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☆ Asian shares rise as S&P 500 records longest win streak in two years
▼ + stars: | 2023-11-09 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was flat, although up 4.6% so far this month. The dollar index , which tracks the greenback against a basket of currencies of other major trading partners, was down slightly at 105.52. On Wall Street, the S&P 500 (.SPX) rose 0.10% and the Nasdaq Composite (.IXIC) added 0.08%. The S&P 500 rose for the eighth consecutive day, extending its longest win streak in two years. In Asia on Thursday, U.S. crude and Brent crude both rose 0.8% following the weak performance in the U.S. session.

Persons: Kim Kyung, Ping, Brent, Gold, Scott Murdoch, Tom Hogue Organizations: Nikkei, REUTERS, Rights, CPI, ANZ, Reuters, Ping An Insurance Group, Garden Holdings, HK, Ping An, U.S, U.S . Federal, Nasdaq, Dow Jones, Federal Reserve, Thomson Locations: Tokyo, Japan, Asia, Pacific, U.S, U.S ., China

☆ Morning Bid: Range-bound markets awaits Powell - again
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

Federal Reserve Board Chair Jerome Powell answers a question during a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., November 1, 2023. At a separate event on Wednesday, European Central Bank chief economist Philip Lane said his bank needs to see further progress in dampening inflationary pressure, and companies along with governments need to chip in to prevent more policy tightening. "A decrease in the policy rate is not something that is likely to happen in the short term," he said. The approval paves the way for a powerful rival to blockbuster drug Wegovy in addressing record obesity rates. Ping An subsequently said in a statement to Reuters it had "not been asked by (the) Government to take over Country Garden".

Persons: Jerome Powell, Kevin Lamarque, Ankur Banerjee, Powell, Philip Lane, Patrick Harker, Huw Pill, Eli Lilly's, Ping, Merck KGaA, BOE, Christopher Cushing Organizations: Federal, Committee, REUTERS, Ankur, U.S, European Central Bank, . Federal Reserve Bank of Philadelphia, Bank of England, Investors, Novo Nordisk, Reuters, Ping An Insurance, Government, HK, AstraZeneca, Merck, Deutsche Telekom Speakers, Thomson Locations: Washington , U.S, Asia, Guangdong, Ping, Singapore

☆ Long before rescue talks, Country Garden struggled to build homes, pay bills
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +6 min

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. "Nobody believed that Country Garden would fail. Country Garden declined to comment. In July, only weeks before it skipped debt payments, Country Garden launched a campaign on its WeChat channel titled “Beautiful Delivery”, showcasing newly built apartments and happy homeowners. Country Garden did not respond to questions about the payment or delivery disputes.

Persons: Aly, Ping, COVID, Economist Intelligence Unit's Xu Tianchen, EIU’s Xu, it’s, ”, Qiao Jingjing, Qiao, Clare Jim, Liangping Gao, Amy Lv, Laurie Chen, Antoni Slodkowski Organizations: Shanghai Country Garden, REUTERS, Rights, China's, Garden, Ping An, Economist Intelligence, Reuters, Observers, Jujiang, Thomson Locations: Shanghai, China, Rights BEIJING, HONG KONG, Beijing, Chongqing, Xinzheng, Henan Province, Lincoln

☆ Reaction to Reuters report on potential Ping An rescue of Country Garden
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +4 min

EUGENE LAW, DIRECTOR OF CHINA GALAXY INTERNATIONAL:"If the central government steps in to help Country Garden, it's for easing the debt crisis and preventing a spillover to financial institutions. But it will not help the China property market, which depends on factors, including employment and consumer confidence. Homebuyers would not rush to buy property just because Country Garden gets out of trouble. For the broader property market, the key is still home sales." Country Garden may have reached a tipping point where it will need more liquidity to fulfill such a policy goal.

