|Weekly Review of Headlines|
n the absence of strong government support and economic overhauls, “central banks are in a much more difficult position,” said Bank of England Governor Mark Carney Friday ahead of the meeting of finance ministers and central bankers in China’s financial hub. “There are returns to those strategies…but they’re much, much less powerful than a coordinated strategy.”…Read More
Feb 26 Global government borrowing costs have slumped to record lows as a combination of financial volatility, banking stress and slowing growth and inflation saw a flight to top-rated, liquid assets amid talk of ever lower interest rates…Read More
Sterling dropped to its lowest level in almost seven years against the dollar, and weakened at least 1 percent against all its 16 major peers. The move reversed a gain made on Friday when Prime Minister David Cameron secured a deal on membership terms with EU leaders in Brussels.
A total of CNY960 billion in outstanding reverse repos matures this week including CNY390 billion Tuesday.
“Bank revenues have been rising as corporate bankruptcies fell due to a recovering economy. Bank lending has been also on the rise,” Kuroda told a parliament session. “I’m convinced that such rises in bank lending would have a positive effect on Japan’s economy,” he added.
Gold prices seem to have consolidated over the past week or so and are now looking better place to continue higher. Silver is still consolidating, as is platinum and to a lesser extent palladium. They all look well placed to push higher again, but we would expect they will only do so if gold leads the way. Platinum’s discount to gold is $290 and the gold/silver ratio is high at 1:80.4.
Oil prices continue to contribute to volatility in both debt and equity markets. Hopes of an oil production cut were dashed on Tuesday after Saudi Arabia’s oil minister Ali bin Ibrahim Al-Naimi signaled no cuts would happen to tackle the global supply glut.
Hewlett-Packard Co had said it expected to cut about 33,300 jobs over three years, of which up to 3,300 were to be cut in HP Inc. It said then that 1,200 people would leave the company by the end of 2016.
Stocks in Europe opened higher on Thursday, affected by the latest set of corporate financial reports, while keeping an eye on the upcoming economic data and still monitoring oil’s price direction.
Chinese Internet giant Alibaba Group Holding Ltd. is in discussions with banks for a loan of up to $4 billion to fund expansion plans, including acquisitions, according to people familiar with the matter.
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