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UPDATE 1-Sterling slips to one-month low versus dollar
  + stars: | 2021-06-15 | by ( Elizabeth Howcroft | ) www.reuters.com + 0.00   time to read: +2 min
Currency markets were generally quiet ahead of the U.S. Federal Reserve meeting, which ends on Wednesday. By 1155 GMT, it was down 0.4% at $1.4044, having touched $1.4035, its lowest in one month. “Sterling’s bearish bias has been in place over the past week or so as it toyed with breaking below 1.41 against the dollar,” he said. Sterling rallied at the start of the year, boosted by the UK being initially ahead of its peers in rolling out COVID-19 vaccines. Juckes also said he was bullish on the pound versus the dollar, but that it would take substantial news to push the pair significantly higher.
Persons: Sterling, Simon Harvey, , “ We’ve, , Kit Juckes, Juckes, payrolls, Elizabeth Howcroft, Mark Heinrich Organizations: LONDON, U.S . Federal Reserve, Monex, , Societe Generale Locations: Britain, COVID, Monex Europe
UPDATE 2-Sterling slips to one-month low versus dollar
  + stars: | 2021-06-15 | by ( Elizabeth Howcroft | ) www.reuters.com + 0.00   time to read: +2 min
Currency markets were generally quiet before the U.S. Federal Reserve meeting, which ends on Wednesday. But the pound slid gradually during the morning session, reaching as low as $1.4035 at 1149 GMT - its lowest in one month. “Sterling’s bearish bias has been in place over the past week or so as it toyed with breaking below 1.41 against the dollar,” he said. Sterling rallied at the start of the year, boosted by Britain’s early start to its COVID-19 vaccine roll-out. Juckes also said he was bullish on the pound versus the dollar, but that it would take substantial news to push the pair significantly higher.
Persons: Sterling, Simon Harvey, , Britain’s, “ We’ve, , Kit Juckes, Juckes, payrolls, Elizabeth Howcroft, Mark Heinrich, Timothy Heritage Organizations: LONDON, U.S . Federal Reserve, Monex, , Societe Generale Locations: Britain, COVID, Monex Europe
TREASURIES-Yields rise from three-month lows before Fed meeting
  + stars: | 2021-06-14 | by ( Karen Brettell | ) www.reuters.com + 0.00   time to read: +4 min
Treasury yields tumbled last week after data showed a sharp increase in inflation for May, which some analysts interpreted as the market capitulating to the Fed’s view that recent price pressures will be temporary. Benchmark 10-year yields rose four basis points on Monday to 1.50%, after falling to a three-month low of 1.43% on Friday. The risk heading into Wednesday’s meeting statement is that the Fed could sound more hawkish than markets are currently pricing for, as the economy reopens and inflation posts strong increases, Rajappa said. Demand is expected to continue to grow as the Treasury continues to pare issuance of Treasury bills. Some analysts say that the Fed is unlikely to make any adjustments unless the fed funds rate falls below 5 basis points, which it has so far held above.
Persons: Karen Brettell, pare, Subadra Rajappa, ” Rajappa, Rajappa, , Andrea Ricci, Jonathan Oatis Organizations: Treasury, Federal, Societe Generale, JPMorgan, Fed Locations: U.S, Jackson Hole , Wyoming, pare, New York
BENGALURU, June 14 (Reuters) - India’s retail inflation accelerated to 6.3% in May from a year ago, government data released on Monday showed. Rising crude prices and logistics costs have also led to higher prices, outweighing weaker demand pressures. The surge in inflation has been across all components including, food, fuel and core inflation. Inflation is definitely a concern and the RBI is likely to be perturbed by this. While the RBI will continue to focus on growth, it will have to finetune its inflation projection for FY22 sooner than later.”
