March 22, 2024
United States:
BofA Says US Stocks Suffer Big Outflows in Runup to Fed Meeting
US stocks saw hefty outflows in the runup to the Federal Reserve’s policy meeting that took the S&P 500 Index to fresh all-time highs.
US equity funds suffered redemptions of about $22 billion in the week through Wednesday — the biggest since December 2022, according to a note from Bank of America Corp., citing EPFR Global data. That’s alongside a 1.2% advance in the S&P 500 over that period, with the rally building steam following signals that the Fed was on course for three rate cuts this year.
Europe:
Russia Holds Rate as Attacks by Ukraine Spur Inflation Risks
Russia’s central bank held interest rates unchanged on Friday, as it navigates inflation risks that now include attacks on regions bordering Ukraine.
For the second meeting in a row, policymakers left their key rate at 16%, in line with the unanimous forecasts of economists surveyed by Bloomberg. The Bank of Russia gave no guidance on the likely direction of its next move, saying “tight monetary conditions will be maintained in the economy for a long period.”
Asia:
China Jolts FX Markets as Yuan Suffers Worst Day in Two Months
China’s tentative loosening of its vise-like grip on the yuan unleashed a slide in the currency and pulled down its Asian peers along the way.
The onshore yuan dropped the most in more than two months after the authorities set a weaker-than-expected daily fixing, fueling speculation they would tolerate further losses. The decline took the currency to within 0.2% of the end of its allowed daily trading band of plus or minus 2% from the fixing.
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