National Bank of Canada on Monday maintained its outperform rating on the shares of Pembina Pipeline (PBA) an its C$63.00 price target after the company decided to proceed with the Heartland Extraction Plant.
Two Bank of Canada events might garner some attention this week, said Scotiabank. External Part-Time Deputy Governor Nicolas Vincent speaks on "the labour market and structural change in the Canadian economy" on Tuesday. Then two days later, Governor Tiff Macklem unveils the semi-annual Financial Stability Report and Financial System Survey, noted the bank.
Statistics Canada will release on Friday the gross domestic product figures for Q1 on a complete expenditure accounts basis, plus monthly GDP estimates for March, April, and any revisions to prior months, said Scotiabank. They will be backward-looking, but a round of GDP figures will help the bank understand more about the momentum into the commodities shock.
Canada's key release this week is the Q1 real gross domestic product on Friday, said Bank of Montreal. Q1 GDP looks to rebound 1.5% annualized after contracting modestly in Q4, noted the bank.
Canadian financial markets seemingly "exhaled" a bit last week, "catalyzed" by constructive developments for the inflation backdrop, said TD. One important trigger was messaging that a United States-Iran deal may be in its final stages, noted the bank. The other major catalyst was an April inflation report that was soft at its core. Markets were braced for a "3-handle" on inflation last month.
Canada will release gross domestic product data for Q1 on Friday, said RBC. Canada's economy likely returned to growth in Q1 with GDP bouncing back by an annualized 1.7% after declining 0.6% in Q4, supported by improving domestic growth drivers, noted the bank.
Financial stocks rose in late Friday afternoon trading, with the NYSE Financial Index increasing 0.3% and the State Street Financial Select Sector SPDR ETF adding 0.4%. The Philadelphia Housing Index advanced 0.2%, and the State Street Real Estate Select Sector SPDR ETF added 0.3%. Bitcoin was falling 2.3% to $75,797, and the yield for 10-year US Treasuries declined 2.8 basis points to 4.558%. ...
Financial stocks rose in late Friday afternoon trading, with the NYSE Financial Index increasing 0.3% and the State Street Financial Select Sector SPDR ETF adding 0.4%. The Philadelphia Housing Index was gained 0.2%, and the State Street Real Estate Select Sector SPDR ETF added 0.3%. Bitcoin fell 1.6% to $76,303, and the yield for 10-year US Treasuries declined 2.8 basis points to 4.558%. In co...
Newly Sworn-In Fed Chair Kevin Warsh was sworn in, saying that he intends to be reform-oriented and abandoning old models that were not serving the Fed's mission. Fed Governor Christopher Waller suggested that the Fed's policy rate could remain on hold for some time, indicating that the risks are tilting back toward inflation.
The University of Michigan consumer sentiment index for May was revised lower to a record low 44.8 from the preliminary estimate of 48.2 and was well below April's reading of 49.8. Michigan said that inflation expectations increased in May, lifting cost-of-living concerns. The Kansas City Fed's services index rose to 10 in May from 3 in April.
Kevin Warsh took charge of the Federal Reserve on Friday, replacing former Chair Jerome Powell amid growing signs of division at the central bank as inflation heats up. Warsh, who served as a governor on the Fed's board from 2006 to 2011, is US President Donald Trump's pick to lead the institution.
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index increasing 0.3% and the State Street Financial Select Sector SPDR ETF adding 0.7%. The Philadelphia Housing Index was down 0.2%, and the State Street Real Estate Select Sector SPDR ETF was up 0.1%. Bitcoin was declining 0.9% to $76,888, and the yield for 10-year US Treasuries was down 1.4 basis points at ...
Kevin Warsh was sworn in as chair of the US Federal Reserve in a ceremony at the White House, multiple media outlets reported Friday. Warsh returns to the Fed after serving as a board member from 2006 to 2011, according to the reports.
US consumer sentiment declined to a fresh record low in May as people fear that high gasoline prices could erode their purchasing power, University of Michigan said Friday. The main sentiment index tumbled 10% to 44.8 from last month.
European stock markets closed higher Friday as the Stoxx Europe 600 rose 0.7%, Germany's DAX 40 climbed 1.2%, the FTSE 100 gained 0.2%, and France's CAC 40 and the Swiss Market Index each advanced 0.4%. Semiconductor stocks rallied on the continent as Infineon rose 8% in Frankfurt, STMicroelectronics gained 4.7% in Paris, and ASML increased 4.5% in Amsterdam.
National Bank of Canada on Friday reiterated its outperform rating on the shares of Osisko Development (OSDVF) with a C$8.00 price target as it came off restriction after the miner priced a US$275.0 million notes offering.
Amex Exploration (AMXEF) is now off restriction at National Bank of Canada after the company closed a C$59 million private placement, the bank said Thursday. The bank gave Amex an outperform rating and C$6.50 price target.
State-level data released by the Bureau of Labor Statistics Friday showed the unemployment rate fell in three states in April, rose in two and held steady elsewhere. The largest unemployment rate decline was in Ohio, where it fell by 0.2 percentage point, while the unemployment rate rose by 0.2 percentage point in Connecticut.
