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☆ Second half of 2024 'no longer just about technology,' strategist says
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSecond half of 2024 'no longer just about technology,' strategist saysJoe Little, global chief strategist at HSBC Asset Management, discusses the outlook for U.S. and global markets and what factors could impact them.

Persons: Joe Little Organizations: HSBC Asset Management

☆ HSBC wealth investor is convinced four secular themes will keep the U.S. economy humming along
▼ + stars: | 2024-04-28 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

A handful of drivers will keep the American economy humming along, said Jose Rasco, chief investment officer of the Americas at HSBC's wealth division. On the cyclical front, Rasco expects growth to cool as the effects of higher rates become fully felt. "Those four themes suggest to me that's how we avoid recession," said Rasco, a Lehman Brothers and Merrill Lynch alum. Bonus: Presidential election year While not exactly an investment trend, Rasco also noted that a big part of his short-term optimism toward U.S. stocks stems from the looming presidential election. Data shows U.S. stocks tend to outperform in presidential election years.

Persons: Jose Rasco, Rasco, Merrill Lynch, it's Organizations: Federal Reserve, CNBC Pro, Federal, Lehman Brothers, U.S, U.S . Research, BlackRock, HSBC Asset Management Locations: New York City, Americas, China, Mexico, U.S

☆ European Central Bank gives strong signal that cuts are on the way despite Fed uncertainty
▼ + stars: | 2024-04-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Christine Lagarde, president of the European Central Bank (ECB), at a rates decision news conference in Frankfurt, Germany, on Thursday, March 7, 2024. The European Central Bank on Thursday held interest rates steady for a fifth straight meeting and gave its clearest signal yet of an upcoming rate cut, despite uncertainty over the U.S. Federal Reserve's next moves. In a press conference following the announcement, ECB President Christine Lagarde said this "important" new sentence was a "loud and clear indication" of the bank's current sentiment. The ECB made no direct reference to loosening monetary policy in its previous communiques. The central bank for the 20 countries that share the euro currency hiked its key rate to a record 4% in September.

Persons: Christine Lagarde, Hussain Mehdi Organizations: European Central Bank, ECB, U.S, U.S . Federal, HSBC Asset Management Locations: Frankfurt, Germany, U.S .

☆ Evidence suggests we are in 'soft landing phase,' strategist says
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEvidence suggests we are in 'soft landing phase,' strategist saysJoe Little, chief global strategist at HSBC Asset Management, discusses the outlook for the U.S. economy and emerging markets.

Persons: Joe Little Organizations: HSBC Asset Management Locations: U.S

"These measures could boost (earnings) growth and help asset prices recover in 2024," Liu said. As per the forecasts, the consumer staples and software sectors are set to post earnings growth of 40% and 30%, respectively. The consumer discretionary and industrial sectors are each expected to see roughly 20% growth, while the real estate sector may grow 18%. Such stable or growth-centric government policies would also boost investor confidence in the e-commerce and consumer sectors, Lau added. Maurer, however, points to how cheap Chinese stocks are and that the risks might already be priced in.

Persons: Minyue Liu, Liu, John Lau, Lau, Alec Jin, Jin, Caroline Yu Maurer, Maurer, Patturaja Murugaboopathy, Vidya Ranganathan Organizations: BNP, Management, Asia Pacific, SEI, Reuters, Reuters Graphics, Stock Connect, HSBC Asset Management, Thomson Locations: Asia, China, Shanghai, U.S

☆ Bank of England ends run of 14 straight interest rate hikes after cooler-than-expected inflation
▼ + stars: | 2023-09-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. LONDON — The Bank of England on Thursday ended a run of 14 straight interest rate hikes after new data showed inflation is now running below expectations. Investors on Wednesday ramped up bets that the Bank would pause its interest rate hiking cycle after U.K. inflation came in significantly below expectations for August. Thomas Verbraken, executive director of risk management research at MSCI, said the burning question is whether the Bank of England's Thursday decision signals the peak of the interest rate cycle. Forward looking indicators suggest the U.K. economy is already flirting with recession, a backdrop consistent with cooling wage growth and a policy pivot," Mehdi said.

