Five-Year Note Auction Attracts Above Average Demand

A day after reporting strong demand for this month’s two-year note auction, the Treasury Department on Tuesday revealed this month’s auction of $55 billion worth of five-year notes also attracted above average demand.

The five-year note auction drew a high yield of 1.533 percent and a bid-to-cover ratio of 2.50.

Last month, the Treasury sold $57 billion worth of five-year notes, drawing a high yield of 1.263 percent and a bid-to-cover ratio of 2.41.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous five-year note auctions had an average bid-to-cover ratio of 2.39.

Following the Federal Reserve’s monetary policy announcement on Wednesday, the Treasury is due to announce the results of this month’s auction of $53 billion worth of seven-year notes on Thursday.

Canon Q4 Net Profit Rises, Operating Income Down; Sees Higher FY22 Results; Stock Dips

Digital camera maker Canon Inc. (CAJ) reported Thursday that its fourth-quarter net income attributable to the company grew 11.6 percent to 59.80 billion Japanese yen from last year’s 53.59 billion yen.

Income before income taxes, meanwhile, fell 10.8 percent 71.56 billion yen, and operating profit declined 1.1 percent to 75.36 billion yen.

Net sales edged up 1 percent to 955.45 billion yen from 945.74 billion yen a year ago.

Looking ahead for fiscal 2022, Canon projects attributable net income of 245.0 billion yen, a year-on-year increase of 14.1 percent. Income before income taxes is expected to be 360.0 billion yen, up 18.9 percent, and operating profit would be 332.0 billion yen, up 17.8 percent.

Full-year consolidated net sales are expected to be 3.87 trillion yen, a year-on-year increase of 10.2 percent.

In Japan, Canon shares were trading at 2,775.50 yen, down 1.18 percent.

DeWALT Recalls 18-inch Corded Chain Saws

Towson, Maryland-based DeWALT Industrial Tool Co. is recalling about 8,500 units of corded chain saws citing injury risks, the U.S. Consumer Product Safety Commission said.

The recall involves DEWALT DWCS600, Type 1 18-inch 15-amp corded chain saws. They are yellow with a black handle and motor cover. The recall includes chain saws with date codes 2021 23-H5 to 2021 40-H5 only.

The chain saws were manufactured in Mexico and sold at hardware and tool supply stores nationwide from June 2021 through November 2021 for between $130 and $150.

According to the agency, the affected chain saw can remain running when the switch is on the off position or turn on when plugged in, posing an injury hazard to the user.

However, the company has not received any reports of injuries related to the recalled product to date.

Consumers are urged to immediately stop using the recalled chain saws and contact DEWALT for a free replacement chain saw.

Brewin Dolphin Q1 Total Income Up 8.9%

Wealth management company Brewin Dolphin Holdings plc. (BRW.L) reported that its first quarter total income was 104.4 million pounds, an increase of 8.9% from prior year, driven by higher funds and strong market performance.

Total discretionary income for the quarter increased 7.2% to 86.8 million pounds from 81.0 million pound in the previous year.

Total funds increased by 3.7% to 59.0 billion pounds from 56.9 billion pounds in fiscal year 2021. Discretionary funds were up 4.4% to 52.0 billion pounds supported by continued strong net flows and investment performance of 1.5 billion pounds.

Sensex sinks 581 points on weak global cue; Nifty closes below 17,150

Investors fear foreign capital outflows from emerging markets like India after rate hikes in the U.S.

Equity benchmark Sensex tumbled 581 points on Thursday, in tandem with a global selloff after the U.S. Federal Reserve signalled policy tightening from March.

The 30-share index ended 581.21 points or 1.00% lower at 57,276.94. Similarly, the NSE Nifty plunged 167.80 points or 0.97% to 17,110.15.

HCL Tech was the top loser in the Sensex pack, skidding over 4%, followed by Tech Mahindra Dr Reddy’s, Wipro, TCS, Titan and Infosys.

On the other hand, Axis Bank, SBI, Maruti and Kotak Bank were among the gainers.

The U.S. Federal Reserve on Wednesday indicated that there is ample room to raise interest rates to fight inflation.

Investors fear foreign capital outflows from emerging markets like India after rate hikes in the U.S.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended sharply lower on the hawkish Fed stance.

Stock exchanges in Europe were also largely trading in the red in mid-session deals.

Meanwhile, international oil benchmark Brent crude fell 0.16% to $89.82 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out ₹7,094.48 crore Tuesday, as per provisional data.

United Bankshares Q4 Profit Declines – Quick Facts

United Bankshares, Inc. (UBSI) reported on Thursday that net income for the fourth quarter decreased to $73.85 million or $0.56 per share from $92.37 million or $0.71 per share in the prior-year quarter.

Net interest income for the quarter decreased 4 percent from the year-ago quarter to $183.68 million, and noninterest income also declined 43 percent from last year to $54.05 million from last year.

On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share on revenues of $244.93 million for the quarter. Analysts’ estimates typically exclude special items.

Xcel Energy Inc Q4 income increases in line with estimates

Xcel Energy Inc (XEL) revealed a profit for its fourth quarter that increased from last year in line with the Street estimates.

The company’s bottom line came in at $315 million, or $0.58 per share. This compares with $288 million, or $0.54 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $0.58 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 13.6% to $3.35 billion from $2.95 billion last year.

Xcel Energy Inc earnings at a glance (GAAP) :

-Earnings (Q4): $315 Mln. vs. $288 Mln. last year.
-EPS (Q4): $0.58 vs. $0.54 last year.
-Analyst Estimate: $0.58
-Revenue (Q4): $3.35 Bln vs. $2.95 Bln last year.