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Foreign investors buy Asian bonds in May as U.S. yields drop
  + stars: | 2021-06-14 | by ( Gaurav Dogra | ) www.reuters.com + 0.91   time to read: +2 min
REUTERS/Kim Hong-Ji/FilesForeigners were net buyers of Asian bonds in May, helped by a drop in U.S. bond yields and a recovery in the region’s economic activity. Foreigners purchased a net $5 billion worth of South Korean bonds, marking a fifth straight month of inflows. That pushed the holdings of overseas investors in South Korean bonds to 8.3% at the end of May, the highest since at least 2014. "Even on an FX-hedged basis, Korean bonds also continue to offer consistently high pick-ups over U.S. Malaysian bonds also attracted $453 million worth of foreign money, which was the 13th consecutive inflow.
Persons: Kim Hong, Duncan Tan, Jennifer Kusuma, Organizations: REUTERS, Foreigners, DBS Bank, ANZ, , Thomson Locations: Seoul, South Korea, South, Indonesia, Asia
Stocks in Jakarta traded flat by 0412 GMT as dealers also looked ahead to Thursday's monetary policy meeting, where Bank Indonesia is expected to leave rates at record lows. Malaysia's ringgit and Thailand's baht inched about 0.2% lower as overall trading was thinned by holidays in China and Taiwan and investors awaited monetary policy meetings. Investors are also eyeing the meeting to see whether the Fed could signal it is moving away from ultra-loose monetary policy earlier than expected. "Fundamentals and flows would remain supportive of Asia FX and we see modest room for a further gain vs USD," ANZ Research analysts said. Taiwan's central bank also holds a monetary policy meeting on Thursday, while the Bank of Japan will announce its rate decision on Friday.
Persons: S.Korea's, Shashwat Awasthi, Shashwat, Ana Nicolaci da Organizations: Reserve, Sunday, Bank Indonesia, Federal, Barclays, U.S, Treasury, Philippine bourse, Asia FX, ANZ Research, Bank of Japan, FTSE, Hartalega Holdings, FX Locations: China, Taiwan, Indonesia, Stocks, Jakarta, U.S, Thailand, Vietnam, Asia, FTSE Bursa Malaysia, Japan, India, Malaysia, Philippines, Singapore, Bengaluru, Ana Nicolaci da Costa
Australia, NZ dlrs broadly steady as action shifts to bonds
  + stars: | 2021-06-11 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
The Aussie was dozing at $0.7747, having spent the entire week in a tight range of $0.7719/$0.7765. “On a 100-day basis, all major drivers of the cross have failed to spark a move,” ANZ analysts wrote in a note. Investor activity has shifted to bonds instead, with yields on Australian 10-year government papers down 22 basis points this week, the biggest fall since March 2020. New Zealand government bonds rose, sending yields about 5 basis points lower at the long-end of the curve while yields on 10-year government paper were at their lowest since end-April. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: , , Rodrigo Catril, Philip Lowe, Swati Pandey, Wayne Cole, Ana Nicolaci da Organizations: SYDNEY, New, New Zealand, ” ANZ, Morgan, Reserve Bank of Australia Locations: New Zealand, Treasuries, Ana Nicolaci da Costa
Oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. Brent is set for a weekly rise of 0.7% while WTI is set to gain 0.8%. It suggests that the physical market has absorbed extra Saudi production with ease and that demand globally is robust and climbing." The Organization of the Petroleum Exporting Countries (OPEC) reinforced the view of healthy demand, sticking to its forecast that demand in 2021 would rise by 5.95 million barrels per day, up 6.6% from a year earlier. read more"Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half," OPEC said in its monthly report on Thursday.
Persons: Brent, Jeffrey Halley, Margaret Yang, Eurocontrol Organizations: Brent, . West Texas, Reuters, OANDA, U.S . Energy, Administration, ANZ Research, ANZ, of, Petroleum, Thomson Locations: Europe, China, United States, Saudi Arabia, Asia, North America
Oil rises to fresh multi-year highs on demand recovery
  + stars: | 2021-06-11 | by ( Dmitry Zhdannikov | ) www.reuters.com sentiment -0.98   time to read: +1 min
Oil prices rose on Friday to fresh multi-year highs and were set for their third weekly jump on expectations of a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. read moreThe International Energy Agency said in its monthly report that OPEC+ oil producers would need to boost output to meet demand set to recover to pre-pandemic levels by the end of 2022. "OPEC+ needs to open the taps to keep the world oil markets adequately supplied," the Paris-based energy watchdog said. It said that rising demand and countries' short-term policies were at odds with the IEA's call to end new oil, gas and coal funding. "Even the jet fuel market is showing signs of improvement, with flights in Europe rising 17% over the past two weeks, according to Eurocontrol," ANZ analysts said.
