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Faster U.S. stock settlement poses ‘systemic risk’ to Europe, asset managers say

Wall Street’s move to halve the time it takes to complete a stock trade will create a “systemic risk” in Europe unless market participants get more time to line up dollars for stock purchases, Europe’s asset management industry said on Thursday. U.S. stock markets, along with those in Canada and Mexico, will require share trades to be settled within one business day (T+1) from the end of May, instead of two at present, which is the norm in Europe. The aim of the U.S. move is to reduce risk. European ...

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Foreign investors raise China bond holdings despite low yields

Foreign investors in February raised their holdings of China’s onshore yuan bonds for the sixth straight month, as investors continued to favour currency hedged returns despite the declining bond yields. Foreign institutions held 3.95 trillion yuan in bonds traded on China’s interbank market as of the end of February, the central bank’s Shanghai head office said, up from 3.87 trillion yuan a month earlier. China’s long-dated government bonds have been on a wild ride this year, with the 30-year treasury yield CN30YT=RR dropping as much as 46 basis points since ...

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Take Five: New kid, old block

The week ahead is rammed with rate setting meetings by heavyweight central banks from the U.S. Fed to the Bank of England, from Switzerland and Norway to Mexico. But one question is dominating markets – will the Bank of Japan finally gear up to exit negative rates? Here is your week-ahead look at global markets from Rae Wee in Singapore, Lewis Krauskopf in New York and Dhara Ranasinghe, Bill Schomberg and Karin Strohecker in London. 1/WILL THEY, WON’T THEY? The two-day monetary policy meeting of Japan’s central bank beginning Monday ...

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US equity funds attract inflows for third week in a row

U.S. equity funds drew inflows for a third consecutive week in the seven days to March 13, with investors optimistic about a rally on Wall Street and clinging to hopes of rate cuts this year, even as inflation proves stubborn. According to data from the London Stock Exchange Group (LSEG), investors purchased $4.93 billion of U.S. equity funds, the largest net weekly purchase since Feb 14. Investor confidence has been bolstered by Wall Street’s record-breaking rally this year and recent remarks from Federal Reserve Chair Jerome Powell suggesting the central ...

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Countries closing in on digital currencies but US lagging, study shows

A total of 134 countries representing 98% of the global economy are now exploring digital versions of their currencies, with over half in advanced development, pilot or launch stages, a closely-followed study showed. The research by the U.S.-based Atlantic Council think tank highlighted that all G20 countries with the exception of Argentina are now in one of those far-along phases although, notably, the United States is falling increasingly behind. While still inching forward on a banks only “wholesale” digital dollar, one for the wider U.S. population now looked “stalled” the ...

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Stock rally pauses as US inflation douses rate cut hopes

Global stocks were set to end the week on a tepid note, following seven weeks of gains, after hotter-than-forecast U.S. inflation knocked back bets for how soon and often the Federal Reserve will cut interest rates. MSCI’S global equity index was down 0.2% on Friday and flat for the week, following a strong rally for most of the first quarter of the year. The dollar index, which measures the currency against the euro, yen and four other major peers, added 0.05% to 103.45, following a rally on Thursday, heading for ...

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Asia Week Ahead: will the Bank of Japan hike rates?

Bank of Japan: End of an era? The Bank of Japan’s monetary policy meeting next week will be the most closely watched macro event by market participants. Market opinion is sharply divided between a March and April hike. The likelihood of a March rate hike continues to increase as large corporates are expected to raise wages on the back of strong corporate profits and policy push. Opinions appear to be divided among board members, with Governor Kazuo Ueda’s opinion likely to be the most important. Japanese companies including Toyota, Honda, ...

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Stocks bide time ahead of US data triple-whammy

Global shares held near record highs on Thursday, while the dollar headed for its first weekly gain in a month, ahead of a trio of U.S. data releases that has the potential to shift the outlook for interest rates. U.S. consumer inflation data earlier this week showed price pressures heated up more quickly than expected in February. With the next Federal Reserve meeting less than a week away, investors have stuck to the view that the central bank will still cut rates around three times this year. The Bank of ...

