Fed Vice Chair Philip Jefferson said that he remains focused on bringing inflation down to the 2% goal but would not comment on the future path of monetary policy, saying that he is taking a meeting-by-meeting approach. Fed Governor Lisa Cook said that she is prepared to raise interest rates if inflation remains elevated but said that she is expecting inflation to slow without rate increases.
The second estimate of Q1 GDP showed a 1.6% gain after a 0.5% increase in the previous quarter, but a downward adjustment from a 2% gain in the advance estimate. Personal spending growth was revised down 1.4% from a 1.6% increase in the advance estimate, below a 1.9% increase in the previous quarter.
Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.5% and the State Street Financial Select Sector SPDR ETF down 0.4%. The Philadelphia Housing Index eased 0.2%, and the State Street Real Estate Select Sector SPDR ETF added 0.1%. Bitcoin was falling 1.3% to $73,337, and the yield for 10-year US Treasuries was down 3 basis points at 4.45%. In ec...
Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.5% and the State Street Financial Select Sector SPDR ETF down 0.4%. The Philadelphia Housing Index eased 0.2%, and the State Street Real Estate Select Sector SPDR ETF added 0.1%. Bitcoin was falling 1.3% to $73,337, and the yield for 10-year US Treasuries was down 3 basis points at 4.45%. In co...
National Bank of Canada on Thursday reiterated its outperform rating on the shares of Cameco (CCJ) and and its C$180 price target after the company resumed much of its its northern Saskatchewan uranium operations. Cameco (CCJ) resumed full production at the McArthur River mine and Key Lake mill in Saskatchewan after a flooding-related logistics disruption announced on May 11.
Bank of Canada views households and businesses as being in "stable condition," said Desjardins after Thursday's presentation of the BoC's 2026 Financial Stability Report. While household debt levels remain elevated, the FSR pointed out that wealth has been on the rise, noted the bank. That said, there have been pockets of weakness even within mortgage holders, stated Desjardins.
Annual inflation hit the highest reading in almost three years in April even as consumer spending moderated in the face of high gasoline prices in the US. The personal consumption expenditure price index jumped 3.8% year over year in April, the largest print since May 2023, Bureau of Economic Analysis data showed Thursday.
Canada's financial system has functioned well through a challenging year as households and businesses remain in stable financial condition, and banks have strengthened their capacity to absorb shocks, said Bank of Canada on Thursday. However, vulnerabilities have increased in some parts of the system, noted the central bank in its annual Financial Stability Report.
Canada's current account deficit widened to $7.2 billion, or $28.7 billion a.r., in Q1, following a shortfall of $1.0 billion, or $4.0 billion a.r., in Q4 2025, noted Bank of Montreal after Thursday's data. This amounts to an estimated 0.9% GDP, in line with recent norms, BMO said, while noting the latest GDP data will be released Friday.
US economic growth, as measured by gross domestic product, rose by 1.6% in Q1, revised lower from a 2.0% increase in the advance estimate. There was no revision expected in a survey compiled by Bloomberg as of 7:00 am ET. GDP rose by 0.5% in Q4. Personal consumer expenditures rose by 1.4% after a 1.9% gain in Q4, a downward revision from a 1.6% gain in the advance estimate.
Canada's current account deficit on a seasonally adjusted basis widened by $6.2 billion to $7.2 billion in Q1, said the country's statistical agency on Thursday. The Q1 deficit was much higher than the $3.9 billion consensus deficit provided by MUFG.
US initial jobless claims rose to a level of 215,000 in the week ended May 23 from an upwardly revised 210,000 level in the previous week, compared with expectations for a level of 211,000 in survey of analysts compiled by Bloomberg. The four-week moving average rose by 6,250 to 209,000 after decreasing by 1,250 to a level of 202,750 in the previous week.
RBC Capital Markets raised its price target on National Bank of Canada (NTIOF) to $214 from $180 on Thursday. Analyst Darko Mihelic maintained a Sector Perform rating on shares of the Canadian bank following its quarterly results. "Core EPS was above our estimate primarily due to lower than expected PCLs," Mihelic said in a note to clients.
