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Karen Pierog

TREASURIES-Longer-term yields climb as investors embrace risk

3:08am IST

(Updates yields, adds impact from Yellen's expected nomination) By Karen Pierog CHICAGO, Nov 24 U.S. Treasury yields on the longer end of the curve rose on Tuesday as investors rushed to riskier investments, including soaring stocks. The benchmark 10-year yield, which hit a session high of 0.888%, was last up 2.4 basis points at 0.8832% and the yield curve steepened. The yield on 30-year bonds was last up 4.4 basis points at 1.6072%. Stan Shipley, fixed-income strategist at Evercore ISI in New York, said investors, driven by hopes of a closer economic recovery, were ditching the safe haven of Treasuries for riskier commodities and stocks. "With yields of 85 or 88 basis points, that's not very attractive on the 10-year (note), and (people are) going to look for returns elsewhere," he said. President-elect Joe Biden's expected nomination of former Federal Reserve Chair Janet Yellen as Treasury secretary raised investor hopes for passage of a potential fiscal stimulus package and contributed to the weakness in long-dated Treasuries and the steepening of the yield curve. Progress on coronavirus vaccines, along with the commencement of Biden's transition process three weeks after the election, pushed stocks higher and lifted the Dow Jones Industrial Average over the 30,000 mark for the first time. Market positioning ahead of Thursday's Thanksgiving holiday was also a factor, according to Tom Simons, money market economist at Jefferies in New York. "Nobody wants to be still holding onto big short positions," he said. On the auction front, the U.S. Treasury sold $56 billion of seven-year notes at a high yield of 0.653% and with a bid-to-cover ratio of 2.37. The offering followed auctions of two- and five-year notes on Monday. Simons said the seven-year note auction went "pretty well." "This one was slightly better than average and yesterday's (five-year note auction) was slightly worse than average," he said. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was last down less than a basis point at 0.1641%. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was last at 71.90 basis points, 2.8 basis points higher than Monday's close. November 24 Tuesday 4:21PM New York / 2221 GMT Price Price Current Net Yield % Change (bps) Three-month bills 0.085 0.0864 -0.003 Six-month bills 0.09 0.0913 0.000 Two-year note 99-236/256 0.1641 -0.005 Three-year note 100-26/256 0.2157 -0.005 Five-year note 99-226/256 0.3987 0.004 Seven-year note 99 0.6478 0.014 10-year note 99-236/256 0.8832 0.024 20-year bond 99-140/256 1.4011 0.039 30-year bond 100-108/256 1.6072 0.044 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 9.25 0.75 spread U.S. 3-year dollar swap 8.50 1.00 spread U.S. 5-year dollar swap 6.25 -0.25 spread U.S. 10-year dollar swap 0.00 0.50 spread U.S. 30-year dollar swap -31.75 0.00 spread (Reporting by Karen Pierog; Editing by Lisa Shumaker and Alistair Bell)

