Tag: global markets

Asian shares seen slipping as risk sentiment sours, euro buoyant

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asian shares are set for a soft start on Friday as global risk appetite deteriorated on worries the European Central Bank was ready to start tapering its massive stimulus, although trade was expected to be cautious ahead of big diplomatic meetings.

The ECB will debate next week whether to end bond purchases later this year, the bank’s chief economist said on Wednesday, a hawkish message that sent the euro to a three-week top, hit emerging market currencies, and spurred demand for safe-haven bonds.

“Markets are having to rediscover how to price risk amid reduced central bank buying and that adjustment could prove very hard,” said Matt King, Citi’s global head of credit strategy.

Another reason for market nerves was the widening rift between the United States and its major trade partners after President Donald Trump imposed import tariffs on steel and aluminium imports last week.

Trump seemed in no mood to reconcile when he tweeted, just one day before a Group of Seven summit, that France and Canada imposed “massive tariffs” on their imports from the United States and had non-monetary barriers to trade.

The summit takes place on Friday and Saturday in Charlevoix, Quebec.

Uncertainty over how the trade discussions would pan out weighed on stocks and other risk assets overnight, with the S&P 500 and Nasdaq ending lower. A global trade war threatens the world economy’s first synchronous upturn in several years.

E-Minis for the S&P500 and Dow futures were both down about 0.1 percent in early Asian trade on Friday. Nikkei futures slipped 0.6 percent while Australian share futures ticked 0.1 percent lower.

In emerging market currencies, the South African rand, Brazil’s real and the Mexican peso were the worst hit overnight.

Risk appetite also waned after US jobless claims pointed to a further tightening in labour market conditions, cementing expectations the Federal Reserve will raise benchmark US rates next week and twice again later in the year.

Investors were waiting for a historic US-Korea summit in Singapore on June 12 where the main issue is whether North Korea will abandon its nuclear weapons programme.

The US dollar held near three-week lows against a basket of currencies despite the positive jobless numbers.

The euro paused at $1.1797 after four straight session of gains took it to the highest level since mid-May.

The dollar was also subdued against the safe-haven Japanese yen 109.69, down from as high as 111.39 touched just last month.

In commodities, copper hit a 4-1/2-year high Wednesday on concerns over the potential that wage negotiations at the world’s biggest copper mine could disrupt supply.

Oil prices were boosted by from worries over a steep drop in exports from crisis-plagued Venezuela, which faces the threat of US sanctions. [O/R]

US crude rose 6 cents to $66.01 a barrel, while Brent settled at $77.32.

Spot gold was steady at $1,347.7 an ounce.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Twitter to offer $1 billion convertible note as shares rally

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Twitter Inc is preparing a $1 billion convertible note offering, the social media hub said on Wednesday, one day after news that it would be included in the S&P 500 index sent its shares up 5 percent to a more than three-year high.

Convertible bonds grant holders the right to exchange them for equity above a pre-established price, giving the company scope to reduce coupon payments on the debt.

The company said on Thursday the private placement of senior unsecured notes due 2024 was priced at a 0.25 percent coupon.

The offering is expected to result in about $989 million in net proceeds and settle on June 11, the company said.

There have been 22 convertible offerings by technology companies this year, raising in total almost $9 billion, according to Thomson Reuters IFR.

“The stock price has certainly turned around from where it was last year. … The momentum in the stock may give investors a reason to at least look at this deal,” said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh.

Twitter is taking advantage of strong investor demand for convertible bonds, which allow investors a downside-protected way to participate in the stock. Twitter’s stock would need to rise to $77.64 before investors would be eligible to convert into the underlying stock.

The shares closed at $40.10 on Wednesday.

“We assume the main purpose of the new convert will be to pay off the old one,” wrote Dave King, senior portfolio manager at Columbia Threadneedle Investments.

Concerns about the prospect of more shares coming onto the market sent Twitter’s stock down about 2 percent in premarket trade before a recovery that saw it extend Tuesday’s rally.

Twitter’s 0.25 percent coupon and 42.5 percent conversion premium compare with the 0.125 percent to 0.625 percent and 40 percent to 45 percent respective marketing ranges, sources told IFR on Wednesday.