Persons: Tyrone Siu, Ping, EUGENE LAW, Homebuyers, MICHAEL WONG, XU TIANCHEN, YAO, homebuyers, GARY NG, Clare Jim, Anne Marie Roantree, Edwina Gibbs, Kim Coghill Organizations: Ping An Insurance, REUTERS, Ping An Insurance Group, HK, Reuters, LU, OF CHINA GALAXY, Garden, Central Financial Work Conference, Thomson Locations: Shenzhen, China, HONG KONG

☆ Exclusive: China authorities ask Ping An to take controlling stake in Country Garden, sources say
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +6 min

Ping An has "not been asked by (the) Government to takeover Country Garden. Country Garden declined to comment. Country Garden shares were up 4% in afternoon trade. The insurer had as of Aug. 11 a 4.99% stake in Country Garden, according to Hong Kong stock exchange data. Country Garden had total liabilities of 1.4 trillion yuan ($190 billion) at the end of June.

Persons: Damir Sagolj, Ping, Li Qiang, Ping An, Ma Mingzhe, Ma, Peter, Yang Huiyan, Yang, Anne Marie Roantree, Antoni Slodkowski, Don Durfee, Edwina Gibbs Organizations: Ping An Insurance, Global Mobile Internet Conference, National Convention Center, REUTERS, Ping An Insurance Group, HK, Council, Ping An, Reuters, Government, China, Information, Country Garden, People's Bank of China, Financial Regulatory Administration, Shenzhen Metro, Peking University Founder, Thomson Locations: Beijing, China, China's, Guangdong province, Guangdong, Hong Kong, GUANGDONG, Shenzhen, Ping An

☆ Ping An loses $2.1 billion in market value, China property rallies on Country Garden rescue report
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

Company logo of Ping An Insurance Group is shown at a news conference following the company's announcement of its annual results in Hong Kong, China March 16, 2016. Ping An's Hong Kong-listed shares tumbled 5.4%, their sharpest daily fall in more than a year, wiping out almost $2.1 billion in market capitalisation. "Such a move should mitigate or control the risks in the market," said Lu Wenxi, analyst at property agency Centaline. "This move is a big boost to market confidence, because now the whole real estate market, especially some major real estate enterprises are under pretty big pressure, and their bankruptcy risks triggering a chain reaction." Reporting by Anne Marie Roantree in Hong Kong.

Persons: Bobby Yip, Ping, Lu Wenxi, Anne Marie Roantree, Tom Westbrook, Edmund Klamann, Kim Coghill Organizations: Ping An Insurance, REUTERS, Ping, Ping An Insurance Group, Reuters, HK, Ping An, China, Sunac China Holdings, Wanda, Thomson Locations: Hong Kong, China, HONG KONG, Singapore

☆ China property rescue? Who are Ping An Insurance Group and Country Garden?
▼ + stars: | 2023-11-08 | by ( Julie Zhu | ) www.reuters.com time to read: +5 min

Ping An, based in the southern tech hub of Shenzhen, vies with China Life (601628.SS) for the title of the country's biggest insurance group by market value. Country Garden has said repeatedly that "home delivery" is its top priority. WHY HAS BEIJING PICKED PING AN TO RESCUE COUNTRY GARDEN? Ping An was a natural choice because it is based in Guangdong and has been a major Country Garden shareholder, said the sources. Ping An said after the Reuters report that it no longer holds Country Garden shares.

Persons: Ping, Ma Mingzhe, Morgan Stanley, Goldman Sachs, Yang Huiyan, Alex Ren, Julie Zhu, Kim Coghill Organizations: Ping An Insurance Group, HK, Reuters, WHO, China, Lufax, Ping An Healthcare, Technology, HSBC, Shenzhen Investment Holdings Co, Central Huijin Investment, Charoen Pokphand, CP, China Evergrande, Evergrande, Regulators, BEIJING, Authorities, Garden, Thomson Locations: HONG KONG, China, Shenzhen, vies, New York, Hong Kong, Shanghai, Guangdong

Nov 9 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Producer and consumer price inflation figures will be released, the highlights of a regional calendar that also includes Japanese bank lending, trade and current account figures, Indonesian retail sales, and Philippines GDP. Global yields are moving too - the 10-year Japanese Government Bond yield is back below 0.85%, having come within two basis points of 1% last week. The decline in U.S. bond yields is removing some of the dollar's shine, which in turn is allowing Asian currencies to fight back. Yen traders on Thursday are also eyeing Japanese bank lending figures for October and September's trade and current account report.

