FirstSun Capital Bancorp (FSUN) and First Foundation (FFWM) said Thursday that the Board of Governors of the Federal Reserve has approved their proposed merger. The companies said all required bank regulatory approvals to complete the merger of First Foundation (FFWM) with and into FirstSun have now been received.
The US dollar rose against its major trading partners early Thursday, except for a decline versus the yen, ahead of the release of weekly jobless claims and trade and housing starts data for January, all at 8:30 am ET.
Canada is scheduled to release its international merchandise trade data for January at 8:30 a.m. ET on Thursday, said Bank of Montreal. The merchandise trade deficit is expected to narrow to $1 billion in January, noted the bank. Volatile energy exports look to rise on higher prices for crude oil and natural gas, which will continue to support the balance in the coming months, stated BMO.
The United States consumer price index results for February had a bit of a "stale" news feel, given the spike in energy prices since then, said Bank of Montreal. Still, the fact that core CPI was generally well-behaved at the start of the year is "constructive," noted the bank.
The rise in the oil price is likely to result in stronger core and headline consumer price index in coming months, with the near-term impact concentrated on the pass-through from gasoline prices, Macquarie said in a Wednesday note.
The consumer price index rose by 0.3% in February and was up 0.2% excluding food and energy prices, both right on expectations. The gain maintained the year-over-year increase at 2.4%, while the core measure was unchanged at a 2.5% increase.
Gold traded lower midafternoon Wednesday as the dollar rose after a U.S. inflation measure rose in line with expectations February, lowering hopes the Federal Reserve will cut interest rates. Gold for April delivery was last seen down $61.70 to US$5,180.40 per ounce.
Annual consumer inflation in the US held steady last month, though analysts cautioned that a spike in energy prices in the aftermath of the Middle East conflict poses upside risks to inflation. The consumer price index grew 2.4% year-on-year, unchanged from January and meeting a Bloomberg-polled consensus, the Bureau of Labor Statistics reported Wednesday.
Events in the Middle East have added a thick cloud of uncertainty to the Bank of England's policy rate path, says Deutsche Bank. With energy prices up "sizeably," the inflation path remains highly uncertain, and the United Kingdom's disinflation trajectory is now in doubt, the bank notes.
The Bank of Canada lowered the policy rate to 2.25% in October and has remained on hold since. BoC Governor Tiff Macklem has argued that policy is well-positioned to keep inflation contained while supporting the economy, framing current weakness as more structural. than cyclical, said Nomura.
An inverse correlation with energy has guided EUR/USD above 1.1650, but the retracement in energy prices hasn't dented the appeal of the Australian dollar, says Societe Generale. Australia is the world's second-largest exporter of liquefied natural gas after the United States, notes the bank. Buyers are also flocking to AUD/CAD ahead of Canadian employment data on Friday, says SocGen.
Gold traded lower early Wednesday as the dollar rose after a U.S. inflation measure rose in line with expectations February, lowering hopes the Federal Reserve will cut interest rates. Gold for April delivery was last seen down $57.10 to US$5,185.00 per ounce.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was down 0.1% and the actively traded Invesco QQQ Trust was 0.1% lower in Wednesday's premarket activity amid CPI inflation data. US stock futures were also lower, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures retreating 0.1% before the start of regular trading.
The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.3% in February, as expected in a survey compiled by Bloomberg as of 7:20 am ET and following a 0.2% increase in January, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, as expected and slower than a 0.3% gain in January.
Royal Bank of Canada (RY) said Wednesday that it has acquired Toronto-based financial technology company Pinch Financial. No financial details were provided. Pinch operates a platform that helps qualify Canadian applicants for a mortgage and submits their applications to lenders, Royal Bank said. MT Newswires does not provide investment advice.
The US dollar was mixed against its major trading partners early Wednesday -- up versus euro and yen, down versus the pound and Canadian dollar -- ahead of the release of February consumer price index data at 8:30 am ET.
The Swiss central bank will likely keep its policy rate unchanged at 0% at its monetary policy assessment on March 19, despite increased appreciation pressures on the Swiss franc, said UBS. The conflict in the Middle East has raised energy prices and led to an appreciation of the Swiss franc, wrote the bank in a note to clients.
