Equities
Reserve managers weigh options to escape low yields
Longer-duration and emerging-market bonds may offer the way forward to portfolio managers
Lower-income countries generate highest reserves growth
Most reserves portfolios appear to have weathered the Covid-19 crisis well
BIS warns of gap between market valuations and reality
Corporate credit spreads have tightened, despite what the BIS sees as a looming solvency crisis
Euro failing to challenge US dollar in global reserves – CBI Benchmarks data
Among non-European central banks euro sovereign debt accounts for just 4.1% of reserves; negative rates act as a major barrier, say reserve managers
Israeli reserves reach new record high
Central bank foreign exchange purchases to finance the government deficit in 2020 partly account for increase
Norwegian SWF head sells holdings in bid to end dispute
Nicolai Tangen and central bank try to halt major controversy over possible conflict of interests
BoE says negative rates ‘in toolbox’ and forecasts slow recovery
First “proper” forecast since Covid-19 outbreak gives little hope of a V-shaped recovery
Share buybacks limits monetary policy- BdF paper
Use of low-cost debt for buy-backs cuts spending on employment and capital good- researchers
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin
Have equities passed the Covid-19 test?
Reserve managers face a rebalancing and asset allocation challenge, with Fed interventions distorting yield curves and boosting equity valuations. What’s next for asset diversification?
Dividends should be subject to macro-pru limits – ECB paper
Measure would reduce volatility in loan supply and equity levels, economist argues
Norges Bank supervisory board strongly criticises contract with new SWF head
Board tells lawmakers the contract agreed by central bank governor lacks sufficient safeguards
A better way to buy private sector securities?
Central bank asset purchases can do more harm than good and are often conducted on a flimsy legal basis, writes HKU’s Bryane Michael
Israeli reserves rise 6.7% in May to new record
Portfolio boosted by government transfers from abroad and FX purchases
BoE paper explores global financial cycles since 1880
Cycles in credit and housing have become more pronounced, but only for some economies
The complex art of reserve management
The coronavirus lockdown represents another inflection point for central banks seeking to optimise the management of their $12 trillion in FX reserves
Dutch pension funds record heavy losses – DNB
Major pension funds warn they may have to cut payouts unless finances improve soon
Swiss central bank reports record quarterly losses
SNB loses $39.1 billion as falls in equities wipe out gains on Swiss franc positions and gold holdings
Israeli reserves fall sharply on dollar liquidity provision
Central bank’s portfolio decreases by $5.1 billion in March
Concentrated firepower: central banks must expand their arsenal
Philip Turner argues central banks should be prepared to go further to avoid economic and financial collapse
Norges Bank appoints new SWF chief
Nicolai Tangen will take the helm at the world’s largest sovereign wealth fund in early September
Covid-19 unleashes major market shock
Oil prices tumble, dragging down stock markets worldwide; sovereign bonds rally
Do low rates spur investment?
Many believe low interest rates spur investment, but there appears to be little hard evidence to support such claims, writes former IMF head Jacques de Larosière
Norway’s SWF achieves record growth
Government pension fund expands by 20%, boosted by strong US equities markets