Persons: SHASHANK MENDIRATTA, ” “, ” YUVIKA SINGHAL, ” RAJANI SINHA, KNIGHT FRANK INDIA, ” MADHAVI ARORA, ” SUJAN HAJRA, ANAND, ” KUNAL KUNDU, ” PRITHVIRAJ SRINIVAS, GARIMA KAPOOR, RUPA REGE, Organizations: IBM, NEW, Reserve Bank of, SOCIETE GENERALE, CPI Locations: BENGALURU, NEW DELHI, DELHI, WPI, MUMBAI, INDIA
Trading in most other emerging Asian markets was thinned by holidays in China and Taiwan, and as investors awaited monetary policy meetings, including the U.S. Federal Reserve's, this week. The rupiah weakened 0.3% and was on track for its biggest one-day fall since May 20. Stocks in Jakarta inched up amid expectations that Bank Indonesia will keep interest rates at record lows on Thursday. "There appears to be limited scope for a hawkish surprise at this meeting," analysts at Barclays said in a note. Malaysia's ringgit and Thailand's baht, both about 0.2% lower on the day, have risen for the last three weeks.
Persons: S.Korea's, Shashwat Awasthi, Malaysia's, Shashwat, Shailesh Kuber Organizations: U.S, Bank Indonesia, Generale, Barclays, UST, Treasury, Bank of Japan, FTSE, Hartalega Holdings, FX Locations: China, Taiwan, U.S . Federal, Stocks, Jakarta inched, Indonesia, Thailand, Vietnam, FTSE Bursa Malaysia, Asia, Japan, India, Malaysia, Philippines, Singapore, Bengaluru
MSCI’s benchmark, the S&P 500 and a key European index surged to record highs after the U.S. Labor Department said the consumer price index in the 12 months ended in May accelerated 5.0%, the biggest year-on-year increase since August 2008. In a sign of market complacency, the 10-year U.S. Treasury note’s yield fell 1.2 basis points to 1.4772% after earlier rising above 1.5% following the data’s release. On Wall Street, the Dow Jones Industrial Average rose 0.35%, the S&P 500 gained 0.45% and the Nasdaq Composite added 0.49%. A surprisingly strong U.S. inflation print in April spooked investors, sparking a cautious run into Thursday’s of May data. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , , MSCI’s Organizations: U.S . Labor Department, Treasury, Societe Generale, Americas, Dow Jones, Nasdaq, European Central Bank, Morgan Locations: New York, Natixis, U.S, Treasuries
TREASURIES-Yields higher after consumer price data
  + stars: | 2021-06-10 | by ( Ross Kerber | ) www.reuters.com + 0.00   time to read: +3 min
The benchmark 10-year yield was up 2.7 basis points at 1.5161% in morning trading and had reached as high as 1.535%. The increase in the 10-year yield broke a pattern of declines in recent days but left the note still below its range of last week. The trading pushed up the part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations. It was at 136 basis points, about 2 basis points higher than Wednesday's close. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up less than a basis point at 0.1568%.
Persons: Ross Kerber, steepening, Subadra Rajappa, Chizu Nomiyama Organizations: Traders, Treasury, U.S . Labor Department, U.S . Federal Reserve, Societe Generale, U.S Locations: U.S, New York, Boston
Yet April’s surprisingly strong U.S. inflation print spooked some, leading to a cautious run into the May numbers later on Thursday in case of another upside surprise. Ahead of both key events, market sentiment remained subdued with MSCI’s broadest gauge of global stocks flat at 715.77 points, just off a record high of 718.19 hit last week. U.S. stock futures pointed to a mixed open on Wall Street, with the S&P called flat and Nasdaq down 0.3%. Ankit Gheedia, BNP Paribas’ head of equity and derivative strategy for Europe, said he expected inflation to pick up “sharply” in the coming months. So we think there will be higher inflation during summer,” although stock volatility would likely remain low in the coming days, absent a shock on inflation.
