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read more"The Fed is getting some traction on its message that the inflation pressures are transitory," said Colin Asher, senior economist at Mizuho in London. Fed officials have repeatedly tamped down fears of inflation running persistently higher than its 2% target, while pointing out they have tools to keep it under control. The statement following the Fed policymakers' regular meeting next week and comments from Fed Chair Jerome Powell will be closely watched for the central bank's latest view on inflation. A widely watched barometer of inflation expectations, the breakeven inflation rate (BEI) for 10-year Treasury Inflation Protected Securities , measuring the difference between 10-year TIPS real yields and the 10-year note yield, was at 2.35%, near a two-month low of 2.326% hit on Wednesday. That indicates that markets do not see inflation averaging much over the Fed's 2% target over the next decade.
Persons: Colin Asher, Jerome Powell, Peter Rutter, Joseph LaVorgna, Mark Grant, Organizations: Federal, Treasury, Thursday's Labor Department, Mizuho, Fed, Royal London Asset Management, Securities, Riley, Labor Department, Thomson Locations: U.S, London, Americas, New York, Fort Lauderdale , Florida
"The Fed is getting some traction on its message that the inflation pressures are transitory," said Colin Asher, senior economist at Mizuho in London. Fed officials have repeatedly tamped down fears of inflation running persistently higher than its 2% target, while pointing out they have tools to keep it under control. The statement following the Fed policymakers' regular meeting next week and comments from Fed Chair Jerome Powell will be closely watched for the central bank's latest view on inflation. A widely watched barometer of inflation expectations, the breakeven inflation rate (BEI) for 10-year Treasury Inflation Protected Securities , measuring the difference between 10-year TIPS real yields and the 10-year note yield, was at 2.35%, near a two-month low of 2.326% hit on Wednesday. That indicates that markets do not see inflation averaging much over the Fed's 2% target over the next decade.
Persons: Colin Asher, Jerome Powell, Peter Rutter, Joseph LaVorgna, Mark Grant, Organizations: Federal, Treasury, Thursday’s Labor Department, Mizuho, Fed, Royal London Asset Management, Securities, Riley, Labor Department, Thomson Locations: U.S, London, Americas, New York, Fort Lauderdale , Florida
Peru’s presidential election vote count ticked closer to the end on Tuesday, but a slender margin between the two polarized candidates, contested ballots and accusations of fraud mean the winner may take a lot longer to confirm. The leftist candidate, the son of peasant farmers, had surged late in the count, driven by an energized rural vote beyond capital Lima. "Peru needs its children to rescue her," Castillo told supporters from a balcony late on Monday. Contested ballots, it added, could be key. Azhar Hussain, Head of Global Credit at Royal London Asset Management, said that market fears about Castillo were potentially over-inflated.
Persons: Socialist Pedro Castillo, Keiko Fujimori, Fujimori, Castillo, Goldman Sachs, Azhar Hussain, Organizations: Socialist, Citi, Global Credit, Royal London Asset Management, Thomson Locations: Lima, Peru, Peruvian
Peruvian socialist candidate Pedro Castillo held on to a narrow lead late on Tuesday in the country’s runoff presidential election, as tensions rose over contested ballots and accusations of fraud, which sparked protests outside the elections office. It is unclear whether those contested votes will be enough to swing the election in favor of Fujimori, especially after Castillo modestly broadened his lead during the day from as low as 70,000 votes. However, buoyed by international votes, Fujimori began to gain ground again. Markets in Peru wobbled for a second day, after dipping forcefully on Monday on the expectation that Castillo would win. Azhar Hussain, Head of Global Credit at Royal London Asset Management, said that market fears about Castillo were potentially over-inflated.
Persons: Pedro Castillo, Castillo, Keiko Fujimori, Fujimori, Fernando Tavera, Lourdes Morales, Sol, Goldman Sachs, Azhar Hussain, Organizations: Reuters, Fujimori, Global Credit, Royal London Asset Management, Thomson Locations: Lima, Peru
LONDON (Reuters) - A group of 50 investors managing more than $4.5 trillion in assets is calling on companies involved in the development and use of facial recognition technology, such as Amazon and Facebook, to do so in an ethical way. FILE PHOTO: Visitors check their phones behind the screens advertising facial recognition software during Global Mobile Internet Conference at the National Convention in Beijing, China April 27, 2018. It said it considers 34 companies to be leaders in facial recognition, including Amazon, Facebook, and Asian tech companies Alibaba and Huawei. Amazon told Reuters last month it was extending a moratorium it imposed on police use of its facial recognition technology. The facial recognition technology market is set to grow to around $10 billion in 2020, Candriam said in a report published in March, citing a 2018 survey by Allied Market Research.
