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Real-time financial news from around the world.
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New Zealand
New Zealand Q1 GDP Annual Growth Beats Estimates
New Zealandβs economy expanded by 1.5% year-on-year in the three months to March 2026, matching the revised figure in the previous quarter and exceeding the expected 1.1% growth. It was the third consecutive quarter of annual growth, boosted by service industries (2.0% vs 1.8% in Q4 2025), due mainly to higher wholesale trade (7.7%), retail trade and accommodation (4.4%), arts, recreation, and other services (2.5%), public administration and safety (2.3%), and professional, scientific, technical, administration, and support services (2.0%). Conversely, goods-producing industries shrank 0.4%, weighed down by construction activities (-3.8%), while primary industries were unchanged, with agriculture, forestry, and fishing growing 1.7%, offset by a 10.9% fall in the mining sector. On a quarterly basis, the economy expanded by 0.8% in Q1 2026, accelerating from an upwardly revised 0.5% growth in Q4 2025 but falling slightly short of forecasts of 0.9%.
New Zealand
New Zealand Q1 GDP Growth Below Forecasts
The economy of New Zealand advanced 0.8% quarter-on-quarter in Q1 2026, accelerating from an upwardly revised 0.5% growth in Q4 2025 but falling slightly short of forecasts of 0.9%. GDP growth was mainly driven by service industries, which rose 0.5%, supported by wholesale trade (2.4%), retail trade and accommodation (1.2%), professional, scientific, technical, administrative, and support services (1.1%), and transport, postal, and warehousing services (1.0%). Meanwhile, goods-producing industries grew 0.4%, due to higher activity in the manufacturing sector (1.9%). In contrast, primary industries contracted 0.5%, weighed down by mining activities (-11.6%). On the expenditure side, private consumption and gross fixed capital formation each grew 0.8%, while government spending expanded by 0.4%. Meanwhile, exports and imports rose 4.3% and 4.6%, respectively. Year-on-year, GDP expanded 1.5%, matching the revised figure in Q4 and surpassing market estimates of 1.1% growth.
Crypto Updates: Ether Drops by 2.72%
Top crypto losers are Ether (-2.72%), XRP (-2.62%) and Bitcoin (-2.08%).
Agricultural Commodities Updates: Wheat Gains by 2.81%
Top commodity gainers are Wheat (2.81%), Cotton (2.62%) and Corn (1.75%). Biggest losers are Canola (-0.91%) and Cocoa (-0.75%).
Metals Commodities Updates: Platinum Drops by 3.91%
Top commodity losers are Platinum (-3.91%), Silver (-2.92%), Copper (-1.92%) and Gold (-1.50%).
Energy Commodities Updates: Natural gas Drops by 2.37%
Top commodity losers are Natural gas (-2.37%), Methanol (-2.22%) and Natural Gas EU (-0.84%). Gains are led by Naphtha (1.18%), Gasoline (1.16%), Brent Crude Oil (0.27%) and Crude Oil WTI (0.24%).
FX Updates: Swedish Krona Drops by 1.49%
Top currency losers are Swedish Krona (-1.49%), Norwegian Krone (-1.40%), South Korean Won (-1.22%), British Pound (-1%), Euro (-0.91%) and Japanese Yen (-0.12%). Gains are led by Dollar Index (0.83%).
Mexico
MXN Under Pressure From Fed Outlook
The MXN traded near 17.3 per USD in June following the Federal Reserve's latest policy announcement. The move reflected the hawkish tone of the FOMC's updated economic projections. In its first meeting under Chair Kevin Warsh, the Fed left interest rates unchanged, but the dot plot showed that at least nine members expect rate hikes this year. Markets are now increasingly pricing in a 25-basis-point increase before the end of 2026. Given the close link between Fed policy and Banxico, a more hawkish Fed could narrow the interest-rate differential after Mexico's central bank signaled it would pause its easing cycle. This has weighed on the peso by reducing the appeal of carry trades. Meanwhile, recent data showed that Mexico's economy contracted 0.6% quarter-on-quarter in the first quarter while expanding just 0.2% from a year earlier. Inflation also slowed more than expected in the first half of May, although it remained above the central bank's target, with annual CPI easing to 4.1%.
