Bank of America's (BAC) wealth business is targeting 4% to 5% net new asset growth in the medium term, executives said on Wednesday. "We have the scale and we have the infrastructure to be outpacing the industry in terms of growth," Eric Schimpf, co-president of Merrill Wealth Management, said at BofA's investor day.
The Council of Federal Home Loan Banks today submitted comments to the Federal Housing Finance Agency on its draft Strategic Plan: Fiscal Years 2026?2030, expressing support for the agency?s continued efforts under Director Bill Pulte?s leadership to modernize oversight and reduce unnecessary regulatory burdens on the Federal Home Loan Banks.
-Overall U.S. household debt levels increased modestly in the third quarter as borrowing in some form of trouble stabilized and student loan woes increased, the New York Federal Reserve said on Wednesday. As part of its latest report on borrowing in the economy, the regional Fed bank said overall borrowing for the third quarter rose 1%, or $197 billion, from the second quarter, to $18.6 trillion.
* Household debt rises 1% to $18.6 trillion in third quarter, NY Fed says. * Student loans see largest increase in serious delinquency. * Economic conditions may impact future delinquency rates, regional Fed bank warns. By Michael S. Derby.
* Economic data erodes confidence in Fed rate cuts. * Treasury considers future increases in coupon debt issues. * U.S. Supreme Court hears arguments on Trump's tariffs. By Davide Barbuscia.
KBRA assigns an A+ long-term rating to the City of Chicago, Illinois Chicago O'Hare International Airport Senior Lien Revenue Bonds Series 2025E, Series 2025F, and Series 2025G.
In the Americas, technology names led shorting activity, with Palo Alto Networks, IBM, and Super Micro Computer among the most crowded positions as investors reassessed high-valuation AI and cybersecurity plays Global equity markets showed notable divergence in October, shaped by renewed U.S.?China trade tensions, a U.S. government shutdown and diverging central bank policies.
U.S. Supreme Court justices raised doubts on Wednesday over the legality of President Donald Trump's sweeping tariffs in a case with implications for the global economy that marks a major test of Trump's powers.
The Institute for Supply Management's US services index rose to a reading of 52.4 in October from 50.0 in September, compared with expectations for a smaller increase to a reading of 50.8 in a survey compiled by Bloomberg as of 7:35 am ET.
U.S. services sector activity picked up in October amid a solid increase in new orders, but subdued employment pointed to lackluster labor market conditions against the backdrop of economic uncertainty stemming from tariffs on imports. The Institute for Supply Management said its nonmanufacturing purchasing managers index rose to 52.4 last month from 50.0 in September.
Ramaco Resources (METCB) said Wednesday it has priced a public offering of $300 million of 0% convertible senior notes due 2031. Issuance and sale of the notes are expected to settle on Friday, the company said. Underwriters of the notes were given an option to buy up to an additional $45 million of notes to cover over-allotments, Ramaco said.
* Nonmanufacturing PMI increases to 52.4 in October. * New orders received by services businesses surge. * Services employment remains weak; prices paid for inputs rise moderately. By Lucia Mutikani.
Last week's gross domestic product report in Canada showed a "nasty" 0.3% month-over-month drop in August, and yet growth will still manage to eke out a "tiny" gain for all of Q3, said Bank of Montreal. In the first eight months of the year, the economy has. managed to grow by 1.3% from the same period a year ago, noted the bank. That 1.3% growth pace is below average and is "meek," stated BMO.
AM Best has affirmed the Financial Strength Rating of B++ and the Long-Term Issuer Credit Rating of ?bbb? of HDFC International Life and Re Company Limited, a subsidiary of HDFC Life Insurance Company Limited, which in turn is majority held by HDFC Bank Limited.
Canada's services economy expanded in October for the first time in 11 months as businesses showed signs of adjusting to economic uncertainty, S&P Global's Canada services PMI data showed on Wednesday. The headline Business Activity Index rose to 50.5 last month from 46.3 in September, posting its first move above the 50 threshold since November last year.
