Financial News · Live Terminal

Page 19 of 75

More Ontario Properties Fall Below C$500,000 as Housing Market Cools, Improving Affordability, Says MPAC

Homes priced under C$500,000 are becoming more common as Ontario's housing market cools, according to data from the Municipal Property Assessment Corp. (MPAC) published on Wednesday.Properties valued below C$500,000 account for nearly 24% of homes in 2026, up from 17% in 2022, though still far below the 67% share seen in 2016, said MPAC, which defines itself as an independent, not-for-profit corporation funded by all Ontario municipalities, accountable to the Province, municipalities, and property taxpayers.The Ontario market has shifted toward improved balance, with fewer homes above C$1 million and a majority now below C$750,000, added MPAC.Municipalities with median prices above C$750,000 have declined from 105 to 65, broadening regional affordability in Canada's wealthiest province."The past decade has reshaped Ontario's housing market, and while prices remain elevated, there have been corrections from peak conditions," said Greg Martino, Chief Assessor and Data Officer at MPAC, in Wednesday's report.

$CXY

Treasury44d ago

Sony Group Launches Senior Notes Offering

Sony Group (SONY) said in a regulatory filing Wednesday it will issue senior unsecured notes totaling $1 billion at par of the principal amount.The offering comprises of $500 million of 4.657% notes due 2031 and another $500 million of 5.089% notes due 2036, according to the filing.Proceeds will be used for general corporate purposes, it said.Price: $20.17, Change: $+0.53, Percent Change: +2.70%

$SONY

Treasury44d ago

Canada Needs to Modernize Its Retirement Policy, Says Scotiabank

An aging population and rising fiscal strains are prompting Canada to rethink established policy models, with retirement support at the forefront of the debate, Scotiabank Economics said on Wednesday.With almost one in five Canadians now over 65, population aging is set to drive rising public expenditures, the bank wrote. At the center of the issue is Old Age Security (OAS), accounting for close to 60% of direct federal transfers to households and forecast to reach $100 billion annually by the end of the decade."Canada is rapidly aging," wrote Rebekah Young, Vice-President of Economic Policy, in the note. "The next phase of aging will look very different -- and cost much more --than the one the country is experiencing now."As fiscal choices become more difficult, maintaining near-universal OAS benefits is increasingly challenging, stated Scotiabank. However, reducing benefits is politically challenging because of retirees' dependence on the program and doubts among younger Canadians about its future.Instead of focusing solely on benefit reductions, policymakers could redesign OAS to better reflect retirement needs over time, added the bank. The government could redesign OAS around a model that encourages earlier retirement saving while providing stronger income support later in life.The key challenge is creating a sustainable system that provides Canadians with long-term financial confidence, according to Scotiabank's Young.

$CXY

Treasury44d ago

US 2-Year FRN Auction High Discount Margin Falls from Previous Month, Demand Declines

The US Treasury's 2-year FRN auction hit a high discount margin of 0.079% on Wednesday, lower than the 0.089% high in the previous auction.The bid to cover ratio for the auction was 2.99, below the 3.49 ratio in the previous auction.Dealers represented 72.65% of the bids and indirect bidders were 27.35%.For takedown, dealers took 33.35% and indirect bidders took 66.65%.

Treasury44d ago

US 2-Year FRN High Discount Margin 0.079% vs 0.089% Previous; Bid/Cover 2.99 vs 3.49 Previous

Treasury45d ago

Housing Affordability Strain Reinforces Case for Bank of Canada Rate Cuts, Rosenberg Research Says

Demand from prospective first-time home buyers remains very weak, with affordability constraints and barriers to down payments keeping many out of the market, said Rosenberg Research on Wednesday.More than half of non-homeowners in Canada have no plans to buy in the next 12 months, noted Rosenberg Research, citing a poll reported by the National Post.Housing affordability is about 20% weaker than its long-term average, most notably for younger buyers, implying further downward pressure on prices unless policy becomes more supportive, said Rosenberg Research in a note. This raises the likelihood of BoC easing if housing softness weighs on financial conditions."The thing is -- if home prices continue to deflate, the pressure will be on the central bank to kickstart its easing campaign," said Rosenberg.Mortgage rates have failed to ease in line with BoC policy, with the five-year average still around 5.13% and supported by higher global bond yields, especially U.S. Treasuries, according to Rosenberg.With Canadian households still heavily indebted and financial stress indicators edging higher, the balance of risks suggests Canada's central bank is more likely to cut rates than raise them next, added Rosenberg.

