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As Wall Street titans gather, finance museum searches for a home

Financial industry heavyweights convened in New York last week to raise funds for a finance museum that has lost its iconic Wall Street address. At the Museum of American Finance gala, billionaire Ken Griffin welcomed attendees on enormous video screens in Manhattan’s art deco-style Ziegfeld Ballroom. Mark Carney, chair of Brookfield Asset Management and ex-Bank of England governor, honored former Federal Reserve Vice Chairman Richard Clarida. JPMorgan Chase and Wells Fargo bought tables. “The philosopher Santayana said: those who are ignorant of history are doomed to repeat it,” Howard Marks, ...

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Battle for White House comes into sharper focus for Wall Street

Investors fixated on earnings and monetary policy are starting to factor in another variable that could sway markets this year: the 2024 U.S. presidential election. In his State of the Union address on Thursday, U.S. President Joe Biden proposed raising corporate taxes, whereas his opponent, Republican candidate Donald Trump, signed a 2017 law that slashed taxes on companies and the wealthy. Biden also boasted of U.S. economic progress under his tenure. It is difficult to gauge how asset prices could be swayedby these proposals and whatever else the presidential candidates ...

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Take Five: Another bout of bitcoin fever

Bitcoin is back in the headlines, having roared to a new record high, just as many of the world’s major central banks are starting to pave the way towards cutting interest rates, but only if inflation behaves. Investment flows into cryptocurrencies, inflation numbers from the United States, China and the UK, as well as a potentially market-moving snap election in Portugal will all be under the microscope in the coming week. Here is your week-ahead look at global markets from Lewis Krauskopf in New York, Li Gu in Shanghai and ...

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Europe’s stocks fall from record highs, inflation data in focus

European stock indexes fell from recent record highs on Monday, and Wall Street looked set for losses, as traders grappled with an uncertain economic outlook and waited for U.S. inflation data later in the week. U.S. stocks started to fall from record highs on Friday, in a move analysts attributed to profit-taking, after U.S. payrolls data presented a mixed picture but maintained expectations for a Federal Reserve rate cut in June. Traders are now focused on U.S. inflation data due on Tuesday, which could change expectations for when major central ...

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Stocks backpedal from record highs on US payrolls, yields dip

Investors stretched record-breaking stockrallies on Friday, before Wall Street took profits, while U.S. Treasury yields dipped after not-too-hot, not-too-cold U.S. jobs data reinforced the conviction that the Federal Reserve will begin easing by mid-year. Two U.S. stock indexes advancedinto uncharted territory after the Labor Department said U.S. job growth accelerated in February, even as the unemployment rate jumped and wage gains moderated. The mixed report kept on the table an anticipated interest rate cut in June by the Fed. But the S&P 500 and the Nasdaq reversed course whilethe Dow ...

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Key events in EMEA next week

Poland: We expect February CPI to be 3.3% YoY CPI (Feb): 3.3% YoY We forecast that strong global deflationary trends, a high reference base and a price war between large retailers pushed CPI inflation to 3.3% year-on-year in February from 3.9% YoY reported in January. Monthly price growth last month was much lower than in February 2023, which translated into further decline in annual consumer inflation. A substantial increase in gasoline prices compared to January was accompanied by a slight decline in house energy. This was a result of cheaper ...

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Key events in developed markets next week

US: We see a 0.3% MoM increase in February CPI Federal Reserve Chair Jerome Powell’s testimony to Congress was perhaps not quite as hawkish as feared in the wake of strong jobs, growth and inflation data. He suggested that officials are “not far” from having the confidence to “dial back” on the restrictiveness of monetary policy. This week’s data calendar includes CPI, retail sales and industrial production, but on balance, they are unlikely to be weak enough to trigger the Fed choosing to ease policy imminently. Core inflation was far ...

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Asia Week Ahead: People’s Bank of China to set rates and Japan’s revised GDP

China PBoC to set MLF rate The People’s Bank of China will set its one-year medium-term lending facility rate on 15 March, with markets looking to see if there will be a 10bp cut as part of a coordinated policy support push. Given that the tone on monetary policy at the Two Sessions was kept unchanged – continuing to highlight “prudent monetary policy” – the probability of a cut next week has fallen somewhat. Next week also features the publication of February aggregate financing, loans, and money supply data. We ...

