22-10-2024 at 17:30
Bonds Update: Australia 10Y Bond Yield Rises by 17 bps

Government bonds yields are higher on Tuesday. Top gainers are Australia 10Y (16.90bps).

22-10-2024 at 17:17
Canada 10-Year Bond Yield Near 2-Month Highs

The yield on Canada’s 10-year government bond rose to 3.25%, near the over-two-month high of 3.26% touched on October 9th, loosely aligned with US Treasury yields performance as dovish expectations for the Federal Reserve were dialed back amid robust economic data. Domestically, market participants are now expecting a more substantial 50bps rate cut from the BoC in tomorrow’s decision, which would be the third consecutive cut and the first of this magnitude. Consumer inflation dropped to 1.6% in September, its lowest level in over three years and below the anticipated 1.8%, marking the second consecutive month of price growth within the Bank of Canada’s 2% target. Core inflation, closely watched by the central bank, also remained steady, fueling optimism that underlying inflation may keep declining into the next year.

22-10-2024 at 17:00
FX Updates: Mexican Peso Rises by 0.50%

Top currency gainers are Mexican Peso (0.50%), Australian Dollar (0.41%), New Zealand Dollar (0.40%) and Dollar Index (0.05%). Biggest losers are Japanese Yen (-0.24%), Euro (-0.05%) and British Pound (-0.05%).

22-10-2024 at 16:38
US 5th District Factory Activity Falls for 12th Month

The composite manufacturing index in the US Fifth District was at -14 in October of 2024, pointing to less pessimism than the -21 in the previous month, but completing twelve consecutive negative figures to mark a whole year of declining activity. The slight improvement was owed to a slowdown in the decline of new orders (-17 vs -23 in September), driving another decline in shipments (-8 vs -18) despite another month of depletion in the backlog of orders (-14 vs -16). In the meantime, capital expenditures accelerated their downturn (-23 vs -13) and the number of employees continued to decline (-17 vs -22), although wages accelerated (16 vs 15). On the price front, input costs decelerated (2.7 vs 3.4), but manufacturers still raised their output charges at a higher magnitude (1.7 vs 1.6).

22-10-2024 at 16:10
Ibovespa Drops to 11-Week Low

The Ibovespa fell 0.8% to below the 129,500 mark on Tuesday, mirroring global caution as investors scaled back dovish expectations for the US Fed in light of strong economic data and the growing likelihood of a Donald Trump election win. Mega-caps Petrobras and Vale both underperformed, losing 0.4%, while major banks Banco Santander, Banco do Brasil, Itaúsa, and Bradesco also posted declines, with losses ranging from 0.3% to 0.7%. Among the worst performers were Rede D'Or (-1.5%), Companhia Sanea (-0.9%), and Raia Drogasil (-1.1%). Meanwhile, the IMF revised its 2024 GDP growth projection for Brazil upward from 2.1% to 3%, while the 2025 forecast was lowered to 2.2%.

22-10-2024 at 16:05
US 5th District Service Sector Activity Expands Slightly

The Fifth District Survey of Service Sector Activity's revenues index in the US edged up to +3 in October 2024, from -1 in the prior month, while the demand index remained unchanged at +3 in October. The indexes for future revenues and demand increased further into positive territory. The local business conditions index edged down -4 in October from -3 in September, but the future business conditions index jumped to 32 from 10. The employment index increased to 5, with firms continuing to report wage growth. The skills availability index improved to 2 from -6, indicating mixed results in finding qualified workers. Over the next six months, firms expect to increase hiring and anticipate little change in their ability to find workers with the necessary skills. Most firms plan to continue increasing wages. The average growth rates of prices paid and prices received were nearly unchanged in October. Firms expected price growth to moderate slightly in the coming year.

22-10-2024 at 16:00
Wells Fargo Hits 50-1/2-year High

Wells Fargo increased to a 50-1/2-year high of 64.79 USD. Over the past 4 weeks, Wells Fargo gained 17.31%, and in the last 12 months, it increased 63.73%.

22-10-2024 at 15:53
Baltic Dry Index Eases for 6th Day

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, was down for the sixth straight day on Tuesday, slumping by 4.3% to its lowest since early February to 1,480 points, amid declines across all vessel segments. The capesize index, which typically transports 150,000-ton cargoes, such as iron ore and coal, fell 183 points to 2,008 points; and the panamax index, which usually carries about 60,000-70,000 tons of coal or grain cargo, eased 18 points to 1,260 points. Among smaller vessels, the supramax index edged down by 1 point to 1,249 points.

22-10-2024 at 15:50
TSX Eases Further

The S&P/TSX Composite Index fell 0.3% to below the 24,650 mark on Tuesday, mirroring its US counterparts, as market participants grew increasingly skeptical that the Federal Reserve would reduce interest rates as quickly as previously expected, given strong economic data and the rising likelihood of a Donald Trump presidential win. Financials led the decline, with RBC, Brookfield, BMO, and Scotiabank shedding between 0.7% and 1.4%. The energy sector also lagged despite higher oil prices. However, gains in precious metals producers Agnico, Barrick Gold, and Wheaton Precious, which rose between 1.1% and 1.4%, helped limit the index's decline.

