A two-notch upgrade of Cyprus' debt by Moody's is a vote of confidence in the island's economy, the country's president said on Saturday. Moody's upgraded Cyprus' long-term issuer and senior unsecured ratings to A3 from Baa2, citing a "material improvement" in fiscal and debt metrics that the rating agency expected to be sustained.
* Cambodia plans canal costing nearly 4% of GDP. * Cambodian govt has announced varying levels of Chinese support. * China expressed misgivings, put no money on table, sources say. * Chinese public investment in Cambodia is plunging, tourism down. * China says it has 'ironclad' friendship with Cambodia. By Francesco Guarascio.
President-elect Donald Trump may have campaigned hard against high inflation, but by the time of his Nov. 5 election victory financial professionals had moved on from rising prices and begun worrying about rising U.S. debt, possible recession, and risks to global trade as among the top threats to the stability of the financial sector, according to a new Federal Reserve survey released on Friday.
President-elect Donald Trump may have campaigned hard against high inflation, but by the time of his Nov. 5 election victory financial professionals had moved on from rising prices and begun worrying about rising U.S. debt, possible recession, and risks to global trade as among the top threats to the stability of the financial sector, according to a new Federal Reserve survey released on Friday.
Longer-dated U.S. Treasury yields slipped on Friday as investors awaited fresh data that will offer further clues on Federal Reserve policy and continued to assess how the policies of the Donald Trump administration will affect the economy next year. The next major clues on the economy will be November's jobs and inflation data due in early December.
* Fed's 2% inflation goal is not a focus of review. * Communication, forward-guidance strategy may be discussed. * Central bank's current framework was approved in 2020. By Howard Schneider. The U.S. Federal Reserve on Friday announced plans for a May 15-16 conference and public "Fed Listens" events around the country as part of a review of its long-run strategy and approach to policymaking.
The U.S. Federal Reserve on Friday announced plans for a May 15-16 conference and public "Fed Listens" events around the country as part of a review of its long-run strategy and approach to policymaking.
The U.S. Federal Reserve on Friday announced plans for a May 15-16 conference and public "Fed Listens" events around the country as part of a review of its long-run strategy and approach to policymaking.
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* Mexico's inflation undershoots forecasts in early November, signaling potential rate cuts. * Banxico may continue rate cuts as inflation trends downward, according to central bank head. * Economy growth exceeds forecasts, but faces uncertainty in the future. * By Natalia Siniawski.
- U.S. consumer sentiment ticked up for a fourth straight month in November, led by a big upswing in sentiment among Republicans following Donald Trump's victory in the presidential election. The University of Michigan's Consumer Sentiment Index climbed to 71.8 this month, the highest since April, from 70.5 in October.
- U.S. consumer sentiment ticked up for a fourth straight month in November, led by a big upswing in sentiment among Republicans following Donald Trump's victory in the presidential election. The University of Michigan's Consumer Sentiment Index climbed to 71.8 this month, the highest since April, from 70.5 in October.
* Euro zone services activity contracted in November. * British PMI data also weak. * Euro falls below $1.04. * Bitcoin touches record, not far off $100,000. By Chuck Mikolajczak.
* Bond yields, euro tumble on weak PMI data. * Investors ramp up European Central Bank rate cut bets. * Markets see 50% chance of 50-basis-point cut in December. * Bank stocks down as much as 2.1% By Stefano Rebaudo, Dhara Ranasinghe.
The Swiss National Bank will reintroduce negative interest rates if necessary, Chairman Martin Schlegel said on Friday, comments which weakened the Swiss franc against the dollar and euro as investors anticipated more rate cuts in future. The central bank did not like negative rates, Schlegel said, but could use them if needed to dampen investor appetite for the safe-haven franc.
The banks most reluctant to tap the U.S. central bank's discount window to shore up their capital are in fact those who face the highest failure risk, according to new research from the New York Federal Reserve that turns the notion of bank emergency borrowing stigma on its head.
A measure of U.S. business activity raced to a 31-month high in November, boosted by hopes for lower interest rates and more business-friendly policies from President-elect Donald Trump's administration next year. S&P Global said on Friday that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 55.3 this month.
A measure of U.S. business activity raced to a 31-month high in November, boosted by hopes for lower interest rates and more business-friendly policies from President-elect Donald Trump's administration next year. S&P Global said on Friday that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 55.3 this month.
-Uncertainties around U.S. policies may slow global economic growth modestly in 2025, according to major brokerages. World economies and equity markets have had a robust year, with global growth expected to average 3.1% this year, a Reuters poll published in October showed.
U.S. Treasury yields slipped on Friday as investors awaited fresh data that will offer further clues on Federal Reserve policy and continued to assess how the policies of the Donald Trump administration will affect the economy next year. The next major clues on the economy will be November's jobs and inflation data due in early December.
* * Q3 growth of 0.9%, first quarterly rise this year. * October retail sales likely to be 0.7%, Statscan said. * Currency market trim bets for 50bps rate cut on Dec. 11. By Promit Mukherjee. OTTAWA, Nov 22 - Canada's retail sales grew 0.4% in September as consumers spent more at grocery stores and supermarkets, data showed on Friday, and ensured the first quarterly increase in sales this year.
* U.S. tariffs threaten European prosperity. * Banking and capital-markets unions vital. * Progress has stalled due to vested national interests. By Balazs Koranyi. Some of the European Central Bank's most influential policymakers urged the European Union on Friday to resurrect long-stalled economic integration to protect its model of prosperity from a looming trade war with the United States.
-Major brokerages reiterated their view of a 25-basis-point interest-rate cut by the U.S. Federal Reserve in December after U.S. consumer prices for October increased as expected, even as Fed Chair Jerome Powell indicated there is no need to rush rate cuts given strong U.S. economy.
Europe and the U.S. will both take a growth hit if there is a new trade war and inflation could also rise, increasing pressure on EU leaders to kick start long-delayed economic integration to insulate the bloc, Bundesbank President Joachim Nagel said on Friday.
Mexico's annual inflation rate eased in early November, official data showed on Friday, boosting bets that the central bank will continue to cut interest rates. Annual inflation in Latin America's second-largest economy hit 4.56%, down from 4.69% in the previous month, after edging up in the previous pair of two-week periods.
* Flash PMI slides to 49.9 in Nov from 51.8 in Oct. * First contraction in 13 months. * Sterling falls, bets grow on BoE rate cuts. * Other data has also pointed to a weakening economy. By William Schomberg.
* Bond yields, euro tumble on weak PMIs. * Investors ramp up ECB rate cut bets. * Markets see a 50% chance of a 50 bps cut in December. * Bank stocks fall as much as 2.1% By Stefano Rebaudo and Dhara Ranasinghe.
- U.S. investors snapped up equity funds for a third successive week through Nov. 20, buoyed by optimism over rising corporate earnings expectations, although the inflows were restrained due to a cautious Federal Reserve rate outlook and geopolitical tensions between Russia and the West.
U.S. investors snapped up equity funds for a third successive week through Nov. 20, buoyed by optimism over rising corporate earnings expectations, although the inflows were restrained due to a cautious Federal Reserve rate outlook and geopolitical tensions between Russia and the West.
Inflows into global equity funds slowed in the week ending Nov. 20 due to geopolitical tensions between Russia and the West, with investors also anxious about the U.S. interest rate policy outlook for next year. According to LSEG data, investors snapped up only net $7.97 billion worth of global equity funds during the week after a robust $49.84 billion worth of net purchases in the prior week.
* Bond yields, euro tumble on weak PMIs. * Investors ramp up ECB rate cut bets. By Stefano Rebaudo and Dhara Ranasinghe. German short-dated government bond yields fell to multi-year lows, while the euro tumbled to two-year lows on Friday as markets ramped up European Central Bank rate cut bets after data showed a sharp decline in euro area business activity.
* Euro zone services activity contracted in November. * Euro briefly falls below $1.03. * U.S. dollar index hits fresh two-year peak. * Bitcoin touches record, not far off $100,000. * Sterling slips. By Brigid Riley.
The euro dropped to its lowest since December 2022 on Friday after data showed euro zone business activity tumbled in November as the bloc's dominant services industry contracted and manufacturing sank deeper into recession. The common currency was last $1.0432, down 0.37% on the day, falling past its October 2023 level.
Germany's economy grew less than previously estimated in the third quarter, the statistics office reported on Friday, in further bad news for a country set to be the worst performer among the Group of Seven rich democracies this year.
Euro zone borrowing costs rose slightly on Friday before purchasing managers' surveys due later in the session, as geopolitical tension prompted investors to bid for safe-haven government bonds.
S&P Global Ratings lowered its outlook on three Adani Group entities to negative from stable on Friday, citing risks to funding access following a U.S. indictment of the conglomerate's billionaire founder, Gautam Adani, on bribery charges.
The Bank of Japan will raise interest rates again at its December meeting as a strengthening economy and concerns over the depreciating yen prompt policymakers to act, according to just over half of economists in a Reuters poll.
U.S. President-elect Donald Trump is considering picking Kevin Warsh as his Treasury secretary with the understanding that he could later be nominated to lead the Federal Reserve when Jerome Powell's term as chair ends in 2026, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
Global stocks registered a strong weekly gain on Friday while U.S. Treasury yields slipped as markets eyed President-elect Donald Trump's likely policies and their impact on the U.S. economy, even as bitcoin traded near the $100,000 threshold. Traders are bracing for Trump's agenda after he takes office in January, which is expected to include tariffs, tax cuts and deregulation.
The euro slumped to a two-year low while the dollar gained on Friday after gauges of business activity were released in each region, while bitcoin again hit a record high as it continued its march toward the $100,000 mark.
The U.S. dollar stuck close to a 13-month high on Friday as investors assessed the outlook for the Federal Reserve's interest rate path and uncertainty in Europe kept the euro on the back foot, while bitcoin eyed the $100,000 level.
Japan's factory activity contracted for the fifth straight month in November due to sluggish demand caused by worries over China's economic slowdown and persistent cost pressures, a private-sector survey showed on Friday. The au Jibun Bank flash Japan manufacturing purchasing managers' index slipped slightly to 49.0 in November from 49.2 in October.
Japan's factory activity contracted for the fifth straight month in November due to sluggish demand caused by worries over China's economic slowdown and persistent cost pressures, a private-sector survey showed on Friday. The au Jibun Bank flash Japan manufacturing purchasing managers' index slipped slightly to 49.0 in November from 49.2 in October.
* October core CPI rises 2.3% yr/yr vs forecast +2.2% * Index excluding fuel rises 2.3% yr/yr vs +2.1 in September. * Services inflation perk up, signal pressure from rising wages. * 19 meeting. * Majority of economists expect BOJ to hike rates in December. By Leika Kihara.
Japan's core inflation in October held above the central bank's 2% target and a key index stripping away the effect of fuel accelerated, data showed on Friday, keeping pressure on the central bank to raise its still-low interest rates.
* Oct core CPI +2.3% yr/yr vs forecast +2.2% * Index excluding fuel +2.3% yr/yr vs +2.1 in September. * Data to be scrutinised at BOJ's December meeting. By Leika Kihara.
- A look at the day ahead in Asian markets. Risk assets in Asia are set to open positively on Friday after a show of fortitude on Wall Street saw U.S. stocks end a choppy session in the green, as local attention turns to the latest inflation figures from Japan.
A look at the day ahead in Asian markets. Risk assets in Asia are set to open positively on Friday after a show of fortitude on Wall Street saw U.S. stocks end a choppy session in the green, as local attention turns to the latest inflation figures from Japan.
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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