Japanese government bonds were little changed in quiet and largely directionless trading on Monday, ahead of an expected Bank of Japan interest rate hike later in the week. The 10-year JGB yield lost 0.5 basis point to 1.945%, hovering not far from an 18-year high of 1.97% reached a week earlier.
* BoE, ECB, BOJ announce rate decisions this week. * US nonfarm payrolls, inflation data due. * Dollar holds near two-month low; euro, sterling steady. * Trump says leaning toward Warsh or Hassett for Fed Chair. By Rae Wee.
* Central banks including ECB, BOJ, BOE, Riksbank and Norges Bank due to meet. * Delayed US data including jobs and inflation to resume. * China Vanke bondholder vote renews concerns around property sector. By Gregor Stuart Hunter.
China's factory output growth slowed to a 15-month low, while retail sales posted their worst performance since the country abruptly ended its draconian "zero-COVID" curbs, highlighting the urgent need for new growth drivers heading into 2026.
* Factory output, retail sales grow at weakest pace in over a year. * Data highlight weak domestic demand, record trade surplus. * Policymakers face rising calls to reduce export reliance. * China growth expected to remain weak in 2026. By Joe Cash.
China's industrial output in November rose 4.8% year-on-year, slowing from the 4.9% growth in October, while retail sales growth slowed, official data showed on Monday. The industrial output data, released by the National Bureau of Statistics, missed a 5.0% increase forecast in a Reuters poll.
Property investment in China fell 15.9% year-on-year in the first 11 months, widening from the 14.7% drop in the January-to-October period, official data showed on Monday. Property sales by floor area declined 7.8% year-on-year, after falling 6.8% in the first 10 months. New construction starts measured by floor area dropped 20.5% year-on-year, compared with a 19.8% fall in January to October.
China's new home prices extended a decline in November, official data showed on Monday, indicating that a recovery in demand remains elusive despite the government vowing to stabilise the sector. Prices fell 0.4% month-on-month, according to Reuters calculations based on National Bureau of Statistics data, compared with a 0.5% decline in October.
The dollar was nursing losses on Monday while the euro and sterling held steady ahead of their respective central bank decisions this week, with focus squarely on the rate outlooks across major economies as the new year approaches.
* BoE, ECB, BOJ announce rate decisions this week. * US nonfarm payrolls, inflation data due. * Dollar holds near two-month low; euro, sterling steady. * Trump says leaning toward Warsh or Hassett for Fed Chair. By Rae Wee.
Asian stocks tumbled in early trading on Monday as investors reined in risk-taking at the start of a week sprinkled with key central bank decisions and data releases. MSCI's broadest index of Asia-Pacific shares outside Japan shed 1%, led by a drop of as much as 2.7% in South Korean shares, one of the world's best-performing markets this year.
* Central banks including ECB, BOJ, BOE, Riksbank and Norges Bank due to meet. * Delayed US data including jobs and inflation to resume. * China Vanke bondholder vote renews concerns around property sector. By Gregor Stuart Hunter.
Big Japanese manufacturers' business sentiment hit a four-year high in the three months to December, a closely watched survey showed on Monday, reinforcing market expectations the central bank will raise interest rates this week.
* Big manufacturers' sentiment index +15 vs previous +14. * Big non-manufacturers' index +34, unchanged from September. * Firms expect business conditions to worsen three months ahead. * Tankan reinforces dominant view BOJ to hike rates this week. By Leika Kihara.
* Jobs data due Tuesday, CPI out on Thursday. * Reports on economy come after Fed rate cut. * Tech slide drags on stocks at end of week, following S&P 500 record. By Lewis Krauskopf. A host of delayed employment, inflation and other data in the coming week will give a long-anticipated view of the U.S. economy that could help guide markets into year-end.
The U.S. Supreme Court's conservative justices appear ready to endorse President Donald Trump's power to fire a regulatory agency official despite job protections given by Congress.
The U.S. Supreme Court's conservative justices appear ready to endorse President Donald Trump's power to fire a regulatory agency official despite job protections given by Congress.
JPMorgan (JPM) top boss Jamie Dimon signaled support for former Federal Reserve Governor Kevin Warsh as the next chair of the U.S. central bank, the Financial Times reported on Friday. Earlier in the day, President Donald Trump said he was leaning toward either Warsh or National Economic Council Director Kevin Hassett to lead the Fed next year.
