A 25bps rate is in the balance in Canada after the sharp United States tariff-induced slowdown in the economy in Q2 but the 1.6% seasonally adjusted annual rate contraction in GDP wasn't miles away from the central bank forecast, said Societe Generale. However, the labor market took a turn for the worse over the summer, with companies shedding jobs in July and August, noted the bank.
The Canadian dollar is the worst-performing G10 currency on a year-to-date basis after the US dollar and is also the weakest in September, even slipping slightly against the greenback, MUFG said. The fundamental backdrop has deteriorated and expectations for renewed rate cuts have increased, the bank wrote in a note to clients.
Societe Generale in its early Wednesday economic news summary pointed out: -- Currencies, bonds, stocks positioned for dovish 25bps Federal Reserve rate cut. -- United Kingdom consumer price index steady at 3.8% year over year in August, core moderates to 3.6%. Services slow to 4.7% year over year from 5.0% in July, below the forecast.
ADTRAN Holdings (ADTN) said Wednesday that it priced its private offering of $175 million of 3.75% convertible senior unsecured notes due Sept. 15, 2030, upsized from $150 million. The company also granted the initial purchasers a 13-day option to buy up to an additional about $26.3 million of notes.
Crude oil prices fell on Wednesday as markets expect an interest rate cut from the U.S. Federal Reserve during their meeting. Brent crude at last look lost 0.7% to US$68/barrel and West Texas Intermediate crude fell 0.7% to US$64.06/b. This comes after prices jumped in the previous session amid concerns about the impacts on supply of Ukrainian attacks on Russian energy infrastructure.
Cytokinetics, Incorporated (CYTK) today announced the pricing of its offering of $650.0 million aggregate principal amount of 1.75% convertible senior notes due 2031 in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
Oatly Group (OTLY) said late Tuesday it priced a 1.70 billion Swedish Krona offering of senior secured floating rate bonds. The bonds will bear a rate equal to 3-month Stockholm Interbank Offered Rate plus 7% with a four-year tenor, according to a statement. The issue is expected to close on Sept. 30, subject to closing conditions, the company said.
The S&P 500 and the Nasdaq Composite fell from record levels on Tuesday as the Federal Reserve kicked off its two-day monetary policy meeting. The two indexes lost 0.1% each to close at 6,606.8 and 22,334, respectively. Among sectors, utilities saw the biggest drop, while energy led the gainers.
US equity indexes were lower after close on Tuesday, but were trading close to record levels as the US Federal Reserve remains on course to cut rates following better-than-expected retail sales print and an increase in industrial production.
Chimera Investment (CIM/PA) closed an underwritten public offering of $120 million of 8.875% senior notes due 2030. The proceeds include $5 million issued under an overallotment option, the company said Tuesday in a statement. The notes will list on the New York Stock Exchange under the symbol CIMP, and trading is expected to start Thursday. MT Newswires does not provide investment advice.
US equity indexes were lower on Tuesday amid likely interest rate cuts by the Fed this week and an increase in industrial production. * Industrial production increased by 0.1% in August, defying Bloomberg survey expectations of a 0.1% decline and following a revised 0.4% drop in July.
The Toronto Stock Exchange closed down from a record high Tuesday as market watchers await a Bank of Canada interest-rate decision tomorrow, with RBC saying it will be a "closer call than the market expects", and as Teck Resources closed lower after a federal minister hinted a proposed deal with Anglo American may not get the green light.
As the "slope of the municipal yield curve remains extremely steep and long bonds are cheap relative to U.S. Treasuries," Daryl Clements, a portfolio manager at AllianceBernstein (AB), predicts "long municipal bonds have a long way to go until they are considered fair value."
Chord Energy (CHRD) said Tuesday that it has priced a $750 million private offering of 6.0% senior unsecured notes due 2030, upsizing the deal by $250 million from its initial plan. The offering is expected to close Sept. 30, the company said. Net proceeds will be used to support Chord's acquisition of XTO's Williston Basin assets and for general corporate needs.
Financial stocks fell in late Tuesday afternoon trading, with the NYSE Financial Index down 0.3% and the Financial Select Sector SPDR Fund shedding 0.4%. The Philadelphia Housing Index declined 0.7%, and the Real Estate Select Sector SPDR Fund shed 0.7%. Bitcoin rose 1% to $116,530, and the yield for 10-year US Treasuries eased to 4.03%. In economic news, retail sales rose by 0.6% in August, ab...
Financial stocks fell in late Tuesday afternoon trading, with the NYSE Financial Index down 0.3% and the Financial Select Sector SPDR Fund shedding 0.4%. The Philadelphia Housing Index declined 0.7%, and the Real Estate Select Sector SPDR Fund shed 0.7%. Bitcoin rose 1% to $116,530, and the yield for 10-year US Treasuries eased to 4.03%. In corporate news, JPMorgan Chase (JPM) and Nomura are among th...
US equity indexes were lower ahead of the close on Tuesday as the Federal Open Market Committee commenced its two-day policy session amid a rise in US retail sales in August and higher business inventories in July.
The Federal Reserve is expected to cut rates on Wednesday at the Federal Open Market Committee meeting for September. This would mark the first cut since December 2024 and would come with stock market indexes at all-time highs.
US industrial production logged a surprise increase in August as manufacturing output rebounded amid strong growth in motor vehicles and parts, data from the Federal Reserve showed Tuesday. Industrial output rose 0.1% last month, following a downwardly revised 0.4% decrease in July. Manufacturing output grew 0.2% in August after a 0.1% contraction the prior month.
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.
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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