Persons: Jamie McGeever, Pan Gongsheng, Ping, Fed's Powell, Josie Kao Organizations: Treasury, People's Bank of China, Financial, Ping An Insurance Group, Reuters, Nissan, Honda, Sony, Group, China PPI, CPI, Thomson Locations: Asia, Philippines, Beijing, China's, Japan, Philippine, China

☆ Climate Risk Is Becoming Uninsurable. Better Forecasting Can Help.
▼ + stars: | 2023-10-30 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

A new generation of mathematical modelers might be able to help defuse a looming insurance crisis. Floods, electrical storms and wildfires, together with raw-material inflation, are pushing up premiums for so-called catastrophe insurance. Some Americans are moving away from riskier places such as Florida, while others are foregoing cover. Insurers such as Allstate , State Farm and Farmers Insurance, owned by Zurich Insurance Group , are withdrawing from disaster-prone areas.

Organizations: Allstate, State Farm, Farmers Insurance, Zurich Insurance Group Locations: Florida

☆ Insurance companies are betting on AI and mass data analytics in a battle against fraud that costs billions
▼ + stars: | 2023-10-24 | by ( Amanda Paule | ) www.businessinsider.com time to read: +9 min

AdvertisementAdvertisementLosses from insurance fraud are nearly double what they were 30 years ago. Scott Clayton, the head of claims fraud at Zurich Insurance Group. AdvertisementAdvertisementOn the other hand, around 40% of fraud is premeditated, and these cases can cost insurance companies upwards of €3,000, or around $3,170, according to the study. But the Insurance Fraud Detection Market is expected to grow from $5 billion in 2023 to $17 billion in 2028. AdvertisementAdvertisementIn the past 10 years, various third-party developers like Friss, IBM, and Shift Technology have started tailoring machine-learning systems to insurance companies.

Persons: —, they're, Alan Turing, It's, Scott Clayton, shallowfakes —, Clayton, I'm, we'll, Arnaud Grapinet, he's, Grapinet, it's, Rob Galbraith, Jennifer Lindberg, Rob Morton, Galbraith Organizations: Service, Coalition Against Insurance, Zurich Insurance, AXA Research Fund, Technology, IBM, Employees Locations: United States, Spain

☆ Insuring your home in Colorado can cost $40,000 as the climate crisis wreaks havoc on the market, one insurance CEO said
▼ + stars: | 2023-10-05 | by ( Dan Latu | ) www.businessinsider.com time to read: +4 min

AdvertisementAdvertisementThis as-told-to essay is based on a conversation with Oscar Seikaly, CEO at NSI Insurance Group, which is based in Florida but underwrites policies nationally, about skyrocketing insurance premiums and how unpredictable disasters around the country raise prices for everyone. Over the past 10 years, insurance premiums have changed dramatically. AdvertisementAdvertisementTake the average house in Aspen: You have $5 million for the house, $3 million for the contents, another $2 million for loss of rents. All these insurance companies have to buy from reinsurance companies and there's only three or four main ones in the world. When you buy a $5 million house or a $10 million house, paying $30,000 or $20,000 a year is not going to make a difference.

Persons: Oscar Seikaly, Seikaly, —, that's Organizations: Service, NSI Insurance Locations: Aspen, Florida, California, Colorado, Northern California

☆ Evergrande founder joins list of Chinese tycoons investigated, arrested
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +4 min

Following is a list of some other high-profile Chinese executives who have been investigated or arrested under Xi's leadership. BAO FAN, FOUNDER OF CHINA RENAISSANCEThe founder of China Renaissance Holdings (1911.HK) was detained in February and the investment bank said in August he was co-operating with authorities as investigations continued. Wu was arrested in June 2017 amid Beijing’s campaign to curtail big-spending conglomerates as it cracked down on financial risk. YE JIANMING, FOUNDER OF CEFC CHINA ENERGYIn 2017, Ye's CEFC agreed to buy a nearly $9.1 billion stake in Russian oil major Rosneft. A year later, he was investigated for suspected economic crimes and disappeared from public view in March 2018.

