Eric Lascelles News
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Treasury 10-year note yields rose the most in two months as signs the U.S. economy is improving stoked speculation that there is no need for the Federal Reserve to ramp up monetary stimulus.
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The yen weakened beyond 100 per dollar for the first time in four years as the Bank of Japan’s deflation-fighting measures have the currency headed for its longest streak of monthly losses in almost two decades.
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Global stocks beat all other investments for a second quarter, the first back-to-back outperformance since 2009, as accelerating economic growth pushed equities past commodities, bonds and the dollar.
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Canada’s provincial bonds posted their worst monthly decline in more than two years as borrowing costs rise amid an accelerating global economy.
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The euro fell to less than $1.28 for the first time in more than four months as a bailout for Cyprus and a political deadlock in Italy undermined demand for the region’s assets.
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Canada’s currency is poised to weaken as investors bet Bank of Canada Governor Mark Carney will keep interest rates low to protect the economy instead of fighting inflation by raising interest rates.
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Chairman Ben S. Bernanke will probably start reducing the Federal Reserve’s $85 billion in monthly bond buying no earlier than the fourth quarter of 2013, economists said in a Bloomberg survey.
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The Bank of Canada will probably keep its main interest rate unchanged for a seventh straight meeting today, as economic risks posed by indebted foreign governments outweigh concerns about quicker domestic inflation.
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The gap between yields on Canadian 10-year bonds and comparable U.S. Treasuries, already at the widest in almost 1 1/2 years, may widen as the difference in interest-rates between the two countries increases.
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Canadian long-term bond yields are falling to the lowest level in more than four years relative to U.S. Treasuries on speculation that inflation in the world’s 10th-largest economy will remain in check.
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