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Consumer optimism fell in December, but was partially offset by the increased optimism after the presidential election. But how will this play out long term? Fannie Mae cautions readers against drawing conclusions about sustainable changes in consumer sentiment so soon after the election. …read more
From:: Real Estate Wire
The U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell, but inventories of gasoline and distillates climbed more than expected. Crude stockpiles fell by 2.4 million barrels for the week ended Dec. 2. The American Petroleum Institute late Tuesday reported a decline of 2.2 million barrels, according to sources, while analysts polled by S&P Global Platts expected a fall of 1.7 million barrels. Gasoline supplies climbed by 3.4 million barrels and distillate stockpiles rose 2.5 million barrels, according to the EIA. The S&P Global Platts survey forecast much smaller increases of 900,000 barrels for gasoline and 100,000 barrels for distillates. January crude was down $1, or 2%, to $49.93 a barrel on the New York Mercantile Exchange, down from $50.41 right before the data.
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From:: Stock Market News
The Canadian dollar strengthened while Canadian bond yields ticked lower on Wednesday after The Bank of Canada left its benchmark interest rate unchanged at 0.5%. In a brief policy statement, the central bank said the Canadian economy is growing in line with expectations, though exports — highlighted by the central bank as a key driver of growth — have continued to disappoint. The central bank said that growth was robust in the third quarter, following a weak first half, though it expects the pace of growth to moderate in 2017. One U.S. dollar bought C$1.3268 in recent trade, down 0.1% from C$1.3284 late Tuesday. The yield on the 10-year Canadian government bond fell 3.5 basis points to 1.596%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
While quarterly performance on most types of commercial real estate loans improved, late payments deteriorated on securitized CRE loans.
The rate of 30-day delinquency on loans included in commercial mortgage-backed securities concluded the third quarter at 4.23 percent.
Compared to three months earlier, the 30-day rate worsened 19 basis points. The past-due rate improved, however, 61 BPS from a year earlier.
From:: Financing
Shares of 3M Co. gained 0.3% in morning trade Wednesday, after RBC Capital said it was no longer bearish on the industrial conglomerate, saying any weakness on concerns over President-elect Donald Trump’s policies is overdone. Analyst Deane Dray upgraded 3M to sector perform, after being at underperform for the last eight months. He raised his stock price target to $171, which is now just 0.8% below current levels, from $155. Dray said that with its global revenue mix and health care exposures, the maker of Scotch tape and Post-it notes could still be hurt by new Trump initiatives, but the improved macro environment and recent underperformance by the stock “should limit relative downside” from current levels. Only about 40% of 3M’s revenue is from the U.S., according to FactSet. The stock has now gained 0.8% since the election, while the Dow Jones Industrial Average has run up 5.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Shares of 3M Co. gained 0.3% in morning trade Wednesday, after RBC Capital said it was no longer bearish on the industrial conglomerate, saying any weakness on concerns over President-elect Donald Trump’s policies is overdone. Analyst Deane Dray upgraded 3M to sector perform, after being at underperform for the last eight months. He raised his stock price target to $171, which is now just 0.8% below current levels, from $155. Dray said that with its global revenue mix and health care exposures, the maker of Scotch tape and Post-it notes could still be hurt by new Trump initiatives, but the improved macro environment and recent underperformance by the stock “should limit relative downside” from current levels. Only about 40% of 3M’s revenue is from the U.S., according to FactSet. The stock has now gained 0.8% since the election, while the Dow Jones Industrial Average has run up 5.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Shares of Interpublic Group of Companies slumped 1.3% in morning trade Wednesday, after the advertising company confirmed that it has been contacted by regulators regarding video production practices. The company’s statement follows a report in The Wall Street Journal that the U.S. Justice Department was investigating whether ad agencies engaged in bid rigging by steering business to their in-house units over independent companies. In Wednesday’s statement, Interpublic said one of its standalone domestic agencies was contacted by the DOJ’s antitrust division for documents regarding video production practices. The company said it was cooperating with the investigation. “The policies in our company’s Code of Conduct require that we do business in a manner that is fully consistent with the best interests of our clients–in the case of production, that means requiring triple bids on all projects above a minimal dollar threshold,” the company said in its statement. The stock has lost 1.4% year to date, while the S&P 500 has gained 8.2%.
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From:: Stock Market News
Italy’s Prime Minister Matteo Renzi will step down at 7 p.m. local time (1 p.m. Eastern Time), the 41-year-old politician said in a post to Twitter Wednesday. Renzi said Sunday he would leave his post following a referendum defeat. But he stayed on to oversee the passage of Italy’s 2017 budget, which was approved by the Italian senate not long before Renzi’s Twitter post. The country isn’t due to hold a parliamentary election before 2018, but consensus is growing among party leaders to hold it a year earlier, Reuters reported earlier Wednesday.
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From:: Stock Market News
U.S. stocks on Wednesday opened slightly lower, pressured by a selloff in the healthcare sector. Pharmaceutical companies took a hit after president-elect in an interview with the Time magazine said he would lower drug prices. The S&P 500 was off by 2 points, or 0.1%, to 2,210, though hovering near its all-time high. The Dow Jones Industrial Average shed 11 points, or 0.1%, to 19,240, trading in record territory. The Nasdaq Composite was off by 7 points, or 0.1%, at 5,325
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From:: Stock Market News
The Vitamin Shoppe will open its first franchise stores in Paraguay, the company announced Wednesday. The stores add on to three recently opened stores in Panama and Guatemala and bring the total international footprint to 16 franchise stores. Shares of Vitamin Shoppe have gained 9% in the past month, compared to the S&P 500’s gain of 4%.
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From:: Stock Market News