That would put it at the higher end of recent conversion premiums. Only three of the 22 technology companies that issued convertible bonds this year were in that high range, according to IFR.

This is a popular strategy that other tech companies have used to offset dilution to very high share prices. For instance, financial payments processor Square last month raised $862.5 million on the sale of a five-year convertible with a conversion premium of 42.5 percent.

Twitter said it will use net proceeds for general corporate purposes and to purchase call spread options to offset future dilution and to repurchase part of a convertible that matures in 2019.

That was part of a two-part convertible issue that Twitter sold in September 2014, comprised of five-year and seven-year tranches, according to IFR data.

“The timing of a convertible bond deal with the company’s entrance into the S&P 500 makes sense,” said King. “There will likely be a strong bid for the stock from index funds.”

King said this could offset selling pressure from convertible arbitrageurs trying to establish short positions in Twitter in anticipation of going long on the new convertible bond.

Goldman Sachs, Morgan Stanley and JP Morgan are expected to price the deal later on Wednesday, according to IFR.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Strong fundamentals support Asian shares, Euro, yields up after ECB comments

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asian shares rose to 2 1/2-month high on Thursday, supported by strong economic fundamentals, while expectations the European Central Bank could start to wind down its stimulus boosted the euro and global bond yields.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent to extend its gains, hitting a 2-1/2 month high for a second straight day.Japan’s Nikkei average rose 0.7 percent to 22790.68 in early trade.

The euro rose to a two-week high, while the 10-year US Treasury yield hit a 1-1/2-week peak on Wednesday, after officials said the European Central Bank could wind down its stimulus programme by the end of the year.

Robust growth is making the central bank increasingly confident that inflation is on its way back to target, ECB chief economist Peter Praet said on Wednesday, raising the likelihood it may use a meeting next week to reveal more about the end of its bond-buying programme.

Praet’s comments sent the euro to $1.1796, its highest level since May 22, on Wednesday. The common currency was last up 0.1 percent at $1.1781. The dollar index was down 0.1 percent to 93.565.

Worries over the effects of reduced ECB bond buying triggered a broad sell-off in German Bunds and other European government debt, which spilled over to Treasuries, analysts said.

The yield on Germany’s benchmark 10-year bond rose, while the benchmark 10-year Treasury yield was up nearly 6 basis points at 2.975 percent after touching a 1-1/2 week high.

Higher yields helped to lift S&P 500 financials, which rose 1.8 percent and were the biggest percentage gainer among S&P 500 sectors.

“The US 10 year Treasury yield rose alongside its eurozone peers overnight, while US stocks rallied, reflecting a risk-on attitude among investors,” said Makoto Noji, senior FX/bond strategist at SMBC Nikko Securities.

White House economic adviser Larry Kudlow said late on Wednesday that US President Donald Trump will meet French President Emmanuel Macron and Canadian Prime Minister Justin Trudeau at the G7 summit this week.

Although Kudlow said Trump would not back down from the tough line he has taken on trade, the comments appeared to calm investors.

The Dow Jones Industrial Average rose 1.4 percent to 25,146.39, the S&P 500 gained 0.86 percent to 2,772.35 and the Nasdaq Composite added 0.67 percent to hit its record closing high of 7,689.24.

Oil prices fell on fears of rising global supply after US inventories rose unexpectedly and Saudi Arabia and other big producers signalled they may raise production.

US light crude settled 1.2 percent lower at $64.73 a barrel on Wednesday. The prices have bounced back since, with the WTI gaining 0.7 percent to $65.15.

Gold prices were steady, with spot gold little changed at $1,297.60 per ounce.

India’s central bank (RBI) raised its policy rate for the first time in more than four years on Wednesday, but surprised some economists by keeping its stance “neutral” instead of changing it to “tighten”.

Market participants also eyed the G7 summit later this week and US-North Korea summit scheduled for next week.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Closing Bell: Market slightly recovers in close ahead of RBI policy meet outcome, Idea Cellular slips 10%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Asia stocks dip after rally, focus back on fundamentals

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asian stocks dipped on Tuesday as the markets took a breather after the previous day’s rally, although tech-inspired Wall Street gains helped limit the losses, with investor focus moving away from trade concerns and back to benign economic fundamentals.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.1 percent after surging 1.4 percent the previous day.