$CXY

Treasury45d ago

Canada Manufacturing Sales Rise in May on Motor Vehicles, Chemicals, Preliminary Data Shows

Preliminary data from Statistics Canada indicates on Wednesday that total manufacturing sales gained 1.1% on the month on May, with the motor vehicles and chemicals posting the largest expansion.If May's advance estimate is confirmed in final numbers, it would be the fourth month in a row of increases in manufacturing sales.May's preliminary figure reflects a 70.2% weighted response rate, which is below the 92.5% average final response rate seen over the prior 12 months, wrote StatsCan in a statement.

$CXY

Treasury45d ago

Lower Stability Buffer Can Be Seen a Roughly 25-Point Bank of Canada Rate Cut, Scotiabank Says

The reduction in the Domestic Stability Buffer by the banking regulator has given Canada's major banks more room to deploy capital and is viewed by Scotiabank Economics as broadly equivalent to a policy rate cut.Last week, the Office of the Superintendent of Financial Institutions lowered the buffer to 3% from 3.5%.Although the adjustment affects credit availability rather than borrowing demand, it has an effect comparable to a reduction in the Bank of Canada's policy rate by encouraging lending and improving financial conditions, wrote Scotiabank Economics in a note on Tuesday."We estimate that the reduction in the DSB provides roughly the same amount of stimulus as a 25 basis point cut in the Bank of Canada's policy rate," said Jean-Francois Perrault and Rene Lalonde in the note.More generally, regulators can affect economic outcomes by determining the availability of credit and influencing how effectively monetary policy is passed through to households and businesses, added Scotiabank.As a result, Canada's central bank may need to incorporate the easing effects of the DSB cut into its deliberations on future interest-rate settings, according to Scotiabank.

$CXY

Treasury45d ago

BMO Says Canadian Travel to U.S. Recovering but Remains Below 2024 Peak Levels

Canadian travel to the U.S. has been gradually recovering, rising 5% year over year through April, but remains below peak levels reached in 2024, Bank of Montreal Capital Markets (BMO) said Tuesday.Travel activity remains 26% below levels seen two years ago, with road travel down 29% and air travel down 14% on a seasonally adjusted basis, BMO senior economist Sal Guatieri wrote in a note.In contrast, Canadians have increasingly favored other international destinations, with travel to countries outside the U.S. up 18% over the same period, according to BMO.Over a two-year period, arrivals from the U.S. to Canada have shown only modest weakness, down 4%, while visits from other countries have risen 5%, Guatieri added.

$CXY

Treasury45d ago

Growth, Trade Risks, Labor Slack to Keep Bank of Canada on Hold Through 2026, Nomura Says

The Bank of Canada is expected to look through May's energy-driven inflation, with economic growth and trade risks unlikely to push the central bank to change its policy stance this year, said Nomura.At the June policy meeting, the BoC saw the inflation picture as stable, with improving growth and limited spillovers from higher energy costs, Nomura wrote in a note following Monday's consumer price index data."The May CPI details are consistent with that assessment," Ruchir Sharma and David Seif wrote.Nomura forecasts the BoC to maintain its policy rate at 2.25% through 2026, given continued downside growth risks, especially linked to this year's U.S.-Mexico-Canada trade deal renegotiations, and lingering slack in the labor market.

