The Indian government is facing criticism with the month-long 'Kumbh Mela' festival 'already a superspreader' event.
The Monarch is finalising plans for her husband Prince Philip's funeral, and potentially solving two dilemmas at once.
(Bloomberg) -- The People’s Bank of China refrained from adding more liquidity into the banking system for a fourth month, as policymakers sought to contain rising leverage.The central bank injected 150 billion yuan ($23 billion) into the financial system with its medium-term lending facility. That’s slightly less than the 100 billion yuan due on Thursday and 56.1 billion yuan of targeted loans maturing on April 25.Beijing is providing just about enough cash at a time when banks are expected to help corporate clients pay taxes and sales of government bonds are forecast to accelerate. Policymakers have said they want to stabilize a rapid buildup in leverage, as the nation’s debt as a percentage of gross domestic product jumped to a record high.The operation “is a bit disappointing to the bond market and funding costs will rise,” said Xing Zhaopeng, senior China strategist at Australia & New Zealand Banking Group Ltd. in Shanghai. He expects the PBOC to add cash through seven-day reverse repurchase agreements to plug the liquidity gap as tax payment season starts later this month.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Asian equities were steady Thursday after U.S. stocks eased from all-time peaks as a drop in cryptocurrency exchange Coinbase Global Inc. overshadowed strong bank earnings. Oil trimmed earlier gains.Shares dipped in China and Hong Kong, and were in the green in Japan and South Korea. U.S. contracts fluctuated after a slide in technology shares pulled benchmarks off record levels. Coinbase traded down in its Nasdaq debut, and Bitcoin slid from an all-time high. The S&P 500 Index edged down as traders tracked earnings from some of the world’s biggest banks, including revenue windfalls for Goldman Sachs Group Inc. and JPMorgan Chase & Co.The dollar was little changed after three straight days of losses, and the benchmark 10-year Treasury yield held around 1.64%.The People’s Bank of China drained liquidity from the system in Thursday’s operation. Investors are also watching for further tremors from the sharp selloff in the bonds of distressed-debt enterprise China Huarong Asset Management Co., which pushed investment-grade spreads higher.With equities hovering around record levels, traders are watching the earnings season for further catalysts. Expectations for a strong profit rebound have buoyed indexes, setting the bar high as reporting gets underway. More broadly, investors are alert to any setbacks to the economic recovery from spikes in Covid-19 infections and troubled vaccine rollouts.“You’re going to see this tug-of-war continue within markets as investors weigh the prospects of a strengthening economy with the risk of rising inflationary pressures,” said Adam Phillips, managing director of portfolio strategy at EP Wealth Advisors.The Federal Reserve will continue to support the recovery, and will start tapering asset purchases “well before” policy makers consider raising interest rates, Chairman Jerome Powell told the Economic Club of Washington Wednesday.Bitcoin touched a record of $64,870 before slipping. Oil trimmed an overnight jump but remained close to $63 a barrel as shrinking crude stockpiles in the U.S. supported hopes for a global demand recovery.Some key events to watch this week:U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures were little changed as of 10:47 a.m. in Tokyo. The index closed down 0.4%.Japan’s Topix Index was up 0.5%.The Shanghai Composite slipped 0.8%.The Hang Seng was down 0.7%.South Korea’s Kospi Index rose 0.3%.Australia’s S&P/ASX 200 Index was down 0.2%.CurrenciesThe Bloomberg Dollar Spot Index was steady.The euro was at $1.1973.The Japanese yen was up 0.1% at 108.87 per dollar.The offshore yuan was at 6.5381 per dollar.BondsThe yield on 10-year Treasuries edged up one basis point to 1.64%.Australia’s 10-year yield climbed five basis points to 1.80%.CommoditiesWest Texas Intermediate crude slipped 0.4% to $62.91 a barrel.Gold was steady at $1,736.09 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Oil prices were lower on Thursday though holding near one-month highs after futures jumped in the previous as the International Energy Agency (IEA) and others upgraded forecasts for oil demand as major economies recover from the pandemic. Brent crude was down by 21 cents, or 0.3%, at $66.37 a barrel by 0129 GMT, after gaining 4.6% on Wednesday and closing at the highest since March 17. U.S. crude inventories were down by 5.9 million barrels last week, the Energy Information Administration (EIA) said on Wednesday, more than double analysts' expectations for a 2.9 million-barrel decline.