Persons: Damir Sagolj, Candriam, , Rosa van den, Norway’s, Louise Piffaut Organizations: Facebook, Global Mobile Internet Conference, National Convention, REUTERS, New York, Amazon, Huawei, Reuters, BMO Global Asset Management, Allied Market Research, Aviva Investors, Royal London Asset Management, Canada’s BMO Global Asset Management, Investment Partners, European Union Locations: Beijing, China, Europe
[L2N2NI198]This push is backed by some large investors, often state-run, who are scrutinising tax bills as well as profits. “It’s not about paying more tax, it’s about paying the right amount of tax. The fund, which manages almost 600 billion euros, recently managed to dissuade the new management of one investee firm from using tax havens. “Should corporates pay a higher tax rate just because it’s ethical? One thing investors do agree on is that only coordinated action will stop companies using lower tax jurisdictions.
Persons: St, Toby Melville, “ It’s, ” Kiran Aziz, KLP, , ” Aziz, Peter Rutter, “ Corporates, ” Rutter, , MSCI, Laura Nishikawa, Alex Williams, Williams, Sudhir Roc, Sennet, Fred Kooij Organizations: REUTERS, Research, ActionAid, Apple, Facebook, Microsoft, United, Reuters, Royal, Royal London Asset Management, Texas TRS, Tech, Google, Dublin, Vontobel Asset Management, BDO, Tribe Locations: St Ives, Cornwall, Britain, Ireland, United States, Silicon, Royal London, Luxembourg, Dutch, Europe, Scandinavia, CalSTRS, U.S
LONDON (Reuters) - A global tax crackdown on multinationals has the backing of some of the world’s biggest investors who say that using low-tax jurisdictions falls foul of the tenets they have committed to. [L2N2NI198]This push is backed by some large investors, often state-run, who are scrutinising tax bills as well as profits. The fund, which manages almost 600 billion euros, recently managed to dissuade the new management of one investee firm from using tax havens. “Should corporates pay a higher tax rate just because it’s ethical? One thing investors do agree on is that only coordinated action will stop companies using lower tax jurisdictions.
Persons: St, Toby Melville, “ It’s, ” Kiran Aziz, KLP, , ” Aziz, Peter Rutter, “ Corporates, ” Rutter, , MSCI, Laura Nishikawa, Alex Williams, Williams, Sudhir Roc, Sennet, Fred Kooij Organizations: REUTERS, Research, ActionAid, Apple, Facebook, Microsoft, United, Reuters, Royal, Royal London Asset Management, Texas TRS, Tech, Google, Dublin, Vontobel Asset Management, BDO, Tribe Locations: St Ives, Cornwall, Britain, Ireland, United States, Silicon, Royal London, Luxembourg, Dutch, Europe, Scandinavia, CalSTRS, U.S
Ten-year U.S. Treasuries' yield premium over equivalent German bonds, a gauge often used to measure differences in economic outlook, shrank in April by the most since last March. But Bunds, with yields back to their highest since last March, have underperformed British, Australian and Japanese debt too. JAPAN DRIVERWhile higher yields have boosted the appeal of U.S. Treasuries for yield-hunting Japanese investors, that may come at the expense of euro area bonds. For the first time in around six years, Treasuries offer Japanese traders a higher return than Italian government bonds. "Under the current environment, currency-hedged yields on U.S. Treasuries are far more attractive than euro zone bonds."
Persons: Antonio Bronic, Gerard Fitzpatrick, Craig, Christine Lagarde, Treasuries, Akifumi Kai, Andrea Iannelli, Organizations: Croatian National Bank, REUTERS, U.S, Treasury, Russell Investments, UBS, Royal London Asset Management, Societe Generale, European Central Bank, Dai, ichi Life Insurance, Fidelity International, Thomson Locations: Zagreb, Croatia, U.S, Europe, Bunds, JAPAN, Italy
Ten-year U.S. Treasuries’ yield premium over equivalent German bonds, a gauge often used to measure differences in economic outlook, shrank in April by the most since last March. But Bunds, with yields back to their highest since last March, have underperformed British, Australian and Japanese debt too. JAPAN DRIVERWhile higher yields have boosted the appeal of U.S. Treasuries for yield-hunting Japanese investors, that may come at the expense of euro area bonds. For the first time in around six years, Treasuries offer Japanese traders a higher return than Italian government bonds. “Because of the much more careful management of the deficit, German bunds remain the only really scarce asset as far as European fixed income is concerned,” he said.
