MARKET UPDATE

Dollar Edges Higher as Yields Rise; Euro Receives Macron Boost

The U.S. dollar edged higher in early European trade Monday, helped by continued strength of U.S. bond yields, while the euro received support from incumbent Emmanuel Macron’s lead after the first round of French presidential elections.

The dollar has received the benefit from a hawkish Federal Reserve, which lifted interest rates by 25 basis points at its March meeting and looks set to continue hiking as the year progresses.

 

BOJ cuts view on most Japan regions, warns on Ukraine impact

The Bank of Japan on Monday cut its assessment for most regional economies in the country and its governor warned of “very high uncertainty” over the fallout from the Ukraine crisis, underscoring heightening risks to the economic recovery.

The downgrade highlights a growing concern among policymakers over the pain from rising commodity costs and raises the chance that the central bank will cut its growth forecasts in fresh projections due this month.

 

Goldman pays 1.7 billion euros for Dutch-based asset manager

Goldman Sachs (NYSE:GS) has acquired Netherlands-based asset manager NN (NASDAQ:NNBR) Investment Partners for 1.7 billion euros ($1.9 billion) to expand its asset management footprint in Europe and increase its sustainable investment capabilities.

NN Investment Partners, formerly part of NN Group, will be integrated into Goldman Sachs Asset Management (GSAM). The acquisition of the firm, which has more than 900 employees, brings Goldman’s assets under supervision to approximately 2.8 trillion dollars.

 

India’s Amul dairy says bracing for sales disruption due to straws ban

India’s $8 billion Amul dairy group said on Monday it is bracing for disruptions and higher input costs for some products from July when the government’s ban on plastic straws kicks in.

India last week refused to waive an impending ban on straws that are packaged with small juice and milk beverage packs, stoking fears in the $790 million industry that includes players like PepsiCo (NASDAQ:PEP), Coca-Cola (NYSE:KO), India’s Dabur and Parle Agro, Reuters reported.

 

Twitter says billionaire Musk not joining its board, warns of ‘distractions ahead’

Twitter Inc (NYSE:TWTR) said on Sunday that Elon Musk rejected its offer to join the social media firm’s board, a dramatic turn in a week when the billionaire became its biggest shareholder, and it warned of more drama with “distractions ahead”.

Twitter Chief Executive Parag Agrawal said in a note posted to Twitter that the company’s board held many discussions with Musk, but he did not state the reason for the Tesla (NASDAQ:TSLA) CEO’s decision.

 

 

 

 

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