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Stocks rebound while dollar, Treasury yields fall after US data

MSCI’s global equities index staged an afternoon rebound on Friday as investors repositioned for month-end, while the dollar fell with Treasury yields as data showed a modest rise in U.S. inflation in April. After spending most of the session in the red, the MSCI All Country World Price Index turned positive ahead of a rebalance of the index. When Wall Street trading ended, the global index was up 0.57% at 785.54 after falling as low as 776.86 earlier. “When you get an upside reversal it’s always a good sign if ...

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Failed Wall Street trades rate roughly stable under faster settlement

The rate of U.S. failed trades stood at 1.90% on Wednesday, a big test day for the recently implemented faster settlement cycle, roughly stable from Friday’s number, Depository Trust & Clearing Corporation (DTCC) showed this morning. The average fail rate in May for the period prior to the faster settlement was 2.01%, DTCC said in a statement. Market participants were expecting it to increase to 4.1% after T+1 implementation, from 2.9%, according to research firm ValueExchange. The affirmation rate, another indicator the industry closely watches to show trades participants have ...

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China grants quotas under outbound investment scheme QDII after 10-month hiatus

China’s foreign exchange regulator granted fresh quotas under outbound investment scheme QDII for the first time in 10 months in May, as a fragile domestic economy drives demand for foreign assets. But the small increase of quotas under the Qualified Domestic Institutional Investor (QDII) program – totalling just $2.27 billion – reflects regulators’ caution that additional money outflows could further pressure a weakening yuan. At the end of May, QDII quotas totalled $167.79 billion, the State Administration of Foreign Exchange (SAFE) said in a statement late on Friday. That compares ...

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Global equity funds record first outflows in five weeks amid rising U.S. yields

Global equity funds witnessed outflows for the first time in five weeks in the week ended May 29, hit by rising U.S. Treasury yields and investor caution ahead of a crucial U.S. inflation report, which may provide insights into the future direction of U.S. interest rates. According to Lipper data, global equity funds registered $4.9 billion in outflows, marking their first withdrawal since the week ending April 24. U.S. equity funds experienced outflows of $7.6 billion, while Asian equity funds saw their second consecutive weekly outflow, totaling $1.5 billion. Conversely, ...

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US equity funds hit by outflows on rising yields, rates uncertainty

U.S. equity funds saw outflows for the first time four weeks in the seven days ended May 29, hit by rising bond yields and uncertainty over the timing and extent of Federal Reserve interest rate cuts. According to LSEG Lipper data, net outflows from U.S. equity funds totalled $7.6 billion. This came as the yield on the 10-year U.S. Treasury note reached a four-week high, following a survey that unexpectedly showed an improvement in consumer confidence in May. During the week, financials and consumer discretionary sector funds recorded net outflows ...

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Foreigners pull money out of EM portfolios after five months of inflows

Foreigners pulled money out of their emerging market portfolios in April on concerns of a tighter monetary policy path in the U.S., with outflows from stocks in India and Indonesia leading the way, data from a banking trade group showed. The Institute of International Finance data showed net non-resident portfolio flows for April came in at -$0.7 billion, the first monthly outflow since October. The figure compares with net inflows of $30.2 billion in March and a $16.3 billion inflow in April 2023, the IIF data show. Flows out of ...

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China April local special bond issuance down 62% from March

China’s local governments issued a net 88.3 billion yuan ($12.19 billion) in special bonds in April, government data showed on Friday, down about 62% yuan from March. Local governments issued a net 722.4 billion yuan in special bonds in the first four months of 2024, according to data released by the finance ministry. Earlier data showed local governments issued 230.8 billion yuan in special bonds in March. China has set the 2024 quota for local government special bond issuance at 3.9 trillion yuan, up from 3.8 trillion yuan last year. ...

