By Reuters Staff
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LONDON, March 12 (Reuters) - Morgan Stanley said it had shifted its long-held neutral view on Argentina sovereign credit to “like,” as risks were skewed to the upside after a lot of bad news had been priced into bonds, including, increasingly, a delay to an IMF program.
After Argentina last year defaulted on its sovereign debt for the ninth time, investors have been waiting for the government to make progress with the International Monetary Fund over a deal to restructure around $46 billion in debt.
Morgan Stanley’s “muddle-through” thesis was playing out, with no IMF program expected to be up and running in 2021, Morgan Stanley economist Fernando Sedano and his colleagues said in a research note on Friday.
MSCI World down 0.1%, pressured by bond yields Oil, gold also lower; dollar gains Biden signs $1.9 trillion stimulus into law
LONDON, March 12 (Reuters) - Global shares were flat on Friday but within sight of a record high, while oil edged lower as benchmark debt yields climbed, helping to curb the latest stimulus-driven rally.
Gains in Asian stock markets proved tough to match for most European peers, after they hit a one-year high the day before. U.S. stock futures also suggested a lower start for Wall Street later in the day.
The note of caution followed the signing of a $1.9 trillion U.S. stimulus bill into law on Thursday and a further dovish tilt from the European Central Bank that had prompted a retreat in bond yields and eased global concerns about rising inflation.
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NEW DELHI, Feb 24 (Reuters) - Sri Lanka is committed to meeting its debt servicing obligations and is in talks with some foreign governments and multilateral institutions on its finances, the central bank governor said on Wednesday.
Dwindling foreign reserves, a tumbling currency and rising debt levels have dogged Sri Lanka over the last year, leading to increasing fears of a default.
Governor W.D. Lakshman told a panel organised by a Sri Lankan think tank the country was in talks with several bilateral and multilateral institutions, including foreign governments and central banks, regarding financing.
“We are expecting some of these negotiations to materialise in a matter of weeks,” he said. “Sri Lanka remains committed to meet its obligations as it has done impeccably in the past.”
Global investors continued to pour money into equity funds on hopes over global economic recovery and vaccine optimism, shrugging off concerns about inflation levels.
Investments into U.S. equity funds surged this week, as a retreat in U.S. bond yields and optimism over the approval of the Biden administration's $1.9 trillion stimulus relief bill bolstered inflows.