China's central bank reaffirmed its tough stance on virtual currencies on Saturday, warning of a resurgence in speculation and vowing to crack down on illegal activities involving stablecoins.
The stock market staged a powerful comeback during the shortened holiday week, as expectations of a Federal Reserve rate cut at the Dec. 10 meeting soared, fueling broad-based gains across sectors. The rally was ignited by a notable shift in tone from Federal Reserve officials.
* Overall online spending on Thanksgiving up 5.3% to $6.4 billion, Adobe says. * Retailers face challenge as consumer spending intentions decline. * Black Friday's role diluted by extended online promotions. * Labor market concerns make shoppers more selective. By Jessica DiNapoli, Rich McKay and Siddharth Cavale.
Bargain-hunting Americans clicked their way through Thanksgiving, spending $8.6 billion online so far on Black Friday, as more consumers turned to laptops and phones instead of braving brisk weather to snap up deals over the crucial shopping weekend.
The Canadian dollar is not expected to break below the key area at 1.3923 unless there is much stronger Canadian data, more than just an upside surprise in next week's jobs report, according to RBC Capital Markets' latest CAD Weekly Soundbites.
The Toronto Stock Exchange set its fourth-straight record close Friday, despite mixed commodity prices and the release of messy Canadian third-quarter GDP data, even as Rosenberg Research sees early indications that coming weakness will prove to be a" correction in an uptrend".
Latin American assets climbed on Friday and were on pace for their fourth-straight monthly rise on growing confidence that the U.S. Federal Reserve will cut interest rates.
* S&P 500, Dow eke out monthly gains; Nasdaq registers November drop. * CME Group outage disrupts futures trading, affecting market liquidity. * Fed rate cut bets solidify. * Signs of strength mixed with caution in early Black Friday sales reports. By Stephen Culp.
US equity indexes closed higher Friday despite a losing month amid broad market gains during the Thanksgiving week, as expectations for a Federal Reserve interest rate cut in December remained strong. * The likelihood of a 25-basis-point interest rate cut in December rose to 87% from 83.4% on Wednesday, according to the CME FedWatch Tool.
While Airbnb Inc CEO Brian Chesky may rank among the world's richest people, that status took a bit of a beating recently. Specifically, JP Morgan and Goldman Sachs have realigned their interest rate outlooks, with the financial giants now forecasting the Federal Reserve will deliver a quarter-point cut after its Dec. 9-10 meeting.
Bargain-hunting Americans clicked their way through Thanksgiving, spending 5% more than last year, as more consumers turned to laptops and phones instead of braving brisk weather to snap up deals over the crucial Black Friday shopping weekend.
* Canadian dollar gains 0.4% against the greenback. * Touches its strongest since October 30 at 1.3939. * Third-quarter GDP increases 2.6% * Bond yields rise across the curve. By Fergal Smith.
* STOXX hits longest monthly win streak since March 2024. * Banks up over 4% this month, leading sector moves in November. * Delivery Hero jumps after investors push for strategic review.
Financial stocks rose in Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund each gaining 0.9%. The Philadelphia Housing Index edged up 0.1%, and the Real Estate Select Sector SPDR Fund added 0.6%. Bitcoin fell 0.5% to $90,899, and the yield for 10-year US Treasuries rose 2 basis points to 4.01%. In corporate news, CME said that futures and options t...
Copper powered to a record high above $11,200 a metric ton on Friday, as supply of the metal outside the United States tightened and a weaker dollar fuelled the rally further. Benchmark three-month copper on the London Metal Exchange rose as much as 2.5% to $11,210.50, surpassing the previous all-time peak of $11,200 hit on October 29.
Financial stocks rose in Friday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund each gaining 0.9%. The Philadelphia Housing Index edged up 0.1%, and the Real Estate Select Sector SPDR Fund added 0.6%. Bitcoin fell 0.5% to $90,899, and the yield for 10-year US Treasuries rose 2 basis points to 4.01%. In corporate news, CME said that futures and options t...
* US Treasury-Bund gap narrows. * ECB still seen firmly on hold after data, account. * BTP-Bund spread hits fresh 15-year low. By Stefano Rebaudo. Euro zone benchmark bond yields rose slightly on Friday, but were set for a second straight modest weekly decline as traders stuck to their expectations for the European Central Bank's rate path after economic data and the ECB account.
* S&P headed for first monthly drop since April. * CME Group outage disrupts futures trading, affecting market liquidity. * Fed Rate cut bets solidify. * Signs of strength mixed with caution in early Black Friday sales reports. By Stephen Culp.
StorageVault Canada (SVAUF) said Friday that it has completed its $50 million offering of senior unsecured hybrid debentures. The debentures were issued at $1,000 each and bear an interest rate of 5.6%. The underwriters have also been granted an over-allotment option of up to $7.5 million. Proceeds will be used to pay down bank debt. StorageVault is up $0.05, to $4.90, on the Toronto Stock Exchange.
* CME outage disrupts currency trading for over 11 hours. * Fed funds futures show 87% odds of December rate cut. * BOJ's Ueda may signal rate hike amid fiscal stimulus. By Karen Brettell. The U.S. dollar was heading for its worst weekly performance since late July on Friday as traders increased bets that the Federal Reserve will cut rates again next month.
Canada's main stock index edged higher on Friday in light trading, as investors assessed better-than-expected GDP figures, putting the benchmark on track for its seventh consecutive month of gains. At 10.20 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 0.2% at 31,270.28 points, hovering at record levels after posting three straight record closing highs.
* Silver hits record high of $55.33/oz. * CME trading halt affects FX, commodities, equity futures. * All metals headed for weekly and monthly gains. By Pablo Sinha. Spot gold rose 1% to a two-week high on Friday, as expectations that the Federal Reserve will trim interest rates next month lifted demand for the non-yielding asset, while silver hit a fresh record high.
