GLOBAL INVESTMENT STRATEGY, EXECUTION AND RISK MANAGEMENT FOR INSTITUTIONAL INVESTORS

(Bloomberg) -- Facebook Inc. and Amazon.com Inc. set federal lobbying records in the third quarter as Washington ramps up oversight of the tech giants’ business practices. Facebook spent $4.8 million, an increase of almost 70% from the same period the year before. The world’s largest social-media company is grappling with a mushrooming list of challenges, including federal ...

(Bloomberg) -- China’s central bank used open-market operations to inject the largest amount of cash into the banking system since May, as upcoming corporate tax payments tighten liquidity conditions. The People’s Bank of China on Tuesday net injected 250 billion yuan ($35 billion) via seven-day reverse repurchase agreements, according to a statement. There were no ...

(Bloomberg) -- Land-scarce, low-lying and increasingly hot Singapore is going to have to find room for more than a quarter of a million new trees and shrubs as the city-state steps up measures to respond to climate change. “Citizens around the world have come to recognize climate change for what it is -- the defining issue of our times,” Masagos Zulkifli, minister for the ...

(Bloomberg) -- Infosys Ltd.’s shares plunged to a 10-month low after whistle-blowers accused Chief Executive Officer Salil Parekh of leading an effort to shore up profits through irregular accounting, turning up the heat on an IT services giant that endured internal turmoil just two years ago. The stock fell as much as 16% Tuesday, wiping out 2019’s gains via its biggest intraday ...

(Bloomberg) -- Prime Minister Boris Johnson will find out Tuesday evening whether he has any chance of getting his Brexit deal through Parliament -- and whether he can do it ahead of his Oct. 31 deadline. Having twice been denied a vote on whether members of Parliament support his deal, Johnson has introduced the Withdrawal Agreement Bill, which would implement the deal in ...

(Bloomberg) -- Canadian Prime Minister Justin Trudeau won a second term in national elections, displaying once again a remarkable ability to overcome scandal and controversy to remain in power. Trudeau’s Liberal Party won or was leading in 155 of Canada’s 338 electoral districts, losing his majority in parliament but gaining enough seats to secure a stable government with ...

(Bloomberg) -- Democratic lawmakers are increasingly demanding that U.S. authorities investigate allegations raised in a recent magazine article that traders might be using non-public government information to reap huge illegal profits, even as the exchange where the transactions purportedly took place called the story “patently false.” In a Monday letter, 14 Democratic senators urged the heads of the Justice Department, FBI, ...

(Bloomberg) -- Just weeks before the worst civil unrest since Chile returned to democracy 29 years ago, President Sebastian Pinera described the country as “a true oasis” amid Latin American turmoil. The billionaire investor-turned-politician isn’t alone in his glowing assessment of a country that regularly tops regional prosperity metrics. However, the deadly upheaval of ...

(Bloomberg) -- Juul Labs Inc. spent a record $1.2 million on federal lobbying during the third quarter as the largest U.S. e-cigarette maker faced threats that many of its products would be banned following an increase in lung illnesses linked to vaping. The company’s lobbying spending during the three months ending Sept. 30 more than doubled from $560,000 in the same ...

(Bloomberg) -- Dollar bonds of Chinese luxury clothing giant Shandong Ruyi Technology Group Co. extended a rally amid plans by the company to reduce some of its debt burden. Shandong Ruyi plans to buy back some of its dollar bonds at an “appropriate time”, Su Xiao, president of Ruyi Holding Group, a shareholder, said at an investor meeting held in Hong Kong on Monday. This ...

(Bloomberg) -- Treasury futures flat from the open after sliding on Monday on weakness in gilts and with S&P 500 hitting 3,000 amid positive signs on trade talks. Cash USTs and JGB markets closed in Asia due to holiday in Japan. Large Aussie government bonds redemption may continue to support front-end.

• Cash USTs to open at 7am London. U.S. supply kicks off Tuesday with new 2-year for $40b ...

