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Yen Gains as Central Bank Meetings, Elections Loom: Markets Wrap

March 13,2017 00:26

The Netherlands' election takes place March 15 amid a growing diplomatic spat with Turkey. Earnings reports are due this week from firms including Oracle Corp., Tiffany & Co., and Prudential Plc. G-20 finance ministers gather in Germany for a series of ...and more »


The yen rose and most Asian equity indexes signaled a muted start to trading ahead of an important week for global monetary policy settings, with central banks in Japan, the U.S. and the U.K. all meeting. The euro nudged higher.A stronger yen may weigh on Japanese equities on Monday, while most other major stock gauges pointed to a mixed start. Traders betting on further gains in the dollar will be focusing on the Federal Reserve’s quarterly update on projections for future rate levels. The euro built on gains from Friday, when European Central Bank policy makers were said to have considered their ability to tighten before a bond-buying program comes to an end.

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Global equities are trading nearing a record high as indications of firming growth in the U.S. and Europe coincide with China’s economy showing signs of improvement in the first two months of 2017. The dollar remains below its January highs as U.S. jobs data at the end of last week cleared the way for the Fed to raise interest rates on Wednesday without forcing it to accelerate the pace for future tightening.
Read our Markets Live blog here.What’s on traders’ watch lists this week: HSBC Holdings Plc may announce a new chairman as soon as Monday. Insurance executive Mark Tucker will replace Douglas Flint, according to people familiar with the decision, as Europe’s largest bank takes the first step to overhaul its top management team.The Bank of Japan’s policy decision is due. The BOJ is set to keep its rates and yield-curve policy unchanged on Thursday. Still, recovering capital outlays and signs that consumer prices are inching up may augur for asset-purchase tapering sooner rather than later.The Bank of England, Swiss National Bank and Bank Indonesia are also expected to stand pat with policy decisions this week. The Netherlands’ election takes place March 15 amid a growing diplomatic spat with Turkey. Earnings reports are due this week from firms including Oracle Corp., Tiffany & Co., and Prudential Plc.G-20 finance ministers gather in Germany for a series of meetings. Here are the main market moves:The yen climbed to 114.76 per dollar as of 7:07 a.m. in Tokyo. The euro gained 0.1 percent to $1.0684, extending its 0.9 percent surge on Friday. Futures from Friday night signaled the Nikkei 225 Stock Average opening roughly flat. Contracts on Australia’s S&P/ASX 200 Index added less than 0.1 percent. Futures on the Hang Seng and Kospi both advanced 0.1 percent.The yield on 10-year Australian government bonds slid four basis points to 2.94 percent, tracking a rally in Treasuries on Friday.

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