22-10-2024 at 15:40
US Stocks Fall, Fed and Earnings in Focus

Stocks in the US were lower on Tuesday, with the S&P 500 falling 0.2%, the Dow Jones losing about 100 points and the Nasdaq declining 0.5%. Traders continue to bet the Fed will not cut interest rates as fast as initially anticipated amid strong economic data. Consumer discretionary, industrials and tech were the worst performing sectors while consumer staples and energy managed to stay in the green. Meanwhile, the earnings season continues with shares of Danaher falling around 2.2% despite upbeat earnings and revenue. Verizon declined 5.7% as its revenue disappointed and General Electric lost almost 6% after its revenue missed forecasts. In contrast, shares of Philip Morris International gained more than 6% to a 5-week high of $126.52 after posting better-than-anticipated earnings and revenue and General Motors added about 2.3% after reporting a better-than-expected third-quarter earnings.

22-10-2024 at 15:36
Philip Morris International Hits 5-week High

Philip Morris International increased to a 5-week high of 126.52 USD. Over the past 4 weeks, Philip Morris International lost 1.84%, and in the last 12 months, it increased 30.7%.

22-10-2024 at 15:32
Coca-Cola Hits 9-week Low

Coca-Cola decreased to a 9-week low of 68.85 USD. Over the past 4 weeks, Coca-Cola lost 3.46%, and in the last 12 months, it increased 27.96%.

22-10-2024 at 15:30
AT&T Hits 4-week Low

AT&T decreased to a 4-week low of 21.21 USD. Over the past 4 weeks, AT&T gained 0.7%, and in the last 12 months, it increased 44.82%.

22-10-2024 at 15:30
General Electric Hits 4-week Low

General Electric decreased to a 4-week low of 182.70 USD. Over the past 4 weeks, General Electric gained 2.76%, and in the last 12 months, it increased 81.84%.

22-10-2024 at 15:30
ProLogis Hits 14-week Low

ProLogis decreased to a 14-week low of 117.46 USD. Over the past 4 weeks, ProLogis lost 6.95%, and in the last 12 months, it increased 16.84%.

22-10-2024 at 15:12
US Natgas Prices Hover at $2.3/MMBtu

US natural gas futures are hovering around $2.30/MMBtu, not far from a five-week low, as warmer-than-normal weather through early November is expected to reduce heating demand. Furthermore, gas flows to liquefied natural gas (LNG) export facilities have decreased this week. While temperatures are forecast to remain mild in the short term, a drop is anticipated in November, which should drive up heating demand compared to October. On the supply side, analysts predict that producers may reduce output in 2024, marking the first decline since 2020, due to a slowdown in drilling activities.

22-10-2024 at 15:02
Euro Hits 11-week Low

EURUSD decreased to a 11-week low of 1.08. Over the past 4 weeks, Euro US Dollar lost 2.69%, and in the last 12 months, it increased 1.35%.

22-10-2024 at 14:39
Canada Producer Prices Fall More than Anticipated

Industrial producer prices in Canada fell by 0.6% over a month in September of 2024, compared with market estimates of a 0.5% drop and following a revised 0.9% decline in the prior period. This marked the second consecutive month of producer deflation, led by lower energy and petroleum prices (-6.5%), especially for motor gasoline (-10.0%) and diesel (-6.6%), partly due to cheaper crude oil. Additional downward pressure came from prices for meat, fish and dairy products (-1.1%), namely fresh and frozen pork (-3.1%), due to abundant supply and slow seasonal demand in September. On the other hand, multiple product groups saw increases, including primary non-ferrous metal products (+1%) and lumber and other wood products (+1.2%). Excluding energy and petroleum products, the IPPI rose by 0.2%. Yearly, producer prices decreased by 0.9% in September, after a 0.2% rise in the prior month.

22-10-2024 at 14:33
Canada Raw Materials Prices Sink

The Raw Materials Price Index in Canada were down 3.1% month-over-month in September 2024, following an upwardly revised 3% fall in August and way more than forecasts of a 1.7% fall. It is the biggest decrease since December, led by an 8.5% drop in prices for crude energy products, namely conventional crude oil (-8.2%), synthetic crude oil (-10.1%). Other decreases were also seen in prices for animals and animal products (-1.5%) , mostly hogs (-7.4%). In contrast, prices of metal ores, concentrates and scrap rose 1.5%, particularly gold, silver, and platinum group metal ores and concentrates (+2.7%). Year-on-year, prices of raw materials declined 8.8%, the largest year-over-year decrease since July 2023, with conventional crude oil (-21.4%), synthetic crude oil (-28.4%) and canola (-23%) making the biggest contributions.

22-10-2024 at 14:17
Mexican Economic Activity Slows

Economic activity in Mexico expanded by 0.4% from the previous year in August of 2024, extending the 3.8% jump in the earlier month but slightly below market expectations of a 0.7% increase. The back-to-back increase was solely supported by growth in tertiary economic activities (1.3%), as expansions in professional, scientific, and technical services (10.1%), transportation and storage services (3.6%), retail activity (1.5%), and financial services (1.4%) offset declines for wholesale trade (-2%) and restaurants and hotels (-2.3%). In the meantime, activity fell for the secondary part of the economy (-0.9%) amid declines for construction (-4.5%) and mining (-1.2%) and a near stagnation for manufacturing (0.1%). In the meantime, primary activities fell by 2.1%.

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