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U.S. Commerce Secretary Gina Raimondo's trip to China last month had promised some economic and trade detente between the two superpowers now at loggerheads. And none of the 222 funds polled expected China economic growth to be any higher next year than this - mirroring a recent Reuters survey of domestic and overseas banks and investors. As these sorts of surveys go, there's an awful lot in there that could spell "peak gloom". Indeed, shorting China equities was deemed the second "most crowded trade" behind long exposure to supercharged Big Tech stocks. Even if the economy turns, political catalysts for a return to China may be slow in coming.
Persons: Aly, Gina Raimondo's, it's, Jamie Dimon, Jay Clayton, Jenny Johnson, Franklin Templeton, Willem Sels, Mike Dolan, Sharon Singleton Organizations: REUTERS, . Commerce, Bank of, Big Tech, Reuters, Reuters Graphics Reuters, JPMorgan, Investments, The Ontario Teachers, Caisse, Franklin, HSBC Private Banking, Thomson Locations: Shanghai, Shenzhen, China, loggerheads, Wall, Asia, Silicon Valley, Hong Kong, Temasek, Bridgewater, Blackrock, India, Indonesia, Washington, United States
U.S. Treasury yields fell on Monday as investors remained focused on remarks from Federal Reserve Chair Jerome Powell that signaled the possibility of more interest rate hikes to tackle inflation. The yield on the benchmark 10-year Treasury yield was down at 4.2217%. While Powell said the Fed could be flexible, he said it still has further to go to fight inflation. "Although inflation has moved down from its peak — a welcome development — it remains too high," Powell said in prepared remarks. The Treasury is expected to auction three-month and six-month bills as well as two-year and five-year notes.
Persons: Jerome Powell, Powell, Willem Sels, Sels, CNBC's, subindexes Organizations: Treasury, Federal, Traders, Federal Reserve, Kansas City, HSBC Private Banking, Wealth, Composite, U.S . Labor Department Locations: Jackson Hole , Wyoming, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomic outlook is ‘very lackluster’ but don’t be too bearish on equities, HSBC CIO saysWillem Sels, global chief investment officer at HSBC Private Banking, discusses the twists and turns in financial markets since the start of 2023 and shares his outlook for the remainder of the year.
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