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☆ Meet the typical Hong Kong millennial: They're supporting their parents, can't afford to buy homes, and have zero interest in moving to mainland China
▼ + stars: | 2023-09-18 | by ( Faye Bradley | ) www.businessinsider.com time to read: +19 min

He earns 1.5 million Hong Kong dollars a year, or $191,000, including the base salary and three months' bonus — well above the average annual salary in Hong Kong. A protester on June 12, 2019 in Hong Kong when crowds gathered in central Hong Kong as the city braced for another mass rally. Anthony Kwan/Getty ImagesThe Hong Kong protests took place between 2019 and 2020, with many students and adults taking to the streets to fight back against the government's decision to introduce an extradition bill between Hong Kong and China. University of Hong Kong was ranked 31st and Chinese University of Hong Kong was 45, on the World University Rankings in 2023. Hong Kong millennials struggle to prioritize well-being, according to a survey run by British health insurance company Bupa.

Persons: Hong Kong's, Ken Ho, Hong Kongers, Ho, Kongers, —, hasn't, Summer Ng, Tau Kok, Ng, Hong, Kong's, Getty, Hong Kong millennials, it's, Aniqah Bhatnagar, Bhatnagar, Wilson Ho, Wilson Ho Wilson, Kai Tak, Anthony Kwan, Xu Huang, Huang, millennials, Gen Zs, Morgan McKinley, Zurine Lau, I'm, Yuen Long, Lau, Nick Shin Nick Shin, Tai Koo, They're Organizations: Service, University College London, Imperial College London, Fidelity Investments, Hong, HK, BBC, Property Management, Hong Kong, Hong Kong Baptist University, Deloitte Global, Statistics Department, University of Hong Kong, University of Hong, World, Family Planning Association, millennials, Hong Kong Free Press, CNN Locations: Hong Kong, Wall, Silicon, Kennedy Town, Kowloon Bay, Kwun Tong, Hong Kong's, United Kingdom, People's Republic of China, British, Asia, Hong, millennials, India, Kowloon, Kai, China, Singapore, Sydney, South America, ymgerman, South Korea, Hong Kong . Hong Kong, University of Hong Kong, New Territories, Tai

☆ AI chip startup Enfabrica raises $125 mln, with backing from Nvidia
▼ + stars: | 2023-09-12 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken June 23, 2023. Chips from Nvidia (NVDA.O), the world's most valuable semiconductor firm, are at the heart of that transition. Enfabrica has designed a network chip that aims to connect the different pieces of a data center together in new ways to solve that problem. The Enfabrica chip creates a network that looks like a hub and spokes, allowing the Nvidia GPUs doing the data crunching to draw data from multiple different places without hitting speed bumps. Enfabrica added new backers that included IAG Capital Partners, Liberty Global Ventures, Valor Equity Partners, Infinitum Partners and Alumni Ventures.

Persons: Dado Ruvic, Enfabrica, Rochan Sankar, Sankar, Gavin Baker, Stephen Nellis, Stephen Coates Organizations: REUTERS, Nvidia, Broadcom, Google, Atreides Management, Fidelity Investments, IAG Capital Partners, Liberty Global Ventures, Valor Equity Partners, Ventures, Hill Ventures, Thomson Locations: San Francisco

☆ How to keep saving for retirement when student loan payments restart
▼ + stars: | 2023-08-29 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

In a month or so, millions of Americans will have to adjust their budgets to once again put hundreds of dollars a month toward their student debt. "Workers are already facing obstacles to saving for retirement, especially inflation and market volatility," said Adrian Miguel, director of advice at Schwab Retirement Plan Services. "The resuming of student loan repayments poses another challenge." The share of student loan borrowers saving at least 5% of their salary in their 401(k) retirement plan swelled to 72% during the payment pause, from around 63% prior to the Covid-19 pandemic. Experts shared tips on how borrowers can pay down their student debt and keep growing their retirement nest egg.

Persons: Adrian Miguel, Jesse Moore Organizations: Workers, Finance, Fidelity, Fidelity Investments

☆ Here's how much money Americans in their 50s have in their 401(k)s
▼ + stars: | 2023-08-21 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

For many Americans in their 50s, retirement is right around the corner. By the time you turn 50, you should aim to have around six times your salary saved for retirement, according to Fidelity. On average, Americans between the ages of 50 and 59 have around $189,800 in their 401(k)s, according to data from Fidelity Investments Q2 2023 Retirement Analysis provided to CNBC Make It. The median 401(k) balance for Americans in their 50s is $57,000, meaning half of 401(k) balances are lower than this amount and half are higher. Median account balance is considered a more accurate representation of what most people have actually saved for retirement.

