Bill Gross had his worst day in almost four years yesterday. For other bond managers, it was more like Christmas in May.The steep decline in interest rates triggered by fears that Italy might leave the euro sent Gross’s $2.1 billion Janus Henderson Global Unconstrained Bond Fund down about 3 percent Tuesday, making a bad year even worse. Other prominent funds recorded their biggest one-day gain since 2009.Bond yields plummeted Tuesday on prospects that Italy might need a fresh election that could be a referendum on the nation’s inclusion in the euro zone. The yield on the 10-year Treasury note dropped to 2.78 percent from 2.93 percent. Rates rebounded Wednesday as investors deemed the market reaction to Italy’s political turmoil overwrought.The $77.2 billion Metropolitan West Total Return Bond Fund, the $38.1 billion Bond Fund of America and the $23.5 billion Western Asset Core Plus Bond Fund all climbed about 1 percent, the largest one-day gain in roughly nine years. … [Read more...] about Bond Legend Bill Gross Had a Nightmare Day Yesterday
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Rafa Benitez will face the media this afternoon ahead of West Bromwich Albion's visit to St James's Park. Newcastle United take on the Premier League's basement club at St James's Park tomorrow.West Brom – who sacked Alan Pardew at the start of the month – are unbeaten under caretaker manager Darren Moore.READ MORE: Stop the sensitivity and preciousness: Jordan Pickford was right to react to Newcastle fans Benitez will hold his pre-match press conference at 1.30pm.Newcastle are 10th in the Premier League table, and safe from the threat of relegation, with four games left to play.Here's your daily briefing:'Leaked' kitA "leaked" photograph has been published which purports to show United's new Puma away kit.The shirt is reminiscent of the club's iconic 95-96 burgundy and navy away shirt.Newcastle, however, are yet to release any details of next season's kits.Bonus timeUnited’s squad will be rewarded with a £11million bonus – if they can finish 10th in the … [Read more...] about Newcastle United briefing: Rafa Benitez faces media ahead of West Brom, return of iconic kit?
For bond funds, duration is a big part of destiny this year.The top-performing biggest intermediate bond funds, led by Jeffrey Gundlach’s DoubleLine Total Return Bond Fund, generally have shorter duration than rivals. And laggards, such as Western Asset Core Plus Bond Fund, have longer ones. Duration, one of several factors that determine performance, measures sensitivity to changes in interest rates.As yields on 10-year Treasuries have reached 3 percent, shorter duration is helping managers pare losses.“We turned maximum bearish on 10-year yields and bonds generally July 6, 2016,” Gundlach told investors at a New York event on Tuesday. “We’ve remained in a bearish posture largely on rates since then.”An exception to the rule: the Pimco Total Return Fund, which combines the lowest duration among the 10 biggest active funds but only middling performance. Intermediate funds generally get compared to the Bloomberg Barclays U.S. Aggregate Bond Index, … [Read more...] about Gundlach’s Total Return Bond Fund Beats Rivals With Low Duration
Bat out of Hell has made its revved up return to the West End stage - and audiences are crying out loud for more. The rock and roll extravaganza based on the classic albums by Meat Loaf and Jim Steinman has already scooped the coveted Best Musical prize at the Evening Standard theatre awards for its limited West End run. And now it’s returned to West End’s spiritual home of rock majesty, the Dominion Theatre - which played host to Queen and Ben Elton’s super-smash We Will Rock You for 12 years. The young, diverse and painfully talented cast belt out all the hits from Bat out of Hell and its two sequels - including I'd Do Anything For Love (But I Won't Do That), Dead Ringer For Love and a feisty take on Paradise By The Dashboard Light. What ties them together is that they were all written for the ‘Neverland’ musical Steinman’s had in his head for nearly half a century. Raven (Christina Bennington), a restless young girl falls in love with tearaway … [Read more...] about Audiences crying out loud for Bat out of Hell’s revved up West End return
David Moyes wants West Ham’s players protected ahead of today’s potentially explosive clash with Southampton. Defiant Hammers owner David Sullivan has already been urged by police to sit out of sight to prevent a repeat of the angry scenes which marred the Burnley defeat three weeks ago. West Ham have suffered 999 top flight defeats and another loss would only add to the toxic atmosphere at the London Stadium. Moyes wants more done by stewards to prevent fans invading the pitch unchallenged to wreck the game as they did against Burnley. The Irons boss said: “The players have to in some way be protected from these sorts of situations. “I saw the FA Cup with Wigan and Manchester City (when Sergio Aguero was confronted by a fan). People are running on the pitch to the players now!” Around 20 fans have already received lifetime bans but Moyes has also warned potential summer signings could be scared off joining the club by another afternoon of chaos. “I … [Read more...] about David Moyes makes plea to stewards ahead of West Ham return to London Stadium