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BlackRock outlines investment push into private markets
  + stars: | 2021-06-10 | by ( Kate Duguid | ) www.reuters.com + 0.99   time to read: +2 min
Larry Fink, Chief Executive Officer of BlackRock, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas JacksonBlackRock Inc (BLK.N), the world's largest asset manager, is pushing more aggressively into private market investments, the firm detailed at an investorpresentation on Thursday. BlackRock, in its investor day presentation on Thursday, said alternative investments - including private equity, real estate, hedge funds and venture capital - can offer a market-beating edge. Private market investments recorded 18% revenue growth for the company last year, twice the rate of the broader industry. A spokesperson for BlackRock said this has picked up momentum since the firm in May received a license in China for a majority-owned wealth management venture, the country's fast-growing asset management market.
Persons: Larry Fink, Lucas Jackson, Joe Biden's, Fink Organizations: Yahoo Finance, REUTERS, Lucas Jackson BlackRock Inc, BlackRock, CNBC, Thomson Locations: New York, U.S, BlackRock, China
Fed balance sheet tops $8 trillion for first time -data
  + stars: | 2021-06-10 | by ( Kate Duguid | ) www.reuters.com sentiment -1.00   time to read: +1 min
REUTERS/Chris WattieThe Federal Reserve's balance sheet topped $8 trillion for the first time, weekly data published on Thursday by the U.S. central bank on its holdings showed. At $8 trillion, the Fed's stash of assets has roughly doubled since it kicked off large-scale purchases in March 2020 when the COVID-19 pandemic erupted and brought the economy to a near standstill. The report also showed the Fed appears to have sold around $160 million of its corporate debt holdings since Monday, following the announcement it would unwind its nearly $14 billion corporate credit portfolio. As a first step, the central bank began selling its stakes in 16 bond exchange-traded funds on Monday. The Fed's credit facility was just one of many emergency measures launched last spring to shore up financial markets badly shaken by the coronavirus pandemic's rapid spread.
Persons: Chris Wattie Organizations: Federal Reserve, REUTERS, U.S, Thomson Locations: Washington , DC
The yield on the 10-year note was down 3.4 basis points at 1.4941% in afternoon trading, after reaching as low as 1.472% earlier in the session. The move also pulled down a closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year notes, seen as an indicator of economic expectations. Strong CPI data a month ago helped push the yield on the 10-year to 1.707% in mid-May, but investors don't seem so concerned about inflation now. Helping drive the move lower in yields overnight was a big buyer of ultra-long Treasury futures around 4 a.m. The 10-year yield dipped from 1.52% to around 1.50% on the purchase, said Brenner.
Persons: Ross Kerber, Lou Brien, Raymond James, Ellis Phifer, Phifer, Joe Biden, Andrew Brenner, Brenner, Kate Duguid, Bernadette Baum, Emelia, Jonathan Oatis Organizations: Treasury, U.S, DRW, U.S . Bureau of Labor, Republican, NatAlliance Securities Locations: Washington, U.S, U.S . Federal, New York, Boston
The yield on the 10-year note was last down 5.4 basis points at 1.4739% in morning trading. The move also pulled down a closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year notes, seen as an indicator of economic expectations. The 10-year yield dipped from 1.52% to around 1.50% on the purchase, said Brenner. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down less than a basis point at 0.1468%. The 10-year TIPS yield was at -0.87% and the breakeven inflation rate was at 2.349% after touching its lowest since late April.
Persons: Ross Kerber, Raymond James, Ellis Phifer, Phifer, Joe Biden, Andrew Brenner, Brenner, Kate Duguid, Bernadette Baum, Emelia Organizations: Treasury, U.S, U.S . Bureau of Labor, Republican, NatAlliance Securities Locations: Washington, U.S, New York, Boston
TREASURIES-Yields trading in tight range ahead of employment data
  + stars: | 2021-06-02 | by ( Kate Duguid | ) www.reuters.com sentiment -0.93   time to read: +1 min
NEW YORK, June 2 (Reuters) - Treasury yields were modestly lower on Wednesday morning, trading in a tight range as investors held off from making big moves ahead of private payrolls data on Thursday and the monthly federal jobs report on Friday. The 10-year Treasury yield was last down 2.4 basis points to 1.591%. The benchmark yield has been trading within a range of 1.55% to 1.64% for more than a week. The two-year yield, which reflects investor expectations about rate hikes, has remained anchored since the Federal Reserve cut interest rates near zero last year. While economic data has shown signs that reopening is driving growth, the labor market recovery has been less established.
