Tomas Satoransky (Chicago Bulls) with an assist vs the Los Angeles Lakers, 01/23/2021
Tomas Satoransky (Chicago Bulls) with an assist vs the Los Angeles Lakers, 01/23/2021
(Bloomberg) -- The bond market rout is starting to test the resolve of global central banks, and nowhere is that clearer than in Australia, where policy makers are struggling to defend their yield targets.The Reserve Bank of Australia will buy A$5 billion ($4 billion) of bonds Thursday, matching the record last March when it began quantitative easing. That hasn’t stopped the targeted three-year bond yield from hitting a two-month high, while a selloff that began in New Zealand has also widened to Treasuries and Japanese debt.“The Australian bond market is in many ways caught in the crossfire of what’s happening in U.S. Treasuries,” said Chamath De Silva, a portfolio manager at BetaShares Holdings in Sydney and a former fixed-income trader at the central bank. “I don’t see it as the market deliberately testing the RBA so much as global central bank dovishness in general.”A $9 trillion rescue mission by central banks to haul the global economy out of its coronavirus recession is being tested by inflation bets that are threatening their ability to keep borrowing costs down. The intensifying bond rout is forcing a rising tally of money managers to scale back market exposures while Wall Street strategists pare back their bullish playbooks.Read: When Listening to the Central Bank Goes WrongAustralia’s 10-year yield is poised for the highest close since 2019, having surged more than 70 basis points this year. The benchmark Treasury yield has hit 1.4%, and is headed for the steepest monthly advance since the November 2016 bond rout set off by President Donald Trump’s election win.Yields in every major market have jumped.Policy makers are trying to push back against the rising tide of yields, from Fed speakers stressing they will look through short-term inflation spikes to European Central Bank President Christine Lagarde “closely monitoring” government debt yields. The Bank of Korea warned it’ll intervene in the market if borrowing costs jump and the Reserve Bank of India is deploying a range of tools in the face of a market revolt.That’s not enough to stop the growing challenge from bond traders, who are pushing the limits of central banks’ patience while debt auctions are starting to struggle. Investment firms including BlackRock Inc.’s research arm and Aberdeen Standard Investments are retreating from government bonds.Read: Bond Backlash Spurs Tepid Demand at Five-Year Treasury SaleIn Australia, skepticism has grown that the RBA will maintain its guidance to keep borrowing costs steady into 2024. That’s been highlighted by the unraveling of a popular trade based on selling April 2024 bonds and buying November 2024 notes in anticipation that the central bank’s target will shift to the later maturity debt.Australia’s rapid economic recovery has emboldened traders, as the country suppresses Covid-19 and massive stimulus encourages households to spend and firms to hire. A further boost has come from the price of iron ore, Australia’s largest export, which crashed through $170 a ton and is closing in on a record.What Bloomberg Economics Says...“The RBA is pulling out the stops to counter a rise in bond yields, which have been swept up in a global updraft. In a surprisingly forceful move, it announced its largest purchase of Australian government bonds since it began the program in March.”-- James McIntyre, economistFor the full note, click here.Yet, there is wide disconnect with policy makers expectations.RBA Governor Philip Lowe does not anticipate any rapid recovery in inflation. He noted that before the pandemic, when unemployment had a 4 in front of it, it still failed to generate the sort of wage gains that would be needed to return CPI sustainably to the 2-3% target. Australia’s most recent annual inflation reading was just 0.9% and the jobless rate stands at 6.4%.The central bank is expected to keep policy settings unchanged when it meets on Tuesday.RBNZ MandateNew Zealand bonds kicked off the rout in Asia on Thursday after the government announced it will require the central bank to take account of house prices when it sets interest rates. The losses accelerated as the bid-to-cover ratio at an auction dropped to the lowest since 2012.Money markets are now pricing in a rate increase in New Zealand for mid-2022, suggesting it could be the first major central bank to hike.Yields on the 10-year benchmark surged as much as 19 basis points -- the largest move since April -- to 1.87%. Japanese bonds were also sold, with the benchmark 10-year yield rising to the highest since 2018, while the yield curve steepened.“As yields look set to still rise gradually, this isn’t an environment where investors want to buy even if levels are attractive enough,” said Naomi Muguruma, senior market economist at Mitsubishi UFJ Morgan Stanley Securities Co.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Joe Biden said the Trump-era immigrant visa ban did not help in advancing America’s interests.
From "Spongebob" to "The Godfather," it will all be remixed and served up on Paramount+. But ViacomCBS still wants you to pay extra for Showtime.
A Qatari response to the report described the death toll as "within the expected range."
Kelsey Grammer, who played Frasier Crane, will return but it is not known if other cast members will too.
Good afternoon, and thank you for joining us on today's conference call to discuss Elastic's third quarter of fiscal 2021 financial results. On the call, we have Shay Banon, founder and chief executive officer; and Janesh Moorjani, chief financial officer.
Remote working is "an aberration" that will be corrected as soon as possible says Goldman Sachs chief.
