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Nurphoto | Nurphoto | Getty ImagesDonald Trump's election victory over Vice President Kamala Harris marks a historic return to the White House — an extraordinary political comeback that is likely to have seismic ramifications for the global economy. The former president's litany of campaign pledges include steep tariffs, tax cuts, deregulation and a push to withdraw from key global agreements. Trump's favorite wordTrump has previously described "tariff" as his favorite word, calling it "the most beautiful word in the dictionary." And we don't see Trump's secondary tariff pledge — that baseline tariff, which would hurt European companies — as being all that feasible," Galbraith said. Analysts have warned that Trump's plan to impose universal tariffs are highly likely to raise prices for consumers and slow spending.
Persons: Donald Trump's, Kamala Harris, Trump, Lizzy Galbraith, Abrdn, Galbraith, CNBC's, Donald Trump, Ben May, Mitchell Reiss Organizations: Nurphoto, Getty, European Union, Bloomberg, Trump, Oxford Economics, Signum Global Advisors, Macquarie Group, Royal United Services Institute Locations: Binzhou, China, Florida, U.S, Mexico, Greensboro , North Carolina, Ukraine, Europe, Asia, Qingdao Port, Shandong province, Qingdao, American
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrump's principle tariff focus will be China — not elsewhere, says political economistLizzy Galbraith, political economist at asset manager Abrdn, discusses President-elect Donald Trump's election win and what it could mean for the political economy.
Persons: Lizzy Galbraith, Abrdn, Donald Trump's Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Various ways' investors can play it ahead of U.S. election, analyst saysThomas Watts, senior investment analyst at Abrdn, discusses how the U.S. election could impact stocks and markets.
Persons: Thomas Watts Locations: U.S
Abrdn: Indian market deserves more attention
  + stars: | 2024-10-09 | 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 EmailAbrdn: Indian market deserves more attentionJames Thom from Abrdn weighs between investing in India versus China, and explains why he is positive on the India story.
Persons: James Thom Locations: Abrdn, India, China
China needs more than rate cuts to boost economic growth
  + stars: | 2024-09-25 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +5 min
Cfoto | Future Publishing | Getty ImagesBEIJING — China's slowing economy needs more than interest rate cuts to boost growth, analysts said. He expects Beijing will likely ramp up fiscal stimulus due to weak growth, despite reluctance so far. "The market is forming a medium to long-term expectation on the U.S. growth rate, the inflation rate. As for Chinese government bonds, Ding said the firm has a "neutral" view and expects the Chinese yields to remain relatively low. He pointed out that monetary easing still requires fiscal stimulus "to achieve the effect of expanding credit and transmitting money to the real economy."
Persons: Larry Hu, That's, Edmund Goh, Yifei Ding, Ding, CF40, Pan Gongsheng, Haizhong Chang, Chang Organizations: China Resources, Getty, BEIJING, People's Bank of China, Macquarie, U.S, of Finance, PBOC, Ministry of Finance, Fitch Locations: China, Nanjing, Jiangsu province, abrdn, Beijing, U.S, Invesco
The Chinese yuan has weakened sharply against the U.S. dollar in the last several weeks as the greenback strengthens and investors worry about China's economic growth. China's yuan hit its strongest level in over 16 months on Wednesday after Beijing unveiled a slate of stimulus measures to shore up the slowing economy on Tuesday. The Chinese offshore yuan strengthened briefly to 6.9946 per dollar, the strongest since May 2023. China's onshore yuan is currently trading at 7.0319 against the greenback, also holding at the strongest levels since last May. China bonds rallied after the PBOC announcement with 10-year and 30-year yields hitting record lows.
