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Exclusive: U.S. lets China bypass Wall Street for Treasury orders
(Reuters) - China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters.
The relationship means the People's Bank of China buys U.S. debt using a different method than any other central bank in the world.
The other central banks, including the Bank of Japan, which has a large appetite for Treasuries, place orders for U.S. debt with major Wall Street banks designated by the government as primary dealers. Those dealers then bid on their behalf at Treasury auctions.
China, which holds $1.17 trillion in U.S. Treasuries, still buys some Treasuries through primary dealers, but since June 2011, that route hasn't been necessary.
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Fed's Lockhart says circumstances not ripe for QE3
(Reuters) - The U.S. economy needs "measured" efforts to bolster growth, but the central bank should focus on improving its communications because circumstances do not warrant further bond buying at this time, a top Federal Reserve official said on Monday.
Atlanta Federal Reserve Bank President Dennis Lockhart said the central bank's policy panel should push forward with efforts to give the public and financial markets a better understanding of how it would react to incoming information on the economy.
"Circumstances today in the United States call for continued measured efforts to quicken the pace of recovery and shrink unemployment, while keeping inflation controlled," Lockhart said in a speech prepared for delivery to the Institute of Regulation and Risk, North Asia, in Tokyo.
The ...
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Copper rises 1 percent on China stimulus hopes
(Reuters) - Copper rose 1 percent in moderate volume on Monday as demand prospects improved after the Chinese premier called for extra efforts to support growth in the world's top metals consumer.
"We should continue to implement a proactive fiscal policy and a prudent monetary policy while giving more priority to maintaining growth," Premier Wen Jiabao said on Sunday.
The supportive comments attracted more interest from copper investors, many of whom had already been buying in the market after prices collapsed last week to their lowest in four months.
"China has already been stimulative this year, and to say that they will be more stimulative or will continue to be stimulative is a positive," said Adrian Day, president at Adrian Day Asset Management, which has $165 million in assets.
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Global stocks rebound from year's lows, euro dips
(Reuters) - Global stocks rebounded from their lows for the year on Monday as world leaders emphasized their support for economic growth in the euro zone, but the euro dipped on persistent concerns that Greece could leave the bloc.
Many investors and analysts see the pause in selling of stocks and other risky assets as temporary, given the uncertainties ahead for Greece, which holds national elections on June 17.
On Saturday, leaders of the Group of Eight nations stressed that their "imperative is to promote growth and jobs" for the euro zone and expressed support for Greece to stay in the euro.
Despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems.
"More ...
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Oil turns upwards, Greece still weighs
(Reuters) - Oil prices rose back towards $108 per barrel on Monday, after last week's falls, supported by tension between Western countries and Iran as talks were resuming this week and further lifted by the possibility of growth stimulus in China.
Fears of a Greek exit from the euro continued to weigh, however.
A summit of the Group of Eight major economies at the weekend failed to deliver any signal Europe would act quickly to address the risk of a chaotic Greek exit from the euro, leaving investors on alert and curb an upturn in oil prices.
"Gains may be short-lived as EU politicians as usual are having a hard time agreeing on anything. However (there is) an interesting week ahead with the European debt crisis posing a risk on the downside and the potential for nuclear talks with ...
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Global stocks rise from year's lows, euro dips
(Reuters) - Global stocks rose on Monday from their lows for the year as world leaders voiced support for economic growth in the euro zone and China, but the euro dipped on persistent concerns that Greece could leave the bloc.
Many investors and analysts reckon the pause in selling stocks and other risky assets as temporary, given the uncertainties ahead for Greece, which holds national elections on June 17.
On Saturday, leaders of the Group of Eight nations stressed that their "imperative is to promote growth and jobs" for the euro zone and expressed support for Greece to stay in the euro.
But despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems.
"More ...
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Greek Chaos Continues But Solution Ultimately Found
- While waiting for the Greek election on 17 June we are likely to see continued high uncertainty and continued high stress in the markets. Things are likely to get worse before they get better.
- Amid this uncertainty, Greek citizens are likely to withdraw more money from their banks and this could escalate into a real bank run.
- A major game of chicken has started between the EU on the one hand and Greek politicians on the other.
- The EU is likely to stand firm on its demands for Greece to deliver austerity and give only a few concessions. The rethoric from the left coalition party Syriza is likely to continue to be fiercely against the EU as it is aiming to become the biggest party and get 50 bonus mandates for this.
- We look at three different post-election scenarios. ...
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Pessimism is to infiltrate after a vulnerable pullback
Markets rebounded slightly with the start of week on a pullback that is expected to be short lived among the mounting concerns over Greece exit, where no one is certain over the outcome of such an event if happened.
The negativity should continue to dampen risk appetite; where the EUR/USD has started to pare earlier gains trading at 1.2745 after kicking off the session at 1.2762, where it printed a high at 1.2812 previous low and key short term resistance. Stochastic has completed a bearish crossover hinting we may see another downside attempt to resume the bearish trend towards 1.2625 lows.
The GBP/USD is fluctuating around 1.5800, also attempting to regain the bearish momentum, eying another test of 1.5730 recent low. The bearish bias is expected to remain evident so long as 1.5840 ...
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Wall Street Seen Higher As G-8, China Commit to Spur Growth
The sentiment is picking up ahead of the first U.S. trading session this week, after a Chinese commitment to stimulate the world`s second-largest economy boosted prospects of global growth, comments that come after Greece`s euro-memebership was backed by the G-8 economies.
U.S. Stock Futures signal that the Standard & Poor`s 500 Index will snap a six-day losing streak as the leaders of G-8 countries backed Greece in the euro and vowed to spur growth in their economies, offsetting speculation Greece will lose its euro-membership.
As of 07:27 a.m. New York time, Dow Jones Industrial Average futures expiring in June rose 0.60 percent to 12,410, Standard & Poor`s 500 Index futures went up 0.69 percent to 1,299.70, and NASDAQ 100 futures gained 0.73 percent to 2,486.25.
G-8 leaders on ...
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