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Treasuries Regain Ground Following Recent Weakness

International Business Machines Corp. Q3 adjusted earnings Beat Estimates

International Business Machines Corp. (IBM) reported earnings for third quarter that dropped from last year.

The company’s earnings came in at $1.13 billion, or $1.25 per share. This compares with $1.70 billion, or $1.89 per share, in last year’s third quarter.

Excluding items, International Business Machines Corp. reported adjusted earnings of $2.29 billion or $2.52 per share for the period.

Analysts had expected the company to earn $2.50 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 0.3% to $17.62 billion from $17.56 billion last year.

International Business Machines Corp. earnings at a glance:

-Earnings (Q3): $2.29 Bln. vs. $2.32 Bln. last year.
-EPS (Q3): $2.52 vs. $2.58 last year.
-Analysts Estimate: $2.50
-Revenue (Q3): $17.62 Bln vs. $17.56 Bln last year.

German regulator says in touch with Nord Stream 2 over certification issues

Germany's energy regulator expects that Swiss-based Nord Stream 2 AG will provide assurances that the controversial pipeline meets its requirements, it said on Friday by way of providing an update on the controversially discussed infrastructure.

"We are in conversations with Nord Stream 2 and expect that the necessary proof will be supplied," it said in a statement.

"At the Bundesnetzagentur we are monitoring compliance with the regulatory demands closely," it added.

The regulator also said that it was looking at processing applications by Ukrainian gas company Naftogaz and gas grid company GTSOU to participate in the certifying process.

Supply chain snarls, labor shortage slowing economic growth, Fed's Beige Book says

Former Kansas City Fed president on economy, inflation

Former Kansas City Federal Reserve President and CEO and former FDIC Vice Chairman Thomas Hoenig on supply issues, inflation, the Federal Reserve and the Biden administration. 

U.S. economic growth slowed in the fall as supply chain disruptions and a growing labor shortage weighed on the still-nascent recovery from the coronavirus pandemic, according to a new Federal Reserve report. 

In its region-by-region roundup of anecdotal information known as the Beige Book, the Fed reported that several districts noted that growth overall had cooled during the September through October period that the report covers.

"Several districts noted that the pace of growth slowed this period, constrained by supply chain disruptions, labor shortages, and uncertainty around the delta variant of COVID-19," the Fed said. 

This is a developing story. Please check back for updates.

 

Creatd Stock Surges 65% After WHE Agency Signs Popular Tik Tok Creator

Shares of Creatd Inc. (CRTD) surged over 65% on Friday morning. Creatd, the parent company of the WHE Agency, announced the signing of popular Tik Tok creator Alexis LaRue.

CRTD is currently trading at $4.84, up $1.92 or 65.6952%, on the Nasdaq.

LaRue, who posts under @themejiafamily in Tik Tok, has garnered outsized attention as new audiences continue to flock to see more of the adorable family. The Mejias, whose posts have received tens of millions of views to date, have already amassed nearly 800,000 followers across their platforms and had their unique story featured by outlets including NBC’s TODAY Show, ABC’s Good Morning America, Fox News, Daily Mail, and numerous others.

Toyota releases limited edition of Innova Crysta

Toyota has introduced a limited edition of the Innova Crysta. Based on the mid-spec GX trim, this edition is priced identical to the standard variant with prices starting at ₹ 17.18 lakh (ex-showroom, India).

The Innova Crysta Limited Edition gets a number of new features, over and above those seen on the GX trim. These include a multi-terrain monitor (360-degree camera), head up display, tyre pressure monitoring system, wireless phone charger, new door ambient lighting with 16 colour options and an air ionizer.

Other features include an 8.0-inch touchscreen infotainment system with Android auto and Apple CarPlay support, electric folding ORVMs, tilt and telescopic steering, ABS, hill start assist and vehicle stability control.

In terms of exterior design, this limited run model looks like the standard Innova Crysta facelift that was launched in India late last year.

Powering the Innova Crysta Limited Edition are the same petrol and diesel engine options available on the standard MPV. The petrol engine is a 166hp, 2.7-litre unit, while the diesel engine is a 150hp, 2.4-liter, four-cylinder unit. Both engines are available with either a 5-speed manual or a 6-speed torque converter automatic gearbox.

Watch Fed Chairman Jerome Powell speak live at a Bank for International Settlements conference

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Federal Reserve Chairman Jerome Powell speaks Friday to the Virtual Bank for International Settlements' South African Reserve Bank Centenary Conference. The format is a question-and-answer session with the central bank chief.

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Treasuries Regain Ground Following Recent Weakness

After trending lower over the past several sessions, treasuries regained some ground during the trading day on Friday.

Bond prices fluctuated over the course the session but managed to close in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.1 basis points to 1.655 percent.

The pullback by the ten-year yield came after it ended the previous session at its highest closing level in five months.

Treasuries may have benefited from bargain hunting following recent weakness, which came amid expectations the Federal Reserve may announce plans to begin scaling back bond purchases as early as next month.

Trading activity was somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.

Looking ahead, next week’s trading may be impacted by reaction to reports on new home sales, consumer confidence, durable goods orders, and personal income and spending.

Bond traders are also likely to keep an eye on the results of the Treasury Department’s auctions of two-year, five-year and seven-year notes.