US equity futures were little changed before Wednesday's opening bell as traders looked ahead to the Federal Reserve's rate decision. Dow Jones Industrial Average futures were up 0.1%, S&P 500 futures were 0.1% higher, and Nasdaq futures were up 0.2%. The Federal Open Market Committee is scheduled to release a monetary policy statement at 2 pm ET at the conclusion of its two-day meeting.
May housing starts fell by 9.8% from the previous month to a 1.256 million annual rate, below expectations compiled by Bloomberg as of 7:30 am ET for a 1.35 million rate after an increase to a 1.392 million pace in April. Building permits decreased by 2% to a 1.393 million rate in May, below the 1.42 million rate expected and following a decline to a 1.422 million rate in April.
US initial jobless claims fell to a level of 245,000 in the employment survey week ended June 14 from an upwardly revised 250,000 level in the previous week, as expected in survey of analysts compiled by Bloomberg as of 7:30 am ET. Initial claims were at a level of 226,000 in the employment survey week ended May 17.
US equity futures were cautiously higher pre-bell Tuesday ahead of the Federal Reserve's rate decision. Dow Jones Industrial Average futures were up 0.1%, S&P 500 futures were 0.2% higher, and Nasdaq futures were up 0.2%. The Federal Open Market Committee is scheduled to release a monetary policy statement at 2 pm ET at the conclusion of its two-day meeting.
The US dollar fell against its major trading partners early Wednesday, except for a gain versus the Canadian dollar, ahead of a busy morning of data releases and the Federal Open Market Committee's statement at the conclusion of its two-day interest rate policy setting meeting in the afternoon.
European bourses tracked lower midday Wednesday as traders awaited updates from the Middle East conflict, and a rate decision later in the day by the US Federal Reserve. Tech stocks led decliners, while bank issues held firm. Investors also eyed flat Wall Street futures, and choppy closes overnight on Asian exchanges.
Wall Street futures pointed largely sideways pre-bell Wednesday, as traders mulled Middle East tensions and awaited fresh clues from the nation's central bank. In the futures, the S&P 500, the Nasdaq and the Dow Jones all hewed close to Tuesday's closes. The Federal Reserve at 2 pm ET will announce changes in monetary policy, although none are expected.
The krona languishes in G10 early Wednesday after Sweden's Riksbank cut rates by 25bp to 2.0% and signalled another reduction is probable this year, said Societe Generale. The central bank says that weaker demand in the economy is expected to contribute to inflation being lower going forward than in the most recent forecast, noted SocGen.
Higher than expected United Kingdom inflation of 3.4% year over year in April, while the Bloomberg consensus was 3.3% indicates that there is sufficient demand in the economy for companies to pass on the steep rise in their costs due to the April hikes in tax and minimum wage onto customers, said Berenberg.,With cost-push inflation likely to keep CPI inflation around 3.5% for the rest of the ye...
Ursula von der Leyen, the President of the European Commission, has criticized China for its export restrictions on vital raw materials used in the production of cars, batteries, and wind turbines. What Happened:?Von der Leyen, during?a session on the global?economy at the G7 summit?in Kananaskis, Canada, on Monday, condemned China for using subsidies to bolster its companies,?Politico?reported.
"We expect no change to rates but [for the Federal Open Market Committee] to continue to signal that rate cuts should still be expected," said Cooper Howard, a fixed income strategist at Charles Schwab.
Industrial production in the US unexpectedly fell last month as utilities' output declined, data from the Federal Reserve showed Tuesday. Industrial output contracted by 0.2% in May following upwardly revised 0.1% growth in the month prior. The index for utilities fell 2.9% sequentially, driven by declines in the output of power companies.
The Federal Open Market Committee is overwhelmingly expected to maintain the range for its federal funds rate at the current 4.25% to 4.50% due to continued economic uncertainty, putting the focus on the updated Summary of Economic Projections. Currently, the CME's FedWatch Tool sees a 99.9% chance of no change to the current target rate range.
A former Bank of England economist is raising red flags over the growing role of stablecoins in the U.S. financial system, with major implications for banks, as well as the U.S. Dollar.
Canada's economy got off to a slightly stronger start to 2025, but few forecasters are upgrading their outlook, said TD. The "dark shadow" cast by United States tariffs on Canada's business environment is expected to lead the economy to contract through the middle of this year and send the unemployment rate to its highest level since 2012, wrote the bank in a note to clients.
