Aside from the mixed policy signals dropped during his trip to the International Monetary Fund and World Bank meetings in Washington, Bank of Japan Governor Kazuo Ueda offered a glimpse of how the central bank was doing some soul searching on ways to better communicate with markets.
* KOSPI rises, foreigners net sellers. * Korean won weakens against dollar. * South Korea benchmark bond yield rises. Round-up of South Korean financial markets: ** South Korean shares rose on Monday as local battery suppliers of Tesla gained after the EV market leader's rally last week. ** The benchmark KOSPI rose 11.60 points, or 0.45%, to 2,594.87 by 02:17 GMT.
* Dollar/yen hits 153.8. * Dollar index eyes largest monthly rise since 2022. * AUD, NZD set for monthly drops larger than 4.5% By Tom Westbrook. The yen sank to a three-month low on Monday as investors figured the loss of a parliamentary majority for Japan's ruling coalition in weekend elections would slow future rate rises, while the dollar headed for a monthly gain on rising U.S. yields.
* China launches new lending tool to counter year-end shortfall. * Some 2.9 trillion yuan of medium-term loans due to expire. * Central bank under pressure to see economy hit 5% growth target. By Joe Cash.
China's central bank launched a new lending tool on Monday to inject more liquidity into the market and support credit flow in the banking system ahead of the expiration of trillions of yuan in loans at the end of the year.
China's central bank announced on Monday it had activated its open market outright reverse repo operations facility and would use it to trade with primary dealers in open market operations on a monthly basis. The bank took the decision to maintain a "reasonable abundance of liquidity in the banking system and further enrich the central bank's monetary policy toolbox," it said in a statement.
The yen touched a three-month low on Monday as Japan's ruling coalition lost its parliamentary majority and investors figured that would likely slow future interest rate hikes, while the dollar headed for a monthly gain on rising U.S. yields. On the dollar, the yen hit its weakest since late July at 153.3 in early-morning trade and it touched the same milestone at 165.36 to the euro.
* Dollar/yen hits 153.3. * Dollar index eyes largest monthly rise since 2022. * AUD, NZD set for monthly drops larger than 4% By Tom Westbrook. The yen touched a three-month low on Monday as Japan's ruling coalition lost its parliamentary majority and investors figured that would likely slow future interest rate hikes, while the dollar headed for a monthly gain on rising U.S. yields.
* PM Ishiba's majority at stake as Japan votes. * LDP-Komeito may be forced to broaden coalition. * Power-sharing deals could roil markets, worry central bank. By Sakura Murakami.
The Bank of England is reluctantly pressing on with work to create a form of digital money accessible to the general public, as commercial banks risk failing to keep up with less-regulated tech firms, Governor Andrew Bailey said on Saturday.
Asian Infrastructure Investment Bank President Jin Liqun on Saturday criticized advanced economies for creating trade barriers including for renewable energy goods, saying there was "no longer free trade" in the global economy.
KP Tissue Inc (KPTSF): * KP TISSUE ANNOUNCES SENIOR UNSECURED NOTES FINANCING AND INTENTION TO REDEEM 6.00% NOTES DUE APRIL 2025. * KP Tissue Inc (KPTSF): AGREED TO ISSUE AND SELL CDN $135 MILLION PRINCIPAL AMOUNT OF 6.625% SENIOR UNSECURED NOTES DUE NOVEMBER 1 2031 BY WAY OF PRIVATE PLACEMENT Source text for Eikon: Further company coverage:
Brazil's central bank chief Roberto Campos Neto said on Friday that markets are increasingly factoring in the "highly" inflationary impacts of the U.S. election on long-term interest rate futures.
French Finance Minister Antoine Armand on Friday, following a Moody's credit rating warning on his country's debt, said that France's top fiscal priority is to reduce its public deficit to a targeted 5% of GDP by 2025. Moody's late on Friday revised France's outlook to "negative" from "stable," citing mounting uncertainty that the country will be able to curb widening budget deficits.
