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Global Stocks, Futures Slide On US Protectionism Worries Following Trump Travel Chaos

Global Stocks, Futures Slide On US Protectionism Worries Following Trump Travel Chaos

European, Asian stocks and S&P futures all drop after traders were left with a sour taste from the potential fallout of Donald Trump’s order halting some immigration and ahead of central bank decisions from the U.S. and Japan.  Markets in Hong Kong, China, Malaysia, Korea, Singapore, Taiwan and Vietnam are all shut due to the Lunar New Year public holiday, leading to a quiet Asian session. Oil rebounded after sliding as much as 0.7%.  Gold was unable to hold its overnight gains and has dipped into the red to $1,190 after rising just shy of $1,200 in early trading.

Dollar Rebound Continues, Europe Stocks Pressured By Banks As Much Of Asia Goes On Holiday

US equity futures are unchanged, trading near record highs after digesting a spate of earnings results on Thursday. The dollar pared its weekly loss as the yen and pound slid, while gold headed for its longest slump in three months. European equities fell and markets in Asia were mixed, while markets in China, South Korea, Taiwan and Vietnam were closed Friday for the start of Lunar New Year. Hong Kong, Malaysia and Singapore had shortened sessions.

Japan Slashes 2017 Bond Issuance By 5% In Implicit Boost To QE; First Reduction In 10Y JGBs Since 1998

Japan Slashes 2017 Bond Issuance By 5% In Implicit Boost To QE; First Reduction In 10Y JGBs Since 1998

Just days after raising its economic outlook, Japan's ministry of finance announced on Thursday that for the first time since 1998 it would slash government bond issuance in fiscal 2017 which starts on April 1.  The MOF plans to issue Y154.0 trillion in JGBs in coming fiscal year, down 5% from an initial Y162.2 trillion for the current fiscal year, as a result of sliding demand for debt amid continued very low to negative interest rates.

The JGB plans also feature a rare year-on-year cut in the issuance of 10-year JGBs: such a reduction is the first since fiscal 1998.

Bank Of Japan Leaves Policy Unchanged, Upgrades Economic Outlook

Bank Of Japan Leaves Policy Unchanged, Upgrades Economic Outlook

With a vote of 7 to 2, The Bank of Japan decide to change nothing about its monetary policy. While expected, some had suggested Kuroda might shift the 10Y target away from 0bps, but no - no change to asset purchases, no change to 10Y target level, and no change to policy rate. However, in what some say is a tilt towards future tightening, The BoJ upgraded its view of the Japanese economy.

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