The US dollar fell against its major trading partners early Friday ahead of the release of employment data for August at 8:30 am ET. Nonfarm payrolls are expected to rise by 75,000 in August after 73,000 jobs gain in the previous month, the unemployment rate is forecast to rise to 4.3% from 4.2% and hourly earnings are expected to rise by 0.3% after a matching gain in the previous month.
Canada will publish the Labour Force Survey at 8:30 a.m. ET Friday, said Scotiabank. Most forecasters are on the plus side for Canadian jobs, noted the bank. There just isn't much variability in the range of views relative to the 95% confidence interval surrounding monthly changes in jobs, that is more or less, 57,000.
European bourses tracked moderately higher midday Friday as traders weighed easing bond yields and softening global crude oil prices. A pending August US jobs report from Washington is expected to possibly clear the way to a rate cut from the Federal Reserve later this month. Tech stocks led gainers on continental trading floors, while real estate and food shares lagged.
US equity markets were mostly trending higher before the opening bell Friday as traders await the national employment situation report for August. The S&P 500 rose 0.2% and the Nasdaq added 0.5% in premarket activity, while the Dow Jones Industrial Average slipped 0.1%. The indexes closed Thursday's trading session higher, with the S&P 500 notching a record high.
Wall Street futures pointed mostly higher pre-bell Friday, as traders anticipated another soft jobs report from Washington that could pave the way for a rate cut from the Federal Reserve at its policy meeting this month. The August national employment situation bulletin from Washington is slated to post at 8:30 am ET, with pundits projecting a net 75,000 job gain.
Canada releases its August Labour Force Survey on Friday at 8:30 a.m. ET, the same time as the US, ING said. Economists expect a 5,000 rise in employment after a 40,000 contraction in July, the bank said.
Asian stock markets gained ground on Friday after recent soft US jobs market reports bolstered outlooks that the Federal Reserve may reduce interest rates this month, a move that could prompt central bank easing in the Asia Pacific region as well. Hong Kong, Shanghai, and Tokyo finished in the green, as did most other regional exchanges.
One item in the August Canadian jobs data likely to draw a "lot of attention" will be the youth unemployment rate, Bank of Montreal said. Canada is set to release the Labour Force Survey for August at 8:30 a.m. ET Friday. The youth unemployment rate reached 14.6% in July, the highest non-pandemic reading since 2010, the bank noted.
President Donald Trump?s Federal Reserve nominee Stephen Miran defended his independence during a contentious Senate Banking Committee hearing on Thursday, as Democrats warned his appointment could undermine the central bank?s autonomy over monetary policy decisions.
Mortgage rates could slip even before the Federal Reserve formally cuts rates on Sept. 17 because lenders tend to price in expectations ahead of policy moves and mortgages key off the 10-year Treasury yield more than the Fed's short-term rate.
The S&P 500 closed at a record high on Thursday as fresh employment data lifted expectations that the Federal Reserve will cut interest rates later this month, while traders awaited the August jobs report due out on Friday. The S&P 500 and the Dow Jones Industrial Average climbed 0.8% each to 6,502.1 and 45,621.3, respectively.
Brookfield Asset Management Ltd. (BAM) today announced the pricing of a public offering of $750 million principal amount of senior notes due 2055, which will bear interest at a rate of 6.077% per annum. The net proceeds from the sale of the notes will be used for general corporate purposes.
Today the Federal Home Loan Bank of Indianapolis celebrated the grand opening of the Marvetta & Anthony Grimes Family Center. The Marvetta & Anthony Grimes Center received an Affordable Housing Program award of $872,020 during the Bank?s 2024 funding round, marking a total $28.5 million in AHP grants for 57 projects secured through member financial institution Merchants Bank of Indiana since 2005.
US equity indexes rose at the close on Thursday amid a slump in US private sector job growth as well as expansion of economic activity in the services sector. The Nasdaq Composite jumped 1% to 21,707.7, with the S&P 500 up 0.8% to 6,502.1 and the Dow Jones Industrial Average up 0.8% to 45,621.3. Consumer discretionary was the top gainer, up 2.3%, followed by communication services and industrials.
Financial stocks advanced in late Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund each adding 1%. The Philadelphia Housing Index climbed 2.5%, and the Real Estate Select Sector SPDR Fund rose 0.6%. Bitcoin fell 1.6% to $109,970, and the yield for 10-year US Treasuries dropped 4 basis points to 4.18%. In economic news, the US Department of Just...
US equity indexes rose ahead of the close on Thursday amid slower private sector job growth data and expansion of economic activity in the services sector. The Nasdaq Composite rose 0.73% to 21,654.8, with the S&P 500 up 0.66% to 6,490.5 and the Dow Jones Industrial Average up 0.72% to 45,595.3. The majority of the sectors were higher, with consumer discretionary and financials leading the gains.
Financial stocks advanced in late Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund each adding 1%. The Philadelphia Housing Index climbed 2.5%, and the Real Estate Select Sector SPDR Fund rose 0.6%. Bitcoin fell 1.6% to $109,970, and the yield for 10-year US Treasuries dropped 4 basis points to 4.18%. In corporate news, Apollo Global Management...
US nonfarm payrolls are expected to rise by 75,000 in August after an increase of 73,000 jobs in July, while the unemployment rate is forecast to rise to 4.3% from 4.2%, according to a survey compiled by Bloomberg. The August employment data are scheduled to be released at 8:30 am ET Friday.