Persons: Goldman Sachs, Brent, Eurocontrol Organizations: Brent, . West Texas, International Energy Agency, OPEC, ANZ Research, ANZ, Thomson Locations: Europe, China, United States, OPEC, Paris, Saudi Arabia, Russia, North America
Oil hits fresh multi-year highs on demand recovery
  + stars: | 2021-06-11 | by ( Laila Kearney | ) www.reuters.com + 0.00   time to read: +2 min
Oil prices edged up to multi-year highs on Friday, heading for a third straight week of gains on the improved outlook for worldwide demand as rising vaccination rates lead to a lifting of pandemic curbs. Brent crude futures rose 35 cents to $72.87 a barrel by 11:20 a.m. EDT (1520 GMT), a day after closing at their highest since May 2019. U.S. West Texas Intermediate (WTI) crude futures were up 70 cents at $70.99 a barrel, a day after their highest close since October 2018. It said that rising demand and countries' short-term policies were at odds with the IEA's call to end new oil, gas and coal funding. U.S. investment bank Goldman Sachs said it expects Brent crude prices to reach $80 per barrel this summer as vaccine rollouts boost global economic activity.
Persons: Brent, Phil Flynn, Goldman Sachs, Eurocontrol, Baker Hughes Organizations: Brent, U.S . West Texas, Price Futures Group, The International Energy Agency, Organization of Petroleum, OPEC, ANZ Research, ANZ, Energy, Thomson Locations: U.S, Chicago, OPEC, Paris, Saudi Arabia, Russia, North America, Europe
Oil hits multi-year highs in third weekly gain on demand recovery
  + stars: | 2021-06-11 | by ( Laila Kearney | ) www.reuters.com + 0.00   time to read: +2 min
Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs. Brent crude futures settled at $72.69 a barrel, rising 17 cents after reaching their highest since May 2019. U.S. West Texas Intermediate (WTI) crude futures settled at$70.91 a barrel,up 62 cents, settling at their highest since October 2018. It said that rising demand and countries' short-term policies were at odds with the IEA's call to end new oil, gas and coal funding. U.S. investment bank Goldman Sachs (GS.N) said it expects Brent crude prices to reach $80 per barrel this summer as vaccine rollouts boost global economic activity.
Persons: Brent, WTI, Phil Flynn, Goldman Sachs, Andy Lipow, Eurocontrol, Baker Hughes Organizations: Brent, U.S . West Texas, Price Futures Group, The International Energy Agency, of, Petroleum, OPEC, Lipow Oil Associates, ANZ Research, ANZ, Thomson Locations: U.S, Chicago, OPEC, Paris, Saudi Arabia, Russia, North America, Europe, Houston
Oil trims gains, but heads for third weekly rise on demand recovery
  + stars: | 2021-06-11 | by ( ) www.cnbc.com sentiment -1.00   time to read: +2 min
Oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. Brent is set for a gain of 0.5% this week while WTI is set to climb 0.6%. "If you take the week, we've certainly seen prices lift on some demand hopes, but it was mixed," said Commonwealth Bank commodities analyst Vivek Dhar. The Organization of the Petroleum Exporting Countries (OPEC) reinforced the view of healthy demand, sticking to its forecast that demand in 2021 would rise by 5.95 million barrels per day, up 6.6% from a year earlier. "Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half," OPEC said in its monthly report.
Persons: Brent, WTI, we've, Vivek Dhar, Eurocontrol Organizations: Brent, . West Texas, Commonwealth Bank, U.S . Energy Information Administration, ANZ Research, ANZ, of, Petroleum Locations: Almetyevsk, Russia, Europe, China, United States, North America
Oil prices slipped on Friday but were set for their third weekly rise on expectations of a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. Brent is set for a weekly rise of 0.8% while WTI is set to gain 0.9%. U.S. investment bank Goldman Sachs expects Brent crude prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity. It suggests that the physical market has absorbed extra Saudi production with ease and that demand globally is robust and climbing." read more"Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half," OPEC said in its monthly report on Thursday.
