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k1976

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Risk of 1987-Style Meltdown Prompts Ruffer’s Record Bet on Cash​

  • Massive cash allocation contrasts with fund’s 5% average
  • Smith: risk mispriced given CPI, shrinking Fed liquidity

By Greg Ritchie and Michael Mackenzie
April 12, 2024 at 3:00 PM GMT+8
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Ruffer LLP is making its biggest-ever bet on cash as shrinking US liquidity boosts the possibility of a violent market reversal.

Two-thirds of the roughly £22 billion ($27.6 billion) that the UK-based firm oversees now sits in cash, a record allocation, according to fund manager Matt Smith.

The income from that stash is being funneled into insurance policies in the form of credit default swaps and US stock options that will profit in the event of a big decline for Wall Street.
 

k1976

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Highest Treasury Yields of Year Fail to Tempt Buyers to Auction​

  • Market worries of an ‘October redux’ when yields traded at 5%
  • Few buyers of the dip after long-dated yield surge over 4.5%


The U.S. Treasury Department in Washington, DC.

The U.S. Treasury Department in Washington, DC.
Photographer: Stefani Reynolds/Bloomberg
By Michael Mackenzie
April 12, 2024 at 2:20 AM GMT+8

Bond investors who were in the habit of treating every tick higher in Treasury yields as a buying opportunity are having second thoughts.

A sale of 30-year bonds garnered lackluster demand Thursday despite offering one of the highest auction yields of the past decade.

While the results were far better than for Wednesday’s 10-year note auction, they suggest investors are chastened by the past week’s punishing selloff.
https://www.bloomberg.com/tips/
 

k1976

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China Exports Drop More Than Expected in Setback to Recovery​

  • Hopes for meeting 5% growth target hinge on trade revival
  • Imports unexpectedly slide in signal of weak demand at home

By Bloomberg News
April 12, 2024 at 3:17 PM GMT+8
Updated on
April 12, 2024 at 4:47 PM GMT+8

China’s exports slumped in March, dealing a blow to hopes that booming sales abroad will offset weak demand at home and drive growth in the world’s second-largest economy.

Exports shrank 7.5% in dollar terms in March from a year earlier, while imports fell 1.9%, the customs administration said Friday. Both numbers came in well below economist forecasts. The trade surplus for the month was almost $59 bi
 

k1976

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Gold Rallies Above $2,400 as Middle East Risks Stoke Demand​

  • Israel bracing for attacks by Iran in next two days, WSJ says
  • Traders weigh geopolitical tensions with interest-rate outlook

By Sybilla Gross and Jack Ryan
April 12, 2024 at 10:26 AM GMT+8
Updated on
April 12, 2024 at 4:56 PM GMT+8

Gold jumped to another record as the safe haven asset was boosted by simmering Middle East tensions.

Bullion climbed as much as 1.2% to $2,400.67, while silver traded at the highest since February 2021.

Israel is preparing for an assault from Iran in the next two days, in retaliation for its strike on the country’s diplomatic compound in Syria last week, the Wall Street Journal reported, citing a person familiar with the matter.
 

k1976

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Emerging-Market Currencies Hit Two-Month Low on Flight From Risk​

  • Hungarian forint, Israeli shekel underperform EM peers
  • Commodities’ rally lifts EM index of mining-related stocks


Forint banknotes

Forint banknotesPhotographer: Akos Stiller/Bloomberg
By Andras Gergely
April 12, 2024 at 5:42 PM GMT+8

A gauge of emerging-market currencies dropped to the lowest level in more than two months as rising geopolitical tensions added to an increase in risk aversion amid a shift in the US rate outlook this week.

MSCI Inc.’s FX gauge for developing economies fell 0.2% in a third day of declines as investors sought havens such as gold and the dollar.

The Hungarian forint and Israeli shekel were the worst performers.
 

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https://sg.yahoo.com/finance/news/far-east-shopping-centre-908-141438378.html

Far East Shopping Centre’s $908 mil en bloc deal aborted​

Cecilia Chow
Wed, 10 April 2024 at 10:14 pm SGT6-min read

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At $908 million, the sale of Far East Shopping Centre was the biggest en bloc deal of 2023 (Photo: Albert Chua/EdgeProp Singapore)

Rumours about Far East Shopping Centre’s en bloc deal have been swirling around for several months.

It intensified in recent days when owners of Far East Shopping Centre, the 298-unit, strata-titled, mixed-use development at 545 Orchard Road, were said to have received a circular informing them that the $908 million en bloc deal has been rescinded.

Michael Tay, head of Singapore capital markets, CBRE, who brokered the sale could not be reached for comment.
 

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https://thesun.my/business/safe-hav...highs-heads-for-fourth-weekly-gain-BC12323561

GOLD prices climbed on Friday to hit a historic peak as central bank purchases amid geopolitical tensions sustained the momentum for the yellow metal, while strong U.S. economic data failed to dampen bullion's allure.


Spot gold was up 0.5% at $2,384.34 (RM11,372.46) per ounce, as of 0345 GMT. Bullion hit a record high $2,395.29 (RM11,424.69) earlier in the session. U.S. gold futures gained 1.2% to $2,401.80 (RM11,455.38).

“One thing that is definitely fulfilling this gold buy from central banks are the wars happening around the globe, if we look through the history this always happened as gold is a safe haven,“ ACY Securities analyst Luca Santos said.

Despite recent hot inflation data and a strong U.S. jobs report last week stirring more questions on the feasibility of rate cuts this year, bullion is poised for a fourth straight weekly rise and has gained over 15% so far for the year.
 

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The Residences at W Singapore Sentosa Cove relaunches at prices from $1,648 psf, 40% below the peak​


https://sg.yahoo.com/finance/news/residences-w-singapore-sentosa-cove-133149763.html

Cecilia Chow and Nicholas Lam
Tue, 9 April 2024 at 9:31 pm SGT5-min read

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The 228-unit The Residences at W Singapore Sentosa Cove, where 58 of the 203 remaining units are offered for sale (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Cityview Place Holdings, an associate company of listed property City Developments Ltd (CDL), is releasing 58 of the remaining 203 units it still owns at The Residences at W Singapore Sentosa Cove for sale.

"In recent months, there has been increased interest and sales activity in Sentosa Cove properties," says a spokesperson for Cityview Place Holdings.


The 58 units will open for viewing from April 10 to 14, with sales to begin on April 15. PropNex, ERA, Huttons and SRI are the joint marketing agents for The Residences at W.
 
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