Societe Generale in its early Wednesday economic news summary pointed out: -- The US dollar is rangebound ahead of the consumer price index, 10-year auction. -- President Lagarde: ECB will ensure the war in Iran doesn't trigger the same inflation shock for the eurozone as Russia's invasion of Ukraine, says economic backdrop is different now and the eurozone has greater capacity to absorb shocks.
US equity indexes were mixed Tuesday amid volatile trading after crude oil prices moved up after falling earlier in the day. * US existing home sales rose 1.7% sequentially to a seasonally adjusted annual rate of 4.09 million units last month, compared with an anticipated 0.8% decline, according to a Bloomberg-compiled survey.
The US Consumer Price Index is expected to rise by 0.3% in February after a 0.2% gain in January, according to a survey compiled by Bloomberg, while the year-over-year rate is forecast to remain at 2.4%. The CPI data are scheduled to be released at 8:30 am ET Wednesday. The same survey looks for a 0.2% gain in core CPI, excluding the volatile food and energy components after 0.3% increase.
US existing home sales unexpectedly increased in February as lower mortgage rates helped improve affordability, data from the National Association of Realtors showed Tuesday. Sales rose 1.7% sequentially to a seasonally adjusted annual rate of 4.09 million units last month. "Housing affordability is improving, and consumers are responding," NAR Chief Economist Lawrence Yun said.
Volatility in Bank of Canada rate expectations picked up in March, driven by the conflict in Iran, said National Bank of Canada. Just two weeks ago, investors were contemplating potential BoC rate cuts this year, but quickly, OIS markets saw hikes as more likely, noted the bank.
National Bank of Canada (NTIOF) announced Tuesday that the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions have approved an amendment to the bank's normal course issuer bid.
The pace of US existing home sales rose by 1.7% to a 4.09 million seasonally adjusted annual rate in February from an upwardly revised 4.02 million rate in January, compared with an expected decrease to a 3.88 million rate in a survey compiled by Bloomberg as of 7:40 am ET, data from the National Association of Realtors released Tuesday showed. Total sales were down 1.4% from a year earlier.
National Bank said Tuesday with geopolitical uncertainty high and domestic data volatile, citing recent labour market data as an example, it expects the Bank of Canada to "simply sit on its hands for the next few meetings" and not work on any changes to its monetary policy.
German exports fell by 2.3% month over month in January from a 4.0% month-over-month gain in December, said ING. At the same time, imports dropped by 5.9% month over month, widening the German trade surplus to 21.2 billion euros, the highest level since the summer of 2024. Still, despite Tuesday's disappointment, exports are still higher than in November 2025.
The US dollar fell against its major trading partners early Tuesday ahead of the release of weekly Redbook same-store sales at 8:55 am ET and existing home sales data for February at 10:00 am ET. Earlier Tuesday, the National Federation of Independent Business reported that small business optimism declined in February, though there was an increase in certainty about the economic outlook.
No policy rate move is expected at the Bank of Canada's March 18 policy meeting. The policy statement and Governor Tiff Macklem's opening remarks to the press conference is scheduled for 9:45 a.m. ET and will be followed by the press conference 45 minutes later, noted the bank. The next forecast update will be with the April policy decision, pointed out Scotiabank.
Societe Generale in its early Tuesday economic news summary pointed out: -- Risk on. -- Norway's consumer price index slows to 2.7% year over year in February from 3.6% in January, core CPI dips to 3.0% year over year from 3.4%. EUR/NOK off 11.0958 low. -- Day ahead: U.S. ADP weekly employment, UST three-year sale, Germany two-year auction.
The Federal Reserve may deliver "fewer" interest rate cuts this year amid fears that the ongoing Middle East conflict could drive inflation higher, Wells Fargo Investment Institute said in a report on Monday. The US-Israel war against Iran entered its 10th day, with no signs of de-escalation.
Peru's central bank has been on hold at a reference rate of 4.25% since last August, said Scotiabank. It is likely to extend the hold at Thursday's policy meeting, noted the bank. It may sound more cautious toward prospects for any further easing in a bit of a hawkish tilt, stated Scotiabank. MT Newswires does not provide investment advice.
