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US equity funds draw biggest weekly inflow in nine months

U.S. equity funds witnessed robust demand in the seven days to March 20, buoyed by Wall Street’s continued rally and expectations of Federal Reserve rate cuts later this year. According to LSEG data, investors acquired a net $14.07 billion worth of U.S. equity funds during the week, logging their largest net weekly purchase since mid-June 2023. The S&P 500 index .SPX hit a new record of 5,261.1 this week after the Federal Reserve on Wednesday indicated that it still expects to cut U.S. interest rates three times this year despite ...

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Take Five: And so the cycle turns

Inflation signals from the United States, Australia and Japan should be in focus in the coming days following a deluge of central bank meetings that included a historic Bank of Japan rate hike. Sweden’s Riksbank could add to drama around who cuts rates now that Switzerland has kicked off easing among big central banks and Europe’s IPO wheels are turning. Here’s your week ahead primer in world markets from Lewis Krauskopf in New York, Rae Wee in Singapore, Anousha Sakoui and Dhara Ranasinghe in London, and Simon Johnson in Stockholm. ...

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Asia week ahead: Activity data from Japan and Korea in focus

Data deluge from Japan Given the production interruption of car manufacturers in January and solid February exports, we expect industrial production to rebound strongly to offset the previous month’s decline. Retails sales also are expected to improve further, along with an increase in inbound foreign tourists during the Lunar New Year holiday. Labour market conditions are likely remain tight, with the jobless rate staying at 2.4%. Lastly, Tokyo CPI inflation will be key to watch. The government’s energy support programme has been a key reason for the monthly swing in ...

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STOCK MARKET SNAPSHOT FOR 23/03/2024

NASDAQ-Adv: 2,476 Dec: 1,773 NYSE-Adv: 2,822 Dec: 1,208 (Source: Nasdaq)

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Dollar set for weekly rise after shift in global rate outlook

The dollar headed for a second week of gains on Friday, with a slight rate hike in Japan unable to halt its rise and a surprise cut in Switzerland highlighting the gap in interest rate policy between the Federal Reserve and other central banks. The week marked a shift in global monetary policy as the Swiss National Bank (SNB) and central banks in developing countries cut rates or indicated their intention to do so, with June the likely moment for the European Central Bank to move. The dollar rose against ...

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Global equity funds see big inflows on China data and Fed rate cut hopes

Global equity funds attracted substantial inflows in the week to March 20, driven by strong industrial and retail data from China and optimism about anticipated rate cuts by the U.S. Federal Reserve later in the year. According to data from LSEG, investors purchased a net $15.7 billion worth of global equity funds during the week after about $21.95 billion worth of net accumulation in the previous week. The MSCI World Stock Index hit a new record of 785.62 following the Fed’s Wednesday announcement, which reinforced its stance on reducing rates ...

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Looming US stock changes could cause headaches for international funds

The looming introduction of a shorter settlement cycle for U.S. securities is causing headaches for international fund managers, who face staffing problems, the prospect of holding more cash and raised foreign exchange risk as they prepare to comply. Introduced to lessen the risks of unsettled trades after periods of volatility, the coming change will see securities transactions settle one business day after the trade, or T+1, rather than two. The move, which came after the 2021 plunge in GameStop, is due to take place on May 28 in the U.S. ...

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FX Daily: Strong dollar at the end of central bank week

USD: End-of-week rally looks overdone The dollar has found good support since yesterday afternoon when some US data prompted a USD/risk-off rally. The Leading Index printed a positive month-on-month number for the first time in two years, likely thanks to the strong equity performance and a weather-related rebound in the average work week. Existing home sales also surprised on the upside, rising from 4m to 4.4m. Consensus was understandably for a decline given mortgage applications have been falling. S&P PMIs were also published yesterday and showed good resilience in manufacturing, ...

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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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What a shift in Fed Dots would mean for G10 FX

Much focus on the Fed Dot plots tonight Tonight sees the results of the March FOMC meeting, where we will see a new statement, a new Summary of Economic Projections (SEP) and Fed Chair Jay Powell hold a press conference. Perhaps of most interest to the market is the SEP release and, in particular, the median Dot Plot – or the median forecast of Fed members – for rate cuts this year. The last SEP release in December showed the Fed expecting to cut rates three times this year or ...

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Dollar set for weekly rise after sea-change in global rate outlook

The U.S. dollar was set for a second week of broad gains on Friday, with even a rate hike in Japan unable to halt its march, and a surprise cut in Switzerland highlighting the gap between the Federal Reserve and global peers in interest rate settings. This week has marked a shift in the direction of global monetary policy, after a number of major central banks either made changes to their interest rates, or signalled that they intended to do so before too long. The dollar was on course for ...

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STOCK MARKET SNAPSHOT FOR 22/03/2024

NASDAQ-Adv: 3,170 Dec: 1,099 NYSE-Adv: 3,202 Dec: 0,851 (Source: Nasdaq)

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AFRICA-FX- Kenya’s shilling to hold steady, Nigerian naira to firm

Kenya’s shilling is expected to hold steady against the U.S. dollar in the next week to Thursday, while Nigeria’s naira will strengthen, traders said. GHANA Ghana’s cedi is expected to weaken further in the coming week due to persistent dollar demand from local corporates, mainly in the manufacturing and energy sectors, traders said. Refinitiv Eikon data showed the cedi trading at 12.9950 to the dollar on Thursday, compared to 12.8800 at last Thursday’s close. “Cedi, this week, has been under a lot of pressure amid limited dollar supply,” said Chris ...

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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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