(Bloomberg) -- Citadel Securities hired Citigroup Inc.’s Kelly Wang to spearhead fixed-income sales from Hong Kong as billionaire Ken Griffin’s market-making behemoth further expands its Treasuries trading reach in Asia. Wang spent over six years as Citigroup, most recently as head of greater China investor foreign-exchange sales in Hong Kong. Prior to that she worked at ...

(Bloomberg) -- JPMorgan Chase & Co. says the money-market stress that sent short-term borrowing rates surging last month is likely to get much worse despite the Federal Reserve’s attempts to inject billions of dollars into the financial system. The Fed has offered overnight loans and started buying up to $60 billion of U.S. Treasury bills a month in an effort to ease ...

(Bloomberg) -- Emerging Asian currencies consolidated after recent gains as investors wait on details from U.S.-China trade talks.

• President Donald Trump said China has indicated that negotiations over an initial trade deal are advancing, raising expectations the nations’ leaders could sign an agreement at a meeting next month in Chile
• China’s central bank added 250 billion yuan ($35 billion) into the banking system, the ...

(Bloomberg) -- A look at the price action and you’d be forgiven for thinking all was well in emerging markets. Far from it. While indexes of stocks, bonds and currencies hover around their strongest levels since early August, political crises from Ecuador and Argentina to Turkey, South Africa and -- most recently -- Chile and Lebanon ...

(Bloomberg) -- The People’s Bank of China will inject 250b yuan into the banking system using 7-day reverse repurchase agreements, according two traders at primary dealers.

• The net injection of 250b yuan in open market operation is the largest amount since May 29: Bloomberg calculation
• PBOC gauges demand for 7-day, 14-day, 28-day and 63-day reverse repos for Oct. 23, ...

(Bloomberg) -- Hungary’s central bank will probably stay put after a modest easing step last month, as a slowing world economy tempers the impact of a tight labor market. The Monetary Council is set to keep its overnight-deposit interest rate and the base rate at -0.05% and 0.9% respectively, according to a Bloomberg survey. With rate setters in a self-defined “data-driven” ...

(Bloomberg) -- Three words -- whatever it takes -- defined Mario Draghi’s time as European Central Bank president, but he’s prouder of another number: 11 million jobs. Hardly a public appearance goes by without Draghi mentioning employment growth in the euro zone as a justification for the extraordinary monetary stimulus he’s pushed through since 2011. ...

(Bloomberg Economics) -- Growth has slumped in Germany reflecting a turn in the global investment cycle, a lack of clarity over global trade and turmoil in the autos industry. Leading indicators suggest 2020 will begin on a weak footing and the risk is of a deeper downturn. If U.S.-EU trade negotiations flounder, Germany would take a big hit -- a recession worthy of the name could be unavoidable. ...

(Bloomberg) -- Latin America, the traditional poster child for political risk in financial markets, is back as a source of concern for investors. Chilean President Sebastian Pinera on Saturday became the second leader this month to declare a state of emergency, his hand forced by violent protests in South America’s wealthiest country after an increase in transportation ...

(Bloomberg Economics) -- India’s growth recovery, which has been a long time coming, finally seems to be around the corner. By next year, the economy should see rising rural incomes, better transmission of central bank’s easing, and higher post-tax corporate profit. Combined, these should aid a revival of consumer and investor sentiment. The turnaround in the economy is likely to show up from the October-December quarter, ...

(Bloomberg) -- How do you spur demand in an economy? By raising taxes, not cutting them, says this year’s winner of the Nobel prize for economics. Reducing taxes to boost investment is a myth spread by businesses, says Abhijit Banerjee, who won the prize along with Esther Duflo of the Massachusetts Institute of Technology and Michael Kremer of Harvard University for their ...

(Bloomberg) -- Swedish central bank policy makers are intent on leaving negative interest rates behind after almost half a decade. But faced with a barrage of bad economic data, Governor Stefan Ingves and his colleagues will on Thursday likely delay a plan to tighten at the turn of the year further into 2020. They’re betting the largest Nordic economy will avoid an outright recession as the Federal ...