Japan’s Nikkei .N225 gained 0.2 percent and South Korea’s KOSPI lost 0.3 percent.

Wall Street’s three major indexes rose overnight, led by a rally in tech stocks, pushing the Nasdaq to a record closing high.

Friday’s better-than-expected May US employment report has helped revive investor optimism for the world’s biggest economy, shifting the focus away from recent trade tensions.

“Strong US data put fundamentals back in the spotlight, just as Italian political concerns were ebbing,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.

Italy’s anti-establishment parties formed a coalition government on Friday to end three months of deadlock and averting potentially destabilizing snap elections.

“The next focal point is the upcoming FOMC (Federal Open Market Committee) meeting and whether the Fed shows any indication of accelerating the pace of its rate hikes following the strong employment report,” said Ichikawa.

The Federal Reserve is scheduled to hold a two-day policy meeting starting on June 12.

With risk aversion ebbing in the broader markets, safe-haven government bonds were sold and their yields rose.

The 10-year US Treasury note yield US10YT=RR stood near an 11-day high of 2.946 percent brushed overnight.

The yield had declined to a 1-1/2-month low of 2.759 percent a week ago when Italian political concerns had soured investor sentiment.

The rebound in US yields lifted the dollar to a near two-week high of 109.970 yen and also helped slow the euro’s gains against the greenback.

The euro was flat at $1.1699, nudged off the 12-day peak of $1.1754 touched on Monday on the ebb in concerns toward Italy.

The dollar index against a basket of six major currencies was little changed at 94.040 .DXY after edging down 0.2 percent overnight.

The Australian dollar stood near a six-week high of $0.7666 reached overnight on upbeat domestic data.

In commodities, crude oil was on the defensive with expanding US production and possible global supply growth weighing on prices.

US crude futures CLc1 were 0.3 percent higher at $64.96 a barrel after dropping 1.6 percent overnight and touching $64.57, the lowest since April 10.

Safe haven gold was headed for the fourth session of losses with spot gold a shade lower at $1,291.21 an ounce.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Global shares shrug off trade tensions as US data reassures

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Global shares rose on Monday as worries over a trade war between the United States and other major economies took a back seat, with investors focusing on an easing of political risks in Europe and strong US jobs data.

The MSCI world equity index, which tracks shares in 47 countries, climbed 0.4%, while European stocks continued on their road to recovery with a 0.5% rise by 1107 GMT as tensions calmed in Italy and Spain.

“The mood is mainly positive due to better US job creation seen in (Friday’s) NFP data, which has carried stocks higher despite headwinds such as escalating trade disputes,” analysts at FX Pro Insights said.

“The risk is that sentiment shifts and catches traders off balance as volatility increases.”

Following a week in which Italian stocks hit their lowest since July, Italy’s anti-establishment parties formed a coalition government on Friday to end three months of political deadlock.

Italian bond yields fell. They soared last week on fears a snap election would be called that might effectively become a referendum on euro membership.

The spread on Spanish bond yields over benchmark German Bunds also narrowed after a new prime minister was sworn in in Madrid, though Socialist Pedro Sanchez’s minority administration faces a tough baptism from a revived independence drive in Catalonia.

The euro traded at $1.1723, well clear of Tuesday’s 10-month low of $1.1506.

While the risk of political crisis receded in Europe, concerns over a possible global trade war rumbled on in the background.

Finance ministers of the closest US allies vented their anger on Saturday over Washington’s imposition of metal import tariffs, setting the tone for a heated G7 summit next week in Quebec.

In a rare open show of divisions among the club of wealthy nations, six of the G7 member countries issued a statement asking US Treasury Secretary Steven Mnuchin to convey their “unanimous concern and disappointment” to President Donald Trump.

“The G7 summit this weekend could be equally terrible. There’s even talk that Trump may not go. Concerns on trade frictions are likely to continue to weigh on markets,” said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

Washington also remained at odds with Beijing after US Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He either.

China warned the United States on Sunday that any bilateral agreements reached on trade and business would be void if Washington implemented tariffs and other trade measures.

