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January 17, 2021

Debt / Fixed Income Markets

TREASURIES-Yields fall on weak retail sales, Biden tax fears

Reuters
(Adds fresh prices, Gundlach tweet) By Karen Brettell and Herbert Lash NEW YORK, Jan 15 (Reuters) - U.S. Treasury yields fell on Friday after retail sales data came in below economists' expectations and following President-elect Joe Biden's proposed $1.9 trillion stimulus program. Yields jumped ahead of Biden’s announcement late on......

Wells Fargo posts higher quarterly profit

Reuters
FILE PHOTO: Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon (Reuters) – Wells Fargo & Co reported a higher quarterly profit on Friday, as stabilizing credit costs helped offset the hit from low-interest rates meant to prop up the ailing economy during......

Column: Faith in coming ‘boom’ persists despite dire Q1

Reuters
LONDON (Reuters) – There aren’t many years you can effectively write off economic growth forecasts for a quarter and leave markets unperturbed – but welcome to 2021. FILE PHOTO: Containers are seen on a shipping dock in the Port of Los Angeles, California, U.S., April 16, 2020. REUTERS/Lucy Nicholson/File Photo......

U.S. turmoil an ‘alarm’ for Western democracies, says France’s Le Maire

Reuters
PARIS (Reuters) – The political turmoil in the United States, where Donald Trump on Wednesday became the first president in U.S. history to be impeached twice, has served as an alarm to Western democracies, France’s finance minister said on Thursday. FILE PHOTO: French Economy and Finance Minister Bruno Le Maire,......

France’s Le Maire says 6% growth target for 2021 not out reach

Reuters
FILE PHOTO: French Economy and Finance Minister Bruno Le Maire speaks during a news conference on the country’s COVID-19 situation at the French Health Ministry in Paris, France November 12, 2020. Ludovic Marin/Pool via REUTERS PARIS (Reuters) – Finance Minister Bruno Le Maire on Thursday said a growth forecast of......

Fed’s Rosengren says U.S. labor markets could stagnate until vaccine is widely available

Reuters
File Photo: The Federal Reserve Bank of Boston’s President and CEO Eric S. Rosengren speaks in New York, April 17, 2013. REUTERS/Keith Bedford/File Photo (Reuters) – The U.S. economy could face significant weakness over the next couple of months until coronavirus vaccines are widely distributed, but those vaccines, combined with......

Fed’s Rosengren says U.S. labor markets could stagnate until vaccine is widely available

Reuters
(Reuters) – The U.S. economy could face significant weakness over the next couple of months until coronavirus vaccines are widely distributed, but those vaccines, combined with the increased odds for fiscal stimulus under President-elect Joe Biden, could boost the economy in the long run, Boston Federal Reserve Bank President Eric......

Fed policymakers push back on QE taper talk

Reuters
By Ann Saphir, Howard Schneider (Reuters) – Despite optimism over vaccines and the likelihood of more fiscal stimulus under the incoming Biden administration, the Federal Reserve is sticking with its super-easy monetary policy, policymakers made clear on Wednesday. FILE PHOTO: Federal Reserve Board Governor Lael Brainard speaks at the John......

Fed’s Harker says central bank won’t let inflation run out of control

Reuters
(Reuters) – The Federal Reserve is going to keep interest rates “low for long” as it supports the healing labor market and works to kindle higher inflation, but it will not let inflation get out of control, Philadelphia Fed President Patrick Harker said on Wednesday. “We’re willing to overshoot inflation......

Fed sees modest growth but says optimism tempered by virus resurgence

Reuters
(Reuters) – U.S. economic activity increased modestly in recent weeks and a growing number of Federal Reserve districts saw a drop in employment as a surge in coronavirus infections led to more shutdowns, the U.S. central bank said on Wednesday. FILE PHOTO: The Federal Reserve Building stands in Washington April......

Breakingviews – Corona Capital: Just Eat Takeaway.com, Malaysia

Reuters
By Breakingviews columnists A man wearing a protective mask crosses a street in front of Petronas Twin Towers, amid the coronavirus disease (COVID-19) outbreak in Kuala Lumpur, Malaysia January 11, 2021. LONDON/HONG KONG (Reuters Breakingviews) – Corona Capital is a column updated throughout the day by Breakingviews columnists around the......

REUTERS NEXT-ECB forecasts still stand if lockdowns lift by end-March, Lagarde says

Reuters
FRANKFURT, Jan 13 (Reuters) – The European Central Bank’s forecast of an economic rebound this year still stands despite fresh restrictions to activity in several euro zone countries, provided those measures are lifted by end-March, ECB President Christine Lagarde said on Wednesday. “I think our last projections in December are......

Italy’s Conte faces showdown with aggrieved coalition party

Reuters
ROME (Reuters) – Prime Minister Giuseppe Conte faced a cabinet showdown on Tuesday with a small coalition partner that could bring down his government and unleash political chaos on Italy as it struggles to contain the COVID-19 pandemic. FILE PHOTO: Italian Prime Minister Giuseppe Conte wearing a protective face mask......

IMF says board approves $487.5 million disbursement to Angola

Reuters
FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas WASHINGTON (Reuters) – The International Monetary Fund said on Monday its executive board approved a disbursement to Angola of about $487.5 million after completing a fourth review of the African oil......

Angola gets breathing space from Chinese creditors, says finance minister

Reuters
By Tom Arnold, Karin Strohecker LONDON (Reuters) – Angola has secured three years of payment relief from Chinese creditors and expects to get more than $700 million in its next tranche of International Monetary Fund financing in the coming days, its finance minister said on Monday. Africa’s second-largest oil exporter......

Companies must set climate targets in line with science – executives

Reuters
By Susanna Twidale, Nina Chestney LONDON (Reuters) – Companies must listen to scientists and align their plans to reach net zero targets with a global pact to fight climate change, executives told a Reuters Next conference on Monday. FILE PHOTO: Smoke and steam billow from the Belchatow Power Station, Europe’s......

EMERGING MARKETS-Asian currencies fall as greenback rebounds, Malaysia stocks underperform

Reuters
* Philippine shares hit near 1-year high * Indonesia shares touch Sept 2019 high * Malaysia stocks fall ahead of COVID-19 curbs announcement Jan 11 (Reuters) - Asia's emerging currencies eased against the dollar, underpinned by a rise in U.S. Treasury yields, while Malaysian shares underperformed other regional stock markets......

Fed’s Clarida says vaccines have buoyed economic outlook

Reuters
FILE PHOTO: Federal Reserve Vice Chair Richard Clarida talks on the phone during the three-day “Challenges for Monetary Policy” conference in Jackson Hole, Wyoming, U.S., August 23, 2019. REUTERS/Jonathan Crosby/File Photo WASHINGTON (Reuters) – The ongoing distribution of two coronavirus vaccines has lifted the U.S. economy’s prospects for 2021 and......

EU stance on financial services after Brexit is “problematic” – BoE’s Bailey

Reuters
FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain March 16, 2020. Tolga Akmen/Pool via REUTERS LONDON (Reuters) – Bank of England Governor Andrew Bailey said on Wednesday that the European Union’s......

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