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Global equity funds draw inflows of $6.5 bln on rate cut hopes

Global equity funds attracted a net $6.5 billion in the seven days through March 6, driven by weak U.S. manufacturing data and Federal Reserve policymakers’ remarks which fuelled expectations of interest rate cuts later this year. This marked a second consecutive week of inflows into global equity funds, LSEG data showed. Last week, U.S. central bankers indicated that, despite a recent uptick in price pressures, broader progress on inflation could pave the way for interest rate cuts later this year. The MSCI World Stock Index .MIWD00000PUS reached a record high ...

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Asian stocks draw massive foreign funds on China’s reforms, AI surge

Foreign investors poured substantial money into Asian equities in February amid a rebound in Chinese stocks following Beijing’s rollout of reform measures and a surge in technology shares, driven by the artificial intelligence (AI) boom. Data from stock exchanges in South Korea, Taiwan, Indonesia, India, the Philippines, Thailand and Vietnam showed foreigners purchased a net $10.82 billion worth of regional equities last month, after selling shares worth nearly $779 million in January. The MSCI Asia-Pacific index rebounded last month with a 4% increase, offsetting January’s decline, as traders shifted focus ...

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US bond funds attract biggest weekly inflow since mid-2021 on rate cut hopes

U.S. bond funds racked up large inflows in the seven days to March 6 as weaker manufacturing data and dovish comments from Federal Reserve officials raised expectations for interest rate cuts later this year. According to data from the London Stock Exchange Group (LSEG), investors pumped in about $10.54 billion into U.S. bond funds during the week in their largest weekly net purchase since end-June 2021. The robust inflows coincided with indications from U.S. central bankers that, despite recent inflation pressures, overall progress could allow for possible rate reductions. Fed ...

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UK equity ‘dark age’ reflects alarming desertion :Mike Dolan

If the British government is trying to steer more domestic investors back into unloved UK stocks, it has a mammoth task on its hands given the scale of the desertion over recent years. In his budget speech this week, finance minister Jeremy Hunt unveiled a new “UK ISA”, or Individual Savings Account, that allows individuals to invest 5,000 pounds ($6,403) tax-free in UK equities annually, in addition to the 20,000 pounds allowed under existing tax-free ISA schemes. Hunt reckoned this meant that “British savers can benefit from the growth of ...

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Hedge funds snap up stocks at fastest pace in 11 months, Goldman says

Hedge funds piled into global equities at the fastest pace in almost a year in February as investors become more bullish on stock markets from the U.S. to Japan, Goldman Sachs said. The significant boost in hedge funds’ net purchases of equities was observed across all major regions worldwide last month, marking the strongest monthly net inflow from these funds into global stocks since March 2023, Goldman Sachs said in a note from their prime services team dated March 6. The note didn’t give details of the purchase volume. Global ...

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China forex reserves unexpectedly rise to $3.226 trillion in Feb

China’s foreign exchange reserves unexpectedly rose in February, official data showed on Thursday, even as the dollar climbed against other major currencies. The country’s foreign exchange reserves – the world’s largest – rose by $6.5 billion to $3.226 trillion last month, compared with $3.205 trillion tipped by a Reuters poll of analysts and $3.219 trillion in January. The yuan CNY=CFXS fell 0.25% against the dollar in February, while the dollar last month rose 0.6% against a basket of other major currencies =USD. China held 72.58 million fine troy ounces of ...

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Chinese investors rush abroad, hitting outbound investment limit

Chinese money is pouring into funds invested in offshore assets at breakneck speed, butting up against outbound investment limits and complicating Beijing’s efforts to revive domestic markets and stabilise the yuan. The rush to invest offshore reflects low confidence at home and is evident in sales of funds issued under the Qualified Domestic Institutional Investor (QDII) programme, a key outbound investment channel that allows Chinese to buy overseas securities under Beijing’s strict capital controls. QDII fund units sold in January jumped 50% year-on-year to a record high while those of ...

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