August 5, 2022
United States:
Futures Drop, Yields Rise as Jobs Fuel Rate Bets: Markets Wrap
US stock futures turned lower and Treasuries sank after data showed a booming labor market that might prompt the Federal Reserve to raise rates sharply at its next meeting.
Contracts on the S&P 500 slid more than 0.5% and the two-year Treasury yield jumped toward 3.2% after employers added 528,000 jobs last month, more than double what economists expected. Wage growth also came in stronger than anticipated.
Europe:
BOE Rejects Criticism It Acted Too Slowly on Inflation
Bank of England Governor Andrew Bailey denied that officials allowed inflation to get out of control by acting too slowly, saying interest-rate increases a year ago would have damaged the recovery from the pandemic.
The remarks in an interview on BBC Radio on Friday respond to growing attacks on the UK central bank from the ruling Conservative Party. Inflation is at a 40-year high and forecast to climb further in coming months.
Asia:
India’s Top Mortgage Lender Signs ‘World’s Biggest’ Social Loan
India’s top mortgage lender Housing Development Finance Corp. said it has secured the world’s biggest social loan, a $1.1 billion facility to fund affordable residences, underscoring potential for sustainability-linked financing.
The loan package has been priced at a margin of 90 basis points over secured overnight financing rate. MUFG Bank Ltd. was the lead social loan coordinator and also one of the mandated lead arrangers and borrowers along with CTBC Bank Co., Mizuho Bank Ltd., State Bank of India and Sumitomo Mitsui Banking Corp., according to an HDFC statement.
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