Investors in California municipal bonds are scrambling to buy tax-exempt bonds issued by California issuers. This demand benefits borrowers statewide—even those with credit ratings below AAA. Overall prices for U.S. state and local government bonds have risen this year, with 10-year municipal bonds yielding about 64% of the yield on comparable U.S. Treasury bonds, as the asset class attracts significant new capital. This trend is particularly pronounced in California, where investors view municipal bonds as...
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FXCG – Asian Stocks Fall as Tech Sell-Off Intensifies
Asian stocks fell for the second straight day, with selling pressure intensifying on tech stocks, further fueled by investor concerns about overvaluation and massive spending in the artificial intelligence sector. The MSCI Asia Pacific Index fell 0.7%, with stocks such as Samsung Electronics and SoftBank Group leading the decline. The Korea Composite Stock Price Index (KOSPI) – a benchmark for AI investment – led the losses, falling 2%. This followed the Nasdaq 100's worst two-day...
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