JPMorgan (JPM) top boss Jamie Dimon signaled support for former Federal Reserve Governor Kevin Warsh as the next chair of the U.S. central bank, the Financial Times reported on Friday. Earlier in the day, President Donald Trump said he was leaning toward either Warsh or National Economic Council Director Kevin Hassett to lead the Fed next year.
Federal Reserve Bank of San Francisco President Mary Daly said on Friday in a LinkedIn posting that she favored cutting interest rates at this week's monetary policy meeting. "This week's decision was not an easy choice," Daly wrote, with the Fed facing conflicts between its job and inflation goals.
U.S. President Donald Trump said on Friday he has narrowed his search for a new Federal Reserve chair to two people and he should at least be consulted on decisions about interest rates, in what would be an unusual development. Trump said he is leaning toward either former Fed Governor Kevin Warsh or National Economic Council Director Kevin Hassett to lead the Fed next year.
U.S. President Donald Trump said he is leaning toward former Fed governor Kevin Warsh or National Economic Council Director Kevin Hassett to lead the Federal Reserve next year, the Wall Street Journal reported on Friday citing an interview with Trump.
The U.S. dollar rose against major currencies on Friday after falling in recent sessions, but was still
on track for its third straight weekly drop amid the prospect of interest rate cuts by the ...
Latin American stocks rose on Friday, eyeing a positive finish to a week dominated by monetary policy decisions, including a U.S. Federal Reserve interest rate cut, while investors braced for ...
* Yields climb after two-day decline. * Fed dissenters express concerns over inflation. * 10-year yield poised for second straight weekly gain. By Chuck Mikolajczak. U.S. 10-year Treasury yields climbed on Friday after two straight sessions of declines, as investors weighed commentary from a host of Federal Reserve officials and the outlook for the economy.
* EU wants to use frozen Russian assets for loan to Ukraine. * Russian central bank says such a move would be illegal. * EU agrees to freeze Russian assets indefinitely. By Jan Strupczewski. BRUSSELS, Dec 12 - The European Union agreed on Friday to indefinitely freeze Russian central bank assets held in Europe, removing a big obstacle to using the cash to help Ukraine defend itself against Russia.
European Union governments signed off on Friday on an agreement to indefinitely freeze Russian central bank assets held in Europe, removing a big obstacle to using the cash to help Ukraine defend itself against Moscow's invasion.
* FTSE 100 down 0.6%; FTMC up 0.1% * Weak British GDP data fuels rate-cut bets. London's FTSE 100 fell on Friday, as a sell-off on Wall Street fuelled by AI angst spoiled the mood across European markets. The blue-chip FTSE 100 dipped 0.6%, retreating from gains of as much as 0.6%. The mid-cap FTSE 250 index edged up 0.1%, also pulling back from early highs.
Belgium, Bulgaria, Italy and Malta said in a joint statement on Friday they had voted in favour of the European Union's plans to indefinitely freeze Russian central bank assets held in Europe.
Peru's economy could have expanded by around 4% in October, the chief economist of the Andean country's central bank Adrian Armas said on Friday, noting that the economy is "performing well." Armas highlighted the importance of tight fiscal policies in a call with journalists, which came after the central bank held its benchmark interest rate at 4.25% for the third straight meeting.
* Silver hit record high at $64.64/oz. * Platinum climbs to 14-year peak. * Non-farm payrolls data due on December 16. By Sarah Qureshi. Silver hit a record high on Friday as gold prices rose more than 1% to hover at a seven-week peak, spurred by a softer dollar and this week's Federal Reserve interest rate cut.
The U.S. dollar
drifted higher against major currencies on Friday after falling
in recent sessions, but was still set for its third straight
weekly drop amid the prospect of interest rate cuts by ...
Canada's benchmark stock index hit a fresh intraday peak on Friday, with cannabis and mining shares leading gains, ending a week filled with central bank meetings. The TSX index was up 0.2% at 31,731.35 points by 09:38 a.m. ET, and set for a weekly gain. "Global stocks are trading at record highs despite ongoing technology valuation doubts," said Bob Savage, head of markets macro strategy at BNY.
