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☆ Stock market news: The Fed meets next week. What can investors expect?
▼ + stars: | 2023-06-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The S&P 500 Index last week entered a bull market, meaning that it notched a 20% rally from its low in October. Moreover, investors appeared calmer than they have in years, after the United States suspended the debt ceiling in time to avoid a default, allowing investors to breathe a sigh of relief. The May Consumer Price Index and Producer Price Index reports, two key inflation prints, are also due the days that the Fed meets. But the United States could still suffer a downgrade to its credit rating, even though it avoided losing its ability to make payments on time. Tuesday: Consumer Price Index report for May and NFIB small business optimism index.

Persons: CNN — Stocks, Price, ”, JJ Kinahan, there’s, Karim El Nokali, Jerome Powell, ” El Nokali, —, Joe Biden, Benjamin Jeffery, Patrick Klein, ” Josh Lipsky, it’s, Olivier d’Assier, “ It’s, George Mateyo Organizations: CNN Business, Bell, CNN, Nasdaq, United, Fed, IG North America, Fitch, AAA, BMO Capital Markets, Franklin, GeoEconomics, International Monetary Fund, Treasury Department, US Treasury, Key Private Bank, Federal Reserve Bank of New York Survey, Consumer, Federal Reserve, Federal, University of Michigan Locations: United States, US

☆ Factbox: Who are Crispin Odey and the hedge fund Odey Asset Management?
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +4 min

June 10 (Reuters) - Crispin Odey, one of Britain's best-known hedge fund managers, is leaving Odey Asset Management following allegations of sexual misconduct, the firm's executive committee said on Saturday. Here are some key facts about Odey, his London-based hedge fund, the allegations, and the fallout:WHO IS CRISPIN ODEY AND ODEY ASSET MANAGEMENT? Odey Asset Management (OAM) is known for highly leveraged bets trading global equities, debt, currencies and commodities. Besides Odey Asset Management, the group also runs Brook Asset Management and Odey Wealth, a private wealth unit. Brook Asset Management and Odey Wealth, both part of the Odey Group, are run by different portfolio managers such as James Hanbury and Peter Martin, the chief executive of Odey Asset Management.

Persons: Crispin Odey, Odey, CRISPIN ODEY, Kwasi Kwarteng, ODEY, James Hanbury, Peter Martin, Goldman Sachs, Morgan Stanley, Schroders, Carolina Mandl, Nell Mackenzie, Dhara Ranasinghe, Daniel Wallis Organizations: Odey, Management, Financial Times, WHO, Conservative Party, Odey Asset Management, Asset Management, Securities and Exchange Commission, Reuters, Financial, Authority, Inc, JPMorgan, UBS, Carolina, Thomson Locations: London, New York

Odey Asset Management "does not recognise the picture of the firm that has been painted" by the allegations, it told investors in a letter seen by Reuters. Within hours of the report being published, Wall Street firms including Goldman Sachs (GS.N), JPMorgan (JPM.N) and Morgan Stanley (MS.N) began reviewing their prime broking ties with Odey Asset Management, sources familiar with the matter told Reuters. "We are confident our service providers will continue to work with us," an Odey Asset Management letter said later. Industry experts consulted by Reuters said that did not necessarily indicate a major change in culture in the City, however. A London employment tribunal last month awarded a former Algebris employee over 32,000 pounds in a sex harassment claim against the asset management company.

Persons: Crispin Odey, Odey, Goldman Sachs, Morgan Stanley, MS.N, Schroders, Evan Nierman, Megan Tobias Neely, Neely, retrained, Daniel Beunza, Davide Serra, Serra, Algebris, Yasmine Chinwala, Nell Mackenzie, Sinead Cruise, Naomi Rovnick, Dhara Ranasinghe, Rosalba O'Brien Organizations: Odey Asset Management, Financial Times, Tortoise Media, Reuters, Odey, Wall, JPMorgan, FT, Financial, Bayes Business, Labour Party, New, Thomson Locations: City, London, Britain, New York

So what's hot in fintech right now? One area fintech companies are getting excited by is an improvement to online checkout tools. Callan Carvey, global head of operations at Cleo, said the firm's AI connects to a customer's bank account to get a better understanding of their financial behavior. "A job that typically would take around one or two weeks can now be completed in 30 minutes, right. Several fintech executives CNBC interviewed spoke of how they're not interested in launching products tailored to crypto as the demand from their customers isn't there.

