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The US premium is narrowing for the sixth session, and it is more than 30 bp tighter. The swaps market is pricing in about 10 bp of tightening by the ECB around mid-year. Elevated yields and firmer stocks helped the dollar extend yesterday's gains. The US dollar has forged a shelf...
The eurozone's unexpected rise in January CPI did not appear to change the swaps curve which has about 30 bp of higher rates discounted over the next 12 months. Europe's Stoxx 600 advance has stopped at three sessions. Information technology is the biggest drag, and the benchmark is o...
Emerging market currencies are more mixed. Eurozone inflation surprised the market. Oil prices remain firm. For further details see: Eurozone Inflation Surprises Higher, But German Rates Slip
The NASDAQ rallied around 7.5% and is trading a little firmer ahead of the US open. Many Asian centers remain on holiday, but Japan, Australia, New Zealand, and India all advanced. Europe's Stoxx 600, with a four-week loss in tow, is up about 1% near midday in Europe, led by indus...
Given the broad strength of the US economy and elevated price pressures, the low yields once again defy economists' expectations. There were around $13.7 trillion of negative-yielding bonds in the world at the end of last week, the most in four months. Most emerging market currencies ...
The Fed is done with speaking appearances for the year, so thin trading conditions should settle in once we get past Thursday’s economic data. The European central bank is poised to end new purchases under PEPP in March at which point the APP will be doubled before being pared ...
Equities are under pressure following the sell-off yesterday in the US. The BOJ stood pat and extended aid for smaller businesses for another six months. Unlike most central banks, the Bank of England appears to almost purposely keep the markets wrong-footed. For further det...
The Fed's hawkish pivot came a few weeks before yesterday's FOMC meeting, which confirmed more or less what the market had already largely anticipated. Australia reported a dramatic improvement in the labor market last month. The UK's preliminary PMI also looks to have been impact...
The US 10-year Treasury yield is flat, near 1.44%, while European yields are mostly a little higher. The yuan has been confined to an unusually narrow range within yesterday's range, and for the second session, the dollar has not traded off the CNY6.36 handle. Ahead of the FOMC me...
Activity in the capital markets is subdued today, ahead of tomorrow's FOMC meeting conclusion and the ECB meeting on Thursday. The US reports November producer prices today. Late today, Chile's central bank is expected to deliver a 125 bp rate hike, the same as in October. F...
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ProShare Advisors and ProShare Capital Management announced today plans to liquidate and close six ProShares Trust ETFs and two ProShares Trust II ETFs based on an ongoing review of ProShares product offerings. Specifically, the following ETFs will be liquidated and closed: The last...