Persons: BOE, Andrew Bailey, We'll, Marcus Brookes, BoE, Brookes, Thomas Verbraken, Hussain Mehdi, Mehdi Organizations: Bank of England, City of, LONDON, Bank, U.S, Monetary, MPC, Quilter Investors, U.S . Federal Reserve, Bank of England's, HSBC Asset Management, Bank of, Fed, European Central Bank Locations: City, City of London, Bank of England's

☆ Hundreds of millions pledged for African carbon credits at inaugural climate summit
▼ + stars: | 2023-09-04 | by ( Duncan Miriri | ) www.reuters.com time to read: +5 min

Companies Climate FollowVitol SA FollowNAIROBI, Sept 4 (Reuters) - An initiative to boost Africa's carbon credit production 19-fold by 2030 drew hundreds of millions of dollars of pledges on Monday as Kenyan President William Ruto opened the continent's first climate summit. In one of the most anticipated deals, the United Arab Emirates (UAE) committed to buying $450 million of carbon credits from the Africa Carbon Markets Initiative (ACMI). "There hasn't been any success for an African country in attracting climate finance," said Bogolo Kenewendo, a United Nations climate adviser and former trade minister in Botswana. Many African campaigners have opposed the summit's approach to climate finance, and about 500 people marched in downtown Nairobi on Monday to protest. They say carbon credits are a pretext for continued pollution by wealthier countries and corporations, who should instead pay their "climate debt" through direct compensation and debt relief.

Persons: William Ruto, Ruto, Bogolo Kenewendo, Bogolo, Kevin Kariuki, Patricia Scotland, Esa Alexander, we've, Hassan Ghazali, Britain, Sultan Al Jaber, COP28, Duncan Miriri, Simon Jessop, Jefferson Kahinju, Aaron Ross, Hereward Holland, Angus MacSwan, Susan Fenton Organizations: United Arab Emirates, Africa Carbon Markets, United, African Development Bank, Reuters, International Monetary Fund, REUTERS, Climate Asset Management, HSBC Asset Management, Debt, Green, Thomson Locations: NAIROBI, UAE, Nairobi, Africa, United Nations, Botswana, Muloza, Mozambique, Blantyre, Malawi, Liberia, Tanzania, Germany, Kenya

☆ CNBC Daily Open: Consumers might just prevent a U.S. recession
▼ + stars: | 2023-06-28 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Australia's S&P/ASX 200 added around 1% after May's inflation reading was lower than expected. The fourth industrial revolutionGenerative artificial intelligence isn't hype — it's the "fourth industrial revolution playing out," said Dan Ives, managing director of Wedbush Securities. [PRO] Seth Klarman on marketsLegendary investor Seth Klarman of Baupost Group spoke with CNBC Tuesday in an exclusive interview.

Persons: Australia's, Christine Lagarde, Lagarde, Dan Ives, Ives, Seth Klarman, Klarman Organizations: CNBC, China's Shanghai, HSBC Asset Management, HSBC, Reserve, European Central Bank, Wedbush Securities, Unity, Baupost Locations: U.S, Asia, Pacific

☆ CNBC Daily Open: Consumers might just fend off a U.S. recession
▼ + stars: | 2023-06-28 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Recession warningThe U.S. will slip into recession in the fourth quarter this year, and will continue languishing in it for 2024, according to HSBC Asset Management. With the new marketplace, users can choose software from other companies to generate AI graphics, text, voice and so on. [PRO] Seth Klarman on marketsLegendary investor Seth Klarman of Baupost Group spoke with CNBC Tuesday in an exclusive interview.

