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Major tech stocks, led by Apple and Tesla, drove the Nasdaq to a higher close on Monday, while the Dow Jones and the S&P 500 also posted modest gains amidst light pre-holiday trading. Investors are eagerly awaiting key U.S. labor market data later this week for insights into the interest rate outlook. Notable increases in
The U.S. dollar surged to a 38-year peak against the yen on Monday, driven by a sharp rise in long-term Treasury yields. This significant movement in the currency market has heightened expectations of potential intervention from Japanese authorities to support the yen. The yen’s decline was further exacerbated by data indicating Japan’s economy contracted more
The Arctic region could face heightened environmental risks from oil spills if ships switch to very-low sulfur fuel oil (VLSFO) under new fuel regulations, the Arctic Council cautioned on Monday. This warning follows a United Nations shipping agency, the International Maritime Organization (IMO), implementing a ban on heavy bunker fuel oil (HFO) in Arctic waters,
UniCredit announced on Monday that it is contesting the European Central Bank’s (ECB) directives to reduce its exposure to Russia. The Italian bank is seeking a ruling from the European Union’s General Court and has requested a suspension of the ECB’s demands in the interim. In recent weeks, Eurozone banks with ongoing Russian ties, more
The stock market showed mixed results in the final stretch of a strong quarter, primarily driven by high-performing technology shares. A recent effort to diversify beyond mega-cap tech stocks was short-lived, highlighting ongoing concerns about market breadth and the rally’s sustainability. According to Bloomberg Intelligence data, the divergence between S&P 500 performance and market breadth
Bank of Canada Governor Tiff Macklem has expressed optimism about the country’s economic outlook, suggesting that a significant rise in unemployment is not necessary to achieve the central bank’s inflation target. Speaking in Winnipeg on Monday, Macklem highlighted that Canada’s unemployment rate, which stood at 6.2% in May, is just above pre-pandemic levels when the
The Bank of Canada is conducting a comprehensive review of its pandemic-era policies, during which it purchased hundreds of billions in government bonds to lower interest rates. This review could be Governor Tiff Macklem’s last opportunity to defend these actions before a major political change potentially places one of his strongest critics in power. Early
Mexico’s inflation rate surged more than anticipated in early June, moving further away from the central bank’s target. This development likely supports expectations for Banco de Mexico to maintain its interest rate in the upcoming meeting on Thursday. Consumer prices increased by 4.78% in the first half of June compared to the previous year, surpassing
Canada’s population is poised for significant growth, driven largely by immigration, with projections indicating a more than 50% increase over the next 50 years. According to forecasts released by Statistics Canada, the population is expected to rise from 40.1 million in 2022 to 62.8 million by 2073. This projection, based on a “medium-growth” scenario, suggests
Bank of Canada Governor Tiff Macklem has reiterated his forecast for a soft landing for the Canadian economy, expecting a moderate rise in the unemployment rate without the need for a significant increase to achieve the central bank’s inflation target. Speaking on Monday, Macklem noted that Canada’s unemployment rate, which reached 6.2% in May, is
