Yields ease, sanctions and filings in focus

Markets

Yields fell, euro and Bitcoin slightly lower

Treasury moves came mostly on Thursday

The US 10-year yield ended at 5.00% on 23 October, down 9 basis points from 5.09% a week earlier. The 2-year yield closed at 4.69%, down 5 basis points from 4.74%. Most of the move came on 22 October, when the 10-year fell from 5.13% to 4.96% and the 2-year from 4.81% to 4.65%. Earlier in the week yields had risen.

The 30-year US mortgage rate, per Freddie Mac, was 7.32% on 22 October, down from 7.40% a week before. EUR/USD closed at 1.1193 on 23 October, down 0.5% on the week. Bitcoin stood at $81,295, down 0.5% on the week, after trading near $84,405 on 21 October.

U.S. Treasury, Freddie Mac, Primary Mortgage Market Survey®, ECB, mempool.space · Change: latest value against the value seven days earlier

Markets

Markets

Data releases

UK inflation up, retail sales down

UK data and the week's releases

UK consumer prices rose 3.5% year on year on 21 October, up from 3.1%. The UK unemployment rate was 4.7% on 20 October, down from 4.9%. UK retail sales fell 0.4% month on month on 23 October, after a 0.7% rise.

Canadian CPI was 3.1% year on year on 19 October, up from 3.0%. In the US, weekly unemployment claims came in at 194K, down from 199K. US crude oil inventories fell by 3.1M barrels, after a fall of 8.6M.

Official releases (BLS, BEA, Census, Fed, EIA and others)

Sanctions

New US sanctions target Iran's shadow fleet

OFAC action on 21 October

On 21 October, OFAC announced an action titled "Operation Economic Outcast Targets Iran's Shadow Fleet Networks". It added 5 individuals, 4 companies and 9 vessels. Examples include the cargo ships ANEMOS and DESTINY and the bulk carriers FLAMINGO 1 and GLORIS, all under the Panama flag.

The OFAC total for Iran stood at 1,707 entries on 23 October, unchanged on the week. The EU list stood at 540 entries, up 2 on the week.

Company filings

Getty Images files under bankruptcy item

SEC Form 8-K, 21 October

Getty Images filed an SEC Form 8-K on 21 October under item 1.03, Bankruptcy or Receivership. A further 8-K of the same date falls under item 2.04, covering triggering events that accelerate or increase a direct financial obligation.

An earlier 8-K, dated 1 October, was filed under item 3.01, a notice of delisting or failure to satisfy a continued listing rule or standard.

Deals

Silgan files a material agreement

Form 8-K dated 20 October

Silgan Holdings, a US materials company, filed an SEC Form 8-K on 20 October under item 1.01, Entry into a Material Definitive Agreement. Media outlets report that Silgan and a private equity firm plan to buy the Dutch packaging company Trivium Packaging.

The press reports are third-party accounts. The filing itself describes only an entry into a material agreement.

Next week

Fed, Bank of Canada and ECB ahead

Rate decisions on 28 and 29 October

On 28 October the US Federal Reserve announces its rate decision, followed by the FOMC statement and press conference. The federal funds rate was last set at 3.75–4.00% on 16 September. The Bank of Canada sets its overnight rate the same day, previously 2.25%.

On 29 October, US advance GDP and the Core PCE price index are due. The last GDP reading was 2.2% and the last Core PCE reading 0.2% month on month. The ECB deposit facility rate decision is also due on 29 October, currently at 2.50%.