Global imbalances are once more exerting pressure via trade, capital flows and financial markets, prompting questions about whether they will be managed ahead of time or corrected abruptly, said Bank of Canada Governor TIff Macklem on Tuesday.
State-level data released by the Bureau of Labor Statistics Tuesday showed the unemployment rate fell in six states in May, rose in two and held steady elsewhere. The unemployment rate declined by 0.2 percentage point in South Carolina, Delaware, Ohio, Massachusetts, and Rhode Island, while it declined by 0.1 percentage point in South Dakota.
Gold fell for a third session early on Tuesday as the dollar continued climb after the Federal Reserve last week warned interest rates may rise as inflation continues to run ahead of its 2% target. Gold for August delivery was last seen down US$79.40 to US$4,123,30 per ounce.
Multiple municipal bond offerings this week have a high exposure to climate risk, specifically high wildfire and flood risk scores, according to ICE Climate Data. A $66 million offering from Dublin Unified School District, California, records a wildfire risk score of 2.9 out of 5.0, ICE reported.
Signs that higher energy prices are feeding through into broader inflations measures are limited so far, which is "good news" for policymakers who are focused on growth, Bank of Montreal Capital Markets said on Monday.
Rosenberg Research said Tuesday that Canada's May inflation data offered little support for a more hawkish Bank of Canada stance, noting that only 38.6% of the core consumer price index basket is running above the central bank's 2% target. That compares with nearly 80% at the peak of the inflation cycle and a long-term average of 49%, according to Rosenberg Research.
The Canadian dollar weakened versus its US counterpart, driven by widening interest rate differentials, Societe Generale Economics said in a note on Tuesday. A larger gap between two-year U.S. Treasury and Canadian government bond yields pushed the U.S. dollar higher against the Canadian currency, with the exchange rate up to a 14-month high of almost $1.42, wrote the bank in its note.
GFL Environmental (GFL) priced a private offering of $750 million senior notes due 2031, which will be issued by a GFL unit, the company said Tuesday. The notes will bear a stated coupon of 5.625% or about 4.5%, depending on cross currency interest rate swaps, and will be guaranteed by GFL and certain company subsidiaries, according to the statement.
US equity indexes traded mixed on Monday as steep declines in communication services and consumer discretionary stocks weighed, and government bond yields surged despite declining crude oil prices. The Nasdaq Composite dropped 1.3% to 26,166.60, with the S&P 500 down 0.4% to 7,472.79, while the Dow Jones Industrial Average rose 0.3% to 51,712.71 at the close.
Financial stocks were advancing in late Monday afternoon trading, with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF increasing 0.5%. The Philadelphia Housing Index shed 1.1%, and the State Street Real Estate Select Sector SPDR ETF gained 1.3%. Bitcoin was adding 0.3% to $64,280, and the yield for 10-year US Treasuries rose 5.8 basis points to 4.509%...
Financial stocks were advancing in late Monday afternoon trading, with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF increasing 0.1%. The Philadelphia Housing Index shed 1.1%, and the State Street Real Estate Select Sector SPDR ETF gained 1.3%. Bitcoin was adding 1.7% to $64,364, and the yield for 10-year US Treasuries rose 5.8 basis points to 4.509%...
US equity indexes traded mixed amid steep declines in communication services and consumer discretionary and rising government bond yields after midday Monday.
Gold traded lower midafternoon Monday as the U.S. dollar climbed to its highest level in more than a year, extending gains after the Federal Reserve signaled it could raise interest rates later this year to curb inflation. Gold for December delivery was last seen down 0.9% to US$4,206.80 per ounce.
Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF increasing 0.6%. The Philadelphia Housing Index was down 0.4%, and the State Street Real Estate Select Sector SPDR ETF gained 1.6%. Bitcoin was adding 0.8% to $64,585, and the yield for 10-year US Treasuries was rising 5.8 basis points to 4...
Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF increasing 0.7%. The Philadelphia Housing Index was shedding 0.4%, and the State Street Real Estate Select Sector SPDR ETF gained 1.6%. Bitcoin was adding 0.8% to $64,585, and the yield for 10-year US Treasuries was rising 5.8 basis points ...
The weaker first-quarter reading for Canadian gross domestic product, led National Bank of Canada Capital Markets to lower its 2026 growth forecast to 0.7% from 1.0%. The new estimate is based on the United States-Mexico-Canada, or USMCA, trade agreement being renewed, although trade uncertainty remains the main risk to the outlook, the bank wrote in a note published on Friday.
Higher oil prices have lifted the top-line inflation number, but the underlying trend remains contained, reinforcing expectations that the Bank of Canada will stay on hold, National Bank of Canada Capital Markets said. The consumer price index rose to 3.2% year over year in May from April's 2.8%, said Statistics Canada on Monday.