Persons: fintech, Wise, Christine Lagarde, Lagarde, Unity's, Seth Klarman, Klarman Organizations: CNBC, HSBC Asset Management, HSBC, Reserve, European Central Bank, Unity, Baupost Locations: U.S

LONDON, June 28 (Reuters) - Western central banks have been warned this week not to quit in the final lap of their monetary tightening campaign - the hard yards households and financial markets may now find exhausting. And yet, desperate for their members not to declare premature victory in getting inflation back to 2% targets or sow an assumption above-target inflation will eventually be tolerated, central bank watchdogs are cheerleading a last push. But that's not in forecasts this time around - with U.S. and UK headline inflation rates not back to target by the end of next year and the euro zone not even by then. 'Last Mile' of disinflationBIS chart on speed of disinflation'UNCOMFORTABLE TRUTHS'And the BIS message was echoed by the International Monetary Fund (IMF) on Monday. "Monetary policy should continue to tighten and then remain in restrictive territory until core inflation is on a clear downward path," she said.

Persons: that's, Gita Gopinath, Christine Lagarde, Lagarde, Jerome Powell's, John Williams, Williams, Joseph Little, Mike Dolan, Mark Potter Organizations: Bank for International Settlements, BIS, for Economic Cooperation, International Monetary Fund, Bank's, IMF, ECB, U.S . Federal Reserve, New York Fed, U.S, Bank of England, Global, HSBC Asset Management, Reuters, Twitter, Thomson Locations: Ukraine, Portugal

☆ A U.S. recession is coming this year, HSBC warns — with Europe to follow in 2024
▼ + stars: | 2023-06-27 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Hong Kong observation wheel, and the Hong Kong and Shanghai Bank, HSBC building, Victoria harbor, Hong Kong, China. Ucg | Universal Images Group | Getty ImagesThe U.S. will enter a downturn in the fourth quarter, followed by a "year of contraction and a European recession in 2024," according to HSBC Asset Management. "The coming recession scenario will be more like the early 1990s recession, with our central scenario being a 1-2% drawdown in GDP," Little added. HSBC expects the recession in Western economies to result in a "difficult, choppy outlook for markets" for two reasons. HSBC remains overweight on Chinese stocks for this reason, and Little said the "diversification of Chinese equities shouldn't be underestimated."

Persons: Joseph Little, Little, HSBC's Little Organizations: Shanghai Bank, HSBC, Ucg, Getty, HSBC Asset Management, Global, CNBC, U.S . Federal Reserve, European Central Bank, Bank of England, Fed Locations: Hong, Hong Kong, Victoria, China, Europe, India

☆ Bank of England surprises with 50 basis point rate hike to tackle persistent inflation
▼ + stars: | 2023-06-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. Hollie Adams | Bloomberg | Getty ImagesLONDON — The Bank of England on Thursday surprised markets with a 50 basis point hike to interest rates, its 13th consecutive increase as policymakers grapple with persistently high inflation. The Monetary Policy Committee voted 7-2 in favor of the half percentage point increase, which takes the bank's base rate to 5%. The move defied market expectations, which had priced in around a 60% chance of a 25 basis point hike. The MPC said that the high number of fixed-rate mortgages means that the full impact of the increase in the Bank Rate so far "will not be felt for some time."

Persons: BOE, Hollie Adams, Sterling, —, we've, Andrew Bailey, Joseph Little, Little Organizations: Bank of England, City of, Bloomberg, Getty, Monetary, MPC, Bank, HSBC Asset Management Locations: City, City of London

☆ There's a 'disconnect' between developed and emerging markets, asset management firm says
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a 'disconnect' between developed and emerging markets, asset management firm saysAlexander Davey of HSBC Asset Management discusses market volatility and says developed markets are continuing to trade up, while the "story looks quite different" for Asia.

