Canada's consumer price index rose 1.9% year over year in August, up from a 1.7% increase in July, Statistics Canada said Tuesday, a day before the Bank of Canada is scheduled to set policy. August's CPI reading was slightly below the 2.0% consensus estimate from MUFG. The central bank focuses on inflation when setting interest rates, and most analysts expect a 25-basis-point rate cut Wednesday.
Inflation remained largely unthreatening in August, making the expected Bank of Canada interest rate cut on Wednesday a relatively easy decision, said CIBC. While Tuesday's headline inflation accelerated to 1.9% year over year from 1.7% in the previous month, that was largely due to base effects and was actually slightly lower than the consensus expectation of 2.0%, noted the bank.
US retail sales rose by 0.6% in August, well above the 0.2% increase expected in a survey compiled by Bloomberg as of 7:40 am ET and following the previous month's 0.6% gain. Excluding a 0.5% increase in motor vehicle sales, retail sales were still up 0.7% compared with an expected 0.4% gain.
Fundstrat?s Tom Lee predicts crypto could make ?monster? moves in the coming months as Federal Reserve rate cuts provide tailwinds, while Standard Chartered analyst Geoff Kendrick says Ethereum treasury companies have the ?highest probability of being sustainable? compared to Bitcoin rivals.
The seasonally adjusted annual rate of housing starts across Canada fell 16% in August to 245,791 units from 293,537 in July, Canada Mortgage and Housing Corp. said Tuesday. August's total missed the 280,000 consensus estimate from MUFG.
US equity futures were little changed pre-bell Tuesday as traders awaited a batch of economic data, while the Federal Reserve is set to kick off its policy-setting meeting. Dow Jones Industrial Average futures down 0.02%, S&P 500 futures were up nearly 0.2%, and Nasdaq futures were 0.2% higher.
Chord Energy (CHRD) said Tuesday it will offer $500 million in senior unsecured notes due 2030 through a private placement to eligible purchasers. Chord Energy (CHRD) will use the proceeds to finance part of Chord's pending acquisition of oil and gas assets in the Williston Basin from XTO Energy, as well as costs and fees linked to the offering.
Markets are going into Canadian and United States macroeconomic data on Tuesday with a cautious bias and a careful eye toward more important developments in Wednesday's central bank decisions, said Scotiabank. The U.S. Federal Reserve and the Bank of Canada are scheduled to release their policy decisions on Wednesday. The US dollar is softer early Tuesday, noted Scotiabank.
European bourses tracked moderately lower midday Tuesday, undercut by interest-rate sensitive bank and insurance industry shares, which sagged on prospects for rate cuts by major global central banks, including the US Federal Reserve. Retail and tech stocks bucked trends, to notch gains.
Canada updates the consumer price index for the month of August at 8:30 a.m. on Tuesday -- the day before the Bank of Canada delivers its policy decision, noted Scotiabank. The bank estimated total CPI to be up by 0.1% month over month in seasonally unadjusted terms.
Three BlackRock fixed-income closed-end funds experienced notable declines in their quality rankings this week, pushing each into the market's bottom decile for operational efficiency and financial health.
Asian stock markets rallied on renewed strength in tech issues and the outlook for monetary accommodation from major central banks on both sides of the Pacific Ocean. Broad equity indices in Tokyo, Seoul and Taiwan finished at all-time record highs, although Hong Kong and Shanghai closed largely unchanged.
Royal Bank of Canada (RY) said late Monday it launched a $1.35 billion offering of non-viability contingent capital additional tier 1 limited recourse capital notes, series 7, due Nov. 24, 2085. The notes will bear an annual interest rate of 6.5% for an initial period through Nov. 24, 2035.
Societe Generale in its early Tuesday economic news summary pointed out: -- US dollar offered after United States Treasury yields reverse from 4.08% to 4.035%, short covering after weak New York Fed manufacturing survey, support 3.99%. Retail sales in focus for domestic demand in Q3. -- United Kingdom average earnings excluding bonuses slow to 4.7% three-month/year-over-year in July, in line.