(Bloomberg) -- United Auto Workers members at a General Motors Co. plant near Nashville, Tennessee narrowly gave a thumbs down on a proposed contract to end a more than five-week old strike — an early indication that rank-and-file approval of the tentative deal could be close. In one of the first votes by a major union local, the Spring Hill assembly’s 3,300 unionized ...

(Bloomberg) -- Three words -- whatever it takes -- defined Mario Draghi’s time as European Central Bank president, but he’s prouder of another number: 11 million jobs. Hardly a public appearance goes by without Draghi mentioning employment growth in the euro zone as a justification for the extraordinary monetary stimulus he’s pushed through since 2011. The focus on jobs might be understandable given that, ...

(Bloomberg) -- The ECB added three new securities to its CSPP program during the week ended Oct. 18, according to central bank data analyzed by Bloomberg.

• Four securities were removed and the value of the CSPP portfolio decreased by EU6m, at amortized cost

New Holdings Removed Holdings

• CSPP ISINs as determined by Bloomberg using ECB website data at 2:45am London on October ...

(Bloomberg) -- When analyzing the economic successes and failures of Mario Draghi’s eight-year term as European Central Bank president, regional differences are striking. Aside from Greece and Cyprus -- both deeply scarred after years of austerity and a near-collapse of their financial system -- no country has done worse than Draghi’s native Italy in terms of total output per head.

(Bloomberg Intelligence) -- The European Central Bank is running low on sovereign bonds to buy -- that undermines the credibility of its pledge to keep going until inflation picks up. The easiest way to ensure the program can run without changing its self-imposed guidelines is to lean more heavily on private debt. If inflation takes two years to firm, the ECB could face a shortage of about 60 billion euros in debt during the ...

(Bloomberg) -- The Federal Reserve is ‘the largest driver” of weakness in the MBS market, Pimco’s Mike Cudzil and Dan Hyman wrote in a blog post.

• Since October 2017 the central bank has been allowing MBS on its balance sheet to run off at a maximum of $20b/month

• Should it end this process and reinvest the roll off proceeds back into MBS, it would benefit homeowners, buyers ...

(Bloomberg) -- Federal Reserve Governor Michelle Bowman says central banks have a responsibility to be leaders in increasing diversity and inclusion in the fields of economics and finance.

• Bowman delivers pre-recorded closing remarks to a joint Bank of England, Federal Reserve Board and European Central Bank conference on gender and career progression in Frankfurt
• Bowman doesn’t comment on monetary policy or her outlook for the U.S. economy in the ...

(Business Insider)

• Money market stress isn't likely to be calmed by recent Federal Reserve capital injections, and will likely get worse through the end of the year, JPMorgan Chase analysts wrote.
• The Federal Reserve began monthly purchases of $60 billion worth of Treasurys, but the capital will likely remain with primary lenders when non-primary firms are the ones that need it most, the ...

(Bloomberg) -- The American consumer remains king of an economy that received another piece of bad news last week on the manufacturing front. A look at full-time prime-age workers’ earnings helps explain why. The labor market’s tightening is generating faster wage growth, with minorities enjoying the largest year-over-year pay improvements. Such increases are likely to be welcomed by Federal Reserve policy ...

(Bloomberg) -- Hedge funds have been using the delay in a planned Brexit vote by the U.K. parliament to load up on topside cover as their conviction that there will be a deal increases, Asia-based FX traders say.

• Many funds are carrying large long gamma positions via call spreads and outright calls should spot GBP/USD rise between 1.31 and 1.34
• GBP/USD options with a combined notional face value of GBP2.46b at strike 1.3150 expire ...

(Bloomberg) -- Benchmark sovereign bonds drop as govt is set to switch 200b rupees of shorter debt to longer tenor paper via an auction. Rupee gains most among Asian peers after an extended weekend.

• Govt to switch 200b rupees of bonds to 6.45% 2029 debt via auction on Oct. 24
• RBI’s monetary policy minutes released late Friday was unanimous in keeping rates lower for longer ...