UBS said Monday it changed its Bank of England policy call and no longer expects the BoE to cut the Bank Rate at the next meeting on March 19. In light of the recent escalation in the Middle East and a spike in energy prices, the bank thinks the BoE's Monetary Policy Committee will prefer to wait for more clarity and stay on hold.
Consumer expectations for one-year US inflation growth slowed to a 3% gain in February from a 3.1% gain in the previous month, according to a survey released by the New York Federal Reserve Bank on Monday. The median inflation expectations were unchanged from a 3.0% gain for the three-year period and for five years ahead.
Canada will publish its international merchandise trade data for Janaury on Thursday, said RBC. Canada's January merchandise trade balance is expected to show exports and imports slowed following stronger readings late last year, noted the bank. Energy prices surged in January, which likely drove much of the movement in the trade balance, given Canada's role as a major energy exporter, stated RBC.
Pakistan's central bank Mondays said its Monetary Policy Committee decided to keep the policy rate unchanged at 10.5%. "While the incoming data was largely consistent with the macroeconomic projections shared after the January meeting, the Committee observed that the macroeconomic outlook has become quite uncertain following outbreak of the war in the Middle East," wrote the central bank in its...
Canada will release the Labour Force Survey for February on Friday, said CIBC. Employment may recover the ground lost in January, with that prior month's report treated with some skepticism due to the potential impact of large snowfall in Ontario during the survey week, noted the bank. CIBC estimates jobs to rise by 25,000 in February.
The US dollar rose against its major trading partners early Monday, except for a decline versus the Canadian dollar, with the focus this week on existing home sales and consumer price data for February and a revision to Q4 gross domestic product growth. Federal Reserve officials are in their 'quiet period' ahead of the Federal Open Market Committee meeting on March 17-18.
* US equity indexes fell this week as oil prices continued to rise due to energy disruption fears and surprise February jobs data. * The S&P 500 closed at 6,740.02 on Friday versus 6,878.88 a week ago.
The Federal Reserve should hold its monetary policy steady for "some time" as it seeks evidence that inflation is cooling, Cleveland Fed President Beth Hammack and her Boston Fed counterpart, Susan Collins, said Friday. In January, the central bank's Federal Open Market Committee left its benchmark lending rate unchanged, citing stabilization in the labor market and elevated inflation.
As the FOMC enters its quiet period ahead of the March 17-18 meeting, the weak February employment report, which showed payrolls declines in the two of the last three months and an increase in the unemployment rate, only served to further divide members' views on the path of monetary policy.
The February employment report was weak amidst strikes and harsh winter weather, with payrolls down, the unemployment rate higher, and hourly earnings growth in line with the previous month. Nonfarm payrolls fell by 92,000 in February after a 126,000 gain in January and a 17,000 drop in December, both revised lower from their previous estimates.
US retail sales fell less than expected in January as extreme weather conditions impacted spending on motor vehicles and gasoline, delayed government data showed Friday. Sales were down 0.2% sequentially in January, following a flat reading the previous month, the Census Bureau said. The report was delayed due to the recent lapse in federal government funding, according to the Census Bureau.
US employment unexpectedly declined in February and the jobless rate ticked higher, possibly bringing labor market conditions back in focus at a time when the US-Iran war threatens to fuel inflation. Nonfarm payrolls fell by 92,000 last month -- the biggest drop since October -- following a downwardly revised gain of 126,000 in January, the Bureau of Labor Statistics said Friday.
US retail sales fell by 0.2% in January, a smaller than the 0.3% decrease expected in a survey compiled by Bloomberg after it held steady in the previous month. Excluding a 0.9% decrease in motor vehicle sales, retail sales held steady compared with an expected flat reading.
The February employment report showed nonfarm payrolls fell by 92,000, well below the 55,000 jobs increase expected in a survey compiled by Bloomberg, while January payrolls were revised down to a 126,000 increase and December payrolls were revised down to a 17,000 decrease for a net downward revision of 69,000 jobs.
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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