The Toronto Stock Exchange is up 130 points at midday, with most sectors trending higher. The best performers are industrials, up 0.6%, and financials, up 0.5%. Materials and telecoms, each down 1%, are the worst performers. In other news, Canada's consumer price index rose 3.2% annualized in May, above an expected 3.0% increase, and up from 2.8% in April.
Keyera (KEYUF) completed a C$1.0 billion offering of senior notes and a bought-deal public offering of about C$604 million of common shares, the company said Monday. The company issued 11.3 million common shares, including 1.5 million common shares issued to underwriters, who exercised in full their overallotment option.
The Canadian consumer price index surged in May, though core measures remained "tame", allowing for the Bank of Canada to keep rates unchanged this year, said Desjardins Securities after Monday's CPI data. CPI increased 3.2% year over year and 1.0% on a monthly, non-seasonally adjusted basis, according to Statistics Canada.
Gold traded lower early Monday as the U.S. dollar climbed to its highest level in more than a year, extending gains after the Federal Reserve signaled it could raise interest rates later this year to curb inflation. Gold for December delivery was last seen down 0.5% to US$4,225.00 per ounce.
Canadian inflation picked up again in May, but with oil and gasoline prices down from earlier highs, the latest reading is likely to mark the peak giving the central bank space to hold rates this year, CIBC Economics said after Monday's consumer price index data. CPI rose 3.2% year-over-year, and was up 1% on a monthly basis and 0.5% on a monthly, seasonally adjusted basis, Statistics Canada said.
GFL Environmental (GFL) is planning to launch a private senior notes offering of US$750 million, the company said. The notes, due 2031, will be issued by a U.S. subsidiary and guaranteed by GFL. Proceeds will be used to pay down credit facility debt, in order to help fund part of of the cash component of GFL's acquisition of Secure Waste Infrastructure (SECYF), the company said.
Canada's consumer price index accelerated to 3.2% year over year in May, exceeding expectations, as higher energy prices contributed to inflation, Statistics Canada said Monday. "Higher prices for gasoline continued to drive the acceleration in the headline CPI in May," writes Statistics Canada in a statement, adding that excluding gasoline, CPI would be at 2.2% year over year.
SpaceX has commenced its first offering of senior unsecured notes, the proceeds of which will be used to repay outstanding borrowings under its bridge loan facility and to pay related fees and expenses, with the rest going toward general corporate purposes, the company said in a Monday filing. Financial details of the offering were not disclosed. MT Newswires does not provide investment advice.
Scotiabank Economics said it continues to expect the Bank of Canada to begin a tightening cycle toward the end of the year, with additional rate increases likely in early 2027. In a note on Friday, the bank said its base-case forecast calls for a cumulative 75 basis points of rate hikes over the fourth quarter of 2026 and the first quarter of 2027.
The US dollar rose against its major trading partners early Monday, except for a small decline versus the pound, as markets look ahead to the final estimate of Q1 GDP and May data on personal income, spending and prices, both later in the week. There are no US data on Monday's schedule, but Federal Reserve Governor Christopher Waller is due to speak at 9:00 am ET.
The U.S. and Iran made "encouraging progress" during peace talks in Switzerland, mediators Qatar and Pakistan have said, according to a note from Commerzbank. Commerzbank said that the sides in the talks established "a communication line to ensure the safe passage for commercial ships through the Strait of Hormuz, and pursue a roadmap toward a final deal within 60 days."
Canada's consumer price index reading for May is expected be a "firm print" driven by higher gasoline prices when it's released at 8:30am ET on Monday, according to a note from TD Economics. Costs at the pump are forecast to have risen around 3% in the month, the bank wrote in a note on Friday. "However, the key focus will be on inflation breadth and core measures," TD Economics said.
Societe Generale in its early Monday economic news summary pointed out: -- Brent -1.9% at US$79.1/barrel, two-year United States Treasury yield climbs to new post-FOMC high, September +25bps nailed on, second hike by March 2027.
Gold prices fell early Friday for a second straight session, even as the dollar retreated from a 13-month high reached after the Federal Reserve indicated it may raise interest rates to curb rising inflation. Gold for July delivery was last seen down 1.8% to US$4,168.90 per ounce.
Rising fuel costs are weighing on Canadian household spending, with higher gasoline prices eroding real consumption through the spring, said CIBC Economics after Friday's retail sales data. April retail sales rose 0.5% month over month, slightly below expectations of a 0.6% month-over-month increase, but the gain was largely price-driven, wrote the bank in a note.