Persons: Friday’s, , , Andy Brenner, you’re, Kate Duguid, Jonathan Oatis Organizations: YORK, Treasury, Federal Reserve, NatAlliance
TREASURIES-Yields end the day little moved by manufacturing data
  + stars: | 2021-06-01 | by ( Kate Duguid | ) www.reuters.com + 0.00   time to read: +3 min
The two-year yield , which reflects expectations of interest-rate rises, was up less than half a basis point on the day at 0.147%. The yield curve was still modestly steeper on Tuesday afternoon, but had narrowed from earlier highs as the market digested the manufacturing data. While economic data has shown signs that reopening is driving growth, the labor market recovery has been less established. The fed funds rate fell to 0.05% on Friday, the lowest since April 30, owing primarily to month-end rebalancing. The fed funds rate is reported the following day at 9 a.m.
Persons: , Ellis Phifer, Raymond James ., Ian Lyngen, ” Lyngen, Kate Duguid, Chizu Nomiyama, Mark Heinrich Organizations: U.S, Treasury, New, Institute for Supply Management, Federal Reserve, ISM, Bureau of Labor Statistics, BMO Capital Markets, Federal Locations: York, New York, Friday’s, U.S
BlackRock says it is 'studying' crypto but cites volatility
  + stars: | 2021-05-26 | by ( Kate Duguid | Ross Kerber | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: The BlackRock logo is seen outside of its offices in New York January 18, 2012. B REUTERS/Shannon Stapleton/File PhotoNEW YORK (Reuters) -BlackRock Chief Executive Larry Fink said on Wednesday it is studying cryptocurrencies like bitcoin to determine whether the asset class could offer countercyclical benefits. In response to a shareholder asking whether the company would invest in bitcoin, Fink told its annual meeting: “The firm has monitored the evolution of crypto assets. And crypto currencies could potentially play a role in long-term investing as an asset class similar to gold. Earlier in the meeting, BlackRock said all of its 16 director nominees were elected with a majority of shareholder votes cast.
Persons: Shannon Stapleton, Larry Fink, Fink, BlackRock Organizations: REUTERS, BlackRock Locations: BlackRock, New York, bitcoin
Dollar falls after weak retail sales data
  + stars: | 2021-05-14 | by ( Kate Duguid | ) www.reuters.com + 0.00   time to read: +2 min
REUTERS/Dado Ruvic/IllustrationThe U.S. dollar edged lower against major currencies on Friday after a report that U.S. retail sales unexpectedly stalled in April and as fears of accelerating inflation receded. The Commerce Department said on Friday that retail sales were unchanged in April after recording a 10.7% surge in March, boosted by stimulus checks. But another acceleration in retail sales is likely in the coming months as the U.S. economy reopens and Americans spend the savings they have been amassing. Friday's drop erases some of a two-day rally in the dollar after data on Wednesday showed U.S. consumer prices increased by the most in nearly 12 years. "Tepid data serves as a strong vote of confidence in the Fed's low rate outlook, a dovish stance and a key vulnerability for the dollar," said Manimbo.