TREASURIES-Longer-term yields climb as investors embrace risk

1:53am IST

(Updates yields, adds auction results and analyst comments) By Karen Pierog CHICAGO, Nov 24 U.S. Treasury yields on the longer end of the curve rose on Tuesday as investors rushed to riskier investments, including soaring stocks. The benchmark 10-year yield, which hit a session high of 0.888%, was last up 2.7 basis points at 0.8865% and the yield curve steepened. The yield on 30-year bonds was last up 4.6 basis points at 1.6092%. Stan Shipley, fixed-income strategist at Evercore ISI in New York, said investors, driven by hopes of a closer economic recovery, were ditching the safe haven of Treasuries for riskier commodities and stocks. "With yields of 85 or 88 basis points, that's not very attractive on the 10-year (note), and (people are) going to look for returns elsewhere," he said. Economic rebound hopes spurred by progress on coronavirus vaccines, along with the commencement of President-elect Joe Biden's transition process three weeks after the election, pushed stocks higher and lifted the Dow Jones Industrial Average over the 30,000 mark for the first time. Market positioning ahead of Thursday's Thanksgiving holiday was also a factor, according to Tom Simons, money market economist at Jefferies in New York. "Nobody wants to be still holding onto big short positions," he said. On the auction front, the U.S. Treasury sold $56 billion of seven-year notes at a high yield of 0.653% and with a bid-to-cover ratio of 2.37. The offering followed auctions of two- and five-year notes on Monday. Simons said the seven-year note auction went "pretty well." "This one was slightly better than average and yesterday's (five-year note auction) was slightly worse than average," he said. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was last down less than a basis point at 0.1641%. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was last at 71.90 basis points, 2.8 basis points higher than Monday's close. November 24 Tuesday 3:09PM New York / 2109 GMT Price Price Current Net Yield % Change (bps) Three-month bills 0.085 0.0864 -0.003 Six-month bills 0.09 0.0913 0.000 Two-year note 99-236/256 0.1641 -0.005 Three-year note 100-26/256 0.2157 -0.005 Five-year note 99-224/256 0.4003 0.005 Seven-year note 98-250/256 0.6512 0.017 10-year note 99-228/256 0.8865 0.027 20-year bond 99-136/256 1.402 0.040 30-year bond 100-96/256 1.6092 0.046 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 9.50 1.00 spread U.S. 3-year dollar swap 8.75 1.25 spread U.S. 5-year dollar swap 6.50 0.00 spread U.S. 10-year dollar swap 0.00 0.50 spread U.S. 30-year dollar swap -31.75 0.00 spread (Reporting by Karen Pierog; editing by Jonathan Oatis and Lisa Shumaker)

TREASURIES-Longer-term yields rise further as investors embrace risk

24 Nov 2020

(Recasts, updates yields, adds analyst comment) By Karen Pierog CHICAGO, Nov 24 U.S. Treasury yields on the longer end of the curve extended their rise on Tuesday as investors rushed to riskier investments, including soaring stocks. The benchmark 10-year yield was last up 2.7 basis points at 0.8865% and the yield curve steepened. Stan Shipley, fixed income strategist at Evercore ISI in New York, said investors, driven by hopes of a closer economic recovery, were ditching the safe haven of Treasuries for riskier commodities and stocks. "With yields of 85 or 88 basis points, that's not very attractive on the 10-year (note), and (people are) going to look for returns elsewhere," he said. Economic rebound hopes spurred by progress on coronavirus vaccines, along with the commencement of President-elect Joe Biden's transition process three weeks after the election, pushed stocks higher and lifted the Dow Jones Industrial Average over the 30,000 mark for the first time. Following auctions of two- and five-year notes on Monday, the U.S. Treasury will offer $56 billion of seven-year notes later on Tuesday. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was last down less than a basis point at 0.1641%. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was last at 72.10 basis points, 3 basis points higher than Monday's close. November 24 Tuesday 12:16AM New York / 1816 GMT Price Price Current Net Yield % Change (bps) Three-month bills 0.0875 0.089 0.000 Six-month bills 0.09 0.0913 0.000 Two-year note 99-236/256 0.1641 -0.005 Three-year note 100-24/256 0.2183 -0.003 Five-year note 99-224/256 0.4003 0.005 Seven-year note 98-252/256 0.6501 0.016 10-year note 99-228/256 0.8865 0.027 20-year bond 99-124/256 1.4047 0.043 30-year bond 100-92/256 1.6098 0.047 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 9.25 0.75 spread U.S. 3-year dollar swap 8.75 1.25 spread U.S. 5-year dollar swap 6.50 0.00 spread U.S. 10-year dollar swap -0.50 0.00 spread U.S. 30-year dollar swap -31.75 0.00 spread (Reporting by Karen Pierog; editing by Jonathan Oatis)

