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Investors reeled in their expectations for global central bank rate hikes, and bank stocks tumbled once again. Reuters GraphicsIn the money markets, a closely watched indicator of credit risk in the U.S. banking system edged up on Monday, as did other indicators of credit risk in the euro zone. The gap between two-year euro swap rates and two-year German bond yields , widened by around 20 basis points to 83 basis points, to the highest since Nov. 11. Reuters GraphicsIn Germany, two-year bond yields were last down over 40 basis points, much more than a drop of 24 basis points on swap rates. Back in late 2008, when failed investment bank Lehman Brothers collapsed, this swap rate went as negative as 300 bps.

"That would be a problem for any central bank." TUG OF WARLagarde's commitment also puzzled ECB-watchers because the central bank had previously said it wouldn't make such public predictions - known as forward guidance - anymore, but instead take each decision based on incoming data. This of course leads to a tug of war between the ECB and the markets on the narrative," he added. ING's Brzeski said the ECB lacked a clear thought-leader on its Governing Council who could steer markets like Lagarde's predecessor, Mario Draghi. "The cacophony of diverging voices and the lack of clarity on who is the leading voice keeps hurting the ECB," Brzeski said.

☆ Dollar edges up at start of new year but sentiment frail
▼ + stars: | 2023-01-02 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +3 min

It has weakened recently as markets bet a U.S. Federal Reserve tightening cycle may be nearing an end and sentiment remained fragile. The dollar index, which measures the value of the greenback against a basket of other major currencies, was trading up around 0.16% at 103.65 - off roughly six-month lows hit last week at around 103.38. Against the yen, the dollar was a touch softer at 130.94 , having hit its lowest levels since August last month. "There is an attempt by the dollar index to pull higher today but we do see that it is losing a good part of the strength it gained last year," said Ulrich Leuchtmann, head of forex research at Commerzbank. That Fed tightening helped lift the dollar index 8% last year in its biggest annual jump since 2015.

☆ Stocks buoyant while darker forecasts gather on the horizon
▼ + stars: | 2023-01-02 | by ( Nell Mackenzie | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.06%, just short of an index of global shares, which climbed 0.16%. The pan-European STOXX 600 index (.STOXX) climbed 0.6%, retracing little of the nearly 12% it lost in 2022, bludgeoned by central banks' aggressive monetary policy tightening. Elsewhere, the dollar edged almost 0.2% higher against a basket of major currencies, while the pound and euro fell 0.4% and 0.2% respectively. The benchmark 10-year yield climbed around 27 basis points (bps) last week and over 200 bps last year, ending 2022 around 3.88%. Germany's 10-year bond yield fell 8.4 bps to 2.47%, after hitting its highest since 2011 at 2.57% on Friday.

☆ Stocks edge higher as darker forecasts loom
▼ + stars: | 2023-01-02 | by ( Nell Mackenzie | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.04%, just short of an index of global shares, which climbed 0.21%. "Europe is taking the latest round of PMIs well enough, as the final readings help to confirm the view (hope?) DOLLAR STRUGGLING TO MAINTAIN STRENGTHElsewhere, the dollar edged almost 0.1% higher against a basket of major currencies, while the pound and euro fell 0.4% and 0.3% respectively. Germany's 10-year bond yield fell 13 bps to 2.43%, after hitting its highest since 2011 at 2.57% on Friday. Reporting by Nell Mackenzie Additional reporting Dhara Ranasinghe Editing by Mark Potter and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Headline inflation slowed in November for the first time in 1-1/2 years, to 10%, raising hopes that sky-high price growth has passed. ECB President Christine Lagarde will likely be careful about calling a peak after last year's "big mistake" of insisting surging prices were "transitory," said Pictet's Ducrozet. ECB Chief Economist Philip Lane reckons wages would be a "primary driver" of price inflation even after energy price shocks fade. Closely-watched business activity data points to a mild recession and latest forecasts should show how the ECB views the coming slowdown. Lane believes record price growth will start to subside next year.

Market betting has been swinging between a 50- and a 75- basis-point increase when policymakers meet on Dec. 15. "It's extremely exciting but predicting the ECB for a market participant has become impossible," Carsten Brzeski, global head of macro at ING, said. That saves it from more painful changes of tack after ECB President Christine Lagarde went from all but ruling-out rate hikes this year to presiding over the steepest tightening cycle in the euro's history. But Lane said in a blog post on Friday it may "overstate" how persistent inflation may be. "Inflation is being driven by factors they can't control," he added, citing energy prices, geopolitical tensions and supply-chain disruptions as some of them.