Persons: haven't Organizations: Fidelity, Fidelity Investments, CNBC

☆ Bond market's term premium is what's driving yields higher, says Fidelity Investment's Timmer
▼ + stars: | 2023-08-18 | 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 EmailBond market's term premium is what's driving yields higher, says Fidelity Investment's TimmerJurrien Timmer, Fidelity Investments director of global macro, joins 'Squawk on the Street' to discuss what's happening in the bond market, the bond market's pressure on equities, and more.

Organizations: Fidelity Investments

☆ Retirement savings: Average 401(k) account balances have risen, Fidelity finds
▼ + stars: | 2023-08-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

Overall the average 401(k) balance rose to $112,400, up 4% from the first quarter. And compared to a decade ago, the average balance is 39% higher. In tracking savings growth over the past year, Fidelity found that the average 401(k) account for Baby Boomers rose 6.3%. That’s well above the second quarter average — $220,900 — for everyone in that age group. In the second quarter, Fidelity found that total contribution rates — the employee’s savings plus their employer matches — averaged 13.9% of one’s gross income.

Persons: Gen Xers, ”, Kevin Barry Organizations: New, New York CNN, Fidelity Investments, Fidelity, Boomers Locations: New York

☆ Global investors skip Ant’s buyback after valuation slumps 70% - Bloomberg News
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

A sign of Antchain, the blockchain technology branch under Ant Group, is seen at Ant Group's booth during the World Artificial Intelligence Conference (WAIC) in Shanghai, China, July 8, 2021. REUTERS/Yilei Sun/File PhotoAug 7 (Reuters) - A number of global investors are opting out of Ant Group's (688688.SS) proposed share buyback after the Chinese fintech's valuation was slashed by more than 70%, Bloomberg News reported on Monday. However, a few money managers, including Fidelity Investments and T. Rowe Price Group, have agreed to sell their shares, the report added. In July, Ant Group announced a surprise share buyback of up to 7.6% of its equity interest at a price that represents a group valuation of about 567.1 billion yuan ($78.68 billion). Ant Group, Warburg Pincus, GIC, Fidelity Investments and T. Rowe Price Group did not immediately respond to Reuters' request for comment.

Persons: Ant Group's, Warburg Pincus, Rowe Price, Nilutpal, Varun Organizations: Ant, Artificial Intelligence, REUTERS, Yilei, Bloomberg, Plan Investment, Carlyle Group, Fidelity Investments, Rowe Price Group, Ant Group, GIC, Reuters, Thomson Locations: Shanghai, China, Canada, Bengaluru

☆ Big US asset managers cool on climate issues -think tank
▼ + stars: | 2023-08-01 | by ( Isla Binnie | ) www.reuters.com time to read: +3 min

Focusing on the world's four largest asset managers, InfluenceMap said Vanguard and Fidelity Investments supported 4.5% and 4.8% respectively of resolutions the think tank describes as "climate-relevant" in 2022. BlackRock (BLK.N) voted for 12% and State Street (STT.N) 15%, the researchers said. In response to the report, State Street said it would continue to engage with companies on material risks and opportunities. InfluenceMap program manager Daan Van Acker mentioned Vanguard's decision to leave a major industry initiative aimed at tackling climate change last year. "This example and others, like the asset managers' drop in climate resolution support, do raise serious questions around the managers' net-zero commitments in the context of the current political climate," he said.

Persons: Brendan McDermid, InfluenceMap, BLK.N, BlackRock, Daan Van Acker, Isla Binnie, Gerry Doyle Organizations: Vanguard, New York Stock Exchange, REUTERS, Paris, Republican, Fidelity Investments, BlackRock, Fidelity, Thomson Locations: New York City, U.S

☆ Big US asset managers cool on climate issues, think tank says
▼ + stars: | 2023-08-01 | by ( Isla Binnie | ) www.reuters.com time to read: +3 min

☆ These factors will be big market drivers in the final five months of the year
▼ + stars: | 2023-07-31 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Consider: The S & P 500 hasn't seen a 1% down day in two months . The S & P 500 is going to close higher for five consecutive months. The S & P 500 advance/decline line, which measures the daily activity of how many stocks are advancing versus declining, has been rising steadily for the past two months. The triumph (so far) of the soft landing has enabled earnings estimates to stabilize. The soft landing data must continue .