$CXY

Treasury45d ago

South Korea Expands Treasury Share Disclosure Rules for Listed Firms

The South Korean government approved a revision to a bill that requires all listed companies in the country to disclose details on their treasury stocks, the Financial Services Commission said Tuesday.The revised Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA) requires all firms to prepare treasury share retention and disposal plans and secure shareholder approval, expanding disclosure requirements to cover all listed companies that hold treasury shares.Second, the amended rules remove provisions that allow treasury shares-backed exchangeable bonds, bringing capital market regulations in accordance with the revised bill.In addition, under the revised bill, trust businesses will not be allowed to dispose of treasury shares during the trust agreement period and are required to immediately return to beneficiaries upon its termination or cancellation.The amendment will come into effect from June 30.

^KOSDAQKOSPI

Treasury45d ago

TSX Closer: Index Falls as Base Metals Slump Overshadows Broad Sector Gains

The Toronto Stock Exchange closed lower on Tuesday as sharp losses in base metals stocks outweighed gains in telecom, utilities, health care and financial shares, while investors weighed the outlook for inflation, interest rates and the Canadian economy.The S&P/TSX Composite Index closed down 74.80 points, or 0.21%, at 34,927.38, even as most sectors ended the session in positive territory.Telecom led gainers, up 1.24%, with Industrials, Energy, Utilities, Battery Metals Index, Health Care, and Financial, up 0.62%, 0.02%, 0.89%, 0.12%, 0.62%, and 0.34%, respectively. Base Metals led decliners, down 5.17%, while Information and Technology dropped 0.36%.In commodities, gold fell on Tuesday as the dollar continued to climb after the Federal Reserve last week warned interest rates may rise as inflation continues to run ahead of its 2% target. The precious metal for August delivery was last seen down 1.7% to US$4,130.20 per ounce.Meanwhile, West Texas Intermediate (WTI) oil closed lower Tuesday, falling for a third session as tankers begin moving through the Strait of Hormuz amid continued peace talks between the US and Iran. WTI crude oil for August delivery closed 0.9% lower to settle at US$73.21 per barrel, the lowest since March 2, while August Brent oil was last down 1.1% to US$77.08.On the economic front, investors also assessed the latest inflation data for clues on the Bank of Canada's interest-rate path. Canada's consumer price index rose in May, but it may mark the peak and keep the central bank on hold, according to UBS Global Research, even as food-price inflation "is something to watch".The bank wrote in a note sent on Tuesday that prices may have peaked because June gasoline prices have fallen roughly 8% versus May. The headline index rose 0.4 percentage point to 3.2% year over year and core CPI added 0.1 point to 1.6% annually, according to data released on Monday by Statistics Canada.In currency markets, analysts said diverging interest-rate expectations continued to weigh on the Canadian dollar.The Canadian dollar weakened versus its US counterpart, driven by widening interest rate differentials, Societe Generale Economics said in a Tuesday note. 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.However, markets showed little reaction to Canada's higher-than-expected May consumer price index print, said SocGen. The Bank of Canada is seen keeping rates on hold for the "foreseeable future", it added.Additionally, provincial borrowing in Canada reached unprecedented levels as of Monday, having collectively sold $104 billion of debt worldwide, setting a new record for the first six months of the year, said National Bank of Canada Capital Markets.On the surface, record borrowing is "no reason to rejoice," managing director Warren Lovely wrote. This year's rapid borrowing reflects unusually high financing needs, driven by wider budget deficits and spending required to support and reshape regional economies that are less productive and more exposed to trade with the US and its new tariffs, the bank said.Meanwhile, Bank of Canada Governor Tiff Macklem pointed to persistent global economic imbalances as another challenge facing policymakers and financial markets. Global imbalances are once more exerting pressure through trade, capital flows and financial markets, prompting questions about whether they will be managed ahead of time or corrected abruptly, said Macklem on Tuesday. Market and policy consensus is growing that domestic policy distortions in major economies are driving these imbalances, he added in a speech in France made available by the central bank.That correction will hinge on China consuming more, the US saving more and Europe investing more. Some progress is underway, but a coordinated and sustained effort will be needed for noticeable improvement, stated Macklem. As to a solution to the problem, "I see three priorities: openness, investability and transparency," said the head of Canada's central bank at a Chambre de Commerce France-Canada event in Paris.Separately, economists also weighed proposals aimed at boosting domestic investment and economic growth.The federal government is weighing a Canada Strong Fund that could give households the option to invest alongside Ottawa in domestic growth projects, Scotiabank Economics said. The aim is to boost participation in nation-building investments and steer more household savings toward national priorities, the bank wrote."The idea is novel," wrote Rebekah Young, vice-president, economic policy, as it would allow "Canadians to share more directly in the upside of the domestic growth agenda".Also, a new survey pointed to cautious sentiment among prospective homebuyers despite signs that some see opportunities in the housing market. Royal Bank of Canada's latest home ownership poll found that while 45% of Canadians intending to purchase a home within the next two years believe now is the right time to buy, 75% said economic uncertainty is making them more cautious, reported The Canadian Press.The survey further found that 72% of prospective buyers consider economic uncertainty the biggest challenge to purchasing a home, while 67% worry it could affect their homebuying plans, the report added.

