-A clutch of Federal Reserve bank presidents on Friday aired their discomfort with the U.S. central bank's decision to cut interest rates this week, even as influential Fed Governor Christopher Waller made the case for more policy easing to shore up a weakening labor market.
In a deal completed on Oct. 27, the asset manager merged its JPMorgan National Municipal Income Fund into the JPMorgan Municipal ETF. The merger immediately made JMUB the biggest active municipal bond ETF in the United States with $5.8 billion in assets under management, according to the company.
* * Both services and goods sectors contracted, StatsCan said. * Annualized Q3 growth likely 0.4%, following 1.6% drop in Q2. By Promit Mukherjee. Canada's GDP contracted in August against a consensus estimate of flat growth, data showed on Friday, and an advance estimate suggested the economy might escape a recession in the third quarter.
The European Central Bank must keep its options open for interest rate moves at upcoming meetings to react to risks, including from financial markets, ECB policymaker Francois Villeroy de Galhau said on Friday.
Brazil's key public finance metrics worsened in September, central bank data showed on Friday, reflecting heavy costs to roll over public debt and finance expenditures not covered by revenues. The country's gross public sector debt rose to 78.1% of gross domestic product in September from 77.5% a month earlier, the data showed.
-Global equity funds attracted massive investments in the week to October 29 ahead of an anticipated interest rate cut by the U.S. Federal Reserve and a trade deal between U.S. President Donald Trump and Chinese President Xi Jinping.
U.S. equity fund inflows cooled significantly in the week to October 29 as investors refrained from taking major bets in the lead-up to an anticipated Federal Reserve rate cut and a batch of earnings reports from big technology companies.
Global equity funds attracted massive investments in the week to October 29 ahead of an anticipated interest rate cut by the U.S. Federal Reserve and a trade deal between U.S. President Donald Trump and Chinese President Xi Jinping.
The US dollar rose against its major trading partners early Friday, except for a decline versus the euro, before another light data schedule that includes only the Chicago purchasing managers' index report for October at 9:45 am ET and an update to the Atlanta Federal Reserve's gross domestic product Nowcast estimate around midday.
The Los Angeles Department of Water and Power will sell $977.6 million of water revenue bonds as it grapples with the impacts of January's devastating wildfire.
European bourses tracked moderately lower midday Friday as traders weighed the Thursday rate pause by the European Central Bank and digested recent earnings-season reports. Oil and tech stocks led broad declines on continental trading floors.
Brazil's public sector gross debt reached 78.1% of gross domestic product in September, central bank data showed on Friday, up from 77.5% the month before. The public sector recorded a primary deficit of 17.452 billion reais for the month, in line with expectations from economists in a Reuters poll.
Indian government bonds rose by close of trade on Friday as the central bank sold lesser debt than scheduled at a weekly auction, providing some relief in a bearish market. Bonds have sold off in recent days amid doubts over local rate cuts as well as the central bank's stance on banking system liquidity.
MSCI (MSCI) said Friday that it priced its registered public offering of $500 million of 5.15% senior unsecured notes due 2036 at 99.65%. The company said it plans to use the net proceeds for general corporate purposes, which may include common stock repurchases, investments and acquisitions. The offering is expected to settle on Thursday. MT Newswires does not provide investment advice.
* Gold set for third monthly gain. * Investors trim December rate cut bets from above 90% to 67% * Trump reduces tariffs on China from 57% to 47% By Ishaan Arora. Gold retreated towards $4,000 an ounce on Friday as uncertainty over another U.S. rate cut in December helped keep the dollar near three-month highs, but held on track for its third straight monthly gain.
* Bund yields remain on track for a monthly decline. * Trade tensions earlier this month supported bond prices. * PIMCO expects prolonged period of ECB inaction. * Traders price in about 45% chance of ECB rate cut in 2026. By Stefano Rebaudo.
MSCI Inc. (MSCI), a leading provider of critical decision support tools and services for the global investment community, announced today that it priced its registered public offering of $500 million aggregate principal amount of 5.150% senior unsecured notes due 2036 at an issue price of 99.650%. Interest on the notes will be 5.150% per annum, and will be payable in cash semi-annually, beginning on M...
The Federal Reserve plans to shrink its banking supervision division by about 30% by the end of next year, reducing staff to around 350 from 500, The Wall Street Journal reported Friday, citing an internal memo. The report said the move, announced by Vice Chair Michelle Bowman, reflects her plan to streamline the division by reducing management layers and restructuring operations.
Boyd Group Services (BGSI) overnight Thursday announced that it has priced a private placement offering of C$525 million principal amount of senior unsecured notes due 2030 of the company, at a price of C$1,000 per C$1,000 principal amount of notes, with an interest rate of 5.50% per annum, payable semi-annually in arrears on November 6 and May 6, commencing on May 6, 2026.
A resilient U.S. stocks rally heads into a busy week of corporate results, with investors concerned about the strength of the artificial intelligence trade and about how aggressively the Federal Reserve will cut interest rates. The S&P 500 on Friday ended October up 2.3% for the month, its sixth straight month of gains, despite wobbling this week after megacap companies posted mixed results.
* Solid Q3 earnings season sees 130 more S&P 500 reports next week. * Meta, Microsoft (MSFT) shares stumble after results. * Private data including ADP employment in focus as shutdown set to delay jobs data. By Lewis Krauskopf.
* U.S.-China trade deal, tech sector earnings cloud currency path. * Tokyo CPI hotter than expected at 2.8% * Euro nudges higher after ECB holds interest rates. * Pound under pressure as worries over UK finances grow. By Amanda Cooper.
