January 13, 2025
United States:
Treasuries Selloff Ripples Through World Markets After Jobs Data
Treasuries fell as traders scaled back bets on Federal Reserve interest-rate cuts following Friday’s blowout US employment report.
Yields on benchmark 10-year bonds rose as much as four basis points on Monday to 4.80%, the highest level since November 2023.
Europe:
More ECB Cuts Needed Irrespective of Fed Moves, Rehn Says
The European Central Bank should continue lowering borrowing costs irrespective of what the US Federal Reserve does, according to Governing Council member Olli Rehn.
“Against the backdrop of disinflation being on track and the growth outlook having weakened it makes sense to continue rate cuts,” the Finnish official told Bloomberg TV. “The direction is clear; the scale and speed of rate cuts depends upon the incoming data.”
Asia:
China Policy Focus to Shift More to Consumption, PBOC’s Pan Says
China will promote the role of consumption in the economy and move away from its sole focus on investment, according to the central bank governor, ushering in a shift in the growth model that’s come to define the country over the past two decades.
“The priority of macroeconomic policy should shift from promoting more investment in the past, to promoting both consumption and investment, with more importance attached to consumption,” Pan Gongsheng said in a speech at the Asian Financial Forum in Hong Kong.
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
