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BlackRock Eyes Renewed Dollar Rally Even as Trump Euphoria Wanes

Treasury yields and the dollar have room to rise further even as market “euphoria” surrounding Donald Trump’s policy pledges ebbs, according to the world’s biggest fund manager. An increase in global inflation expectations that began well before November’s U.S. election will continue with or without Trump, and may push U.S. 10-year note yields up to 3 percent by year-end, according to BlackRock Japan Co. The greenback may climb to 120 yen, said the company, whose parent BlackRock Inc. oversees $5 trillion. “The regime of deflation and monetary easing since the ...

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Asian Shares Gain, Led by Energy Companies on Higher Oil Prices

Asian stocks gained, led by a surge in energy companies after oil climbed above $52 per barrel. Japanese shares rebounded as investors picked up depressed shares. The MSCI AC Asia Pacific Index rose 0.3 percent as of 4 p.m. Hong Kong time. Chinese stocks gained amid speculation of state efforts to ensure market stability during President Xi Jinping’s appearance at the World Economic Forum in Davos. Politics and policies uncertainties continued to weigh on market sentiment. Safe haven assets like the yen and gold today paused a week-long rally that ...

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The euro cannot survive unless Europe changes

Europe stands at a crossroads in 2017. For nearly 70 years, it has known only one direction: ever stronger integration involving a steadily rising number of countries. Now a big economy and political heavyweight has turned its back and is leaving the European Union. Brexit will be seen as a turning point in history. For the time being it is very uncertain how relations between the U.K. and the EU of 27 countries will develop. The wider fallout remains to be seen. Nationalist parties from right and left in other ...

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Trump comments, sterling’s record rise sting dollar

The dollar fell to a four-week low on Tuesday, moving lower against all Group of 10 currencies with sterling leading the charge after a soothing speech on Brexit from British Prime Minister Theresa May triggered the pound’s largest one-day percentage gain since at least 1998. A recent sell-off in the dollar deepened as U.S. traders returned from a long weekend to widespread weakness after President-elect Donald Trump said the greenback’s strength against the Chinese yuan “is killing us.” Sterling GBP=D4 rose by about 3 percent against the dollar, touching its ...

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MARKETS SNAPSHOT FOR 17/01/17

NASDAQ-Adv: 877 Dec: 2,067 NYSE-Adv: 1,360 Dec: 1,659 (Source: Nasdaq)

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Unloved European Stocks Poised to Become ‘Pain Trade’ of 2017

Investors may be missing bargains among European stocks. The benchmark Stoxx Europe 600 index is trading close to its cheapest price-to-book value versus U.S. peers in 13 years. Even as earnings in the region are forecast to increase, most investors are pricing in political turmoil. They’re uncomfortable about populism sweeping across swaths of the continent. While that pessimism is reflected in investment outflows, it may be overdone — turning the market into an overlooked trade. As U.S. stocks punched through record highs, the benchmark Stoxx Europe 600 Index has struggled ...

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Yen Unlikely to Draw Japan Into Conflict With Trump, Sinai Says

Japanese policy makers don’t need to worry about a conflict with Donald Trump’s administration over the yen’s exchange rate, according to Allen Sinai, president and CEO of Decision Economics. The Trump administration is more likely to let markets decide foreign-exchange levels, he said during an interview in Tokyo on Tuesday, where he was meeting with policy makers. Trump noted the U.S. trade deficit with China, Japan and Mexico in his recent press conference and further pressure in this area could undermine improvement in Japanese business confidence. The currency has been ...

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European Stocks Pare Drop as May Says Brexit Deal Will Need Vote

European stocks pared their decline on Tuesday after U.K. Prime Minister Theresa May laid out her intentions on Brexit while supporting a strong European Union. The Stoxx Europe 600 index dropped 0.1 percent at 12:37 p.m. in London, recovering from a 0.7 percent slide earlier, still held lower by declines in mining and automaker stocks. May ruled out continued membership in the single market, while saying that she doesn’t want the EU to unravel following her nation’s vote to leave last June. The government will put the final Brexit deal ...