Persons: April’s, Ankit Gheedia, Kit Juckes Organizations: Global, eyeing, Federal Reserve, European Central Bank, Nasdaq, BNP, , Morgan, Treasury, U.S, CPI, Reuters, , Generale, Brent Locations: eyeing U.S, COVID, Europe, Asia, Pacific, Japan, U.S, Treasuries, United States
Stocks rally, dollar stable after jump in U.S. CPI data
  + stars: | 2021-06-10 | by ( Herbert Lash | Simon Jessop | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo/File PhotoMSCI’s all-country world index surged to a record intra-day high after the U.S. Labor Department earlier said the consumer price index in the 12 months through May accelerated 5.0%, the biggest year-on-year increase since August 2008. The benchmark 10-year U.S. Treasury yield rose 3.0 basis points to 1.5194% after the data’s release, while the dollar index was essentially flat, down 0.08%. A surprisingly strong U.S. inflation print in April spooked some investors, leading to a cautious run into the release on Thursday of the May data. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: Toby Melville, Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , Organizations: London Stock Exchange Group, City of, REUTERS, U.S . Labor Department, Treasury, Societe Generale, Americas, Dow Jones, Nasdaq, Atlantic, European Central Bank, Morgan Locations: City, City of London, Britain, New York, Natixis, COVID, U.S, Treasuries
Stocks rally, yields drop as U.S. CPI data calms investors
  + stars: | 2021-06-10 | by ( Herbert Lash | ) www.reuters.com + 0.00   time to read: +4 min
The report was largely in line with expectations, said Subadra Rajappa, head Of U.S. rates strategy at Societe Generale in New York. “The (equity) market is going to ignore the data. MSCI’s all-country world index rose 0.45% to 718.81, nudging past its previous record set Tuesday. In the United States, data showed people filing new claims for unemployment benefits fell last week to the lowest level in nearly 15 months. The dollar index fell 0.071%, with the euro down 0.07% to $1.217.
Persons: Toby Melville, Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , MSCI’s, Thomas Hayes, ” Hayes, , Brent Organizations: YORK, Global, London Stock Exchange Group, City of, REUTERS, U.S . Labor Department, Societe Generale, Treasury, Americas, European Central Bank, Dow Jones, Nasdaq, Great, Great Hill Capital, ECB, U.S, West Texas Locations: City, City of London, Britain, New York, Natixis, Great Hill, United States
Consumer prices keep on rising. Where does it end?
  + stars: | 2021-06-10 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com + 0.00   time to read: +6 min
You can sign up right hereLondon (CNN Business) From lumber and steel to paint and burrito bowls at Chipotle, prices are rising almost everywhere you look . What's happening: Wall Street is training its attention on the Consumer Price Index for May, which arrives on Thursday. The report is expected to show that prices excluding food and energy continued to notch strong gains last month, rising 3.4% over the previous year. Including food and energy, economists believe consumer prices leaped 4.7% in the past 12 months. The European Central Bank, which met Thursday in Frankfurt, did not change its policy, issuing a statement that was essentially unchanged from its decision in April.
Persons: Kit Juckes, Yi Gang, Christine Lagarde, Andy Haldane, Wendy's WEN, Maneesh Deshpande, Deshpande, There's, , cyberattacks, Andre Nogueira, Jennifer Granholm, Jake Tapper, Dave Organizations: CNN Business, Bell, CNN, Consumer, Index, Traders, Federal, Generale, People's Bank of, European Central Bank, ECB, ING, Bank of England, New Statesman, Energy Fuels, Clover Health, Barclays, GameStop, Securities and Exchange Commission, Colonial Pipeline, US Justice Department Locations: London, China's, Shanghai, People's Bank of China, Frankfurt, Cornwall, England
REUTERS/Ralph OrlowskiJust emerging from a pandemic-induced double-dip recession, the 19-country euro zone economy has relied on unprecedented ECB stimulus to stay afloat. Panetta flatly rejected any reduction in emergency bond buys while Lagarde said it was “far too early” to discuss tapering the bank’s 1.85 trillion euro Pandemic Emergency Purchases Programme (PEPP). Underlying price pressures, a key focus for the ECB, remain anaemic and wage growth is weak, pointing to excessively low inflation for years to come. That will put pressure on policymakers to start plotting a course beyond the emergency bond buys. The ECB will announce its policy decision at 1145 GMT, followed by Lagarde’s news conference at 1230 GMT.
