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07 September 21

Dollar finds footing as traders look to ECB

The dollar found support on Tuesday as investors awaited a European Central Bank meeting and U.S. data to gauge the policy outlook, while the Aussie blipped briefly higher after the Reserve Bank of Australia stuck with its tapering plans.
The greenback held the euro below $1.19 at $1.1872, was steady on the yen at 109.79 per dollar and drifted a little firmer on the Australian and New Zealand dollars at the end of the Asia session. The dollar index sat at 92.200.
The Reserve Bank of Australia stuck with plans to taper its bond buying but said it would extend the timeline as the economy struggles with coronavirus lockdowns, triggering a brief rise in the currency to $0.7469 before it eased back to support at $0.7420.
Traders said the next moves in currency markets probably depend on Thursday’s European Central Bank meeting and then on the next U.S. jobs update, in October, after a weak reading last week probably delayed any Federal Reserve tapering announcement.
“The next payroll report on Oct. 8 now looms very large as the main event in considering the timing of tapering,” said Natwest strategist John Briggs in a note to clients.

World shares hit record as investors hold to dovish Fed bets

A global stocks index hit a record high on Tuesday as investors took comfort in growing views the U.S. Federal Reserve is likely to delay the start of tapering its asset purchases and maintain its expansive monetary policy for the near-term.
European bourses are expected to dip, however, after gains on Monday, with Euro Stoxx futures down 0.1% and Britain’s FTSE futures trading 0.3% lower.
The world’s shares, measured by MSCI’s gauge of 50 markets, tacked on 0.1% to log their eighth consecutive day of gains to record highs.
“Now that the tapering announcement from the Fed in September seems unlikely, we should expect ‘Goldilocks’ markets to continue to at least October or November,” said Masahiko Loo, portfolio manager at AllianceBernstein (NYSE:AB).
The latest rally, which started after Fed Chair Jerome Powell’s dovish speech at Jackson Hole Symposium last month, received a further boost from a surprisingly soft U.S. payrolls report on Friday.

Deutsche Telekom bulks up T-Mobile US stake as it sells Dutch unit

Deutsche Telekom (OTC:DTEGY) has struck a share-swap deal with Softbank (OTC:SFTBY) Group to increase its stake in U.S. unit T-Mobile and sold its Dutch unit in a major restructuring that strengthens the German group’s transatlantic focus.
As a result of the two deals announced on Tuesday, Deutsche Telekom will raise its stake in T-Mobile US (NASDAQ:TMUS) by 5.3% to 48.4%, bringing CEO Tim Hoettges closer to his goal of securing direct control over the $170 billion U.S. telecoms operator.
Softbank will in return receive cash and a 4.5% stake in Deutsche Telekom, establishing a direct shareholding relationship after the Japanese group sold its U.S. Sprint unit to T-Mobile in a deal that closed in early 2020.
The latest transactions seek to lock down that deal by bringing Deutsche Telekom within touching distance of majority ownership over T-Mobile US – which accounts for three-fifths of group sales and is its most profitable unit.
For Softbank founder Masayoshi Son, the share swap deal substitutes a residual stake in the U.S. business for a strategic holding in Deutsche Telekom, which is also present in a dozen European countries.

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