The Federal Reserve is widely expected to hold rates steady at 4.25%-4.50% on Wednesday as President Donald Trump's volatile tariff policy clouds the economic outlook. The decision will mark the fourth straight pause in the rate-cutting cycle that began in September. Chair Jerome Powell and his colleagues have consistently repeated since May that monetary policy is "in a good place."
US retail sales fell more than market expectations in May amid declines in purchases of motor vehicles and building materials, data from the Census Bureau showed Tuesday. Sales were 0.9% lower last month following April's 0.1% decline, which was revised from the initially reported 0.1% increase. Spending on motor vehicles and parts declined 3.5% after a 0.6% drop in April.
The Bank of Japan held its policy rate at 0.5% at its overnight Monday policy meeting, said Societe Generale. On the other hand, the review of the Japanese government bond buying Rinban operation review concluded that the ongoing reduction of purchases by 400 billion yen per quarter will be maintained until Q1 2026. Following this, the reduction amount will slow to 200 billion yen per quarter.
National Bank of Canada maintained its outperform rating and $14.50 price target on the shares of Hudbay Minerals (HBM) after the miner restarted its Manitoba operations that were suspended due to wildfires. Hudbay on Monday said it resumed operations at its Snow Lake complex in the province after the lifting of evacuation orders for the region on June 14.
The Bank of Canada will release at 1:30 p.m. ET on Tuesday its Summary of Deliberations on the discussions leading up to the June 4 decision to hold the policy rate, noted Scotiabank. Key may be any further clarity around forward guidance, said the bank. If that isn't shared, then it may be in BoC Governor Tiff Macklem's speech on Wednesday, stated Scotiabank.
Chile's central bank is expected to hold its overnight rate target at 5% with risk of a cut on Tuesday, said Scotiabank. The bank expects a 25bps cut. Whether that's enough to motivate BCCh to come off the sidelines where it has stood since the start of this year isn't clear, stated Scotiabank.
Premium Products International, Inc., a U.S.-based sourcing and export consultancy, announces the launch of its newest offering: premium-grade Turkish towels, bathrobes, and home textiles, now available for wholesale in the U.S. market.
US equity futures were down before Tuesday's opening bell as the Federal Reserve begins its meeting to discuss monetary policy while the ongoing Israel-Iran conflict continued to dampen investor sentiment.
U.S. consumers showed signs of strain in May, as a key spending gauge contracted for the second time this year, fueling concerns of a demand slowdown amid tariff-related trade uncertainty. Headline retail sales slumped 0.9% month-over-month in May 2025, a sharp drop from April's downwardly revised 0.1% decline, the U.S. Census Bureau reported Tuesday.
U.S. consumers showed signs of strain in May, as a key spending gauge contracted for the second time this year, fueling concerns of a demand slowdown amid tariff-related trade uncertainty. Headline retail sales slumped 0.9% month-over-month in May 2025, a sharp drop from April's downwardly revised 0.1% decline, the U.S. Census Bureau reported Tuesday.
US retail sales fell by 0.9% in May, a larger drop than the 0.6% decrease expected in a survey compiled by Bloomberg as of 7:30 am ET and following the previous month's 0.1% decline. Excluding a 3.5% decrease in motor vehicle sales, retail sales were down 0.3% compared with an expected 0.2% gain.
Statistics Canada will refresh the consumer price index basket weights at 8:30 a.m. ET Tuesday, for inclusion in next week's May CPI report, noted Scotiabank. It's the annual process, this time updating to the composition of spending in 2023 instead of 2022, said the bank.
Statistics Canada releases April figures on international securities transactions at 8:30 a.m. ET on Tuesday, noted Bank of Montreal. StatsCan will also publish new consumer price index component weights at 8:30 a.m. ET Tuesday.
Canadian housing starts continue to hold up despite. weak buyer demand, said Bank of Montreal. Starts for homeownership and condos have trended at around 110,000 annualized units seasonally adjusted so far this year, which is down more than 20% from recent norms through 2022 and 2023, noted the bank.
Asian stock markets were choppy Tuesday as traders weighed a central bank decision in Tokyo, and the unfolding hostilities in the Middle East. Tokyo finished in the green, Shanghai was flat, and Hong Kong fell back. In Japan, the Nikkei 225 opened evenly and gained in trading, finishing up 0.6% on media reports of a possible Middle East truce, and as a softer yen boosted export issues.
Analysts are eyeing this week?s Federal Reserve meeting for a decision on rate cuts, as well as cues on bitcoin's movements, with no policy changes expected.
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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