NEW YORK (AP) — U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve . The S&P 500 rose 0.8% to break its first two-day losing streak in nearly a month and finished just short of its all-time high. Big Tech stocks led the way, which drove the Nasdaq composite up 1.8% to top the 20,000 level for the first time. The Dow Jones Industrial Average, meanwhile, lagged the market with a dip of 99 points, or 0.2%. Stocks got a boost as expectations built that Wednesday’s inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week. Traders are betting on a nearly 99% probability of that, according to data from CME Group, up from 89% a day before. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target. Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation. “The data have given the Fed the ‘all clear’ for next week, and today’s inflation data keep a January cut in active discussion,” according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year , with the latest coming last week. The biggest boosts for the index on Wednesday came from Nvidia and other Big Tech stocks. Their massive growth has made them Wall Street’s biggest stars for years, though other kinds of stocks have recently been catching up somewhat amid hopes for the broader U.S. economy. Tesla jumped 5.9% to finish above $420 at $424.77. It’s a level that Elon Musk made famous in a 2018 tweet when he said he had secured funding to take Tesla private at $420 per share . Stitch Fix soared 44.3% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue. GE Vernova rallied 5% for one of the biggest gains in the S&P 500. The energy company that spun out of General Electric said it would pay a 25 cent dividend every three months, and it approved a plan to send up to another $6 billion to its shareholders by buying back its own stock. On the losing end of Wall Street, Dave & Buster’s Entertainment tumbled 20.1% after reporting a worse loss for the latest quarter than expected. It also said CEO Chris Morris has resigned, and the board has been working with an executive-search firm for the last few months to find its next permanent leader. Albertsons fell 1.5% after filing a lawsuit against Kroger, saying it didn’t do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Albertsons said it’s seeking billions of dollars in damages from Kroger, whose stock rose 1%. A day earlier, judges in separate cases in Oregon and Washington nixed the supermarket giants’ merger. The grocers contended a combination could have helped them compete with big retailers like Walmart, Costco and Amazon, but critics said it would hurt competition. After terminating the merger agreement with Kroger, Albertsons said it plans to boost its dividend 25% and increased the size of its program to buy back its own stock. Macy’s slipped 0.8% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue. All told, the S&P 500 rose 49.28 points to 6,084.19. The Dow dipped 99.27 to 44,148.56, and the Nasdaq composite rallied 347.65 to 20,034.89. In the bond market, the yield on the 10-year Treasury rose to 4.27% from 4.23% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, edged up to 4.15% from 4.14%. In stock markets abroad, indexes rose across much of Europe and Asia. Hong Kong’s Hang Seng was an outlier and slipped 0.8% as Chinese leaders convened an annual planning meeting in Beijing that is expected to set economic policies and growth targets for the coming year. South Korea’s Kospi rose 1%, up for a second straight day as it climbs back following last week’s political turmoil where its president briefly declared martial law. AP Writers Matt Ott and Zimo Zhong contributed.