(Bloomberg) -- S&P futures inch 0.2% higher as most Asian indexes gain; Kospi jumps 1.2%, ASX 200 index 0.4% stronger. T-note futures flatline with cash Treasuries closed for Japan holiday; Aussie curve bear steepens after 10-year yield adds 3bps. Bloomberg dollar index hovers near three-month low; kiwi extends recent outperformance, loonie little changed after Canada election. Yuan marginally softer after PBOC injects 250b yuan ...

Tencent Holdings Ltd. live-streamed two National Basketball Association games played outside of China Monday, even as the nation’s top broadcaster shuns the league because of a controversy around Hong Kong’s pro-democracy movement. The Chinese social media giant aired a game between the Chicago Bulls and Toronto Raptors and another between Maccabi Tel Aviv ...

Ecuador will reverse the fuel price rises which triggered nearly two weeks of violent unrest, while the leaders of the nation’s indigenous organizations called off protests which have paralyzed swathes of the country. The government of President Lenin Moreno agreed to repeal its Oct. 1 decree to end subsidies on diesel and gasoline, said Arnaud Peral, a UN ...

Syria said forces loyal to President Bashar al-Assad deployed northward on Sunday in response to Turkish troop movements. President Donald Trump said the U.S. is ready to impose sanctions if Turkey does anything off-limits in its cross-border operation in northeastern Syria. The Turkish army captured Tal Abyad, a strategic town, while reaching its target of ...

WeWork is considering a bailout that will hand control of the co-working giant to SoftBank Group Corp., according to a person familiar with the matter, one of two main options to rescue the once high-flying startup. The Japanese investment powerhouse controlled by billionaire Masayoshi Son is convinced it can turn around the cash-strapped American company ...

Santos Ltd. agreed to buy ConocoPhillips’ northern Australia business for $1.4 billion in a deal that will boost the Adelaide-based oil and gas producer’s position in the growing Asian liquefied natural gas market. The transaction may allow Santos to become the country’s largest independent energy producer and capitalize on a push by Asian consumers, ...

Boris Johnson’s attempt to secure a Brexit deal ran into trouble after the European Union warned the talks were still a long way from a breakthrough and the British prime minister’s political allies distanced themselves from his plans. The pound fell. After a weekend of intensive negotiations in Brussels, the EU’s chief Brexit negotiator, Michel Barnier, ...

President Donald Trump said the U.S. is “ready to go” with more sanctions on Turkey in response to its incursion into Syria, after his defense secretary said the president ordered a deliberate withdrawal of troops from northern Syria to keep them out of harm’s way. Trump said in a Sunday tweet that he’s dealing with Republican Senator Lindsey Graham of South ...

A Hong Kong police officer was slashed in the neck by a protester as clashes continued following an escalation of violence earlier this month in demonstrations that began in June. Demonstrators spread out across 18 districts on Sunday in scattered, pop-up protests to pressure the government to meet their remaining demands, including the right to choose and ...

An unprecedented blackout that plunged millions of Californians into the darkness for days is over. And nobody can say when the next will hit. Even as PG&E Corp. declared an end to last week’s shutoffs -- a deliberate move to keep power lines from sparking the kind of blazes that forced the utility into bankruptcy -- ...

(New York Times) -- WASHINGTON — A video depicting a macabre scene of a fake President Trump shooting, stabbing and brutally assaulting members of the news media and his political opponents was shown at a conference for his supporters at his Miami resort last week, according to footage obtained by The New York Times. Several of Mr. Trump’s top surrogates — including his son Donald Trump Jr., his former ...

Huge foreign inflows into South Korean bonds belie returns that are among the lowest in Asia -- and an expected interest rate cut by the central bank may not be enough to change the picture anytime soon. Despite a consumer price index that’s dropped below zero, most economists see the Bank of Korea standing pat after a likely reduction in benchmark borrowing ...

Treasury futures tick higher as yen climbs and S&P E-mini futures unwind initial gains. Volumes are low with cash markets closed. Aussie bond futures rise amid heavy volumes, suggesting appetite to buy the dip after yields rose at the open while long-end remains supported.