The US dollar rose against its major trading partners early Thursday, except for a decline versus the yen, ahead of a busy day of economic data releases, starting with weekly jobless claims, the second look at Q1 GDP, and durable goods and personal income and spending data for April, all at 8:30 am ET.
The main US stock measures were trending lower in Thursday's premarket activity amid renewed tensions in the Middle East, while traders await key inflation and economic data. The S&P 500 and the Dow Jones Industrial Average edged down 0.1% each before the opening bell, while the Nasdaq was off 0.2%. The indexes finished Wednesday's trading session with fresh highs.
UBS said it estimates Canada's gross domestic product growth to slow down this year to 1.5% from 1.7% in 2025. The bank estimates a pickup in economic growth in 2027, up 1.7%. UBS sees the consumer price index averaging at 2.6% this year and at 2.4% in 2027, up from 2.1% in 2025. The current account deficit to GDP is predicted to narrow to 0.7% this year and to 0.3% in 2027 versus 0.9% in 2025.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. RY beat Q2 FY 26 earnings with operating EPS of CAD3.90 vs. MT Newswires does not provide investment advice.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. RY beat Q2 FY 26 earnings with operating EPS of CAD3.90 vs. MT Newswires does not provide investment advice.
Commerzbank in its "European Sunrise" note of Thursday highlighted: Markets: United States Treasury yields open higher in Asia, continue to increase with the 10-year back above 4.5%. Brent surges to US$98/barrel after U.S. strikes on Iran. Fed: Federal Reserve Governor Lisa Cook is prepared to raise rates if inflation doesn't ease as expected.
Royal Bank of Canada (RY) reported fiscal Q2 adjusted earnings Thursday of 3.90 Canadian dollars per diluted share, up from CA$3.12 a year earlier. Analysts surveyed by FactSet expected CA$3.80. Revenue for the quarter ended April 30 was CA$17.45 billion, up from CA$15.67 billion a year earlier. Analysts polled by FactSet expected CA$17.32 billion.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. After digesting Q2 results, we raise our 12-month target price by CAD15 to CAD265, which is 18.6x our FY 27 EPS view of CAD14.21, a premium to its five-year forward P/E of 10.9x, given expected efficiency gains and improving revenue diversity. MT Newswires does not provide investment advice.
National Bank of Canada on Wednesday raised its price target on the shares of Alimentation Couche-Tard (ANCTF) to C$91.00 from C$89.00 while maintaining its outperform rating ahead of the company's fiscal fourth-quarter results, set to be released on June 22. The analysts said they expect earnings per share to be US$0.58, above the consensus of US$0.53 and up from US$0.46 last year.
Financial stocks fell in late Wednesday afternoon trading, with the NYSE Financial Index declining 0.6% and the State Street Financial Select Sector SPDR ETF shedding 0.7%. The Philadelphia Housing Index rose 1.3%, and the State Street Real Estate Select Sector SPDR ETF eased 0.1%. Bitcoin fell 1.3% to $74,895, and the yield for 10-year US Treasuries declined about 1 basis point to 4.48%. In ec...
Financial stocks fell in late Wednesday afternoon trading, with the NYSE Financial Index declining 0.6% and the State Street Financial Select Sector SPDR ETF shedding 0.7%. The Philadelphia Housing Index rose 1.3%, and the State Street Real Estate Select Sector SPDR ETF eased 0.1%. Bitcoin fell 1.3% to $74,895, and the yield for 10-year US Treasuries declined about 1 basis point to 4.48%. In co...
Financial stocks fell in Wednesday afternoon trading with the NYSE Financial Index declining 0.7% and the State Street Financial Select Sector SPDR ETF shedding 0.8%. The Philadelphia Housing Index rose 1.5%, and the State Street Real Estate Select Sector SPDR ETF gained 0.1%. Bitcoin fell 1.6% to $74,905, and the yield for 10-year US Treasuries was little changed at 4.49%. In economic news, Re...
Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF decreasing 0.9%. The Philadelphia Housing Index was climbing 1.5%, and the State Street Real Estate Select Sector SPDR ETF was up 0.1%. Bitcoin was falling 1.6% to $74,905, and the yield for 10-year US Treasuries was slightly lower at 4....
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.
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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