S&P/TSX CompositeS&P/TSX Composite$CXY$CAD

Treasury45d ago

Jack in the Box Completes $500 Million Financing Facility

Jack in the Box (JACK) said late Tuesday that one of its indirect, limited-purpose subsidiaries has completed the sale of $500 million of its series 2026-1 7.624% fixed rate senior secured notes, class A-2.The net proceeds are expected to be used to repay its series 2019-1 4.476% fixed rate senior secured notes, class A-2-II, and to repay part of the series 2022-1 3.445% fixed rate senior secured notes, class A-2-I, the company said.

$JACK

Treasury45d ago

US Treasury Closing Levels

3:00 Tuesday vs 3:00 Monday2yr 99-20+ vs 99-18; 4.234% vs 4.192%5yr 99-12+ vs 99-08; 4.288% vs 4.261%10yr 99-01+ vs 98-29+; 4.509% vs 4.493%30yr 100-29+ vs 100-25+; 4.946% vs 4.939%2/10 29.884 bps vs 27.241 bps5/30 67.664 bps vs 65.701 bps

Treasury45d ago

US 2-Year Auction High Yield Rises From Previous Month, Demand Unchanged

The US Treasury's 2-year auction hit a high yield of 4.189% on Tuesday, up from the 4.071% high in the previous auction.The bid to cover ratio for the auction was 2.64, the same as in the previous auction.Dealers represented 54.48% of the bids, with direct bidders at 15.66% and indirect bidders at 29.86%.For takedown, dealers took 10.24%, with direct bidders at 34.31% and indirect bidders at 55.45%.

Treasury45d ago

US 2-Year High Yield 4.189% vs 4.071% Previous; Bid/Cover 2.64 vs 2.64 Previous

Treasury45d ago

UBS Sees Bank of Canada on Hold After May's Inflation But Food Prices Merit Monitoring

Canada's consumer price index rose in May, but it may mark the peak and keep the central bank on hold according to UBS Global Research, even as food-price inflation "is something to watch."The bank wrote in a note sent on Tuesday that prices may have peaked because June gasoline prices have fallen roughly 8% versus May."We expect this could be the peak in headline inflation though, and therefore we continue to expect no change in policy" from the Bank of Canada this year, said UBS.The headline index rose 0.4 percentage point to 3.2% year over year and core CPI added 0.1 point to 1.6% annually, according to data released on Monday by Statistics Canada.Energy remained the key driver, rising 3.3% monthly versus 5.7% in April, and up 22% annually. Food prices also contributed to the upside surprise, rising 0.7% in May, with annual food inflation ticking up from 3.5% to 3.8%. This interrupts a run of steady declines in food inflation since January."Food price inflation is something to watch, given BoC concerns over potential spillover from rising transportation costs into food costs," wrote the UBS economists in the note.