Persons: It's, What's, Frank Gretz, Wellington Shields, Gretz, Alec Young, Young, Jerome Powell's, Timmer, Matt Maley, Miller Tabak Organizations: PCE, Bulls, Tactical Alpha, Fed, Fidelity Investments Locations: Wellington

☆ Etiquette expert: The No. 1 place people still tip 20%—even though they don't have to
▼ + stars: | 2023-07-26 | by ( Megan Sauer | ) www.cnbc.com time to read: +2 min

"Tipflation" could be blamed on tablets or the post-pandemic economy — but consumers seem to be giving in to the pressure and leaving more cash behind. Sure, most Americans report feeling negative about tipping, but service workers are earning exponentially more in gratuity than before the pandemic, according to payroll provider Gusto. From March 2020 to May 2023, hourly wages only rose 18%, compared with a 42% increase in tip earnings, the company found. Of the 300,000 small and medium-sized businesses included in the analysis, bar workers made more in tips than employees in other service industries. Kabir agreed, saying he tips upwards of 40% for particularly good bar service.

Persons: Saad Kabir, Haley Truchan, Kabir, Yonas Haile Organizations: New York City Public Schools, CNBC, Bar, Fidelity Investments Locations: Manhattan

☆ Sensing end of Fed hikes, some investors return to dividend stocks
▼ + stars: | 2023-07-25 | by ( David Randall | ) www.reuters.com time to read: +4 min

That has helped pressure many of the market’s popular dividend-paying stocks, which investors had turned to when rates were far lower. "The dividend-paying value side of the market is a pretty compelling place to go to maintain that return." Nevertheless, investors are seeking out dividend-paying stocks as a source of total return this year in anticipation that bond yields may falter while stocks continue to gain, Silverblatt said. “If you are going into dividend paying stocks now, you are taking that risk because you think there's a high probability that the market goes up," he said. Corso is searching for dividend-paying companies in cyclical sectors such as financials, where valuations are less expensive.

Persons: Jurrien Timmer, Howard Silverblatt, Dow, Silverblatt, hadn't, Cliff Corso, Corso, Bryant VanCronkhite, David Randall, Ira Iosebashvili Organizations: YORK, Federal Reserve, Fidelity Investments, BoFA Global Research, Dow Jones Indices, Companies, Asset Management, Fed, Allspring Global Investments, Thomson

☆ A top-1% fund manager over the past 5 years shares his strategy for finding mispriced assets to earn income with less volatility — and the 5 top places he's investing now
▼ + stars: | 2023-07-25 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Fidelity's Adam Kramer has overseen one of the top multi-asset income funds of the past five years. Here are five asset classes he's targeting right now in this uncertain environment. The composition of the fund is weighted toward whichever asset classes are improperly priced by the market at a given time. An equally compelling aspect of the Fidelity Multi-Asset Income Fund is its ability to protect against losses and hedge against volatility. This year, convertible bonds have rebounded dramatically and are the best-performing class within fixed income, Kramer said.

Persons: Fidelity's Adam Kramer, Kramer, Adam Kramer, Morningstar, —, Ford O'Neil, Ramona Persaud, Kramer doesn't, what's, he's Organizations: Fidelity Investments, Fidelity, Fund, Microsoft, Apple

☆ Nearly 4 in 5 US companies have posted second-quarter earnings that beat Wall Street estimates
▼ + stars: | 2023-07-25 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

As of Monday, 87 companies had reported their Q2 earnings – 78% of which beat analysts' expectations. Some of the biggest names to beat the Street this quarter are Tesla, Bank of America, and Philip Morris. The good news: 78% percent of them beat estimates, by an average 6.2%. Among the biggest names, Tesla reported a 20% earnings jump to 91 cents per share, surpassing analysts' estimate for 82. While earnings estimates have, for most companies, beaten targets, Fidelity's Timmer warns investors not to get carried away.

