In a Tuesday speech, Bank of Canada Deputy Governor Nicolas Vincent highlighted the rise in long-term unemployment, especially for those aged 15-24 years, said Bank of Montreal.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. NA reported Q2 FY26 EPS of CAD3.23 vs CAD2.85 a year ago, CAD0.10 above consensus, though credit quality showed mixed results with provisions declining to CAD233M but gross impaired loans hitting a cyclical high of 114 bps. MT Newswires does not provide investment advice.
Early Wednesday, 10-year Government of Canada bonds and United States Treasuries are trading at -104 bps, said National Bank of Canada. This means GoCs are slightly outperforming to start, noted the bank. Those levels are quite richer month-to-date, which are at about 19 bps since May 1, though 10-year cross-border outperformance isn't as pronounced as down the curve, stated National Bank.
Multiple municipal bond offerings this week have a high exposure to climate risk, specifically high Flood and Wildfire Scores, according to ICE Climate Data. An $8 million offering from Northern Potter School District, Pa., records a Flood Risk Score of 5.0 out of 5.0, ICE reports.
Societe Generale in its early Wednesday economic news summary pointed out: -- Brent offered inside a weekly range. -- The Reserve Bank of New Zealand holds OCR at 2.25%, MPC split 3-3, Governor Breman casts deciding vote for no change. -- Australia April consumer price index slows more than forecast to 4.2% year over year from 4.6% in March, core up a tick at 3.4% following temporary fuel tax cut.
PBF Energy (PBF) has priced $500 million of 7.25% senior notes due 2034 in a private offering, the company said late Tuesday. The notes will be co-issued with PBF Energy's (PBF) subsidiary PBF Holding, the company said, adding that PBF Holding intends to use the net proceeds from the offering to fund the redemption in full of its outstanding 6% senior notes due 2028.
Financial stocks were mixed late Tuesday afternoon, with the NYSE Financial Index rising 0.3% and the State Street Financial Select Sector SPDR ETF decreasing 0.2%. The Philadelphia Housing Index climbed 1.9%, and the State Street Real Estate Select Sector SPDR ETF rose 0.4%. Bitcoin fell 1.8% to $75,824, and the yield for 10-year US Treasuries dropped 6.5 basis points to 4.493%. In economic ne...
Financial stocks were mixed late Tuesday afternoon, with the NYSE Financial Index rising 0.3% and the State Street Financial Select Sector SPDR ETF decreasing 0.2%. The Philadelphia Housing Index climbed 1.9%, and the State Street Real Estate Select Sector SPDR ETF rose 0.4%. Bitcoin fell 1.8% to $75,824, and the yield for 10-year US Treasuries dropped 6.5 basis points to 4.493%. In corporate n...
The Conference Board's Consumer Confidence Index fell to 93.1 in May from a 93.8 reading in April due to a decline in the present situation that was offset by an increase in the expectations index. The Conference Board cited the negative impact of the war in the Middle East as a key factor. The Dallas Federal Reserve's manufacturing reading rose to 0.4 in May from minus 2.3 in April.
US consumer confidence fell in May amid mounting inflation concerns as the Middle East conflict has stretched for about three months now, a survey by the Conference Board showed Tuesday. The consumer confidence index ticked down to 93.1 this month from April's upwardly revised reading of 93.8. The consensus was for a 92 print in a Bloomberg survey.
Financial stocks were mixed in Tuesday afternoon trading with the NYSE Financial Index rising 0.2% and the State Street Financial Select Sector SPDR ETF falling 0.4%. The Philadelphia Housing Index climbed 1.5%, and the State Street Real Estate Select Sector SPDR ETF increased 0.4%. Bitcoin fell 1.4% to $76,197, and the yield for 10-year US Treasuries dropped 5.6 basis points to 4.502%. In sect...
Financial stocks were mixed in Tuesday afternoon trading, with the NYSE Financial Index rising 0.2% and the State Street Financial Select Sector SPDR ETF decreasing 0.2%. The Philadelphia Housing Index was climbing 1.4%, and the State Street Real Estate Select Sector SPDR ETF increased 0.4%. Bitcoin was falling 1.4% to $76,197, and the yield for 10-year US Treasuries was dropping 5.6 basis poin...
The Dallas Fed's monthly manufacturing index rebounded to a reading of 0.4 in May from minus 2.3 in April, compared with expectations for a smaller increase to a reading of 0.0. The index indicates a return to expansion which is in line with the New York Fed, Kansas City Fed and the S&P global flash measures but in contrast with the Philadelphia Fed index that suggested contraction.
The Bank of Canada released several reports on Monday, which underpin their macro estimates, said Rosenberg Research. The BoC published three detailed assessments on major economic questions: the neutral rates of interest in Canada and the United States, Canada's potential growth rate, and the potential growth rate globally.
Worthington Steel (WS) said Tuesday its subsidiary, WS Escrow, plans to issue $900 million in senior secured notes due 2033. The company said it plans to use the proceeds, along with funds from a new term loan, mainly to support its planned acquisition of Kloeckner. The notes offering is not conditioned on the consummation of the Kloeckner acquisition, the company added.
The Conference Board's measure of consumer confidence fell to 93.1 in May from 93.8 in April, still above a reading of 92.0 expected in a survey compiled by Bloomberg as of 7:30 am ET. The present situation reading fell to 121.2 from 124.4, while the expectations reading increased to 74.4 from 73.4. The current assessments of both employment and business conditions deteriorated in April.
Wall Street lenders are urging the Federal Reserve to formalize recent supervisory changes to reduce the risk of future policy reversals, Reuters reported Tuesday, citing people familiar with the matter. Banks want clearer legal backing for the Fed's shift to an "observations" framework, citing concerns over legal ambiguity and potential future policy reversal, according to the report.
Element Fleet Management (ELEEF) intends to sell senior unsecured notes in a proposed private offering that will not be registered under the Securities Act of 1933, as amended, subject to market and other conditions, it said on Tuesday.
Most of Bank of Canada Deputy Governor Nicolas Vincent's Tuesday speech in Quebec was devoted to highlighting the weakness in the country's labor market, including the 'low-hire, low-fire nature', the elevated youth unemployment and the record average length of joblessness amongst those looking for work, said Royce Mendes over at Desjardins.
The Case-Shiller National Home Price index rose by 0.7% in March before seasonal adjustment following a 0.3% increase in February. National home prices were up 0.7% year-over-year, down from 0.8% in February.
The FHFA's measure of home prices rose by 0.1% in March after a revised 0.1% decrease in the previous month, as expected in a survey compiled by Bloomberg as of 7:30 am ET. Prices were up 1.7% from a year earlier in March. For Q1 as a whole, home prices rose by 0.5% from the previous quarter and were up 1.7% compared with the same quarter a year earlier.
The Canadian economy remains under pressure despite the resource sector's strong performance, as trade tensions with the United States continue to hold back non-resource exports, said National Bank of Canada.
The US dollar rose against its major trading partners early Tuesday after the long holiday weekend and before a busy week of economic data releases that includes the second estimate of Q1 GDP and personal income and spending data for April later in the week.
National Bank of Canada on Monday reiterated its outperform rating on the shares of Agnico Eagle Mines (AEM) and its C$350.00 price target after the company decided to go ahead with development of the Hope Bay mine in Nunavut.
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.
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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