US equity indexes rose this week as the odds of a third consecutive interest rate cut remained elevated amid supportive macroeconomic data and as leadership returned to high-growth sectors. * The S&P 500 closed at 6,870.40 on Friday versus 6,827.70 a week ago. * Technology and communication services were the top two sectors this week, a return of leadership to high-growth areas.
The Nasdaq Composite extended its winning streak to a fourth straight session on Friday, as Wall Street logged back-to-back weekly gains amid expectations that the Federal Reserve will cut interest rates next week. The Nasdaq rose 0.3% to close at 23,578.1. The Dow Jones Industrial Average and the S&P 500 each gained 0.2% to end at 47,955 and 6,870.4, respectively.
Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund each adding 0.2%. The Philadelphia Housing Index was 0.3% lower, and the Real Estate Select Sector SPDR Fund rose 0.3%. Bitcoin was declining 2.6% to $89,725, and the yield for 10-year US Treasuries rose 3 basis points to 4.14%. In corporate news, Barclays (BCS) is...
Gold was steady midafternoon on Friday after a report showed U.S. inflation continued to run hot in September but not enough to derail expectations the Federal Reserve will cut interest rates next week. Gold for February delivery was last seen up US$3.70 to US$4,246.70 per ounce.
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index up 0.4% and the Financial Select Sector SPDR Fund adding 0.3%. The Philadelphia Housing Index was 0.1% lower, and the Real Estate Select Sector SPDR Fund rose 0.3%. Bitcoin was declining 3.4% to $89,266, and the yield for 10-year US Treasuries rose 4 basis points to 4.14%. In corporate news, DigitalBridge...
US consumer sentiment picked up after a four-month deterioration, while year-ahead inflation expectations hit the lowest in 11 months, preliminary results from a University of Michigan survey showed Friday. The main sentiment index rose to 53.3 in December from 51 in November.
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index up 0.2% and the Financial Select Sector SPDR Fund adding 0.3%. The Philadelphia Housing Index was fractionally higher, and the Real Estate Select Sector SPDR Fund rose 0.4%. Bitcoin was declining 3% to $89,395, and the yield for 10-year US Treasuries rose 4 basis points to 4.14%. In corporate news, Digita...
The Toronto Stock Exchange was lower midday on Friday despite a better than expected jobs report for November. The S&P/TSX Composite Index was last seen down 113.39 Points to 31,364.18 after setting a record high a day earlier. The drop comes even as Statistics Canada reported Canada added 54,000 new jobs last month, driven by gains in part-time work.
The European stock markets closed mixed in Friday trading as the Stoxx Europe edged 0.01% higher, Germany's DAX gained 0.66%, the FTSE 100 declined 0.45 %, France's CAC was off 0.09%, and the Swiss Market Index rose 0.33%. Seasonally adjusted GDP increased 0.3% in the euro area and 0.4% in the EU in Q3, compared with the previous quarter, according to Eurostat, the statistical office of the Eur...
Consumer spending growth slowed in September, while the Federal Reserve's preferred inflation metric decelerated at the annual level, delayed government data showed Friday. Personal consumption expenditures rose 0.3% in September, in line with Wall Street's estimates, the Bureau of Economic Analysis said in a report.
The University of Michigan's preliminary consumer sentiment index rose to 53.3 in December from 51.0 in November, above expectations for a smaller increase to 52.0 in a survey compiled by Bloomberg as of 7:35 am ET.
The Canadian labor market continued an impressive streak of hiring in November, with 54,000 jobs added and the unemployment rate falling sharply to 6.5%, said CIBC after Friday's Labour Force Survey.
Canada will release the Labour Force Survey for November at 8:30 a.m. ET on Friday, said Scotiabank. Consensus is for a 2,500 decline for jobs, while the bank estimates 15,000 job losses. LFS gets revised only once per year, unlike rolling monthly revisions in the United States. The BoC looks at trends, especially for such a "noisy" report, pointed out the bank.
The US dollar fell against its major trading partners early Friday, except for a gain versus the yen, ahead of the release of delayed personal income, spending and price data for September and the preliminary University of Michigan consumer sentiment index for December, all at 10:00 am ET.
Last week, Statistics Canada slipped major revisions to previous data into its gross domestic product release, said Rosenberg Research. Growth for 2022, 2023, and 2024 was each revised upwards by about 0.5%, meaning that GDP by the end of 2024 was a total of 1.7% higher than previously estimated.
Canada is scheduled to release the Labour Force Survey for November at 8:30 a.m. ET on Friday, said Bank of Montreal. Following a surprisingly strong 66,600 net gain in October, the bank looks for employment to decline by 5,000 -- Bloomberg consensus is for a 2,500 decline.
European bourses tracked higher midday Friday, en route to a fourth-straight day of gains, as traders weighed odds for a rate cut from the US Federal Reserve next week, and digested a positive report on the overall European economy. Tech stocks led gains on continental trading floors, while oil and property shares lagged.
Crude oil prices edged lower but U.S. benchmark West Texas Intermediate prices are headed for a weekly gain on Friday amid expectations of a U.S. Federal Reserve interest rate cut and tensions between the U.S. and Venezuela.
Asian stock exchanges largely gained on Friday on rising expectations that the Federal Reserve will cut rates at its mid-December meeting, following recent soft US labor market reports. Hong Kong and Shanghai finished in the green, while Tokyo fell back.
Banco Santander's senior executive, Alexsandro Broedel Lopes, is being investigated by Brazil's central bank over fraud allegations made by his former employer, Itau Unibanco, the Financial Times reported Friday, citing a document. Broedel, who is Itau's former finance chief, was accused of siphoning funds through an arrangement with an external consultant he hired for the bank.