Brazil's central bank chief Roberto Campos Neto said on
Friday that markets are increasingly factoring in the "highly"
inflationary impacts of the U.S. election on long-term ...
Group of Seven finance leaders said on Friday that $50 billion in bilateral loans to Ukraine backed by frozen Russian assets would become available for disbursements starting Dec. 1 through the end of 2027. The G7 finance ministers and central bank governors said in a statement issued from a meeting in Washington that each bilateral loan would enter into force no later than June 30, 2025.
BOSTON, Oct. 25, 2024 The Federal Home Loan Bank of Boston announced its preliminary, unaudited third quarter results for 2024, reporting net income of $60.4 million for the quarter. The Bank's board of directors has declared a dividend equal to an annual yield of 8.36%, the daily average of the Secured Overnight Financing Rate for the third quarter of 2024 plus 300 basis points.
French Finance Minister Antoine Armand on Friday, following a Moody's credit rating warning, said that France's top fiscal priority is to reduce its public deficit to a 5% target by 2025 and it did not wait for ratings actions to take action.
Reserve Bank of India Governor Shaktikanta Das said on Friday the country's inflation is moderating, but the central bank will be vigilant to risks of an overshoot from unexpected weather-related and geopolitical events.
The correction to the municipal market has improved muni to UST ratios while uncertainty hangs over ahead of the election. J.P. Morgan's Peter DeGroot said the firm expects the end of next week "will mark the end of the difficult technical period in 2024 and believe that net supply in November will lead to better valuations broadly in the municipal market."
Morningstar DBRS: * MORNINGSTAR DBRS CHANGES TRENDS ON REPUBLIC OF ITALY TO POSITIVE, CONFIRMS RATINGS AT BBB. * CONFIRMED ITALY'S SHORT-TERM FOREIGN AND LOCAL CURRENCY - ISSUER RATINGS AT R-1. * POSITIVE TREND REFLECTS VIEW THAT IMPROVEMENT IN ITALY'S EXPECTED MEDIUM-TERM FISCAL PATH MITIGATES RISKS OVER PUBLIC DEBT RATIO.
Several macro trends have converged to drive growth in municipal bond issuance, said participants at The Bond Buyer's California Public Finance conference.
* Canadian dollar falls 0.2% against the greenback. * For the week, the currency loses 0.6% * Retail sales increase 0.4% in August. * 10-year yield rises nearly 2 basis points. By Fergal Smith.
Canada's immigration reduction targets announced this week will likely have an impact on the central bank's growth forecast, Governor Tiff Macklem said on Friday, but cautioned the bank was yet to analyze the numbers. Macklem said there was a lot of uncertainty on how quickly the immigration curbs would be implemented and that would impact how growth estimates change.
U.S. Treasury yields edged higher on Friday as investors awaited employment data next week for fresh clues on the likely path of Federal Reserve interest-rate cuts, and next month's U.S. elections. Ten-year yields reached a three-month high on Wednesday as traders price in a less dovish Fed due to solid economic data, including a much-stronger-than-expected jobs report for September.
* U.S. business spending plans exceed expectations. * German business sentiment improves, ECB inflation target on track. * Japanese yen strengthens ahead of BOJ meeting, election. By Chuck Mikolajczak.
AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Ratings of ?aa-? of the life/health insurance subsidiaries of Manulife Financial Corporation [NYSE: MFC]. Concurrently, AM Best has affirmed the Long-Term ICR of ?a-? and the Long-Term Issue Credit Ratings of MFC.
Canada's new immigration reduction targets announced this week will likely have a bigger impact on the Bank of Canada's growth forecast than on the inflation trajectory, Bank of Canada Governor Tiff Macklem said on Friday. Macklem, however, said there was a lot of uncertainty on how quickly the immigration curbs would be implemented and the bank was yet to assess the new figures.
Governments around the world need to rebuild fiscal capacity and central banks should think carefully about the timing of interest rate cuts, International Monetary Fund Managing Director Kristalina Georgieva said on Friday. "In the short term, a focus on the fiscal side as an immediate priority.
Governments around the world need to rebuild fiscal capacity and central banks should think carefully about the timing of interest rate cuts, International Monetary Fund Managing Director Kristalina Georgieva said on Friday. "In the short term, a focus on the fiscal side as an immediate priority.
Federal National Mortgage Association (FNMA) : * FANNIE MAE EXECUTES FINAL CREDIT INSURANCE RISK TRANSFER TRANSACTION OF 2024 ON $7.9 BILLION OF SINGLE-FAMILY LOANS Source text for Eikon: Further company coverage:
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to B++ from B, the Long-Term Issuer Credit Rating to ?bbb+? from ?bb? and the Mexico National Scale Rating to ?aa+.MX? from ?a.MX? of Insignia Life S.A. de C.V.. The outlook assigned to these Credit Ratings is stable.
U.S. nonfarm payrolls in October could be reduced by as many as 41,000 jobs amid strikes in the aerospace manufacturing industry and at three hotel chains, government data showed on Friday. The Labor Department's monthly strike report showed 33,000 Boeing (BA) employees were idle at the planemaker's plants in California, Oregon and Washington state during the October payrolls survey.
* Nvidia (NVDA) market cap briefly overtakes Apple's (AAPL). * Capri plummets after US judge blocks Tapestry merger. * Nasdaq set to rise, Dow and S&P 500 to fall for the week. * Indexes: Dow down 0.19%, S&P 500 up 0.51%, Nasdaq up 1.22% By Lisa Pauline Mattackal and Purvi Agarwal.
European Central Bank President Christine Lagarde has invited European Commission President Ursula von der Leyen to speak to policymakers in January in what could become a more regular part of the central bank's outreach programme, sources said.
U.S. nonfarm payrolls in October could be reduced by as many as 41,000 jobs amid strikes in the aerospace manufacturing industry and at three hotel chains, government data showed on Friday. The Labor Department's monthly strike report showed 33,000 Boeing (BA) employees were idle at the planemaker's plants in California, Oregon and Washington state during the October payrolls survey.
* BANK OF CANADA SAYS IT WILL CONDUCT A 10-DAY CASH MANAGEMENT BILL AUCTION ON OCT. 28 Source text for Eikon: https://www.bankofcanada.ca/markets/government-securities-auctions/calls-for-tenders-and-results/cash-management-bills/
* U.S. business spending plans exceed expectations. * German business sentiment improves, ECB inflation target on track. * Japanese yen strengthens ahead of BOJ meeting, election. By Chuck Mikolajczak.
Vales is currently a director for fixed-income focused broker-dealer InspereX and an independent trustee for the Axonic Funds, having previously served as the CEO of electronic trading platform TMC Bonds, which ICE acquired in 2019.
- U.S. consumer sentiment climbed to a six-month high in October as declining interest rates helped improve buying conditions for big-ticket items like cars, but the uptick was most pronounced among Republicans who grew more confident in their party regaining the White House in the Nov. 5 presidential election.
Brazil would need a positive fiscal shock to lower unanchored inflation expectations, central bank director Renato Gomes said on Friday. Gomes argued that an expected fiscal deceleration in the second half of the year wouldn't be enough to reverse expectations of higher consumer prices in the future, adding that markets are betting that structural reforms to public finances will be carried out.
* Apple (AAPL) falls after decline in China Q3 sales. * Capri plummets after US judge blocks Tapestry merger. * Centene (CNC) jumps following Q3 profit beat. * Indexes up: Dow 0.39%, S&P 500 0.67%, Nasdaq 1.13% By Lisa Pauline Mattackal and Purvi Agarwal.
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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