Thursday, 26 April, 2018

United States 10-year poised to cross market's red line

Raphael Bostic president of the Federal Reserve Bank of Atlanta spoke at a conference in Chicago in November 2017. Mr. Bostic could provide ‘an important detail’ reflecting the evolution of thinking at the central bank on interest-rate policy said The US Treasury opens its auction floodgates today
Preston Stone | 22 February, 2018, 09:59

Wall Street climbed, bolstered by gains in shares of Amazon and other tech shares, as investors eyed the latest clues on the pace of Federal Reserve interest rate increases.

US stocks ended a volatile session on a downbeat note on Wednesday, as an afternoon rally quickly fizzled in the wake of the Federal Reserve releasing the minutes to its most recent meeting.

The latest increase was driven by the release of the minutes of the US Federal Reserve's January FOMC meeting, something that after some initial confusion was eventually deemed to be more hawkish than many were anticipating. The 10-year yield now sits at about 2.9%, with the U.S. Treasury poised to kick off a big week of issuance by auctioning $151 billion of short-term notes and $28 billion of two-year debt on Tuesday.

Gains in technology, banks and industrial companies are driving stocks higher in midday trading, making up some of the ground the market lost a day earlier. The index has bounced nearly 1 percent so far this week, after slumping 1.5 percent the previous week to its lowest level in three years.

Futures on Japan's Nikkei 225 Stock Average dropped 0.4 percent in Singapore.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7 percent after slipping earlier in the session following the US market losses, which snapped a six-session winning streak.

Expectations for a quarter-point hike at the Fed's next meeting in March are now 93.5 percent, according to Thomson Reuters data.

Digit mobile numbers coming to India from July onwards?
Machine to machine refers to direct communication between devices using any communications channel, including wired and wireless. Bharat Sanchar Nigam Limited ( BSNL ) tweeted on Wednesday to clarify some reports spreading in the social media.

The dollar rose 0.3 per cent to trade at 107.60 yen, helping the greenback after recent falls against the Japanese currency.

Data from the US Treasury last Thursday showed overseas holders sold US Treasuries in December for the third straight month in succession, surely partly in expectation of lower US bond prices and higher yields ahead.

The single currency fell 0.1 per cent against the dollar, after reducing its losses following a survey that showed business confidence in the private sector of the euro zone's largest economy, Germany, hit a record high in February. Oil in NY dropped ahead of USA government data that's forecast to show crude inventories gained for a fourth week.

The MSCI Emerging Market Index declined 0.5 percent, the biggest decline in more than a week.

Investors looking to the greenback shrugged off worries about the US budget deficit, focusing on large USA government debt auctions this week and sending the dollar higher.

-The 2-year yield rose three basis points to 2.22 percent, the highest since 2008.

West Texas Intermediate crude rose 0.5 percent to $61.97 a barrel, the highest in two weeks.

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