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☆ The head quant strategist at a $194 billion firm shares 4 trades he sees delivering at least 6% returns over each of the next 5 years as a recession gets ready to hit the US economy next year
▼ + stars: | 2023-09-19 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Next, Swinkels likes developed market equities, which include stocks in countries like France, Germany, the UK, Australia, Japan, and more. The iShares MSCI EAFE ETF (EFA) offers exposure to developed market stocks outside of the US and Canada. Exchange-traded funds like the Schwab Emerging Markets Equity ETF (SCHE) or the Vanguard FTSE Emerging Markets ETF (VWO) are one way to invest in emerging market stocks. "The CAPE ratio of global real estate is currently 13.3, well below its average of 19.4 since 2000," Swinkels said. One way to invest in real estate without buying properties directly is through real-estate investment trusts, also known as REITs.

Persons: Laurens Swinkels, Peter van der, Swinkels, we've Organizations: Federal, iShares, Yield Corp, Exchange, Schwab, Equity, Vanguard FTSE, Markets, Simon Property Group Locations: France, Germany, Australia, Japan, Canada, China, Brazil, India, Saudi Arabia

☆ FTSE 100 slips at open ahead of Fed, BoE monetary policy decisions
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.1%, FTSE 250 off 0.2%Sept 18 (Reuters) - UK's FTSE 100 slipped at open on Monday as investors await interest rate decisions from the U.S. Federal Reserve and the Bank of England (BoE), while Britain's main manufacturing trade body cut its forecast for the sector's growth for this year. The exporter-heavy FTSE 100 (.FTSE) slipped 0.1% by 0712 GMT, while the mid-cap FTSE 250 (.FTMC) was down 0.2%. Britain's main manufacturing trade body cut its forecast for the sector's growth for this year and next, citing a sharp fall in factory output and economic uncertainty. Reporting by Siddarth S in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, BoE, Siddarth, Savio D'Souza Organizations: London Stock Exchange Group, City of, REUTERS, U.S . Federal Reserve, Bank of England, Phoenix Group, Mondi, Sezar, Thomson Locations: City, City of London, Britain, Russia, Moscow, Bengaluru

☆ Prosus CEO exit leaves Tencent elephant in room
▼ + stars: | 2023-09-18 | by ( Karen Kwok | ) www.reuters.com time to read: +3 min

REUTERS/Siphiwe Sibeko Acquire Licensing RightsLONDON, Sept 18 (Reuters Breakingviews) - Bob van Dijk is passing an unsolved problem to his successor. The Tencent stake that it owns made up about 75% of the group’s $130 billion portfolio value as of Sept. 15. His workaround was to instead sell little chunks of Tencent shares, and use the proceeds to buy back Prosus stock. Still, the gap reflects shareholders’ ongoing struggles to value Prosus. Neither Prosus nor the 50-year-old van Dijk gave a reason for his exit, but the persistence of the discount won’t have helped.

Persons: Bob van Dijk, Siphiwe, Ervin Tu, Africa’s, Van, van Dijk, It’s, Goldman Sachs, Prosus, Naspers, van Dijk’s, George Hay, Streisand Neto, Oliver Taslic Organizations: REUTERS, Reuters, Prosus, HK, Interim, Vision, Thomson Locations: Johannesburg, South Africa, Amsterdam, India, Brazil, Tencent

☆ Naspers & Prosus CEO steps down, M&A chief Ervin Tu is successor
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

Bob van Dijk, CEO of e-commerce group Naspers, poses for a photograph in front of the company logo after holding a media briefing in Johannesburg, South Africa, October 9, 2019. The companies named investment chief Ervin Tu, a previous VisionBank manager and Goldman Sachs technology banker, as interim CEO. However it coincides with the unwinding Monday of a cross-structure between Prosus and Naspers. Van Dijk oversaw Prosus's 2019 IPO and the company's stock boomed during the COVID-19 pandemic. However he struggled to close a valuation gap between Prosus, Naspers and the value of their biggest asset: Chinese software giant Tencent(0700.HK) .