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US stocks may not be in a bubble, but a pullback could be near

Some market participants believe the relentless U.S. stock rally is poised for a breather, even if it remains unclear whether equities are in a bubble or a strong bull run. The benchmark is up over 25% in the last five months, a phenomenon that has occurred just 10 times since the 1930s, according to BofA Global Research. In an advance led by stunning gains in chipmaker Nvidia (NASDAQ:), the S&P has already made 16 record highs this year, the most in any first quarter since 1945, CFRA Research data showed. ...

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Stocks bide time ahead of US data triple-whammy

Global shares hovered near record highs on Thursday, while the dollar headed for its first weekly gain in a month, ahead of a trio of U.S. data releases that has the potential to shift the outlook for interest rates. U.S. consumer inflation data earlier this week showed price pressures heated up more quickly than expected in February. With the next Federal Reserve meeting less than a week away, investors have held on to the view that the central bank will still cut rates around three times this year. The Bank ...

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China’s stock valuations are ‘way too low,’ strategist says — here’s why

Valuations of Chinese stocks are “way too low” and investors should be looking to cautiously re-enter the world’s second-largest economy, according to Shaun Rein, founder and managing director of the China Market Research Group. China recorded its first month of inflation in February after four months of deflation, new figures showed, with the consumer price index climbing 0.7% year-on-year after a 0.8% annual decline in January. However, Rein attributed this to the Lunar New Year period, and insisted that deflation “still looms over the Chinese economy.” “We are still seeing ...

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BofA lifts 2024 S&P 500 profit forecast as AI enters ‘virtuous cycle’

BofA Global Research raised its earnings forecast for the S&P 500 on Tuesday, projecting a 12% increase in profit for the companies in the benchmark index this year. The brokerage raised its 2024 earnings per share (EPS) forecast for the index companies to $250 from the previously expected $235. BofA strategists saidthat”2023 was a transition year for Corporate America, and companies have now adjusted to the new higher rate and tepid demand environment.” The brokerage expectstechnology giants such as Microsoft MSFT.O, Amazon AMZN.O, Alphabet GOOGL.O, and META META.O to spend ...

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Options players ready for market swings after US inflation data

Traders in the U.S. equity options market have grown skittish ahead of Tuesday’s release of inflation data that could sway the Federal Reserve’s monetary policy trajectory. Options on the S&P 500-tracking SPDR S&P 500 Trust ETF SPY.P were primed for a 1% swing in the fund’s shares in either direction by the end of trading on Tuesday. That’s larger than the 0.7% move traders had been pricing for stocks ahead of the January inflation report, according to a Cantor Fitzgerald analysis. Stronger-than-expected consumer price and employment data have whittled away ...

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European shares scale new record high on earnings boost

European shares hit new record highs on Wednesday, led by gains in retail and utility stocks following upbeat corporate updates, while investors awaited industrial production data from the region. The pan-European STOXX 600 was up 0.1% by 9:13 GMT, following Tuesday’s record-high close. The retail (SXRP) index emerged as the top sectoral performer, adding 2.5%, following a 13.6% jump in Zalando shares. The online fashion retailer reported a fourth-quarter profit beat and announced a share buy-back program, anticipating a return to growth and improved profitability in 2024. Zara-owner Inditex (BME:ITX) ...

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Stocks edge up ahead of US inflation test, yen slips

Global shares edged up on Tuesday ahead of U.S. inflation data that could confirm how soon the Federal Reserve might cut rates, while the yen tumbled after Japanese officials dampened expectations of an imminent policy switch by the central bank. Gold held just below record highs and the dollar edged up as traders awaited the U.S. consumer price index later on. The MSCI All-World index rose 0.1%, encouraged by gains on Wall Street overnight and by a pickup in technology stocks in Asia. Investors are pricing in the prospect of ...

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