Persons: MacKenzie Sigalos, hasn't, they've, Starling, Richard Davies, Davies, Niklas Guske, —, B2C fintechs, David Singleton, Guske, dazzled, Cleo, Callan Carvey, Carvey, Teo Blidarus, Taktile's, Hiroki Takeuchi, Takeuchi, Changpeng Zhao, they're, Jack Zhang, Zhang, Prajit Nanu, cryptocurrencies, Banks, Nanu Organizations: Bank, fintechs, CNBC, Business, Allica Bank, B2B, Tiger, Schroders Capital, Atom Bank, Schroders, U.S . Securities, Exchange Commission, SEC, U.S, cryptocurrencies Locations: Amsterdam, MacKenzie Sigalos AMSTERDAM, Netherlands, British, Atomico, U.S

☆ Odey offloads stake in UK Retailer AO, Sky News reports
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

June 10 (Reuters) - Odey Asset Management has sold its 19% stake in UK-based retailer AO World Plc (AO.L) to Frasers Group (FRAS.L), Sky News reported on Saturday. Frasers Group bought the stake for 75 million pounds ($94.27 million), the report said. Odey Asset Management, AO and Frasers Group did not immediately respond to a request for comment by Reuters. On Friday, asset managers Schroders Plc (SDR.L) and Canada Life moved to cut back their dealings with Odey Asset Management, citing allegations of sexual misconduct by its founder, Crispin Odey, that were published by the Financial Times and Tortoise Media a day earlier. Odey Asset Management told investors in a letter dated June 8, which was seen by Reuters, that it "does not recognise the picture of the firm that has been painted" by the allegations.

Persons: Crispin Odey, Goldman Sachs, Morgan Stanley, Jose Joseph, Urvi, Alex Richardson, Helen Popper Our Organizations: Odey, Management, Frasers, Sky News, Frasers Group, Reuters, Schroders, Odey Asset Management, Financial Times, Tortoise Media, JPMorgan, Thomson Locations: Canada, Bengaluru

[1/4] Li Yunze, director of China's National Financial Regulatory Administration (NFRA), speaks at the Lujiazui Forum in Shanghai, China June 8, 2023. REUTERS/Jason XueSHANGHAI/BEIJING, June 8 (Reuters) - China is open for investment, the country's top financial regulators told foreign financiers at a high-profile forum in Shanghai on Thursday, as concerns mount among foreign firms that they may no longer be welcome. "Opening up is China's long-term national policy, and the door of China's financial industry will only be opened wider and wider." Yi Huiman, chairman of the China Securities Regulatory Commission, told forum participants that China will "adamantly" push for deregulation in terms of market access, institution qualification and products. Internal circulation will be supported by "external circulation," as in foreign financing and China's interactions with the global economy.

Persons: Li Yunze, Jason Xue, Goldman Sachs Group's, David Solomon, Tesla's, Elon Musk, Xi, Merrill Lynch, Li, Jane Fraser, Yi Huiman, Noah Fraser, Yi, Joe Cash, Shri Navaratnam, Edmund Klamann, Kim Coghill Organizations: China's, Financial Regulatory Administration, REUTERS, HSBC, Credit Agricole, Mizuho Financial, Paypal, China Securities Regulatory Commission, Canada China Business Council, Shanghai, Thomson Locations: Shanghai, China, Jason Xue SHANGHAI, BEIJING, U.S, flashpoints, Ukraine, South, Beijing, Inner Mongolia, Russia, Mongolia

☆ AI startup Cohere raises $270 mln in Nvidia-backed funding round
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

June 8 (Reuters) - Cohere, an AI foundation model company that competes with Microsoft-backed OpenAI, said on Thursday it had raised $270 million in a funding round backed by Nvidia (NVDA.O), Oracle (ORCL.N) and Salesforce Ventures, among others. Generative AI aims to make human-like creations through computer code that has processed vast amounts of data. Cohere did not reveal its valuation after the latest funding round. AI startups are a bright spot in an otherwise subdued market for venture capital funding, particularly for technology companies, amid rising interest rates and increased investor focus on profitability. Last month, Anthropic, another AI startup which has received backing from Alphabet Inc's (GOOGL.O) Google, also raised $450 million in a new round.