Persons: Bob van Dijk, Siphiwe, Ervin Tu, Goldman Sachs, Naspers, Van Dijk's, van Dijk, Van Dijk, Prosus, Tannur Anders, Toby Sterling, Radhika Anilkumar, Sherry Jacob, Phillips, Stephen Coates, Michael Perry, Louise Heavens Organizations: REUTERS, Rights, Prosus NV, Johannesburg Stock Exchange, HK, Thomson Locations: Johannesburg, South Africa, Rights JOHANNESBURG, Prosus, Tencent, Russia, Ukraine, Amsterdam, Bengaluru

☆ Naspers/Prosus CEO steps down, M&A chief Tu takes the helm
▼ + stars: | 2023-09-18 | by ( Tosterling Tannur Anders | Tannur Anders | ) www.reuters.com time to read: +3 min

But it coincides with a restructuring in Naspers/Prosus relations, with Prosus no longer holding shares in Naspers. Analysts said he was the most likely candidate to succeed Van Dijk permanently. At 0910 GMT, Prosus shares were trading down 0.9% in Amsterdam, while Naspers' shares were 1.5% lower in Johannesburg. Tencent shares closed down 1.6% in China. Van Dijk oversaw Prosus's 2019 IPO and the company's stock boomed during the COVID-19 pandemic.

Persons: Bob van Dijk, Siphiwe, Ervin Tu, Naspers, Prosus, Van Dijk's, Van Dijk, Koos Bekker, Tannur Anders, Promit Mukherjee, Toby Sterling, Radhika Anilkumar, Louise Heavens, Mark Potter Organizations: REUTERS, HK, Vision, Reuters, Thomson Locations: Johannesburg, South Africa, Tencent, JOHANNESBURG, AMSTERDAM, Naspers, Naspers ., Amsterdam, China, Prosus, Bengaluru

☆ FTSE 100 climbs nearly 1% as China data boosts miners
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummary FTSE 100 climbs 0.9%, FTSE 250 adds 0.3%Sept 15 (Reuters) - UK's FTSE 100 extended gains on Friday, driven by miners following better-than-expected economic data from China, while the prospects of global central banks nearing the end of their monetary tightening cycle further boosted risk sentiment. The blue-chip FTSE 100 index (.FTSE) climbed 0.9% by 0705 GMT, after it hit a six-week high in the previous session. Tracking metal prices higher, miners (.FTNMX551020) gained 0.9% after the data from top consumer, China, was published. Reporting by Siddarth S in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Siddarth, Sherry Jacob, Phillips Organizations: London Stock Exchange, REUTERS, Investors, U.S . Federal Reserve, Bank of, European Central Bank, Thomson Locations: Canary Wharf, London, Britain, China, Bank of England, Bengaluru

☆ AstraZeneca succession sickness demands urgent fix
▼ + stars: | 2023-09-15 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

LONDON, Sept 15 (Reuters Breakingviews) - Can a CEO be worth $9 billion? That’s the question posed by the 4% fall in AstraZeneca’s (AZN.L) shares following an article stating boss Pascal Soriot may soon resign. The company has played down the report, and its stock has recovered, but the episode highlights its uncertain position were 64-year-old Soriot to leave. Without a clear succession plan, investors should prepare for further swings. Small wonder investors and analysts wonder whether AstraZeneca will be able to find a successor capable of replicating his success.

Persons: Pascal Soriot, AstraZeneca’s, Ivan Menezes, Debra Crew, Soriot, Susan Galbraith, David Fredrickson, Luke Miels, Soriot’s, Neil Unmack, Streisand Neto Organizations: Reuters, Pfizer, pharma, Novartis, Sanofi, GSK, AstraZeneca, Diageo, Thomson Locations: AstraZeneca’s, Swedish

☆ FTSE 100 inches higher on Fed pause bets; ECB decision on watch
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 up 0.3%, FTSE 250 flatSept 14 (Reuters) - UK's FTSE 100 opened higher on Thursday after U.S. inflation data bolstered bets that the Federal Reserve will keep interest rates steady next week, while Melrose and Unite Group fell in ex-dividend trading. The exporter-heavy FTSE 100 index (.FTSE) edged up 0.3% in early trade, while the domestically focussed FTSE 250 index (.FTMC) was flat. Shares of real estate firm Unite Group (UTG.L), product testing company Intertek Group (ITRK.L) and aerospace supplier Melrose (MRON.L) declined between 0.5% and 1.5% as they traded ex-dividend. Reporting by Siddarth S in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Siddarth, Subhranshu Sahu Organizations: London Stock Exchange, REUTERS, Federal Reserve, Melrose, Unite Group, European Central Bank, Unite, Intertek, Thomson Locations: Canary Wharf, London, Britain, Bengaluru

