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Asian stocks, currencies slip as investors scale back rate cut views

Asian equities and currencies fell on Friday on expectations of a gradual easing of interest rates after the U.S. Federal Reserve’s rate outlook triggered a rally in the previous session, with currencies on track to end the week lower. A sharp drop in China’s yuan and stocks also soured investor mood in the region. The Philippine peso PHP= depreciated 0.1% against the dollar on Friday. It has slipped about 1.1% so far this week and was headed forits biggest weekly loss since Aug. 11, 2023. Among equities, Manila stocks .PSI ...

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Steady Fed outlook boosts stock market’s hopes for coveted ‘soft landing’

A U.S. stock market perched at record highs received an encouraging message from the Federal Reserve, after the central bank stuck with its rate cut projections for 2024 despite stronger-than-expected economic growth. For weeks, evidence of robust growth and stubborn inflation had whittled away at the market’s expectations for how deeply the U.S. central bank will cut rates this year, even as stocks continued climbing. On Wednesday, however, Fed Chairman Jerome Powell said the evidence of economic strength had not changed the Fed’s expectations that price pressures will continue to ...

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Asian bonds draw hefty inflows on US rate cut hopes, strong exports

Asian bonds attracted their largest monthly inflow in three months in February, helped by expectations that the U.S. Federal Reserve would cut rates later this year, and also boosted by the region’s strong exports. Foreign investors accumulated a net $4.41 billion of bonds in India, South Korea, Malaysia, Indonesia and Thailand last month, marking their fourth successive month of net buying, data from regulatory authorities and bond market associations showed. Demand for Indian bonds soared with a net investment of $2.7 billion, the highest monthly figure since July 2017, buoyed ...

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Surprise Swiss rate cut reinforces market optimism; global stocks jump

The franc weakened on Thursday after Switzerland became the first developed economy to cut interest rates this cycle, underscoring investors’ view that global rate cuts are coming soon and lifting shares around the world to record highs. Gold prices and share benchmarks in Japan and Europe had already followed the S&P 500 to all-time peaks earlier on Thursday after the Federal Reserve indicated it would stick with its plans to cut interest rates this year. The Bank of England wraps up a bumper week for global central banks later in ...

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Policy uncertainty drives investors into US medium-term bond funds

Investors are flocking to U.S. medium-term government bond funds and helping push their assets to record highs, as uncertainty about the Federal Reserve’s policy path prompts them to seek the sweet spot between income and protection. According to Morningstar Direct data, U.S. medium-term government bond funds, which include Treasuries and debt issued by government-linked agencies, attracted $9.8 billion in the first two months of this year. That compared with just $2.3 billion for long-term government funds and an outflow of $3.5 billion from short-term government bond funds. Assets under management ...

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Euronext will not enter cryptoasset trading without regulator backing

European stock market operator Euronext ENX.PA does not plan to go into cryptoasset trading without firm backing from its regulators, Chief Executive Stephane Boujnah said on Tuesday. Once reluctant exchanges are now moving into the crypto space as bitcoin recovers from a crash to hit all-time highs of nearly $74,000 last week, gaining more than 50% this year, as inflows into U.S. listed bitcoin BTC= funds surged. London Stock Exchange Group this month said it plans to accept applications for crypto exchange-traded notes later this year, debt securities that provide ...

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Hedge funds shake up the euro zone’s $10 trillion government bond market

Hedge funds are piling into the euro zone’s $10 trillion government bond market, scenting opportunities as funding needs surge and the European Central Bank retreats. The funds are buying a large share of government debt sales, providing a source of much-needed capital, traders and officials say. Yet the lightly-regulated investors often load their bets with bank debt, tying their fortunes to lenders, at a time when there is growing regulatory concern globally about their market impact. Interviews with more than a dozen sources, including senior traders and treasury officials, as ...