* Overall online spending on Thanksgiving up 5.3% to $6.4 billion, Adobe says. * Retailers face challenge as consumer spending intentions decline. * Black Friday's role diluted by extended online promotions. * Labor market concerns make shoppers more selective. By Jessica DiNapoli, Rich McKay and Siddharth Cavale.
Canada's economy grew at a much faster pace than expected in the third quarter as crude oil exports and government spending boosted economic activity, data showed on Friday, even as business investments and household consumption disappointed due to the lingering uncertainty over U.S. tariffs.
While today's headline Q3 GDP surprise will keep the Bank of Canada on the sidelines next month, the economy is "clearly still in a very fragile state", said Royce Mendes over at Desjardins on Friday. "Central bankers will need to remain on high alert early next year, with fiscal policy not expected to be a major contributor until at least the middle of 2026.
Canada's main stock index inched lower on Friday, with real estate stocks leading the declines, while investors assessed domestic GDP data. At 9:31 a.m. ET, Toronto's S&P/TSX composite index was down 0.12% at 31.159.66 points.
Brazil's central bank and monetary council decided to regulate banking-as-a-service in the country, they said in a statement on Friday. The move paves the way for companies of several segments to offer financial services to their clients through integration with institutions authorized to operate by the central bank.
The Canadian economy bounced back in Q3, with the 2.6% annualized gross domestic product gain more than offsetting the 1.8% decline seen in Q2, said CIBC after Friday's data.
Kevin Hassett has emerged as the clear frontrunner to replace Jerome Powell as Federal Reserve chair next May, a shift that could reshape U.S. monetary policy and affect global markets, particularly if Hassett brings a more dovish stance as expected.
Canadian real gross domestic product rose 0.2% month over month in September, more than offsetting August's decline of 0.1%, as goods-producing industries drove the increase for the second time in three months, said the country's statistical agency on Friday. The September increase was in line with a consensus figure provided by MUFG.
* * GDP grew by 0.2% in September on month-over-month basis. * Advanced estimate shows GDP to decline 0.3% in October. * Business capital investment stayed flat in third quarter. By Promit Mukherjee.
* Traders ramp up bets Fed will cut rates on Dec 10. * Liquidity thin day after U.S. Thanksgiving holiday. * Japanese economic data strengthen case for BOJ hike. * CME outage hits currency trading on EBS market. By Ozan Ergenay.
Canada will report gross domestic product for Q3, detailed figures for September and the preliminary estimate for October at 8:30 a.m. ET on Friday, said Scotiabank. The bank expects "soft" numbers. Q3 growth is likely to land around 0.5% quarter-over-quarter seasonally adjusted annual rate on an expenditure-accounts basis that fully accounts for net trade and inventory effects, stated Scotiabank.
Canada is slated to release Q3, September and preliminary October gross domestic product data at 8:30 a.m. ET on Friday, said Bank of Montreal. Real GDP likely recovered from a deep 1.6% a.r. contraction in Q2, with an estimated 0.5% annualized expansion in Q3, noted the bank. Even so, net exports likely bounced from Q2's massive subtraction to growth.
Brazil's jobless rate hit an all-time low in the three months through October, data from statistics agency IBGE showed on Friday, coming in below market expectations despite high interest rates. * Unemployment in Latin America's largest economy stood at 5.4% in the August-October period, IBGE said. * That was down from 5.6% in the previous quarter.
Kazakhstan's central bank Friday said its Monetary Policy Committee decided to maintain the base rate at 18.0%. Friday's decision was in line with market expectations, noted ING. Following October's larger-than-expected 150bps hike, inflation in Kazakhstan has eased slightly to 12.6% year-on-year as of October, pointed out ING.
Canada's 'other' jobs report, based on company payrolls rather than household responses, showed a net loss of 58,000 positions in September, more than wiping out gains from the previous two months, said Bank of Montreal.
The "big three" credit rating agencies have given a cautious thumbs up to Britain's budget this week, regarding it as an ongoing push for fiscal consolidation by the government, albeit with a high degree of execution risk.
* Retailers like TJX and Ross expected to attract bargain hunters. * Analysts favor Ross and TJX over Macy's and Kohl's. * Investors monitor store traffic for consumer sentiment insights. * High-end retailers' stock gains reflect affluent consumer spending. * Some early sales started in October, discounts may deepen closer to Christmas. By Sin?ad Carew.
Pandora, the world's biggest jewellery brand by volume, expects fierce competition this Black Friday as retailers fight to lure shoppers with discounts at a time of weak consumer confidence, its chief commercial officer said on Friday. Black Friday typically draws crowds, but inflation and unemployment could dampen spending this year.
* * Government sees demand, easing inflation to support growth. * Manufacturing output up 9.1%, private consumption rose 7.9% By Nikunj Ohri and Manoj Kumar. India's economy grew at its fastest pace in 18 months in the July-September period, lifted by robust consumer spending and front-loading of production ahead of local festivals and. punitive. U.S. tariffs.
Alberta presented its 2025 Budget Update, and while it concedes that momentum is slowing, real gross domestic product in the province is now expected to rise by 2.1% this year, which is an improvement from Q1 and Budget expectations, said National Bank of Canada. The 2026 growth is seen moderating further to 1.8%, the bank noted in a Thursday release.
European bourses tracked marginally higher midday Friday as traders joined the global breather on AI-sector and interest-rate related gyrations. Oil stocks led gains on largely muted continental trading floors. Investors also eyed Wall Street futures modestly in the green, and mixed closes overnight on Asian exchanges.
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.
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