Briefings

Archive April 2024

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Week InAdvance: April 29, 2024

Mon Apr 29 BIS, BoE, ECB, IMF meet. Golden Week begins in Japan. | Tue Apr 30 Fed begins 2-day interest rates meeting. | Wed May 1 Labor Day holiday across much of Europe. London’s annual May Day rally. | Thu May 2 OECD ministerial meeting. UK local elections. | Fri May 3 US jobs report. World Press Freedom Day. Orthodox Good Friday holiday in Greece, Romania, Bulgaria. Holidays in China, Japan.

 

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Week InReview: April 26, 2024

Inflation concerns rattle Treasuries and stocks.

Investors have shown they are excited about AI's prospects, but they want tech companies to continue to focus on revenue and profit in the meantime.

Roiled markets | Bond and stock markets were rattled on Thursday by data that showed exactly what investors did not want to hear: a sharp slowdown in the world’s largest economy and stubborn inflationary pressures. Treasuries sold off, with yields hitting fresh 2024 highs as the economic figures revived chatter about “stagflation” — bringing more uncertainty to the path of Federal Reserve policy. Swap traders pushed back their expectations for the timing of a first-rate cut to December. Stocks also struggled but trimmed most of an earlier slide amid a surge in two heavyweights: Nvidia and Tesla. Their rally offset a post-earnings plunge in fellow megacap Meta Platforms.

 

 

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Week InAdvance: April 22, 2024

Mon Apr 22 Earth Day 2024. US climate action summit in DC. Jewish celebration of Passover begins this evening. US-Philippine war games. | Tue Apr 23 Basel Committee meets. South African Reserve Bank issues monetary policy review. | Wed Apr 24 50th anniversary of Basel Committee & 23rd global banking conference. Bank of Canada releases deliberations of last policy meeting. | Thu Apr 25 US GDP. Anzac Day, a public holiday in Australia and New Zealand. | Fri Apr 26 Global climate conference in Madrid. Japan rate decision. | Sat Apr 27 30th anniversary of South Africa's first fully multiracial elections that marked the end of apartheid. | Sun Apr 28 G7 ministerial meeting on climate, energy, environment. World Economic Forum event in Riyadh.

 

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Week InReview; April 19, 2024

The ongoing selloff in bonds.

Wall Street hit by hawkish bets. Photo: Michael Nagle | Bloomberg

Danger zone | The world’s biggest bond market extended this month’s selloff after solid economic readings and hawkish comments from Federal Reserve officials reinforced speculation that interest rates will be higher for longer. Treasuries fell across the curve, pushing 10-year yields up to around 4.63%. To Vanguard, the market is nearing levels that risk triggering a large selloff. “We are in a danger zone right now,” Ales Koutny, Vanguard’s head of international rates, said in an interview. Even a small move higher — past the critical 4.75% level — could force investors to abandon their bets on a rally, giving way to a wave of selling that could push yields toward the highs of 2007, he said. US Equities meanwhile slid for a fifth straight session on Thursday.

 

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Week InAdvance: April 15, 2024

Mon Apr 15 IMF-World Bank spring meetings begin. Tax day in the US. Boston Marathon. | Tue Apr 16 Olympic flame lit in Greece before heading to Paris. | Wed Apr 17 MSRB board meeting. Fed's 'Beige Book'. G20 finance ministers and central bankers meet in DC. G7 foreign ministers meet in Italy. EU heads of state hold special summit. | Fri Apr 19 Parliamentary elections begin in India. | Sun Apr 21 London marathon.

 

 

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Week InReview: April 12, 2024

US strengthens ties with Japan, Philippines.

Photo: Al Drago | Bloomberg

Ironclad commitments | US President Joe Biden said he was committed to “deepening maritime and security ties” with Japan and the Philippines as he sought to assure allies worried about increasingly assertive Chinese actions in disputed waters. “The United States defense commitments to Japan and to the Philippines are ironclad,” Biden said Thursday before a meeting with Japanese Prime Minister Fumio Kishida and Philippines President Ferdinand Marcos Jr. at the White House for the first trilateral summit among the nations. Meanwhile, in an address to the US Congress, Kishida said the world needs America to maintain its key role on the global stage, warning that Ukraine would lose hope and much of Asia would face “harsher realities” without American support.

 

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Week InAdvance: April 8, 2024

Mon Apr 8 Solar eclipse visible in US. Janet Yellen in China to meet with senior leaders. | Tue Apr 9 CFTC's Market Risk Advisory Committee meets. | Wed Apr 10 US CPI. US FOMC minutes. Bank of Canada policy meeting and rate decision. Eid al-Fitr festival marks the end of Ramadan. | Thu Apr 11 First trilateral summit between the US, Japan, Philippines at the White House. ECB set to meet to debate interest rates. | Fri Apr 12 Marathon des Sables, the 'sand marathon,' starts in Morocco. | Sat Apr 13 North Pole marathon. Thai new year. | Sun Apr 14 London marathon.

 

 

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Week InReview: April 5, 2024

Fedspeak continues today.

Market moves | Wall Street traders are gearing up for Friday’s monthly US jobs report after weekly unemployment claims topped estimates. Bloomberg Economics predicts that 187,000 jobs were added in March and expects the unemployment rate to remain at 3.9%, higher than consensus expectations. The S&P 500 dropped 1.2%, wiping out earlier gains, as a rally in oil amid geopolitical tensions triggered a flight to the safest corners of the market. Brent crude oil climbed above $90 a barrel for the first time since October as Israeli Prime Minister Benjamin Netanyahu said his country will operate against Iran and its proxies and will hurt those who seek to harm it. President Joe Biden told Netanyahu on a call that US support for his war would depend on new steps to protect civilians. Bond yields dropped across the US curve.

 

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Week InAdvance: April 1, 2024

Mon Apr 1 Easter Monday. Market holidays in Australia, New Zealand, Hong Kong, the UK, and much of Europe. Daylight savings time has begun in the UK and much of Europe, with clocks going forward one hour. | Tue Apr 2 Reserve Bank of Australia publishes minutes of March policy meeting. Chile’s central bank meets on interest rates. | Wed Apr 3 NATO’s 75th Anniversary. OPEC+ meeting. Poland’s central bank meets on interest rates. | Thu Apr 4 OECD plenary and NATO meetings conclude. | Fri Apr 5 US employment report. Italy’s Ambrosetti Forum. Reserve Bank of India interest rate decision. Deadline for Apple to comply with the EU's recent order to strike abusive clauses in its contracts with App Store developers. | Sat Apr 6 Start of the new tax year in the UK. | Sun Apr 7 Daylight Saving Time ends in Australia.

 

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