Persons: Alexander Davey Organizations: HSBC Asset Management Locations: Asia

☆ Hot UK labour market raises pressure on BoE to act again
▼ + stars: | 2023-06-13 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Employment and wage growth soared during the three months to April while the unemployment rate fell, according to the Office for National Statistics. Outside of the COVID-19 pandemic, when wage statistics were skewed by furlough schemes, it was the highest reading on record. Including bonuses, wage growth jumped to 6.5% from 6.1% previously, but it still lagged inflation, meaning Britons are suffering declining pay in real terms. "With the possibility of higher-for-longer rates, a UK recession looks unavoidable as tight monetary policy filters into the real economy - including the housing market," Medhi said. BoE officials are likely to note that the headline employment and wages data came in above all forecasts, while the unemployment rate was below all forecasts.

Persons: BoE, Sterling, Hussain Mehdi, Medhi, Andy Bruce, Sachin Ravikumar, Sarah Young, Kate Holton, Bernadette Baum Organizations: Reuters, Bank of England, Office, National Statistics, RBC, HSBC Asset Management, Thomson

Refinitiv data shows foreigners sold $1.71 billion worth of mainland shares this month via Stock Connect, a key cross-border link between the mainland and Hong Kong exchanges, after selling $659 million in April. Despite outflows in February, April and May, foreigners' net purchases of mainland shares still stood at $25.05 billion for the first five months of this year, compared with net buying of about $6.36 billion worth over the whole of 2022. "Foreigners seem to have been selling because of the underwhelming near-term economic data points and, perhaps, because of the opportunities available to investors with a broader (pan-Asia or global) mandate," Pershad said. "We presume other investors have re-allocated some capital from China to those markets (and others) this year." Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Vidya Ranganathan & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Pruksa Iamthongthong, Refinitiv, Alexander Davey, Vikas Pershad, Pershad, Patturaja Murugaboopathy, Gaurav Dogra, Vidya Ranganathan, Simon Cameron, Moore Organizations: Stock Connect, Reuters, National Bureau of Statistics, P Global, PMI, Morningstar, Allianz All China Equity WT, HK, HSBC Asset Management, U.S . Federal Reserve, G Investments, Thomson Locations: Hong Kong, China, Morningstar ,, Taiwan, Shanghai, Asia, Bengaluru

☆ Bank of England hikes rates by 25 basis points, no longer sees recession
▼ + stars: | 2023-05-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. LONDON — The Bank of England on Thursday hiked interest rates by 25 basis points and revised its economic projections to now exclude the possibility of a U.K. recession this year. The Monetary Policy Committee voted 7-2 in favor of the quarter-point increase to take the main bank rate from 4.25% to 4.5%, as the bank reiterated its commitment to taming stubbornly high inflation. "In the context of resilient economic activity, we think there is a good chance of the Bank Rate peaking at 5% by the August meeting. "As rates moves deeper into restrictive territory and credit conditions tighten, a policy-induced recession becomes almost inevitable."

REUTERS/Sarah MeyssonnierTOKYO, May 9 (Reuters) - Two major European asset managers have jointly filed a shareholder resolution at Japanese electricity generator Electric Power Development Co Ltd (9513.T), known as J-Power, for the second consecutive year in a row. The asset managers are calling on J-Power, Japan's largest operator of coal-fired power stations, to set and disclose credible short and medium-term emissions reduction targets, aligned with the goals of the Paris Agreement. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. J-Power will "carefully consider" proposals and disclose its board of directors' opinions "as soon as they are determined", the company said on Tuesday.

[1/2] A logo of Amundi is seen outside the company headquarters in Paris, France, February 3, 2023. Amundi (AMUN.PA) and HSBC Asset Management filed the resolution with the Australasian Centre for Corporate Responsibility (ACCR), the non-profit climate group said in a statement on Tuesday. The resolution is supported by Man Group (EMG.L), the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management. Last year, Man, Amundi and HSBC filed a similar shareholder resolution, which they say was the first climate-related proposals by an institutional investor group to a Japanese firm.

