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Sri Lanka To Announce Debt Restructuring Strategy In April – Cenbank Chief

COLOMBO, March 9 (Reuters) – Sri Lanka aims to announce a debt-restructuring strategy in April and step up talks with commercial creditors ahead of an International Monetary Fund review of a bailout package in six months, the nation’s central bank governor told Reuters.

The crisis-hit island has secured financing assurances from all its major bilateral creditors, including India and China, and so has set the stage for the IMF to give its final approval for a $2.9 billion, four-year bailout package on March 20, the multilateral lender said on Tuesday.

Full coverage: REUTERS

Frontier Countries To Suffer Most If Fed Rate Gets To 6% – Analysts

NEW YORK, March 9 (Reuters) – Emerging markets are facing their demons as traders mull whether U.S. Federal Reserve interest rates will rise as high as 6%, a level that could kick weaker countries when they’re down, while diverging global growth paths and China’s reopening might cushion some of the blow for the bigger ones.

Expectations for where the Fed’s terminal rate would peak have been rising at breakneck speed: Markets are pricing in a 5.5%-5.75% range for September, while the CME FedWatch toolshows a near 50% chance for the band to hit 6% that month.

Full coverage: REUTERS

Oil Slips For Third Day As Recession Fears Mount

LONDON, March 9 (Reuters) – Oil fell for a third day on Thursday as fears over the economic impact of rising interest rates offset a surprise drop in U.S. crude inventories and hopes for Chinese demand.

U.S. Federal Reserve Chair Jerome Powell’s comments this week on the likelihood that interest rates will need to be raised more than previously expected in response to recent strong data continued to weigh on oil and other risk assets because of the potential impact on economic and demand growth.

Full coverage: REUTERS

Stocks And Dollar Nudge Lower Ahead Of Crucial Few Days

LONDON, March 9 (Reuters) – Global markets were in a rare lull on Thursday ahead of U.S. jobs data at the end of the week that could easily whip up more cross-asset storms.

Europe’s share markets began fractionally lower though there was little movement from either the dollar /FRX or in bond markets, where recessionary warnings having been becoming increasingly shrill again. /US

U.S. Federal Reserve chief Jerome Powell had stuck to his message of higher and potentially faster interest rate hikes during a hearing on Wednesday, but emphasised too that the decision would hinge on the strength of incoming data.

Full coverage: REUTERS

Morning Bid: Is China Exporting Deflation?

A look at the day ahead in European and global markets from Tom Westbrook.

Factory-gate prices stopped falling in China last month, but did not rise and in annual terms remain negative – a welcome piece of news on Thursday for Western central bankers who are starting to run into difficulty in heading off sticky inflation.

Relief wasn’t immediate, as the figures were tinged by doubt on the robustness of China’s consumption rebound, with inflation in the country also at its slowest in a year.

Full coverage: REUTERS

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Industry Dynamics

JPMorgan’s Exit from Wall Street Signals Shift in American Finance 

Today’s News  America’s largest bank, JPMorgan Chase, has made a significant move by closing its branch located on Wall Street, marking the end of a more than 150-year association between the bank and the iconic financial hub. The decision, announced on Friday, signals a profound shift in the traditional landscape of American finance.  While this […]

2024-4-22 | Industry Dynamics

UBS Shuts China Operations: Fund Closures, Layoffs Expected 

Today’s News  According to three sources familiar with the matter, UBS is taking steps to streamline its China private funds business, including shutting down some funds and reducing staff by one-third as part of a cost-cutting measure. Out of the 19 private funds launched by UBS since 2016, up to 17 equity and bond funds […]

2024-4-19 | Industry Dynamics

S&P 500's Losing Streak Signals Fading Rate-Cut Hopes 

Today’s News  Stocks extended their downward trajectory on Wednesday, deepening the April selloff as investors shifted away from expecting imminent interest-rate cuts. The S&P 500 experienced a 0.6% decline, marking its fourth consecutive session of losses, while the Nasdaq Composite dropped 1.1%, and the Dow Jones Industrial Average dipped 0.1%, losing 46 points.  This losing […]

2024-4-18 | Industry Dynamics