• UST yields implied by futures are around 1bp lower across the curve. Futures volumes ...

Singapore offers a small ray of light in a faltering global economy. The country that's so intimately tied to the rhythms of global commerce dodged a recession in the third quarter, figures Monday showed. Singapore simultaneously eased monetary policy, the first such step since 2016, as anticipated. That it did so cautiously suggests at least some of the ...

(Bloomberg Economics) -- Lebanon is flashing red. Average dollar yields have almost doubled since February and are well into distressed territory. Financial markets are right to be worried -- the country could deplete its international reserves within 10-24 months if it doesn’t get financial support from the Gulf.

• The peg between Lebanon’s pound and the dollar is under threat: international reserves can ...

The U.S. and China agreed Friday to the contours of a partial trade deal that Presidents Donald Trump and Xi Jinping could sign as soon as next month, but there’s still a lot for investors to chew on. Questions remain on everything from whether the deal will actually be completed to the import taxes on all remaining Chinese shipments due to start Dec. 15. ...

Stocks are struggling to reclaim their highs. Bonds are looking blah. A lot is probably priced into markets: Brexit, slowing global growth, a Fed rate cut this month, a partial trade deal -- all things we’ve been talking about for weeks or months. One place to look now: money market funds.

• By some measures, the flight to safety is in full swing. Commercial bank holdings of ...

The pound dropped from a three-month high after European Union negotiators said U.K. Prime Minister Boris Johnson’s plans were not yet good enough to form the basis of an exit agreement.

• Sterling fell versus all its major peers after Chief EU Brexit negotiator Michel Barnier was said to have briefed the bloc’s government envoys that the U.K.’s proposals were ...

Emerging-market stocks halted a three-week slide last week and currencies rose as the U.S. and China agreed on the outline of a partial trade accord. As part of the deal, China will significantly step up purchases of U.S. agricultural commodities, while the U.S. will delay a tariff increase due this week. President Donald Trump said the deal was the first phase of a broader agreement. ...

A more than 200% surge in onion prices is expected to push India’s headline inflation rate to its highest level in more than a year, but is unlikely to keep Asia’s most aggressive rate cutter from further easing monetary policy. The price-spike is likely to add at least 30 basis points to September’s headline inflation. A Bloomberg survey ahead of a report ...

The guardians of the world economy head to Washington this week under the cloud of a slowing world economy. The annual meetings of the International Monetary Fund and World Bank kick off with the new leaders of both expressing concern over the outlook. IMF Managing Director Kristalina Georgieva is already hinting her economists will on Tuesday cut their ...

China’s central bank is continuing to keep its yuan fix flat as signs of progress emerge in trade talks with the U.S., with strategists divided on how the currency will fare. The People’s Bank of China set the daily reference rate around 7.073 per dollar for a fifteenth straight trading day on Monday, pushing the fixing’s 10-day volatility to the lowest since ...

The global economy is wobbling and whether it topples over is the big question in financial markets, executive suites and the corridors of power. Investors cheered Friday as the U.S. struck a partial trade agreement with China and there were even signs the U.K. may strike a divorce deal with the European Union. But the debate over how close the world is to ...

Singapore’s central bank signaled it’s ready to adjust monetary policy further after easing Monday for the first time since 2016 as risks to the economic growth outlook persist. The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool, reduced “slightly the rate of appreciation” of the currency band and said it’s prepared to ...

The guardians of the world economy head to Washington this week under the cloud of a slowing world economy. The annual meetings of the International Monetary Fund and World Bank kick off with the new leaders of both expressing concern over the outlook. IMF Managing Director Kristalina Georgieva is already hinting her economists will on Tuesday cut their ...

(Bloomberg Economics) -- China’s September trade data showed greater contractions as the U.S. imposed further tariffs on Chinese exports from the month. Both exports and imports undershot expectations. The ‘phase one deal’ between the U.S. and China raises hopes for a de-escalation in the trade war, but doesn’t materially change China’s trade outlook yet.

