By Staff Reporters
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Foreign-exchange volatility hammered North America's corporate profits by a record in the third quarter, though signs of relief are on the horizon. Currency oscillations cost North American companies $43.2 billion in the July to September period — an all-time high since data tracking started a decade ago — according to Kyriba Corp. That's a 26% spike from the previous quarter, also a record, according to the corporate-treasury management software company. And, public companies pointed to the euro, Canadian dollar and ruble as the currencies weighing the most on profits in the period, followed by the Chinese yuan and the Japanese yen, according to Kyriba's report. The euro and the loonie had also earned top mentions in the firm's second-quarter report.
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U.S. equities ended a choppy trading session higher, as investors sifted through a host of earnings and economic data, and awaited tomorrow's monetary policy decision from the Federal Reserve. Several Dow members were in focus, as McDonald's beat earnings estimates, and Caterpillar missed expectations due to unfavorable foreign currency impacts.
In other equity news, UPS posted higher-than-expected earnings, declared a new quarterly dividend, and revamped its share repurchase program, while Pfizer beat forecasts but issued lower-than-anticipated guidance, and General Motors trounced expectations and offered an upbeat full-year outlook.
The economic calendar heated up, with the Q4 Employment Cost Index coming in lower than expected, and home prices declining by a smaller amount than anticipated in November. More reports came out after the opening bell, as January's consumer confidence unexpectedly declined, and the Chicago PMI fell further into contraction territory.
Treasury yields were lower, and the U.S. dollar dipped, while crude oil prices increased, as did gold. Asian stocks were mostly lower amid a swarm of economic reports.
European markets finished mixed following the economic data, and as investors awaited monetary policy decisions from the European Central Bank and Bank of England later this week.
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