Persons: Philip Morris, It's, Jurrien, Jurrien Timmer, Timmer, Tesla, Goldman Sachs Organizations: Bank of America, Fidelity, Service, Microsoft, Fidelity Investments, Meta Locations: Wall, Silicon

☆ Why traditional active managers are joining the ETF space
▼ + stars: | 2023-07-24 | 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 EmailWhy traditional active managers are joining the ETF spaceGreg Friedman, head of ETF management and strategy at Fidelity Investments, joins 'Halftime Report' to discuss a spike in ETF flows going to active management, Fidelity's decision to convert mutual funds to active management, and a growing number of applications for Bitcoin ETFs.

Persons: Greg Friedman Organizations: Fidelity Investments

☆ Here's how much Americans in their 40s have in their 401(k)s
▼ + stars: | 2023-07-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

People in their 40s may not be saving enough for retirement. Ideally, you should aim to have around three times your pre-tax salary saved for retirement by the time you enter your 40s in order to maintain your current lifestyle in retirement, according to Fidelity Investments. This means if you're in your 40s and earn $60,000 annually, you should aim to have around $180,000 already saved for retirement, for example. Median weekly earnings for Americans ages 45 to 54 is $1,239 or about $59,472 annually. Here are two retirement saving tips to keep in mind.

Persons: haven't, Marguerita Cheng, Cheng Organizations: Fidelity Investments, CNBC, Bureau of Labor Statistics, Blue

☆ Watch CNBC's full interview with Fidelity's Jurrien Timmer
▼ + stars: | 2023-07-03 | 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 EmailWatch CNBC's full interview with Fidelity's Jurrien TimmerJurrien Timmer, Fidelity Investments director of global macro, joins 'Squawk on the Street' to discuss earnings expectations for the remainder of the year, market sentiment supportive of further gains, and the unusual market recovery.

Persons: Fidelity's Organizations: Fidelity Investments

☆ Stocks that were leading on the way up are leading the way down, says Fidelity's Jurrien Timmer
▼ + stars: | 2023-07-03 | 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 EmailStocks that were leading on the way up are leading the way down, says Fidelity's Jurrien TimmerJurrien Timmer, Fidelity Investments director of global macro, joins 'Squawk on the Street' to discuss earnings expectations for the remainder of the year, market sentiment supportive of further gains, and the unusual market recovery.

Persons: Fidelity's Organizations: Fidelity Investments

☆ WisdomTree takes new crack at Bitcoin ETF despite prior rejections. Why this time may be different
▼ + stars: | 2023-07-01 | by ( Lina Hassen | ) www.cnbc.com time to read: +2 min

WisdomTree is attempting to launch a spot bitcoin exchange-traded fund even though its peers have failed. The firm filed with the U.S. Securities and Exchange Commission last week, making it its second bitcoin ETF application after an initial rejection two years ago. "Some of the new filings have these data sharing agreements, surveillance sharing, new ways of doing it," he said. I think the data sharing agreements are the key element for that." According to an SEC filing this week, Fidelity Investments is also trying to launch a spot bitcoin ETF despite its prior failures.

Persons: WisdomTree, WisdomTree's Jeremy Schwartz, We've, they've, Schwartz, Bob Pisani Organizations: U.S . Securities, Exchange Commission, SEC, Fidelity Investments Locations: Europe, WisdomTree, BlackRock, VanEck

☆ Fidelity joins the rush for a bitcoin ETF, following BlackRock, Ark Invest and others
▼ + stars: | 2023-06-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Asset management giant Fidelity Investments is again trying to launch a spot bitcoin exchange-traded fund, according to a Thursday filing. The move comes two weeks after BlackRock filed for a spot bitcoin ETF, which has long been opposed by the U.S. Securities and Exchange Commission. Cathie Wood's Ark Invest filed for changes to its proposed bitcoin fund Wednesday that brought it closer in line with BlackRock's application. One of the SEC's key concerns about a spot bitcoin product is transparency in the market and the potential for manipulation. The digital currency was trading near $30,500 Thursday afternoon, up from below $26,000 prior to the BlackRock filing.