Persons: Hui Ka Yan, Xi Jinping, ZHAO WEIGUO, Tsinghua Unigroup, Zhao, Bao, Morgan Stanley, Didi, XIAO JIANHUA, Xiao, CHEN FENG, TAN XIANGDONG, GROUP, Tan, WU XIAOHUI, Wu, JIANMING, Ye's CEFC, magazine's, Kane Wu, Selena Li, Anne Marie Roantree, Miyoung Kim, Lincoln Organizations: HK, Evergrande, TSINGHUA UNIGROUP, Tsinghua University, Tsinghua, OF CHINA, China Renaissance Holdings, Credit Suisse Group, OF, China's Communist Party elite, Reuters, HNA, Hainan Airlines, Deutsche Bank, Hilton Worldwide, Prosecutors, Thomson Locations: China, Chinese, Guangdong, Shanghai, Hong Kong, Hainan, CHINA

☆ What could break under higher-for-longer interest rates?
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +5 min

Yet, the strain from interest rate hikes has just started to come through and with central banks signalling that rates will likely stay higher for longer, the notion of something "breaking" remains strong. Reuters Graphics Reuters Graphics1/ PROPERTY PAINNowhere is the impact of higher rates being felt more acutely than in real estate, still reeling from COVID-19. "We have many zombie companies in the United States and Europe from the low interest rates era, and I cannot imagine how they can survive now with high interest rates." Still, big question marks remain over their future, not least from a global property rout. Miller noted that European banks are also vulnerable given their bigger size relative to the economy that leaves them more exposed to risks from various pockets.

Persons: Jonathan Ernst, Heimstaden, Markus Allenspach, Julius Baer, Guy Miller, Miller Organizations: . Federal, REUTERS, Reuters Graphics Reuters, SBB, China Evergrande, HK, Federal, European Central Bank, Zurich Insurance, The Bank of Japan, Capital, Thomson Locations: Washington, Sweden, Europe, Stockholm, Berlin, CHINA, China, United States, Big U.S

☆ Japan's lunar startup ispace delays NASA-sponsored mission to 2026
▼ + stars: | 2023-09-28 | by ( Kantaro Komiya | Thomson Reuters | Kantaro Writes About Everything Japan'S Economic Indicators To North Korea'S Missiles To Global Regulation On Ai Companies. His Previous Stories Have Been Published In The Associated Press | ) www.reuters.com time to read: +2 min

TOKYO, Sept 28 (Reuters) - Japan's lunar transport startup ispace inc (9348.T) said on Thursday it would postpone a future moon landing mission by a year to 2026 to better prepare for a commission by U.S. agency NASA, as well as deal with component supply delays. Tokyo-based ispace attempted its first lunar landing with the Hakuto-R Mission 1 spacecraft in April, which failed due to an altitude miscalculation. The U.S. unit of ispace, which has partnered with spacecraft software developer Draper to build lunar landers, has also encountered procurement delays for some parts, Hakamada said. Mitsui Sumitomo Insurance Group, a MS&AD (8725.T) unit, paid 3.7 billion yen last month to ispace for Hakuto-R Mission 1's failure. The unsuccessful landing resulted in a steep sell-off, but the shares have since recovered, closing on Thursday at 1,401 yen.

Persons: ispace, Takeshi Hakamada, Draper, Hakamada, Kantaro Komiya, Himani Sarkar, Miral Organizations: U.S, NASA, Financial Times, Mitsui Sumitomo Insurance Group, Tokyo Stock Exchange, Thomson Locations: TOKYO, Tokyo, U.S

☆ How insurance companies are battered by hurricane season and climate change
▼ + stars: | 2023-09-24 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Insurance companies are in a tough spot with this year's stronger-than-average hurricane season, while climate-related perils continue to push catastrophe losses higher. Adding fuel to the industry's woes is the higher frequency of secondary perils, such as wildfires and flooding, due to climate change. These increased occurrences have been slowly adding to primary insurers' catastrophe losses and limiting profitability. While the industry is currently in the middle of peak hurricane season, insurance stocks typically rebound when the size of the insured losses become apparent or are announced by the companies, according to Piper Sandler. Insurance stocks tend to fall initially as big hurricanes near landfall and the likely extent of damage is appraised.