$CXY

Treasury45d ago

Record Debt Issuance Highlights Provincial Funding Needs, But Financing Strategy Is Pragmatic, Says National Bank

Provincial borrowing in Canada reached unprecedented levels as of Monday, having collectively sold $104 billion of debt worldwide, setting a new record for the first six months of the year, National Bank of Canada Capital Markets noted.On the surface, record borrowing is "no reason to rejoice," Managing Director Warren Lovely wrote.This year's rapid borrowing reflects unusually high financing needs, driven by wider budget deficits and spending required to support and reshape regional economies that are less productive and more exposed to trade with the U.S. and its new tariffs, the bank said.Provincial funding strategies are not without risk, with a growing reliance on international markets, National Bank said. Although foreign-currency issuance can reduce funding costs, it increases dependence on non-resident investors and has led to shorter-dated borrowing, raising refinancing risk.That said, despite an unusually large and more internationally driven first half of provincial bond sales, the funding strategy still looks "pragmatic, efficient, and cost-effective," according to Lovely.

$CXY

Treasury46d ago

Scotiabank Says Canada Strong Fund Could Boost Domestic Investment

The federal government is weighing a Canada Strong Fund that could give households the option to invest alongside Ottawa in domestic growth projects, said Scotiabank Economics on Tuesday.The aim is to boost participation in nation-building investments and steer more household savings toward national priorities, wrote the bank in a note."The idea is novel," wrote Rebekah Young, vice-president, economic policy, as it would allow "Canadians to share more directly in the upside of the domestic growth agenda."However, the key question is whether it addresses a genuine gap in capital allocation, rather than simply offering a new retail investment option, added Young in the note.Prime Minister Mark Carney launched the fund in April as Canada's first sovereign wealth fund, with about $25 billion in initial government funding directed toward infrastructure, energy, critical minerals and other priority sectors.As the global landscape becomes more fragmented, investment flows may not naturally align with strategic domestic priorities, stated Scotiabank.Despite sizable household wealth, a large share remains tied to residential property, while investable savings are often directed outside Canada because of limited domestic investment choices, according to the bank.A retail offering may encourage greater investment in Canadian growth assets, but its success would depend on striking the right balance between accessibility and risk management, wrote Young.Its success will ultimately depend on whether it expands investment opportunities while avoiding excessive taxpayer exposure, concluded the bank.

$CXY

Treasury46d ago

Bank of Canada Governor Warns Growing Global Imbalances Could Threaten Financial Stability

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.Market and policy consensus is growing that domestic policy distortions in major economies are driving these imbalances, said Governor Macklem in a speech in France made available by the central bank.That correction will hinge on China consuming more, the U.S. saving more and Europe investing more. Some progress is underway, but a coordinated and sustained effort will be needed for noticeable improvement, stated Macklem.As to a solution to the problem, "I see three priorities: openness, investability and transparency," said the head of Canada's central bank at a Chambre de Commerce France-Canada event in Paris.First, openness is about keeping global trade and investment channels accessible so resources are directed to their best use, rather than splintering into protectionist blocs that weaken efficiency, pointed out Macklem.Second, investability is about increasing the appeal of non-U.S. markets for global capital by supporting deeper capital markets, robust institutions, fewer regulatory barriers and improved investment fundamentals.Third, greater transparency is required to track emerging risks in fast-evolving financial systems, especially in cross-border capital flows and non-bank intermediaries, enabling earlier detection of weaknesses. Macklem was especially keen on risks tied to non-bank intermediaries."One consequence of higher standards for banks is that riskier activities have migrated to non-bank financial intermediaries that sit outside the more regulated banking sector," noted the governor.Ultimately, maintaining resilience requires coordinated action, as in the absence of that, imbalances will continue to grow and eventually unwind in a disorderly manner, concluded Macklem.

$CXY

Showing 361-380 of 1489

Treasury45d ago

TSX Closer: Index Falls as Base Metals Slump Overshadows Broad Sector Gains

S&P/TSX CompositeS&P/TSX Composite$CXY$CAD