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☆ BOJ, battling rising yields, will conduct emergency bond buying for 2nd day
▼ + stars: | 2022-10-21 | by ( Junko Fujita | ) www.reuters.com time to read: +2 min

In its latest move to curb elevated yields, the BOJ said it would conduct an emergency operations, offering to buy 100 billion yen ($665.56 million) of bonds with maturities between 10 and 25 years. The BOJ conducted a similar operation on Thursday only to see yields on some notes rising to multi-year highs. "But upward pressure on the 10-year bond yields is getting stronger, because not just super-long yields, but yields on shorter ended notes are rising." Yields on the benchmark 10-year yields are at 0.25% at the top of the ceiling of BOJ's policy band, having breached that level for two straight sessions this week. Additionally, the bank would offer to buy 650 billion yen of 5- to 10-year bonds, up from planned 550 billion yen.

☆ Analysis: As U.S. Treasuries tumble, some investors say turning point is near
▼ + stars: | 2022-10-21 | by ( Davide Barbuscia | ) www.reuters.com time to read: +4 min

NEW YORK, Oct 21 (Reuters) - Some investors believe Treasury yields are close to peaking, even as markets continue pricing in more hawkishness from a Federal Reserve bent on taming the worst inflation in decades. Others think higher yields will soon start luring investors into Treasuries. Vanguard, the world’s second-largest asset manager, last month told Reuters that U.S. Treasuries are near the end of a painful decline. Zhiwei Ren, managing director and portfolio manager at Penn Mutual Asset Management, believes yields may subside if the economy enters a recession. But he said persistent labor shortages, broken supply chains and other long-term changes in the global economy are likely to keep inflation elevated.

☆ Japan manufacturers' mood sours, higher costs dim outlook - Reuters Tankan
▼ + stars: | 2022-10-11 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

REUTERS/Issei Kato/File PhotoThe monthly poll, which tracks the Bank of Japan’s (BOJ) closely watched tankan quarterly survey, found manufacturers’ mood is expected to deteriorate again over the coming three months while service-sector mood was seen rebounding further. Industries such as autos, steel and textiles weighed on overall manufacturers’ sentiment, while communications, transport and utilities led non-manufacturers. “The prices of products are not keeping pace with surging raw materials costs” as many subcontractors in the supply chain could not pass on input costs to their clients, one manager at a chemicals maker said. “There are concerns about worsening profits due to import costs boosted by a weak yen on top of rising raw materials and energy costs,” said a manager of a food-processing firm. The BOJ’s last survey on Oct. 3 showed big manufacturers’ mood had worsened in July-September for a third straight quarter as high material costs dimmed recovery prospects for the fragile economy.

Updated projections from the Fed's Sept. 20-21 policy meeting show that rate-setters' outlook for the economy's equilibrium rate of interest rate over time remained 2.5%. Bearing in mind that the Fed's inflation target is 2.0%, this suggests that the real rate of interest - r-star (r*), the nebulous, inflation-adjusted interest rate that neither fuels nor curbs growth - is also unchanged at 0.5%. The fact it didn't suggests the Fed still sees sky-high inflation as ultimately 'transitory', albeit as a result of its punishing interest rate rises and more prolonged than it had previously anticipated. chartNEBULOUS RATEThe Fed's policy target rate is now 3.00%-3.25%, the highest since 2008, and the Fed's latest projections show it rising to the 4.25%-4.50% range by the end of this year and ending 2023 at 4.50%-4.75%. Steven Englander, head of FX strategy at Standard Chartered, suggests the neutral rate is perhaps 3.00%, maybe even higher.

☆ Saudi Arabia's wealth fund hires banks for debut green bonds
▼ + stars: | 2022-09-27 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterDUBAI, Sept 27 (Reuters) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan (JPM.N) to arrange a debut issuance of multi-tranche U.S. dollar-denominated green bonds, a document showed on Tuesday. Sources told Reuters earlier this month that PIF would issue the long-planned green bonds this month or in October. Register now for FREE unlimited access to Reuters.com RegisterA debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. "PIF is acting as the key vehicle to achieve KSA (the Kingdom of Saudi Arabia) green aspirations," the presentation said, referring to an ambitious economic reform agenda to wean the economy off oil. read more($1 = 3.7620 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Louise Heavens and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Here are Wednesday's biggest analyst calls: Apple, Estee Lauder, Cisco, Micron, PayPal, Nvidia & more
▼ + stars: | 2022-09-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Deutsche Bank reiterates Nike as buy Deutsche said it's standing by shares of Nike heading into earnings next week. Canaccord downgrades Stitch Fix to neutral from buy Canaccord downgraded the online personal styling service after the company's disappointing earnings report. " Goldman Sachs upgrades Estee Lauder to buy from neutral Goldman said in its upgrade of the stock that investors should buy the weakness. Deutsche Bank reiterates Costco as buy Deutsche said it sees upside potential heading into earnings on Thursday. " Bank of America reiterates Apple as buy Bank of America said its survey checks on Apple show that carrier promos are driving more consumers to upgrade iPhones.

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