Persons: Ben Emons, Edmund Goh, Zerlina Zeng, CreditSights, Pan Gongsheng, Emons, Hong, — CNBC's Evelyn Cheng Organizations: U.S, Beijing, greenback, Fed Watch, BNP, U.S ., Asia Credit, People's Bank of China Gov, CSI Locations: China, abrdn, Hong Kong, London, Singapore, New York
Lynn Song, chief economist for greater China ING, called the repo rate cut announcement “the most important” move made during the news conference. “If we see a large fiscal policy push as well, momentum could recover heading into the fourth quarter.”The headquarters of the People’s Bank of China in Beijing. During his first news conference as central bank governor in January, Pan said the PBOC would cut the reserve requirement ratio. Unlike the Fed’s focus on a main interest rate, the PBOC uses a variety of rates to manage monetary policy. Pan has indicated he would like the 7-day rate to become the main policy rate.
Persons: Pan Gongsheng, Pan, Lynn Song, , , Jiang Qiming, ” Edmund Goh, Goldman Sachs, Li Yunze, Li, Nomura Organizations: People’s Bank of China Gov, China ING, , U.S . Federal Reserve, People’s Bank of China, China News Service, Getty, Pan, National Financial Regulatory Administration Locations: BEIJING, China, Beijing, abrdn
Gold is already near the top of the 2024 range of outcomes projected by BlackRock Investment Institute, for example. Emerging market central banks have about 6% of their FX reserves in gold, and developed markets have about 12%. "Weaponizing dollar-based systems, including SWIFT , has led to more people, more countries specifically — more sovereign wealth funds and central banks — not trusting dollar-based assets as much. ETF flows As central banks have been bidding up gold, smaller investors were selling for much of this year. The VanEck Merk Gold ETF (OUNZ) and the Abrdn Physical Gold Shares ETF (SGOL) are the other funds with at least $100 million in net inflows this year, according to FactSet.
Persons: there's, Robert Minter, Minter, SWIFT, Lauren Goodwin, we're, Chris Verrone Organizations: Federal, Nasdaq, BlackRock Investment Institute, Abrdn, World Gold Council, U.S ., FX, United, Russia, New York Life Investments, MiniShares, Federal Reserve Locations: U.S, Abrdn . Central, Central, United States, Ukraine
He pointed to economic data like non-farm payrolls, saying they were later revised to reflect a weaker economic picture. Akintewe said: "Is the economy already weaker than the headline data suggests and [the Fed] should already be easing?" "And once you've done that amount of easing, it takes six to eight months to transmit that." "The other question no one seems to ask is, why is the policy rate still at 5.5% when inflation is down [to] almost 2.5%? Like, do you need a 300 basis point real policy rate in this kind of environment with all the uncertainty that we're facing?"
Persons: abdrn, Kenneth Akintewe, Akintewe Organizations: U.S . Labor Department, of Labor Statistics, Fed, U.S, CNBC Locations: U.S
AdvertisementSeveral cities have been trying to take advantage of the new policy, including Dubai, Milan, and more. A recently relocated hedge fund manager in Milan is planning to visit London or New York six or seven times a year going forward. "The best type of knowledge comes from people, from frequent interaction with people," said a Milan-based hedge fund manager. Several people — based in spots such as Dubai, Milan, and Zurich — mentioned that people early in their careers should still prioritize working in the biggest cities though. Moving to the Middle East just to interact with fellow UK ex-pats doesn't add much diversification to a portfolio manager's life.
Persons: , Julian Robertson, Muyshondt, Elena Partners, Steve Cohen's Point72, Sebastian Dickgiesser, Girish Chouhan, aren't, COVID, I'm, Alfonso Peccatiello, he's, Darren Wolf, abrdn, It's, Wolf, Zoom Organizations: Service, Tyrian Investments, Business, Labour, Henley & Partners, United Arab, Eisler Capital, Capstone Investment Advisors, Getty, London, Investors, , pats Locations: New York, Cascais, Portugal, Lisbon, London, Florida, Hong Kong, Dubai, Milan, China, United Arab Emirates, Italy, Point72, Girish Chouhan Dubai, Abu Dhabi, India, East, Europe, Madrid, Zurich, Amsterdam, Netherlands, Brera, , Milan's Brera, UAE
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed won't change rates in July but may talk back dot plot update, economist saysSree Kochugovindan, senior economist at Abrdn, discusses expectations for the Federal Reserve's upcoming meeting.
