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The Dollar's Decline in Global Reserves: Fact or Fiction?

Jan. 12, 2021 5:31 am ET
In the third quarter of 2020, the dollarâs share of global foreign-exchange reserves slipped to its lowest level in almost a quarter of a century. But donât let the figures fool you: The greenback is as central to the global financial system as it has ever been.
International Monetary Fund data shows the dollarâs share of reported reserves fell to 60.5% in September. The drop has been magnified in nominal terms due to the currencyâs depreciation over the past year. But even accounting for that, the real dollar exposure of...
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In the third quarter of 2020, the dollarâs share of global foreign-exchange reserves slipped to its lowest level in almost a quarter of a century. But donât let the figures fool you: The greenback is as central to the global financial system as it has ever been.

China , Australia , Taiwan , Japan , United-kingdom , South-korea , Chinese , Japanese , British , International-monetary-fund , Goldman-sachs

Covid-19 Pandemic Drives Municipal Borrowing to 10-Year High

Low interest rates, tight government budgets provide backdrop for muni bond boom
The Federal Reserve’s commitment to low rates suggests debt issuance will remain at a high level.
Photo: Liu Jie/Xinhua/Getty Images
By
Jan. 12, 2021 5:30 am ET
Municipal-bond issuance in 2020 was the highest in a decade, reflecting the collapse of interest rates and the increased costs cities and state governments are facing from Covid-19 shutdowns.
Bonds for new projects reached $252 billion last year, according to Refinitiv, a small increase from the previous year and the highest since 2010, when a federal incentive program helped push the total above $270 billion. The new borrowing drove the total amount of outstanding muni debt above $3.9 trillion for the first time since 2013,...

Wisconsin , United-states , Georgia , Americans , Heather-gillers , Chris-johns , Jon-barasch , David-erdman , Kamala-harris , Data-services , Georgia-senate , Data-service-muni-yield-curve

Global Markets Inch Higher as U.S. Political Climate Pressures Stocks

Nasdaq Composite
gained 0.3%. The small-cap
Under the surface, the S&P 500 energy sector closed up 3.6%, financials gained 1.1%, and consumer discretionary stocks added 1.5%. Defensive utilities and health care fell 0.6% and 1.1%, respectively, while technology stocks lost 0.5%. That dynamic has more or less prevailed since the fall.
Fourth-quarter earnings season begins later this week, with several large banks kicking things off as usual. Wall Street expects S&P 500 earnings to be 12% lower in the final three months of 2020 versus the same period in 2019, according to data from Bloomberg. Sales are expected to decline 6%.
The scrutiny will be much higher for defensive and relatively pandemic-proof sectors like consumer staples or technology. Those companies’ fundamentals have held up or improved during the pandemic, and investors will want to see that continuing in the fourth quarter. For the cyclical and economically sensitive companies that have led the market since the fall, some signs of progress or optimistic management commentary about the post-pandemic future should suffice.

Tokyo , Japan , Shanghai , China , London , City-of , United-kingdom , Frankfurt , Brandenburg , Germany , Donald-trump ,

Oil Producers Commit to Supply Curbs, Sustaining Price Rally

Oil is extending a steady recovery into 2021, aided by fresh signals that the world’s biggest producers won’t turn on the spigots and flood the market.

Saudi-arabia , Russia , Texas , United-states , Richard-dealy , Pioneer-natural-resources-co , Organization-of-the-petroleum-exporting-countries , Petroleum-exporting-countries , Pioneer-natural-resources , Energy , Fossil-fuels , Political-general-news

Twitter, Tesla, Realty Income, Cantel Medical: What to Watch When the Stock Market Opens Today

Here’s what we’re watching as markets kick into gear on Tuesday.
—
U.S. stock futures edged higher Tuesday, suggesting major indexes will resume their recent climb after a slide in technology shares weighed on markets at the start of the week. Read our full market wrap here.
What’s Coming Up
—Home builder KB Home will deliver its quarterly earnings report after markets close.
—Live Q&A: Join WSJ chief economics correspondent Nick Timiraos for an interview with the St. Louis Fed’s James Bullard. Bullard at 1 p.m. ET.
—The U.S. job openings and labor turnover survey for November is out at 10 a.m.