• Exports fell 3.2% year-on-year in September, bigger than the 1.0% drop in August. This was ...

China’s exports and imports shrank more than expected in September, as existing U.S. tariffs and the ongoing slowdown in global trade combined to undercut demand. Exports decreased 3.2% in dollar terms from a year earlier while imports declined 8.5%, leaving a trade surplus of $39.65 billion, the customs administration said Monday. Economists had forecast ...

Several members of the European Central Bank’s Governing Council are against the ECB buying more bonds, the Austrian central bank Governor Robert Holzmann said. “The view was that the attempt to inject even more liquidity isn’t good, even counterproductive,” Holzmann told Austrian public TV broadcaster ORF in an interview. “Several governors didn’t consider ...

4-hour timeframe Amplitude of the last 5 days (high-low): 43p - 39p - 55p - 37p - 64p. Average volatility over the past 5 days: 48p (average). The European currency in the confrontation with the US dollar ended the week of October 7-11, relatively calmly, with an increase, but not too strong. In total, the bulls managed to push the pair away from two-year lows by almost 200 points. Yes, this is not ...

As Mario Draghi’s tenure at the helm of the ECB draws to a close, he becomes (slightly) more pointed and looser with his public statements. On Friday (October 11, 2019), he gave a speech – Policymaking, responsibility and uncertainty – at the Università Cattolica in Milan on the occasion of receiving the Laurea Honoris Causa (honorary degree). He broadened the scope of his policy ambit by saying ...

To get John Authers' newsletter delivered directly to your inbox, sign up here. A real scientist has some big advantages over economists and investors. None is bigger than the ability to conduct a controlled experiment — hold all other variables equal and see what happens when one is changed. Such an experiment would have been very useful at the end of last week when several things ...

(Bloomberg Intelligence) -- Growing fears of a U.S. recession and the nation's ongoing trade woes with China are suppressing the appetite for risk. Global crude is the worst-performing asset, while energy stocks on MSCI Asia Pacific lag constituent peers.

First Word FX News Foreign Exchange

36) China Sept. Exports -0.7% Y/y in Yuan Terms; Est. 1.5%

37) Trade Truce Welcome in Asia, EU Cools Brexit Hopes: Macro Squawk

Story to follow

WeWork bonds dropped to their lowest level on record Monday after the company said it’s formally withdrawing its prospectus for its initial public offering.

• The office-sharing company’s 7.875% notes due 2025 fell as much as 2.2 cents on the dollar to 85 cents, according to Trace
• At current level, bonds yield 11.3%
• NOTE: WeWork Puts ‘Official Pause’ on IPO to Focus on Core Business

Mother Nature is figuring into consumers’ holiday spending plans this year. The environmental impact of fast-delivery options, which may include using planes and shipping multiple items separately, is a concern resonating with Americans, according to Accenture’s Annual Holiday Shopping Survey. Half of respondents said they’d choose options that leave a ...

Donald Trump’s personal lawyer, Rudy Giuliani, his Secretary of State Michael Pompeo and Attorney General William Barr were all drawn deeper into the House impeachment inquiry after new details of the administration’s foreign contacts emerged on Monday. Three House committees said they had subpoenaed Giuliani for records of his dealings with Ukraine on ...

Dominion Energy Inc., the U.S. utility giant that came under fire a month ago for overcharging its customers by almost $380 million, wants to keep the money and spend it on grid upgrades. On late Monday, the Virginia power company proposed to use some of the extra cash to help install almost a million smart meters, create an online “customer information ...

President Xi Jinping declared that no force could stop China’s rise, exuding confidence during a key anniversary as he faced unprecedented challenges from protesters in Hong Kong and Donald Trump’s trade war. Speaking at the start of grand parade marking 70 years since the founding of the People’s Republic, Xi called for stability in Hong Kong, unity among ...

President Donald Trump’s personal attorney Rudy Giuliani was subpoenaed for documents Monday by Democrats on the House Intelligence Committee, as the impeachment inquiry into the president accelerates. The Democratic chairmen of the House committees on foreign affairs, intelligence and oversight gave Giuliani a deadline of Oct. 15 to turn over documents he ...

