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BlueBay, Graham among hedge funds spotting Japan trades

The Bank of Japan, long the outlier as other major economies jacked up interest rates to curb inflation, is expected to end its negative interest rate policy soon. Inflation has exceeded 2% for well over a year and markets anticipate a BOJ shift by April. But uncertainty is high and BOJ Governor Kazuo Ueda said last week it was too early to conclude inflation was close to sustainably meeting its target. has been rising – it breached 40,000 for the first time on Monday after five straight weeks of gains. ...

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STOCK MARKET SNAPSHOT FOR 05/03/2024

NASDAQ-Adv: 2,581 Dec: 1,670 NYSE-Adv: 2,833 Dec: 1,238 (Source: Nasdaq)

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South African rand firms ahead of local GDP figures

South Africa’s rand firmed on Monday, ahead of gross domestic product (GDP) figures and a whole-economy purchasing managers’ index (PMI) survey. At 1514 GMT, the rand traded at 19.02 against the U.S. dollar , about 0.4% higher than its closing level on Friday. The dollar was last down 0.08% against a basket of global currencies. Statistics South Africa will release fourth-quarter GDP figures on Tuesday, which are expected to show growth after the economy recorded a minor contraction in the third quarter of last year. Investor focus will also be ...

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Managers explore dollar shift to handle faster US stock settlement

Some investment managers are looking to change the currency their funds do business in to the dollar to prevent their foreign exchange transactions fromfailing when U.S. securities move to a shorter settlement cycle this spring, specialist currency managers said. The U.S. Securities and Exchange Commission adopted a rule change last year for securities such as equities to settle one business day after the trade, or T+1, instead of two, starting onMay 28. It is aimed at reducing market risk. However, the shift is raising some challenges for foreign asset managers ...

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Take Five: Never a dull moment

U.S. jobs data, testimony by the Federal Reserve chief, a key date in the U.S. election calendar and President Joe Biden’s State of the Union address all in one week. That’s one side of the Atlantic. On the other, is an ECB meeting and UK budget. Asia’s not missing out, China’s annual parliament meeting takes place against a backdrop of pain in the world’s No.2 economy. Here’s your week ahead in global markets from Ira Iosebashvili in New York, Jamie McGeever in Orlando, Kevin Buckland in Tokyo, Li Gu in ...

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High US rates, rising shares a tailwind for convertible bonds

Last week, artificial intelligence server maker Super Micro Computer SMCI.O achieved something not seen since 2021: It paid 0% interest rate on a $1.7 billion capital raise. Itssecret: it issued a bond that can convert to shares. The offering shows how the market for such convertible bonds is getting a second wind, as investors adjust to the idea that the Federal Reserve will keep rates higher than they expected this year and a benign growth environment drives up stocks. In just the last two weeks, eight U.S.companies, including Global Payments ...

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US value stocks draw bargain hunters while AI fever rages

As fervor for artificial intelligence sweeps Wall Street, some investors are seeking bargains in more conventional areas of the stock market. Value stocks, typically defined as companies trading at a discount on metrics such as book value or price-to-earnings, have largely been left behind as AI put a charge into their growth-focused peers. However, gains in some value-heavy sectors such as industrials and materials have accelerated lately. Proponents believe that’s asign that the rally in the benchmark S&P 500 index .SPX isbroadening beyond a handful of tech and growth names. ...

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FX Daily: Waiting for a volatility shake-up

USD: Heading to the key payrolls test The strong US data on inflation, jobs and growth published in February had a clearer impact on rates than the FX market. The rebound in US treasury yields did not translate into material dollar strength across the board – EUR/USD has remained flat since the end of January, the Swedish krona is stronger, and only the yen and Swiss franc have dropped more than 1% in G10. The divergence between low yielders and other currencies in G10 has therefore been exacerbated as rates ...

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Nikkei leads world higher in event-packed week ahead

World shares tipped higher Monday as a mixed European open could not dispel enthusiasm over record heights reached by Japan’s Nikkei and as investors braced for a week packed with central bank events and major data that could refine market wagers. Federal Reserve Chair Jerome Powell testifies before lawmakers on Wednesday and Thursday, though analysts assume he will stay in wait-and-see mode on policy given recent upside surprises on inflation that have helped temper market rate cut bets. The February payrolls report on Friday could also shift the calculus with ...

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Currency markets steady, busy week ahead for investors

The U.S. dollar weakened slightly on Monday, at the start of an action-packed week for markets with Britain’s budget, a European Central Bank meeting, U.S. jobs data and important political moments in both China and the U.S. all due. Eyes were also on , which rose to a more than two-year peak above $64,000 after a quiet weekend, pushed higher in recent weeks by big flows into cryptocurrency exchange-traded funds, above all in the United States. The euro was a fraction firmer at $1.08455, sterling was up 0.13% at $1.2670 ...

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FX: A dollar decline is delayed, not deterred

The FX market continues to be an extension of market expectations on Fed policy. The latest data on US jobs and inflation led investors to price out cuts before June and to reduce the anticipated easing package to 75-80bp. The month of February has seen a 50bp bump in the 2-year USD swap rate, which is trading around 4.55%, the highest since November. So, the dollar has become even more expensive to sell, and dollar bears are now on the hunt for more conclusive evidence on US disinflation/hard landing. That ...

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Key events in EMEA next week

Hungary: Industry and construction to lead weakness across fourth quarter GDP data Next week will be very busy in Hungary in terms of data releases. We will see the details behind the very weak GDP data in the fourth quarter. We expect weakness across the board, led by industry and construction. After that, the focus will turn to 2024, when the Statistical Office will release the first data on economic activity for this year. Industrial production may fall again on a monthly basis as supply chain disruptions from the Red ...

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S&P 500, Nasdaq close at fresh records on AI boost, easing yields

U.S. stocks rose on Friday, with the S&P 500 and Nasdaq closing at record highs, as technology stocks rallied on continued enthusiasm for artificial intelligence, with further support from declining Treasury yields. The gains marked the second straight closing record for the Nasdaq, which also set an intraday record as AI-related names such as Nvidia (NASDAQ:NVDA) and Meta Platforms (NASDAQ:META) led it past its prior peak of 16,212.23 set in November 2021. Through the end of February, the three major indexes notched their fourth straight month of gains in a ...

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US EIA could request bitcoin power use survey under longer timeline

The U.S. Department of Energy’s statistical arm may seek a new survey of bitcoin mining electricity use, which will include a longer approval process, after cancelling its emergency data request following a lawsuit brought by crypto miners, show court records filed on Friday. To pursue a new survey tracking U.S. crypto-mining’s power use, the DOE’s Energy Information Administration must allow a 60-day comment period, according to an agreement between government agencies and Riot Platforms and Texas Blockchain Council, which sued to block the initial data collection effort. It was unclear ...

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NY Fed’s reverse repos see lowest usage in nearly three years

The Federal Reserve Bank of New York reported on Friday that a key interest rate control facility saw the weakest level of usage in nearly three years. The bank said that its overnight reverse repo facility, which it uses to help put a floor underneath short-term interest rates, took in $441.3 billion from eligible financial firms, from Thursday’s $502.1 billion. That was the lowest level of usage since June 3, 2021, when the facility took in $479.1 billion. Peak usage was hit on Dec. 30, 2022, when money market funds ...

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