Major Bank Ratings | Citi: Maintains NVIDIA "Buy" Rating, Current Valuation is Attractive
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Lombard: GPIF's overweight position in Japanese bonds may trigger global carry trade unwinding; Banco Santander: GPIF may sell $62 billion in US Treasuries!
Lombard Global Macro Research pointed out that GPIF is currently or will soon accelerate the repatriation of funds into Japanese domestic bonds. This structural capital inflow will drive the USD/JPY below 150 and indicates a fair value range between 130 and 140. Furthermore, the risk of passive deleveraging in global carry trades has not yet been fully priced in by the market. Banco Santander noted that, due to the increased attractiveness of domestic Japanese assets under the current policy framework, GPIF may reduce its holdings of US Treasuries by up to $62 billion.
Overnight US Stocks | US August CPI accelerates upward, three major indices posted weekly losses, US crude oil surged nearly 10% this week
At market close, the Dow Jones Industrial Average rose 509.19 points, or 0.98%, to 52,573.29 points; the S&P 500 Index gained 65.28 points, or 0.86%, to 7,656.98 points; and the Nasdaq increased 251.32 points, or 0.96%, to 26,333.04 points.
US inflation exceeds expectations again! Probability of a Fed rate hike in September rises above 85%, market starts betting on another hike this year
U.S. inflation rose again in August, putting increasing pressure on Federal Reserve Chairman Waller to consider an interest rate hike at next week's monetary policy meeting.
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