Persons: Sree Kochugovindan Organizations: Federal
Despite its progressive intentions, the tax failed to raise sufficient revenue for the monarch, as people boarded up their windows to lower their tax liability. Window tax was a property tax based on the number of windows in a house. In addition, the minister also lifted capital gains for stock market investors who cash in within a year from 15% to 20%. While the tax raises more than £3 billion ($3.9 billion) annually, it has given birth to far riskier forms of speculation while simultaneously hurting the stock market. However, given the lofty valuations that Indian stock markets currently trade, the tax to skim the excesses might be a positive development over the longer term.
Persons: Nirmala Sitharaman, Ajay Aggarwal, King William III of, Mike Kemp, Upasana Chachra, Morgan Stanley, Siddhartha Khemka, Motilal Oswal, Michael Langham, Abrdn, it's, JPMorgan's Jahangir Aziz, Aziz, Raghuram Rajan, Suman Bery, Bery Organizations: Union Finance, Budget Press Conference, National Media Centre, Hindustan Times, Getty Images, Getty, Budget, Motilal, Institute for Fiscal Studies, Reuters, CNBC, Health, Reserve Bank of India Locations: DELHI, INDIA, New Delhi, India, Mayfair, London, United Kingdom, England, Britain, Kerala, Malaysia, Nipah
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProspect of Trump tariffs: China will wait and see before reacting, Abrdn saysRay Sharma-Ong, head of multi-asset investment solutions for Southeast Asia at investment company, says China's response "has always been a bit more measured, tit-for-tat" rather than "all out" in nature.
Persons: Abrdn, Ray Sharma, Ong Locations: Trump, China, Southeast Asia
Elhedery named as third HSBC CEO in less than eight years
  + stars: | 2024-07-17 | by ( ) edition.cnn.com   time to read: +3 min
HSBC has appointed its Chief Financial Officer Georges Elhedery as its next CEO, the bank said Wednesday. While the 160-year-old lender did consider external candidates, it has traditionally appointed its CEO from within. Elhedery’s appointment comes as HSBC (HSBC) tries to shift from restructuring to growth, at a time when helpful interest rate hikes may have peaked and geopolitical tensions simmer. Elhedery began his career in banking as a trader before joining HSBC in 2005. Quinn, who led HSBC for five years, will remain CEO until Elhedery starts in the role.
Persons: Georges Elhedery, Elhedery, Noel Quinn, , Matt Britzman, Hargreaves Lansdown, Iain Pyle, Ping, Quinn, Stanley Tsai, might’ve, it’s Organizations: HSBC, abrdn, Greater, China’s Bank of Communications Locations: Lebanon, Hong Kong, Asia, Greater China, China, East, Africa
A seller is arranging onions at a vegetable market in Nagaon district, in the northeastern state of Assam, India, on February 1, 2024. This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Food prices, which rose an annual 8.7% in both April and May, account for nearly half of the overall consumer price basket. "The Indian economy remains hostage to intersecting food price shocks," Michael Patra, deputy governor of the Reserve Bank of India, said in his statement at the latest monetary policy meeting. "Food prices are holding back any consideration of possible changes in the monetary policy stance," he added.
Persons: Michael Patra, Jayanth Varma, bode, Sanjeev Chopra, Narendra Modi, abate, James Thom Organizations: CNBC, Reserve Bank of India, New, New India Investment Trust Locations: Nagaon district, Assam, India, New India, London
India has been dubbed the "perfect" emerging market to invest in, but it can be tricky for those outside the country to gain access. India's stock market has been making headlines this year, and for good reason. "India remains one of the best-performing equity markets this year, underpinned by the world's fastest-growing major economy and a resilient macro backdrop," said James Thom, senior investment director Asian equities at Abrdn, in a note to clients. Some of the top ETFs in North America include the Columbia India Consumer ETF , the First Trust India NIFTY 50 Equal Weight ETF and the BMO MSCI India ESG Leaders Index ETF . In Europe, the list includes the iShares MSCI India UCITS ETF , which provides exposure to around 85% of the stock market, and the Xtrackers MSCI India Swap UCITS ETF Capitalisation 1C .