US equity indexes traded mixed on Thursday as a contrast in labor market data weighed on market expectations for next week's monetary policy easing, pushing government bond yields higher.
US equities ended mixed on Thursday as markets digested the latest labor market data, while keeping bets for a Federal Reserve interest rate cut largely intact. The Nasdaq Composite rose 0.2% to 23,505.1, while the S&P 500 edged up 0.1% to 6,857.1 -- both advancing for a third consecutive day. Among sectors, health care and consumer staples saw the biggest drop, while industrials led the gainers.
US equity indexes were mixed Thursday as investors weighed jobs data amid a rise in most government bond yields. * Initial jobless claims last week dropped to 191,000 for the week, the lowest since September 2022, down from a revised 218,000 the previous week and below 220,000 expected in a Bloomberg survey.
Royal Bank of Canada (RY) shares were up about 2.7% in recent Thursday trading after TD Cowen upgraded the stock to buy from hold. Trading volume stood at more than 753,000 shares, compared with a daily average of nearly 1.1 million. Price: 160.98, Change: +4.30, Percent Change: +2.74. MT Newswires does not provide investment advice.
Gold edged higher midafternoon on Thursday as treasury yields rose ahead of key U.S. inflation data coming Friday and next week's interest-rate decision from the Federal Reserve. Gold for February delivery was last seen up US$8.80 to US$4,241.30 per ounce.
Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index rising 0.5% and the Financial Select Sector SPDR Fund up 0.3%. The Philadelphia Housing Index was declining 0.9%, and the Real Estate Select Sector SPDR Fund was increasing 0.1%. Bitcoin was shedding 1.1% to $92,088, and the yield for 10-year US Treasuries was rising 4.6 basis points to 4.10%. In econom...
Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index rising 0.5% and the Financial Select Sector SPDR Fund up 0.2%. The Philadelphia Housing Index was declining 0.9%, and the Real Estate Select Sector SPDR Fund was increasing 0.1%. Bitcoin was shedding 1.2% to $92,323, and the yield for 10-year US Treasuries was rising 4 basis points to 4.10%. In corporat...
The US housing market is expected to benefit from improved affordability in 2026 amid pent-up demand, Zillow (ZG) said Thursday. The online real estate marketplace is looking at a 4.3% increase in existing home sales in 2026 to 4.26 million units from this year's projected total. Pent-up housing demand is expected following years of limited inventory and elevated mortgage rates, according to Zillow.
German Bunds followed the global trend lower on Thursday, even after retail-sales figures suggested a soft start to household spending in Q4, said Daiwa Capital Markets. Friday will bring an updated estimate of eurozone gross domestic product growth in Q3.
US stock indexes were mixed in late-morning trading Thursday, as a run of recently released jobs data has raised investors' confidence that the Federal Reserve will cut interest rates at its December meeting.
The European stock markets closed higher in Thursday trading as the Stoxx Europe rose 0.51%, Germany's DAX gained 0.85%, the FTSE 100 increased 0.19%, France's CAC advanced 0.43%, and the Swiss Market Index was up 0.27%. The HCOB Eurozone Construction PMI Total Activity Index, which tracks monthly changes in industry activity, rose to 45.4 in November, from 44.0 in October.
Nomura said it believes the rate-cutting cycle at the Reserve Bank of New Zealand has most likely ended. The reasons for this forecast are that, one, the economy is now commencing what appears to be an enduring recovery, and, second, monetary policy is now in accommodative territory, while as third, inflation is still at the top of the RBNZ's target band and forecast to decline only slowly.
Gold traded lower early on Thursday as treasury yields rose ahead of key U.S. inflation data coming Friday and next week's interest-rate decision from the Federal Reserve. Gold for February delivery was last seen down US$9.00 to US$4,223.50 per ounce.
US initial jobless claims fell to a level of 191,000 in the week ended Nov. 29 from an upwardly revised 218,000 level in the previous week, compared with expectations for an increase to 220,000 in survey of analysts compiled by Bloomberg as of 7:35 am ET. The level of initial claims was the lowest since the week ended Sept. 24, 2022, when it was 189,000.
TD Securities raised its price target on National Bank of Canada (NTIOF) to $181 from $161 on Thursday. Analyst Mario Mendonca maintained a Hold rating on shares of the Canadian bank following its Q4 results. "NA beat our estimate on strong trading revenue," Mendonca said in a note to clients.
Royal Bank of Canada (RY) was upgraded to Buy from Hold at TD Securities on Thursday. Analyst Mario Mendonca raised his price target on shares of the Canadian bank to $246 from $215 following its Q4 results on Wednesday. "Overall, a strong quarter for RY," Mendonca said in a note to clients.
The US dollar fell against its major trading partners early Thursday, except for a gain versus the Canadian dollar, ahead of the release of weekly jobless claims at 8:30 am ET, delayed factory orders data for September at 10:00 am ET, and weekly natural gas stock inventory data at 10:30 am ET.
US equity markets mostly edged higher before the opening bell Thursday amid growing expectations for a Federal Reserve interest rate cut next week following recent labor and economic data.
Royal Bank of Canada (RY) has an average rating of overweight and mean price target of CA$226.92, according to analysts polled by FactSet. MT Newswires does not provide investment advice.
Societe Generale in its early Thursday economic news summary pointed out: -- US dollar selling subsides after weak ADP on Wednesday, Australian dollar pushes on above 0.66 after 1.3% month-over-month gain in October household spending tips scales towards Reserve Bank of Australia hike in H1 2026.
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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