TechnipFMC Plc (FTI): * TECHNIPFMC ANNOUNCES OFFERING OF $850,000,000 SENIOR NOTES. * INTENDS TO OFFER $850,000,000 AGGREGATE PRINCIPAL AMOUNT OF SENIOR UNSECURED NOTES DUE 2026 Source text for Eikon: Further company coverage:
Brent crude futures edged up on Tuesday as optimism that government stimulus will buoy global economic growth and oil demand trumped concerns that renewed COVID-19 pandemic lockdowns globally could cool fuel consumption. Brent crude futures for March rose 17 cents, or 0.3%, to $54.92 a barrel by 0150 GMT after slipping 35 cents in the previous session.
The Canadian dollar weakened
against its U.S. counterpart on Monday, extending a pullback
from a near three-year high, as rising coronavirus cases
globally weighed on investor sentiment and ahead of ...
The head of the International Monetary Fund said on Monday the global economic outlook remained highly uncertain given the coronavirus pandemic, and a growing divergence between rich and poor countries required the IMF to find more resources.
The European Union needs a "masterplan" to move euro financial services from London to the bloc if it wants to expand the single currency's role in a global economy dominated by the U.S. dollar, a senior EU lawmaker said on Monday. Markus Ferber, a senior member of the European Parliament, said if the EU wants to compete with the greenback, it needs a financial system to match it.
Canadian housing starts fell 12.2% in December compared with the previous month, with a reduction in urban starts driven by a 15.1% decline in multiple-unit starts, data from the national housing agency showed on Monday. The seasonally adjusted annualized rate of housing starts fell to 228,279 units from a revised 259,949 units in November, the Canadian Mortgage and Housing Corporation said.
Economic activity in Brazil rose a seasonally-adjusted 0.59% in November, a central bank indicator showed on Monday, slightly more than the 0.5% forecast in a Reuters poll of economists but the smallest of seven consecutive monthly increases.
Five of six rate setters at the Bank of Israel voted to keep the benchmark interest rate at 0.1% on Jan. 4, minutes of the discussions showed on Monday.
The Austrian National Bank on Monday said it expected consumer prices harmonized with inflation data from other European Union countries to rise by 1.4% in 2021. It sees this inflation rate at 1.7% in 2022 and 2023 respectively, it said.
Japanese government bond yields rose after a local media report that the central bank might widen the band of its policy target of 10-year yield and allow further rises when it reviews its policy framework in March. Jiji press reported on Friday the Bank of Japan could enlarge the current 10-year yield target of 0.2%, or 20 basis point above or below zero percent, to allow more policy flexibility.
The European Central Bank will this week face more questions about an increasingly challenging outlook only a month after it unleashed fresh stimulus to bolster the euro zone economy. Policymakers boosted emergency bond buys by 500 billion euros in December.
* Asian stock markets : https://tmsnrt.rs/2zpUAr4. * China Q4 GDP rises 6.5% y/y, but retail sales miss forecasts. * US dollar, Treasuries hold gains as risk appetite sours. By Wayne Cole. Asian shares pared early losses on Monday as data confirmed China's economy had bounced back last quarter as factory output jumped, helping partially offset recent disappointing news on U.S. consumer spending.
* China GDP up 6.5% y/y in Q4, vs Q3's 4.9% * 2020 growth at 2.3%, lowest in more than four decades. * Recovery seen gaining further steam in 2021 but risks linger. * Leaders rule out policy U-turn amid pandemic. By Gabriel Crossley and Kevin Yao.
sources
The Reserve Bank of India (RBI) is likely to propose tightening rules on
"shadow banks" in a bid to strengthen solvency and sustainability of a sector
that has been showing ...
* Asian stock markets : https://tmsnrt.rs/2zpUAr4. * China Q4 GDP rises 6.5% y/y, but retail sales miss forecasts. * US dollar, Treasuries hold gains as risk appetite sours. By Wayne Cole. Asian share markets pared early losses on Monday as data confirmed China's economy had bounced back last quarter as factory output jumped, helping offset recent disappointing news on U.S. consumer spending.
* China GDP up 6.5% y/y in Q4, vs Q3's 4.9% * 2020 growth at 2.3%, lowest in more than four decades. * Recovery seen gaining further steam in 2021. * Leaders rule out policy u-turn amid pandemic.
China's industrial output rose at a faster-than-expected rate of 7.3% in December from a year ago, data showed on Monday, expanding for the ninth straight month as the vast manufacturing sector, aided by strong exports, continues its post-COVID recovery. Analysts polled by Reuters had expected annual industrial output growth to have eased to 6.9% in December from 7.0% in November.
