Deals

News Photos

Stocks Slide on Curve Fears; Bonds Push Higher: Markets Wrap
Click on the image below to view in Stereo 3D

Yield Curves Invert in U.S., U.K. as `Doom and Gloom' Spreads
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The stream of investors seeking refuge in the safest parts of the market has triggered yet another recession warning, with yield curves inverting from the U.S. to the U.K.The gap between two- and 10-year yields dropped below zero on both sides of the Atlantic after a wave of soft economic data globally. Weaker-than-forecast Chinese retail sales and industrial output set the mood for the markets, with data later in the day showing Germany’s economy contracted, adding to the gloom.“The bond market is saying central banks are behind the curve,” said Marc Ostwald, global strategist at ADM Investor Services in London. “It’s all doom and gloom on the global economy.”Global SlowdownInvestors have been driving into areas of the bond market that still offer a positive yield, typically longer-dated assets that offer better returns, in order to protect their funds from a global slowdown in growth. It’s an ominous development because it suggests the prizing of safety over return: the curve is typically upward-sloping, as an investment over 10 years is expected to pay more to compensate for the longer-term risk.U.S. 10-year yields dropped eight basis points to 1.62%, while those on two-year Treasuries fell three basis points to 1.63%. Thirty-year yields fell to a record low. In the U.K., 10-year yields dropped two basis points to 0.475%, while those on two-year bonds rose one basis point to 0.478% even as inflation jumped above the Bank of England’s 2% target.This move has been a long time coming, and reflects a significant escalation of growth concerns. The two-to-10-year curve has been on a gradual flattening trend for more than two years on rising doubts about the health of the global economy and weak inflation. Another widely watched recession indicator, the yield difference between three-month and 10-year Treasuries, inverted in March and has been negative much of the time since.“Where the U.S. leads, the U.K. follows,” said Adam Dent, U.K. rates strategist at Banco Santander SA. “The market has previously been very reluctant to abandon the idea that rates will eventually normalize.”The curve isn’t the only thing flashing high alert. The Federal Reserve Bank of New York’s index showing the probability of a U.S. recession over the next 12 months is close to its highest level since the global financial crisis, at around 31%.To contact the reporters on this story: John Ainger in London at jainger@bloomberg.net;Greg Ritchie in London at gritchie10@bloomberg.netTo contact the editor responsible for this story: Ven Ram at vram1@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
More Description
Image URL


Stock Sell-Off Eases in Asia; Yields Extend Drop: Markets Wrap
(Bloomberg) -- A sell-off in global stocks eased somewhat in Asia after the inversion of a closely watched part of the Treasury yield curve raised recession fears. The yield on 30-year Treasuries dropped below 2% for the first time.Hong Kong shares reversed losses and S&P 500 Index futures climbed as China’s central bank added liquidity to the financial system. Still, caution remained as Japanese shares retreated and Treasuries extended gains after the 10-year rate slid below the two-year for the first time since 2007. Bonds also climbed in Australia and New Zealand, following an advance across Europe, with the U.K. yield curve inverting for the first time since the financial crisis and Bund yields sliding to a fresh record low. Crude oil extended losses and gold edged higher.Warnings flashing in bond markets are spooking investors who are already seeking shelter from the fraught geopolitical climate and the impact of the global trade war. While curve inversions normally precede economic downturns, they do not necessarily signal an imminent collapse in growth. The Federal Reserve will likely be powerless to keep the U.S. economy from falling into a recession and the 10-year yield could sink to zero by 2021, said JPMorgan Chase & Co.’s Jan Loeys.“You no longer have anything anchoring markets, you no longer have the Fed’s ability to repress financial volatility,” Mohamed El-Erian, Allianz Chief Economic Advisor & Bloomberg Opinion columnist, told Bloomberg TV. “The answer is more pro-growth policies to lift structural impediments and unfortunately that’s unlikely to materialize.”Meantime, the Australian dollar jumped and bond yields pared some of their declines after the jobs report prompted traders to trim bets of an interest-rate cut.Here are the main moves in markets:StocksJapan’s Topix index fell 1.2% as of 12:03 p.m. in Tokyo.Australia’s S&P/ASX 200 Index lost 2.2%.Hang Seng Index added 0.1%.Shanghai Composite Index fell 0.7%.Futures on the S&P 500 Index added 0.5%. The underlying gauge fell 2.9% Wednesday.The MSCI Asia Pacific Index fell 0.9%.CurrenciesThe yen was at 105.91 per dollar after jumping 0.8% the prior session.The offshore yuan was at 7.0468 per dollar.The Bloomberg Dollar Spot Index dipped 0.1%.The euro bought $1.1144, little changed.BondsThe yield on 10-year Treasuries slipped three basis points to 1.55%. The 30 year yield was at 1.97%.Australia’s 10-year yield slid five basis points to 0.89%.CommoditiesGold rose 0.3% to $1,520.77 an ounce.West Texas Intermediate crude decreased 0.5% to $54.95 a barrel.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea Papuc, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
More Description
Image URL