☆ Music investor Hipgnosis to sell catalogues to bolster shares
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +3 min

Shakira performs during the 2023 MTV Video Music Awards at the Prudential Center in Newark, New Jersey, U.S., September 12, 2023. The sale includes a portfolio of 29 music catalogues and a collection of non-core songs to a partnership between its investment adviser and funds advised by U.S. private equity group Blackstone (BX.N), Hipgnosis said on Thursday. Founder Merck Mercuriadis is the CEO and founder of the investment adviser, Hipgnosis Song Management (HSM), and holds a minority interest in the buyer, Hipgnosis Songs Capital. Hipgnosis Songs Fund will retain ownership of seven of its ten largest catalogues, it added. Last week, Alchemy Copyrights agreed to buy music copyright-focussed investment firm Round Hill Music Royalty Fund (RHM.L) for about $468.8 million.

Persons: Shakira, Brendan Mcdermid, Nelly, Hipgnosis, Peppers, Neil Young, Blondie, Merck Mercuriadis, HSM, Aby Jose Koilparambil, Janane Venkatraman, Elaine Hardcastle Organizations: Prudential Center, REUTERS, U.S, Blackstone, Blackstone Inc, FTSE, Royalty, Thomson Locations: Newark , New Jersey, U.S, Bengaluru

☆ Analysis: Investors call 'peak pessimism' for beaten-up UK stocks
▼ + stars: | 2023-09-13 | by ( Naomi Rovnick | ) www.reuters.com time to read: +6 min

"It feels like we've passed the peak of pessimism about the UK," said Daniel Lockyer, senior fund manager at 7 billion-pound investment and advice group Hawksmoor Investment Management, which increased its exposure to UK companies in August. Consumer stocks are outperforming as investors bet on the UK cost of living crisis becoming less intense. Reuters Graphics Reuters GraphicsLeigh Himsworth, UK fund manager at Fidelity International, said he was "trying to pick off UK retailers we can buy", while it was also "time to pick up some of the (UK) real estate sector." But while noting good economic reasons to call an upturn for UK stocks, fund managers also stressed the need for further steps from policymakers to revive interest in British equities. Premier Miton is lobbying policymakers to introduce a new tax-efficient investment vehicle for UK stocks.

Persons: Toby Melville, we've, Daniel Lockyer, Morningstar, Martin Walker, Walker, Samuel Tombs, Reuters Graphics Reuters Graphics Leigh Himsworth, Spencer, Neil Birrell, Premier Miton, Miton, Savvas Savouri, Naomi Rovnick, Dhara Ranasinghe, Sharon Singleton Organizations: London Stock Exchange, REUTERS, Inflation, LONDON, Apple, FTSE, Investment Management, Global, Reuters, Bank of England, Reuters Graphics Reuters Graphics, Fidelity International, Premier, Fidelity, Thomson Locations: Canary Wharf, London, Britain, U.S, COVID, outflows

☆ CNBC Daily Open: Apple’s new iPhones didn’t ring in investor excitement
▼ + stars: | 2023-09-13 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Attendees look at the brand new Apple iPhone 15 during an Apple event on September 12, 2023 in Cupertino, California. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Apple's new iPhones at old pricesApple announced the iPhone 15 and iPhone 15 Pro, both of which come in a bigger Plus variety, at its annual launch event Tuesday. Surprisingly, Apple kept the price of the iPhone 15 Pro unchanged from last year at $999. [PRO] High oil prices, happy energy stocksOn Tuesday, oil prices hit their highest level since November 2022, according to FactSet data.

