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Bank of Canada Governor Stephen Poloz will resume hiking interest rates Wednesday as the country’s new trade deal with the U.S. and Mexico eliminates what was probably the biggest risk to the economy.
All 23 economists surveyed by Bloomberg predict Poloz will lift the key rate a quarter percentage point to 1.75 percent at a decision in Ottawa. It would be the third increase this year and the fifth since the central bank began raising rates last year. The decision will be accompanied by new forecasts that are likely to show an improving outlook. (Bloomberg – Continue Reading)
Forget fallout from the midterms, a murdered journalist, Brexit or the trade war. The biggest reason to brace for enduring stock volatility may be the simplest: It’s just time.
Bank of America Merrill Lynch’s equity and quant team say market signals from the ever-flattening yield curve are clear as day: stock markets are due to begin a new era of elevated price swings. (Bloomberg – Continue Reading)
In a busy week for central bankers, investors are on the lookout for details about when interest rates could be going up in continental Europe, where the monetary policy normalization process lags well behind the U.S. Federal Reserve.
With the European Central Bank vowing to keep rates at present levels at least through next summer, Sweden’s Riksbank will be in focus when its policy makers meet on Wednesday. At its September meeting, the Stockholm-based central bank indicated rates would remain unchanged in October but pointed to a likely increase in December or February.
Following a “stronger than expected September consumer price inflation release, there is a strong expectation in the market that the Riksbank could hike rates before the end of the year,” wrote Jane Foley, senior FX strategist at Rabobank, adding that Wednesday’s meeting in Stockholm should give further guidance. (MarketWatch – Continue Reading)
As the European Union rejected Italy’s budget proposal and tensions between Brussels and Rome escalate, investors’ faith in European assets is plummeting, market participants said.
“Italy is the No. 1 risk factor in the fourth quarter” for developed markets, Alessio de Longis, a New York-based portfolio manager at OppenheimerFunds, told MarketWatch, and it hurt the market’s faith in European assets, including the euro.
“This is exactly the moment where we get the confrontation and headline risk everyone worried about,” he said.
Italy’s 2019 budget proposal, including the proposed budget deficit equal to 2.4% of gross domestic product, triple the previous government’s plans, has been on investors’ minds since the Italian election in May, as both parties of the ruling coalition campaigned stridently on loose fiscal policies. (MarketWatch – Continue Reading)
Saudi Arabia brushed off an outcry over the killing of journalist Jamal Khashoggi and went ahead on Tuesday with an investment conference boycotted by Western political figures, leading international bankers and company executives.
Speaking at the opening session, prominent Saudi businesswoman Lubna Olayan said the killing of the Washington Post columnist was “alien to our culture” and voiced confidence that the kingdom will “emerge stronger”. (Reuters – Continue Reading)
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