Persons: Krishnamurthy Subramanian, Narendra Modi's, Kevin T, Carter, Goldman Sachs, James Thom, aren't, GDRs, Arjun Jayaraman, there's, Jayaraman, Abrdn's Thom, Surendra Goyal, Thom, EMQQ Global's Carter, Modi's, it's, Jonathan Pines, — CNBC's Ganesh Rao, Tuul, Bruno Morandi Organizations: CNBC Pro, IMF, Bharatiya Janata Party, EMQQ, CNBC, Wealthmills Securities, Global, Causeway, Mutual, Columbia India Consumer ETF, First Trust India, BMO, India, Nasdaq, Investors, Nokia, Bank of America, Citi, Edge, Reliance Industries, U.S ., Bank of India, Network18, Bank, Getty Locations: India, China, North America, Europe, Singapore, U.S, Indian, Chhatrapati Shivaji Terminus, Mumbai
The S&P 500 rose Thursday after investors got more economic data indicating inflation pressures are easing. The Dow Jones Industrial Average slipped 156 points, or 0.4%. Economists polled by Dow Jones expected an increase of 0.1%. Broadcom shares surged 13% after the chipmaker topped fiscal second-quarter expectations and announced a 10-for-1 stock split. Correction: Economists polled by Dow Jones expected PPI to rise by 0.1%.
Persons: Dow Jones, James McCann Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Reserve, Fed, Broadcom, Buster's Entertainment, PPI
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMagnificent Seven still driving markets, with Nvidia at the helm, investment analyst saysThomas Watts, investment analyst at Abrdn, discusses the outlook for equity markets and recent economic data.
Persons: Thomas Watts Organizations: Nvidia
As the price of gold hits new all-time highs and silver rallies to a multi-year high, Bank of America has identified four exchange-traded funds (ETFs) that offer attractive exposure to precious metals. The top-rated ETFs include abrdn Physical Silver Shares ETF (ticker SIVR), iShares Silver Trust (SLV), Invesco DB Precious Metals Fund (DBP) and abrdn Physical Precious Metals Basket Shares ETF (GLTR). Bank of America rated all four ETFs "more attractive" in comparison to other ETFs with similar assets. These funds reflect baskets of physical precious metals, with varying allocations to silver, gold, palladium, and platinum. abrdn Physical Silver Shares ETF SIVR is the cheapest silver fund in Bank of America's coverage, with a total expense ratio of 0.50%.
Persons: Jared Woodard, SLV, Michael Bloom Organizations: Bank of America, Precious Metals Fund, Bank of, Treasury, Bank, Precious Metals Locations: BofA
British fund manager abrdn's CEO Stephen Bird to step down
  + stars: | 2024-05-24 | by ( ) www.cnbc.com   time to read: +1 min
British fund manager abrdn said on Friday CEO Stephen Bird will step down after four years in the role, and finance chief Jason Windsor will take the helm on an interim basis. The Edinburgh-based company had named Windsor as the CFO last July. Bird, a former Citigroup executive who took over as chief executive in 2020, has sought to drive a turnaround by shedding jobs, reducing its range of funds and expanding into mass-market investing, following the takeover of online platform interactive investor in 2022. Trading and net flows so far in the second quarter have shown similar trends to the previous three-month period, abrdn said. Last month, it had reported 0.8 billion pounds ($1.02 billion) of net inflows over the January-March period, while its assets under management increased 3% to 507.7 billion pounds.
