April housing starts fell by 2.8% from the previous month to a 1.465 million annual rate, compared with expectations compiled by Bloomberg as of 7:30 am ET for a 1.410 million rate after an increase to a 1.507 million pace in March. Building permits jumped by 5.8% to a 1.442 million rate in April, above the 1.384 million rate expected and following a decrease to a 1.363 million rate in March.
US initial jobless claims fell to a level of 209,000 in the employment survey week ended May 16 from an upwardly revised 212,000 level in the previous week, compared with expectations for a smaller decrease to 210,000 in survey of analysts compiled by Bloomberg as of 7:30 am ET. Initial claims were at a level of 215,000 in the employment survey week ended April 18.
Bird Construction (BIRDF) announced Thursday that Morningstar DBRS has assigned the company an investment-grade Issuer Rating of BBB with a Stable trend.
The US dollar rose against its major trading partners early Thursday ahead of a busy schedule of economic releases, starting with the Philadelphia Federal Reserve's manufacturing reading for May, weekly jobless claims, and housing starts data for April, all at 8:30 am ET.
Osisko Development (OSDVF) priced a $275 million offering and a concurrent private placement of 4.125% convertible senior unsecured notes due June 15, 2031, the company said Thursday. Qualified institutional buyers have agreed to purchase $225 million of the notes, while company affiliate Double Zero Capital will buy $50 million.
US equity indexes jumped at the close on Wednesday as government bond yields sank amid a slide in crude oil futures after President Donald Trump talked up expectations for an Iran peace agreement. The Nasdaq Composite advanced 1.6% to 26,270.36, with the S&P 500 up 1.1% to 7,432.97 and the Dow Jones Industrial Average higher by 1.3% to 50,009.35 on Wednesday.
US stocks rebounded Wednesday as traders parsed minutes of the Federal Reserve's latest monetary policy meeting, while Treasury yields slid. The Nasdaq Composite rose 1.5% to 26,270.4, while the S&P 500 advanced 1.1% to 7,433, both rising after a three-day fall.
The Toronto Stock Exchange on Wednesday recovered much of the 500-plus points lost over the prior two sessions as CIBC said "the bar to get the Bank of Canada into a tightening stance is higher than the market thinks", amid fears higher rates would lift borrowing costs for many companies and sideline them and consumers when they are needed to help spur the economy.
Financial stocks were higher in late Wednesday afternoon trading, with the NYSE Financial Index rising 1.7% and the State Street Financial Select Sector SPDR ETF adding 1.2%. The Philadelphia Housing Index was climbing up 3.6%, and the State Street Real Estate Select Sector SPDR ETF was up 1.1%. Bitcoin was increasing 1% to $77,510, and the yield for 10-year US Treasuries dropped 9.5 basis poin...
Federal Reserve officials flagged the possibility of higher interest rates if the Middle East conflict drags on and keeps inflation above the 2% goal, minutes from the central bank's April meeting showed Wednesday.
Financial stocks were higher in late Wednesday afternoon trading, with the NYSE Financial Index rising 1.7% and the State Street Financial Select Sector SPDR ETF adding 1.2%. The Philadelphia Housing Index was climbing up 3.6%, and the State Street Real Estate Select Sector SPDR ETF was up 1.1%. Bitcoin was increasing 1% to $77,510, and the yield for 10-year US Treasuries dropped 9.5 basis poin...
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.
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...
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.
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.
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.
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.
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.
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.
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.
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.
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.
Sustained upward pressure on oil prices appears to be the sole focus of bond markets, said Bank of Montreal. Even the friendliest reading on core inflation in about five years couldn't halt the rout in Government of Canada bonds, noted the bank. Meanwhile, 30-year United States Treasury yields have rocketed to nearly 5.2%, the highest since June 2007, pointed out the BMO.
Akamai Technologies (AKAM) priced a private offering of $1.5 billion of 0% convertible senior unsecured notes due May 15, 2030, and $1.5 billion of 0% convertible senior unsecured notes due May 15, 2032, the company said late Tuesday. The sale was upsized from a previous planned $1.3 billion in each case.
Elbit Systems' (ESLT) long-term rating has been upgraded by S&P Global Ratings Maalot to "ilAAA," with a stable outlook, the company said Wednesday. The ratings agency cited the company's improving financial ratios, operating performance, and robust backlog amid increasing defense budgets, Elbit Systems (ESLT) said. Shares of Elbit Systems (ESLT) were nearly 2% higher premarket Wednesday.
Redwood Trust (RWT) priced a public offering of $125 million of 9.75% senior unsecured notes due June 1, 2031, the company said late Tuesday. Underwriters have a 30-day overallotment option to purchase up to an additional $18.8 million of notes. The company expects the offering to close May 27 and plans to use the net proceeds for general corporate purposes.
Bombardier after trade Tuesday said it completed the redemption of all US$750 million of its 7.50% senior notes due in 2029. The repayment was funded through proceeds from a new debt offering along with US$250 million in cash from the company's balance sheet, it added.
US equity indexes slid as the 30-year Treasury yield rose to a two-decade high amid bets favoring higher interest rates and President Donald Trump's threat to Iran that strikes will resume if talks with the Gulf nations fail to produce a framework for a peace deal.
The Nasdaq Composite and the S&P 500 fell for a third consecutive session on Tuesday and Treasury yields jumped, while traders assessed US President Donald Trump's latest remarks on the conflict with Iran.
American Tower (AMT) said late Tuesday it priced a public offering of 750 million euros in senior unsecured notes due 2033 at 99.663% of face value with a 4% annual interest rate.
Veon (VEON) said late Tuesday its Veon Midco unit has priced its offering of $700 million of 6.95% senior unsecured notes due 2031 and another $700 million of 7.45% of notes due 2033 at par of their principal amounts. The offering reflects its balance sheet optimization, it said. Net proceeds will be used to refinance its debt, including the purchase of its 3.375% senior notes due 2027, the company said.
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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