TREASURIES-Longer-term yields rise as risk appetite improves

24 Nov 2020

By Karen Pierog CHICAGO, Nov 24 U.S. Treasury yields on the longer end of the curve inched higher on Tuesday with the stock market poised to open stronger and ahead of a seven-year note auction. The benchmark 10-year yield was last up 1.1 basis points at 0.8701%. Ben Jeffery, a strategist at BMO Capital Markets in New York, said Treasuries were in a wait-and-see mode ahead of the auction and the release of consumer confidence data. "The latest news on the presidential transition as well could probably be credited for some of the modest risk-on pricing," he said. Stock futures rose after Monday's formal go-ahead for President-elect Joe Biden's transition process to begin. Following auctions of two- and five-year notes on Monday, the U.S. Treasury will offer $56 billion of seven-year notes later on Tuesday. "Generally speaking, it should go well within these trading parameters," Jeffery said. Also up for auction are $24 billion of two-year floating-rate notes. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was last down less than a basis point at 0.1602%. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was last at 70.20 basis points, about 1.4 basis points higher than Monday's close. November 24 Tuesday 9:06AM New York / 1506 GMT Price Price Current Net Yield % Change (bps) Three-month bills 0.09 0.0915 0.002 Six-month bills 0.09 0.0913 0.000 Two-year note 99-238/256 0.1602 -0.009 Three-year note 100-28/256 0.2131 -0.008 Five-year note 99-234/256 0.3924 -0.003 Seven-year note 99-20/256 0.6362 0.002 10-year note 100-12/256 0.8701 0.011 20-year bond 99-240/256 1.3786 0.017 30-year bond 100-252/256 1.5836 0.021 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 9.25 0.75 spread U.S. 3-year dollar swap 8.50 1.00 spread U.S. 5-year dollar swap 6.25 -0.25 spread U.S. 10-year dollar swap -0.75 -0.25 spread U.S. 30-year dollar swap -32.00 -0.25 spread (Reporting by Karen Pierog; editing by Jonathan Oatis)

Credit, muni markets shrug off Treasury threat to end Fed programs

20 Nov 2020

NEW YORK The credit and municipal bond markets held fast on Friday morning after U.S. Treasury Secretary Steven Mnuchin defended his decision, first announced Thursday evening, to let several of the Federal Reserve's key pandemic lending programs end on Dec. 31.

Coronavirus resurgence threatens U.S. states' revenue gains

14 Nov 2020

CHICAGO, Nov 13 After a few months of improved tax collections, U.S. states' revenues could fall again as the coronavirus resurges across the nation and negotiations over additional federal economic aid remain at an impasse.

