China: FX reserves being diversified, U.S. bond report may be fake

Rising bond yields are

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Bond prices climbed well off their early lows before closing roughly flat. It returned an average of 2.5 per cent annually in the three years through January 9, better than 43 per cent of competitors.

Gross cited three reasons for his bearish bond call: Rising nominal U.S. GDP that will stoke inflation, reduced purchases from global central banks, and higher budget deficits in the U.S.

The yield on the U.S. 10-year Treasury shot up to just short of 2.6 per cent, its highest point since March 2017, while Japanese 10-year Treasuries hit an nearly six-month high of 0.087 per cent. Markets moved lower across most of Europe, and stocks fell sharply in US pre-market trading.

So if it truly is curtains for the bond bull market, how long will the bear period last?

"Have we finally entered a bond bear market?", Rabobank also asked this morning, while DNB noted that "yields weigh on dividend sectors".

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China's central bank weakened its daily fixing on the yuan by the most since September, one day after a report showed it has adjusted its currency-fixing mechanism, a move interpreted as an embrace of greater fluctuation in the exchange rate.

USA inflation data for December are due on Friday morning, with traders closely watching for hints ( that consumer prices are picking up at a faster pace that could speed up the Federal Reserve's expected rate increases.

"To date, US inflation pressures have remain muted".

In central banking news, Bill Dudley of the New York Fed and James Bullard of the St. Louis Fed will each be speaking later today.

A reading on China's money supply is expected in coming days.

The, which measures the greenback's strength against a trade-weighted basket of six major currencies, 0.23% to 92.02 by 11:56 AM ET (16:56 GMT).

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The MSCI world equity index, which tracks shares in 47 countries, was up 0.1 percent.

The MSCI Asia Pacific Index declined less than 0.05%, the first retreat in more than a week.

Jim Paulsen, chief investment strategist at The Leuthhold Group, a money-management firm in Minneapolis, says China is more likely eyeing sales of US bonds for the same reason investors in the USA and elsewhere are: Fear that inflation is on the rise and will erode the value of fixed-income investments. Many people who didn't get into the markets over the last few years could be suffering a bad case of FOMO right now, considering the big gains. The euro was at $1.1939, up from $1.1935, and at ¥133.46-47, down from ¥133.61.

The pound was little changed at $1.3528. The yield on 10-year T-notes rose to almost 2.60%, a ten-month high. The level is the highest since March.

The dollar has been struggling to gain traction in the opening days of 2018 after losing around 10 percent against a basket of currencies previous year as economic growth elsewhere, notably Europe, overtook the U.S.

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