The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.1% in May, below expectations for a 0.2% increase in a survey compiled by Bloomberg as of 7:40 am ET, and following a 0.2% increase in April, according to data released Tuesday by the Bureau of Labor Statistics.
Inflation resumed its climb in May, snapping a four-month streak of easing price pressures, yet rising input costs from tariffs failed to significantly spill into consumer prices. The annual rate of increase in the Consumer Price Index was 2.4% last month, marking a slight acceleration compared to the 2.3% surge in April, the Bureau of Labor Statistics showed Wednesday.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1% and the actively traded Invesco QQQ Trust retreated 0.1% in Wednesday's premarket activity, ahead of the CPI report for May. US stock futures were also lower, with S&P 500 Index futures down 0.2%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures losing 0.2% before the start of regular trading.
The US dollar rose against its major trading partners early Wednesday, except for a decline versus the euro, ahead of the release of May consumer price index data at 8:30 am ET. Weekly petroleum stocks inventory data are due to be released at 10:30 am ET and the US Treasury's monthly budget statement for May is due to be published at 2:00 pm ET.
Wall Street futures pointed modestly lower pre-bell Wednesday ahead of a national inflation report, and after an announcement that China and US negotiators in London had reached a "framework" for easing trade tensions.
Societe Generale in its early Wednesday economic news summary pointed out: -- US dollar contained in narrow range ahead of United States consumer price index, 10-year auction. -- U.S./China agree on 'preliminary plan' to ease trade tensions and establish framework to implement the Geneva agreement: committed to resolving issues around shipments of rare earth minerals and export controls.
Iren (IREN) said Wednesday it priced a private offering of $500 million of 3.5% convertible senior notes due Dec. 15, 2029, for about $486.1 million in expected net proceeds. The offering was upsized from a previously planned $450 million. The company said the initial purchasers have an overallotment option to acquire up to $50 million of additional notes.
The World Bank has significantly reduced?its 2025 global growth forecast, pointing to the escalating trade tensions and policy uncertainty, particularly due to the wide-ranging tariffs imposed by U.S. President Donald Trump.
Lineage said late Tuesday its Lineage OP subsidiary priced a $500 million offering of 5.25% senior unsecured notes due July 15, 2030, at 98.991% of the principal amount. The company expects the offering to close June 17 and plans to use the net proceeds to repay amounts outstanding under its revolving credit facility and for other general corporate and working capital purposes.
Omega Healthcare Investors (OHI) said late Tuesday it priced a $600 million public offering of 5.2% senior notes due July 1, 2030, at 99.118% of principal. The company expects the offering to close June 20 and plans to use the net proceeds for general corporate purposes. MT Newswires does not provide investment advice.
Aspen Insurance (AHL) said late Tuesday it has priced an underwritten public offering of $300 million of 5.750% senior notes due 2030 at 99.870% of the principal. The offering is expected to close on Friday, the company said. Aspen said it intends to use net proceeds, along with cash on hand, to repay outstanding debt under its term loan credit agreement. MT Newswires does not provide investment advice.
IREN Limited (IREN) today announced the pricing of its offering of $500 million aggregate principal amount of 3.50% convertible senior notes due 2029 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.
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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