Canada's services economy expanded in October for the first time in 11 months as businesses showed signs of adjusting to economic uncertainty, S&P Global's Canada services PMI data showed on Wednesday. The headline Business Activity Index rose to 50.5 last month from 46.3 in September, posting its first move above the 50 threshold since November last year.
NEW YORK, Nov. 5, 2025 For the third consecutive year, Emigrant Bank is pleased to award small business grants to locally owned businesses and nonprofit organizations in the New York metropolitan area. The grants, benefitting low- to moderate- income communities, are made possible through the Federal Home Loan Bank of New York's Small Business Recovery Grant Program.
SEATTLE, Nov. 5, 2025 CD Valet?is a digital marketplace that connects consumers with the best CD rates and terms nationwide, helping community financial institutions effectively attract new deposits. "As expected after the recent Fed rate cuts, CD yields in general continue to ease.
Today, the Federal Home Loan Bank of Indianapolis announced that it has facilitated over $26 million in loans to community development financial institutions across Indiana and Michigan. CDFIs are mission-driven lenders that provide credit and financial services to communities traditionally underserved by mainstream financial institutions, including rural, urban and Native American communities.
The world should watch out for three possible bubbles in financial markets, including artificial intelligence, the head of the World Economic Forum said on Wednesday, in comments that came amid sharp falls in global technology stocks. Brokers and analysts say the falls are a cause for caution but not panic as markets have been touching record highs and some valuations are looking overblown.
* Nonmanufacturing PMI increases to 52.4 in October. * New orders received by services businesses surge. * Services employment remains weak; prices paid for inputs rise. By Lucia Mutikani.
Traders will be net short on the U.S. dollar through November as the currency weakens over coming months on continued bets of multiple Federal Reserve interest rate cuts, a Reuters survey of foreign exchange strategists showed on Wednesday.
ADP's monthly measure of private payrolls showed a 42,000 increase in October, well above expectations compiled by Bloomberg as of 7:35 am ET for an increase of 30,000 and the first monthly increase since July. The October gain followed an upwardly-revised 29,000 jobs decrease in September.
U.S. private payrolls rebounded sharply in October, the ADP employment report showed on Wednesday. Private employment increased by 42,000 jobs last month after an upwardly revised 29,000 decline in September. Economists polled by Reuters had forecast private employment rebounding by 28,000 jobs after a previously reported 32,000 drop in September.
ROSELAND, N.J., Nov. 5, 2025 Private sector employment increased by 42,000 jobs in October and pay was up 4.5 percent year-over-year according to the October ADP National Employment Report? produced by ADP Research in collaboration with the Stanford Digital Economy Lab.
* Risk off tone in Asia eases in European trading. * Eyes on US private payrolls data. * Sterling pinned near 7-month low ahead of BoE meeting. * Riksbank does little for crown. By Kevin Buckland and Alun John.
Illinois' General Assembly passed a bill that provides both governance reforms sought by lawmakers and funding to avert a Chicago transit fiscal cliff.
The main US stock measures were tracking in the red in Wednesday's premarket activity as traders await a key employment report from Automatic Data Processing and a fresh round of corporate earnings. The S&P 500 declined 0.3%, the Dow Jones Industrial Average edged down less than 0.1% and the Nasdaq was off 0.4% before the opening bell.
LEXINGTON, Ky., Nov. 5, 2025 Ramaco Resources, Inc. (METCB) today announced the pricing of its public offering of $300,000,000 aggregate principal amount of 0% convertible senior notes due 2031. Ramaco estimates that the net proceeds from the offering of the notes will be approximately $290.9 million, after deducting the underwriting discounts and commissions and Ramaco's estimated offering expenses.