China's economic recovery beat analyst expectations in the fourth quarter, expanding 6.5% from a year earlier, data from the National Bureau of Statistics showed on Monday. The gross domestic product growth was faster than the 6.1% forecast by economists in a Reuters poll, and followed 4.9% growth in the third quarter.
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E. The dollar held late-week gains on Monday as softening U.S. economic data and rising coronavirus cases turned investors cautious. Against a basket of currencies the dollar hovered around a one-month high of 90.887 hit in early trade and the mood also supported the safe-haven yen against other majors.
* China GDP seen growing 6.1% y/y in Q4, vs Q3's 4.9% * Recovery seen gaining further steam in 2021. * Leaders rule out policy u-turn amid pandemic. * Q4 GDP, Dec activity data due Jan 18 at 0200 GMT. By Kevin Yao.
Lawyers for Venezuela's central bank on Thursday said opposition leader Juan Guaido rejected a proposed deal to buy coronavirus vaccines in Britain, an assertion the opposition dismissed as false.
The U.S. Treasury Department on Friday began distributing $15 billion in new payroll assistance to airlines, money allocated by Congress to help more than 32,000 aviation workers return to jobs through at least March 31. Large airlines receiving assistance must repay 30% of it to the government in 10-year, low-interest loans.
The U.S. Treasury Department on Friday began distributing $15 billion in new payroll assistance to airlines, money allocated by Congress to help more than 32,000 aviation workers return to jobs through at least March 31. Large airlines receiving assistance must repay 30% of it to the government in 10-year, low-interest loans.
A big burst of federal aid for U.S. states and local governments in Democratic President-elect Joe Biden's massive fiscal stimulus plan helped higher-yielding debt from lower-rated issuers in the U.S. municipal bond market on Friday.
Credit rating agency S&P Global Ratings on Friday affirmed Russia's rating at 'BBB-/A-3' with a stable outlook, reiterating that the country's strong balance sheets could offset potential risks posed by the COVID-19 pandemic and U.S. sanctions.
* FITCH AFFIRMS THE UK AT 'AA-'; OUTLOOK NEGATIVE. * FITCH SAYS UK'S RATINGS BALANCE A HIGH INCOME, DIVERSIFIED AND ADVANCED ECONOMY AGAINST HIGH AND RISING PUBLIC SECTOR INDEBTEDNESS. * FITCH SAYS NEGATIVE OUTLOOK REFLECTS IMPACT OF CORONAVIRUS PANDEMIC ON UK ECONOMY & RESULTING MATERIAL DETERIORATION IN PUBLIC FINANCES.
The Federal Reserve has no plans to dial back its super-easy policy even as the incoming Biden administration lobbies for a new and massive round of stimulus that sets the economy up for faster growth once vaccines are fully rolled out.
U.S. Treasury yields fell on
Friday after retail sales data came in below economists'
expectations and following President-elect Joe Biden's proposed
$1.9 trillion stimulus program.
Federal Reserve Bank of Boston President Eric Rosengren said on Friday he welcomes President-elect Joe Biden's proposed $1.9 trillion stimulus package as "big" but "appropriate," and signaled the Fed has no inclination to dial back from its own super-easy monetary policy.
Federal Reserve Bank of Minneapolis President Neel Kashkari on Friday gave more downbeat assessment of the outlook than some of his colleagues, saying he believes that Americans will still need to wear masks and keep social distance through all of 2021.
U.S. consumer sentiment dipped in early January as Americans reacted to the assault on the U.S. Capitol and a relentless surge in COVID-19 infections and deaths, the University of Michigan said on Friday in a report that also showed a deep partisan divide in views on the economy and outlook.
U.S. manufacturing output increased more than expected in December, but disruptions to the supply chain as the relentless pandemic keeps some workers at home could slow production in the months ahead. Manufacturing production rose 0.9% last month after advancing 0.8% in November, the Federal Reserve said on Friday.
Federal National Mortgage Association : * FANNIE MAE (FNMA) - ECONOMIC GROWTH EXPECTED TO ACCELERATE AS VACCINE DEPLOYMENT QUICKENS AND WARMER WEATHER APPROACHES. * FANNIE MAE (FNMA) - U.S. ECONOMY IS EXPECTED TO GROW 5.3 PERCENT IN 2021 Source text for Eikon: Further company coverage:
U.S. retail sales fell for a third straight month in December as renewed measures to slow the spread of COVID-19 triggered job losses, further evidence that the wounded economy lost considerable speed at the end of 2020.