Persons: Ralph Orlowski, Christine Lagarde, Fabio Panetta, Panetta, Lagarde, , Holger Schmieding, ” Anatoli Annenkov Organizations: European Central Bank, REUTERS, ECB, Federal Reserve, Societe Generale, Reuters Locations: FRANKFURT, Frankfurt, Germany, Europe, United States, U.S
FOREX-Dollar teeters as inflation test looms
  + stars: | 2021-06-09 | by ( Tom Westbrook | ) www.reuters.com + 0.00   time to read: +5 min
Some think tapering could be hastened, and the dollar boosted, if U.S. inflation runs hotter than the 0.4% monthly clip that economists expect. For the ECB, the focus is on any signs of an imminent slowdown to its bond buying programme. Both are due on Thursday and the anticipation has all but killed volatility in major currencies, as traders assume a wait-and-see stance. Canadian dollar traders were also on edge ahead of a central bank meeting on Wednesday. However, the week's major focus is on inflation, and the ECB and traders see both events bringing risks on all sides.
Persons: Tom Westbrook, Kit Juckes, Sterling, Joe Capurso, Capurso, Bitcoin, Kenneth Maxwell Organizations: European Central Bank, ECB, Deutsche, U.S, Generale, New, BOC, Commonwealth Bank of Australia, U.S . Senate, RIC Locations: Tom Westbrook SINGAPORE, Asia, New Zealand, Britain, China, Tokyo
Dollar teeters as inflation test looms
  + stars: | 2021-06-09 | by ( Tom Westbrook | ) www.reuters.com + 0.00   time to read: +4 min
The dollar clung to a small bounce on Wednesday as traders looked to upcoming U.S. inflation data and a European Central Bank (ECB) meeting to gauge the global recovery and policymakers' thinking. Some think tapering could be hastened, and the dollar boosted, if U.S. inflation runs hotter than the 0.4% monthly clip that economists expect. The euro was steady at $1.2174 early in the Asia session, while the dollar held firm at 109.42 Japanese yen . Canadian dollar traders were also on edge ahead of a central bank meeting on Wednesday. However, the week's major focus is on inflation, and the ECB and traders see both events bringing risks on all sides.
Persons: Kit Juckes, Sterling, Joe Capurso, Capurso Organizations: European Central Bank, ECB, Deutsche, U.S, Generale, New, BOC, CPI, Commonwealth Bank of Australia, U.S . Senate, Thomson Locations: Asia, New Zealand, Britain, China, Tokyo
FRANKFURT — Despite the whole world preparing for a return of inflation, market participants in Europe are actually expecting the European Central Bank to keep its foot on the stimulus pedal this week. "The effects will be transitory but could last easily until next year's summer, keeping inflation elevated for a while," he said. The ECB at Thursday's meeting will update its quarterly staff projections for inflation and growth, alongside its traditional rate decision and press conference. The key question is when the ECB will start to taper its massive stimulus program. But as always, withdrawing monetary stimulus is a tricky exercise and markets can react violently.