Persons: , , Gerard Fitzpatrick, Craig, Christine Lagarde, Treasuries, Akifumi Kai, Andrea Iannelli Organizations: Generale, U.S, Treasury, Russell Investments, UBS, Royal London Asset Management, Societe Generale, European Central Bank, Dai, ichi Life Insurance, , Fidelity International Locations: U.S, Europe, Bunds, JAPAN, Italy
* Italy draws $12.1 billion of demand for U.S. dollar bonds* Markets subdued before U.S. Federal Reserve meeting (Recasts, adds details, updates prices)April 27 (Reuters) - Italy received $12.1 billion of investor demand for its latest U.S. dollar bond sale on Tuesday, according to a lead manager, a day after its benchmark yield hit a seven-month high. Rome, which has been diversifying its funding sources after a sharp rise in borrowing needs due to the coronavirus pandemic, is selling three- and 30-year U.S. dollar bonds via a syndicate of banks. It is Italy’s third venture into this market after it launched its first dollar issuance since 2010 in October 2019. Italy also raised 5.5 billion euros in an auction of a short-term and inflation-linked bonds. Still, positive momentum building around Italy’s recovery prospects supported the issuance.
Persons: , Peter McCallum, Gareth Hill, Mario, Draghi Organizations: U.S, Federal Reserve, Commerzbank, Mizuho, , Analysts, European, European Commission, Royal London Asset Management, U.S . Federal Reserve Locations: Italy, Rome, United States
Order inflation has become so extreme of late that government debt management offices are pushing back. Two bankers said they had at times seen hedge funds putting in orders that exceeded the totality of the assets they managed. Britain’s Treasury Committee wrote to its debt management office in November, for example, demanding to know how it ensured pricing was “keen enough in favour of the taxpayer”. ‘COMPLETELY PREPOSTEROUS’Before the ECB’s bond buying, hedge funds would only bid in issues if they had a specific interest in the deal, one banker said. Over half the orders then vanished, an experience which bankers said spooked debt management offices.
Persons: Kai Pfaffenbach, , Stelios Leonidou, you’re, , Gareth Hill, Anthony Requin, Maric, , Requin, Pablo de Ramon, Laca, de Ramon Organizations: Reuters, European Central Bank, REUTERS, European Union, ECB, European, European Commission, Royal London Asset Management Locations: Frankfurt, Germany, France, Spain, Cyprus, European Union, Greece, Belgian, Spanish
Order inflation has become so extreme of late that government debt management offices are pushing back. Two bankers said they had at times seen hedge funds putting in orders that exceeded the totality of the assets they managed. Britain’s Treasury Committee wrote to its debt management office in November, for example, demanding to know how it ensured pricing was “keen enough in favour of the taxpayer”. ‘COMPLETELY PREPOSTEROUS’Before the ECB’s bond buying, hedge funds would only bid in issues if they had a specific interest in the deal, one banker said. Over half the orders then vanished, an experience which bankers said spooked debt management offices.
Persons: , Stelios Leonidou, you’re, , Gareth Hill, Anthony Requin, Maric, , Requin, Pablo de Ramon, Laca, de Ramon Organizations: European Union, Reuters, ECB, European, European Commission, Royal London Asset Management Locations: France, Spain, Cyprus, European Union, Greece, Belgian, Spanish
Commodity analyst CRU Group projects miners need to commit over $100 billion on new projects to avoid a supply gap of 5 million tonnes by 2030. Capital spending on projects and mines peaked in 2012 and has not recovered, BofA said. Jefferies analyst Chris LaFemina said the supply growth that many copper miners pledge is more likely to be replacing what they already produce rather than new growth. Freeport-McMoRan Inc’s is eyeing expansions at several of its U.S. copper mines to capitalize on surging demand. “If the electrification demand comes through, with supply somewhat constrained in the near term, copper prices could remain well supported.”Graphic: Mining capex -
Persons: Fabian Cambero, , Michael Widmer, Wood Mackenzie, BofA, Jefferies, Chris LaFemina, Anglo’s, Richard Marwood Organizations: REUTERS, Miners, BHP, Glencore, of America, Group, Rio Tinto, Ivanhoe Mines, Democratic, Royal London Asset Management Locations: Rancagua, Chile, Rio Tinto, American, Rio, London, writedowns, Freeport, McMoRan, Indonesia, Democratic Republic of Congo, Peru
AMSTERDAM/MILAN (Reuters) - Italian government bonds seem resilient in the face of a political crisis as investors back the high-yielding debt, a contrast to sell-offs seen during past episodes of government instability. That led to Conte looking for outside backing, seeking to avoid yet another snap election. The news barely shook bond markets, with the gap between Italy and Germany’s 10-year yields, the risk premium on Italian bonds, rising just 10 basis points. In 2018, fears that a snap election would benefit eurosceptics gave Italian bonds their worst day in over 25 years. Should the risk premium rise that high without a resurgence in euroscepticism, investors like Royal London’s Hill expect to increase their holdings further.