Persons: Piper Sandler, Paul Newsome, Newsome, Chubb, Bob Huang, Morgan Stanley, Huang Organizations: Atlantic, . Insurance, Insurance, Allstate, American International Group, Progressive, Universal Insurance Holdings, Everest Re Locations: Florida, Maui, Hawaii, California

☆ Looking for value stocks? Citi lists over 10 European names — for risk-takers and the cautious
▼ + stars: | 2023-09-22 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

European value stocks are doing better than growth stocks right now, according to Citi analysts. Citi defined "quality" value stocks as those in the top fifth and fourth quintiles for three characteristics: value, low risk and quality. Citi said investors "have not been particularly risk-averse," as risky value stocks are up 8.6%, while quality value stocks are down 0.3% in the year to date. Nevertheless, the bank noted that investors appear to have been more cautious since the start of August, as quality value stocks are up 4.6%, while risky value stocks are down 0.6%. 'Risky value' stocks For this screen, Citi looked for stocks that scored in the seventh or above decile for value and those in the fifth or below decile for "value low risk" and quality.

Persons: TotalEnergies, Moller Maersk, — CNBC's Michael Bloom Organizations: Citi, HSBC Holdings, Zurich Insurance Group, ABN AMRO, Imperial Brands, Nokia, BNP, BMW, Bayer, Life, WPP PLC Locations: European, China, Dutch, Danish

☆ The vicious cycle of homeowners insurance: It's increasingly expensive to protect homes in the disaster-prone areas that need it most
▼ + stars: | 2023-09-20 | by ( Dan Latu | ) www.businessinsider.com time to read: +6 min

Earlier this year, Allstate joined State Farm in no longer offering new home insurance in California over climate risk. Across the country, 83% of prospective homebuyers said climate risk factored into where they are shopping for homes, according to a recent Zillow study. Danny Collins of Hobe Sound, Florida, told Insider in July how the bank holding his mortgage raised his monthly rate by $1,000, citing increased flood insurance. Matheus told Insider. Have you moved or are you considering a move because of climate risk and extreme weather events?

Persons: Carolyn Kousky, Berkshire Hathaway, Vox, Dave Jones, they'll, Danny Collins, Collins, Bob Stephens, Stephens, Martha Flanagan, Jason Beury, Charles Matheus, Kelly Roberge, Matheus, Dan Latu Organizations: Service, The Washington Post, Environmental Defense Fund, Allstate, Berkshire, Nationwide, National Association of Insurance, . Erie Insurance Group, Washington Post, State Farm, Farmers Insurance, Insurance, Wall Street, Journal, Hobe, Marathon Locations: Florida, Kansas, New York, California, Louisiana, United States, Coral, Florida's, Hobe Sound, Arizona, Brooklyn , New York, Kansas City , Kansas, Utica , New York, dlatu@insider.com

☆ UK's Direct Line appoints CEO after tough 2022
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 30 (Reuters) - British motor and home insurer Direct Line Insurance Group (DLGD.L) on Wednesday named Adam Winslow, a senior executive at Aviva (AV.L), as its CEO, seeking to reset after profits fell by 95% in 2022. Winslow, who is currently CEO of UK & Ireland general insurance at FTSE 100-listed Aviva, will join Direct Line in the first quarter of 2024. His appointment comes after Penny James, Direct Line's CEO for nearly four years, stepped down in January and Chief Commercial Officer Jon Greenwood was appointed acting CEO. Direct Line reported in March that its operating profit dropped 95% in 2022 after inflation drove up the cost of motor repairs and it warned that 2023 would be impacted by higher than previously expected claims inflation. Direct Line reports first-half 2023 results on Sept. 7.