The Senate on Monday confirmed Stephen Miran to the Federal Reserve Board in a tight 48-47 vote, multiple media outlets reported Tuesday. Miran will serve the remaining months of former Fed Governor Adriana Kugler's term, which ends in January.
?A new survey of 200 anti-money laundering professionals at U.S. mid-size and community banks reveals a growing gap between confidence and capability in the fight against financial crime. Globally, the United Nations Office on Drugs and Crime estimates that $800 billion to $2 trillion is laundered every year, roughly 2?5% of global GDP.
Crude oil prices were little changed on Tuesday as markets contemplated a potential U.S. Federal Reserve interest rate cut, which could boost oil demand, and the supply impacts of Ukrainian attacks on Russian energy infrastructure.
USA Compression Partners (USAC) said late Monday it priced a private placement of $750 million of 6.25% senior unsecured notes due 2033 at par, for about $742.5 million in expected net proceeds. The company expects the offering to close Sept. 24 and plans to use the proceeds to redeem 6.875% senior notes due 2027 and repay other borrowings. MT Newswires does not provide investment advice.
GlobalFoundries (GFS) today announced that the World Economic Forum has designated its 300mm fab in Singapore as part of the Global Lighthouse Network of advanced manufacturers. GF continuously strives to leverage digital capabilities to improve safety, cost, quality, and productivity.
Five Point Holdings (FPH) said late Monday its Five Point Operating and Five Point Capital subsidiaries have priced $450 million worth of 8% senior notes due 2030. The notes will be issued at par and the issuance is expected to close Sept. 25. The net proceeds from the offering, together with cash on hand, will be used to redeem other debt, the company said.
A panel of DC Circuit Court judges ruled late Monday that the president had not met the stringent statutory requirements to block a lower court injunction, which allowed Federal Reserve Gov. Lisa Cook to remain at her post as her lawsuit challenging her dismissal is litigated.
Keyera (KEYUF), after trade Monday, said it will issue $2.3 billion in senior unsecured notes and $500 million in fixed-to-fixed rate subordinated notes, also referred to as hybrid notes. The senior notes will be issued in four parts: $500 million at 3.702% interest, due in 2030; and $600 million at 4.204%, due in 2033; and $500 million at 4.569%, due in 2035; and $700 million at 5.309%, due in 2055.
Kimco Realty?, a real estate investment trust and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, today announced the company achieved an ?A-? credit rating with a stable outlook from S&P Global Ratings, making it one of just 13 publicly-listed U.S. REITs with a credit rating of ?A-? or better from either S&P...
A late rally extended gains on the Toronto Stock Exchange and with that brought about a fresh record close Monday as more market watchers believe not only will the Bank of Canada cut its key benchmark interest rate on Wednesday, but will follow that up with another in October, even as National Bank cited tomorroway's inflation report as "a source of uncertainty".
"This was a much-needed rally as the long end struggled throughout the year, but now has been pushed back into positive territory," said Jason Wong, vice president of municipals at AmeriVet Securities.
Financial stocks were softer in late Monday afternoon trading, with the NYSE Financial Index fractionally lower and the Financial Select Sector SPDR Fund easing 0.3%. The Philadelphia Housing Index was falling 1.3%, and the Real Estate Select Sector SPDR Fund was down 0.1%. Bitcoin was declining 0.2% to $115,157, and the yield for 10-year US Treasuries fell 3 basis points to 4.03%. In economic ...
Financial stocks were mixed in late Monday afternoon trading, with the NYSE Financial Index fractionally higher and the Financial Select Sector SPDR Fund easing 0.3%. The Philadelphia Housing Index was falling 1.3%, and the Real Estate Select Sector SPDR Fund was down 0.1%. Bitcoin was declining 0.2% to $115,157, and the yield for 10-year US Treasuries decreased 3 basis points to 4.03%. In econ...