Persons: Dado Ruvic, Joe Manimbo, Elon Musk Organizations: U.S, REUTERS, Commerce Department, Western Union Business Solutions, Wednesday, Fed, Thomson Locations: U.S, Britain
Dollar lower after weak data, as inflation fears ease
  + stars: | 2021-05-14 | by ( Kate Duguid | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Dado Ruvic/IllustrationThe dollar edged lower against major currencies on Friday after U.S. retail sales unexpectedly stalled in April and as concerns about prospects of accelerating inflation receded. The Commerce Department said on Friday that retail sales were unchanged in April after a 10.7% surge in March, boosted by stimulus checks. But another acceleration in retail sales appears likely in the coming months as the U.S. economy reopens and Americans spend the savings they have been amassing. read moreFriday's drop erased some of a two-day rally in the dollar after data on Wednesday showed U.S. consumer prices increased by the most in nearly 12 years. The combination of weak economic data - last week's non-farm payrolls report and retail sales on Friday - and evidence of stronger inflation has meant that the dollar has struggled to make much headway, wrote Jonas Goltermann, senior economist at Capital Economics.
Persons: Dado Ruvic, Jonas Goltermann, Bitcoin, Elon Musk Organizations: U.S, REUTERS, Commerce Department, Wednesday, Fed, Capital Economics, Thomson Locations: U.S, Britain
Dollar flat after more evidence of rising inflation
  + stars: | 2021-05-13 | by ( Kate Duguid | ) www.reuters.com + 0.00   time to read: +2 min
The dollar held steady near week highs on Thursday after the U.S. Labor Department reported higher producer prices in April, further evidence that inflation is rising in the United States. That was the biggest year-on-year rise since the series was revamped in 2010 and followed a 4.2% jump in March. But the move in the dollar was relatively muted, suggesting many investors continue to take Fed policymakers at their word. The dollar index <=USD> was last flat on Thursday at 90.739, down from a week high hit earlier in the day of 90.909. Probably mildly firmer, but without a clear Fed shift, struggling at recent dollar index highs near 91.50, and the euro at a 1.1986/1.20 area of support."
Persons: Richard Clarida, Alan Ruskin, Ruskin, bitcoin, Elon Musk, Tesla Organizations: U.S . Labor Department, PPI, Federal Reserve, . Federal, Deutsche Bank, U.S ., Elon, Inc, Thomson Locations: United States, bitcoin
Rising prices typically strengthen the dollar because the market believes the Federal Reserve will raise interest rates to quell inflation. But Fed Chair Jerome Powell has pledged to keep rates anchored and to allow inflation to run higher for a period. The Labor Department report on Wednesday showed U.S. consumer prices increased more than expected as booming demand in the reopening economy pushed against supply constraints. “The dollar is really going to struggle to hold onto gains,” said Mazen Issa, senior foreign exchange strategist at TD Securities. The Japanese yen was 0.54% weaker on the day at 109.225 and the British pound was modestly weaker, down 0.14% to $1.412.
Persons: Jerome Powell, , Mazen Issa, Issa, James Bullard, Lael Brainard Organizations: NEW, U.S, Reserve, Labor Department, Reuters, TD Securities, Louis Federal Reserve, Fed
Dollar rises moderately on jump in U.S. inflation
  + stars: | 2021-05-12 | by ( Kate Duguid | ) www.reuters.com sentiment -0.91   time to read: 1 min
Middle East · 7:47 PM UTC U.S. sends envoy as Israel-Gaza barrages spiral, Hamas commander killedIsrael killed a Hamas commander and vowed no let-up in its Gaza barrages on Wednesday as Palestinian militants rained rockets far across the border and Washington dispatched an envoy to try to calm their most intense hostilities in years.
Persons: Israel Organizations: U.S Locations: Israel, Gaza, Washington
Dollar hits fresh 10-week lows ahead of inflation report
  + stars: | 2021-05-11 | by ( Kate Duguid | ) www.reuters.com + 0.00   time to read: +2 min
NEW YORK (Reuters) -The U.S. dollar dropped to a fresh 2-1/2-month low on Tuesday as investors bet that rising inflation could erode the currency’s value, ahead of Wednesday’s release of closely watched consumer price data. FILE PHOTO: A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/IllustrationIn recent years, rising inflation expectations have helped the dollar because investors have assumed interest rates would be increased in response to higher prices. But the biggest impact by far is the rise in base metal prices.”The Australian dollar steadied at $0.783, hovering just below a two-month high hit on Monday. In cryptocurrencies, ether dipped from record levels hit yesterday, but was nevertheless up 1.46% on the day to $4,008.02.
