$1 Trillion of Bonds Exit Negative-Yielding Zone in 8 Days

13 Enero, 2018, 05:05 | Author: Misty Newman
  • Global Markets Stocks resume ascent on earnings hopes euro gets lift from ECB

While economic growth is robust, inflation is certainly missing. The euro was up 0.77 percent to $1.2037, on pace for its biggest single-day percentage gain against the greenback in about two months.

The ECB has pledged to continue its bond purchase programme at least until September and investors expect any rate increase to take place next year. The Baker-Hughes rig count will be released tomorrow along with retail sales data and the latest consumer price index (CPI) in the U.S. France and India will also report CPI on Friday.

The ECB's December 2017 meeting showed that the ECB must reconsider its policy in early 2018, and gradually adjust its language to reflect improved growth prospects.

The U.K.'s FTSE 100 index edged up 0.1% to 7,772.85, on track for another record closing high.

MSCI's broadest gauge of the world's stock markets hit yet another record high and was on track to rise for its eighth of the nine business days so far this year - for a total increase of 3.5 per cent. The Australian dollar rose to $0.7891, from $0.7842, but shied away from stiff chart resistance at $0.7900.

MARKET CALM: Global equity markets settled after some turmoil earlier in the week sparked by a news report that China might slow or halt purchases of U.S. Treasurys, which Beijing later challenged.

The benchmark 2-year U.S. Treasury yield rose to its highest level since 2008 on Wednesday, after Bloomberg News reported that officials in Beijing had recommended that China's government lower - or even potentially cease - its buying of U.S. sovereign debt.

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USA government debt yields slipped Thursday but held near highs after the European Central Bank said it may adjust its guidance to investors given the strength in the European economy.

In the USA bond market, benchmark 10-year notes last fell 3/32 in price to yield 2.5605 percent, from 2.549 percent late on Wednesday.

In the other precious metals, the spot silver price rose $0.12 to $17.095-17.115 per oz.

Trading got under way with news that German Chancellor Angela Merkel's conservative CDU party has reached an initial deal with Martin Schulz's center-left SPD for formal coalition negotiations. Japan's Nikkei, however, dropped for a third day, shedding 0.2 per cent for the day and 0.3 per cent for the week.

The program was launched three years ago and since then, the ECB's portfolio of assets has ballooned to the realm of trillions of Euros. In precious metals, gold edged up 0.4% without any major news behind the move, likely boosted by the softer United States dollar.

Brent crude futures settled 6 cents higher at $69.26 a barrel, after hitting $70.05 a barrel during the session, its highest level since November 2014.

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