LEXINGTON, Ky., Nov. 5, 2025 Ramaco Resources, Inc. (METCB) announced today, in a separate press release, the pricing of its previously announced underwritten public offering of $300,000,000 aggregate principal amount of 0% convertible senior notes due 2031, for total net proceeds of approximately $290.9 million, plus up to an additional $45,000,000 aggregate principal amount of notes that the underwri...
* FTSE 100, FTSE 250 flat. * Barratt Redrow (BTDPF) up after maintaining FY targets. * Bank of England rate decision on Thursday. UK's FTSE 100 was flat on Wednesday as losses in heavyweight banks were offset by rising energy shares, while investors focus on a Bank of England interest rate decision and more corporate earnings later this week.
The European Central Bank must keep its options open for interest rate moves at upcoming meetings, ECB policymaker Francois Villeroy de Galhau said during a conference on Wednesday. Speaking at that same conference in Paris, another ECB policymaker, Joachim Nagel, said the ECB should be vigilant on inflation but not complacent.
* EM stocks down 0.8%, FX down 0.06% * Israel's 2026 budget may hold key to government's survival. * China bans foreign AI chips from state-funded data centres. * Czech inflation picks up in October. * Polish central bank decision due later in the day. By Pranav Kashyap.
The pound stabilised on Wednesday as traders looked to fine-tune positioning ahead of Thursday's important Bank of England meeting, but remained at close to a seven-month low against the dollar and its weakest in well over two years against the euro.
Output and new orders in Britain's services industry picked up last month, according to a survey released on Wednesday that showed expectations for activity in the next 12 months were the highest since October 2024.
AviLease, the jet-leasing company backed by Saudi Arabia's Public Investment Fund, began marketing a U.S. dollar-denominated five-year bond, according to an arranging bank document seen by Reuters on Wednesday. The initial price guidance for the benchmark-sized offering was set at 140 basis points over U.S. Treasuries, the document said.
Euro zone government bond yields dipped on Wednesday, tracking U.S. Treasuries, which rallied as equities markets tumbled on concerns over high valuations, particularly in the tech sector. The European Central Bank's quarterly wage tracker is due later in the session.
* Asian equities drop sharply following tech-led Wall Street sell-off. * Sterling pinned near 7-month low as UK's Reeves hints at tax hikes. * NZ dollar dips to 12-year low vs Aussie after jobless rate jumps. By Kevin Buckland.
Guardant Health, Inc. (GH), a leading precision oncology company, today announced the pricing of its upsized offering of $350.0 million aggregate principal amount of 0% convertible senior notes due 2033 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.
U.S. Supreme Court justices raised doubts on Wednesday over the legality of President Donald Trump's sweeping tariffs in a case with implications for the global economy that marks a major test of Trump's powers.
* Asian equities drop sharply following tech-led Wall Street sell-off. * Sterling pinned near 7-month low as UK's Reeves hints at tax hikes. * NZ dollar dips to 12-year low vs Aussie after jobless rate jumps. By Kevin Buckland. TOKYO, Nov 5 - The safe-haven Japanese yen and Swiss franc stood tall on Wednesday as an aggressive tech-led selloff on Wall Street spilled over into Asia.
Major stock indexes gained on Wednesday as corporate earnings and U.S. private payrolls data were stronger than expected, while Treasury yields surged following the day's economic data. U.S. private payrolls increased?by 42,000 jobs in October, exceeding expectations of a 28,000 gain, according to a Reuters poll of economists.
China's services activity expanded in October but at its slowest pace in three months, as a decline in overseas orders offset the boost from improved domestic demand, a private survey released on Wednesday showed. The RatingDog China General Services PMI, compiled by S&P Global, slipped to 52.6 from 52.9 in September, staying above the 50-mark that separates growth from contraction.
* Overseas orders contract for the first time in four months. * Employment levels continue to decline. * Input costs rise while selling prices fall. By Liangping Gao and Ryan Woo. China's services activity expanded in October but at its slowest pace in three months, as a decline in overseas orders offset the boost from improved domestic demand, a private survey released on Wednesday showed.
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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