Fed Vice Chair for Supervision Michelle Bowman said that more clarity is needed on the situation in the Middle East before overreacting to a what could be a one-time spike in energy prices.
Advance data for April showed the international trade deficit narrowed to $82.4 billion from $85.27 billion in March, reflecting a large increase in exports offset by a smaller increase in imports. In the same report, wholesale inventories rose by 0.5% in April after a 1.5% gain in March, while retail inventories increased by 0.7% after a 0.7% gain.
According to Avery Shenfeld, the "surprisingly" weak Q1 GDP readings today actually explained more about why the jobs numbers this year have been "so ugly", rather than necessarily implying we're due for more of the same in May. CIBC sees a net addition of 15K to the ranks of the employed next Friday, compared to a consensus 10k gain, and Shenfled said this might only be enough to hold the unem...
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF ahead 0.9%. The Philadelphia Housing Index was climbing 1.1%, and the State Street Real Estate Select Sector SPDR ETF shed 0.8%. Bitcoin was increasing 0.7% to $74,012, and the yield for 10-year US Treasuries was decreasing one basis points...
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF ahead 0.9%. The Philadelphia Housing Index was climbing 1.2%, and the State Street Real Estate Select Sector SPDR ETF shed 0.6%. Bitcoin was increasing 0.8% to $74,154, and the yield for 10-year US Treasuries was decreasing 1.9 basis points...
A sharp jump in Treasury yields following the Middle East conflict is unlikely to dampen investor appetite for equities, given corporate earnings growth and excitement surrounding artificial intelligence, Wells Fargo Investment Institute said in a note.
National Bank of Canada on Friday removed Tamarack Valley Energy (TNEYF) from restriction, raising its price target to C$16.50 from $15 with an outperform rating. The target price increase reflects the high-graded fundamentals of the business, specifically lower sustaining capital and higher associated free cash flow, the bank said.
Federal Reserve Vice Chair for Supervision Michelle Bowman said Friday that she is looking for more clarity on the Middle East conflict before determining the monetary policy path forward, noting the risks of overreaction to temporary factors.
Canada's economy "remained ice cold" throughout the early days of 2026, says Royce Mendes over at Desjardins, but even though the early economic results for 2026 "aren't encouraging" the Bank of Canada may be hesitant to put cuts back on the table, he adds. Mendes noted Friday's economic data showed quarterly GDP declined 0.1% in Q1, in sharp contrast to expectations for 1.5% growth.
Kennametal (KMT) completed a series of financing transactions aimed at boosting liquidity, extending debt maturities and supporting near-term tungsten-related working capital needs, the company said Friday. The company completed a $300 million offering of 5.800% senior unsecured notes due 2036 and a cash tender offer for $300 million of 4.625% senior notes due 2028, it said.
The Canadian economy continued to struggle in Q1 as gross domestic product posted another decline, said CIBC after Friday's GDP data. The 0.1% annualized drop was in stark contrast with the consensus for a rebound to 1.5%, noted the bank.
Canadian real gross domestic product edged down 0.1% month over month in March, partially offsetting February's increase of 0.2% and driven by contractions in goods-producing industries, said the country's statistical agency on Friday. March's contraction was worse than a 0.1% month-over-month consensus expansion provided by MUFG.
The Canadian gross domestic product report for Q1 is the key release of Friday, at 8:30 a.m. ET, said Bank of Montreal. The bank notes that the Canadian economy seemed to regain its footing at the start of the year. Swings in trade -- like that in March -- can drive larger-than-normal differences between measures of GDP by industry and by expenditure, stated BMO.
Societe Generale in its early Friday economic news summary pointed out: -- Brent tumbles to a six-week low of US$92.4/barrel, off 27% from April peak, support US$91/US$90/US$86/barrel. -- Japan: Tokyo May consumer price index slows to 1.4% year over year, below forecast. -- France HICP up to 2.8% year over year in May from 2.5% in April, below forecast. -- Day ahead: Germany HICP.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. We raise our 12-month target price by CAD25 to CAD330, 18.7x our FY 27 EPS view of CAD17.63, a wider risk premium than the peer average of 13.9x given its scale and superior earnings profile. MT Newswires does not provide investment advice.
CFRA, an independent research provider, has provided MT Newswires with the following research alert. We raise our 12-month target by USD16 to USD239, 18.7x our FY 27 EPS view of CAD17.63, a wider risk premium than the peer average of 13.9x given its scale and superior earnings profile. MT Newswires does not provide investment advice.
National Bank of Canada initiated coverage on the shares of Rio2 (RIOFF) with an outperform rating and a C$5.50 target price, with a focus on the company's Fenix and Condestable mines. The company's flagship asset is the Fenix Gold mine in Chile's Atacama Region, which achieved first gold pour on Jan. 23.
The Toronto Stock Exchange closed higher on Thursday, its first winning session since Monday's record close, with the resource-heavy index buoyed by improved commodity prices, a continuing belief among investors that equity market fundamentals are strong, bullish comments from Canada Prime Minister Mark Carney in New York and cautious positivity on the economy from the Bank of Canada.
The US economy expanded at a slower rate in the first quarter than previously estimated as consumer spending growth decelerated, the Bureau of Economic Analysis' second estimate showed Thursday. Real gross domestic product increased at a 1.6% annualized rate in the March quarter, down from a 2% increase reported in the initial estimate.
Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index decreasing 0.6% and the State Street Financial Select Sector SPDR ETF down 0.3%. The Philadelphia Housing Index eased 0.4%, and the State Street Real Estate Select Sector SPDR ETF shed 0.4%. Bitcoin was falling 1.3% to $73,401, and the yield for 10-year US Treasuries decreased 2.6 basis points to 4.455...
Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index decreasing 0.6% and the State Street Financial Select Sector SPDR ETF down 0.3%. The Philadelphia Housing Index eased 0.4%, and the State Street Real Estate Select Sector SPDR ETF shed 0.4%. Bitcoin was falling 1.3% to $73,401, and the yield for 10-year US Treasuries decreased 2.6 basis points to 4.455...
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.
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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