DRR News and Press, Morgan Stanley ZC SP REDEEM 30/04/2020 USD 40 - 617480280 From 03/22/21

US benchmark 10-year Treasury yields rose for the seventh consecutive week. What is striking is that the rise in US yields took place as oil prices tumbled. The US dollar was mostly firmer, but its gains were concentrated against the Scandis and euro. The Japanese yen was the stro...

The EU is showing all the signs of a failing state, embarrassingly exposed by Brexit and the EU's political response. At a time of emerging lockdowns in the rest of the world, the EU is badly behind in its vaccination programme and is unlikely to fully emerge from its lockdowns before...

Oil, equities, and bonds are stabilizing after yesterday's sell-off. BOJ Governor Kuroda claimed to simply be clarifying the central bank's stance when it announced that the 10-year yield can move in a 25 bp band around the zero target. BOJ adjusted its equity purchases. The U...

Asia Pacific equities mostly advanced after the US benchmarks recovered following the dovish FOMC. Australia, New Zealand, and India did not participate in today's gains. European bourses edged higher, but US shares are struggling, and the NASDAQ futures are off nearly 1%, threate...

The US dollar and Treasury yields firm ahead of the outcome of the FOMC meeting. The dispute between AstraZeneca and Europe may come to a head tomorrow. The FOMC meeting and Powell's press conference is the event of the day. For further details see: Waiting For The Fed ...

Real yields of reserve currency sovereign bonds are negative and the lowest ever. Bonds have been in a 40-year bull market that has rewarded those who were long and penalized those who were short, so the bull market has produced a large number of comfortable longs who haven't gotten s...

Yesterday's new record highs in the S&P 500 and Dow Jones Industrial helped set the tone for today's advance in the Asia Pacific region and Europe. The US Treasury's International Capital report showed China bought nearly $23 bln of US Treasury bonds in January. Ahead of the F...

The capital markets are beginning a new and busy week in a non-committal fashion. Except for Japan, Hong Kong, and Australia, most markets in the Asia Pacific region were lower, led Chinese and Indian shares. The US dollar is mixed against the majors, with the New Zealand and Cana...

The recovery in equities that saw the S&P 500 set new record highs, the US raise $120 billion in coupon sales, and an ECB that promised to "significantly" boost bond purchases immediately fizzled ahead of the weekend. The US dollar rebounded too after key supports held and interes...

The global capital markets are reversing hard into the weekend. The Australian dollar has appreciated by almost 10% since early November's pivot in terms of the US election and vaccine. Canada is expected to have grown jobs last month for the first time since November. For f...