U.S. Stocks Tumble as Economy Worries Mount: Markets Wrap
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Mounting signs of a global economic slowdown hammered stocks and drove demand for sovereign bonds to such an extent that shorter-term yields rose above long rates in the U.S. for the first time since 2007.The S&P 500 sank more than 2.2% and the Dow Jones Industrial Average plunged 550 points as the inverted gap in rates for two- and 10-year Treasuries flashed a warning that has normally preceded a recession and the 30-year yield fell to the lowest on record. Financial shares plunged 3.1% led by a 4% rout in Goldman Sachs Group Inc. All but one of the 30 Dow components fell. Volatility has gripped the S&P 500 since President Donald Trump rekindled the trade war at the start of August. The index has swung at least 1% intraday for 11 straight sessions and is now down 5.5% from its July record. Oil sank 5%, gold rallied and the dollar rose.“With U.S.-China trade uncertainty lingering, investors are increasingly selling first and asking questions later,” Said Alec Young, managing director for global markets research at FTSE Russell. “The only thing seemingly capable of reversing the volatility is credible evidence global growth is bottoming out. That seems too much to hope for right now.”European shares lost more than 1.5% after Germany’s economy contracted in the second quarter, adding to angst fueled by weak Chinese retail and industrial numbers. The British yield curve also inverted for the first time since the financial crisis and the pound edged higher after inflation unexpectedly rose. Government bonds rallied across Europe, with the yield on benchmark bunds sliding to another record.The warning emanating from bond markets spooked investors already seeking shelter from the fraught geopolitical climate and the impact of the global trade war just a day after equities rallied on a tariff reprieve from President Donald Trump. While curve inversions normally precede economic downturns, they do not necessarily signal imminent doom.“This is not a positive sign for the market,” Jonathan Golub, chief U.S. equity strategist at Credit Suisse, said on Bloomberg TV. “The Fed is totally empowered to change this dynamic and the market is saying they have to.”Meanwhile, Hong Kong’s airport resumed normal operations after a chaotic night of protest in which demonstrators beat and detained two suspected infiltrators and Trump warned of Chinese troops massing on the border.Here are the main moves in markets:StocksThe S&P 500 Index fell 2.3% as of 1:45 p.m. New York time.The Dow Jones Industrial Average lost 2.4% and the Nasdaq 100 fell 2.9%.The Stoxx Europe 600 Index fell 1.7%.Germany’s DAX Index sank 2%.The MSCI Emerging Market Index rose 0.2%.The MSCI Asia Pacific Index jumped 0.9%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.2%.The euro increased 0.3% to $1.1143.The British pound climbed 0.1% to $1.2073.The Japanese yen jumped 0.9% to 105.787 per dollar.BondsThe yield on 10-year Treasuries sank 12 basis points to 1.59%.The yield on two-year Treasuries declined nine basis points to 1.58%.Britain’s 10-year yield fell three basis points to 0.465%.Germany’s 10-year yield declined three basis points to -0.64%.CommoditiesGold rose 1% to $1,529.20 an ounce.West Texas Intermediate crude decreased 5.2% to $54.16 a barrel.\--With assistance from Adam Haigh, John Ainger and Laura Curtis.To contact the reporters on this story: Jeremy Herron in New York at jherron8@bloomberg.net;Sarah Ponczek in New York at sponczek2@bloomberg.netTo contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Robert BrandFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
More Description
Image URL