Persons: Fidelity's Organizations: Fidelity Investments, BlackRock, U.S . Securities, Exchange Commission, Invest, Bitcoin, SEC Locations: BlackRock

If approved, a bitcoin ETF from the world's biggest asset manager could attract investors reluctant to buy the high-risk cryptocurrency directly. Digital asset manager Grayscale had its proposal for a spot bitcoin ETF rejected last year. LESS CAPITAL OVERALLAfter surprise rate hikes in Australia and Canada, and as the Federal Reserve forecasts two more hikes, investors are now betting that interest rates will remain higher for longer. Bitcoin had benefited from ultra-low interest rates, which incentivised investors to take riskier bets in search of returns. "Albeit - there are likely to be further challenges with interest rates continuing to increase," he said.

Persons: Mike Caldwell's, Jim Urquhart, Bitcoin, Charles Schwab, Youwei Yang, BTCM, Wes Hansen, Gordon Grant, Grant, Strijers, he'd, Riyad Carey, Genesis Trading's Gordon Grant, There's, bitcoin, Usman Ahmad, Elizabeth Howcroft, Tom Wilson, Louise Heavens Organizations: REUTERS, BlackRock, U.S . Securities, Exchange Commission, Citadel Securities, Fidelity Investments, Reuters Graphics, Silicon Valley Bank, SEC, Fidelity, Cboe, Kaiko, Federal Reserve, Blackrock, Zodia, Chartered, Technology, Thomson Locations: Sandy , Utah, Silicon, United States, Australia, Canada, Hong Kong

☆ Fidelity's Jurrien Timmer: The market has gotten impatient
▼ + stars: | 2023-06-22 | 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 EmailFidelity's Jurrien Timmer: The market has gotten impatientJurrien Timmer, Fidelity Investments director of global macro, joins 'The Exchange' to discuss a weakening macro backdrop, the market effort to declare a bullish direction, and the duration of the current trading range.

Persons: Jurrien Timmer Organizations: Fidelity Investments

☆ Bitcoin Jumps as Traditional Firms Tap Crypto
▼ + stars: | 2023-06-21 | by ( ) www.wsj.com time to read: +1 min

Bitcoin continues to rally, with analysts citing recent moves by traditional financial firms to tap the crypto market as a bet on the industry. BlackRock has filed paperwork with the Securities and Exchange Commission for a spot bitcoin exchange-traded fund. A new cryptocurrency exchange backed by Citadel Securities, Fidelity Investments and Charles Schwab has begun executing trades. Bitcoin has risen close to 8% over the past 24 hours to $28,891, according to CoinDesk. Ether is 5% higher Wednesday, while the Binance token, BNB, is up over 2%.

Persons: Bitcoin, Charles Schwab, Binance Organizations: BlackRock, Securities and Exchange Commission, Citadel Securities, Fidelity Investments, Deutsche Bank, SEC Locations: U.S

☆ 401(k) plans have never been hotter. That’s changing the stock market
▼ + stars: | 2023-06-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

The bill, signed into law late last year, requires employers to automatically enroll all eligible workers into their retirement plans at a savings rate of 3% of salary. Americans had pension plans, Social Security benefits, and their own savings through plans like the 401(k). Those funds tend to be controlled by large asset managers. But through a process called proxy voting, large asset managers are able to vote on shareholder resolutions on behalf of their clients. Asset managers have “significant influence over company practices,” wrote shareholder advocacy group ShareAction in a recent report.

Persons: New York CNN —, That’s, ”, Dave Stinnett, What’s, ShareAction, Tesla, Torsten Slok Organizations: CNN Business, Bell, New York CNN, BlackRock, Vanguard Group, Fidelity Investments, Street Global Advisors, Vanguard, Social Security, Social, Social Security Agency, Security, Lawmakers, Blackrock, Fidelity, Boston University School of Law, Harvard Law School, Vanda Research, EV, Apollo Global Management Locations: New York, United States

☆ Here's how much Americans in their 30s have in their 401(k)s
▼ + stars: | 2023-06-18 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Instead, keep this key number in mind: your retirement savings rate, which is the percentage of your income you're contributing to your 401(k). As a younger worker, time is on your side when it comes to saving for retirement, Cheng says. If you're in your 30s, your income is likely to increase as you get older, which can allow you to make larger contributions to your retirement savings over time. 1 best piece of advice for regular investors, do's and don'ts and three key investing principles into a clear and simple guidebook. CHECK OUT: Here’s how much Americans have in their 401(k)s at every age

Persons: Marguerita Cheng, Cheng, Warren Buffett Organizations: Fidelity Investments, CNBC, Blue, Wealth, Fidelity

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