TREASURIES-Yields rise on jobs data as election results inch closer to Biden win

07 Nov 2020

(Recasts, updates yields, adds analyst comments, McConnell remarks) By Karen Pierog CHICAGO, Nov 6 U.S. Treasury yields rose on Friday while the market kept a close eye on the latest election developments that showed Democrat Joe Biden on the verge of winning the presidency. The benchmark 10-year yield, which reached a session high of 0.837%, was last up 4 basis points at 0.8185%. The 30-year yield, which climbed as high as 1.619%, was last up 5.2 basis points at 1.5966%. Biden expanded his narrow leads over Republican President Donald Trump in Georgia and Pennsylvania, where a win would put the Democrat over the 270 electoral votes needed to secure the presidency. Jim Vogel, senior rates strategist, at FHN Financial in Memphis, Tennessee, said greater clarity on the election helped lift yields. "That took away an element of uncertainty that had perhaps held yields down in that mid-70's (basis point) kind of range on (10-year notes)," he said. Yields also climbed after the U.S. Labor Department's closely watched employment report showed the unemployment rate fell to a lower-than-expected 6.9% in October from 7.9% in September, although a 638,000 increase in nonfarm payrolls was the smallest gain since a jobs recovery started in May. "It's clearly a good sign for the economy, so it would put upward pressure on yields," said Michael Englund, chief economist at Action Economics in Boulder, Colorado. Republican Senate Majority Leader Mitch McConnell on Friday used the drop in the unemployment rate to bolster his argument for a smaller stimulus package to aid the coronavirus-battered economy. Yields have been on a roller-coaster ride this week. The market, which had positioned for a Democratic sweep along with massive stimulus spending to result from Tuesday's national elections, later recalibrated for a split government scenario with a slimmed-down aid plan. Meanwhile, potential runoffs in Georgia could determine which party controls the U.S. Senate. The coming week will bring a burst of supply with $54 billion of three-year notes offered on Monday, $41 billion of 10-year notes on Tuesday and $27 billion of 30-year bonds on Thursday. "The expectation is that we'll get through them without too much problem, and maybe a band of probably plus-5 basis points to minus-2 basis points, somewhere around there on both (10-year notes and 30-year bonds)," Vogel said. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes steepened. It was last up 4.4 basis points at 66 basis points. It had widened to as much as 77 basis points on Wednesday. November 6 Friday 3:04PM New York / 2104 GMT Price Price Current Net Yield % Change (bps) Three-month bills 0.09 0.0913 0.000 Six-month bills 0.1 0.1014 0.005 Two-year note 99-241/256 0.1547 0.004 Three-year note 99-198/256 0.2026 0.011 Five-year note 99-116/256 0.361 0.026 Seven-year note 99-96/256 0.5916 0.033 10-year note 98-48/256 0.8185 0.040 20-year bond 95-212/256 1.3665 0.049 30-year bond 94-196/256 1.5966 0.052 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 8.25 0.00 spread U.S. 3-year dollar swap 7.50 -0.25 spread U.S. 5-year dollar swap 6.00 -0.75 spread U.S. 10-year dollar swap 1.75 -1.00 spread U.S. 30-year dollar swap -33.00 -0.50 spread (Reporting by Karen Pierog in Chicago and Dhara Ranasinghe in London; Editing by Catherine Evans, Jonathan Oatis and Tom Brown)

TREASURIES-Yields mixed as market awaits election results, jobs data

06 Nov 2020

(Recasts, updates yields, adds analyst comment and Fed meeting statement) By Karen Pierog CHICAGO, Nov 5 U.S. Treasury yields were mixed on Thursday as national election results remained uncertain and investors awaited Friday's October employment report. Longer-dated yields bounced up from three-week lows reached earlier in the session. The benchmark 10-year yield, which touched its lowest since mid-October at 0.718%, was last up less than a basis point at 0.7763%. The 30-year bond yield also hit a three-week low of 1.48% and was last down less than a basis point at 1.5424%. "The market's really adrift here trying to figure out what to focus on next," said Gennadiy Goldberg, an interest rate strategist at TD Securities in New York, pointing to still-incomplete results from Tuesday's election, rising coronavirus cases, and Friday's release of jobs data. Democrat Joe Biden inched closer to an election win over Republican President Donald Trump, but his party is falling short of expectations in congressional elections. Still, potential runoffs in Georgia could determine control of the Senate, where Republicans are in the majority. Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research in New York, said a divided national government would mean a smaller stimulus plan to aid the virus-battered economy. "There'll be less spending and less fiscal stimulus and that means the (U.S. Federal Reserve) has to continue to keep rates lower for longer and we'll get slower growth and less inflation," she said. The Fed wrapped up its two-day policy meeting with no surprises, saying the central bank would maintain its loose monetary policy and pledging to do what it can to sustain an economic recovery. Ahead of October jobs data due out on Friday, the U.S. Labor Department reported initial claims for state unemployment benefits totaled a seasonally adjusted 751,000 for the week ended Oct. 31, compared with 758,000 in the prior week. Economists polled by Reuters had forecast 732,000 applications in the latest week. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes flattened to mid-October levels at 56.90 basis points earlier in the session. It was last up less than a basis point at 62.20 basis points. It had widened to as much as 77 basis points on Wednesday. November 5 Thursday 3:52PM New York / 2152 GMT Price Price Current Net Yield % Change (bps) Three-month bills 0.09 0.0913 -0.003 Six-month bills 0.0975 0.0989 -0.002 Two-year note 99-244/256 0.1487 0.004 Three-year note 99-208/256 0.189 0.013 Five-year note 99-150/256 0.3339 0.011 Seven-year note 99-152/256 0.5594 0.011 10-year note 98-148/256 0.7763 0.008 20-year bond 96-188/256 1.313 -0.003 30-year bond 96-4/256 1.5424 -0.007 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 8.25 -0.25 spread U.S. 3-year dollar swap 7.50 -0.75 spread U.S. 5-year dollar swap 6.50 0.00 spread U.S. 10-year dollar swap 2.50 0.25 spread U.S. 30-year dollar swap -32.75 0.25 spread (Reporting by Karen Pierog in Chicago; additional reporting by Dhara Ranasinghe and Suajata Rao in London; Editing by Dan Grebler and Richard Chang)

