National Bank of Canada said Friday Laurentian Bank of Canada (LRCDF) beat its earnings per share estimate of $0.70 mainly due to provision for credit losses, offset by taxes. Analyst Gabriel Dechaine said the stronger-than-expected results were driven by $9 million in performing provision releases, compared with National Bank's expectation of $3 million in new provisions.
Carnival said late Friday it has completed the redemption of its remaining $322 million of its 5.750% senior unsecured notes due 2027. The company said the move reflected its momentum to strengthen its balance sheet and optimize its capital structure. MT Newswires does not provide investment advice.
Issuance for the week of Sept. 2 is at an estimated $7.457 billion, with $6.179 billion of negotiated deals and $1.278 billion of competitive deals on tap, according to LSEG.
Consumer stocks were mixed late Friday afternoon, with the Consumer Staples Select Sector SPDR Fund increasing 0.7% and the Consumer Discretionary Select Sector SPDR Fund shedding 1.2%. The University of Michigan consumer sentiment index was revised lower to 58.2 for August from its preliminary estimate of 58.6, versus expectations for no revision in a survey compiled by Bloomberg.
Financial stocks edged higher in late Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund each rising 0.1%. The Philadelphia Housing Index fell 0.3%, and the Real Estate Select Sector SPDR Fund added 0.4%. Bitcoin declined 3.7% to $108,424, and the yield for 10-year US Treasuries rose 2 basis points to 4.23%. In economic news, US consumer spending ro...
Consumer stocks were mixed late Friday afternoon, with the Consumer Staples Select Sector SPDR Fund increasing 0.7% and the Consumer Discretionary Select Sector SPDR Fund shedding 1.2%. The University of Michigan consumer sentiment index was revised lower to 58.2 for August from its preliminary estimate of 58.6, versus expectations for no revision in a survey compiled by Bloomberg.
Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index up 0.2% and the Financial Select Sector SPDR Fund ahead 0.3%. The Philadelphia Housing Index was down 0.4%, and the Real Estate Select Sector SPDR Fund added 0.3%. Bitcoin was declining 3.7% to $108,424, and the yield for 10-year US Treasuries rose 2 basis points to 4.23%. In corporate news, Robinhoo...
In Canada, the release of the Labour Force Survey will be closely watched next Friday. Following the substantial pullback in July, National Bank anticipates that employment will stagnate in August, with the effects of tariffs likely being felt, especially in the manufacturing and trade sectors. The week will also feature the publication of the July merchandise trade balance on Thursday.
Philadelphia's economy has been growing. But deep cuts Pennsylvania may impose on the regional public transportion system could have serious negative impacts.
Weaker prospects for pharmaceutical giant Novo Nordisk A/S (NVO) have prompted Denmark's economic ministry to cut its 2025 GDP forecast, now expecting just 1.4% growth, down 1.5 percentage points from May's projection. Growth is seen rebounding to 2.1% in 2026, up 0.7 points.
Canadian GDP growth slowed sharply in the second quarter, coming in weaker than expected at -1.6% on an annualized quarter-over-quarter basis, following a strong 2% gain in the first quarter. The result was still broadly in line with the Bank of Canada's July forecast of -1.5% under its "current tariff scenario" and details were more mixed than headline figures suggest, writes RBC.
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index up 0.3% and the Financial Select Sector SPDR Fund ahead 0.5%. The Philadelphia Housing Index was down 0.5%, and the Real Estate Select Sector SPDR Fund added 0.3%. Bitcoin was declining 3.3% to $108,795, and the yield for 10-year US Treasuries was rising 2 basis points to 4.22%. In economic news, the pers...
US consumer sentiment fell in August amid concerns over economic health, while inflation expectations rebounded, final survey results from the University of Michigan showed Friday. The main sentiment index decreased to 58.2 this month from 61.7 in July. "Perceptions of many aspects of the economy slipped," Surveys of Consumers Director Joanne Hsu said in a statement.
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index up 0.3% and the Financial Select Sector SPDR Fund ahead 0.5%. The Philadelphia Housing Index was down 0.5%, and the Real Estate Select Sector SPDR Fund added 0.3%. Bitcoin was declining 3.3% to $108,795, and the yield for 10-year US Treasuries was rising 2 basis points to 4.22%. In corporate news, PayPal (PYPL) ...
Everything Blockchain Inc. (EBZT) has become one of the first U.S.-listed companies to adopt Flare's XRPFi framework for digital asset treasury management, the firm announced on Friday. The move positions EBZT alongside Nasdaq-listed VivoPower International (VVPR), which earlier this year committed $100 million in XRP to the same model.
RBC Capital Markets and National Bank of Canada maintained their outperform ratings on the shares of Cameco (CCJ) after the uranium miner cut its 2025 production guidance. The target price for the shares are $110.00 and $115.00 from RBC and National Bank, respectively.
US consumer spending rose in July at the fastest pace since March, while the Federal Reserve's preferred inflation metric increased annually to the highest level in five months, government data showed Friday. Personal consumption expenditures increased 0.5% last month, the Bureau of Economic Analysis reported.
The University of Michigan consumer sentiment index was revised slightly lower Friday to a reading of 58.2 for August from the 58.6 print in the preliminary estimate, compared with expectations for no revision in a survey compiled by Bloomberg as of 7:10 am ET. That was below the final reading of 61.7 in July.