The University of Michigan consumer sentiment index was revised downward Friday to a reading of 44.8 for May from 48.2 in the preliminary estimate, compared with expectation for no revision in a survey compiled by Bloomberg. That was a decrease from the final reading of 49.8 in April.
Statistics Canada's flash estimate pointed to an increase of 0.6% in retail sales for April, which in light of a 0.7% rise in goods prices over the month implies that volumes fell slightly, noted Oskar Stone over at Desjardins following the release of the latest retail sales data.
The inflation effect was expected in March and is going to carry through to April with the CPI showing goods prices rising a cumulative 1.8% through these two months, noted TD Economics following the release of the latest Canadian retail sales data. "The sinking volumes figures suggest consumers are already cutting back, as higher energy prices eat into budgets," the bank said.
Gold prices eased early Friday, remaining rangebound as the dollar and yields steady. Gold for June delivery was last seen down $15.10 to US$4,527.40 per ounce. The price of the metal has traded within a tight US$200 range for the past month, sticking above US$4,500 despite fears of rising interest rates as inflation surges with the war on Iran hiking energy costs.
US equity futures were higher pre-bell Friday as traders mulled easing bond yields and monitored developments in the Middle East peace negotiations. Dow Jones Industrial Average futures were 0.6% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.4% higher. Treasury yields declined after a spike earlier in the week.
The US dollar rose against its major trading partners early Friday ahead of the release of the final University of Michigan consumer sentiment reading for May, state-level unemployment data for April, and leading indicators data for April, all at 10:00 am ET.
US equity futures were marginally higher pre-bell Friday as traders observed bond yields easing and continued to monitor developments in the Middle East peace negotiations. Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.1% higher. Treasury yields declined after a spike earlier in the week.
Societe Generale in its early Friday economic news summary pointed out: -- Risk tone positive, Brent closed below 50dma on Thursday. -- Japan headline consumer price index slows to 1.4% year over year in April. -- Day ahead: Federal Reserve speaker Waller. -- Nikkei +2.7%, EUR 10-year IRS -2.5bps at 3.10%, Brent crude +2.3% at US$104.9/barrel, Gold +0.15% at US$4,525/oz.
Housing starts fell by 2.8% to a 1.465 million annual rate in April, with single-family housing starts lower but multi-family starts higher. Building permits rose by 5.8% to a 1.442 million rate in April, lifted by an increase in multi-family permits that more than offset a decline in single-family permits.
Weekly applications for unemployment insurance in the US decreased, while continuing claims moved higher, government data showed Thursday. For the week through May 16, the seasonally adjusted number of initial claims fell by 3,000 to 209,000, the Department of Labor said.
Financial stocks were mixed in Thursday afternoon trading, with the NYSE Financial Index fractionally lower and the State Street Financial Select Sector SPDR ETF up 0.2%. The Philadelphia Housing Index was down 0.1%, and the State Street Real Estate Select Sector SPDR ETF was shedding 0.2%. Bitcoin was rising 0.6% to $77,915, and the yield for 10-year US Treasuries was steady around 4.572%. In ...
Financial stocks edged lower in Thursday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF each easing about 0.1%. The Philadelphia Housing Index was down 0.1%, and the State Street Real Estate Select Sector SPDR ETF was shedding 0.2%. Bitcoin was rising 0.6% to $77,915, and the yield for 10-year US Treasuries was steady around 4.572%. In cor...
Broad Market Indicators. Broad-market exchange-traded fund IWM edged higher and IVV fell. US equity indexes fell, pressured by higher crude oil and Treasury yields, amid concern that Iran's nuclear ambitions could breach President Donald Trump's red lines. Energy. IShares US Energy ETF rose 0.1% and the State Street Energy Select Sector SPDR fell fractionally. Technology.
US housing starts decreased less than estimated in April amid a jump in multi-family projects, while the single-unit component declined, government data showed Thursday. Starts fell 2.8% sequentially to a seasonally adjusted annual rate of 1.47 million units last month, according to the Census Bureau and the Department of Housing and Urban Development.
US equity indexes fell, pressured by higher crude oil and Treasury yields, amid concern that Iran's nuclear ambitions could breach President Donald Trump's red lines. The Nasdaq Composite fell by 0.5% to 26,136.5, with the S&P 500 down 0.4% to 7,404.4 and the Dow Jones Industrial Average lower by 0.2% to 49,888.2 in midday trading Thursday.
National Bank of Canada on Thursday maintained its outperform rating on the shares of Hemlo Mining (HMMCF) and its C$9.00 price target following the miner's first-quarter results. Hemlo reported first-quarter financial results in its first full quarter under new management.
The Kansas City Fed monthly manufacturing index fell to a reading of 8 in May from 10 in April, lower than expectations for a smaller decrease to 9 in a survey compiled by Bloomberg. The decline follows mixed readings for the other regional manufacturing data released so far.
National Bank of Canada Thursday maintained Torex Gold Resources's outperform rating and a C$101 target. The company appointed Dan Rollins as chief financial officer from senior vice president of corporate development and investor relations, effective June 17. The change is effective as Andrew Snowden assumes the role as president and chief executive officer upon the departure of Jody Kuzenko.
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.
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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