Persons: Mark Wall, Carsten Brzeski, Dirk Schumacher, Anatoli Annenkov, Holger Schmieding Organizations: European Central Bank, ECB, Deutsche Bank, ING Diba, Thursday's, Societe Generale Locations: FRANKFURT, Europe, Sintra
PRECIOUS-Gold falls on stronger dollar ahead of U.S. inflation data
  + stars: | 2021-06-08 | by ( Nakul Iyer | ) www.reuters.com + 0.00   time to read: +2 min
Spot gold eased 0.4% to $1,891.47 per ounce by 11:47 a.m EDT (1547 GMT), while U.S. gold futures fell 0.2% to $1,894.40. The dollar index strengthened 0.2%, lowering gold’s appeal for other currency holders, while benchmark Treasuries fell to a one-month trough. Analysts noted that higher U.S consumer price index data due on Thursday could spark some fears over the Fed tapering its expansionary monetary policy and drive gold prices lower. Societe Generale, however, said gold prices could reach $2,000 by end-2021. Meanwhile, silver fell 0.9% to $27.62, palladium dropped 1.2% to $2,800.96, and platinum slipped 1.5% to $1,155.46.
Persons: ” Phillip Streible, Janet Yellen, Streible, Michael Matousek, Nakul Iyer, Jonathan Oatis, David Gregorio Organizations: Treasury, Blue, Societe Generale, Global Investors Locations: U.S, Chicago, cryptocurrencies, Bengaluru
Acciona kicks off IPO of its energy unit, names bookrunners
  + stars: | 2021-06-07 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
MADRID (Reuters) - Spanish energy and infrastructure group Acciona on Monday formally kicked off the listing of its energy unit, saying it has hired banks including Credit Suisse, Bank of America and Banco Santander as bookrunners. Though the energy group has still not disclosed details of its valuation range nor how much Acciona Energy plans to raise, it submitted on Monday a document with its official intention to float, without providing a calendar. It is also expected to be one of the biggest stock market listings this year, with the unit expected to be valued at 8 billion euros ($9.73 billion), banking sources told Reuters in April. Renewable energy stocks have pulled back from their January highs, casting some doubt over whether the sector would be as warmly viewed by investors as previously. A third person familiar with the matter said in April the deal could value the business at more than 10 billion euros.
Persons: OPDenergy, Ecoener, Acciona, , Goldman Sachs, Morgan Stanley Organizations: Monday, Credit Suisse, Bank of America, Banco Santander, bookrunners, Credit Agricole, HSBC, Societe Generale, Energy, Reuters, Citi, JPMorgan, Bestinver Securities Locations: MADRID, Europe, Madrid
An employee of the Korea Exchange Bank counts one hundred U.S. dollar notes during a photo opportunity at the bank's headquarters in Seoul April 28, 2010. REUTERS/Jo Yong-Hak/File PhotoThe dollar stabilised on Monday after dropping on Friday following lower-than-expected U.S. jobs data, and currency markets broadly lacked momentum as investors looked ahead to key inflation data later this week. The Australian dollar, which is seen as a proxy for risk appetite, was up 0.2% versus the U.S. dollar at 0.77535 . Market participants were focused on U.S. inflation data and the European Central Bank meeting, both on Thursday. Speculators decreased their net short dollar positions in the latest week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.
Persons: Jo Yong, we’ve, Kit Juckes, Lee Hardman, Hao Zhou, bitcoin Organizations: Korea Exchange Bank, REUTERS, U.S . Federal Reserve, U.S, Societe Generale, European Central Bank, Federal Reserve, ECB, Fed, Reuters, U.S . Commodity Futures, Commission, Google, ING, Thomson Locations: Seoul, United States, Britain
Dollar dips slightly as investors wait on the sidelines
  + stars: | 2021-06-07 | by ( Sinéad Carew | ) www.reuters.com + 0.00   time to read: +3 min
NEW YORK (Reuters) - The dollar edged lower on Monday as investors looked ahead to European and U.S. central bank meetings and U.S. inflation data after Friday’s lower-than-expected jobs data. REUTERS/Jo Yong-Hak/File PhotoFriday’s U.S. jobs data had put pressure on the dollar as investors bet that jobs growth was not strong enough to raise expectations for the U.S. Federal Reserve to tighten its monetary policy. {.N]The dollar index was down 0.1% while the euro was up slightly against the dollar, at $1.2177 . While Rai said there was “some risk the dollar will rally” he noted that investors are waiting for Federal Reserve’s meeting next week. Speculators decreased their net short dollar positions in the latest week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday.