Bonds Signal Growing Global Distress as Key Yield Curve Flips
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.The U.S. government bond market sounded alarms Wednesday as investors fleeing riskier assets drove the 30-year bond’s yield to a record low and the 10-year yield fell below the two-year for the first time since 2007.The 10-year Treasury yield dipped as much as 1.9 basis points below the two-year yield in what’s considered a harbinger of a U.S. economic recession beginning in the next 18 months. That expectation, nurtured in recent weeks by worsening U.S.-China trade relations and signs global growth is slowing, was bolstered Wednesday by weak Chinese and German economic data.“Bad European and Chinese data today are the trigger for the global bond rally,” said Praveen Korapaty, chief global rates strategist at Goldman Sachs Group Inc. “From the pace of the move, I suspect some long-held steepeners are being unwound as well.”Another widely watched recession indicator, the yield difference between three-month and 10-year Treasuries, inverted in March and has been negative much of the time since, bedeviling investors who anticipated that the yield curve would steepen as the Federal Reserve began to cut interest rates. The global bid for bonds also inverted the two-year to 10-year U.K. yield curve Wednesday.“The bond market is saying central banks are behind the curve,” said Marc Ostwald, global strategist at ADM Investor Services in London. “It’s all doom and gloom on the global economy.”Global SlowdownThe inversion was brief as U.S. 10-year yields rebounded to about 1.60%, two-year yields to about 1.58%. Thirty-year yields fell to a record low of 2.01% before stabilizing around 2.05%. In the U.K., 10-year yields dropped to 0.45% while two-year yields topped 0.48% even as inflation exceeded the Bank of England’s 2% target.Yield curves normally slope upward as investors demand compensation for putting money at risk over longer periods of time. The willingness to accept lower yields on longer-dated assets than shorter-dated ones offer reflects the expectation that the longer-dated ones will produce higher returns over time as all yields decline, leaving holders of shorter-dated instruments to reinvest at lower rates when they mature.The U.S. bond market has been a destination for haven flows given that there are fewer and fewer positive-yielding assets to park cash in globally, according to Richard Kelly, head of global strategy at Toronto-Dominion Bank. Roughly $15.8 trillion of global bonds have negative yields.“The curve inversion to this point is flagging a 55-to-60 percent chance of a U.S. recession over the next 12 months,” Kelly said. “We can all debate whether those signals are as accurate as they once were, but we still seem to be in a slow grind lower for sentiment and momentum and need some positive surprises to change those trends.”The curve isn’t the only thing flashing high alert. The Federal Reserve Bank of New York’s index showing the probability of a U.S. recession over the next 12 months is close to its highest level since the global financial crisis, at around 31%.Others aren’t ready to sound the alarm yet. There’s little evidence in U.S. economic data to suggest a recession is imminent, according to Goldman’s Korapaty, who sees the 10-year yield returning to 1.75% by year-end. Independent strategist Marty Mitchell said the yield curve’s brief inversion is unlikely to materially sway traders’ behavior.“Investors, portfolio managers, asset managers, hedge funds, and quants aren’t likely to change their market and economic thesis simply because the 2yr/10yr spread moves from +1bp to -1bp,” wrote Mitchell in a report Wednesday. “Yes, a more severe and prolonged inversion will cause them to make adjustments, but that’s not where we are today.”\--With assistance from Emily Barrett, Greg Ritchie and Michael P. Regan.To contact the reporters on this story: Katherine Greifeld in New York at kgreifeld@bloomberg.net;John Ainger in London at jainger@bloomberg.netTo contact the editors responsible for this story: Benjamin Purvis at bpurvis@bloomberg.net, Elizabeth Stanton, Nick BakerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
More Description
Image URL