Persons: Adam Winslow, Winslow, Penny James, Jon Greenwood, Sinchita Mitra, Eva Mathews, Huw Jones, Varun Organizations: Line Insurance, Aviva, UK & Ireland, Direct, Thomson Locations: British, Bengaluru, London

☆ NN Group’s deal spree is finally delivering
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 29 (Reuters Breakingviews) - NN Group (NN.AS) is reaping the benefits of scale in its Dutch backyard. Benign weather in the Netherlands, one of the few European states to escape extreme summer weather, helped. But the seeds of NN’s resurgence lie back in 2016 when it began a 3 billion euro deal splurge, first on domestic rival Delta Lloyd and then VIVAT’s general insurance arm. That helped it hike a 10% share of the general insurance market to 24% as of 2021. NN has outperformed its country rival Aegon (AEGN.AS), boosting shareholder returns by 64% since it bought Delta Lloyd in 2016.

Persons: David Knibbe, Elliott Advisors, Elliott, Delta Lloyd, Aimee Donnellan, Mukesh Ambani’s, Didi, George Hay, Oliver Taslic Organizations: Reuters, Chief, Delta, Aegon, Delta Lloyd, Thomson Locations: Netherlands

☆ Chinese asset manager Zhongzhi says it faces a liquidity crisis, Reuters reports citing meeting video
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: +2 min

China property investment slid nearly 8% in the first half of the year, official data showed Monday, pointing to a deepening decline in investment for a sector that accounts for about a quarter of the world's second-largest economy. Zhongzhi Enterprise Group on Wednesday told investors it is facing a liquidity crisis and will conduct a debt restructuring, according to video footage of a meeting, as the Chinese asset manager grapples with a deepening property market downturn. Beijing-based Zhongzhi has hired one of the Big Four accounting firms to conduct a comprehensive audit of the firm, and is seeking strategic investors, Zhongzhi management told investors in a meeting on Wednesday, the video seen by Reuters showed. The liquidity stress facing Zhongzhi, which has sizable exposure to real estate, highlights the rippling effect of China's property debt woes. Zhongzhi is facing a "liquidity crisis" and has stopped payment to investors in its products, its management team told investors in the meeting, according to the video.

Persons: Zhongzhi Organizations: Zhongzhi Enterprise, Wednesday, grapples, Big, Reuters, International Trust Co, Anbang Insurance, HNA Group Locations: China, Beijing

REUTERS/Dado Ruvic/Illustration/File photoAug 10 (Reuters) - A China-based tutoring company has agreed to settle a U.S. government agency's novel lawsuit claiming it used hiring software powered by artificial intelligence to illegally weed out older job applicants. Equal Employment Opportunity Commission (EEOC) involving a company's use of AI to make employment decisions. The commission, which enforces workplace bias laws, in 2021 launched an initiative to ensure that AI software used by U.S. employers complies with anti-discrimination laws. Many worker advocates and policymakers are concerned about the potential for existing biases to be baked into AI software, even unintentionally. Experts expect an increasing number of lawsuits accusing employers of discriminating through their use of AI software.

Persons: Dado Ruvic, ITutorGroup, EEOC, Daniel Wiessner, Alexia Garamfalvi, Andy Sullivan Organizations: REUTERS, iTutorGroup Inc, U.S, Opportunity Commission, Ping An Insurance, Thomson Locations: China, U.S, New York, California, Albany , New York

☆ Morgan Stanley still likes these Chinese stocks despite a country downgrade
▼ + stars: | 2023-08-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Morgan Stanley has decided to take a break, downgrading MSCI China to equal weight while recommending a few consumer and industrial names. The Politburo meeting signaled policy easing, but outstanding issues — of debt, property, jobs and geopolitics — need significant improvement for sustainable inflows, the Morgan Stanley analysts said. Morgan Stanley has so far only changed it once this year: a cut in July to 5%. And despite their downgrade of Chinese stocks, the analysts added two mainland-traded A shares to their focus list. In its latest report, Morgan Stanley analysts also turned overweight on India.