British Prime Minister Boris Johnson is facing the moment of truth for his Brexit strategy as he prepares to present his blueprint for a deal to the European Union in days. The reception his plan receives in Brussels and among pro-Brexit members of his ruling Conservative Party will determine whether there is any hope of securing an orderly exit for the U.K. ...

Hong Kong pro-democracy protesters began gathering for a series of protests, including a march through the city center, hours after celebrations for a holiday marking 70 years of Communist rule in China began in Beijing. President Xi Jinping oversaw a military parade through the center of the capital that featured some of China’s most advanced weaponry, ...

President Donald Trump has nominated the general counsel of the Federal Energy Regulatory Commission to one of two open seats on the panel, which oversees the U.S. power grid, approves utility mergers and grants permits for natural gas pipelines. If confirmed, James Danly, the general counsel, would fill the Republican slot on the commission, which has been ...

Companies globally sold a record amount of bonds in September as investors hungry for yield poured into debt, betting that major central banks can keep the global economy out of a recession and the worst can be avoided in the U.S.-China trade war. Firms from Apple Inc. to Japan’s SoftBank Group Corp. sold more than $308 billion of notes, the first time ever ...

The world’s biggest pension fund is giving itself leeway to buy billions of dollars more of bonds outside its home market, as negative rates in Japan drive down returns. Japan’s Government Pension Investment Fund will consider currency-hedged overseas bond holdings as similar to domestic debt investments, it said in a statement on Tuesday. This will allow ...

Indiabulls Housing Finance Ltd., a major Indian shadow lender that’s caught in the crosshairs of the troubles plaguing the industry, is seeking to bring forward a court hearing on fraud allegations after a record share slide. The development represents an effort to get out ahead of recent headlines that contributed to its share price losing about 8% today ...

Japan’s government bonds slid across the curve Tuesday following weak demand at a 10-year note sale amid concern the nation’s central bank and pension fund will cut purchases. Ten-year bond futures slumped as much as 0.76 yen to 154.26, triggering a margin call at the Japan Securities Clearing Corp. The auction drew the lowest bid-to-cover ratio since 2016 ...

Australia’s dollar fell against all its major peers after the Reserve Bank lowered interest rates and signaled it may ease again. The greenback climbed as mixed U.S. economic data cast doubt on the need for more rate cuts.

• Aussie dropped to a one-month low as option desks and macro funds sold the currency after the central bank said it’s prepared to ease ...

BlackRock Inc., the world’s largest money manager, plans to add to its holdings of Indian bonds, lured by one of the highest yields among emerging Asian nations and the promise of more monetary easing. “We are looking at some stabilization and would potentially look for adding exposure” after the risks from the likely increase in federal borrowings settle, Neeraj Seth ...

Australia’s central bank lowered interest rates for the third time this year as it tries to shield the economy from a slew of offshore risks, and signaled it may cut even further. Reserve Bank chief Philip Lowe reduced the cash rate by 25 basis points to 0.75%, as predicted by money markets and most economists, edging closer to a level where unconventional ...

The work of central banking has become ever more complicated since the global financial crisis ushered in an era of unconventional policy tools a decade ago. Now the Kuala Lumpur-based Asia School of Business is launching a full-time Master of Central Banking degree to help meet the challenges. Aimed at mid-career central bank officials, the year-long residential program, slated to ...

Fears over the global economy and the impact of a sales tax have made Japanese manufacturers gloomier about business conditions, but not likely by enough to push the Bank of Japan closer to extra stimulus later this month. Confidence among the country’s biggest product makers, which include household names such as Toyota, Sony and Canon, fell to 5 from 7, ...

Europe’s job market is giving some hope to the region’s economic story, which has been dominated by a deepening slump in manufacturing that’s tipped Germany close to recession. Figures Monday showed the euro-area unemployment rate fell to 7.4% in August, the lowest in over 11 years. Italy reported an unexpected drop to 9.5% and Germany saw the number of people ...

