By Yoruk Bahceli, markets correspondent. What matters in U.S. and global markets today. Risk assets are showing further signs of recovery on Wednesday from a broad selloff that kicked off the month, but bonds are sitting on their losses for now. And the dollar is down with focus back to the Federal Reserve, with Trump delaying his pick for the next chair to 2026.
By Yoruk Bahceli, markets correspondent. What matters in U.S. and global markets today. Risk assets are showing further signs of recovery on Wednesday from a broad selloff that kicked off the month, but bonds are sitting on their losses for now. And the dollar is down with focus back to the Federal Reserve, with Trump delaying his pick for the next chair to 2026.
U.S. stocks advanced to close higher on Wednesday, as a flurry of economic data kept expectations elevated for an interest rate cut by the Federal Reserve next week, while a fall in Microsoft's shares curbed the advance.
* Futures up: Dow 0.19%, S&P 500 0.17%, Nasdaq 0.11% U.S. stock index futures edged higher on Wednesday as investors priced in a high chance that the Federal Reserve will cut interest rates this month and awaited a fresh set of economic data.
Sterling rose against the euro after two straight declines on Wednesday as investors weighed diverging rate outlooks with the single currency bloc against expectations of a stronger UK economy. The pound also hit a 5-week high versus a weakening dollar as markets remained focused on the Federal Reserve easing path.
Wall Street futures pointed modestly higher pre-bell Wednesday as traders continued to expect easing from the Federal Reserve and await a report on the nation's employment scene.
* Stocks flat, FX up 0.1% * Russian rouble, stocks drop. * Ukraine's international bonds under pressure. * Poland's central bank widely expected to cut rates. By Twesha Dikshit.
Royal Bank of Canada (RY) reported a rise in fourth quarter profit on Wednesday, as the Canadian lender was helped by strength in its capital markets segment. The bank reported adjusted net income of C$5.55 billion, or C$3.85 per share, for the three months ended October 31, compared with C$4.44 billion, or C$3.07 per share, in the year-ago period.
The Swiss National Bank will stick to its 0% interest policy next week and well into 2026 rather than opting for negative rates, economists said on Wednesday, despite inflation slipping below expectations to the bottom end of the SNB's target range.
The Federal Reserve appears to have finally turned the corner on a three-year-long string of unprecedented loss-making tied to how it has implemented monetary policy in the wake of the COVID-19 pandemic.
* Fed's deferred asset shrinks, indicating profit return. * Fed's bond purchases during pandemic led to losses. * Rate cuts help Fed reduce payouts to banks, easing losses. By Michael S. Derby. The Federal Reserve appears to have finally turned the corner on a three-year-long string of unprecedented loss-making tied to how it has implemented monetary policy in the wake of the COVID-19 pandemic.
IREN Limited (IREN) today announced the pricing of its offering of $1 billion aggregate principal amount of 0.25% convertible senior notes due 2032 and $1 billion aggregate principal amount of 1.00% 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.
Bank of America India has received approval from the country's central bank for the appointment of Vikram Sahu as its chief executive, Reuters reported Wednesday, citing an internal memo it has seen. Bank of America India named Sahu as CEO in March, though a formal Reserve Bank of India approval was pending, according to the report.
Global shares rose while U.S. Treasury yields fell after weak economic data solidified expectations?of a Federal Reserve interest rate cut. Wall Street's main indexes finished higher, with energy, financials and industrials stocks topping gains while technology and utilities shares were the main drag.
* Shares rebound, markets turn upbeat. * Dollar drops again as investors bet on dovish Fed under Hassett. * Japanese bond markets more orderly after recent troubles. * Copper hits all-time high in metals markets. By Marc Jones.
The Indian rupee slid past 90 per U.S. dollar to a record low on Wednesday, declining for the sixth consecutive session as traders bet subdued trade and portfolio flows will keep Asia's worst performer under pressure without central bank intervention. The rupee fell to a record low of 90.29 per U.S. dollar, eclipsing its previous low hit a day earlier.
Some local branches of the People's Bank of China have recently surveyed banks about their bond investment activities, including whether lenders have been selling older issues to boost returns, and whether interest-rate risks are building, three sources said on Wednesday.
India's central bank has approved the appointment of Vikram Sahu as chief executive officer of Bank of America N.A. in India, according to an internal memo reviewed by Reuters. Sahu was appointed by the bank in March to lead India operations but a formal approval from the Reserve Bank of India was pending. Sahu replaces Kaku Nakhate, who headed the bank's India operations for 15 years.
India's central bank has approved the appointment of Vikram Sahu as chief executive officer of Bank of America N.A. in India, according to an internal memo reviewed by Reuters. Sahu was appointed by the bank in March to lead India operations but a formal approval from the Reserve Bank of India was pending. Sahu replaces Kaku Nakhate, who headed the bank's India operations for 15 years.
Growth among Britain's services firms declined last month and employment contracted the most since February in the run-up to the government's budget, according to a survey on Wednesday that also showed the first drop in new orders in four months.
Business activity in the euro zone expanded at its fastest pace in two-and-a-half years in November as a robust service sector more than offset manufacturing weakness, a survey showed on Wednesday.
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* Trump's sway over Fed policy remains in focus. * Euro investors eye Ukraine peace talks. * Analysts flag risk of fresh yen intervention near 160. * Bitcoin extends rebound into second session. By Stefano Rebaudo.
China is likely to stick to its current annual economic growth target of around 5% next year, government advisers and analysts said, a goal that would require authorities to keep fiscal and monetary spigots open as they seek to snap a deflationary spell.
* Most advisers recommend around 5% growth target for 2026. * Leaders to meet soon to chart economic course for next year. * Property slump, weak demand and excess capacity weigh on outlook. * Fiscal stimulus to shift toward consumer, welfare spending.