New York Fed President John Williams said that it would appropriate to lower the target range for the federal funds rate if the economy evolves as expected but did not specify when that reduction should resume.
Financial stocks advanced in Thursday afternoon trading, with the NYSE Financial Index rising 0.6% and the Financial Select Sector SPDR Fund adding 0.8%. The Philadelphia Housing Index climbed 1.9%, and the Real Estate Select Sector SPDR Fund eased 0.1%. Bitcoin fell 2.1% to $109,437, and the yield for 10-year US Treasuries dropped 3.5 basis points to 4.18%. In economic news, the US Department ...
Stephen Miran will take unpaid leave from and might seek to return to President Trump's Council of Economic Advisers, he said, raising conflict of interest questions in his nomination hearing for a seat on the Federal Reserve Board.
The US trade deficit widened to the largest in four months in July as imports soared, while the goods trade gap with China and Canada grew, government data showed Thursday. The goods and services deficit increased by about 33% sequentially to $78.31 billion in July on a seasonally adjusted basis, the biggest jump in six months, the Census Bureau and the Bureau of Economic Analysis said.
Financial stocks advanced in Thursday afternoon trading with the NYSE Financial Index rising 0.6% and the Financial Select Sector SPDR Fund adding 0.8%. The Philadelphia Housing Index climbed 1.9%, and the Real Estate Select Sector SPDR Fund eased 0.1%. Bitcoin fell 2.1% to $109,437, and the yield for 10-year US Treasuries dropped 3.5 basis points to 4.18%. In corporate news, Goldman Sachs (GS) plan...
The US services sector saw continued growth in August, though there were tariff-related inflation concerns among firms, two separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed Thursday. The ISM's purchasing managers' index rose to 52 last month from 50.1 in July.
With monetary policy "modestly restrictive," it would be appropriate for the Federal Open Market Committee to reduce the target for the federal funds rate gradually, New York Federal Reserve President John Williams said Thursday at the Economic Club of New York.
US benchmark stock indexes rose in midday trading on Thursday as investors digested economic data ahead of Friday's August employment report that could potentially boost hopes for a rate cut this month.
Canada's merchandise trade deficit narrowed in July, with exports rising for the third consecutive month following April's collapse, said National Bank of Canada. This increase was partly due to the energy products category, where higher prices and volumes pushed shipments to their highest level in four months, noted the bank after Thursday's data.
Australia's Q2 gross domestic product rose 0.6% quarter over quarter and 1.8% year over year, beating market. expectations of 0.4% quarter over quarter, said UBS. Growth in the previous quarter was also revised higher.
Freddie Mac today released the results of its Primary Mortgage Market Survey?, showing the 30-year fixed-rate mortgage averaged 6.50%. ?Mortgage rates continue to trend down, increasing optimism for new buyers and current owners alike,? said Sam Khater, Freddie Mac?s Chief Economist.
Canadian exports and the goods trade deficit began to stabilize in July, although at weaker levels than prevailed before United States tariffs and related uncertainty took hold, said CIBC. The deficit in goods trade was $4.9 billion in July, which was around $1 billion narrower than in the prior month and also slimmer than the consensus forecast of $5.3 billion, noted the bank.
Bank of Montreal said it has noted for a while now that "the kids aren't alright" when it comes to youth/student job market conditions in Canada. As to the parents, inflation for education-related items continues to outpace the broader consumer price index and has done so steadily since 2000, stated the bank.
Bitcoin has outperformed other asset classes over the past decade, though market commentators highlighted its significantly higher volatility. What Happened: In a post on X on Sep. 1, macro investor Krueger compared the nominal and inflation-adjusted returns of Bitcoin from 2014?2024 to those of the S&P 500, Nasdaq, gold, U.S. real estate, and 10-year Treasury bonds.
Canada's merchandise trade deficit narrowed to C$4.9 billion in July from $6 billion in June as exports rose 0.9% from the prior month, extending a three-month string of modest gains after the April plunge, Bank of Montreal said. Auto exports climbed 6.6% in July, helped by seasonal adjustment.
The Institute for Supply Management's US services index rose to a reading of 52.0 in August from 50.1 in July, compared with expectations for a smaller gain to a reading of 51.0 in a survey compiled by Bloomberg as of 7:30 am ET.
Canada's trade deficit narrowed from a revised $6.0 billion in June to $4.9 billion in July, said TD after the release of the data on Thursday. Exports rebounded for a third consecutive month, although modestly, as a jump in exports to the United States was offset by an 8.6% month-over-month decline to non-U.S. markets, noted the bank.
Canada's merchandise trade deficit with the world narrowed, and trade surplus with the United States widened in July, the nation's statistics agency, Statistics Canada, said Thursday. Statistics Canada noted the global deficit narrowed to $4.9 billion in July from $6.0 billion in June as merchandise exports rose 0.9%, while imports were down 0.7% month over month.
Canadian exports and the goods trade deficit began to stabilize in July, albeit at weaker levels than prevailed before United States tariffs and related uncertainty took hold, said CIBC on Thursday. The deficit in goods trade was $4.9 billion, which was around $1 billion narrower than in the prior month and also slimmer than the consensus forecast of $5.3 billion, noted the bank.
US initial jobless claims rose to a level of 237,000 in the week ended Aug. 30 from a 229,000 level in the previous week, compared with expectations for a smaller increase to 230,000 in survey of analysts compiled by Bloomberg as of 7:30 am ET. The four-week moving average increased by 2,500 to 231,000 after increasing by 2,500 to a level of 228,500 in the previous week.
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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