Today's Headlines
Bloomberg:
- Russia's 'Dark' Warplanes Are Spooking Europe. Russian military aircraft with their transponders turned off have had several close calls with civilian planes. Two
Russian bombers, flying with their transponders turned off to
avoid detection, swooped so close to the Irish coast that Dublin's
control tower delayed the takeoff of one passenger plane and ordered
another to alter its route to steer clear of the bombers. The Feb. 18
incident, disclosed last week by the Irish government, was only the
latest in an alarming series of close calls with Russian warplanes in
the skies over Europe. In December, a Russian military intelligence
plane nearly collided
with an SAS passenger jet over southern Sweden, according to the Swedish
air force chief. Earlier in the year, a Russian plane flew close to
another SAS jet that had just taken off from Copenhagen. Russia has
denied that its aircraft were dangerously close to either plane.
- Greece Told Not to Waste Time as Euro Finance Ministers Meet. (video) Euro-area finance ministers said Greece must
move faster to meet its rescue commitments in order to unlock
more bailout funds, as the country risks running out of cash. “We have to stop wasting time,” said Dutch Finance
Minister Jeroen Dijsselbloem, who heads the finance ministers’
group. “We’ve lost over two weeks -- in which very little
progress has been made. The real talks haven’t started yet.
There has been no implementation.”
- Americans Get Burned by Europe Bond Rally That’s Undone by Euro. You can’t blame U.S. credit investors for
wanting to ride this wave of European central bank stimulus. As
policy makers buy bonds from traders in the market -- the
thinking goes -- they’ll bid up prices. The problem is buying euro-denominated corporate bonds
hasn’t necessarily been a good trade because the euro has been
tanking relative to the dollar. While euro-denominated corporate bonds have gained 1.4
percent this year according to a Bank of America Merrill Lynch
index, a U.S. exchange-traded fund focused on the debt has lost
9 percent. State Street Corp.’s International Corporate Bond ETF
is the second-worst performer among all U.S. debt ETFs this
year, according to data compiled by Bloomberg.
- Emerging-Market Stocks Drop for Seventh Day on U.S. Rate Outlook. Emerging-market stocks extended their
longest losing streak since December, led by declines in Asia,
amid speculation that the Federal Reserve will start raising
interest rates sooner, damping demand for riskier assets. Shares in India and South Korea, which were closed March 6
when data showed a bigger-than-projected increase in U.S.
payrolls, fell at least 1 percent. The won weakened 1.2 percent
against the dollar. The Ibovespa slid to a three-week low as
economists lowered their economic growth forecasts for Brazil.
Industrial & Commercial Bank of China Ltd. rallied as regulators
said they may allow lenders to enter the brokerage business.
Russian markets were closed for a holiday. The MSCI Emerging Markets Index fell 1.3 percent to 958.29,
decreasing for a seventh day. All 10 industry groups in the
gauge declined, led by technology companies. The odds for a U.S.
rate increase by September surged to 59 percent from 49 percent
on Thursday, futures showed, a move that will potentially damp
the appeal of riskier assets.
- European Stocks Fall From Seven-Year High, Led by Greek Shares. A drop in Greek stocks pushed European
equities lower after a five-week rally. The Stoxx Europe 600 Index lost 0.3 percent to 393.19 at
the close of trading in London after falling as much as 0.9
percent. Greece’s ASE Index slid the most among 18 western-European markets as euro-area finance ministers said the nation
must move faster to meet its rescue commitments in order to
unlock more bailout funds.
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