Stock Sell-Off Deepens in Asia on Recession Fears: Markets Wrap
(Bloomberg) -- A sell-off in global stocks continued in Asia after U.S. equities tumbled as a closely watched part of the Treasury yield curve inverted Wednesday, raising recession fears. Treasuries steadied.Japan’s Topix index opened about 2% lower, less than the nearly 3% tumble seen in the S&P 500 Index Wednesday. Treasuries stabilized after the 10-year rate slid below the two-year for the first time since 2007. Bonds also climbed in Australia and New Zealand, following gains across Europe, with the U.K. yield curve inverting for the first time since the financial crisis and Bund yields sliding to a fresh record low. Crude oil extended losses.Warnings flashing in bond markets are spooking investors who are already seeking shelter from the fraught geopolitical climate and the impact of the global trade war. While curve inversions normally precede economic downturns, they do not necessarily signal an imminent collapse in growth. The Federal Reserve will likely be powerless to keep the U.S. economy from falling into a recession and the 10-year yield could sink to zero by 2021, said JPMorgan Chase & Co.’s Jan Loeys.“You no longer have anything anchoring markets, you no longer have the Fed’s ability to repress financial volatility,” Mohamed El-Erian, Allianz Chief Economic Advisor & Bloomberg Opinion columnist, told Bloomberg TV. “The answer is more pro-growth policies to lift structural impediments and unfortunately that’s unlikely to materialize.”Meantime, European shares lost more than 1.5% after Germany’s economy contracted in the second quarter, adding to angst fueled by weak Chinese retail and industrial numbers.Here are the main moves in markets:StocksJapan’s Topix index fell 1.9% as of 9:16 a.m. in Tokyo.Futures on the S&P 500 Index added 0.2%. The underlying gauge fell 2.9% Wednesday.Australia’s S&P/ASX 200 Index lost 0.8%.CurrenciesThe yen was at 105.89 per dollar after jumping 0.8% the prior session.The offshore yuan was at 7.0489 per dollar.The Bloomberg Dollar Spot Index dipped 0.1%.The euro bought $1.1143, little changed.BondsThe yield on 10-year Treasuries remained at 1.58%.Australia’s 10-year yield slid four basis points to 0.9%.CommoditiesGold was at $1,517.33 an ounce after surging 1%.West Texas Intermediate crude decreased 0.5% to $54.93 a barrel.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea Papuc, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
More Description
Image URL


Stocks Tumble, Bonds Rally as Recession Fears Grow: Markets Wrap
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Mounting signs of a global economic slowdown hammered stocks and drove demand for sovereign bonds to such an extent that shorter-term yields rose above long rates in the U.S. for the first time since 2007.The S&P 500 sank more than 1% as the inverted gap in rates for two- and 10-year Treasuries flashed the strongest recession warning yet. European shares plunged after Germany’s economy contracted in the second quarter, adding to angst fueled by weak Chinese retail and industrial numbers. Oil retreated, gold rallied and the dollar held steady.The damage in American stocks was broad, with four stocks lower for every one that gained in the S&P 500. High-flying tech shares that paced yesterday’s rally amid easing trade tensions gave back all the advance. Banks led the drop as the inverted curve hits lending profits. Macy’s plunged to a nine-year low on weak results.The British yield curve also inverted for the first time since the financial crisis and the pound edged higher after inflation unexpectedly rose. Government bonds rallied across Europe, with the yield on benchmark bunds sliding to another record. The warning emanating from bond markets spooked investors already seeking shelter from the fraught geopolitical climate and the impact of the global trade war just a day after equities rallied on a tariff reprieve from President Donald Trump. While curve inversions normally precede economic downturns, they do not necessarily signal imminent doom. “This is not a positive sign for the market,” Jonathan Golub, chief U.S. equity strategist at Credit Suisse, said on Bloomberg TV. “The Fed is totally empowered to change this dynamic and the market is saying they have to.”Meanwhile, Hong Kong’s airport resumed normal operations after a chaotic night of protest in which demonstrators beat and detained two suspected infiltrators and Trump warned of Chinese troops massing on the border.Here are the main moves in markets:StocksThe S&P 500 Index dipped 1.4% as of 9:32 a.m. New York time.The Stoxx Europe 600 Index fell 1.5%.The U.K.’s FTSE 100 Index dropped 1.3%.Germany’s DAX Index sank 2%.The MSCI Emerging Market Index rose 0.2%.The MSCI Asia Pacific Index jumped 0.9%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro increased 0.2% to $1.1188.The British pound climbed 0.1% to $1.2073.The Japanese yen jumped 0.8% to 105.90 per dollar.BondsThe yield on 10-year Treasuries sank 10 basis points to 1.60%.The yield on two-year Treasuries declined seven basis points to 1.60%.Britain’s 10-year yield fell three basis points to 0.465%.Germany’s 10-year yield declined three basis points to -0.64%.CommoditiesGold rose 0.8% to $1,513.79 an ounce.West Texas Intermediate crude decreased 3.4% to $55.16 a barrel.\--With assistance from Adam Haigh and John Ainger.To contact the reporters on this story: Laura Curtis in London at lcurtis7@bloomberg.net;Jeremy Herron in New York at jherron8@bloomberg.netTo contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Robert BrandFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
More Description
Image URL