Euro zone inflation will remain at or near the European Central Bank's 2% target in the coming years and growth is seen slowly picking up towards its potential, a key ECB survey showed on Friday.
-Wall Street's main stock indexes closed higher on Friday, with their biggest boost coming from Amazon's upbeat earnings forecast, but sentiment was dampened by worries that the Federal Reserve is becoming more cautious about cutting rates. The S&P 500, the Nasdaq Composite and the Dow boasted weekly gains and their longest monthly winning streaks in years.
China is confident it will achieve an annual average growth rate of 4.17% over the next decade, the level needed for it to become a medium-level developed country in terms of GDP per capita by 2035, said an official book outlining proposals for the next five-year plan.
Bloom Energy (BE) said Friday it priced a $2.2 billion private placement of 0% convertible senior notes due Nov. 15, 2030, upsized from a previously planned $1.75 billion. Initial purchasers have a 13-day option to buy up to an additional $300 million of the notes.
By Stefano Rebaudo Euro zone government bond yields were on track for a second straight weekly rise, following a hawkish signal by the Federal Reserve and an uneventful European Central Bank meeting. The ECB kept interest rates unchanged at 2% and reiterated that policy was in a "good place" as economic risks recede and the euro zone shows continued resilience in the face of uncertainty.
* Traders reduce expectations for 25bp cut in December. * Bullion has gained 4% so far this month. * Palladium up more than 1% By Brijesh Patel. Gold prices slipped on Friday, as the dollar firmed on uncertainty over further Federal Reserve rate cuts, although the bullion was still set for its third consecutive monthly gain. Spot gold was down 0.3% at $4,011.60 per ounce, as of 0700 GMT.
* Most non-US cbanks hold rates on inflation, trade challenges. * SNB maintains 0% rate, inflation exceeds forecast. * Bank of Canada cuts rates, signals end to easing. By Naomi Rovnick and Alun John.
The U.S. Federal Reserve has moved back into line with other major rate setters after it cut rates by a quarter point on Wednesday but pushed back against market bets that it would keep going as the Washington shutdown fogs up its forecasting lens. The Bank of Japan and European Central Bank left rates unchanged on Thursday.
Bloom Energy Corporation (BE) today announced the pricing of its offering of $2.2 billion aggregate principal amount of 0% convertible senior notes due 2030 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The notes will be senior, unsecured obligations of Bloom Energy.
-Barclays (BCS) and BofA Global Research have revised their forecast and no longer expect the European Central Bank to cut interest rates in its December meeting, after the ECB kept rates unchanged on Thursday.
The Bank of Japan's cautious governor has dropped unusually hawkish hints of an interest rate hike in December or January next year, with the timing likely swayed not just by wage momentum but by moves in the yen.
Japanese government bonds rose on Friday, reversing earlier losses, after strong demand at an auction of two-year notes ended a run of weak sales for the tenor. Investors returned to the debt after Bank of Japan Governor Kazuo Ueda adopted a relatively dovish stance on Thursday, following the central bank's decision to again hold off on raising interest rates.
* U.S.-China trade deal, tech sector earnings cloud currency path. * Tokyo CPI hotter than expected at 2.8% * Euro nudges higher after ECB holds interest rates. By Gregor Stuart Hunter.
Indian government bonds extended losses in early trade on Friday as traders stayed cautious ahead of the weekly debt auction, following a sharp sell-off the previous day after hawkish comments from the U.S. Federal Reserve. The yield on the benchmark 10-year note was at 6.5863% as of 10:30 a.m. IST. Bond yields rise when prices fall.
Global stocks were on pace for their third straight week of gains and seventh consecutive monthly advance on Friday buoyed by strong gains in megacap Amazon after its quarterly earnings, while the dollar climbed after hawkish comments from some Federal Reserve officials.
* * Nikkei heads for 15% monthly gain, South Korea stocks up 20% * Chinese shares down as PMI misses forecast. * Dollar near 3-month highs. By Stella Qiu. Asian shares are set for a seventh straight month of gains on Friday, after upbeat earnings from Amazon (AMZN) and Apple (AAPL) buoyed Wall Street futures and the dollar hovered near three-month highs on uncertainty over further Federal Reserve rate cuts.
South Korean President Lee Jae Myung said on Friday the Asia-Pacific region was at a critical inflection point with a rapidly changing global economic order, as he chaired a leaders' summit in the city of Gyeongju. Chinese President Xi Jinping and U.S. Treasury Secretary Scott Bessent joined the annual summit of the Asia-Pacific Economic Cooperation grouping, a non-binding 21-member forum.
* China's manufacturing PMI remains below growth threshold at 49.0. * Non-manufacturing PMI rises to 50.1 from 50.0 in September. * Separate private sector factory activity forecast to slow. * Data suggests more stimulus required to boost domestic demand. By Joe Cash.
China's factory activity shrank for a seventh month in October, an official survey showed on Friday, suggesting the need for further stimulus to boost demand, with efforts to ship goods abroad merely exporting price wars.
Gold prices edged higher on Friday,
and were on track for a third straight monthly gain, as bargain
hunting and a Federal Reserve interest rate cut lifted demand,
while investors digested a tentative ...
The Japanese yen was heading for a monthly loss against the U.S. dollar on Friday after the Bank of Japan disappointed traders hoping for a more hawkish stance on future rate hikes, while the Federal Reserve dampened expectations for a December rate cut.
* U.S.-China trade deal, tech sector earnings cloud currency path. * Tokyo CPI hotter than expected at 2.8% * Euro nudges higher after ECB holds interest rates. By Gregor Stuart Hunter.
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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