Persons: Brent, Goldman Sachs, Jeffrey Halley, Margaret Yang, Eurocontrol Organizations: Brent, . West Texas, Reuters, OANDA, U.S . Energy, Administration, ANZ Research, ANZ, of, Petroleum, Thomson Locations: Europe, China, United States, Saudi Arabia, Asia, North America
Australia, NZ dlrs play defence as bond yields fall further
  + stars: | 2021-06-10 | by ( Wayne Cole | ) www.reuters.com + 0.00   time to read: +2 min
A break of support at $0.7724 would risk a return to last week’s lows around $0.7650. The kiwi dollar eased to $0.7178, and further away from a $0.7242 top early in the week. The risk is all the greater as investors seemed to be wagering on a benign outcome with 10-year Treasury yields dropping to a one-month low overnight. Local bonds performed even better as Australian 10-year yields fell to their lowest in four months at 1.458%, a drop of 18 basis points for the week. That was the sharpest weekly fall since June last year and took yields 2 basis points below their U.S. counterpart, the first negative spread since March.
Persons: David Plank, , Plank, Bonds, Ana Nicolaci da Organizations: SYDNEY, New, Federal Reserve, U.S ., ., Reserve Bank of Australia, ANZ Locations: New Zealand, Ana Nicolaci da Costa
Asian shares hold range as investors eye U.S. CPI
  + stars: | 2021-06-10 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
SYDNEY (Reuters) - Asian shares edged higher but held their recent trading range on Thursday as investors focussed on U.S. inflation data and the risk of an upside surprise that could prompt the Federal Reserve to start tapering its massive stimulus. REUTERS/Kim Kyung-Hoon/File PhotoMSCI’s broadest index of Asia-Pacific shares outside Japan were marginally higher at 700.6 points, but stayed in the 698-712 points range it has traded in since late May. [.N]Markets are looking to the European Central Bank (ECB)policy meeting later in the day where it will likely keep its policy guidance unchanged and publish updated euro area macroeconomic projections. Brent crude futures fell 22 cents to 72 a barrel, while U.S. crude futures were 27 cents lower at $69.69 a barrel. The euro was a tad weaker at $1.2169 ahead of the ECB meeting while the British pound eased to $1.4100.
Persons: Kim Kyung, Dow, , coronavirus lockdowns Organizations: SYDNEY, Federal Reserve, REUTERS, Japan’s Nikkei, Morgan, Treasury, Nasdaq, European Central Bank, U.S, CPI, Reuters, ANZ, Brent, ECB, New Zealand Locations: Tokyo, Japan, Asia, Pacific, Treasuries, coronavirus
Asian shares in tight range ahead of U.S. CPI, ECB meeting
  + stars: | 2021-06-10 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Kim Kyung-Hoon/File PhotoIn early European trades, the pan-region Euro Stoxx 50 futures added 0.52% and German DAX futures rose 0.1%, as did London’s FTSE futures. MSCI’s broadest index of Asia-Pacific shares outside Japan gained to 703.7 points, but stayed in the 698-712 points range it has traded in since late May. [.N]Markets are looking to the European Central Bank (ECB) policy meeting later in the day where it will likely keep its policy guidance unchanged and publish updated euro area macroeconomic projections. Brent crude futures fell 51 cents to 71.71 a barrel, while U.S. crude futures were 46 cents lower at $69.50 a barrel. The euro was a tad weaker at $1.2162 ahead of the ECB meeting while the British pound eased to $1.4105.
Persons: Kim Kyung, DAX, Dow, Organizations: SYDNEY, Federal Reserve, REUTERS, Japan, Japan’s Nikkei, Morgan, Treasury, Nasdaq, European Central Bank, U.S, CPI, Reuters, ANZ, Brent, ECB, New Zealand Locations: Tokyo, Japan, Asia, Pacific, U.S, Treasuries, United States
LONDON/SYDNEY (Reuters) - Global shares hovered near a record high and the dollar also held steady on Thursday, eyeing U.S. inflation data for any sign the Federal Reserve could start tapering its massive stimulus. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 9, 2021. Yet April’s surprisingly strong U.S. inflation print spooked some, leading to a cautious run in to the May numbers later on Thursday in case of another upside surprise. Ahead of the U.S. CPI data, analysts polled by Reuters said they expected a rise of 0.4% in May, taking the annual pace to 3.4%. Activity was muted in the currency market with the dollar flat against a basket of major currencies.