Unlike at least two of his counterparts at other banks, TD's economist Rishi Sondhi is still unconvinced the Bank of Canada will cut interest rates in September, but might delay on it until later in the year instead, after today's Canadian GDP data.
Fitch Ratings said Friday that it has revised its outlook on Ryanair Holdings (RYAOF) to positive from stable and affirmed the airline's long-term issuer default rating at 'BBB+'. The revision shows Fitch's expectation that Ryanair (RYAOF) will maintain a strong financial profile, supported by Ryanair's (RYAOF) operating performance and positive free cash flow generation despite increased capex, the credit agency said.
Federal Reserve Gov. Christopher Waller criticized his fellow Federal Open Market Committee members for not cutting interest rates in July, but said he is "hopeful" that easing monetary policy soon can keep the labor market from "deteriorating."
As a result of today's headline miss for Q2 GDP and no signs of momentum heading into the third quarter, Desjardins is retaining its forecast that the Bank of Canada will resume its cutting cycle in September. Royce Mendes at Desjardins noted Government of Canada bond yields were falling, as analysts in the "no cut" camp revisit their assumptions and traders begin to price in more easing.
A weaker-than-expected trend in monthly GDP figures is supportive for CIBC's forecast of a September interest rate cut, although the bank notes that upcoming employment and CPI data will still be important for that call, Andrew Grantham said Friday.
An inflation reading closely tracked by the Federal Reserve climbed to its highest level since February, remaining stubbornly above the 2% target and raising new doubts around the timing of Jerome Powell's anticipated interest rate cuts.
BRP maintained its sector perform rating and $83 price target at National Bank of Canada, according to a note published on Friday. The bank maintained the rating and price target as it reviews its model for BRP. BRP's results include revenue of $1.89 billion that beat the bank's estimate of $1.75 billion and the consensus estimate of $1.79 billion.
Canada updates gross domestic product figures and important details like final domestic demand at 8:30 a.m. ET on Friday, noted Scotiabank. The data deluge on the path to the Sept. 17th Bank of Canada decision starts now, then jobs next week, then consumer price index.
The US dollar rose against its major trading partners early Friday, except for a decline versus the Canadian dollar, ahead of a busy day of economic releases before the long holiday weekend. Personal income, spending, price and advance trade data for July are due to be released at 8:30 am ET, followed by the Chicago purchasing managers' index report for August at 9:45 am ET.
Canada will release gross domestic product for June and Q2 at 8:30 a.m. ET on Friday, said Bank of Montreal. The bank is expecting the economy to have contracted 1% annualized in Q2 as United States tariff uncertainty weighed on net exports and business investment.
Kazakhstan's central bank on Friday said the Monetary Policy Committee decided to maintain the base rate at 16.5% per annum with a more or less one percentage point corridor.
Canada's less timely and less closely followed jobs report -- the SEPH -- was published on Thursday, indicating Canada shed 33,000 jobs in June, said National Bank of Canada. That's in contrast to the 83,000 that were reportedly added in June, per the Labour Force Survey. Discrepancies between the two reports are nothing new, noted the bank.
Commerzbank in its "European Sunrise" note of Friday highlighted: Markets: Two-year United States Treasuries oscillate, long-end consolidates in Asia. Fed: Federal Reserve Governor Christopher Waller is open for a 50bps cut in September if August payrolls show substantial weakening; Footnote 4 of his speech points to continued deterioration of the labor market since July.
The S&P 500 and the Dow Jones Industrial Average climbed to fresh record highs on Thursday amid signs that the US economy is weathering tariff headwinds better than expected, while markets evaluated Nvidia's (NVDA) most-recent results and guidance. The S&P 500 climbed 0.3% to 6,501.9, recording a back-to-back record finish, while the Dow added 0.2% to 45,636.9, its second closing high in a week.
US benchmark equity indexes ended higher on Thursday as investors assessed the latest data on the US economy and jobs. * Gross domestic product was revised upward to a 3.3% increase in Q2, surpassing the 3% gain in the advance estimate and the 3.1% growth expected in a Bloomberg survey, following a 0.5% decline in Q1.
Financial stocks edged higher in late Thursday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund each advancing 0.1%. The Philadelphia Housing Index fell 0.2%, and the Real Estate Select Sector SPDR Fund dropped 0.5%. Bitcoin added 0.9% to $112,298, and the yield for 10-year US Treasuries fell 3 basis points to 4.21%. In economic news, gross domestic prod...
If the SEC grants exemptive relief to firms seeking to offer a multi-class structure, "we will see more ETFs of actively managed municipal bond strategies."
Financial stocks declined in late Thursday afternoon trading, with the NYSE Financial Index shedding 0.6% and the Financial Select Sector SPDR Fund down 0.4%. The Philadelphia Housing Index fell 0.3%, and the Real Estate Select Sector SPDR Fund dropped 0.5%. Bitcoin added 0.9% to $112,298, and the yield for 10-year US Treasuries fell 3 basis points to 4.21%. In corporate news, TransUnion (TRU) said t...
A classic economic indicator just nosedived to levels not seen since the depths of the 2020 pandemic, flashing bright-red signals about global growth fears. The copper-to-gold ratio ? a widely watched gauge of global economic sentiment ? has plunged to 0.0015, its lowest reading since March 2020. This ratio tracks how many pounds of copper you can get for one ounce of gold.
The second estimate of Q2 GDP showed a 3.3% gain, an upward revision from a 3% increase in the previous estimate, with personal consumption growth revised up to a 1.6% gain from 1.4% in the previous estimate.
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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