price index data for April. The bank said airfares in Canada through the first four months of the year continued to be relatively weak with the April reading declining year-over-year for the tenth straight month, but up modestly sequentially.
There is no way that the Bank of Canada should be cutting anytime soon, if at all, said Scotiabank after the Canadian consumer price index data on Tuesday. Despite modest slack, other forces are keeping core inflation at sticky, elevated levels even before trade war effects bite through supply chain effects.
Nigeria's central bank Tuesday said its Monetary Policy Committee decided to retain the Monetary Policy Rate at 27.50%. CBN added that the MPC retained the asymmetric corridor around the MPR at +500/-100 basis points. MPC also maintained the Liquidity Ratio at 30.00$. MT Newswires does not provide investment advice.
Canadian CPI fell 0.1% month over month in April, carving the headline inflation rate to 1.7% from 2.3% the prior month, noted bank of Montreal on Monday. The drop was a bit less than expected and was due to the one-two combo of the removal of the consumer carbon tax at the start of the month and a big drop in global oil prices, said the bank.
National Bank of Canada on Tuesday reiterated its outperform rating on the shares of Dundee Precious Metals (DPMLF) and its $25.00 price target following reports the company is advancing an Ecuador gold project.
Diverging signals within Tuesday's consumer price index inflation data produce a real dilemma for the Bank of Canada, said CIBC. Canadian headline inflation suddenly looks less taxing, although mainly due to the elimination of the consumer carbon tax and the downward impact of that on gasoline prices, noted the bank.
April's Canadian headline inflation rate came in close to expectations at 1.7% year over year, down from 2.3% in March, but with the drop entirely from the removal of the consumer carbon tax from energy products, noted RBC after Tuesday's consumer price index data.
Tuesday's Canadian inflation numbers for April were hotter than expected, which comes as a surprise to a wobbly economy replete with employment loss and widening spare capacity in the labor market, said Rosenberg Research.
Canadian headline consumer price index inflation for April came in at 1.7% year over year, down from 2.3% in March but above expectations for a 1.6% year-over-year print, said TD. The deceleration was due to gasoline prices tumbling 18.1% year over year as the consumer carbon price was removed, noted the bank after Tuesday's CPI data.
Canadian headline prices declined 0.1% month over month in April, taking the annual rate down to 1.7% from 2.3%, noted Desjardins after Tuesday's release of consumer price index data. The bank estimates that prices would have been 0.7% higher were it not for the policy change.
Headline inflation suddenly looks less taxing for the Bank of Canada, due to the elimination of the consumer carbon tax and the downward impact of that on gasoline prices, but some core measures remain a concern, said CIBC after Tuesday's CPI data.
Canada's consumer price index rose 1.7% year-over-year in April, down from a 2.3% increase in March, said the country's statistical agency on Tuesday. April's CPI was roughly in line with the 1.6% year-over-year consensus figure provided by MUFG. The slowdown in April was driven by lower energy prices, which fell 12.7% year over year following a 0.3% decline in March, noted Statistics Canada.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust was 0.2% lower in Tuesday's premarket activity as investors awaited commentary from US Federal Reserve officials following Moody's downgrade of the US credit rating.
The US dollar fell against its major trading partners early Tuesday, when appearances by Federal Reserve officials again populate the calendar. The Philadelphia Fed is expected to release its nonmanufacturing reading for May at 8:30 am ET, followed by weekly Redbook same-store sales at 8:55 am ET.
Canada updates the consumer price index inflation figures for April on Tuesday at 8:30 a.m. ET, noted Scotiabank. The bank went with -0.2% month over month for total CPI in seasonally unadjusted fashion. The key driver is the elimination of the consumer portion of the carbon tax on April 1, said Scotiabank.
European bourses tracked moderately higher midday Tuesday as traders mulled uncertain Ukraine-Russian peace prospects and after central bank rate cuts in Asia. The People's Bank of China and the Reserve Bank of Australia both reduced rates on Tuesday, underlining global signals that inflation may be largely quelled and interest rates could recede in coming seasons.
Last week's United States-China trade truce helped boost most markets and raised the outlook for economic activity globally and in Canada, noted Bank of Montreal. The bank raised its forecast for real gross domestic product growth to 1.0% this year and 1.2% in 2026, largely on a rosier outlook for U.S. growth.
US equity benchmarks fell before Tuesday's open as investors await comments from key Federal Reserve officials and continue to digest Moody's recent downgrade of the government's credit ratings. The S&P 500 declined 0.4%, the Dow Jones Industrial Average decreased 0.2%, and the Nasdaq was off 0.5% in premarket activity.
The inflation data from Canada on Tuesday will be key for the Canadian dollar, said Societe Generale. Canada will release CPI data for April at 8:30 a.m. ET on Tuesday. Money markets are pricing only a 67% probability of an additional 25bps cut at the next Bank of Canada policy meeting in June, stated SocGen. MT Newswires does not provide investment advice.
Asian stock markets largely gained ground Tuesday after central banks in Beijing and Sydney cut interest rates. Hong Kong, Shanghai, and Tokyo finished in the green, as did most other regional exchanges. In Japan, the Nikkei 225 opened higher but softened in trading, finishing up 0.1% as traders eyed the vacillating Japanese yen-US dollar exchange rate.
JPMorgan Chase & Co. CEO Jamie Dimon delivered a sobering assessment of the economic landscape at the bank's annual investor day on Monday. The head of the nation's largest bank warned that markets are displaying an "extraordinary amount of complacency" in the face of mounting risks from tariffs, record U.S. deficits and geopolitical tensions.
It's no secret that real estate brokerage and mortgage origination service provider Redfin Corp (RDFN) is struggling. Fundamentally, analysts refer to the above concept as value compression. Regarding interest rates, the Federal Reserve is keeping a watchful eye on core economic metrics.
US benchmark equity indexes ended higher Monday on a late rally as markets assessed a Moody's downgrade of the nation's credit rating and comments by a Federal Reserve official. * On Friday, Moody's lowered the world's largest economy's long-term issuer and senior unsecured ratings to Aa1 from Aaa, citing a sustained increase in debt and interest payment ratios.
US benchmark equity indexes are on track to close mixed on Monday, after investors parsed a Moody's downgrade of the US government's credit ratings and comments by a Federal Reserve official.
US existing-home sales saw the first annual decrease in seven months in April amid weak demand due to high prices and economic uncertainty, Redfin said Monday. Sales fell 1.1% year over year to a seasonally adjusted annual rate of about 4.2 million last month, marking the lowest reading since October.
New York Fed President John Williams said that the monetary policy is in a good position to deal with how the economy progresses but noted that considerable uncertainty remains and is not likely to be resolved by the time of the June 17-18 meeting.
US benchmark equity indexes and Treasury yields were higher intraday as markets assessed a Moody's downgrade of the government's credit ratings, as well as comments by a Federal Reserve official. The Dow Jones Industrial Average was up 0.4% at 42,808.7 after midday Monday, while the S&P 500 and the Nasdaq Composite rose 0.1% each to 5,964 and 19,214.1, respectively.
Duke Robotics Corp. (DUKR), a leader in advanced robotics technology and autonomous drone solutions, today announced the appointment of Mr. Yuval Hogeg as the International Business Development Director of the Company.
The US dollar fell against its major trading partners early Monday as the focus turned to April's home sales data and a string of appearances by Federal Reserve officials.
The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the ?Greed? zone on Friday. U.S. stocks settled higher on Friday, with the S&P 500 recording gains for the fifth straight session and also notching weekly gains.
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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