* Retail sales fall 0.7% in December. * Core retail sales drop 1.9%; November revised down. * Manufacturing production increases 0.9% By Lucia Mutikani. U.S. retail sales fell for a third straight month in December as renewed measures to slow the spread of COVID-19 triggered job losses, further evidence that the wounded economy lost considerable speed at the end of 2020.
Citigroup Inc (C): * CITIGROUP REPORTS FOURTH QUARTER 2020 RESULTS. * CITIGROUP SAYS REMAIN VERY WELL CAPITALIZED WITH ROBUST LIQUIDITY TO SERVE CLIENTS. * CITIGROUP CEO SAYS GIVEN THE FEDERAL RESERVE DECISION REGARDING SHARE REPURCHASES AS WE HAVE EXCESS CAPITAL WE CAN RETURN TO SHAREHOLDERS.
Brazilian retail sales surprisingly fell in November, official figures showed on Friday, the first decline in seven months mainly driven by a sizeable fall in sales of food products. Retail activity had rebounded to record levels in October from the depths of the COVID-19 crisis earlier last year, which Economy Ministry officials said reflected the wider economic rebound.
Retail sales volumes excluding cars and building materials in Brazil fell 0.1% in November from October, government statistics agency IBGE said on Friday, a weaker performance than the 0.4% rise forecast by a Reuters poll of economists. Sales grew 3.4% from the year-earlier period, compared to expectations for a 4.9% increase in the Reuters poll.
Greece's jobless rate stood at 16.7% in October, unchanged from an upwardly revised reading in the previous month, data from the country's statistics service ELSTAT showed on Friday. Seasonally adjusted data showed the number of unemployed at 786,439 people, with those aged up to 24 the hardest hit. Among people aged 15 to 24, the jobless rate rose to 35.0% from 34.4% in the same month in 2019.
The euro zone's trade surplus rose as expected in November despite a economic slowdown and falling trade turnover, mainly thanks to a better trade balance with Russia, Turkey, Norway, Japan and South Korea, data showed on Friday.
Greece's jobless rate stood at 16.7% in October, unchanged from an upwardly revised reading in the previous month, data from the country's statistics service ELSTAT showed on Friday. Seasonally adjusted data showed the number of unemployed at 786.439 people, with those aged up to 24 the hardest hit.
* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh. * Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv. By Joice Alves. Sterling rose against the euro on Friday, touching an almost two-month high, after data showed Britain's national lockdown in November was less damaging for the economy than expected.
James Hardie Industries PLC (JHX): * JAMES HARDIE INDUSTRIES ANNOUNCES DEBT REDUCTION. * TO REDUCE GROSS DEBT BY US$400 MILLION BY END OF FY2021. * VOLUNTARY REDEMPTION OF ITS 4.75% SENIOR UNSECURED NOTES DUE 2025 WITH PAYMENT OF US$410 MILLION IN PRINCIPAL & CALL PREMIUM. * FOLLOWING REPAYMENT, CO HAS LIQUIDITY OF OVER US$600 MILLION Source text for Eikon: Further company coverage:
* GDP falls 2.6% in November from October vs 5.7% forecast. * ONS says many businesses have adapted well to lockdown. * Services output down 3.4%, construction up 1.9%, industry flat. * Finance minister Sunak warns "things will get harder" * Headwinds from Brexit disruption, renewed lockdown mount in Q1. By David Milliken and William Schomberg.
China's monetary policy will provide the support needed for its continued economic recovery in 2021, a vice governor at the People's Bank of China said on Friday.
China's current interest rate levels are appropriate, Sun Guofeng, the head of the central bank's monetary policy department, told a news conference on Friday. The bank would use various policy tools to ensure liquidity was reasonably ample, Sun added.
A look at the day ahead from Dhara Ranasinghe. This is at the upper end of expectations. And for those looking for a taper tantrum, Federal Reserve Chair Jerome Powell is not buying it, saying late on Thursday it was too early for the Fed to adjust its monthly bond purchases. His comments have paused a rally in the dollar for now.
Asian shares stumbled lower in afternoon trade on Friday, reversing earlier gains as rising COVID-19 cases in China reinforced investor concerns over the prospects for a global economic recovery. European bourses were set to open lower.
The dollar's rebound from a nearly
three-year low faltered after Federal Reserve Chair Jerome
Powell said on Thursday that interest rates would not rise any
time soon.
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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