All three major US stock indexes were edging lower in late-morning trading Monday as November Institute for Supply Management's US manufacturing index declined unexpectedly from October. In company news, Synopsys (SNPS) said it has expanded its strategic partnership with Nvidia (NVDA) to link its engineering software more closely to the chipmaker's AI and accelerated computing platforms.
The Canadian economy Friday surprised to the upside in a "major way" in Q3, with real gross domestic product expanding at a 2.6% annual rate, which blew a hole through the 0.5% consensus estimate -- and more than wiped out the 1.8% annualized Q2 contraction, said Rosenberg Research.
The Institute for Supply Management's US manufacturing index fell to 48.2 in November from 48.7 in October, compared with expectations for an increase to a 49.0 reading in a survey compiled by Bloomberg as of 7:55 am ET. There were declines in the readings for new orders, employment and order backlogs but gains in the readings for production and prices.
The S&P Global Canada Manufacturing Purchasing Managers' Index, a composite index designed to provide an overview of the health of the manufacturing sector, came in at 48.4 in November, down from October's 49.6, said S&P Global on Monday.
Gold prices rose early on Monday, climbing for a seventh-straight session as traders anticipate another cut to interest rates from the Federal Reserve next week.
Wall Street futures pointed moderately lower pre-bell Monday as traders weighed a possibly tighter monetary policy in Japan and awaited fresh economic data.
Enerflex (EFXT) was at last look up more than 2% and at 52 week high levels in US premarket trade Monday as it announced that Enerflex Inc., a wholly owned subsidiary, on Monday commenced a private offering to eligible purchasers of $400 million in aggregate principal amount of senior notes due 2031, subject to market and other conditions.
Enerflex Ltd. (EFXT) today announced that Enerflex Inc., a wholly owned subsidiary of Enerflex (EFXT), commenced a private offering to eligible purchasers of $400 million in aggregate principal amount of senior notes due 2031, subject to market and other conditions.
The US dollar fell against its major trading partners early Monday before a busy week, with ADP private payrolls due Wednesday the highlight, as the government's November employment report set for Friday is delayed until Dec. 16.
The benchmark US stock measures were lower before Monday's opening bell as investors await a key inflation report later in the week and comments from Federal Reserve Chair Jerome Powell. The S&P 500 fell 0.6% and the Dow Jones Industrial Average was down 0.4% before the bell, while the Nasdaq lost 0.7%. The indexes closed Friday higher, stretching their winning streak to a fifth session.
Endeavour Silver (EXK) said Monday it launched a $300 million private offering of unsecured convertible senior notes due 2031. The company expects to grant the initial purchasers an option to buy up to an additional $45 million of the notes. Endeavour said it plans to use the net proceeds to repay its senior secured debt facility with ING Capital and Societe Generale, among other things.
A sharp sell-off following the CME bitcoin futures open, compounded by hawkish signals from the Bank of Japan, dragged the CoinDesk 20 down nearly 6% on Monday.
The Bombardier team is proud to share that Moody?s has upgraded the company?s credit rating from B1 to Ba3, with a positive outlook. This achievement reflects the company?s strong and consistent execution across business segments, solid financial performance and disciplined deleveraging efforts over recent years.
The yen has been the best-performing G10 currency at the start of this week, said MUFG. It has resulted in USD/JPY falling to an intra-day low overnight Sunday of 155.31 as it moves further below the high of 157.89 set on Nov. 20, wrote the bank in a note to clients.
Canadian labor markets will be the focus this week with the scheduled release of Canadian international trade data delayed by the U.S. government shutdown, while the release of U.S. employment and trade data was also pushed further back into December. The November Labour Force Survey on Friday will be the last major data release ahead of the Bank of Canada's interest rate decision on Dec. 10.
US equity investors will focus on Federal Reserve Chair Jerome Powell's speech this week and the central bank's preferred inflation data while keeping an eye on the read for Black Friday and Cyber Monday sales. * On Tuesday, investors will parse Powell's comments in relation to monetary policy and economic growth.
Bank of Israel Governor Amir Yaron said stablecoins can no longer be viewed as marginal, citing their trillion-dollar trading volumes and growing systemic risks.
Wall Street futures pointed moderately lower pre-bell Monday as traders weighed a possibly tighter monetary policy in Japan and awaited fresh economic data.
The Bank of Canada lowered its policy interest rate for the second consecutive time in October, but indicated that it believed it had finished cutting rates for the time being, said National Bank of Canada. This conviction has likely strengthened in recent weeks, noted the bank.
Asian stock markets turned in a choppy Monday, on outlooks for central banks in the US and Japan, and as traders awaited fresh catalysts. Hong Kong and Shanghai in the green, while Tokyo fell back.
Societe Generale in its early Monday economic news summary pointed out: -- Risk off start to December, seasonals bearish US dollar and bonds, bullish oil. -- China official manufacturing PMI stays in contraction zone for record eighth month running in November. -- Week ahead: United States PCE inflation, ISM surveys, ADP employment, Eurozone flash consumer price index, German industry orders.
The company adopted a bitcoin treasury plan by deploying a strategy inspired by Metaplanet (MTPLF), with 66% shareholder approval, to mitigate negative returns from government bonds.
Despite low sentiment and falling prices, Bitwise?s Andr? Dragosch says bitcoin is trading as if a recession is imminent, while macro growth expectations are already improving.
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.
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".
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.
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...
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...
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.
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.
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.
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.
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.
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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