My name is Sebastian Marti, and I am Ternium's Investor Relations and Compliance Director. Ternium released yesterday its financial results for the fourth quarter and full year 2020. Joining me today are Ternium's Chief Executive Officer, Maximo Vedoya; and the company's Chief Financial Officer, Pablo Brizzio, who will discuss Ternium's business performance and environment.
Image source: The Motley Fool. TJX Companies Inc (NYSE: TJX)Q4 2021 Earnings CallFeb 24, 2021, 11:00 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorLadies and gentlemen, thank you for standing by.
Woods is recovering in hospital after undergoing surgery on significant injuries to his right leg in a car accident.
New Zealand fireworks prove too much as Australia fall just short in T20 run chaseNew Zealand 219-7; Australia 215-8 | NZ win second T20 by four runsHosts take 2-0 series lead with victory in Dunedin New Zealand opener Martin Guptill smashed eight sixes and six fours on his way to 97 off 50 balls in Dunedin. Photograph: Joe Allison/Getty Images
Gold jewelry is timeless
A United Airlines plane with a Pratt & Whitney engine that failed on Saturday had flown fewer than half the flights allowed by U.S. regulators between fan blade inspections, two sources with knowledge of the matter said. The Boeing Co 777 plane had flown nearly 3,000 cycles, equivalent to one take-off and landing, which compares to the checks every 6,500 cycles mandated after a separate United engine incident in 2018, said the sources. United declined to comment.
Standard Chartered PLC (StanChart) on Thursday posted a 57% fall in annual profit, missing analyst estimates, on higher credit impairments due to the COVID-19 pandemic. StanChart, which earns the bulk of its revenue in Asia, posted a pretax profit of $1.61 billion. Credit impairments last year more than doubled to $2.3 billion.
(Bloomberg) -- Bonds sold off and Asian stocks rallied as investors focused on the prospects of a stronger-than-expected recovery and the Federal Reserve’s pledges of prolonged support.The 10-year Treasury yield climbed to the highest in a year, while Japan’s longer-dated benchmarks climbed to multiyear records. Australian yields jumped despite the central bank buying bonds for the second time this week to defend its three-year yield target. Stocks rose across the region, led by Hong Kong, South Korea and Japan.S&P 500 futures rose 0.2% after the index closed the U.S. session higher despite weakness in tech shares. The banking sector’s outperformance drove an industry gauge to its highest since 2007. Small caps rallied more than 2% after U.S. regulators said Johnson & Johnson’s Covid-19 vaccine is safe and effective.Crude oil remains close to a one-year peak as traders see supply tightening with demand returning. Base metals advanced on the recovery optimism, with copper and aluminum both spiking to the highest since 2011.Powell pushed back on inflation concerns in his second day of Congressional testimony, and Fed Vice Chair Richard Clarida said he sees the central bank maintaining its current pace of bond purchases for the rest of the year. The equity market is focusing on the benefits to corporate earnings of a post-pandemic surge in economic activity, while mindful that higher inflation and interest rates could dent the appeal of stocks.“Owners of risk assets should breathe a sigh of relief that the Fed will not disrupt an environment benefiting from very low discount rates on their investments, and consequently some of the recent market volatility is likely to moderate from here,” said Rick Rieder, BlackRock’s chief investment officer of global fixed income.Elsewhere, Bitcoin climbed back above $50,000 after a plunge earlier this week.Some key events to watch this week:Finance ministers and central bankers from the Group of 20 will meet virtually Friday. U.S. Treasury Secretary Janet Yellen will be among the attendees.These are some of the main moves in markets:StocksS&P 500 futures rose 0.2% as of 1 p.m. in Tokyo. The S&P 500 Index rose 1.1%.Topix index jumped 1.3%.Australia’s S&P/ASX 200 Index rose 1.0%.Kospi index advanced 2.8%.Hong Kong’s Hang Seng Index gained 2.2%.Shanghai Composite Index rose 1.1%.Euro Stoxx 50 futures climbed 0.6%.CurrenciesThe yen traded at 105.97 per dollar, down 0.1%.The offshore yuan traded at 6.4487 per dollar.The Bloomberg Dollar Spot Index was little changed.The euro was at $1.2175.BondsThe yield on 10-year Treasuries jumped three basis points to 1.40%.Australia’s 10-year bond yield rose 12 basis points to 1.73%.CommoditiesWest Texas Intermediate crude rose 0.1% to $63.30 a barrel.Gold fell 0.5% to $1,796.89 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 11 months, underpinned by monetary easing policies and lower crude production in the United States. An assurance from the U.S. Federal Reserve that interest rates would stay low for a while boosted investors' risk appetite and global financial markets. "Comments from Fed Chairman, Jerome Powell, earlier in the week relating to the need for monetary policy to remain accommodative have probably helped, but sentiment in the oil market has also become more bullish, with expectations for a tightening oil balance," ING analysts said in a note.