Copper advanced on Wednesday and hovered near a peak set this week, as supply concerns underpinned overall bullishness around the metal, while the market turned its attention to the U.S. Federal Reserve's interest rate decision next week.
* Gold fell 1% on Tuesday. * 88% chance of Fed rate cut in December - CME FedWatch. * Silver hit a fresh record high at $58.94/oz. By Ishaan Arora. Gold steadied at the close of Asia trade on Wednesday as investors awaited a raft of U.S. data this week to set the course for the U.S. Federal Reserve's monetary policy, while silver vaulted to a record high.
Japanese bonds slid further on Wednesday, sending yields to multi-year peaks, as prospects of central bank tightening and big government spending plans weighed on investor sentiment. The five-year Japanese government bond yield rose 2 basis points to 1.385%, the highest since June 2008. Yields on 30-year debt jumped to a record before a sale of the securities on Thursday.
* Aussie dips after GDP miss. * Dollar/yen steadies at 155.70 with rate hike eyed. * US expected to cut rates next week. The dollar was becalmed on Wednesday, though investors looking ahead to 2026 were starting to position for U.S. rate cuts to weigh on the greenback while bitcoin recouped some of its losses and hovered near a two-week high.
Japanese government bond yields rose on Wednesday as investors grew concerend about the Bank of Japan's further rate hikes path after an expected increase in December. The two-year JGB yield, the most sensitive to the BOJ's policy rate, rose 1 basis point to 1.015%. The five-year yield rose 1.5 bps to 1.38%, matching the June 2008 peak hit on Monday.
* Gold fell 1% on Tuesday. * 89% chance of Fed rate cut in December - CME FedWatch. * Trump says plan to announce Fed Chair pick early next year. By Ishaan Arora. Gold regained ground on Wednesday as investors clung to expectations of a Federal Reserve rate cut, with a raft of U.S. data this week to set the course for monetary policy, while silver vaulted to a record high.
China's central bank governor, Pan Gongsheng, met with International Monetary Fund Deputy Managing Director Dan Katz on Monday, according to a statement released by the People's Bank of China on Wednesday.
The transaction, which supports the Navajo community in Ganado, Arizona, represents a major landmark in furthering Native American health care infrastructure, overcoming hurdles tribal governments typically face in issuing municipal debt to open a replicable path to market other indigenous health systems can follow.
China's services activity expanded at its slowest pace in five months in November, as growth in new orders softened despite a boost from foreign demand, according to a private survey released on Wednesday. The RatingDog China General Services PMI, compiled by S&P Global, slipped to 52.1 from 52.6 in October, marking the weakest expansion since June.
* China's services PMI falls to 52.1, lowest reading since June. * Growth in new orders slows, export business rebounds. * Job shedding continues, business sentiment at lowest since April. By Liangping Gao and Ryan Woo.
* Aussie dips after GDP miss. * Dollar/yen steadies at 155.70 with rate hike eyed. * US expected to cut rates next week. The dollar was becalmed on Wednesday, as other assets hogged the limelight, though investors looking ahead to 2026 were starting to position for U.S. rate cuts to weigh on the greenback.
Gold prices were little changed on
Wednesday after a 1% drop in the previous session, as a rebound
in equities and firm Treasury yields kept pressure on the metal
while investors awaited key U.S.
Japan's services sector activity continued its steady growth in November, driven by a faster rise in new orders and increased business confidence, a private-sector survey showed on Wednesday.
$300 million in debentures will be due in 2055 Wisconsin Power and Light Company, a wholly owned subsidiary of Alliant Energy Corporation (LNT), announced the pricing of its public offering of $300 million aggregate principal amount of 5.700% debentures due 2055.
Kevin Hassett has emerged as the leading candidate to replace Federal Reserve Chair Jerome Powell, signaling a potential shift toward sharply easier monetary policy next year.
Herc (HRI) said late Tuesday it priced $600 million of 5.75% senior unsecured notes due 2031 and $600 million of 6% senior unsecured notes due 2034. The offering is expected to close on Dec. 16.
Ventas (VTR) said late Tuesday its subsidiary, Ventas Realty, has priced an underwritten public offering of $500.0 million of 5.000% senior notes due 2036 at 99.510% of the principal amount. The company said it expects to close the offering Dec. 4, with proceeds to be used for general corporate purposes. MT Newswires does not provide investment advice.
Herc Holdings, Inc. (HRI) today announced that it has priced $600 million aggregate principal amount of 5.750% senior unsecured notes due 2031 and $600 million aggregate principal amount of 6.000% senior unsecured notes due 2034 in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended.
BNY Mellon Municipal Bond Infrastructure Fund, Inc. (DMB) today announced a distribution of $0.0420 per share of common stock, payable on January 2, 2026 to shareholders of record at the close of business on December 16, 2025. The Fund intends to make regular monthly distributions to its common shareholders at a level rate based on its projected performance.
Ventas, Inc. (VTR) announced today that its wholly owned subsidiary, Ventas Realty, Limited Partnership, has priced an underwritten public offering of $500.0 million aggregate principal amount of 5.000% Senior Notes due 2036 at an issue price equal to 99.510% of the principal amount of the Notes.
American Tower (AMT) said late Tuesday it priced an $850 million offering of senior unsecured notes due 2032. The notes carry a 4.7% interest rate per year and were issued at 99.685% of face value. MT Newswires does not provide investment advice.
World stocks rose on Tuesday, regaining their poise after wobbling the previous day and lifted by an extended upswing in tech and AI sentiment as investors also continued to wager the Federal Reserve will lower U.S. interest rates next week. More on that below. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today.
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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