Persons: April’s, , That’s, , Jim Reid Organizations: Global, eyeing, Federal Reserve, REUTERS, Staff, Deutsche Bank, Morgan, Treasury, U.S, CPI, Reuters, ANZ, Brent Locations: SYDNEY, eyeing U.S, Frankfurt, Germany, COVID, Europe, Asia, Pacific, Japan, U.S, Treasuries, United States
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone BaseOil prices fell on Thursday as inventory data in the United States, the world's top oil consumer, showed a surge in gasoline stocks that indicates weaker-than-expected fuel demand at the start of summer, the country's peak season for motoring. Brent crude oil futures were down 55 cents, or 0.8%, at $71.67 a barrel by 0341 GMT, while U.S. oil futures declined by 53 cents, or 0.8%, at $69.43 a barrel. Gasoline demand fell to 8.48 million bpd in the week to June 4, down from 9.15 million bpd from the week before, but up from 7.9 million bpd a year ago, EIA data showed. read moreIn India, the world's third-largest oil consumer, fuel demand slumped in May to its lowest since August last year, with a second COVID-19 wave stalling mobility and muting economic activity in the world's third largest oil consumer.
Persons: refiners Organizations: REUTERS, Drone, Brent, ANZ Research, Strategic Petroleum Reserve, Energy Information Administration, Waha, Thomson Locations: Cushing , Oklahoma, U.S, United States, India
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone BaseOil prices fell on Thursday as inventory data in the United States, the world's top oil consumer, showed a surge in gasoline stocks that indicated weaker-than-expected fuel demand at the start of summer, the country's peak season for motoring. Brent crude oil futures were down 36 cents, or 0.5%, at $71.86 a barrel by 0651 GMT, while U.S. oil futures declined by 35 cents, or 0.5%, to $69.61 a barrel. Implied gasoline demand fell to 8.48 million bpd in the week to June 4, down from 9.15 million bpd from the week before, but up from 7.9 million bpd a year ago, EIA data showed. read moreIn India, the world's third-largest oil consumer, fuel demand slumped in May to its lowest since August last year, with a second COVID-19 wave stalling mobility and muting economic activity in the world's third largest oil consumer.
Persons: refiners Organizations: REUTERS, Drone, Brent, ANZ Research, Strategic Petroleum Reserve, Energy Information Administration, Waha, Thomson Locations: Cushing , Oklahoma, U.S, United States, India
Oil slips as start of U.S. summer driving season fails to lift fuel demand
  + stars: | 2021-06-10 | by ( ) www.cnbc.com sentiment -1.00   time to read: +2 min
Oil prices slid on Thursday as inventory data in the United States, the world's top oil consumer, showed a surge in gasoline stocks that indicates weaker-than-expected fuel demand at the start of summer, the country's peak season for motoring. Brent crude oil futures were down 34 cents, or 0.5%, at $71.88 a barrel by 0108 GMT, while U.S. oil futures declined by 36 cents, or 0.5%, at $69.60 a barrel. Crude inventories that exclude the SPR fell by 5.2 million barrels in the week to June 4 to 474 million barrels, the third consecutive weekly drop. But fuel stocks were up sharply, with product supplied falling to 17.7 million barrels per day (bpd) versus 19.1 million the week before. In India, the world's third-largest oil consumer, fuel demand slumped in May to its lowest since August last year, with a second COVID-19 wave stalling mobility and muting economic activity in the world's third largest oil consumer.
Persons: refiners Organizations: Brent, ANZ Research, Strategic Petroleum Reserve, Energy Information Administration, Waha Locations: Huntington Beach , California, United States, U.S, India
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSoutheast Asia shows more 'concerted' effort to ramp up Covid vaccinations, says economistSanjay Mathur of ANZ bank discusses the Covid-19 vaccination progress among Southeast Asian countries and what that means for the region's economic recovery.