But this did not stop Asian shares from rallying. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.3% to a high last seen on May 17, while Japan’s Nikkei rose 1.4%.

Likewise stocks futures pointed to a positive start for Wall Street, with EMini futures for the S&P 500 up 0.3%.

US Economy Powers Ahead

Signs of strength in the US economy helped keep bears at bay.

Data released on Friday showed US job growth accelerated in May and the unemployment rate dropped to an 18-year low of 3.8%, indicating a rapidly tightening labour market.

“We had strong headline figures on employment but the rise in wages was still well-contained and did not point to a sharp acceleration in inflation,” Hirokazu Kabeya, chief global strategist at Daiwa Securities.

The strong report added to a string of upbeat economic data, including consumer spending, industrial production and construction spending, making the Federal Reserve all but certain to raise interest rates at its policy meeting next week.

US Treasury yields edged higher, with 10-year paper at 2.9076%, while the dollar eased 0.4% against its currency basket to 93.802.

US crude futures traded lower at $65.40, back at their lowest levels in nearly two months. Rising US crude production and a glut due to a lack of pipeline capacity have pressured prices.

Global benchmark Brent was down 1.3% at $75.76.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Global trade skirmish puts factories, recovery at risk

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Factory growth in major manufacturing hubs showed signs of cooling last month as companies braced for potential damage from rising global trade tensions while also grappling with accelerating inflation and a strong dollar.

US President Donald Trump’s moves to slap tariffs on some of the country’s most important trading partners have rattled financial markets, and many are now fretting about the potential threat to what is now mostly synchronised world growth.

Stocks rose and bond yields fell on Friday as investors welcomed an apparent end to a political crisis in Italy but prospects for a full-blown trade war put a dampener on gains.

“The uncertainty about future trade and Trump’s contempt for international rules can deal a significant blow to business confidence especially in trade-oriented nations,” said Holger Schmieding, chief economist at Berenberg.

That danger was made all the more real on Thursday when the United States and its key allies announced tit-for-tat tariffs.

A US trade delegation is in Beijing this weekend for a third round of talks between the two countries in the last month after Washington said it would slap tariffs on $50 billion of Chinese imports.

The risk is that a full-blown Sino-US trade war will ripple through global supply chains, hurting economies from Europe to Mexico through to Australia and Japan.

Europe Losing Momentum

Euro zone factory growth stayed strong but slowed to a 15-month low in May, hampered by extra holidays, and forward-looking indicators suggest it will at best remain subdued in coming months, a business survey showed.

Higher prices appear to have hurt demand and IHS Markit’s May final manufacturing Purchasing Managers’ Index for the bloc slipped for a fifth month, falling to a 15-month low of 55.5 from April’s 56.2, in line with a flash reading.

Anything over 50 indicates growth.

German factory growth was also at a 15-month low and French manufacturing activity picked up less than expected, highlighting a more uncertain trade outlook.

British manufacturers bucked the global trend in May and picked up speed for the first time in six months. But the slight improvement masked underlying weakness among the country’s factories.

Chinese manufacturing, meanwhile, has grown steadily so far this year. The Caixin/Markit Manufacturing PMI was unchanged at 51.1 in May, although new export orders fell for a second straight month.

“Forthcoming trade tensions could put pressure on trade and related supply chain activities … We believe that investment decisions in potentially affected industries have been delayed,” ING China economist Iris Pang said in a note.

The Markit/Nikkei Japan Manufacturing PMI fell to a seven-month low of 52.8 for May, with domestic business growth slowing and only a modest pick up seen in export orders.

Corporate capital expenditure in Japan rose at a slower pace in the first quarter compared with the previous one, a separate report showed. Further stress on exports is likely to restrain any rebound from an economic contraction at the start of the year.

South Korea, another major export hub, reported strong shipment growth in May. But a factory survey found activity contracted for a third straight month as new orders continued to decline, prompting companies to cut staff at the fastest pace in almost a decade.

But Rates Still Set To Rise

Higher oil prices and a rising dollar have hammered currencies of late, with trade friction and heightened geopolitical uncertainties around North Korea, Iran and Italy adding to pressure.

