* Dollar falls as Iran deal hopes rise, Treasury yields drop. * Fed minutes show growing support for possible rate hike. * Yen in focus as it nears intervention zone. By Karen Brettell. The U.S. dollar retreated from a six-week high on Wednesday on rising hopes that the U.S. is nearing a deal with Iran to end the war in the Middle East.
Federal Reserve officials' concerns about inflation being stoked by the Iran war intensified last month, with a growing number open to a possible rate hike, in a sign that incoming Chair Kevin Warsh will inherit an increasingly hawkish crew of central bankers.
Citigroup Inc (C): * CITIGROUP SHAREHOLDERS MEETING BEGINS. * CITIGROUP CEO JANE FRASER SAYS U.S. CONSUMER CREDIT SHOWS BROAD RESILIENCY. * CITIGROUP CEO FRASER SAYS ASIAN ECONOMIES SHOWS THE HIGHER VULNERABILITIES TO HIGH FUEL PRICES. * CITIGROUP CEO FRASER SAYS MIDDLE EAST DYNAMICS STILL PRESENT SIGNIFICANT DOWNSIDE RISK TO GLOBAL ECONOMY.
A majority of FOMC participants appear to be leaning away from rate cuts for now and were open to the possibility of rate increases, minutes of the April 28-29 meeting released Wednesday showed.
AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of B+, the Long-Term Issuer Credit Rating of ?bbb-? and the Mexico National Scale Rating of ?aa-.MX? of Armour Secure Insurance S.A. de C.V.. The Credit Ratings reflect Armour?s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business...
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ and the Long-Term Issuer Credit Rating of ?bbb-? of Missouri Valley Mutual Insurance Company.
* Fed policymakers see rising inflation risks, with rate hike possible. * April meeting saw four dissents, most since 1992, over policy direction. * Economists expectations shift toward no rate cuts. * Financial markets price in rate cut as Fed's next move. By Dan Burns.
Gold traded higher midafternoon Wednesday as treasury yields and the dollar fell. Gold for June delivery was last seen up US$25.90 to US$4,537.10 per ounce.
Financial stocks were higher in Wednesday afternoon trading, with the NYSE Financial Index rising 1.4% and the State Street Financial Select Sector SPDR ETF adding 0.9%. The Philadelphia Housing Index was climbing up 3.4%, and the State Street Real Estate Select Sector SPDR ETF was up 0.8%. Bitcoin was increasing 0.9% to $77,453, and the yield for 10-year US Treasuries was dropping 9 basis poin...
Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 1.4% and the State Street Financial Select Sector SPDR ETF adding 0.9%. The Philadelphia Housing Index was climbing 3.4%, and the State Street Real Estate Select Sector SPDR ETF was up 0.8%. Bitcoin was increasing 0.9% to $77,453, and the yield for 10-year US Treasuries was dropping 9 basis poin...
The iShares 20+ Year Treasury Bond ETF??attracted $652.41 million in inflows on May 19, per Etf.com, signaling some investors are piling into long-duration Treasuries even with fears of higher inflation and interest rates driving yields up.
April's Canadian consumer price index print came in on the dovish side on Tuesday, which led investors to dial back the chance of an imminent rate hike by the Bank of Canada, said Deutsche Bank. That showed headline CPI "only" rising to 2.8% year over year in April versus 3.1% expected, noted the bank.
* Treasury yields fall while Nasdaq up more than 1% * Nvidia (NVDA) results after bell; Samsung workers set to strike. * Oil prices drop sharply. By Caroline Valetkevitch and Alun John.
UK shares closed higher on Wednesday after a softer-than-expected April inflation reading tempered some interest-rate-hike bets, while a drop in crude oil prices and stabilizing government bond yields also offered some respite.
European stock markets closed higher in Wednesday trading as the Stoxx Europe advanced 1.46%, Germany's DAX climbed 1.38%, the FTSE 100 rose 0.99%, France's CAC gained 1.7%, and the Swiss Market Index closed 0.26% higher. In the UK, the annual consumer price index rose 2.8% in the 12 months to April, down from 3.3% in March.
CIBC said its current rate forecast has both the Bank of Canada and the Federal Reserve on hold for an extended period, although it has penciled in a 25bps rate cut for the Fed in December conditional on an early end to the Iran war.
All three major US stock indexes were up in late-morning trading Wednesday, a day after a jump in long-dated US Treasury yields caused equities to retreat, and ahead of Nvidia's (NVDA) highly anticipated earnings results in the afternoon.
* US Treasury yield increase supports dollar as Fed rate hike odds rise. * Trump signals rate cuts unlikely until Iran conflict ends. * Yen nears intervention zone. By Karen Brettell. The U.S. dollar retreated from a six-week high on Wednesday on rising hopes that the U.S. is nearing a deal with Iran to end the war in the Middle East.
* Trump again says the war with Iran would end "very quickly" * Investors see 48.6% chance the Fed could raise rates in December. * Minutes from the Fed's April FOMC meeting due later today. By Anjana Anil.
Canadian headline inflation was up 0.4% in April, not seasonally adjusted, just below the 0.5% increase UBS expected, but a "chunk" below the 0.7% increase consensus expected. This left the annual rate of inflation up 2.8% over the year. in April, a 0.4 percentage point acceleration versus the 2.4% in March. the 13% in March.
National Bank of Canada initiated coverage of Lumina Metals with an outperform rating and C$20 price target, according to a Wednesday note. The bank derived the price target from a 0.70x net asset value multiple on a fully financed project NAV plus corporate adjustments at par.
Yields on U.S. Treasuries moved lower on Wednesday following a selloff in the previous session, as uncertainty persisted around the war with Iran and the path of inflation.
AM Best has affirmed the Financial Strength Rating of B++ and the Long-Term Issuer Credit Rating of ?bbb? of Asian Reinsurance Corporation. The ratings reflect Asian Re?s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The Real Vision founder said that humanity is entering an ?exponential age? where AI, crypto and tokenization could rewrite finance, labor and culture.
Headline inflation rose 0.4 percentage point to 2.8% in April, staying below the Bank of Canada's forecast of around 3% year over year, said Societe Generale after Tuesday's consumer price index. Core inflation dipped to 2.0% year over year, the lowest since 2021, noted the bank.
Funding Assists Disabled Military Service Members, Veterans and Gold Star Families. U.S. Army Reserve veteran Master Sergeant Jeffery Darrough, who served 26 years, including tours in Iraq and Kuwait, received a $15,000 Housing Assistance for Veterans grant from the Federal Home Loan Bank of Dallas to fund significant repairs in his longtime home. This press release features multimedia.
* Trump again says the war with Iran would end "very quickly" * Investors see 48.6% chance the Fed could raise rates in December. * Minutes from the Fed's April FOMC meeting due later today. By Anjana Anil.
The S&P 500 and the Nasdaq opened higher on Wednesday, lifted by a rebound in chip stocks ahead of Nvidia's (NVDA) quarterly earnings, which investors view as a crucial test of AI demand as they weighed concerns over elevated Treasury yields.
The S&P 500 and the Nasdaq opened higher on Wednesday, lifted by a rebound in chip stocks ahead of Nvidia's (NVDA) quarterly earnings, which investors view as a crucial test of AI demand as they weighed concerns over elevated Treasury yields.
Molson Coors Beverage (TAP/A) said Wednesday that it has commenced an underwritten public offering of US dollar-denominated senior notes. The brewing company expects the offering to close on or about May 27, subject to customary closing conditions. Molson Coors (TAP/A) said it intends to use the net proceeds for general corporate purposes, including repayment of the $2 billion 3% senior notes due 2026.
Canadian inflation edged higher again in April, as the annual increase in prices climbed from 2.4% in March to 2.8%, but the increase was well below economists' consensus forecast of 3.1%, noted National Bank of Canada.
Gold prices fell for a third-straight session early Wednesday even as treasury yields eased and the dollar steadied. The price of the precious metal has been challenged by a higher dollar and rising bond yields as investors fret the high oil prices that have followed the war on Iran will force central banks to hike interest rates to stave off rising inflation.
South Africa's rand, stocks and government bonds firmed on Wednesday after data showed April inflation accelerated sharply, raising expectations that the central bank could hike interest rates at its monetary policy meeting next week. * At 1300 GMT, the rand traded at 16.5950 against the dollar, up about 0.7% from its previous close.
Molson Coors Beverage Company (TAP/A) announced today that it has commenced an underwritten public offering of U.S. dollar-denominated senior notes. Molson Coors (TAP/A) intends to use the net proceeds of the Offering for general corporate purposes, including the repayment of the $2.0 billion 3.00% Senior Notes due 2026.
Government of Canada two-year bonds have "richened" on a cross-border basis to the tune of 14 bps versus United States Treasuries since the start of this month, with the bulk of that. outperformance stemming from Tuesday's roughly 10 bps move, said National Bank of Canada. Early Wednesday, the GoC-UST two-year differential is opening slightly richer at -109 bps, added the bank.
* Treasury yields steady near highs hit overnight. * Nvidia (NVDA) results after bell; Samsung workers set to strike. * Oil prices still elevated; yen hovers around 159 per dollar. * Softer British inflation sends gilt yields lower. By Alun John and Stella Qiu.
Canadian headline consumer price index rose to 2.8% year over year in April from 2.4% in March, largely reflecting surging energy prices, said Nomura after Tuesday's CPI. Core inflation continued to cool with the Bank of Canada's preferred core measures averaging 2.1% year over year, the lowest since January 2021, noted Nomura.
* Investors pricing in higher rates in the face of rising inflation. * No end in sight for more than two-month-long Iran war. * US 30-year Treasury yield at 17-year high. * Yen back near 160 per dollar; traders wary of intervention. By Ankur Banerjee and Harry Robertson.
* US Vice President Vance says lots of progress made in US-Iran talks. * Minutes from Fed's April policy meeting due at 1800 GMT. * Traders see 40% chance of US rate hike in December. By Noel John. Spot gold prices ticked up on Wednesday as U.S. Treasury yields slipped with hopes of a potential resolution to the U.S.-Iran conflict easing some inflation concerns.
Canada's sixth-largest bank selects Sardine's agentic risk platform after extensive evaluations Sardine, the leading agentic risk platform for fighting financial crime, today announced a multi-year partnership with National Bank of Canada (NTIOF), one of Canada?s largest financial institutions serving approximately 2.7 million clients globally.
Upgrades Driven by Strong Financial Performance and Positioning in Global Aerospace Engine MRO Market StandardAero, Inc. (SARO), a leading independent pure-play provider of aerospace engine aftermarket services including engine maintenance, repair and overhaul and engine component repair, announced today that Moody?s Ratings recently upgraded the Company?s ratings based on its consistent positive earn...
* Futures up: Dow 0.2%, S&P 500 0.4%, Nasdaq 0.7% * Target (TGT) up after lifting forecast. * Nvidia (NVDA) to report earnings after markets close. By Ragini Mathur and Utkarsh Hathi. U.S. stock index futures edged higher on Wednesday as chip stocks steadied ahead of Nvidia's (NVDA) earnings report, which investors view as a crucial test of AI demand amid concerns about elevated Treasury yields.
The US dollar rose against its major trading partners early Wednesday, except for a decline versus the yen, as markets look ahead to the minutes of the April 28-29 Federal Open Market Committee meeting to be released at 2:00 pm ET. Before that, Federal Reserve Governor Michael Barr is due to speak at 9:15 am ET, followed by weekly petroleum stocks data at 10:30 am ET.
Artificial intelligence is very soon going to allow treasury departments to spend vastly less time on routine work and more on stategy, thereby lowering borrowing costs.
The rate on the most popular U.S. home loan rose last week to its highest in seven weeks, as concerns about inflation from higher oil prices and an uncertain outlook for the Iran war pushed benchmark U.S. Treasury yields higher. The average 30-year fixed-rate mortgage jumped 10 basis points to 6.56% for the week ended May 15, the Mortgage Bankers Association said on Wednesday.
The rate on the most popular U.S. home loan rose last week to its highest in seven weeks, as concerns about inflation from higher oil prices and an uncertain outlook for the Iran war pushed benchmark U.S. Treasury yields higher. The average 30-year fixed-rate mortgage jumped 10 basis points to 6.56% for the week ended May 15, the Mortgage Bankers Association said on Wednesday.
Commerzbank in its "European Sunrise" note of Wednesday highlighted: Markets: United States Treasury yields remain close to the highs in the late New York session, front-end slightly better supported in Asia. Fed: Federal Reserve Bank of Philadelphia President Anna Paulson says rate cuts require progress on inflation.
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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