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Bond market sees inflation as a wild card for easing timetable at Fed meeting

While bond investors expect theU.S. Federal Reserve to keep rates unchanged at its policy announcementon Wednesday, the market reaction could hinge on what Fed officials indicate aboutstubborn inflation and iftheir signals get more hawkish aboutthe timing and extent of any easing this year. Stronger-than-expected economic growth and stickier inflation this year has led investors to push back expectations on the U.S. central bank’s first rate cut to June, from May, and reduce bets on how many cuts are likely this year. Traders are now pricing in three 25 basis points ...

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Dollar pushes higher ahead of pivotal Fed meeting

The dollar rose for a fifth straight session on Wednesday, while stock and bond markets trod water as traders braced for what could be a crucial Federal Reserve meeting later in the day. Japan’s yen was at a 4-month low after the BOJ finally ditched sub-zero rates, but the focus was on whether the Fed signals that it now expects to cut U.S. rates twice this year rather than the three that markets have been hoping for. The greenback was standing almost 0.5% higher on the day in Europe, where ...

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Hedge funds buy largest bulk of bank stocks in a year, Goldman says

Hedge funds piled into bank and financials stocks at the fastest pace in a year, Goldman Sachs said in a note, just in time to catch highs seen European and U.S. banking indices. Financial stocks in North America, Europe, and emerging-market Asia were among the most sought-after stock sectors for the second week running last week, according to the note tracking hedge fund trades for the week ending Friday. The STOXX Europe 600 banks index has risen by 8.3% so far this year and is now around its highest since ...

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China’s bonds boom as investors face ‘asset famine’

A record-breaking rally in Chinese sovereign debt is hitting a fever pitch in another sign China’s financial system is low on confidence and overflowing with cash and bank deposits. Yields at the longer end of China’s bond market have been crunched to record lows by the weight of available money, and bankers say savings bonds are selling out almost instantly to retail investors who queue up outside branches before dawn. The moves are welcome for borrowers, especially the central government which is paying just 3% interest on 30-year debt. But ...

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Bullish investors pile into EM, European stocks in March, BofA survey shows

Upbeat investors rushed into emerging market equities in March at the fastest pace since April 2017, and into euro zone stocks at the quickest clip since June 2020, Bank of America’s fund manager survey on Tuesday showed. Global growth expectations among the fund managers surveyed by BofA were at a two-year high, with “risk appetite” at the highest since November 2021. A string of stronger-than-expected U.S. data releases has helped brighten the mood in global stock markets, even if it has made the Federal Reserve less likely to cut interest ...

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Shares dip, yen slides as BOJ’s landmark policy shift draws eyes

Global shares dipped on Tuesday while the yen slid after the Bank of Japan met market expectations and ended eight years of negative interest rates, likely the highlight of a busy week for central banks. MSCI’s world share index dropped 0.16%, though was still around all-time highs, and the U.S benchmark 10 year Treasury yield was around 2 basis points (bps) lower at 4.324%. But the day’s big news was in Japan, where the BOJ heralded a new era as it shifted away from years of ultra-easy monetary policy. It ...

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Key events in developed markets next week

US: We think the next move is a cut in June Next week’s highlight will be the Federal Reserve’s FOMC meeting. US growth, jobs and inflation data remain too hot for the Federal Reserve to contemplate imminent interest rate cuts. There are some people that think the Fed may need to hike rates further, but we don’t see this happening. We (like the market) think the next move is a cut, most likely in June. After all, Fed Chair Jerome Powell recently suggested that officials are “not far” from having ...

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Global equity funds draw big inflows as investors eye central bank signals

Global equity funds saw notable inflows in the week to March 13 as investors focused on strong global stock performances, overlooking inflation concerns ahead of the Federal Reserve meeting next week that could provide clues on the timing of the central bank’s interest-rate cuts. According to data from LSEG, global equity funds saw a net $22.63 billion worth of inflows during the week, the largest amount in a week since the first week of February 2022. Wall Street was set to end marginally higher this week in spite of hotter-than-expected ...

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