Persons: Cohere, Aidan Gomez, Manya Saini, Shounak Dasgupta Organizations: Microsoft, Nvidia, Oracle, Salesforce Ventures, Inovia Capital, Schroders, Thomvest Ventures, ChatGPT, Google, Thomson Locations: Bengaluru

☆ Nvidia invests in Google-linked generative A.I. startup Cohere
▼ + stars: | 2023-06-08 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +4 min

Cohere, an enterprise-focused generative artificial intelligence startup, has raised $270 million in a Series C round of venture capital which includes AI giant Nvidia as an investor. In the new Cohere round, Oracle and Salesforce were also investors. Cohere is one of the companies that the new Salesforce Ventures generative AI fund is investing in. "We want to build that toolkit that's accessible to any dev," co-founder and CEO Aidan Gomez told CNBC in June 2022. Nvidia founder and CEO Jensen Huang expressed confidence in Cohere, saying in a press release announcing the funding, "The team at Cohere has made foundational contributions to generative AI.

Persons: OpenAI, Cohere, Aidan Gomez, Gomez, Nick Frosst, Jensen Huang, DTCP Organizations: Nvidia, Oracle, Microsoft, CNBC, Google, Google Research, Inovia Capital, Schroders, Thomvest Ventures, Ventures Locations: CoreWeave, Cohere

☆ An investment strategist at a $939 billion firm shares the 4 asset classes investors should buy for big gains as the market shifts to a new normal — and why last market's losers will become the bigges
▼ + stars: | 2023-06-04 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +6 min

And the implications don't just stop there — Armstrong believes that "virtually all assets" will feel the pain. Opportunities also exist within fixed income and commoditiesWith equities taking the spotlight in the prior regime, fixed income may have slipped under the radar for many investors. But now, Armstrong believes that the way in which investors think about fixed income needs to change. "So history would tell you that now is a decent time to be allocating to high-quality fixed income." In an environment with sticky inflation, commodities would serve investors well as a good inflation hedge and portfolio diversifier.

Persons: Schroder's Bob Armstrong, Bob Armstrong, Armstrong, — Armstrong Organizations: US, outperformance, Commodities

Banks typically sold these perpetual bonds - known as AT1 bonds - with five years before an option to repay was triggered. In the past, investors got their money back, and banks replaced the bonds with new ones, but some are changing tack. The banks' actions show how the wipeout of billions of dollars of Credit Suisse AT1 bonds still reverberates around this market, which is estimated at roughly $275 billion. "The AT1 market is splitting," said Alessandro Cameroni, a portfolio manager at asset manager Lemanik. SHOCK ABSORBERThe AT1 bonds were designed to help banks absorb losses, and they count towards their capital buffers.

Persons: Kai Pfaffenbach, Banks, Alessandro Cameroni, Lemanik, Peter Harvey, Federated Hermes, Italy's, Morgan Stanley, Karsten Junius, J . Safra Sarasin, Chiara Elisei, Carlo Giovanni Boffa, Jane Merriman Organizations: REUTERS, Suisse, Raiffeisen Bank, Reuters, Deutsche, Aareal Bank, Credit Suisse, Investors, Federated, Lloyds, Societe Generale, UBS, Santander, J ., Thomson Locations: Frankfurt, Germany, Ukraine, Swiss, Schroders, Russia

Private equity firm Silver Lake has offered to buy Software AG for 32 euros per share, valuing the German software developer at 2.37 billion euros ($2.61 billion) and said it plans to take the company private. Software AG has backed the Silver Lake offer despite a higher 34-euro a share non-binding bid coming in from Bain-backed Rocket Software earlier this month. Some investors argue that the Silver Lake offer undervalues Software AG and that minorities never fare well in delistings. Software AG has faced criticism from shareholders over its handling of the sales process. Software AG, Rocket Software and Silver Lake all declined to comment.

☆ This global commercial real-estate stock is set to rise by 60%, Jefferies says
▼ + stars: | 2023-05-03 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Jefferies expects shares of U.K.-focused commercial real-estate stock Life Science REIT to rise by more than 60% over the next 12 months. The investment bank's prediction comes at a time when the global commercial real estate market has seen prices fall sharply over the past year . However, according to Jefferies, Life Science REIT will escape the brunt of the pressure facing the rest of the sector. These properties are then leased to "tenants operating in the life science sector," according to the company. The region is also set to benefit from the U.K. government's 10-year strategy, unveiled in 2021, to aid and develop the life science sector in the U.K.