Canada
Canadian Yields Rise on Fed Outlook
Canada's 10-year government bond yield rose slightly to around 3.4% after the Federal Reserve struck a more hawkish tone at its latest meeting. As widely expected, the Fed left interest rates unchanged, but its projections were viewed as more hawkish than anticipated, with roughly half of FOMC members expecting at least one rate hike this year. The Fed also raised its inflation forecasts, prompting investors to scale back expectations for monetary easing and putting upward pressure on North American bond yields. Meanwhile, the BoC kept its key interest rate unchanged at 2.25% at its latest meeting. The central bank said uncertainty remains elevated amid tensions in the Middle East and new US tariff proposals, but reiterated that it stands ready to act if needed and will not allow higher energy prices to trigger persistent inflation. Investors largely expect the BoC to raise borrowing costs by 25 basis points in December.
Brazil
Ibovespa Falls on Hawkish Fed Outlook
The Ibovespa fell 0.7% to close at 168,454 on Wednesday as investors assessed monetary policy decisions from the BCB and the Federal Reserve. Markets had largely expected Brazil's central bank to cut the Selic rate by 25 basis points to 14.25%, although a pause remained possible amid a worsening external backdrop, higher oil prices, and deteriorating inflation expectations. As expected, the Fed left interest rates unchanged at 3.50%-3.75% but signaled a more hawkish outlook, reinforcing expectations that borrowing costs could remain elevated for longer and weighing on risk sentiment. Banks traded mixed, with ItaΓΊ rising 0.9% while Bradesco slipped 0.6%. Utilities also posted losses, with Axia down 1.4%. Vale fell 2% amid lower iron ore prices, while WEG advanced 2.3% after approving R$438.1 million in interest on equity.
Canada
Canadian Stocks Drop on Fed Outlook
The S&P/TSX Composite Index fell 0.7% to close at 35,125 on Wednesday as investors digested the Fed's latest policy decision. As widely expected, the Federal Reserve left interest rates unchanged. However, its projections were viewed as more hawkish than anticipated, with roughly half of FOMC members expecting at least one rate hike this year. The Fed also sharply raised its inflation forecasts, pushing Canadian bond yields higher and fueling concerns that borrowing costs could remain elevated. Financial stocks traded mixed, with TD Bank gaining 1.2% while Brookfield fell 1.1%. Energy shares weighed on the index as oil prices hovered near a three-month low amid prospects for the reopening of the Strait of Hormuz and after the International Energy Agency warned of a supply overhang next year. Canadian Natural lost 1.4%, while Suncor shed 2.5%. Mining stocks also traded lower amid falling gold prices, with Barrick down 2.6% and WPM losing 0.8%.
United States
US Stocks Retreat on Hawkish Fed Outlook
US stock closed lower after the Federal Reserve held interest rates unchanged and signaled the possibility of rate hikes this year. The S&P 500 fell 1.2% and the Nasdaq 100 dropped 1%, while the Dow lost 507 points from its record high. The Summary of Economic Projections from the Fed's June meeting showed that half of the FOMC members projected one rate hike or more this year, as underlying inflation gauges pointed to rising prices and employment data remained robust despite economic shocks stemming from the war in Iran. Chairman Warsh refrained from posting a dot in the projections, reflecting his intention to change the Fed's monetary framework. Meanwhile, Iran and the US remained on track to sign their agreement. Magnificent Seven stocks led the losses amid the selloff in Treasuries, with Meta down 4.2%, Microsoft losing 3.6%, Alphabet shedding 2.4%, and Amazon dropping 3.1%. Chipmakers extended their rally, with Micron up 2.2%, Marvell gaining 3.9%, and Intel advancing 3.5%.
Canada
Canadian Dollar Hits 7-Month Low
The Canadian dollar weakened to around 1.41 per USD following the Fed's latest policy decision, hovering near a seven-month low. As widely expected, the Federal Reserve left interest rates unchanged. However, its projections were viewed as more hawkish than anticipated, with roughly half of FOMC members expecting at least one rate hike this year. Meanwhile, the BoC kept its key interest rate unchanged at 2.25% at its latest meeting. The central bank said uncertainty remains elevated amid conflict in the Middle East and US tariff proposals, but reiterated that it stands ready to act if needed and will not allow high energy prices to trigger persistent inflation. Investors largely expect the BoC to raise borrowing costs by 25 basis points in December.