☆ Recession storm clouds are gathering, chief strategist says
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRecession storm clouds are gathering, chief strategist saysJoe Little, global chief strategist at HSBC Asset Management, discusses how equity markets will likely look in the near- and long-term, and the possibility of a recession.

☆ Apple to invest another $200 million in carbon removal fund
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Apple Inc (AAPL.O) said on Tuesday it doubled its financial commitment to a fund it had established two years ago to invest in projects that remove carbon from the atmosphere. The iPhone-maker said it will invest up to an additional $200 mln in its Restore Fund, which was created in 2021 with an initial $200 million commitment. The additional investment is expected to help the fund start new projects and carry forward its previously stated goal to remove about 1 million metric tons of carbon dioxide per year, the company said. Apple is making efforts to become carbon neutral through its entire supply chain and the life cycle of every product by 2030. The expanded fund will be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination, Apple added.

☆ A 'cocktail' of sticky inflation and a tight labor market boosts Bank of England rate hike bets
▼ + stars: | 2023-02-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023. Pool | ReutersLONDON — A tight labor market and comparatively slow return to earth for inflation means the Bank of England is likely to press ahead with a further interest rate hike in March, economists suggest. "However food prices remain a major driver of U.K. inflation, continuing their upwards march in January with an eye-watering 16.8% increase. Bank of England Governor Andrew Bailey last week urged workers and employers to consider the expected downward inflation trajectory when negotiating pay settlements. "The cocktail of a tight labour market and inflation failing to cool off quickly will remain a cause of concern for Bank of England policymakers, which may mean the Bank's aggressive strategy stays in place," Carter added.

Unlike rivals Anglo American (AAL.L) and Rio Tinto (RIO.AX), (RIO.L), London-listed Glencore is still mining coal. Activist investor Bluebell Capital Partners last year argued that Glencore should spin off the coal division, following in the steps of Anglo American. His plan is to hang on to coal and keep annual production steady at around 110 million tonnes up to 2025. Over the longer term, he’ll then start shutting coal mines, with at least a dozen closures planned before 2035. EBITDA from Glencore’s coal operations rose to $17.9 billion from $5.2 billion the previous year due to increasing prices.

Reuters Graphics3/ RE-EMERGING MARKETSWhisper it, but the emerging markets (EM) bulls are back after 2022 delivered some of the biggest losses on record. Credit Suisse particularly likes hard currency debt and DoubleLine's Jeffrey Gundlach, AKA the "bond king", has EM stocks as his top pick. Economists polled by Reuters expect headline U.S. inflation to decelerate to 3.1% by the end of 2023. Valentine Ainouz, fixed income strategist at the Amundi Institute, predicts the 10-year U.S. Treasury yield will end 2023 at 3.5% from around 3.88% currently. Reuters Graphics5/ EQUITIES: SELL NOW, BUY LATEREquity investors hope a V-shaped year for the global economy will see stocks end it comfortably higher.

☆ Emerging market asset classes have performed 'pretty resiliently,' HSBC strategist says
▼ + stars: | 2022-12-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEmerging market asset classes have performed 'pretty resiliently,' HSBC strategist saysJoseph Little of HSBC Asset Management says emerging market central banks, in responding to inflation early, have protected many of their currencies.

☆ Indian shares set to open lower on China COVID woes
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

Foreign institutional investors bought a net 3.69 billion rupees ($45.17 million) worth of equities on Friday, while domestic investors sold a net 2.96 billion rupees ($36.24 million) worth of shares, as per provisional NSE data. ** Larsen & Toubro Financial Holdings (LTFH.NS): Completed divestment of its mutual fund business to HSBC Asset Management (India) and received 34.84 billion rupees. The company also realised surplus cash balance of 7.65 billion rupees in L&T Investment Management. ** VA Tech Wabag (VATE.NS): Signed an agreement with Asian Development Bank towards raising 2 billion rupees through unlisted non-convertible debentures. ($1 = 81.6850 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

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