☆ Ron Insana says 'to-the-death' struggles over the debt ceiling do little to solve the problems the U.S. faces, but this could
▼ + stars: | 2023-04-28 | by ( Ron Insana | ) www.cnbc.com time to read: +5 min

A little over a decade ago, the U.S. nearly defaulted on its federal obligations in an unnecessary fight over raising the nation's debt limit. Well, here we are again, with House Republicans, Senate Democrats and the White House locked in a to-the-death struggle over raising the debt ceiling again or defaulting on U.S. bills. This would leave the U.S. unable to pay Social Security, or other mandated bills, or even miss an interest payment on its outstanding debt. The White House remains unwilling to negotiate over a House-passed plan that guts veteran benefits, food stamps and other social programs. I would seek a permanent hike in the debt limit, so the bills will be paid on time, and then follow the recommendations of Alan Simpson and Erskine Bowles.

☆ Schroders' assets under management fall on year; small uptick from prior quarter
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

At the end of the first quarter, Schroders' assets under management rose 1.2% to 746.3 billion, although still 0.8% lower than the corresponding period a year ago, when the Russia-Ukraine conflict had just begun. Peer St. James's Place (SJP.L) said assets under management rose 3.5% by the end of March quarter, adding that it expected a more supportive environment for new business in 2023. Still, SJP's net inflows were down nearly 9% at 2 billion pounds during the first quarter, missing company-compiled analysts' expectations of 2.2 billion. Separately, Schroders named PricewaterhouseCoopers' current global market leader, Richard Oldfield, as its new CFO. Schroders shares were down 1.4%at 474.5 pence by 0750 GMT, compared to a largely flat benchmark index (.FTSE).

Bischoff died on Tuesday of natural causes, a close relative, who asked not to be named, told Reuters on Wednesday. A former chairman of Lloyds Banking Group (LLOY.L), Citigroup (C.N) and more recently JP Morgan Securities (JPM.N), Bischoff had also been CEO of Schroders (SDR.L). Robert Swannell, former chairman of Marks & Spencer, who worked with Bischoff for 33 years at Schroders and later Citi, said he would profoundly mourn his friend and colleague. The deal was hailed as a huge success for Bischoff's leadership team, having started with a business worth just a fraction of the 1.3 billion pounds price Citi later paid. He returned to JP Morgan as chairman of JP Morgan Securities the same year.

[1/2] A Confederation of British Industry (CBI) logo is seen during their annual conference in London, Britain November 9, 2015. "While the CBI was not previously aware of the most serious allegations, it is vital that they are thoroughly investigated now and we are liaising closely with the police," CBI President Brian McBride said. Virgin Media O2 criticised how the CBI had dealt with the allegations. Aviva (AV.L) and two other insurers, Phoenix Group and Zurich Insurance Group (ZURN.S), also quit on Friday along with asset manager Schroders. Accountancy firm PWC suspended activity with the CBI, as has telecoms company BT Group, while bank Santander said it was reviewing its membership.

☆ Asia is aging rapidly. Strategists reveal stocks to cash in — including tech
▼ + stars: | 2023-04-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

He recommended the Global X Aging Population ETF , which includes not just health-care companies and pharmaceutical firms, but also wearables and medical device companies such as Cochlear, GN Store Nord and Teleflex. China's 'very promising bets' Investors can look to focus on China's aging population by market reach or income segment, according to Leverage Shares' Rao. As for investors looking to get exposure to China's wealthier income segment, he named Raffles Medical, Asian Healthcare Specialists and IHH Healthcare — stocks that will also give similar exposure in other Asian countries. Dividend payers and financial services High-dividend-paying stocks as well as financial services are set to benefit from the aging population, according to analysts. Another potential beneficiary of aging populations is financial services, according to Rob Clarry, investment strategist at wealth manager Evelyn Partners.

Several major finance companies also voluntarily reported ethnicity pay data for the period. The majority of major finance firms nonetheless made progress in narrowly closing their gender pay gaps, according to their disclosures. ETHNICITY PAY GAPSHalf of the 20 finance firms reviewed reported varying detail on ethnicity pay gaps, with some including insurer Phoenix doing so for the first time. Where pay gaps were further broken down by ethnicity, they showed the largest pay disparities were between Black and white employees. All the employers said in their pay gap reports they were taking steps to improve diversity, particularly at senior levels.

