UPDATE 1-Viola Davis wins first Oscar for 'Fences'
LOS ANGELES, Feb 26 Viola Davis won her first Oscar on Sunday for her supporting role as a long-suffering housewife in the African-American family drama "Fences."
By Trevor Hunnicutt NEW YORK, Dec 21 Investors feasted on stock exchange-traded funds during the latest week while delaying their escape from the stressed bond market, data from the Investment Company Institute showed on Wednesday. Some $26.9 billion flooded into U.S.-based stock ETFs during the seven days through Dec. 14, the trade group said, the largest figure since the funds set a weekly fundraising record of $29.4 billion after the Nov. 8 U.S. presidential election. Stock mutual funds, seen as a proxy for retail investors, posted $6.7 billion in withdrawals in the latest week. "The world was too pessimistic, now it's become a little too euphoric," said Joseph Davis, global chief economist for Vanguard Group. "Sentiment has changed markedly." The net $20.2 billion that moved into the stock funds came as the Dow Jones industrial average has come within striking distance of the 20,000 milestone for the first time on hopes that U.S. President-elect Donald Trump's promises to cut taxes and regulations could lift growth prospects. Trump takes office Jan. 20. Fixed-income markets have reacted with reticence, fearing bond-eroding interest rate hikes and inflation if government spending ramps up. The Federal Reserve last week hiked rates for the first time in a year. Yet demand for bond funds is holding up, with just $894 million in net withdrawals for U.S.-based funds during the latest week. Instead of leaving the category, investors moved money to different kinds of bonds. ICI said investors pulled $3.5 billion from tax-exempt municipal bond funds, which pay interest that is exempt from U.S. federal taxes. It marks the seventh straight week of outflows for munis, whose price is influenced by rates and tax policy. But taxable fixed-income funds, a category that includes corporate bonds that pay relatively rich yields even as rates rise, took in $2.6 billion, according to ICI. Commodity funds, including those that buy gold, posted outflows of $576 million in their fifth straight week of withdrawals, ICI said. Gold is highly sensitive to higher rates, which diminish the appeal of holding an asset that pays no interest and boost the dollar, in which the metal is priced. The following table shows estimated ICI flows, including ETFs (all figures in millions of dollars): 12/14 12/7 11/30 11/22 11/16/2016 Equity 20,245 5,372 2,715 9,174 21,468 -Domestic 18,955 2,959 2,779 6,927 23,161 -World 1,291 2,413 -64 2,246 -1,693 Hybrid -6,656 -1,423 -984 -792 -1,757 Bond -894 -173 -4,088 -1,723 -9,703 -Taxable 2,620 4,208 -624 792 -5,019 -Municipal -3,515 -4,381 -3,463 -2,515 -4,684 Commodity -576 -1,724 -854 -1,647 -1,860 Total 12,119 2,052 -3,211 5,012 8,148 (Reporting by Trevor Hunnicutt; Editing by James Dalgleish)
HONG KONG, Feb 27 Asian stocks erased early losses but stayed below 19-month highs on Monday as a renewed drop in sovereign bond yields on political concerns prompted some investors to move to the sidelines after a recent rally.
* SoftBank in discussions with WeWork for some time - sources