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Investor flows into corporate bonds on longest streak since 2019, says BofA

Global investors poured $3.6 billion into investment grade corporate bond funds in the week to Wednesday, Bank of America said on Friday, in the 31st straight week of inflows, the longest streak since 2019. A rise in global interest rates has forced up corporate bond yields, drawing in buyers attracted by the payouts as well as the hope that prices will rally once interest rates start to fall. Investors put $5.1 billion into bond funds in general in the week to Wednesday, BofA said, citing figures from data provider EPFR, ...

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Capital flows to emerging markets to net $903 billion in 2024, IIF says

Major developing economies are expected to see net capital inflows this year rise by nearly a third to $903 billion, though much of that hinges on global growth holding up, a banking trade group report said. The 32% net increase is expected to be mostly driven by a strong recovery in foreign direct investment and by cash directed at equity portfolios, said the report published by the Institute of International Finance (IIF) which covers 25 countries across emerging markets, including China, India, Russia and Mexico. Even as global growth, seen ...

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Asia week ahead: RBI likely to pause while China’s exports rise

RBI likely to stand pat The Reserve Bank of India (RBI) meeting on 7 June is unlikely to result in any change to the 6.5% policy repurchase rate. Indian inflation remains relatively well-behaved, while PMI data continues to point to robust growth, irrespective of volatility in the GDP numbers. The RBI remains focused on maintaining stability in the exchange rate, and until we see international rates starting to be cut, it is unlikely that the RBI will change its own policy rates. China trade and Caixin PMI numbers out next ...

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Global fund launches fly in China as yuan slumps

Global fund launches in China have hit a record as a weakening yuan and fragile economy drive demand for foreign assets, in the latest sign of low confidence among domestic investors. Eleven funds issued under the Qualified Domestic Limited Partner (QDLP) programme have been launched so far this year, according to data by Z-Ben Advisors, already outpacing the full-year number from any previous year. Managers such as Blackstone (NYSE:), Bridgewater Associates, and Oaktree Capital Management have opened funds, though they have not disclosed total fundraising. The products, which raise money ...

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Biggest month of bond supply to test markets as rate cut bets fade

Global bond markets face the biggest amount of net sovereign issuance so far this year in June, just as economic data throws rate cuts into doubt, testing investors’ so-far strong appetite for the debt. Net government bond supply is likely to rise to $340 billion for the United States, euro zone countries and Britain, according to data from lender BNP Paribas (OTC:), as redemptions fall and central banks continue to slash their holdings of the paper. Although analysts expect markets to absorb the supply, it has the potential to add ...

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Foreign investors turn net sellers of Japanese stocks amid rising US yields

Foreigners turned net sellers of Japanese stocks in the week ended May 24, as rising U.S. Treasury yields on expectations that persistent inflation may postpone Federal Reserve interest rate cuts dampened sentiment. The exchange data showed that non-native investors offloaded 113.9 billion yen ($725.9 million) in cash equities, while acquiring 84.5 billion yen in derivative contracts over the week. The Japanese stock market continued its downturn this week, with the Nikkei 225 index dropping 1.5%, influenced by declines on Wall Street and rising global bond yields that dampened market sentiment. ...

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Goldman says equity capital markets are improving slower than debt

Goldman Sachs President John Waldron said on Thursday that equity capital markets are recovering at a slower clip than debt markets. “Equity capital markets is clearly improving, but it’s been much, much lower,” he told investors at a conference. Current ECM volumes stand at about a 30% discount to the 10-year average, he said. By contrast, debt capital markets have been strong all year, and “we expect that to continue,” he added. In trading, volumes have declined in the second quarter compared with the first, Waldron said. Source: Reuters (Reporting ...

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Bond yields climb, stocks under pressure as Fed cut doubts resurface

U.S. Treasury yields pushed to a near four-week peak on Wednesday, lifting their Asia-Pacific counterparts and the dollar while pressuring equities, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts. rose for a fourth day to reach a four-week high amid speculation OPEC+ will maintain production cuts at a meeting this Sunday. Benchmark U.S. 10-year yields ticked up as high as 4.568% in Tokyo trading hours, a level not seen since May 3, following poorly received two- and five-year Treasury auctions overnight. Equivalent Japanese ...

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