Similarly, the U.S. economy and stock markets tend to outperform during booms and draw in overseas investment that lifts demand for dollars. Surely times of great banking and credit stress should boost the greenback? And now we face a bout of severe banking stress alongside stubbornly high inflation that had almost all major central banks raising interest rates again over the past week despite the pretty clear underlying credit stress. JPMorgan's take on the stressed side of the dollar smile last week pointed out that "the underlying macro-financial pathology that necessitates lower yields is the primary determinant of dollar direction". Clearly, the dollar smile is no laughing matter.

Bank of England Governor Andrew Bailey has said the central bank may be at the end of its rate-rising cycle, there's a wide 'hawk-dove' divide within the European Central Bank, and the Bank of Canada on Wednesday became the first major central bank to pause its tightening campaign. "I don't think other major central banks are going to be able to match what the Fed is going to do. "The dollar can stay elevated as long as the Fed remains the most aggressive central bank in the world." Of course, central bank cycles don't always converge. Related columns:- Hedge funds record wager on higher 2-year U.S. bond yield- Rates market overshoot - or no man's land?

☆ A man's world: gender parity will take more than five generations
▼ + stars: | 2023-03-08 | by ( Joice Alves | ) www.reuters.com time to read: +6 min

The analyses of the data in the WEF's Global Gender Gap report takes into consideration gender disparity in economic opportunities, education, political empowerment, health and safety. The BofA data shows that U.S. companies with greater gender diversity have offered a median 20% higher return on equity since 2005 than those who lack it. According to consultancy firm EY, almost half of European financial services investors state that gender diversity in the boardroom significantly influences their decision to invest in a company. For senior executive roles, gender parity still looks out of reach. U.S. companies focused on gender diversity on boards and senior executive level have achieved 43% lower earnings risk in subsequent three years than those who lack such diversity, BofA said, citing its own analysis.

☆ Morning Bid: Don't fight central banks
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Anshuman DagaJudging by the improved mood in global equity markets, investors are once again having a go at central banks. Will Powell be able to send a decisive message to markets about the future pace of interest rate increases? Fed, ECB and BoE 'terminal rates' riseThe European Central Bank has already raised rates to 2.5%, a 3 percentage point increase since July and essentially promised another half a percentage point increase on March 16. Strategists at BlackRock Investment Institute expect the trend to end as recent data pushes the European Central Bank to raise rates and keep them higher for longer. And Schroders' analysts are in the camp of those who expect interest rates to be kept on hold by the ECB from March.

☆ Get income and feel good about it: ESG-focused bond funds saw greater inflows than stock funds last year
▼ + stars: | 2023-03-01 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Socially conscious investors favored bond funds more than stocks for the first time, new Morningstar data shows. Sustainable bond funds amounted to three-fourths of overall net flows within sustainable funds, up from 16% in 2021. That jump helped fixed income funds overtake equity-focused peers in holding the lion's share of net inflows last year. Sustainable bond funds posted a $2.4 billion net annual inflow, compared with a loss of $335 billion seen among non-sustainable taxable- and municipal-bond funds. Still, the top fixed sustainable income funds held up better than the broader stock market last year.

☆ UK economy in 'a lot better shape' than bleak figures suggest, fund manager says
▼ + stars: | 2023-02-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. Henry Nicholls | ReutersLONDON — The U.K. has thus far avoided a widely anticipated recession, and the signs from the business world are that the economy may be holding up better than feared, according to veteran Schroders fund manager Andy Brough. Figures published earlier this month showed that the U.K. GDP contracted by 0.5% in December, as the economy flatlined over the final quarter of 2022 to narrowly avoid a technical recession. "Underneath companies' profitability x-minus today, we're seeing pretty good dividend increases, pretty good earnings statements, so, underlying, I think the economy is in a lot better shape. 'Signs of life' in business investment Uncertainty over future relations between Westminster and Brussels have hammered business investment since the U.K. voted to leave the European Union in 2016, in turn hampering productivity expansion and adding to the direct costs of Brexit on the U.K. potential growth.

☆ UK economy in 'a lot better shape' than GDP figures suggest, fund manager says
▼ + stars: | 2023-02-22 | 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 EmailUK economy in 'a lot better shape' than GDP figures suggest, fund manager saysAndy Brough, head of the European small- and mid-cap team at Schroders, shares some underlying causes for optimism on the U.K. economy and financial markets.

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