Persons: Jo Yong, You’ve, , Bipan Rai, Rai, we’ve, Kit Juckes, CIBC’s Rai, bitcoin Organizations: YORK, Korea Exchange Bank, REUTERS, U.S . Federal Reserve, CIBC Capital Markets, Federal, Societe Generale, European Central Bank, Reuters, U.S . Commodity Futures, Commission, ., Google, U.S Locations: U.S, Seoul, North America, United States, Britain
Dollar doldrums are back as inflation worries heat up
  + stars: | 2021-06-07 | by ( Paul R. La Monica | Cnn Business | ) edition.cnn.com + 0.00   time to read: +3 min
Fears of rising inflation are taking a bite out of the dollar, as are expectations that the Federal Reserve will keep interest rates near zero for the foreseeable future despite inflation concerns. A weaker dollar could be bad news for any American looking to travel abroad anytime soon as well as US consumers looking to buy exported goods, which become more expensive as the dollar falls. SPDR Portfolio Emerging Markets ETF SPEM Companies in emerging markets, especially China, stand to gain from a weak dollar too. It seems that he'd rather let inflation pick up a little steam, even if it hurts the dollar. "Policy remains easy, for now, and that has delivered a weaker dollar."
Persons: it's, Russell, Tom Essaye, Jerome Powell, Naeem Aslam, Powell doesn't, Powell, Kit Juckes Organizations: CNN, Federal Reserve, Apple, Microsoft, SPDR, SPEM Companies, BlackRock Investment Institute, Societe Generale Locations: York, Europe, Asia, China, BlackRock
Expert views: RBI keeps rates at record low on virus fallout
  + stars: | 2021-06-04 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +7 min
FILE PHOTO: A Reserve Bank of India (RBI) logo is seen at the gate of its office in New Delhi, India, November 9, 2018. REUTERS/Altaf Hussain/File PhotoThe RBI on Friday held the repo rate, its key lending rate, at 4% and kept the reverse repo rate, the borrowing rate, unchanged at 3.35%. “The RBI also raised its inflation projections slightly on account of upside risks emanating from the second wave. “Overall, while we do not see any action on the policy rate front in the coming months, we are poised to see a more accountable and action-oriented RBI ahead. However, despite negative real rates and record-low mortgage rates, credit impulse in the system has continued to remain weak.
Persons: Altaf Hussain, GAURAV GARG, ” SHASHANK MENDIRATTA, ” MADHAVI ARORA, ” YUVIKA SINGHAL, TANVEE GUPTA JAIN, ” DEEPTHI MATHEW, SAKSHI GUPTA, ” PRITHVIRAJ SRINIVAS, KUNAL KUNDU Organizations: Reuters, Reserve Bank of India, Bank of India, REUTERS, IBM, NEW, , SDL, INDIA, UBS, SAP, HDFC BANK, SOCIETE GENERALE Locations: New Delhi, India, MUMBAI, NEW DELHI, COVID, DELHI, KOCHI, INDIA, BENGALURU
Shaktikanta Das, the Reserve Bank of India (RBI) Governor, attends a news conference in Mumbai, India, December 12, 2018. "At this point of time the MPC has very consciously taken the decision to focus on growth," said RBI Governor Shaktikanta Das during a press briefing. India's annual economic growth rate picked up in January-March compared with the previous three months, but economists are increasingly pessimistic about the June quarter after a huge wave of COVID-19 cases triggered lockdowns in several states. Indian financial markets showed little reaction to the monetary policy announcement, which was widely expected. Retail inflation is seen at 5.1% in 2021/2022 and RBI deputy governor Michael Patra said the MPC's view is that inflation is not "persistent".