* Yields climb after two-day decline. * Fed dissenters express concerns over inflation. * 10-year yield poised for second straight weekly gain. By Chuck Mikolajczak. U.S. 10-year Treasury yields rose on Friday after two straight sessions of declines, as investors assessed commentary from a flurry of Fed speakers and a positive outlook on the economy.
Federal Reserve Bank of Cleveland President Beth Hammack said Friday that given her own take on the economy she would prefer monetary policy to be tighter than it is currently. The Fed's rate cut this week along with past easings this year has interest rate policy "right around a neutral" level, Hammack said at an event in Cincinnati.
The European Commission is open to include guarantees that Belgium wants in the plan to use immobilised Russian central bank assets for a loan to Ukraine, European Economic Commissioner Valdis Dombrovskis said on Friday.
Belgian central securities depository Euroclear, which holds most of the Russian central bank assets frozen in Europe, can offset any seizure of its assets in Russia as a result of lawsuits with the Russian assets it holds in Belgium, a senior EU officials said.
Federal Reserve Bank of Philadelphia President Anna Paulson said Friday her main concern right now is the state of the job market, in remarks that also said the current state of monetary policy should help bring down inflation to the Fed's 2% target.
Federal Reserve officials who voted against the U.S. central bank's interest rate cut this week said on Friday they are worried that inflation remains too high to warrant lower borrowing costs, particularly given the lack of recent official data about the pace of price increases.
Federal Reserve Bank of Philadelphia President Anna Paulson said Friday her main concern right now is the state of the job market, in remarks that also said the current state of monetary policy should help bring down inflation to the Fed's 2% target.
U.S. investors bought equity funds for the first time in three weeks in the week through December 10 in anticipation of a policy rate cut by the Federal Reserve on Wednesday. They purchased a net $3.3 billion worth of U.S. equity funds during the week, closely reversing a net $3.52 billion outflow the prior week, LSEG Lipper data showed.
U.S. investors bought equity funds for the first time in three weeks in the week through December 10 in anticipation of a policy rate cut by the Federal Reserve on Wednesday. They purchased a net $3.3 billion worth of U.S. equity funds during the week, closely reversing a net $3.52 billion outflow the prior week, LSEG Lipper data showed.
Global equity funds attracted significant inflows in the week to December 10 as investors positioned for a potential Federal Reserve rate cut, despite lingering concerns over stretched tech valuations and heavy AI-related spending.
Global equity funds attracted significant inflows in the week to December 10 as investors positioned for a potential Federal Reserve rate cut, despite lingering concerns over stretched tech valuations and heavy AI-related spending.
* Euro and sterling rise as dollar weakens. * UK GDP data in focus. * Fed's less hawkish stance drags dollar. * Markets diverge from policymakers on rate cuts for next year. By Joice Alves.
* FTSE 100 up 0.3%; FTMC up 0.7% * Gold, silver miners soar on rate-cut hopes. * Weak UK GDP data fuels rate-cut bets. The main UK stock indexes rose on Friday, with a gauge of precious metal miners jumping to a record high following a stunning rally in gold and silver prices this year as traders priced in more U.S. interest rate cuts.
Futures for Canada's benchmark stock index edged higher on Friday after the index notched a record closing high in the previous session, in a week filled with highly anticipated central bank meetings. Canada's TSX index ended the prior session at 31,660.73 points, boosted by metal prices and domestic data, while the S&P 500 and Dow also posted record closes.
Everything Mike Dolan and the ROI team are excited to read, watch and listen to over the weekend. From the Editor. Hello Morning Bid readers!?. Federal Reserve Chair Jay Powell buoyed markets by executing that most rare of monetary policy moves:?the dovish 'hawkish cut'.?But the spectre of AI anxiety threatens to hold off a "Santa Claus" rally.
* Futures: Dow up 0.17%, S&P 500 slips 0.20%, Nasdaq off 0.56% Futures tracking the S&P 500 and Nasdaq slid on Friday as chipmaker Broadcom's (AVGO) results sparked fresh worries about a potential artificial intelligence bubble, dampening investor optimism from a less hawkish Federal Reserve monetary policy decision earlier in the week.
Even if overall inflation slows next year as the U.S. Federal Reserve anticipates, President Donald Trump will still face political headwinds over the cost of living with home mortgage rates expected to remain comparatively high, tariff-related price increases on goods seen persisting through the first part of the year, and cost pressures building around items like beef and electricity that can...
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
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