Economies are seeing inflation flare up while currencies have taken a hit, raising expectations for interest rate hikes.

The European Central Bank will finish its stimulus programme by the end of 2018, according to a Reuters poll of economists last month, although nearly half of those surveyed said it was not in control of inflation, which had remained stubbornly below target.

But prices in the bloc rose a faster-than-expected 1.9% last month from a year earlier, official data showed on Thursday, pretty much spot on the ECB’s target.

The Bank of England, facing inflation above its target, is expected to raise interest rates in August.

Indonesia’s central bank has already raised rates this year and Indian policymakers might tighten policy soon.

India on Thursday reported its quickest pace of economic growth in nearly two years in January-March and the Reserve Bank of India is expected to hike rates in August — a dramatic turnaround from just a month ago, when a survey predicted no increase until the second half of 2019.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Closing Bell: Market closes in gains backed by global cues, ONGC, Tech Mahindra gain

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Global shares fall on Italian turmoil, euro, oil at multi-week lows

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Asian shares fell on Tuesday and the euro slipped back to 6-1/2 month lows as early elections loomed in Italy, but a revival in diplomatic talks with North Korea and a retreat in oil prices from recent highs supported sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent after three consecutive sessions of gains.

Japan’s Nikkei skidded 0.8 percent while South Korean shares slipped 0.5 percent. Australia’s benchmark index was a touch firmer. Liquidity is expected to be relatively thin with market holidays in Singapore, Malaysia, Indonesia and Thailand.

“The market has turned its focus to the continuing political situation in Italy,” said Nick Twidale, a Sydney-based analyst at Rakuten Securities Australia.

“This should keep the risk trades pressured to the downside…. (The) focus will remain on the on-again, off-again US-North Korean summit and the US-China trade relationship as we move through the Asian trading session,” Twidale added.

E-Mini futures for the S&P500 gained 0.1 percent. Globally, trade was subdued overnight with market holidays in the world’s two biggest financial centres – London and New York.

The tick up in US stock futures came as South Korean President Moon Jae-in flagged more impromptu talks and summits with North Korea’s Kim Jong Un after the pair’s surprise meeting at the weekend.

Kim has reaffirmed his commitment to “complete” denuclearisation of the Korean peninsula, Moon said, as US officials seek to revive what would be a historic meeting between President Donald Trump and Kim.

ITALY ELECTIONS

European shares were hammered overnight by worries over snap polls in Italy after the anti-establishment 5-Star and League parties abandoned plans to form a government.

Investors feared Italy’s election campaign could focus on the country’s continued membership of European institutions and strengthen the populist parties’ hand.

Adding to the uncertainty, Spanish Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday.

Europe’s STOXX 600 skidded 0.3 percent on Monday and Italy’s FTSE MIB benchmark index fell 2.1 percent to its lowest since early March.

The euro was last at $1.1617 from Monday’s $1.1608, its lowest since early November.

“It is clear that the bitter political battle (in Italy) will continue,” ANZ analysts said in a note. “In this environment, uncertainty and market turbulence look set to continue.”

The dollar rose 0.2 percent against a basket of major currencies to stay near the highest since mid-November.

Against the safe harbour yen, the dollar dipped to 109, not far from a recent three-week trough of 108.94.

Analysts will next focus their attention on U.S. inflation data due later in the week which could provide clues to future interest rate rises ahead of the Federal Reserve policy meeting next month.

Another potential overhang for Asian emerging markets was an

ongoing truckers’ strike in Brazil to protest rising fuel prices.

Brazilian equities plunged more than 4 percent on Monday to their lowest level this year.

“The Brazilian strike (will) potentially feed through into higher food prices, with negative implications for EM Asia,” analysts at JPMorgan said in a note.

Oil stayed on a slippery slope on rising expectations that major producers may reverse some of the production cuts they have maintained for 17 months.

US crude futures stumbled to six-week lows and looked set for a fifth straight day of declines. It was last down 1.7 percent at $66.76 a barrel.

Brent crude futures edged up 0.2 percent after dropping to $74.49 per barrel on Monday, their lowest in about three weeks. They were last at $75.43.

Spot gold was barely changed at $1.344.7 an ounce.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow