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Bassanese Bites: A bond yield breakout?
March 12, 2017-Week beginning: 13 March 2017
The Week in Review
The key development last week was the solid US payrolls report (employment +235K, unemployment rate dropping to 4.7%) which makes a Fed rate hike this Thursday morning (Sydney time) a virtual certainty.
Note bond yields rose last week, but US 10-years have yet to break their recent 2.3-2.6% range-this could be the week depending on the hawkishness of the Fed's accompanying statement. In other news, oil dropped as stale longs gave up on a further rally in light of rising US supply and ample inventories, while the European Central Bank hinted at an eventual winding back of its still aggressive policy stimulus.
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Source: betashares.com.au
SGX to use blockchain for bond trading
March 10, 2017--SGX will be exploring blockchain use for fixed income trading.
The Singapore Exchange (SGX) will explore the use of blockchain technology for fixed income trading.
The Monetary Authority of Singapore (MAS) explained SGX will lead the way in focusing on making the trading and settlement of fixed income cycle more efficient with blockchain.
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Source: thetradenews.com
Bassanese Bites: Three downside risks facing the economy
March 7, 2017--An element of optimism appears to have crept back into the Australian economic outlook over the past month or so, culminating in the Reserve Bank's latest above-consensus forecast of above-trend economic growth in 2017.
But as this note points out, the economy still appears to face at least three critical downside risks in the coming year, suggesting the RBA may be overly optimistic.
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Source: BetaShares
World Gold Council-Market Update: Indian demand will recover from 2016's lows
March 7, 2017--A barrage of policy initiatives aimed at purging India of black money and instilling greater transparency rocked India's economy last year, including its gold market.
The most dramatic was the radical decision to demonetise over 15 trillion rupees, around US$220bn. Other policies-such as the re-introduction of excise duty- affected the gold market, too.
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Source: World Gold Council (WGC)
New FTSE ST indexes to track Singapore's consumer goods and services sector
March 6, 2017--Global index provider FTSE Russell launched two new indexes tracking SGX-listed firms in the consumer goods and services index and listed on Singapore Exchange (SGX).
The FTSE ST Consumer Goods and Services index comprises constituents in either the consumer good or the consumer services industries, while the FTSE Consumer Goods and Services Liquid 20 Index comprises the most liquid stocks in the sector.
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Source: straitstimes.com
Bassanese Bites: Fed rattles sabres
March 5, 2017--The Week in Review
Mixed news for markets last week, with US President Trump delivering a well-received speech to Congress which suggested he might finally be settling into a more measured "Presidential" style.
As a partial counter to this optimism, however, the speech made only a passing reference to fiscal stimulus, which in turn suggested pump-priming the US economy sometime soon does not appear high on his agenda-at least compared to repealing/reforming Obamacare.
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Source: betashares.com.au
UPDATE:China 2017 GDP Target 'Around 6.5%, Higher If Possible'
March 3, 2017--Adds, Clarifies Details Throughout
Budget Deficit Target Set At 3% or CNY 2.38 Trillion
CPI Target Unchanged At 'Around 3%'
The Chinese government has set a GDP growth target for 2017 of "around 6.5%, or higher if possible in practice," Chinese Premier Li Keqiang announced Sunday, a lower target than last year's range of 6.5% to 7%.
The wording of the target makes clear that 6.5% is the center of government expectations, with the phrasing of "around 6.5%" clearly allowing for the possibility of growth below that rate.
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Source: marketnews.com
Four China regulators acting as one shows shift in curbing risk
March 2, 2107--China's regulators are putting together a unified front seeking to beat back growing risks to the financial system from $8.7 trillion in asset management products, including investments in bonds and risky off-balance-sheet lending by banks.
They're working to draft sweeping new rules governing the surge in these products, Bloomberg News reported earlier this week and a regulator confirmed Wednesday.
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Source: Bloomberg
Bassanese Bites: Show me the money!
February 27, 2017--The Week in Review
As noted last week, only one of the three more obvious global macro "Trump trades" is working at present, as equities continue to grind higher while bond yields and the $US dollar mark time in an extended "pullback" period.
Indeed, US 10-year bond yields dropped to the lower edge of their 2.3-2.6% "consolidation" zone last week, despite hawkish Fed minutes suggesting a March rate hike was not out of the question.
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Source: betashares.com.au
China regulators set new rules for asset managers as debt fears grow
February 22, 2017--China's financial regulators have circulated a draft framework of new rules aimed at curbing risks in the country's booming asset management industry, according to several Chinese news outlets and details of the draft seen by Reuters.
The rules, formulated by the central bank in conjunction with China's securities, banking and insurance regulators, were the latest effort by the authorities to bolster their oversight of financial assets, including wealth management products (WMPs), amid concerns about growing debt in the economy.
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Source: World Bank
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