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China takes fresh steps to open bond market to foreigners

China took fresh steps on Friday to facilitate foreign investment in its $20 trillion bond market, saying it would cut service fees, improve overseas access to foreign exchange hedging, and streamline the process of opening accounts. China will also facilitate cross-border bond subscriptions, and make it easier for foreign passive funds to trade Chinese bonds, the China Foreign Exchange Trade System (CFETS), affiliated to China’s central bank, said in a statement. Passive funds track indexes, as opposed to active funds where managers pick assets to invest in. Overseas investors reduced ...

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Key events in developed markets next week

Key events in developed markets next week | Article | ING Think US jobs figures are released next Friday. For us to seriously consider changing our July Fed call we would need to see payrolls growth fall with the unemployment rate moving a couple of tenths higher and wage growth showing signs of stagnating Expectation of a 75bp rate hike from the Fed is unlikely to change Between now and the 27 July Federal Open Market Committee (FOMC) meeting there are only two US data releases that could potentially prompt ...

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Take Five: The second half

After a torrid six months, world markets will be hoping for some sign that central banks might dial back their hawkishness. U.S. jobs data, if sharply below forecast, might prove that catalyst. Central banks are front and centre elsewhere, too. The ECB kicks off its bond reinvestment scheme to shield southern Europe’s fragile economies; emerging markets’ policy-tightening spree will continue; and in Australia, a half-point rate rise is expected. Here is your look at the week ahead in markets from Karin Strohecker and Sujata Rao in London, Ira Iosebashvili in ...

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Global investors turn sellers in equity funds on recession fears

Global equity funds faced outflows in the week to June 29, as recession fears crept higher, with major central banks looking keen to raise interest rates further to tame soaring inflation. According to Refinitiv Lipper, investors disposed of a net $20.79 billion worth of global bond funds in a fourth straight week of net selling. Fund flows: Global equities, bonds and money market Federal Reserve Chairman Jerome Powell said this week that there was a risk the U.S. central bank’s interest rate hikes could slow the economy too much, but ...

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Wall Street kicks off second-half with losses on slowdown worries

Wall Street started the second half of the year on a dull note on Friday as investors worried over the risks to economic growth from the Federal Reserve’s resolve to curb rising prices at all costs. As the U.S. central bank moves away from easy money by raising borrowing costs, investors for much of the year have been selling equities, pushing the benchmark S&P 500 to close out its worst first six months since 1970 on Thursday. “People are hoping we have a better second half but the proof is ...

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Market indicator in “extremely bearish” territory for 3rd straight week – BoFA

A market indicator measuring how investors are positioned held at “extremely bearish” levels for a third consecutive week as investors yanked more cash out of equities and bonds, BoFA Securities said in a weekly note on Friday. Outflows from European equity funds extended into its twentieth week, while emerging market debt has now seen outflows for the past 12 weeks, BoFA said citing EPFR data. In a sign that inflationary expectations have not yet peaked, inflows into inflation-adjusted bond funds saw their biggest inflows in 12 weeks, the U.S. investment ...

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STOCK MARKET SNAPSHOT FOR 02/7/2022

NASDAQ-Adv: 2,742 Dec: 1,737 NYSE-Adv: 3,088 Dec: 1,113 (Source: Nasdaq)

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Asia week ahead: Inflation reports and the RBA meeting on the calendar

Inflation reports from regional players The coming week features several inflation gauges from the region with price pressures generally trending higher. Taiwan’s inflation is expected to rise due to higher energy prices and a low base effect from last year. Philippine inflation will likewise head higher, accelerating to 6.0% from 5.4% year-on-year last May. Pricier food, transport and utilities are all likely to drive up headline inflation, which should pressure the central bank to double down on rate hikes at the August meeting. Meanwhile, Korea’s consumer price index for June ...

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Here’s what China’s real estate debt crisis could mean for Asia junk bond investors

China’s real estate bonds were once key performance drivers for Asia junk bond funds, but the market share from property bonds has fallen as a result of the country’s property debt crisis. As a result, investors of high-yield bonds in Asia must brace for lower returns, investment analysts tell CNBC. The market capitalization of those real estate bonds has fallen from an average of over 35% to around 15% within some Asia high-yield funds as the debt crisis drove down prices of property bonds, according to portfolio managers and analysts ...

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FX Daily: New quarter, same old dollar strength

USD: Still in demand The first six months of 2022 have been marked by the dominance of the dollar, with all G10 currencies scoring losses ranging from 2% (the Canadian dollar is the second best-performing currency) to 15% (Japanese yen). As we enter the second half of the year, we must ask ourselves in which way the drivers behind the dollar rally in 2022 – primarily the aggressive Fed tightening and an adverse risk environment – will play out in the remainder of the year. Our view remains that the ...

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U.S. dollar share of FX reserves steady in Q1, euro share dips, IMF says

The U.S. dollar’s share of currency reserves reported to the International Monetary Fund was 58.8% in the first quarter, unchanged from that of the last three months of 2021, IMF data showed on Thursday. The greenback remains the largest-held currency reserve by global central banks. The euro’s share, however, slipped to 20% in the first quarter from 20.6% in the previous three months. In 2009, the euro hit its highest share at 28%. Global reserves, which are reported in U.S. dollars, are assets of central banks held in different currencies ...

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Second half starts with a fresh drubbing for stocks

The second half of the year started with another first class drubbing for global stock markets on Friday, as the recession concerns that have built in recent weeks also shoved oil and metals lower again. MSCI’s world stocks index has had its worst start to a year since its 1990 creation over the last six months and a 1% early tumble in Europe and for Wall Street futures pointed to more pain ahead. Asia had thudded lower too with the heaviest fall in Taiwan, where the growth-sensitive benchmark index slid ...

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Downturn fears support dollar, Aussie slumps to two-year low

Gathering gloom about prospects for the global economy lifted the safe-haven dollar on Friday and pressured risk-sensitive currencies, with the Australian dollar tumbling to a two-year low. Rampant inflation and a rush by central banks to raise rates and stem the flow of cheap money has fuelled sell-offs across markets and lifted assets seen as safer bets. Fresh data on Friday showed euro zone inflation hit another record high in June, while separate statistics showed manufacturing production in the bloc fell for the first time in two years. The dollar ...

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Further pain in store for Asian currencies after turbulent first-half

Asian currencies will wallow in the near-term, analysts forecast this week, with any respite from their first-half losses only likely to come in the form of proactive policy normalization by regional central banks combined with a Chinese recovery. A mix of elevated commodity prices and narrowing interest rate differentials have piled pressure on most Asian currencies, with some hitting multi-year lows in recent weeks. Foreign money has flowed out of emerging Asia, excluding China, for five months in a row in the face of a reluctance among central banks to ...

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EU seeks deal on ground-breaking rules to regulate crypto

The European Union on Thursday will seek agreement on ground-breaking rules for regulating crypto assets as the rout in bitcoin piles pressure on authorities to rein in the sector. Globally, crypto assets are largely unregulated, with national operators in the EU only required to show controls for combating money laundering. A deal would put the EU ahead of the global regulatory pack by giving issuers of crypto assets and providers of related services a “passport” to serve clients across the EU from a single base, while meeting added capital and ...

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