Stocks Slide on Curve Fears; Bonds Push Higher: Markets Wrap
(Bloomberg) -- Stocks dropped in Asia after Wednesday’s U.S. sell-off, though losses weren’t as severe, after the inversion of part of the Treasury yield curve raised recession fears. The yield on 30-year Treasuries dropped below 2% for the first time.Shares in Australia bore the brunt of losses, with stocks also lower in Japan. Hong Kong equities pared their retreat and S&P 500 Index futures climbed along with the yuan as China’s central bank added liquidity to the financial system. Still, caution remained as Treasuries extended gains after the 10-year yield slid below the two-year for the first time since 2007. Bonds also climbed in Australia and New Zealand, while crude oil extended losses and gold edged higher.Warnings flashing in bond markets are spooking investors who are already seeking shelter from the fraught geopolitical climate and the impact of the global trade war. While curve inversions normally precede economic downturns, they do not necessarily signal an imminent collapse in growth. “You no longer have anything anchoring markets, you no longer have the Fed’s ability to repress financial volatility,” Mohamed El-Erian, Allianz Chief Economic Advisor & Bloomberg Opinion columnist, told Bloomberg TV. “The answer is more pro-growth policies to lift structural impediments and unfortunately that’s unlikely to materialize.”Meantime, the Australian dollar jumped and bond yields pared some of their declines after a stronger-than-expected jobs report prompted traders to trim bets of another impending interest-rate cut.Here are the main moves in markets:StocksJapan’s Topix index fell 1.4% as of 1:43 p.m. in Tokyo.Australia’s S&P/ASX 200 Index lost 2.7%.Hang Seng Index slid 0.2%.Shanghai Composite Index fell 0.6%.Futures on the S&P 500 Index added 0.2%. The underlying gauge fell 2.9% Wednesday.Euro Stoxx 50 futures rose 0.1%.CurrenciesThe yen was at 105.89 per dollar.The offshore yuan was up 0.2% to 7.0411 per dollar.The Bloomberg Dollar Spot Index dipped 0.1%.The euro bought $1.1147, little changed.BondsThe yield on 10-year Treasuries slipped three basis points to 1.55%. The 30 year yield was at 1.97%.Australia’s 10-year yield slid five basis points to 0.89%.CommoditiesGold rose 0.3% to $1,521.02 an ounce.West Texas Intermediate crude decreased 0.6% to $54.91 a barrel.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea Papuc, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
More Description
Image URL

 
 
 
vlrPhone
vlrFilter

Project of very low consumption, radiation and bitrate softphones, with the support of the spatial audio, of the frequency shifts and of the ultrasonic communications
Multifunction Audio Filter with Remote Control
More Information
Free the Animation VR
AR

Play to reveal 3D images and 3D models
More Information

WhmSoft Moblog
Copyright (C) 2006-2019 WhmSoft
All Rights Reserved