The Canadian dollar on Thursday fell to 70.7 US cents, or above $1.413/US dollar, its lowest ebb in more than a year, said Bank of Montreal late Thursday.
Keyera (KEYUF) after the close Thursday agreed to issue $1 billion of senior unsecured notes in a two-tranche offering expected to close on June 22. According to the statement, the proceeds will be used partially to repay indebtedness. Shares of the company closed down $0.25 to $55.96 0n Toronto Stock Exchange. MT Newswires does not provide investment advice.
The Toronto Stock Exchange edged lower on Thursday as weakness in commodity-linked sectors, including energy, battery metals and base metals, outweighed gains in financial and industrial stocks, while investors assessed fresh economic data and the outlook for Bank of Canada monetary policy. The S&P/TSX Composite Index closed down 155.85 points, or 0.44%, at 34,969.26 with sector finishing mixed.
Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index easing 0.3% and the State Street Financial Select Sector SPDR ETF shedding 0.7%. The Philadelphia Housing Index gained 3%, and the State Street Real Estate Select Sector SPDR ETF decreased 0.2%. Bitcoin fell 2.5% to $62,660, and the yield for 10-year US Treasuries rose 2 basis points to around 4.45%. I...
Financial stocks fell in late Thursday afternoon trading, with the NYSE Financial Index easing 0.3% and the State Street Financial Select Sector SPDR ETF shedding 0.8%. The Philadelphia Housing Index climbed 3%, and the State Street Real Estate Select Sector SPDR ETF decreased 0.1%. Bitcoin fell 2.5% to $62,660, and the yield for 10-year US Treasuries decreased 1 basis point to 4.45%. In corpor...
The Philadelphia Federal Reserve's manufacturing reading rose to 10.3 in June from minus 0.4 in May. The index of leading indicators rose by 0.1% in May after a 0.2% gain in April, with positive contributions from six of the ten components, especially stock prices.
The Federal Reserve is unlikely to raise interest rates anytime soon, if at all, despite the removal of the so-called easing bias from its monetary policy statement, Stifel said Thursday. The US central bank kept its key interest rate steady on Wednesday for the fourth consecutive time, and removed language suggesting a bias toward rate cuts.
Gold was lower in late-day trading Thursday as the dollar rose to its highest level in more than a year after the US Federal Reserve left interest rates unchanged at the conclusion of its two-day policy meeting on Wednesday. Gold, which has an inverse relationship with the greenback, was down US$135.90 to US$4,245.70 per ounce.
Financial stocks fell in Thursday afternoon trading with the NYSE Financial Index easing 0.1%, erasing earlier gains, and the State Street Financial Select Sector SPDR ETF shedding 0.6%. The Philadelphia Housing Index jumped 3.7%, and the State Street Real Estate Select Sector SPDR ETF added 0.2%. Bitcoin fell 5% to $62,532, and the yield for 10-year US Treasuries dropped 2.2 basis points to 4....
Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing marginally and the State Street Financial Select Sector SPDR ETF shedding 0.4%. The Philadelphia Housing Index was climbing 4.1%, and the State Street Real Estate Select Sector SPDR ETF added 0.4%. Bitcoin was declining 5% to $62,532, and the yield for 10-year US Treasuries was decreasing 2.2 bas...
Weekly applications for unemployment insurance in the US dropped, while continuing claims moved higher, official data showed Thursday. For the week through June 13, the seasonally adjusted number of initial claims decreased by 4,000 to 226,000, the Department of Labor said. The four-week moving average totaled 223,250, up by 4,000 from the prior week's average, which was revised up by 250.
The Bank of Canada is expected to remain on hold through the rest of the year, supported by an economy that continues to operate below capacity and an inflation backdrop that remains relatively contained, TD Economics said Thursday.
The European stock markets closed mixed in Thursday trading as investors parsed somewhat hawkish commentary from new Federal Reserve Chair Kevin Warsh, as well as prospects for a tighter US monetary policy. The Stoxx Europe declined 0.4%, Germany's DAX gained 0.3%, the FTSE 100 fell 1.1%, France's CAC rose 0.4%, and the Swiss Market Index closed 0.5% lower.
Gold traded lower early Thursday as the dollar rose to its highest level in more than a year after the Federal Reserve left interest rates unchanged at the conclusion of its two-day policy meeting on Wednesday, while signaling that rates could rise later this year. Gold for July delivery was last seen down US$106.50 to US$4,274.90 per ounce.
US initial jobless claims fell to a level of 226,000 in the employment survey week ended June 13 from an upwardly revised 230,000 level in the previous week, compared with expectations for a larger decrease to 225,000 in survey of analysts compiled by Bloomberg as of 7:30 am ET. Initial claims were at a level of 210,000 in the employment survey week ended May 16.
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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