New Zealand Rugby (NZR) has warned that the intensity of the domestic Super Rugby Aotearoa competition is not sustainable after All Blacks midfielder Jack Goodhue was ruled out for the entire 2021 season with a serious knee injury.The last two weeks of the bruising, five-team competition has taken a heavy toll, with Crusaders' Goodhue joining All Blacks captain Sam Cane and loose forward Ardie Savea on the sidelines, while prop Joe Moody is also under an injury cloud.
By the end of 2021, The Federal Reserve sees unemployment falling to just 4.5% and inflation rising to 2.4% -- which could save U.S. households holding debt an average of $1,404. Here's why rising inflation could be a good thing if you have debt but a bad thing if you're in retirement. In just one year, the U.S. has gone from virtually 0% inflation and 15% unemployment to 2.6% inflation and 6% unemployment.
Australia’s unemployment rate has dropped to 5.6 per cent as the country continues to recover from the COVID-19 pandemic.
Leaked letter reveals trust aims to to unilaterally change NHS staff contracts to require vaccinations
NSW children under 14 should not be imprisoned, more Indigenous people should be appointed as judges, and the police watchdog should fully investigate all deaths in custody.Those are some of the suggestions made in a new report aimed at tackling high levels of Indigenous incarceration, tabled in NSW parliament on Thursday morning.
Australia's regional health minister has backed allowing the nation's Olympic team to jump the coronavirus vaccine queue ahead of the Tokyo Games.Morrison government frontbencher Mark Coulton believes most of Australia would be comfortable with allowing athletes to access the jab while some vulnerable people wait.
Arctos NorthStar Acquisition Corporation (NYSE: ANAC.U) (the "Company") announced that, commencing April 15, 2021, holders of the units sold in the Company’s initial public offering of 31,625,000 units, completed on February 25, 2021, may elect to separately trade the Class A ordinary shares and warrants included in the units. Those units not separated will continue to trade on the New York Stock Exchange ("NYSE") under the symbol "ANAC.U," and the Class A ordinary shares and warrants that are separated will trade on the NYSE under the symbols "ANAC" and "ANAC WS," respectively. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and warrants.
(Bloomberg) -- The Indian rupee has turned into Asia’s worst-performing currency from being the best in the previous quarter. It’s poised for more losses as a resurgence in coronavirus cases to a record threatens to hamstring the economy.The rupee weakened past 75 per dollar for the first time in eight months this week. Federal Bank Ltd. expects it to fall further to 76 by year-end. The currency’s slide may be exacerbated by unwinding of short dollar positions against the rupee, which ICICI Bank Ltd. estimates has grown to $50 billion.The currency mayhem is playing out as India overtakes Brazil as the second-worst-hit Covid nation in the world. Stricter restrictions on movement across the country are reviving memories of last year when extended lockdowns squeezed demand and pushed the economy into its worst contraction in nearly seven decades.“Economic growth is going to get more impacted than what we are expecting,” said V Lakshmanan, head of treasury at Federal Bank Ltd. in Mumbai. “We are underplaying the impact of Covid.”The rupee slumped 2.6% against the dollar so far in April after falling 0.1% in the quarter ended March. It fared better than other Asian currencies in withstanding rising U.S. yields in the last three months thanks to a rare current-account surplus, economic recovery and heavy foreign inflows.Traders are concerned that the rupee’s tailwinds could start fading. Rising commodity prices may push the current-account into a deficit in the fiscal year that started in April, while the central bank’s quantitative easing announced last week is seen adding to the liquidity glut, worsening the rupee’s woes.However, Barclays Plc expects the Reserve Bank of India to defend the rupee using its massive foreign reserves.“The RBI will likely sell USD into this bid as this move is relatively outsized,” said Ashish Agrawal, head of FX and emerging markets macro strategy research. He expects the rupee to climb to 73 per dollar by year-end and sees the latest bout of weakness as a catchup to losses suffered by other emerging market currencies in March.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Securing justice for young man’s family a priority, Mike Elliott tells Andrew Buncombe