Persons: Sanjay Mathur Organizations: ANZ Locations: Asia
The statistics bureau said that soaring crude-oil, iron-ore and metals prices boosted factory-gate prices last month, and drove China’s imports to the fastest increase in over a decade. “Industrial inflation pressure will likely remain and pose additional risks to economic growth,” Citigroup economists said in a note, adding that there is no quick fix to this round of commodity-led inflation. To rein in prices, Chinese authorities have been zeroing in on the speculative behavior in the futures market that helped fuel the rally in steel and iron-ore prices. China’s consumer inflation has so far remained tame, according to official data released Wednesday. The gap between China’s consumer and producer inflation could complicate policy-making, with the muted consumer inflation possibly constraining the central bank’s ability to tighten monetary policy.
Persons: China’s, — haven’t, , Li Wei, Goldman Sachs, pare, , Emily Cheng, ” Ms, Cheng, Li, Grace Zhu, Bingyan Wang, Stella Yifan Xie Organizations: National Bureau of Statistics, Wall Street Journal, Citigroup, ANZ, Standard Chartered, PPI, Factories, Shenzhen Vanzone Technology, Covid Locations: HONG KONG, Beijing, China, India, Tangshan, Shenzhen, U.S, Europe
Brent oil benchmark hits 2-year high, WTI highest since 2018
  + stars: | 2021-06-09 | by ( Shadia Nasralla | ) www.reuters.com + 0.00   time to read: +2 min
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Brent crude futures were up 32 cents, or 0.3%, at $72.42 a barrel at 0911 GMT, having earlier touched $72.83, the highest since May 20, 2019. U.S. West Texas Intermediate (WTI) crude futures climbed 18 cents, or 0.3%, to $70.23 a barrel, after rising to as high as $70.62, highest since Oct. 17, 2018. WTI prices climbed 1.2% on Tuesday. read moreIn another bullish sign, industry data showed U.S. crude oil inventories fell last week.
Persons: Brent, Antony Blinken Organizations: REUTERS, Drone, Brent, . West Texas, ANZ Research, U.S . Energy, Administration, Price, U.S, Thomson Locations: Cushing , Oklahoma, U.S, Tehran, ., United States, Iran
Oil rises for second day on signs of strong fuel demand recovery
  + stars: | 2021-06-09 | by ( ) www.cnbc.com + 0.00   time to read: +2 min
Cranes at an oil industry support facility in Port Fourchon, Louisiana, U.S., on Wednesday, April 21, 2021. Oil prices rose for a second day on Wednesday on signs of strong fuel demand in Europe, while the prospect of a near-term return of Iranian oil supply faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted. The market is being boosted by a solid outlook for fuel demand growth as travel curbs are lifted in Europe with more people getting vaccinated. "The boost to demand is expected to be strong," ANZ analysts said. In another positive sign, industry data showed U.S. crude oil inventories fell last week, in line with analysts' expectations, according to a Reuters poll.
Persons: Brent, Antony Blinken Organizations: Brent, . West Texas, ANZ Research, ANZ, U.S . Energy, Administration, American Petroleum Institute, Price, U.S Locations: Port Fourchon , Louisiana, U.S, Europe, Tehran, ., United States, Iran
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone BaseOil prices rose for a second session on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted. "Improved demand outlook appears to be bolstering crude oil prices, as the successful vaccine rollouts and summer driving season in the United States and Europe continues to support fuel demand," said Margaret Yang, a strategist at Singapore-based DailyFX. read moreIn another positive sign, industry data showed U.S. crude oil inventories fell last week, in line with analysts' expectations, according to a Reuters poll. However U.S. Secretary of State Antony Blinken said on Tuesday that even if Iran and the United States returned to compliance with a nuclear deal, hundreds of U.S. sanctions on Tehran would remain in place.