Freshman Jaylin Williams scored 10 of his season-high 13 points during a decisive run and No. 20 Arkansas beat sixth-ranked Alabama 81-66 on Wednesday night. It was the Razorbacks' first win at home over a ranked team in three years. Justin Smith scored 11, Jalen Tate and J.D Notae had 12 apiece and Moses Moody led all scorers with 24, 16 of which came from the free-throw line.
A coalition of resident-activists in Miami Beach declared victory Wednesday night after the city commission rejected a proposal to sell the Byron Carlyle Theater to a developer planning to build apartments and a cultural center.
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(Bloomberg) -- Less than an hour into trading in India’s $2.7 trillion stock market on Wednesday, dealers saw index levels on the National Stock Exchange’s cash segment had stopped updating. By 11:40 a.m., the world’s biggest derivatives bourse halted all trading.The incident prompted the nation’s market regulator to ask the NSE to investigate why trading didn’t migrate to its disaster-recovery site to prevent the longest-ever trading outage the country has seen. The exchange handles the globe’s highest number of futures and options contracts, and with expiry looming Thursday, business was humming.The NSE’s engineers had also been a busy lot that morning. When they found that their lease-line data pipes weren’t transferring, they decided that systems need to restart, according to people with knowledge of the matter. Surprisingly, both service providers -- Bharti Airtel Ltd. and Tata Communications Ltd. -- went down at the same time, hamstringing migration from the financial capital Mumbai to the southern city of Chennai, the people said, asking not to be identified discussing internal deliberations.About an hour later, the NSE called a halt to trading in its cash and derivatives segments, citing “issues with the links with telecom service providers.” It didn’t offer an estimated time of resumption.As restive dealers neared the typical close of 3:30 p.m., they were keen to complete their trades. Just like in other places around the world, India has seen an influx of new retail money amid the pandemic, and day traders were staring at losses. The NSE is one among several Asian exchanges to face technical glitches in recent months and while rival BSE Ltd. was functioning normally, it is much smaller.“If NSE had informed brokers of a potential reopening or extension of trading hours, at least by 3 p.m., we, along with many other brokers, would not have had to take risk mitigation measures and square off positions on BSE,” Zerodha Broking Ltd., the country’s largest broker with over 4 million clients, said in a blog post. “Unfortunately, because there were no updates given to brokers, we had no other choice. The last minute notification of the trading extension at 3:17 p.m. came a little too late.”Representatives for Bharti declined to comment, while Tata Communications didn’t immediately comment. Telecom instability affected the NSE’s online risk management system, and its unavailability meant the market couldn’t function and had to be shut down, the NSE said in a statement Thursday, adding that it is awaiting detailed analysis from service providers and vendors. Trading ultimately resumed at 3:45 p.m. Wednesday and ran through 5 p.m. The Sensex and Nifty 50 indexes rose about 1% in early trade Thursday.‘So Many Calls’“I’m getting so many calls since morning,” Mukesh Jain, managing director at Maverick Share Brokers Pvt. 1,000-kilometers away in the walled city of Jaipur, said on Wednesday. “Not many of our new investors would have witnessed a situation like this, where you are unable to trade ahead of F&O expiry tomorrow. So it is natural for them to panic.”The NSE handles about twice the stock volume of the BSE, and controls about 80% of India’s derivatives market.Its total futures and options turnover was 30.6 trillion rupees ($423 billion) Wednesday, about a quarter lower than 40.3 trillion rupees in the previous session. Volumes on the BSE at 407 billion rupees were the highest since March 2017, due to diversion of trades to that exchange, according to Deepak Jasani, head of retail research at HDFC Securities Ltd.Volatility will continue when markets reopen Thursday because a lot of people are still stuck, predicts Gaurav Garg, head of research at CapitalVia Global Research Ltd. in Indore. “For people who are on the fence, looking forward to enter the market, when these kind of things become headlines it dampens their overall motivation to participate,” he said.Shooting in the DarkTechnical glitches have disrupted trading at several stock exchanges in the Asia Pacific region in recent months. In October, a hardware issue forced an unprecedented all-day halt on the Tokyo Stock Exchange. Australia’s stock exchange opened for less than half an hour on Nov. 16 before a software issue forced it to close for the rest of the session.Wednesday’s disruption revived memories of an episode in July 2017, when the NSE shut both the cash and derivatives segments due to technical issues, with traders unable to execute trades at its venue and prices not updating. Trading was later restarted after keeping traders on tenterhooks for about three hours with conflicting messages about what time operations would resume.NSE has been planning an initial public offering since 2016, which was delayed after it was embroiled in a probe into whether it allowed preferential access to some high-frequency traders. The NSE has since closed the loophole, regulator Sebi said in an order in 2019 while imposing a fine.“It went kind of downhill because of lack of communication,” said Jimeet Modi, chief executive officer at Mumbai-based Samco Securities Ltd., referring to Wednesday’s outage. “Everyone was shooting in the dark.”(Updates with NSE statement in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.