Italy To Issue Shorter Maturities in Q4 to Offset Higher Borrowing Costs; USD Issuance on Hold – Govt. Sources
–Weak Euro Means ‘Not Good Moment’ for USD Debt By Silvia Marchetti ROME (MaceNews) – Italy plans to issue more short- and medium-term debt in the fourth quarter to cope with surging borrowing costs, and U.S. dollar debt issuance is on hold, according to outgoing ruling coalition sources. The new debt securities will have 3-, […]
Japan MOF Data Shows Large Y2.84 Trln Yen-Buying Intervention on Sept. 22, First in 24 Years
By Max Sato (MaceNews) – Japan’s yen-buying operation conducted on Sept. 22 to keep lopsided market forces from weakening the yen further against the dollar, totaled a large Y2.838 trillion ($20.3 billion), according to monthly data released Friday by the Ministry of Finance for the period from August 30 through September 28. The intervention, the […]
Sterling Drops to All-time Low Vs. Dollar; Gilt Yields Surge Above 4%
–Speculation of Emergency Bank of England Action Lifts the Pound from $1.0350 –Market Disorder Follows Friday’s Tax-Cutting Fiscal Statement By Laurie Laird LONDON (MaceNews) – Sterling plunged to an all-time low against the dollar early on Monday, following a weekend pledge from the nation’s top finance minister to extend tax cuts beyond the £45billion announced […]
Japan Intervenes in Forex Market to Stop One-Sided, Rapid Yen Fall
–Finance Minister Suzuki Says Govt Steps in To Stem Speculative Move –MOF Suzuki: To Take Necessary Steps on Excessive Fluctuations –BOJ Kuroda: No Need to Change Basic Yield Curve Control Easing Guideline for 2 to 3 Years –BOJ Kuroda Before Intervention: YCC Designed to Correct Tight Yen Funds in Event of Yen-Buying FX Operations –BOJ […]
Japan Seeking to Keep Yen Bears at Bay with Threat of Forex Intervention
–Tokyo Would Need Washington’s Consent and Help to Have Much Impact -US Has No Compelling Reason Yet to Step into FX Market–Japan’s Dollar Selling Ammunition Limited to Its Foreign Reserves By Max Sato (MaceNews) – Japanese policymakers are using verbal warnings and inquiries on market levels to stop the yen from depreciating rapidly against the […]
BofA Global Research Fund Manager Survey: Investor Sentiment ‘Super Bearish’ in September
By Vicki Schmelzer NEW YORK (MaceNews) – Global investor sentiment was “super bearish” in September, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. Accordingly, cash allocation rose to the “biggest overweight on record” and equity allocation fell to a “record underweight,” the survey said. Investors remained on high alert […]
BofA Global Research Fund Manager Survey: Investors Hopeful Inflation/Rate Shocks to Dissipate Soon
-Investors Stay Watchful For Recession By Vicki Schmelzer NEW YORK (MaceNews) – Global investors polled in August were hopeful that inflation and rate shocks will dissipate in the coming quarters, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. At the same time, investors remained on high alert for recession, […]
FOMC Hikes By 0.75 Pt As Expected; Bare-Bones Statement Cites Elevated Inflation
WASHINGTON (MaceNews) – The Federal Open Market Committee Wednesday did the expected, a three-quarter point rate hike which brings monetary policy to the brink of tightening instead of simply removing accommodation. In a bare-bones statement, the FOMC saw spending and production “softened” along with still-robust job gains and elevated inflation. “The Committee is highly attentive […]
BofA Global Research Fund Manager Survey: Global Growth Optimism at All-Time Low
— Cash Levels ‘Highest Since 9/11’ — Equity Allocation ‘Lowest Since Lehman’ By Vicki Schmelzer NEW YORK (MaceNews) – Optimism about global growth prospects fell to an all-time low in July, according to the findings of BofA Global Research’s monthly fund manager survey, released Tuesday. Investor cash levels are the “highest since 9/11” and equity […]
Italy’s 3Q Issuance To Focus on Short, Inflation-Indexed Bonds in Face of Rising Inflation – Sources
By Silvia Marchetti ROME (MaceNews) – Italy’s third quarter issuance plan will focus mostly on short-term and inflation-indexed debt securities to shield domestic investors from inflation, according to ruling coalition sources. “The Ukraine war fallout is heavily striking families’ purchasing power, who remain our key investor target. The domestic market is extremely vulnerable at the […]