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Tags: foreign | demand | assets | stocks

Foreign Demand for US Assets Was Below Estimate in January

Friday, 15 March 2013 10:07 AM

International purchases of U.S. stocks, bonds and other financial assets rose less than forecast in January as confidence grew that Europe was emerging from its debt crisis.

Net buying of long-term financial assets totaled $25.7 billion during the month, down from net purchases of $64.2 billion in December, the Treasury Department said today in Washington. Economists surveyed by Bloomberg projected net buying of $40 billion of long-term assets, according to the median estimate.

“The need for a safe haven is slightly reduced as the euro debt crisis is no longer dragging down the world markets, but the U.S. is winning the economic growth race among developed nations and this is attracting capital,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said before the report was released.

European stocks rose to an almost five-year high this week as policy makers gathered for a two-day summit. European Union leaders indicated in a draft statement that they may grant countries such as France, Spain and Portugal extra time to bring down deficits. Still, the U.S. continues to remain attractive as the Dow Jones Industrial Average extended the longest rally since 1996 yesterday.

Including short-term securities such as stock swaps, foreigners bought a net $110.9 billion in January, up from net purchases of $22.2 billion the previous month.

© Copyright 2022 Bloomberg News. All rights reserved.


StreetTalk
International purchases of U.S. stocks, bonds and other financial assets rose less than forecast in January as confidence grew that Europe was emerging from its debt crisis.
foreign,demand,assets,stocks
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2013-07-15
Friday, 15 March 2013 10:07 AM
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