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Yahoo
a day ago
- Business
- Yahoo
Treasury Rally Stalls as ECB Sparks Euro-Zone Bond Selloff
(Bloomberg) -- Treasury yields climbed Thursday as a selloff in European government bonds overshadowed weakening US labor market data. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Next Stop: Rancho Cucamonga! The Global Struggle to Build Safer Cars US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Where Public Transit Systems Are Bouncing Back Around the World The price action highlighted the monetary-policy divergence between the regions. Euro-zone yields rose after the European Central Bank, which cut interest rates as expected, indicated it may not do so again, prompting traders to reposition. US yields rebounded from session lows reached after an unexpected increase in new jobless claims caused traders to briefly price in an earlier start to Federal Reserve interest-rate cuts — in September versus October. With more comprehensive May employment data to be released Friday, the claims figures highlighted the prospect that the Fed will act to prevent further labor-market erosion, even as short-term inflation expectations have picked up based on the Trump administration's tariff's agenda. 'Market pricing now shows a big gap between ECB and Fed rate-cut expectations for 2025,' said Hussain Mehdi, director of investment strategy at HSBC Asset Management. 'The Fed remains hamstrung by inflation amid the supply shock that is higher tariffs,' which likely 'keeps US yields sticky.' Related story: Bond Forwards Signal Tariff-Driven Inflation May Be Short-Lived Treasury yields were mostly higher at midday in New York, after erasing declines. The two-year note's yield, more sensitive than longer-dated yields to shifting expectations for Fed policy, was higher by about four basis points after erasing a similar-magnitude decline. Swap contracts ceased to fully price in a September rate cut, while continuing to price in at least two quarter-point cuts by year-end. Most euro-zone two-year yields ended higher by at least five basis points, after ECB President Christine Lagarde said the central bank was approaching the end of its monetary policy cycle and may revise its growth forecast higher in the future. Bond-market momentum also was sapped after reports US President Donald Trump and Chinese President Xi Jinping held their first official phone call since Trump took office in January. Trade tensions between the world's two largest economies have caused bouts of risk aversion and capital flows from stocks into bonds. The Treasury market rally sparked by the jobless claims data followed its biggest daily advance in two months on Wednesday, also in response to a weak job-market indicator. 'The economy is slowing,' Krishna Memani, chief investment officer for Lafayette College, said on Bloomberg Television. 'The hard data is softening. There is a substantial trend for slowing in the economy' that 'gives the Fed the path to cut rates, not today, but in the later half of the year.' As measured by the Bloomberg Treasury Index, Wednesday's gain — sparked by a sub-par gauge of private-sector job growth — was the biggest since April 3. Futures open-interest data released after the close indicated new long positions were set, and the 10-year note contract's price reached a level that was likely to cause shorts to cover, interest-rate strategists at Citigroup said. That may have amplified the market's reaction to the jobless claims data. 'The claims numbers are trending higher but it's not in alarming territory,' said Gregory Faranello, head of US rates trading and strategy for AmeriVet Securities. Friday's employment data are expected to show nonfarm payrolls increased by 125,000 in May, following a 177,000 jump in April. Faranello said it would take an increase of less than 100,000 to spur Treasury yields to new weekly lows. Earlier Thursday, Treasuries firmed after a sale of Japanese 30-year bonds drew better-than-expected demand. Still, US bonds continue to struggle with investor concern about the nation's fiscal outlook. The 30-year Treasury yield remains more than 20 basis points higher since the end of April. Catalysts included Moody's Ratings stripping the nation of its last top-tier credit score and the US House of Representatives passing a multi-trillion dollar bill extending tax cuts. 'Fiscal concerns in the US will prevent any meaningful rally,' said Mohit Kumar, chief European strategist at Jefferies International. He expects 10-year yields to trade in a 4.25% to 4.75% range despite softening economic data. 'If we rally toward 4.25% in 10s we would use that opportunity to reset a short position.' --With assistance from Alice Atkins, Naomi Tajitsu, Aline Oyamada, Michael Mackenzie and Edward Bolingbroke. (Adds strategist comment, updates yield levels) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Sign in to access your portfolio
Express Tribune
22-05-2025
- Politics
- Express Tribune
SBBU to launch nursing, DPT courses
Shaheed Benazir Bhutto University (SBBU) in Lyari is set to expand its academic offerings by launching two professional degree programmes — BS Nursing and Doctor of Physical Therapy (DPT) — from the academic session of 2026 in a development being seen as an important shift from traditional to professional education at the varsity. According to VC Prof Dr Hussain Mehdi, the university's academic council has granted approval for both programmes. Preparations are currently under way, pending financial clearance from the relevant authorities, to start admissions in the upcoming session. While speaking to The Express Tribune, Prof Mehdi also said that admissions in other disciplines, especially International Relations, Media Sciences, and Sports Sciences, had been temporarily suspended following objections raised by the Sindh Higher Education Commission (HEC). The concerns centered on the lack of permanent faculty in these departments. "We have submitted a request to the chief minister for approval to appoint qualified faculty. Once granted, we will issue an advertisement and aim to resume admissions from the next academic session," he added. The vice chancellor confirmed that the university had not collected examination or affiliation fees from its affiliated colleges for the past 10 years. During this period, the university continued to bear the cost of conducting examinations, resulting in considerable financial strain. However, recent efforts by the current administration have led to the recovery of Rs3.5 million in dues over the last three months. These funds have been allocated towards much-needed campus development. Prof Mehdi outlined the improvements, which include upgraded lighting in classrooms and corridors, new paintwork, installation of false ceilings, and the construction of a new syndicate hall equipped with recording facilities. A designated faculty lounge named 'Lyari Jeans' has also been created, designed with a strong aesthetic focus. A new cafeteria is under construction for students, and renovations are ongoing at the university's gymnasium hall. Reflecting on the university's condition upon assuming office, Prof Mehdi described a dismal environment — broken windows, deteriorating ceilings, exposed electrical wiring, and classrooms without basic amenities such as fans. "It did not resemble a functioning university. Despite receiving no federal or provincial funding for these upgrades, we initiated and executed all renovation work independently to create a more conducive and respectable learning environment," he added.