Persons: Shaktikanta Das, Danish Siddiqui, Das, Kunal Kundu, Michael Patra, Sandip Organizations: Reserve Bank of India, REUTERS, Danish, Bank of India, MPC, SAP, Societe Generale, Thomson Locations: Mumbai, India, COVID
European stocks slip ahead of data deluge
  + stars: | 2021-06-03 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)June 3 (Reuters) - European stocks slipped on Thursday after hitting record highs earlier this week as investors looked ahead to U.S. and European economic data to gauge the future path of monetary policy. The pan-European STOXX 600 index was down 0.1% by 0712 GMT, in line with cautious moves in Asian stocks. The top drag on the STOXX index was Swiss drugmaker Roche , down 1.0%, after Societe Generale downgraded the stock to “hold”. French spirits group Remy Cointreau rose 3.9% as it topped estimates for full-year operating profit growth and handed investors an 85% dividend hike. French construction materials group Saint-Gobain gained 3.2% after forecasting record operating income and margin in the first half of the year.
Persons: Swiss drugmaker Roche, Remy Cointreau, Sruthi Shankar, Sriraj Kalluvila Organizations: Societe Generale Locations: Swiss, Bengaluru
REUTERS/Brendan McDermid/File PhotoU.S. breakeven rates, which reflect bond market inflation expectations, signal inflation in the years ahead of 2.4%-2.6% in the United States, sparking demand for U.S. Treasury Inflation-Protected Securities (TIPS). Breakeven rates in Britain and the euro zone too have soared to the highest since late-2019 and late-2018 respectively. It’s a potent warning from the $3.6 trillion global inflation-linked debt market, where bonds are often called “linkers”. “So, any move above the 260-265 bps area suggests we’re getting into the hysteria zone.”Stimulus pumped in to counter economic damage from the pandemic is one factor behind rising inflation. The $1.6 trillion TIPS market as a share of outstanding marketable debt has fallen to just 7.3% – the lowest since September 2011, Canavan noted.
Persons: Brendan McDermid, BoA, Guneet Dhingra, Morgan Stanley’s, Dhingra, John Canavan, Canavan, Mike Kelly, , Cosimo Marasciulo, linkers, Lorenzo Pagani, Jorge Garayo, Amundi’s Marasciulo, PIMCO’s Pagani, Jim Caron Organizations: New York Stock Exchange, REUTERS, U.S, Treasury, Securities, Oxford, PineBridge Investments, Candriam, RPI, Bank of England, CPI, Generale, Morgan Stanley Investment Management Locations: St, New York City, U.S, United States, Britain, Sylvan de Bus, Colombian
World stocks hit another record, oil up in big data week
  + stars: | 2021-06-01 | by ( Simon Jessop | ) www.reuters.com + 0.00   time to read: +4 min
Global stocks again hit a record high and oil rose on Tuesday, as markets shrugged off concerns about rising inflation and looked ahead to U.S. data later in the week that should offer a major clue to the health of the world economy. Later in the week, Friday's U.S. jobs data should also give a firmer steer on near-term Fed policy action. "Although global stocks are now around 20% above pre-pandemic highs, a combination of strong earnings growth and reasonable valuations relative to still-low bond yields points to further upside for stocks," said Mark Haefele, Chief Investment Officer, UBS Global Wealth Management. South Korean stocks (.KS11) rose 0.6% after a jump in May exports, and Chinese stocks (.CSI300) climbed 0.2% after data showing factory activity expanded at the fastest pace this year in May. Though U.S. inflation data last week was above estimates, another big miss on the jobs front would delay prospects for any wind-down of stimulus, analysts say.
Persons: Mark Haefele, Sebastien Galy Organizations: UBS Global Wealth Management, Federal Reserve, Generale, NFP, Brent, Thomson Locations: COVID, U.S, Europe, Asia, Pacific, Japan
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