The Federal Open Market Committee is widely expected to lower the range for its federal funds rate by 25 basis points from the current range of 4.25% to 4.50%, with markets poised to look at Federal Reserve Chairman Jerome Powell's post-meeting comment and the updated Summary of Economic Projections.
Financial stocks fell in Tuesday afternoon trading with the NYSE Financial Index dropping 0.3% and the Financial Select Sector SPDR Fund easing 0.2%. The Philadelphia Housing Index declined 0.5%, and the Real Estate Select Sector SPDR Fund shed 0.6%. Bitcoin rose 1.5% to $116,519, and the yield for 10-year US Treasuries dropped 1 basis point to 4.03%. In economic news, retail sales rose by 0.6%...
Financial stocks were lower in Tuesday afternoon trading, with the NYSE Financial Index down 0.4% and the Financial Select Sector SPDR Fund easing 0.3%. The Philadelphia Housing Index was decreasing 0.6%, and the Real Estate Select Sector SPDR Fund was shedding 0.6%. Bitcoin was increasing 1.5% to $116,519, and the yield for 10-year US Treasuries was one basis point lower at 4.03%. In corporate...
Bond attorneys are eyeballing the possibility of attaching a tax title to the surface transportation reauthorization that could include issues of great interest to the municipal bond community as the appropriations process remains stuck in first gear.
US equity indexes slipped Tuesday, trading beneath records, as the Federal Reserve is on course to resume policy easing following a strong retail sales print and a surprise increase in industrial production. The Nasdaq Composite traded less than 0.1% lower at 22,345.1 after touching an all-time high of 22,397.5 earlier in the session.
Broad Market Indicators. Broad-market exchange-traded funds IWM and IVV fell. US equity indexes decline following strong retail sales and a surprise increase in industrial production as the Federal Reserve remains on course to resume policy easing. Energy. iShares US Energy ETF and the Energy Select Sector SPDR each added 1.5%. Technology.
The Federal Home Loan Bank of New York has launched the 2025 Round of its Small Business Recovery Grant Program with $5 million in grant funding available to local small businesses, farms and non-profits through the FHLBNY?s members.
US homebuilder confidence held steady this month, though future sales projections reached a six-month high amid lower mortgage rates and prospects of monetary policy easing by the Federal Reserve, according to National Association of Home Builders and Wells Fargo data released Tuesday.
US equity indexes decline following strong retail sales and a surprise increase in industrial production as the Federal Reserve remains on course to resume policy easing. The Nasdaq Composite traded 0.1% lower at 22,333.4 after touching an all-time high of 22,397.5 earlier in the session.
Canadian core inflation cemented a rate cut by the Bank of Canada on Wednesday, said Scotiabank. That was the bank's call before Tuesday's consumer price index data. For the BoC to hold on Wednesday, it would need extremely good arguments in order to avoid materially tightening financial conditions by wiping out priced cuts.
Bitcoin remains in a holding pattern ahead of the most anticipated Federal Reserve interest rate decision in months. What Happened: Prominent technical analyst Kevin explained noted that BTC is currently within the $106,800?$118,300 range, holding a daily downtrend with highs at $125,000, $117,400, and $116,800.
Angola's central bank on Tuesday said its Monetary Policy Committee decided to reduce its policy rate by 50bps to 19.0%. The policy decision reflects Angola's downward inflation trajectory, in line with the inflation target for the current year, despite the ongoing international uncertainty and its implications for the country's external accounts, said BNA in Tuesday's statement.
The European stock markets closed sharply lower in Tuesday trading as The Stoxx Europe 600 lost 1.15%, Germany's DAX dropped 1.79%, the FTSE 100 was down 0.88%, France's CAC fell 1%, and the Swiss Market Index declined 1.03%. Seasonally adjusted industrial production increased 0.3% in the euro area and 0.2% in the EU in July compared with June, according to preliminary data from Eurostat, the s...
Gold rallied to a fresh all-time high on Tuesday, underpinned by a weakening US dollar ahead of a highly-anticipated Federal Reserve interest rate cut.
Canadian existing home sales rose a modest 1.9% from year-ago levels, but that leaves activity within the range of what used to be 'normal', if there is such a thing in Canadian real estate, said Bank of Montreal. That is, sales are well within the pre-COVID range of activity, although still toward the lower end.
Inflation remained largely unthreatening in August, which, combined with recent weakening in the labor market, should make a Bank of Canada interest rate cut on Wednesday a done deal, said CIBC.
The outlook on Diageo's (DEO) long-term issuer default rating, or IDR, was revised to negative from stable on Tuesday by Fitch Ratings, which affirmed the company's current A- rating for both its IDR and senior unsecured debt.
The White House said it will appeal a circuit court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the central bank board while her lawsuit challenging her dismissal is litigated.
AlixPartners, the global consulting firm, released its 2025 U.S. Retail Holiday Outlook, which forecasts an "underwhelming" 3% to 5% growth rate in holiday retail sales this year. The outlook, based on a comprehensive survey of U.S. consumers, reveals a consumer who is more cautious as inflationary pressures take a toll on household spending.
Retail sales growth accelerated last month amid broad-based gains, including in spending on motor vehicles and at fuel stations, the US Census Bureau said Tuesday.
The Canadian headline consumer price index inflation for August came in at 1.9% year-on-year, below expectations for a 2.0% print, said TD after the CPI release on Tuesday. August's reading was up from the 1.7% year over year posted in July. Gasoline prices provided a smaller drag to the headline, down 12.7% year over year from 16.1% lower last month.
Dogecoin is holding around 26 cents, with traders charting a path for the meme coin depending on the upcoming interest rate decision by the Federal Reserve. What Happened: In an update on Patreon, prominent analyst Kevin said that DOGE has once again tested the top of its rising channel and golden pocket. This marks the third test this year.
Canadian housing starts declined 16% month-on-month in August, clocking in at a still-healthy 245,800 units, said TD. Stripping away monthly volatility, the six-month moving average of starts increased 1.6% month over month to 267,300 units, noted the bank after Tuesday's Canada Mortgage and Housing Corporation data.
US equity futures were flat before Tuesday's opening bell as traders digested a batch of economic data, while the Federal Reserve kicks off its policy-setting meeting. Dow Jones Industrial Average futures were down 0.05%, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.2% higher.
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.
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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