James-bullard , Albertsons-cos , Nick-timiraos , Louis-fed , Stock-market-today , Wall-street , Stock-market-news , Markets-today , Wsj-market-data , Stock-news , Biotechnology

Wells Fargo, Bank of America, and FedEx Are Too Popular With Investors. Other Stocks Could Pop, Citi Says.

Value’s outperformance can continue for now, argued the Citigroup strategists in a Tuesday note. They expect investors to continue rotating out of growth stocks and into value stocks. In the near term, “growth remains the most crowded factor,” they wrote, so “the rotation around growth versus value continues.” They also noted that there are plenty of value stocks among the ranks of the crowded and less-crowded investments.
The Citi analysts created a score for each stock to reflect how much of the stock is held by institutional funds and how many funds own it, as well as “crowding” metrics; crowded stocks have low short interest and relatively high earnings multiples. The more crowded a stock, the more likely it is to drop soon, they argue. The less crowded, the more likely it is to pop.

Christopher-dilts-bloomberg , Fedex , Citigroup , Machinery , Building-construction , Couriers-messengers , Banking , Real-estate-transactions , Banking-credit , Freight-transport-logistics , Construction

Dow Jones Industrial Average Rose 60 Points, but Investor Optimism Is Bigger

Investor optimism now rests more fiscal stimulus—in addition to the $900 billion on the way—which can further boost consumer spending. Bulls also hope for billions of doses of Covid-19 vaccines to be distributed throughout the year, which would reopen the economy and potentially catalyze the unleashing of that spend. But stocks have risen significantly of late even though they are trading at lofty levels, not an unheard-of dynamic.
With the absence of any major or macro developments to move stocks ahead Monday, TD Ameritrade’s chief market strategist offered some explanation. “People are anticipating a good earnings season and the market is overall kind of ignoring the Washington drama,” J.J. Kinahan wrote in a blog post.

Occidental-petroleum , Nasdaq , Dow-jones-industrial-average , Nasdaq-composite , Energy , Crude-oil-natural-gas-upstream-operations , Crude-petroleum-extraction , Trusts-funds-financial-vehicles , Natural-gas-oil-extraction , Financial-services , Fossil-fuels

Mytheresa and loanDepot Join IPO Pipeline. SoftBank-Backed Compass Files Confidentially.

The list of high-profile companies looking to tap the public equity markets is getting longer.
Mytheresa, the luxury fashion platform, set terms for its initial public offering Tuesday. The company plans to sell 15.6 million shares at $16 to $18 each. Each American depositary receipt represents one ordinary share. Mytheresa plans to trade on the New York Stock Exchange under the ticker MYTE. Mytheresa is expected to price its IPO on Jan. 20 and trade the next day, a person familiar with the situation said.
Underwriters...
Close
The list of high-profile companies looking to tap the public equity markets is getting longer.
From

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The Lies We Tell During Job Interviews

Interviewers and candidates often end up in situations where they’re almost encouraged to lie. Here’s what research says about how, why and how often it happens.

Robert-feldman , University-of-massachusetts-amherst , Massachusetts-amherst , Graphics , Wsjlife-amp-arts , Personal-journal , Work-and-life , Job-interview , Lying , Hiring , Research , Resumes

U.S. Stock Futures Slide on New Risks

Updated Jan. 11, 2021 4:35 pm ET
A slide in shares of technology giants weighed on the broader market Monday as investors grew wary of the potential for heightened regulation tied to the market’s most enduring winners.
The S&P 500 declined 25.07 points, or 0.7%, to 3799.61 after hitting a record on Friday. The tech-heavy Nasdaq Composite dropped 165.54 points, or about 1.3%, to 13036.43. The Dow Jones Industrial Average shed 89.28 points, or 0.3% to 31008.69.
Tech heavyweights underperformed the broader market as they slashed access to some of President Trump’s favorite megaphones after the storming of the Capitol by his supporters. The riot, planned and discussed on social media, is expected to spur Congressional efforts to regulate big tech. Facebook has indefinitely suspended President Trump, while Apple , Amazon.com and Alphabet ’s Google retracted support for the social-media app Parler.

Washington , United-states , Nancy-pelosi , Dow-jones-industrial-average , Democrat-controlled-congress , House-speaker-nancy-pelosi , President-trump , Stock-market-today , Wall-street , Stock-market-news , Markets-today