☆ New York art auction fall highlights include Paul Allen collection and a rare Warhol
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Eduardo MunozNov 4 (Reuters) - The fall art auction season kicks off in New York City next week, with auction houses Christie's and Sotheby's both expecting to bring in record-breaking sales. Among the highlights is Christie's Paul G. Allen Collection, which includes more than 150 pieces spanning 500 years. The collection, from the estate of the late Microsoft co-founder, includes works by Pablo Picasso, Georges Seurat, Paul Cezanne and Lucien Freud. Sotheby's Modern Art Evening Auction will be held on Nov. 14, followed by a Contemporary Evening Auction on Nov. 16. "There are so many amazing works on offer," Sotheby's head of impressionist and modern art for the Americas, Julian Dawes, said.

LONDON, Oct 27 (Reuters) - Germany, considered Europe's most reliable debtor, is having trouble selling its bonds, just as it seeks billions to tackle the energy crisis. Hit hard by its over-reliance on Russian energy, Germany intends to borrow particularly large amounts in the coming years, with Parliament last week voting to suspend the constitutional debt brake that limits new borrowing. France's finance agency, in contrast, issued 10 billion euros of medium term bonds on Oct. 20 into strong demand. VOLATILITY HURTS AUCTIONSThe uncertainty around borrowing and QT has increased volatility in euro zone bond markets, already rocked by the knock-on effects from Britain's now-scrapped plans for large unfunded tax cuts. Volatility is deterring the banks that act as dealers for German bonds from bidding in debt auctions, Tammo Diemer, head of the country's finance agency, said at an event on Tuesday.

The ECB, which bought 5 trillion euros of bonds ($4.9 trillion) over the past decade to lift low inflation, now finds itself battling record high inflation at 10%. "This consideration also makes the practical implementation of ECB QT significantly harder," BofA said. That would reduce its balance sheet by a "manageable" 155 billion euros in 2023 and 300 billion euros in 2024, ING reckons. An eventual wind-down of PEPP holdings could add to balance sheet reductions in 2025 worth a total 388 billion euros, ING said. AllianceBernstein portfolio manager Nick Sanders said he was "sceptical" how the ECB could achieve QT with those protections in place.

The EU issues joint bonds for an up-to 800 billion euro ($879 bln) post-COVID recovery fund, on top of 92 billion euros sold for its SURE unemployment scheme. 3/ How would joint issuance be funded? EU officials calling for joint borrowing said it could resemble the SURE work programme. Since October 2020, the EU has raised just 260 billion euros for the recovery fund and SURE. That means recovery fund issuance may end up lower than 800 billion euros without changes to that programme, denting the EU's ambitions of becoming a top borrower.

☆ După ce au recuperat o pictură de Picasso furată acum nouă ani, oficialii au scăpat tabloul pe jos la o conferință de presă
▼ + stars: | 2021-07-01 | by ( ) www.jurnal.md time to read: +2 min

Sursa foto: ProfimediaDupă ce au recuperat o pictură de Picasso furată acum nouă ani, oficialii au scăpat tabloul pe jos la o conferință de presăOficialii greci care au prezentat publicului o pictură de Picasso recuperată după nouă ani au scăpat pe jos tabloul, la conferința de presă. Oficialii greci care au prezentat publicului o pictură de Picasso recuperată după nouă ani au scăpat pe jos tabloul, la conferința de presă. Oficialii Ministerului Culturii din Grecia au prezentat publicului pictura ''Cap de femeie'' de Pablo Picasso, recuperată recent de poliţie, la nouă ani după ce a fost furată. Numai că în timpul conferinței s-a întâmplat exact ceea ce nu-și dorește nimeni într-o astfel de situație: tabloul a căzut din locul în care fusese așezat. În urma incidentului, tabloul nu a fost deteriorat.

Persons: Picasso, Pablo Picasso, Poliţia, Piet Mondrian, Mondrian, Guglielmo Caccia Organizations: Culturii Locations: Grecia, Atena, naziste

☆ Descoperire de milioane. Un tablou semnat de Picasso, găsit după ce acum nouă ani a fost furat dintr-o galerie din Atena
▼ + stars: | 2021-06-29 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: 1 min

Descoperire de milioane în Grecia. Un tablou semnat de renumitul pictor spaniol Pablo Picasso a fost găsit după ce acum nouă ani a fost furat dintr-o galerie din Atena. Pe lângă acest tablou, a mai fost găsit și unul semnat de pictorul olandez Piet Mondrian. Picturile au fost descoperite în momentul în care un individ încerca să le scoată din Grecia pentru a le putea vinde pe piața neagră. Bărbatul, în vârstă de 49 de ani, a fost reținut și este audiat.

Persons: spaniol Pablo Picasso, Piet Mondrian Locations: Grecia, spaniol, Atena

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