Bank Of Canada Hikes Rates To 1.25%; Gold Priced In CAD Jumps
Falling US crude stocks, threats to Nigerian fuel infrastructure push oil up
China's economy grows by 6.9% in 2017
Global elite braced for year of heightened risk amid deteriorating geopolitical landscape
BofA takes one-time tax hit, vows benefit in longer term
Reports say China may slow US Treasury purchases, trade tensions cited
11 January 2018, 09:27 | Austin Hogan
Stock Rally Tested by Rise in Yields; Yen Climbs: Markets Wrap
The three major indexes on Wall Street snapped a six-session rally on Wednesday as investors grew jittery after Bloomberg reported that China, the world's biggest foreign holder of US Treasuries, could slow or halt US government bond purchases.
Officials in Beijing reviewing the nation's foreign-exchange holdings have recommended slowing or halting purchases of US Treasuries, according to people familiar with the matter.
The U.S. 10-year yield rose to 2.56 percent on Wednesday, hitting levels not seen since last March.
"If the reports turn out to be true and China no longer sees Treasuries as an attractive option, the repercussions could be significant as the country is one of the biggest holders of US debt", Craig Erlam, senior market analyst at OANDA in London, said in a note. Trade tensions between the world's two largest economies was also cited as a possible reason why China is thinking about reducing its US holdings, according to Bloomberg.
"While U.S. -China tensions are rising, it is very unlikely that China would slow its purchases of U.S. Treasuries to warn the Trump administration against aggressive trade measures", analysts for the political risk consultancy, including Asia Director Michael Hirson and Global Strategy Director Karthik Sankaran, wrote in a note Thursday.
Price named sole Hab at NHL All-Star game
He proved to be a bargain, tallying 65 points (28 goals, 37 assists) in 2016-17, and has continued to prove himself this season. The league announced the full All-Star rosters on Wednesday as selected by the NHL's hockey operations department.
Marvel Studios taps writer to pen long-awaited Black Widow film
There's more great news because The Wrap reports that Jac Schaeffer is set to write a script for a Black Widow standalone movie. Fans were calling for a Black Widow spin-off for a long time and the project has finally gained momentum with the latest news.
"You already had this backdrop of rising rates and people are getting nervous", says Boris Rjavinski, senior interest rate strategist at Wells Fargo Securities in NY. The officials recommended that the nation closely watch factors such as the outlook for supply of USA government debt, along with political developments including trade disputes between the world's two biggest economies when deciding whether to cut some Treasury holdings, the people said.
China, which owns more than $1 trillion in U.S. debt, could cause America's interest rates to increase dramatically and bond prices to collapse if it follows through on that threat. The rate on comparable bunds was one basis point higher at 0.53 per cent.
The fear is that, at a time when the Federal Reserve has started reducing its holdings of US debt (coupled with news that Japan is reducing its Treasury purchases and China might follow suit), there will be less demand for USA debt. "Treasury financing needs are going to rise significantly in 2018 and beyond relative to recent history, so Treasury is going to be looking for as many sources of demand as they can find".
"The dollar was already notably weak ahead of today, despite the fact that USA data remained strong and yields continued to rise", said Boris Schlossberg, managing director of FX strategy at BK Asset Management in NY.
Facebook to shut down its virtual assistant 'M'
The Mark Zuckerberg-led firm had built M for its Messenger chat platform in an attempt to rival Apple's Siri and Google Assistant. Facebook is shutting down its Messenger virtual assistant, M, which helps users make dinner reservations or get gift suggestions.
HP Recalls Laptops Over Fire Risk
HP added that many of these laptops use built-in batteries, meaning the customer can not simply remove and replace them. HP that it's recalling batteries for select laptop models, including some in the ProBook , Envy , and ZBook families.
Jay Bruce Agrees to Three-Year Deal to Return to Mets
The deal Bruce is getting from the Mets is for three years and $39 million, according to Bob Nightengale of USA Today. After being sent to Cleveland, however, Bruce said he enjoyed his time in NY and was open to coming back.