Persons: Dado Ruvic, , Karl Schamotta, John Williams, Lael Brainard, ” Schamotta, “ Friday’s Organizations: YORK, U.S, REUTERS, greenback, U.S . Federal Reserve, Cambridge Global Payments, Fed, Canadian, Bank of Canada Locations: U.S, New York
Dollar holds near 10-week low ahead of inflation report
  + stars: | 2021-05-11 | by ( Kate Duguid | ) www.reuters.com + 0.00   time to read: +2 min
FILE PHOTO: A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/IllustrationIn recent years, rising inflation expectations have helped the dollar because investors assumed the Federal Reserve would hike interest rates in response to higher prices. And though surging commodity prices have raised concerns of higher inflation, markets believe the Fed will keep its commitment to low rates and hefty asset purchases. Against a basket of its major rivals, the dollar dropped as low as 89.979, its lowest since Feb. 25, and was last down 0.11% at 90.138. Resource-oriented currencies, including the Canadian dollar, consolidated gains as a rally in commodity prices boosted their appeal.
Persons: Dado Ruvic, , Andy Brenner, Karl Schamotta, Friday’s Organizations: YORK, U.S, New, REUTERS, , NatAlliance Securities, Cambridge Global Payments, Economics, Canadian, Bank of Canada Locations: New York
Amazon raises $1 billion sustainable bond for climate, social causes
  + stars: | 2021-05-10 | by ( Kate Duguid | Simon Jessop | ) www.reuters.com sentiment -0.95   time to read: +2 min
NEW YORK/LONDON (Reuters) - Amazon.com Inc issued its first sustainability bond on Monday, raising $1 billion to invest in renewable energy, clean transport, greener buildings and affordable housing. Global green bond issuance reached a record high of $270 billion at the end of 2020 and could reach $450 billion this year, according to Climate Bonds Initiative. The money raised through the sustainability bond is a fraction of the total debt Amazon issued on Monday - some $18.5 billion. The company said it forms part of a new Sustainable Bond Framework and will be spent on new and existing projects. The framework also cited sustainable building projects, like using an all-electric heating and cooling system run on renewable energy in the company’s new Arlington, Virginia, headquarters.
Persons: Eletrobras Organizations: Amazon.com Inc, world’s, Bond, Amazon Locations: Arlington , Virginia
A U.S. one dollar banknote is seen in front of displayed stock graph in this illustration taken May 7, 2021. REUTERS/Dado Ruvic/IllustrationThe dollar held at 2-1/2 month lows on Monday as a weak U.S. employment report spurred investors to ditch the U.S. currency, pushing major rivals including the British pound and Australian dollar higher. The dollar index , which measures the greenback against six rivals was last at 90.051, down 0.11% on the day, its lowest since Feb. 25. The British pound was the biggest gainer among the G10 currencies, rallying 1.19% on Monday to $1.415, the highest since Feb. 25. The Aussie dollar was also at its highest since Feb. 25 and was last trading 0.38% higher at $0.788.
Persons: Dado Ruvic, Joe Manimbo, Manimbo, Boris Johnson Organizations: REUTERS, Reserve, Western Union Business Solutions, United, Labor Department, Thomson Locations: United States, London
Dollar hovers near 10-week lows as inflation expectations skyrocket
  + stars: | 2021-05-10 | by ( Kate Duguid | ) www.reuters.com + 0.00   time to read: +3 min
A U.S. one dollar banknote is seen in front of displayed stock graph in this illustration taken May 7, 2021. REUTERS/Dado Ruvic/IllustrationThe five-year breakeven inflation rate - which measures expectations of inflation five years out - reached its highest since April 2011 on Monday. The 10-year breakeven inflation rate - a measure of expectations of inflation in 10 years time - rose to its highest since March 2013. We’re seeing inflation breakevens continue to push higher,” said Daniel Katzive, head of foreign exchange strategy North America at BNP Paribas. “This is creating a lot of vulnerability for the dollar.”In recent years, rising inflation expectations have helped the dollar because investors have assumed interest rates would be raised in response to higher prices.
