|Bid||688.01 x 900|
|Ask||707.00 x 1000|
|Day's range||689.28 - 701.02|
|52-week range||323.98 - 788.00|
|Beta (5Y monthly)||1.17|
|PE ratio (TTM)||21.81|
|Forward dividend & yield||16.52 (2.38%)|
|Ex-dividend date||04 Mar 2021|
|1y target est||N/A|
Some investors rely on dividends for growing their wealth, and if you're one of those dividend sleuths, you might be...
(Bloomberg) -- BlackRock Inc. is ramping up its preference for developed markets because of efforts to combat climate change, and touting the risk for developing nations and their more carbon-intensive economies.Technology and health-care stocks will prove more resilient to the shift, and those industries make up a comparatively bigger slice of advanced markets, according to Jean Boivin, head of BlackRock Investment Institute, the research arm of the world’s largest asset manager. The energy and utilities sectors, meanwhile, may face structural challenges as investors become more climate aware -- weighing on high-yield debt returns as well as some developing-nation bonds, he added.“The climate transition will be a persistent driver of these returns going forward, so it needs to be reflected in our expectations,” Boivin said during a webinar Thursday. “The greener sectors that are at the forefront will have a significant edge.”BlackRock Chief Executive Officer Larry Fink has amped up his focus on climate change and efforts to ameliorate it. Earlier this month, the company -- whose trillions of dollars of investment money make it the world’s biggest shareholder -- told companies how it wants them to address climate risk.The money manager is challenging the notion that tackling climate change could drag on global economic growth, betting that a transition to a net-zero economy can lead to a cumulative output gain of nearly 25% over the next 20 years when compared to a scenario in which no changes are made to prevent climate change.“Sustainability creates both risk and opportunities,” Simona Paravani-Mellinghoff, BlackRock’s global chief investment officer of solutions within multi-asset strategies, said during the webinar. “I cannot emphasize enough how critical a step this is. We should monitor ESG exposure as we do with every other driver of portfolio performance.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Bond traders keep probing the limits of central banks’ patience, and nowhere is that clearer than in Australia, where policy makers are struggling to defend their yield target.The Reserve Bank of Australia bought A$5 billion ($4 billion) of bonds Thursday, matching the record last March when it began quantitative easing. That eventually brought the targeted three-year yield down, but only after it hit a two-month high. A selloff that began in New Zealand also widened to Treasuries and Japanese debt, as the world’s sovereign bonds head for their worst month since April 2018.“The Australian bond market is in many ways caught in the crossfire of what’s happening in U.S. Treasuries,” said Chamath De Silva, a portfolio manager at BetaShares Holdings in Sydney and a former fixed-income trader at the central bank. “I don’t see it as the market deliberately testing the RBA so much as global central bank dovishness in general.”A $9 trillion rescue mission by central banks to haul the global economy out of its coronavirus recession is being tested by inflation bets that are threatening their ability to keep borrowing costs down. The intensifying bond rout is forcing a rising tally of money managers to scale back market exposures while Wall Street strategists pare back their bullish playbooks.Read: When Listening to the Central Bank Goes WrongAustralia’s 10-year yield closed at its highest since 2019, having surged more than 75 basis points this year. The benchmark Treasury yield has hit 1.4%, and is headed for the steepest monthly advance since the November 2016 bond rout set off by President Donald Trump’s election win.Yields in every major market have jumped.Policy makers are trying to push back against the rising tide of yields, from Fed speakers stressing they will look through short-term inflation spikes to European Central Bank President Christine Lagarde “closely monitoring” government debt yields. The Bank of Korea warned it’ll intervene in the market if borrowing costs jump and the Reserve Bank of India is deploying a range of tools in the face of a market revolt.That’s not enough to stop the growing challenge from bond traders, who are pushing the limits of central banks’ patience while debt auctions are starting to struggle. Investment firms including BlackRock Inc.’s research arm and Aberdeen Standard Investments are retreating from government bonds.Read: Bond Backlash Spurs Tepid Demand at Five-Year Treasury SaleIn Australia, skepticism has grown that the RBA will maintain its guidance to keep borrowing costs steady into 2024. That’s been highlighted by the unraveling of a popular trade based on selling April 2024 bonds and buying November 2024 notes in anticipation that the central bank’s target will shift to the later maturity debt.Australia’s rapid economic recovery has emboldened traders, as the country suppresses Covid-19 and massive stimulus encourages households to spend and firms to hire. A further boost has come from the price of iron ore, Australia’s largest export, which crashed through $170 a ton and is closing in on a record.What Bloomberg Economics Says...“The RBA is pulling out the stops to counter a rise in bond yields, which have been swept up in a global updraft. In a surprisingly forceful move, it announced its largest purchase of Australian government bonds since it began the program in March.”-- James McIntyre, economistFor the full note, click here.Yet, there is wide disconnect with policy makers expectations.RBA Governor Philip Lowe does not anticipate any rapid recovery in inflation. He noted that before the pandemic, when unemployment had a 4 in front of it, it still failed to generate the sort of wage gains that would be needed to return CPI sustainably to the 2-3% target. Australia’s most recent annual inflation reading was just 0.9% and the jobless rate stands at 6.4%.The central bank is expected to keep policy settings unchanged when it meets on Tuesday.RBNZ MandateNew Zealand bonds kicked off the rout in Asia on Thursday after the government announced it will require the central bank to take account of house prices when it sets interest rates. The losses accelerated as the bid-to-cover ratio at an auction dropped to the lowest since 2012.Money markets are now pricing in a rate increase in New Zealand for mid-2022, suggesting it could be the first major central bank to hike.Yields on the 10-year benchmark surged 18 basis points -- the largest move since April -- to 1.87%. Japanese bonds were also sold, with the benchmark 10-year yield rising to the highest since 2018, while the yield curve steepened.“As yields look set to still rise gradually, this isn’t an environment where investors want to buy even if levels are attractive enough,” said Naomi Muguruma, senior market economist at Mitsubishi UFJ Morgan Stanley Securities Co.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.