Persons: Brent, Margaret Yang, Antony Blinken Organizations: REUTERS, Drone, Brent, . West Texas, ANZ Research, U.S . Energy, Administration, American Petroleum Institute, Price, U.S, Thomson Locations: Cushing , Oklahoma, U.S, Tehran, ., United States, Europe, Singapore, Iran
Chinese banks ramp up FX repos as foreign portfolio inflows rise
  + stars: | 2021-06-08 | by ( Reuters Staff | ) www.reuters.com + 0.67   time to read: +2 min
SHANGHAI, June 8 (Reuters) - Chinese banks ramped up their use of foreign exchange reverse repurchase agreements in April, central bank data showed, as they sought to deploy huge portfolio inflows. Chinese banks lent a net $86.5 billion to counterparties on the repo market in April, against mostly local currency bonds as collateral. The surge in the use of FX repos comes after regulators allowed and expanded the use of yuan bonds as cross-currency collateral, ANZ economists Zhaopeng Xing and Raymond Yeung said. As banks on the mainland struggle to deploy those dollar deposits, the collateralised dollars for yuan bonds repos allow foreign investors access to cheap foreign currency loans, while making such lending more secure for local banks. Foreign investors held a record 3.68 trillion yuan ($575 billion) in Chinese yuan bonds at the end of May, including more than 10% of outstanding Chinese government bonds.
Persons: repos, Zhaopeng Xing, Raymond Yeung, Yeung, Andrew Galbraith, Vidya Ranganathan, Alexander Smith Organizations: People’s Bank of China, ANZ Locations: SHANGHAI
Australian job advertisements jump 7.9% in May - ANZ
  + stars: | 2021-06-07 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
A man walks into a Centrelink, part of the Australian government's department of human services where job seekers search for employment, in a Sydney suburb, August 7, 2014. Monday's figures from Australia and New Zealand Banking Group (ANZ.AX) showed total job ads jumped 7.9% in May from April, when they rose 4.9%. At 213,894, ads were at their highest level since 2008 and up almost 220% on a year earlier when a national pandemic lockdown shut many industries. "The Victorian lockdown is unlikely to derail the state’s labour market recovery," said ANZ senior economist, Catherine Birch. "What is still uncertain is the strength of the transition from lower underutilisation to higher wages growth, and then to inflation," added Birch.
Persons: Jason Reed, Catherine Birch Organizations: Australian, REUTERS, New Zealand Banking, ANZ, Reserve Bank of Australia, Thomson Locations: Sydney, Victoria, Australia
Chinese Property Bonds Are Hot, Defaults Aside
  + stars: | 2021-06-03 | by ( Xie Yu | ) www.wsj.com sentiment -0.58   time to read: +1 min
Yield-hungry investors are still snapping up Chinese property bonds, despite a recent string of defaults, tighter regulation and market unease about one of the country’s biggest developers. As of June 2, real-estate companies from China had sold $20.3 billion of dollar bonds this year, according to Refinitiv, a 16% increase over the same period last year. He said alongside debt sales by Chinese tech firms, this was offsetting subdued supply from state-backed companies. The bonds from Times China, which is based in the Southeastern province of Guangdong, were rated 3-4 notches below investment-grade. The robust bond sales are surprising because the sector is contending with a series of official moves intended to calm the property market and reduce indebtedness among real-estate companies.
Persons: Owen Gallimore, Mr, Gallimore Organizations: ANZ, Times China Holdings Ltd, Times Locations: China, Times China, Southeastern, Guangdong
Oil adds to gains on OPEC+ supply discipline, demand prospects
  + stars: | 2021-06-02 | by ( Shu Zhang | Sonali Paul | ) www.reuters.com + 0.00   time to read: +3 min
SINGAPORE (Reuters) -Oil prices rose on Wednesday after OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and July while expecting a robust recovery in demand in the United States and China, the world’s two biggest oil consumers. FILE PHOTO: Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021. REUTERS/Lucy NicholsonU.S. West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.10%, to $67.79 as of 0500 GMT, extending a 2.1% gain following the Memorial Day holiday in the United States on Monday. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, agreed on Tuesday to keep to their plan to gradually ease supply curbs through July. He said he saw a solid demand recovery in the United States and China and added that the pace of vaccine rollouts “can only lead to further rebalancing of the global oil market”.
Persons: Lucy Nicholson U.S, Prince Abdulaziz bin Salman’s, , Mohammad Barkindo Organizations: OPEC, REUTERS, Lucy Nicholson U.S . West Texas, Brent, of, Petroleum, Saudi Energy, ING, Market, Iran, Iran’s, RBC Capital Markets, ANZ Research Locations: SINGAPORE, United States, China, Los Angeles , California, U.S, Saudi Arabia, Vienna
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