Persons: abrdn, Stephen Bird, Jason Windsor, Bird Organizations: Citigroup Locations: Edinburgh, Windsor
Enter the closed-end fund, a relative of the traditional, open-end mutual fund. Gundlach highlighted closed-end funds on CNBC's " Closing Bell " Wednesday afternoon, noting that it's "a pretty good environment for moderate risk assets." "For retail investors, closed-end funds have gone back to trading at discounts broadly, and with some leverage involved there, there's double-digit yields available without taking a ton of credit risk," he said. Searching for discounts Drivers of these closed-end fund discounts, particularly those that hold bonds, include sharp spikes in yields. The Abrdn National Municipal Income Fund (VFL) , for instance, is trading at a 15% discount to its net asset value, according to Nuveen's CEF Connect, a database of closed-end funds.
Persons: Jeffrey Gundlach, Gundlach, Eaton Vance Organizations: Income Fund, Income Trust, Fidelity Locations: Eaton Vance California
The press making jabs at the current name of asset manager Abrdn , which was rebranded from 'Standard Life Aberdeen', amounts to "corporate bullying," the firm's chief investment officer Peter Branner said. The firm announced its renaming in April 2021 and has faced consistent ridicule, jokes and jibes in the media since then. In a Financial News interview out on Monday, Branner called the media jibes about the name "childish," calling out press for the frequency of its jokes. He added that people would not treat individuals in this way, but that the press seemed to practise different standards for companies. How would you look at a person who makes fun of your name day in day out?
Persons: Peter Branner, Branner Organizations: Abrdn, Aberdeen, Tuesday, CNBC
Some equity funds closely tied to those commodities, such as those that invest in gold and silver miners, have soared even more. Five of the six biggest gold ETFs have seen outflows this year, totaling almost $3 billion, according to FactSet. GLD 5Y mountain Gold, and the ETFs that track it, are trading at record highs in early 2024. The fund's holdings include gold, silver, platinum and palladium. Meanwhile, Teucrium has several ETFs focused on agricultural commodities that have climbed over the past month as well, including the the Teucrium Soybean Fund (SOYB) , up over 3%.
Persons: Jake Hanley, Hanley, Robert Minter, Minter, Teucrium Organizations: United States Oil Fund, Hershey Locations: East, Europe
This Wednesday at London Business School, CNBC's Steve Sedgwick will ask two market experts where's best to invest right now. Fowler leads UBS' European equity strategy and global derivative strategy teams. Gooch-Peters is a member of Sanlam's global high-quality equity team and leads the global equity team's investment strategy. Fowler leads UBS' European equity strategy and global derivative strategy teams. Gooch-Peters is a member of Sanlam's global high-quality equity team and leads the global equity team's investment strategy.
Persons: Steve Sedgwick, Gerry Fowler, Hannah Gooch, Peters, Fowler, Gooch, Hannah Organizations: CNBC, London Business School, UBS, Chief European, Sanlam Investments, BNP Paribas, Citi, Sanlam Locations: Abrdn, London, . New York, Singapore
Alpha capture strategies take inputs from sources like human traders, market data, sell-side research, and more and then use a systematic process to create a portfolio that is efficiently sized and hedged. CenterBook uses trading data from dozens of external firms to create its portfolios, while Norias will create its book off the ideas of its fundamental analysts. Meanwhile, Man Group is building out an alpha capture team within its AHL unit's special strategies team, a recent job posting states, and Squarepoint is doubling its team, finding external managers for its buy-side alpha capture program. "It is a way for them to increase their capacity and take in more assets," said Kevin Lyons, senior investment manager at Abrdn, about the largest platforms growing their internal alpha capture capabilities. AdvertisementThe alpha capture OGIt can all be tied back to the success of the original mainstream alpha capture strategy: Marshall Wace's TOPS, which stands for Trade Optimized Portfolio System.
Persons: , Marshall Wace, Doug Haynes, Norias, Basil Qunibi, Squarepoint quant Warren Touwen, Merrill Lynch, Squarepoint, Touwen, Kevin Lyons, Marshall, Anthony Clarke, Cameron Hight, Hight, it's, headhunter Organizations: Service, Business, CenterBook Partners, Research, Investors, AHL, TOPS Locations: Austin, Abrdn, London
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