As the Federal Reserve approaches next week?s policy meeting, Wall Street is doing the usual pas de deux around interest rates. VOO is up 13% year-to-date. According to Bloomberg, over $800 billion has flowed into ETFs this year, with nearly $475 billion going into equity funds, bringing the chance of a trillion-dollar annual take within reach.
Gold traded at a record high midafternoon on Monday, rising above US$2,700 as traders await an expected U.S. Federal Reserve interest-rate cut later this week. Gold for December delivery was last seen up US$33.60 to US$3,720.00 per ounce, edging lower from Friday's record close.
The Federal Reserve is expected to cut interest rates consecutively until January, with this week's post-meeting policy guidance likely to signal an easing bias amid worries about the labor market, Morgan Stanley said in a note emailed Monday. Markets reflect near certainty that the Federal Open Market Committee will reduce its policy rate by 25 basis points to 4% to 4.25% on Wednesday.
A TIF fund established by the Alexandria Industrial Development Authority supporting a troubled hotel renovation project in downtown Alexandria, Virginia, is reported to be in default.
The Toronto Stock Exchange is up over 94 points at midday with miners and energy, both up 0.8%, leading gains. Limiting gains is the telecoms sector, which is down 1.2%. All eyes are on central banks in Canada and the U.S. on Wednesday, as both will be making policy announcements on the same day. BMO sees both central banks cutting rates by 25 bps at these meetings.
European stock markets closed mixed in Monday trading as The Stoxx Europe 600 rose 0.4%, Germany's DAX was up 0.15%, the FTSE 100 was off 0.11%, France's CAC gained 0.95%, and the Swiss Market Index was down 0.41%. There was a 12.4 billion euro trade surplus in the euro area in July, down from 18.5 billion euros a year earlier, according to preliminary data from Eurostat, the statistical office...
SoFi Technologies Inc (SOFI) shares are trading higher Monday, hitting a new 52-week high as Wall Street extended record gains, with investors positioning ahead of this week's key Federal Reserve meeting.
Aya Gold & Silver (AYASF) reported Monday new drilling results confirming the discovery of a new gold zone at the Asirem Zone, located west of the Boumadine main trend in Morocco. Results from the new Asirem gold zone include 1.52 grams per tonne gold over 4.3 meters, 1.49 g/t gold over 1.0 meters, and 1.95 g/t over 1.0 meters.
B2Gold Monday confirmed its 2025 annual production guidance despite a reduced target at the Goose mine in Canada. National Bank maintained B2Gold's (BTG) outperform rating and $8 price target, which was based on 4.0x EV/EBITDA NTM.
The Bank of Canada will announce its policy decision on Wednesday, noted RBC. The recent data reinforced the Canadian dollar weakness over the past month, said the bank.
Greystone, a leading national commercial real estate finance company, has provided a $26,320,000 Freddie Mac loan to finance the acquisition of Tiberon Trails apartments, a multifamily property in Merrillville, Indiana.
National Bank of Canada noted Monday Equinox Gold's first gold pour at the Valentine mine in Newfoundland and Labrador. The bank maintained Equinox's outperform rating and $12 price target following the news. The company achieved the milestone in line with the bank's estimate of third quarter.
National Bank of Canada Monday kept Alamos Gold's outperform rating and C$53.50 price target after the company sold its Turkish development projects for US$470 million. The bank said the sale allows Alamos to streamline its portfolio to focus more on North America.
Federal Home Loan Bank of Atlanta is committing $11.7 million in grant funding to support the development of affordable multifamily rental housing across its district.
Canadian existing home sales increased 1.1% month-on-month in August, marking a slowdown from July's 3.9% month-over-month increase, noted TD after Monday's data from the Canadian Real Estate Association. Gains in Quebec, British Columbia and Alberta helped lift national sales. New listings increased 2.6% month over month in August.
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.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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