TREASURIES-U.S. bond yields fall on election uncertainty, stimulus bets scaled back

05 Nov 2020

(Recasts, updates yields, adds analyst comments) By Karen Pierog CHICAGO, Nov 4 U.S. Treasury yields tumbled on Wednesday after incomplete election results pointed to a still-divided national government and the likelihood for a smaller stimulus plan to revive the pandemic-slammed economy. Both Republican President Donald Trump and Democratic rival Joe Biden had possible paths to reach the required 270 Electoral College votes to win the White House, while Congress was likely to remain split between the two parties.. Treasury yields, which had climbed to multi-month highs ahead of the election results, plummeted when chances faded for a Democratic sweep, along with massive stimulus spending, that had been priced into the market. The benchmark 10-year yield, which hit a session low of 0.756%, was last at 0.7696%, well below a five-month high of 0.945% touched briefly overnight. The 30-year yield, which traded as high as 1.757%, was last at 1.5484%, up from a session low of 1.506%. “Yesterday afternoon the market was probably pricing in about a 70%-75% chance of a (Democratic) sweep ... the back end of the curve was for sale and there was significant selling pressure," said Michael de Pass, global head of U.S. Treasury trading at Citadel Securities. "As Trump won Florida and you realized this was going to be a bit of a close race and not a landslide, the tone changed very, very quickly.” Even if Biden were to win, a Republican-controlled Senate would likely mean a less-generous aid package, easing the fear of massive new supply hitting the market. "We don't have the risk of inflation coming from trillions of dollars dumped into the economy. We don't have the risk of all that supply having to be funded on top of the supply we're still trying to fund from (the CARES Act)," said Tom Simons, a money market economist at Jefferies in New York. Republican U.S. Senate Majority Leader Mitch McConnell on Wednesday called on Congress to approve a new coronavirus aid bill by year end. The market also mulled the possibility of a drawn-out court battle with the Trump campaign seeking a recount in Wisconsin and suing to stop vote counts in Michigan and Pennsylvania. "In that environment, I think you see sort of a drift lower in rates and flatter in the curve," said Ben Jeffery, a strategist at BMO Capital Markets in New York. Meanwhile, the U.S. Treasury said on Wednesday morning it will sell $54 billion of three-year notes, $41 billion of 10-year notes and $27 billion of 30-year bonds next week. John Bellows, portfolio manager at Western Asset Management, said a move down in long-term Treasury yields just after the refunding announcement was only part of a broader swing tied to politics during the day and that the agency’s plans were “kind of a wash” in terms of their overall impact. On Monday, the Treasury announced it expects to borrow $617 billion in the fourth quarter, assuming enactment of an additional $1 trillion in spending. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, was last at 62.30 basis points, falling from a session high of 77 basis points, the widest spread since mid-March. November 4 Wednesday 3:29PM New York / 2129 GMT Price Current Net Yield % Change (bps) Three-month bills 0.0925 0.0938 -0.002 Six-month bills 0.1 0.1014 -0.011 Two-year note 99-246/256 0.1447 -0.023 Three-year note 99-216/256 0.1782 -0.032 Five-year note 99-162/256 0.3243 -0.067 Seven-year note 99-164/256 0.5525 -0.097 10-year note 98-164/256 0.7696 -0.111 20-year bond 96-180/256 1.3148 -0.115 30-year bond 95-224/256 1.5484 -0.106 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 8.50 1.25 spread U.S. 3-year dollar swap 8.00 0.75 spread U.S. 5-year dollar swap 6.50 1.00 spread U.S. 10-year dollar swap 2.25 1.75 spread U.S. 30-year dollar swap -33.00 2.75 spread (Reporting by Karen Pierog in Chicago, additional reporting by Karen Brettell in New York, Ross Kerber in Boston, Dhara Ranasinghe in London and Stanley White in TOKYO; Editing by Kirsten Donovan and Grant McCool)