Persons: Morgan Stanley, Laura Wang, Fran Chen, Wood, Warren Buffett, behemoth BlackRock, Biden, Liqian Ren, Ren, Hang Seng, Jack Ma's Alibaba, Morgan Stanley's, Morgan, WisdomTree's Ren doesn't, Ren doesn't, Michael Bloom Organizations: U.S, Chinese Communist Party, China ETF, WisdomTree Trust, Owned Enterprises ETF, Wall, JPMorgan, Baidu, State, Owned Enterprise Fund, Ping An Insurance Locations: China, . U.S, WisdomTree, WisdomTree Trust China, Morgan, Morgan Stanley's China, Hong Kong, India

☆ This international stock picker beats the market long term by mastering downside risk
▼ + stars: | 2023-08-02 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Now the manager of the Goldman Sachs' International Equity Income Fund (GSTKX) , as a young man Deladerriere was surrounded by farmers and government employees, not investors. Deladerriere sought out companies with good business fundamentals, saying many of the firms he invested in back then have survived and are "actually thriving." One was French energy technology provider Schneider Electric, still a holding in his Goldman fund. He landed a research internship at Goldman Sachs Asset Management, and is now a partner and head of international developed markets equity. Good times and bad In 2012, Deladerriere started managing Goldman International Equity Income, a $1.1 billion fund with a five-star rating from Morningstar.

Persons: Alexis Deladerriere, Goldman Sachs, Deladerriere, Goldman, that's, Morningstar Organizations: International Equity Income, Schneider Electric, Ecole Superieure de Commerce de Paris, Goldman Sachs Asset Management, Goldman International Equity, Morningstar, Vinci, Schneider, Stock, Zurich Insurance Group, Singapore Locations: France, French, Europe, Australasia, London, New York, U.S, Swiss

Yet a sharp drawdown in the excess savings created by COVID-19 could be a curve ball that slams into bullish sentiment. U.S. excess savings have fallen to around $500 billion from around $2.1 trillion in August 2021, the San Francisco Federal Reserve estimates. In Europe, Deutsche Bank reckons excess savings in Sweden, struggling to contain a property slump, have dwindled. Reuters GraphicsRUNNING OUTDefinitions for excess savings differ, but economists generally agree that this means savings that went beyond trend levels during the pandemic. Cardano chief economist Shweta Singh said U.S. pandemic excess savings are likely to be depleted by year-end.

Persons: Rachel Adams, Janus Henderson, Oliver Blackbourn, Shweta Singh, Guy Miller, Jamie Dimon, Ben, Eren Osman, Arbuthnot Latham, Janus Henderson's Blackbourn, U.S . Russell, Russell, Goldman Sachs, Blackbourn, Zurich's Miller, Simon Bell, Guilluame Paillat, Paillat, Naomi Rovnick, Sharon Singleton Organizations: Oxford, REUTERS, San Francisco Federal, Deutsche Bank, Reuters, Insurance Group, Ryanair, JPMorgan, Unilever, U.S ., London's, Bank of, Aviva, Thomson Locations: Britain, London, China, Europe, U.S, Sweden, United States, downturns, Australia

☆ US Powerball jackpot hits $1 billion
▼ + stars: | 2023-07-18 | by ( Rachel Nostrant | ) www.reuters.com time to read: +2 min

July 18 (Reuters) - The U.S. Powerball jackpot has reached a whopping $1 billion for only the third time in the game's history after another Monday night drawing produced no winning ticket. The Monday drawing was the 38th in a row without someone winning the top prize, which increases every time the jackpot goes unclaimed. The odds of winning the jackpot are one in 292.2 million, according to the Powerball website. The last winning jackpot ticket was picked on April 19, for a grand prize of $252.6 million. The largest Powerball jackpot ever won was in November, when a California man drew the lucky numbers for $2.04 billion.

Persons: David Shanosky, Shanosky, Rachel Nostrant, Matthew Lewis Organizations: U.S, New, RLI Insurance, Powerball, of Columbia, U.S ., Thomson Locations: Arkansas , Georgia, Texas, Connecticut , Florida , Kentucky, New York, Pennsylvania, California, of Columbia , Puerto Rico, U.S, U.S . Virgin Islands

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