Persons: Giuseppe Conte, Alessandra Tarantino, Giuseppe Conte’s, Conte, eurosceptics, , Kaspar Hense, UniCredit, Hense, Gareth Hill, Rohan Khanna Organizations: REUTERS, BlueBay, Management, European Central Bank, Royal London Asset Management, Credit Suisse, UBS, ECB Locations: AMSTERDAM, MILAN, Rome, Italy
BENGALURU (Reuters) - Global funds made a U-turn this month and recommended the highest equities exposure since February on recent COVID-19 vaccine progress, with a majority predicting the stock market bull run would last more than six months, Reuters polls found. Recovering from last month’s sell-off, global stocks hit repeated record highs in November, with the MSCI’s broadest gauge of world stocks on track for its best month ever - up nearly 13%. “We have stayed on the sidelines previously, pointing to the growing disconnect between market moves and economic fundamentals. But it is now clear the global economic recovery will be supported by the vaccine news,” said a chief investment officer at a large U.S. fund management company. That shows a move away from the cautious approach fund managers have maintained this year, with a 3.4 percentage points drop in suggested bond holdings from October’s decade-high - the steepest fall since late 2017.
Persons: 2yaDPgn, , BULL, Trevor Greetham, Craig Hoyda Organizations: Royal London Asset Management, Aberdeen Standard Investments, U.S, Democratic Locations: BENGALURU, United States, Europe, Japan, U.S
Dow on Track to Finish Best Month in 33 Years
  + stars: | 2020-11-30 | by ( Joe Wallace | ) www.wsj.com + 0.00   time to read: +5 min
U.S. stocks are on track to complete a banner November, giving the Dow its best month in over 33 years, as investors cheer the prospect of Covid-19 vaccines halting the pandemic and fresh stimulus spending to bolster the economy. The S&P 500 and Nasdaq Composite remain on track for what may be their biggest monthly advance since April. Shares in companies that had suffered most from the pandemic, such as energy producers and banks, have posted steep gains. The Russell 2000 index of small-cap stocks is also on pace for its best month in data going back to 1987. Shares in UniCredit fell 4.1% on reports that the board was holding talks about governance at the Italian bank.
Persons: Stocks, Russell, Joe Biden, “ We’ve, , Daniel Morris, Trevor Greetham, ” Mr, Greetham, you’re, Trump, Hang Seng, Steven Leung, UOB Kay Hian, Leung, Andrey Rudakov, Joanne Chiu, Joe Wallace Organizations: Dow, Futures, Dow Jones, Nasdaq, Management, Royal London Asset Management, American Association of, P Global, Street Journal, IHS, Brent, Organization of, Petroleum, Reuters, Semiconductor Manufacturing, Nikkei, Bloomberg News Banks Locations: U.S, New York, Europe, Asia, Hong Kong, Shanghai, UniCredit, Joe.Wallace
Of course, all major central banks are already holding down yields, via 0% or sub-zero interest rates and aggressive bond buying (QE). But explicit yield curve control (YCC) involves imposing a cap on part of the curve - say five years - then defending that by buying bonds of that maturity when needed. For instance, Australian banks and companies usually borrow in the three-year space so the central bank uses its purchases to keep that rate around 0.1%. “Potentially yield curve control will keep the 0-10 year (yields) capped, while longer yields rise slightly thanks to the expectation of better economic growth ahead. That’s a good scenario for pension funds and could be in the mindset of central banks,” Inches at RLAM said.
Persons: Leah Millis, , Craig, Pfizer's, Thomas Costerg, BOE, Martin Whetton, YCC, That’s, RLAM, Pictet’s Costerg, Gilles Moec, Christine Lagarde’s, ” Moec Organizations: Federal Reserve Board, REUTERS, Federal Reserve, Bank of England, Royal London Asset Management, Treasury, Pictet Wealth Management, Bank of Japan, Commonwealth Bank of, Fed, Axa Investment Partners, ECB Locations: Central, Washington , U.S, U.S, Australia, Japan
Total: 17