TREASURIES-U.S. bond yields fall on election uncertainty, stimulus bets scaled back

04 Nov 2020

(Updates yields, adds analyst comments and Treasury announcement) By Karen Pierog CHICAGO, Nov 4 Long-dated U.S. Treasury yields fell from five-month highs on Wednesday after an unexpectedly close U.S. election raised concerns over prolonged uncertainty and the fate of further stimulus measures to revive the pandemic-slammed economy. The race remained down to a handful of states, and both Republican President Donald Trump and Democratic rival Joe Biden had possible paths to reach the required 270 Electoral College votes to win the White House.. Treasury yields, which had climbed to multi-month highs ahead of the election results, plummeted when chances for a Democratic sweep that had been priced into the market faded. The benchmark 10-year yield, which hit a session low of 0.756%, was last at 0.7696%, well below a five-month high of 0.945% touched briefly overnight. The 30-year yield, which traded as high as 1.757%, was last at 1.5477%, up from a session low of 1.506%. A combination of a Biden presidency and Republican-controlled Senate "reduces the chances of fiscal stimulus in the short term and an infrastructure spending package in the intermediate term, both of which on the margin reduce growth, inflation, and Treasury supply expectations," said Guy LeBas, chief fixed income strategist at Janney Capital Management in Philadelphia. Meanwhile, the market mulled the possibility of a drawn-out court battle over vote counting. "In that environment, I think you see sort of a drift lower in rates and flatter in the curve," said Ben Jeffery, a strategist at BMO Capital Markets in New York. Meanwhile, the U.S. Treasury said on Wednesday it will sell $54 billion of three-year notes, $41 billion of 10-year notes and $27 billion of 30-year bonds next week. That followed Monday's announcement that it expects to borrow $617 billion in the fourth quarter, assuming enactment of an additional $1 trillion in spending. Republican U.S. Senate Majority Leader Mitch McConnell on Wednesday called on Congress to approve a new coronavirus aid bill by year end. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, was last at 62 basis points, falling from a session high of 77 basis points, the widest spread since mid-March. November 4 Wednesday 12:06AM New York / 1806 GMT Price Current Net Yield % Change (bps) Three-month bills 0.0975 0.0989 0.003 Six-month bills 0.105 0.1065 -0.006 Two-year note 99-246/256 0.1447 -0.023 Three-year note 99-218/256 0.1756 -0.034 Five-year note 99-162/256 0.3243 -0.067 Seven-year note 99-160/256 0.5548 -0.095 10-year note 98-164/256 0.7696 -0.111 20-year bond 96-172/256 1.3167 -0.113 30-year bond 95-228/256 1.5477 -0.106 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 8.50 1.25 spread U.S. 3-year dollar swap 8.50 1.25 spread U.S. 5-year dollar swap 6.50 1.00 spread U.S. 10-year dollar swap 2.25 1.75 spread U.S. 30-year dollar swap -33.50 2.25 spread (Reporting by Karen Pierog in Chicago, additional reporting by Dhara Ranasinghe in London and Stanley White in TOKYO; Editing by Kirsten Donovan)

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