Saturday, 20 January, 2018

Draghi: Considerable stimulus still needed despite recovery

"Interest rates have to be low for growth to recover" Draghi told an audience
Sammy Stanley | 29 June, 2017, 07:31

Against the perceived safe-haven yen, the dollar slipped 0.3 percent to 112.120 after rising as high as 112.285 yen.

"Wednesday's trading continued to be driven by Tuesday's news, with little to challenge either Draghi's. comments or the latest U.S. healthcare reform stumble for market dominance", said Connor Campbell, analyst at Spreadex trading group. That rally came after ECB President Mario Draghi said at a conference in Portugal on Tuesday that deflationary forces had been replaced by reflationary ones.

"However, he's got a track record of keeping the stimulus in place so when you've got a market that's positioned ... for euro longs, we're just concerned that there's more downside risk to the euro than upside because it could unwind pretty quick if action doesn't follow the rhetoric", Arnold said. The euro leaped 0.9% against the dollar to $1.1284, while eurozone government bond yields also rose sharply.

"The Fed chair is scheduled to take part in a discussion on global economic issues at London's Royal Academy, and is seen likely to stick to her positive views on the USA economy despite a recent batch of weak US economic data, supporting the Fed's forecast of raising interest rates once more this year". European government bond yields also rose, with those on 10-year German government debt hitting a one-month high of 0.4 percent on June 28.

The yield on US Benchmark 10-year Treasury notes stood at 2.213 per cent in Asian trade, above its US close of 2.198 per cent on Tuesday.

The delay in the healthcare vote brought back worries about the time table of President Donald Trump's business-friendly agenda.

"He surprised the market with that upbeat stance", said Tom di Galoma, a managing director at Seaport Global in NY.

North Korea claims American college student released from detainment for "humanitarian reasons"
He was last seen publicly that March, when he was sentenced for subversion to 15 years in prison with hard labor. Otto Warmbier was rushed to a Cincinnati hospital shortly after arriving from Pyongyang late Tuesday night.

Traders took the comments as a signal the European Central Bank was gearing up to wind down the programme as early as January, an outcome that officials said had yet to be discussed and will ultimately depend on inflation and other economic data in the coming months.

"Today's communication marks the latest in an incremental approach to removing the emergency policy measures, which as we have argued will see the European Central Bank outline a tapering of its asset purchase program (APP) at its early September meeting". Eastern time. The Dow Jones industrial average fell 17 points, or 0.1 percent, to 21,392.

Tim Evans, Citi Futures' energy futures specialist, said in a note that oil's move was "a technical correction after the declines of the past five weeks", helped along by boosts from a weaker dollar and forecasts for a weekly draw in US crude inventories.

Crude oil prices were steady but couldn't build on four straight sessions of gains as worries about oversupply were underpinned by the latest U.S. inventory data. Meanwhile, U.S. Federal Reserve Chair Janet Yellen, in a speech in London, said she didn't foresee another financial crisis "in our lifetimes".

The Nasdaq Composite was up 11.02 points, or 0.18 per cent, at 6,157.65.

Spectranetics jumped 26.2 per cent to US$38.40 after Dutch healthcare company Philips agreed to buy the company for US$2.16 billion. USA gold futures gained 0.09 percent to $1,247.50 an ounce.

General Mills rose 1.6 percent to $56.46 after the Cheerios maker's quarterly profit beat estimates.

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