Trump extols the power of tariffs, reiterates threat to impose them on Canada during NBC interview
VANCOUVER, British Columbia, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Central 1 Credit Union (Central 1) today reported third quarter performance reflecting steady financial results across business lines, consistent with plans and expectations. “Our stable third quarter results were in line with our expectations,” said Sheila Vokey, Central 1’s President & CEO. “Central 1 continues to grow its critical payments, treasury and clearing and settlement services, which we provide at scale to financial institutions who deliver banking choice to Canadians.” Third quarter 2024 compared with third quarter 2023: Net income was $5.8 million, compared with $3.9 million Net fair value gain 1 was $6.9 million, compared with loss of $2.0 million Net interest income was $9.7 million, compared with $19.6 million Return on average equity 2 of 2.1%, compared with 1.6% Year-to-date 2024 compared with year-to-date 2023: Net income was $47.8 million, compared with $23.6 million Net fair value gain 1 was $60.2 million, compared with $24.2 million Net interest income was $34.0 million, compared with $41.3 million Return on average equity 2 of 8.0%, compared with 4.4% Central 1’s third quarter and year-to-date (YTD) results continue to report strong financial performance in 2024. Central 1’s net income for the third quarter was $5.8 million, an increase of $1.9 million compared to the third quarter last year. This is primarily reflecting higher net fair value gains 1 and higher non-interest income, excluding strategic initiatives 1 , partially offset by lower net interest income. The reported YTD net income was $47.8 million, an increase of $24.2 million compared to the same period last year, reflecting an increase of $36.0 million in net fair value gains 1 largely due to credit spreads narrowing. Core Business & Financial Performance Treasury Treasury delivered consistently strong results in the quarter and reported a net income of $11.3 million, broadly in line with $11.5 million reported in the third quarter last year. Net interest income was $10.1 million, a decrease of $9.9 million compared to the third quarter last year. However, the decline in net interest income was offset by an $8.9 million increase in net fair value gains 1 . Non-interest income, including revenue from Treasury’s fee-for-service operations, also increased by $2.4 million compared to the third quarter last year. Payments & Digital Banking Payments & Digital Banking reported net loss for the quarter was $3.8 million, compared with a reported net loss of $4.7 million in the third quarter last year, driven by the Digital Banking business and partially offset by the net income in Payments. The year-over-year reduction in net loss for the current quarter can be attributed to reduced spending on strategic initiatives 1 . This decline is due to the pause earlier in the year in the Payments Modernization initiative, awaiting details from Payments Canada. Additionally, there were lower professional fees associated with Forge implementations, and completion of certain digital strategy projects. After the close of the quarter, Central 1 announced its intention to wind down its digital banking business and transition clients to one or more alternative digital banking providers. While no firm date has been set for completing this transition, Central 1 is working with digital banking providers and clients to complete transitions within a three-to-four-year timeline. Non-GAAP and Other Financial Measures Central 1 uses a number of financial measures and ratios to assess overall performance. Some of these measures do not have a standardized definition prescribed by Generally Accepted Accounting Principles (GAAP) and might not be comparable to similar measures presented by other companies. Presenting non-GAAP financial measures and ratios provides readers with an enhanced understanding of how management analyzes Central 1’s results and assesses the underlying business performance. The discussions of non-GAAP financial measures and ratios that Central 1 uses in evaluating its operating results are presented as footnotes in the respective sections of the Management’s Discussion and Analysis together with the required disclosure below in accordance with National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. Non-GAAP Financial Measures The following non-GAAP financial measures exclude certain items from our financial results prepared in accordance with International Financial Reporting Standards (IFRS) Accounting Standards. The tables below present reconciliations of these measures to their respective most directly comparable financial measures disclosed in Central 1’s Interim Consolidated Financial Statements. Net Fair Value Gain (Loss) Net fair value gain (loss) used across this press release is comprised of gain (loss) on disposal of financial instruments plus changes in fair value of financial instruments reported in the Consolidated Statement of Income (Loss). Reporting them combined provides better information on the fair value movements of Central 1’s financial instruments to the readers. Non-Interest Income, excluding Strategic Initiatives Non-interest income, excluding strategic initiatives, presented in the Overall Performance and Results by Segment sections of this press release is derived by excluding Central 1’s income from investments in strategic initiatives. Excluding income from strategic initiatives allows readers to better understand Central 1’s recurring financial performance and related trends. Overall Performance Results by Segment Payments & Digital Banking Central 1’s third quarter Management’s Discussion and Analysis (MD&A) and Financial Statements have been filed on Central 1’s SEDAR profile at www.sedarplus.com and are also available at central1.com/investor-relations . About Central 1 Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.6 billion as of September 30, 2024, Central 1 provides critical services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com . Notes 1. These are n on-GAAP financial measures and non-GAAP financial ratios. Refer to the "Non-GAAP and Other Financial Measures" section of th is release or the MD&A for more information. 