Persons: Dado Ruvic, , Daniel Katzive, , Greg Anderson Organizations: YORK, U.S . Federal Reserve, U.S, REUTERS, United, America, BNP, BMO Capital Markets, Canadian Locations: United States
Following April's meeting, investors were betting the Fed would raise rates in late 2022 or early 2023 and would offer clues about tapering its $120 million in monthly asset purchases as soon as June 2021. Eurodollar futures, a proxy for interest rate expectations, showed a 90% chance of an interest rate hike in March 2023, and fully priced in a hike in June 2023. Prior to the report, investors were betting there was a 90% chance of a hike in December 2022, and a 100% chance in March 2023. The change in interest rate expectations brings the market more in line with the Fed's dovish approach to the coronavirus pandemic recovery. Though economic data has been improving, the Fed has said it has no plans to raise rates until maximum employment is achieved.
Persons: Brendan McDermid, George Goncalves, Goncalves, Rick Rieder, Powell, Gregory Whiteley, They've, Penglu Zhao Organizations: Federal Reserve Board, REUTERS, DoubleLine, Securities, Futures, Commission, Treasury, Thomson Locations: Washington , U.S, Brendan McDermid U.S
It was last 4.4 basis points higher at 2.28%. Nonfarm payrolls increased by only 266,000 jobs last month after rising by 770,000 in March, the Labor Department reported. It was last 6.87 basis points steeper at 150.60 basis points. The most closely watched part of the yield curve that measures the gap between yields on two- and 10-year Treasury notes was about 2 basis points steeper at 143.20 basis points. The two-year Treasury yield, which typically moves in step with interest rate expectations, was last 1 basis point lower at 0.1468%.
Persons: Karen Pierog CHICAGO, Nonfarm, it's, Andrew Richman, John Canavan, " Canavan, Richman, Karen Pierog, Ann Saphir, Kate Duguid, Sonya Hepinstall Organizations: Treasury, Labor Department, Reuters, Sterling Capital Management, Oxford Economics, Securities, U.S . Treasury Locations: New York
NEW YORK (Reuters) - The dollar recovered from a nine-week low on Thursday, lifted by a rise in U.S. Treasury yields after the government reported strong economic growth for the first quarter and an improvement in new jobless claims in the latest week. REUTERS/Lee Jae-WonU.S. benchmark 10-year Treasury yields rose 2 basis points on Thursday, to 1.639%, boosted by the upbeat economic reports. “Certainly a big part of the dollar’s move is the rise in yields today. Now that yields are coming up and stabilizing a little bit, we are going to see some dollar strength,” he added. Strong economic growth typically raises the value of the dollar: higher growth drives more spending, which in turn boosts prices.
Persons: Lee Jae, , Erik Nelson, Jerome Powell, dovishness, Joe Biden’s Organizations: YORK, Treasury, REUTERS, Won, Gross, Wells, Wells Fargo Securities, Federal Reserve, Bank of Canada, U.S, greenback, Bank of Japan Locations: U.S, Seoul, Wells Fargo, New York
Powell "has said in the past that he will give markets a heads-up well in advance of when they expect to taper. "The virus will need to continue to be controlled for us to achieve those economic goals," Powell said during Wednesday's news conference. If the Fed follows the same schedule used in 2013, actual tapering would start about six months later, in December, she said. "We now think the Fed will start to discuss tapering over the summer, but the actual taper probably still won't happen until the turn of the year." The Fed's stimulative policy has been criticized by some investors as promoting frothiness – a ballooning in price untethered to an asset's economic fundamentals.