Silver Pulls Back After FOMC
Silver prices eased to below the $70 per ounce threshold on Wednesday after the Federal Reserve held rates unchanged and flagged the possibility of rate hikes this year. Half of the FOMC members projected it may be appropriate to raise interest rates this year they expect core inflation to remain higher and the labor market to remain at its currently strong level. The outlook pressured fixed income assets, increasing the opportunity cost of holding bullion instead of securities that carry coupons. On top of that, Fed Chairman Warsh announced multiple task forces that will investigate the need for changes to the monetary framework of the Federal Reserve, including a lower balance sheet, further pressuring bonds and precious metals. In the meantime, datacenter operators and AI infrastructure companies continued to raise cash to build more compute capacity, raising the demand outlook for industrial silver. The metal was also due to be used in Chinese expenditure for energy storage.
Brazil
Ibovespa Rises Ahead of BCB Decision
The Ibovespa edged up above the 170,000 mark on Wednesday as investors focused on monetary policy decisions from the BCB and the US Federal Reserve. Markets largely expect Brazil's central bank to cut the Selic rate by 25 basis points to 14.25%, although a pause remains possible amid a worsening external backdrop, higher oil prices, and deteriorating inflation expectations. As expected, the Fed left interest rates unchanged at 3.50%-3.75% and signaled a more hawkish outlook, reinforcing expectations that borrowing costs could remain elevated for longer. However, easing concerns over energy-driven inflation and growing expectations of a dovish stance from the BCB supported sentiment. Banks posted gains, with ItaΓΊ rising 2% and Bradesco adding 1.2%. WEG advanced nearly 3% after approving R$438.1 million in interest on equity, while Vale fell more than 1% amid lower iron ore prices.
Canada
TSX Muted Following Fed Meeting
The S&P/TSX Composite Index was little changed around the 35,000 mark on Wednesday as investors weighed the Fed's latest policy decision and awaited confirmation of a US-Iran peace agreement. As expected, the Fed kept interest rates unchanged at 3.50%-3.75% and signaled a more hawkish outlook, reinforcing expectations that borrowing costs could remain elevated for longer. However, easing energy-related inflation concerns helped push Canadian bond yields lower, supporting financial stocks. RBC, TD Bank, and BMO gained about 1%, while Scotiabank advanced nearly 2%. In contrast, energy shares came under pressure on expectations of a normalization in Middle East oil supplies, with Suncor and Imperial Oil losing more than 2%.
United States
Dollar Index Hits 11-week High
DXY increased to 100.32, the highest since March 2026. Over the past 4 weeks, Dollar Index gained 1.13%, and in the last 12 months, it increased 1.42%.
United Kingdom
British Pound Hits 10-week Low
GBPUSD decreased to 1.33, the lowest since April 2026. Over the past 4 weeks, British Pound US Dollar lost 0.92%, and in the last 12 months, it decreased 0.81%.
Gold Pulls Back After Fed
Gold prices swung lower to $4,275 per ounce on Wednesday, halting a four session rally after the Federal Reserve held rates unchanged, as expected, and signaled the possibility of a rate hike this year. Half of the FOMC projected that it may be necessary to raise interest rates this year, consistent with the expectations that core inflation will be higher than expected due to the impact of the war in the Middle East. The Fed previously signaled it has leeway to prioritize price stability as the latest labor market data reflected a resilient labor market. Precious metal prices fell as shorter term Treasury yields surged, raising the opportunity cost to allocate in bullion instead of interest-bearing securities. Meanwhile, safe-haven demand was lower as both the US and Iran maintained their intention to sign an agreement to suspend hostilities and restore energy trade on Friday. Major central banks in Europe maintained their rates unchanged, although BoJ raised rates as expected.
Crypto Updates: XRP Depreciates by 1.39%
Top crypto losers are XRP (-1.39%), Ether (-1.37%) and Bitcoin (-0.32%).
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