2. This is a non-GAAP financial ratio. Refer to the “Non-GAAP and Other Financial Measures” section of the MD&A for more information. Caution Regarding Forward Looking Statements This press release and announcement contain historical and forward-looking statements. All statements other than statements of historical fact are or may be based on assumptions, uncertainties, and management’s best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. These include, without limitation, statements relating to our financial and non-financial performance objectives, vision and strategic goals and priorities, including focus on capital and cost management, the economic, market and regulatory review and outlook for the Canadian economy and the provincial economies in which our member credit unions operate , the impacts of external events such as international conflicts, protests, natural disasters or pandemics, as well as statements that contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results and the timing of such results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, international conflicts, natural disasters or pandemics, geopolitical uncertainty, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, risks relating to the transition of clients to alternative digital banking providers, and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. Contacts Media: Heather Merry Senior Manager, Communications Central 1 Credit Union T 1.800.661.6813 ext. 2355 E communications@central1.com Investors: Brent Clode Chief Investment Officer Central 1 Credit Union T 905.282.8588 or 1.800.661.6813 ext. 8588 E bclode@central1.com
Tragic tale of shortchanged pensioners after decades of loyal service
Jet crash disaster in South Korea marks another setback for BoeingCoastal Carolina wins 75-53 against Warner
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info I’m A Celebrity... Get Me Out Of Here!'s Coleen Rooney emotionally broke down in tears after she made it to the show final, with a chance of becoming Queen of the Jungle. Coleen, wife of footballer Wayne Rooney, McFly star Danny Jones and author and broadcaster Reverend Richard Coles are this year’s finalists, after former Strictly Come Dancing professional Oti Mabuse left the jungle on Saturday night, becoming the ninth celebrity to be voted off the show. After learning that he, Danny and Coleen had made it to the final, Richard said: “I can’t believe I’m one of the final three! I never thought I would make it this far.” Danny added: “It feels amazing, I didn’t expect this at all.” Meanwhile, Coleen got emotional in the Bush Telegraph, as she said: “Knowing that I have made it to the final makes me proud. I’m a proud mum, I’m a proud wife, I’m a proud daughter, it’s very rare that I’m proud of myself, so it means a lot. It’s very rare that I put myself first, so yeah these are happy tears!” As Coleen gears up to potentially be crowned queen of the jungle, her husband Wayne Rooney and their sons have issued a message to her fans. They took to Wayne's social media to share a video asking the show's fans for vote for her as jungle Queen. Sat in their £20m Cheshire home, Wayne was joined by the couple's eldest son Kai, 15, and 11-year-old Klay as he spoke about their mum and urged viewers to vote for her ahead of tonight's final (Sunday, December 8). The adorable video kicks off with Klay, dressed in a Manchester United football strip, who says: "Hi mum, I just want to wish you good luck in the final. Hopefully you can bring the win home. Good luck!". He's then followed by Wayne and Coleen's eldest son Kai, who has followed in his dad's sporting footsteps and currently plays as a midfielder in Manchester United's youth academy. "Hi mum... excited to watch tonight,” he says. “You've shown everyone who you really are and you've done us all proud, and we all love you so much.” And proud husband Wayne adds: "Hi Col, we just want to wish you all the best in the final tonight, we've all been so proud of you. You've shown everyone who you really are and your character. So everyone who watches this video please go and vote for Coleen, one last push to try and get her to come home as Queen of the Jungle." Meanwhile, ex-I'm A Celeb contestant and Coleen's Wagatha Christie nemesis Rebekah Vardy and shared her insights about who could take home the win, and toned down some of her previous opinions about the campmates. "A lot of people are saying Danny, while others say the Reverend deserves to win," she told The Sun. "And do you know what? I guess he probably does. It would be amazing for his career. Danny has an amazing fan base behind him. He's had success in his own right. Coleen, again, has had success in her own right as well. She's well known. "So, I would say the Reverend probably deserves to win out of everyone, but I think Danny might just pip him. But tonight, we will see. I think it's going to be really, really close. Good luck to them! ".