Persons: Jerome Powell, Joshua Roberts, Powell, Tiffany Wilding, Ben Bernanke, Wilding, Brian Coulton, Guy LeBas, Gennadiy Goldberg, Rick Rieder, frothiness Organizations: REUTERS, Joshua Roberts Investors, Federal Reserve, North, Fed, Treasury, Fitch, ING, Janney Capital Management, Jackson, Thomson Locations: Washington , U.S, U.S, North American
After a decade of low inflation, the Fed is now aiming for inflation moderately above 2%. The Fed's ability to explain away any potential rise in inflation has big implications for various asset classes, including stocks and bonds. But strong economic data has investors looking for any signs the Fed may be starting to talk about tapering its purchases. With U.S. stocks at record highs the Fed may have to field questions about whether valuations have gotten out of hand. After a dramatic selloff in the first quarter, Treasury yields have stabilized, obviating the need for the Fed to adjust asset purchases imminently to bolster prices.
Persons: Brendan McDermid, Jerome Powell, Powell, Roberto Perli, Andy Brenner, Jefferies, CBS's, Lorie Logan Organizations: Federal Reserve Board, REUTERS, Federal, Fed, Cornerstone, National Alliance, Treasury, New York Fed, Investors, Thomson Locations: Washington , U.S, U.S, New York, Treasuries
After a decade of low inflation, the Fed is now aiming for inflation moderately above 2%. The Fed’s ability to explain away any potential rise in inflation has big implications for various asset classes, including stocks and bonds. But strong economic data has investors looking for any signs the Fed may be starting to talk about tapering its purchases. With U.S. stocks at record highs the Fed may have to field questions about whether valuations have gotten out of hand. After a dramatic selloff in the first quarter, Treasury yields have stabilized, obviating the need for the Fed to adjust asset purchases imminently to bolster prices.
Persons: Jerome Powell, Powell, Roberto Perli, , Andy Brenner, Jefferies, CBS’s, Lorie Logan Organizations: YORK, Federal, Fed, Cornerstone, National Alliance, Treasury, New York Fed, Investors Locations: U.S, New York, Treasuries
Fitch said in a statement it had also downgraded notes issued by several Huarong subsidiaries. Bids on a S$400 million ($301.80 million) November 2025 bond issued by Huarong Finance 2017 Co Ltd dropped more than 10 cents from a day earlier to less than 70 cents. The falls came despite Huarong Finance 2017 Co repaying the principal and interest on a S$600 million bond on time on Tuesday. Concerns that restructuring of Huarong’s debt could lead to a possible rerating and repricing of the world’s second-biggest bond market have weighed on Chinese dollar debt issuers. China Huarong’s missed March 31 deadline for filing its 2020 earnings results sparked a rout in its dollar bonds that spread into other issuers, amid concern that a default could leave foreign investors facing haircuts.
Persons: Bonds, “ Fitch, ” Fitch, Fitch, , Refinitiv, Hurt, China Huarong’s, , Anthony Kettle, China Huarong, Kate Duguid, Cheng Leng, Tom Arnold, Alden Bentley, Kim Coghill, Jacqueline Wong, Louise Heavens Organizations: China CDS, Asset Management, Fitch, BBB, Reuters, Huarong Finance, New, Finance, Management, China’s, of Finance, BlueBay, CDS, Ministry of Finance Locations: China, SHANGHAI, , New York, U.S, Singapore, Beijing, London
REUTERS/Yuya ShinoJapanese mega-bank Mitsubishi UFJ Financial Group (8306.T) has cut six members of its U.S. team, four in sell-side markets research, sales and trading, and two investment-banking advisors, according to a source familiar with the matter. The job reductions were made in the last week, the source said, as the bank expands its fixed-income trading and debt capital markets businesses, for which has been hiring since mid-2020. With assets worth roughly $3.1 trillion, MUFG is hoping to use its sizeable balance sheet to venture further into primary and secondary fixed-income markets, the source said. Low borrowing costs globally and a stock market rally have produced a boom in capital markets activity this year. Among the additions, the bank announced in October it had hired Tom Joyce from Deutsche Bank to head up a new capital markets strategy group.
Persons: Yuya, MUFG, John Herrmann, Herrmann, Tom Joyce, Joyce, Hailey Orr, Stephanie Kendal, George Goncalves Organizations: Mitsubishi, REUTERS, Mitsubishi UFJ Financial, Deutsche Bank, Nomura Holdings, Thomson Locations: Tokyo, Japan, MUFG's New York, MUFG, Americas
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