Reserve Bank of Australia announces policy decision in Melbourne Tuesday.

• Governor Philip Lowe: “It is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target. The Board will continue to monitor developments, including in the labour market, and is prepared to ...

Manufacturing sentiment throughout Asia remained mostly bleak in September amid trade tensions and waning global demand. Purchasing manager indexes for South Korea, Japan, and Indonesia were still in contraction territory, with South Korea’s slipped by one point to 48. Elsewhere, the gauges largely lingered at subdued levels, with Taiwan proving to be the ...

Shinzo Abe will almost certainly become Japan’s longest-serving prime minister next month. Whether he’ll be remembered as a success could well hinge on how the country’s economy weathers what happens today. Legislation raising Japan’s sales tax to 10% from 8% took effect Tuesday, a long-planned step intended to help the government rein in the world’s largest ...

India’s Finance Minister Nirmala Sitharaman has been announcing fiscal steps almost every week since August to help industries hit by the economy’s slowdown: from tax benefits for vehicle purchases to easing foreign investment rules. Yet while cheered by businesses, the moves have left investors with several unanswered questions and worries about the fiscal deficit ...

The euro area economy will keep expanding, though more slowly, as it’s held back in large measure by global trade uncertainty, according to the European Central Bank’s chief economist, Philip Lane. “For several quarters now, we have been facing a slowdown that can, in part, be ascribed to external factors,” Lane said in a speech in Los Angeles on Monday ...

(Bloomberg Economics) -- Inflation in the euro-area will probably remain obstinately weak in September. The headline rate is likely to slip below 1%, lending support to the European Central Bank’s decision to restart bond purchases from November. The data has also taken on an added significance since the ECB chose in September to directly link its forward guidance to developments in realized inflation. ...

European Central Bank President Mario Draghi said the institution can do more if needed to boost inflation, and repeated his call for euro-area governments to support this effort with fiscal spending. “All instruments from interest rates to asset purchases, to forward guidance are ready to be calibrated,” he told the Financial Times in an interview. He also ...

When Christine Lagarde takes charge of the European Central Bank, she’ll inherit the policy disputes of her predecessors -- now with even deeper scars. The new president will have to confront the aftermath of an unprecedented revolt among officials over Mario Draghi’s plan to reactivate quantitative easing. In a move probably linked to that, Germany’s Sabine Lautenschlaeger ...

Draghi was quoted Monday by the Financial Times as saying: ...

The Federal Reserve asked some of the nation’s biggest banks about Libra, the digital currency proposed by Facebook Inc., and the answer was simple: They don’t like it. “Facebook is potentially creating a digital monetary ecosystem outside of sanctioned financial markets -- or a ‘shadow banking’ system,” banks said, according to minutes of this month’s ...

Following is a summary of Texas manufacturing activity from the Federal Reserve Bank of Dallas. Diffusion Index: Six Months From: To compare the Dallas Fed General Business Activity and ISM Manufacturing: see G ECO 64 <GO>. NOTE: Diffusion indexes represent the percentage of respondents indicating an increase ...

New York Federal Reserve President John Williams said bank reserves will probably need to be higher in the future to limit the risk of money markets repeating their recent turmoil, the New York Times reported, citing an interview. “Despite there being a lot of reserves in the system, they weren’t moving around. They’re lumpy’’ Williams told the newspaper. “We ...

Investigation by law firm Homburger found no indication that CEO Tidjane Thiam had approved the observation of star banker Iqbal Khan nor that he was aware of it before September 18, after observation was aborted, Credit Suisse says in statement.

• COO Pierre-Olivier Bouee resigns; to be succeeded by James Walker
• Bouee told investigation he alone initiated observation of Iqbal Khan; did not discuss it ...

President Martin Vizcarra dissolved Peru’s opposition-controlled Congress and called a parliamentary election after months of confrontation over anti-corruption measures boiled over. Vizcarra said Monday he used his constitutional right to dissolve Peru’s unicameral Congress after his cabinet lost a vote of confidence over the government’s bid to halt the ...