(Bloomberg) -- Indian dollar bonds are starting to sputter amid fallout from a recent record surge in local Covid-19 cases, dragging down what had been one of the strongest rallies in Asia this year.The notes have lost 0.3% this month, worse than a 0.2% decline for a broader Asian dollar bond gauge, according to Bloomberg Barclays indexes. That’s paring an earlier outperformance sparked by a strong economic rebound that pushed gains on the Indian debt securities to as high as about 1.3% in 2021 at one pointAlso read: Rupee Tumbles With Stocks as Virus Cases in India Hit New RecordGoldman Sachs shifted to neutral on Indian investment-grade and high-yield dollar credits this month, citing its expectation of limited room for further outperformance amid the surging Covid-19 cases, analysts Kenneth Ho and Chakki Ting wrote in a noteThe global bank lowered its forecast for India’s real GDP growth for the year that began on April 1 to 11.7% from 12.3% earlierPerformance of corporate dollar bonds from India will be driven by perceptions of the country’s ability to get control of the outbreak, said Todd Schubert, head of fixed-income research at Bank of Singapore. Investment opportunities may arise in sectors less affected by the infection surge, such as renewable power credits, if there is a broader selloff, he saidSome bonds in that sector have dropped recently too. The yield on India Green Energy’s dollar note due in 2024 has climbed to 4.3% from 3.4% in late February, while Continuum Energy’s 2027 bond yield rose to 4.3% from 3.9% in the same periodIndian banks’ and shadow lenders’ asset quality might come under pressure again as a second wave of infections threatens a fragile economic recovery, according to Fitch Ratings. Financiers are major bond issuers from India.The rapid increase in Covid cases is also credit negative for Indian airports due to the adverse impact on passenger and aircraft traffic, according to Moody’s Investors ServicePrimary Market - Worst Start Since 2008Companies are off to their slowest start in a financial year for rupee bond issuance in 13 years with the amount plunging to 24 billion rupees ($319 million) since April 1, Bloomberg-compiled data showThe slump comes after new rules from markets regulator Securities & Exchange Board of India came into effect April 1. The regulations require borrowers to obtain due diligence certificates from debenture trustees before listing their securitiesSecondary Market - Long-Tenor Yields DropYields on top-rated rupee corporate notes maturing in 10 years are falling for a fifth straight week, the longest such streak in over a year, after the Reserve Bank of India outlined more measures last week to support the economyBy contrast, yields on shorter-term corporate debt have increased on expectations of higher inflation and growthThe central bank took a step last week toward formalizing quantitative easing, pledging to buy up to 1 trillion rupees of government bonds this quarter, to keep benchmark borrowing costs lowIndian government and corporate bond markets were shut April 13 and April 14 for local holidaysBest and Worst Performing Corporate Dollar Bonds Year-to-DateFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
David Warner was frustrated after the Sunrisers fell short against the Royal Challengers Bangalore in the IPL. SOURCE: IPL
David Warner was left frustrated and confused during his team's thrilling match in the IPL.
The dollar nursed losses on Thursday, holding near a three-week low against a basket of currencies as U.S. bond yields pulled back from last month's surge with investors buying the Federal Reserve's arguments that interest rates can stay low. "The dollar has been losing steam a bit in line with falls in U.S. bond yields as the Fed has maintained it dovish stance," said Yujiro Goto, chief currency strategist at Nomura Securities. Repeated assurances from Fed officials that it will keep interest rates low have helped stabilise U.S. bonds, especially at the short end of the market.
Reviving the Iran nuclear deal would seem like a simple task for US President Joe Biden. Iran wants him to lift sanctions in exchange for Tehran's return to compliance.
The Vine creator went viral for his 'Welcome to Chili's' video. His twin brother confirmed his death in a heartbreaking post. Read more.