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Nikkei Falls As Key U.K. Speech Looms; China Shares Volatile

Asian shares were broadly lower Tuesday, ahead of a crucial speech by U.K. Prime Minister Theresa May, who is set to announce a clean break from the European Union. The Nikkei Stock Average was down 0.8%, while Australia’s S&P/ASX 200 was off 0.9% and Singapore’s Straits Times Index was off 0.2%. May will double down on comments she made last week , saying that Britain doesn’t want “partial membership” in the EU, according to excerpts of a speech released by her office on Monday. The comments reinforce expectations that she ...

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Dollar loses altitude, sterling braces for May day

Grumbles from Donald Trump about the strength of the dollar pushed the currency down for the seventh day in the past ten on Tuesday, while the pound climbed off a three-month low before a keynote speech on Brexit from Britain’s Prime Minister. Concerns over U.S. President-elect Trump’s protectionist policies have sapped the dollar going into his inauguration this week. The shift has been most pronounced against the yen and the dollar dropped 0.9 percent to a five-week low of 113.04 yen in early European trading. <JPY=EBS> That came in tandem ...

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Yuan Top Forecaster Sees No End to Losses as China Economy Slows

Pressure on China’s yuan to depreciate will persist as the economy slows, according to the currency’s top forecaster. The yuan will fall to 7.26 per dollar by the end of September, according to Allan von Mehren, a strategist at Danske Bank A/S, the yuan’s most accurate forecaster as ranked by Bloomberg. That implies a 5 percent drop from current levels, and is more pessimistic than the median estimate of 7.13 in a separate survey. “I am more bearish on the economy to slow down than the market, and I think ...

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Hard Brexit fears hit pound ahead of May speech

Britain’s pound fell on Monday as concern rose that the country is heading for a “hard” Brexit from the European Union and its single market, a day before a speech by Prime Minister Theresa May on the government’s plans. Some British newspapers have billed May’s speech on Tuesday as a shift away from preferential EU single market access – in order to win restrictions on immigration – and a toughening of the UK’s stance towards an economic bloc that accounts for roughly half its exports and imports. A spokeswoman for ...

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Profit growth pickup could justify Wall Street rally

U.S. companies are set to report their strongest profit growth in two years, which could go a long way toward justifying Wall Street’s record-breaking rally, say stock investors who anticipate many companies will top expectations. Fresh from a year-long decline in quarterly profits, companies in the benchmark S&P 500 .SPX are expected to report their bottom lines grew by 6.2 percent in the fourth quarter, the latest Thomson Reuters data shows, the strongest growth since a 7.0 percent increase in the same quarter of 2014. By most measures, the last ...

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Sterling Options Signal More Turmoil as May Speech, Ruling Loom

A measure of anticipated swings for the pound climbed to the highest in three months before U.K. Prime Minister Theresa May’s speech on Brexit plans Tuesday and a court ruling this month on whether the British leader or Parliament carries the power to invoke the exit. The pound slid below $1.20 for the first time since October’s flash crash after the Sunday Times reported May will prepare to withdraw from tariff-free trade with the European Union in return for freedom to curb immigration and strike commercial deals with other countries. ...

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European Stocks Decline as FTSE 100 Sustained by Tumbling Pound

Stocks fell across Europe, trimming much of their gains made on Friday, as investors began focusing on week’s policy meeting of the European Central Bank, seeking insight on when the institution may begin to curtail its stimulus measures. The Stoxx Europe 600 fell 0.7 percent, after gaining 1 percent on Friday — the most in a month. The U.K.’s FTSE 100 was little changed on Monday as the pound tumbled versus the dollar ahead of U.K. Prime Minister Theresa May’s speech on Brexit plans on Tuesday. The British benchmark has traded ...

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