Persons: Europe's, Apple, Elon Musk, Vikram Nidamaluri, Vladimir Putin, Elizabeth Warren, Kim Jong Un, Putin, Morgan Stanley, it's Organizations: Apple, CNBC, Oracle, Nasdaq, Lazard, disconnecting, Russia North Korean Locations: Cupertino , California, Russian, U.S, Ukrainian, Crimea, Russia, Pyongyang, Moscow, Ukraine

☆ Stocks making the biggest moves midday: Oracle, WestRock, Apple, Advance Auto Parts and more
▼ + stars: | 2023-09-12 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Oracle — Shares dipped more than 12% a day after the software company posted disappointing earnings and revenue guidance for its fiscal second quarter. Oracle's revenue, which came in at $12.45 billion, was weaker than the $12.47 billion forecast by analysts. WestRock — The stock rose 4.8% following news that the paper and packaging company will go through with a merger with Smurfit Kappa. The Wall Street firm said shares may be oversold after the company experienced a temporary outage on its payment processor Square. Elsewhere, Morgan Stanley reiterated its overweight call on Exxon, saying the company was a top pick in its category.

Persons: WestRock, Wolfe, Baird, Goldman Sachs, Corinne Jenkins, Morgan Stanley, Yun Li, Samantha Subin, Hakyung Kim, Lisa Kailai Han, Jesse Pound, Pia Singh, Brian Evans Organizations: New York Stock Exchange, Oracle, LSEG, Smurfit Kappa, Apple —, Casey's, FactSet, Health, P Global, BBB, CVS, Bank of America, Goldman, Food, Drug, Exxon Mobil —, U.S, Texas, Exxon Locations: U.S

☆ Miners boost FTSE 100 on China optimism; Vistry jumps
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 up 0.6%, FTSE 250 adds 0.4%Sept 11 (Reuters) - The UK's exporter-heavy FTSE 100 index opened higher on Monday boosted by miners after positive China data signalled stability in the world's second-largest economy, while Vistry shares jumped after the homebuilder kept its annual profit outlook. The blue-chip FTSE 100 index (.FTSE) rose 0.6% in early trade, while the mid-cap FTSE 250 index (.FTMC) was up 0.4%. Vistry Group (VTYV.L) jumped 14.4% after the British homebuilder said it would merge its affordable-housing business 'Partnerships' with its Housebuilding operations, while maintaining its annual profit forecast. Reporting by Siddarth S in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, British homebuilder, Pascal Soriot, Siddarth, Rashmi Organizations: London Stock Exchange, REUTERS, Vistry, AstraZeneca, The Mail, Barclays, Reuters, Thomson Locations: Canary Wharf, London, Britain, China, British, Bengaluru

☆ The popular clothing brand Everlane slashed its carbon emissions by 22% with help from a high-tech startup. Companies all over the world are racing to do the same.
▼ + stars: | 2023-09-08 | by ( Érica Carnevalli | ) www.businessinsider.com time to read: +10 min

In 2021, the clothing brand teamed up with the carbon-accounting startup Watershed to track carbon emissions, mostly from Everlane's supply chain, using data collection. Everlane is one of several companies using carbon-accounting startups to track emissions and put a dollar amount on their carbon footprints. Investment by venture-capital firms in carbon-accounting startups surged from $60 million in 2020 to $767 million in 2022, according to PitchBook. But it's challenging to precisely monitor this since companies' emissions are not the same, and they often overlap. The startup works with small, midsize, and enterprise companies, including Virgin Atlantic.

Persons: Everlane, Katina, Maria Fujihara, Fujihara, Amelia Penniman, Benchimol, Lauren Gifford, Gifford, DoorDash, Michael Thornton, Thornton Organizations: Service, Fortune Business, Sinai Technologies, Bayer, Siemens, SINAI Technologies, Investment, BlackRock, Walmart, Greenhouse Gas Management Institute, US Environmental Protection Agency, International Energy Agency, Carbon Analytics, Greenhouse, Greenhouse Gas Management, Securities and Exchange Commission, Carbon Solutions, Colorado State University, Virgin Atlantic Locations: Sequoia, Airbnb, Sinai

☆ Beatles Copyright Owner Shares Soar After Buyout Offer
▼ + stars: | 2023-09-08 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +1 min

LONDON (Reuters) - Shares in Round Hill Music Royalty Fund, which owns the copyrights to work of major artists such as the Beatles, soared as much as 67% on Friday after a $496 million buyout offer from Alchemy Copyrights. Shares in Round Hill Music were up 64% at $1.125 by 0753 GMT, having hit a record $1.15 earlier on. In a note, Jefferies said it expects Alchemy's offer is "highly likely to be successful" despite coming at a discount to net asset value. Shareholders in Round Hill Music will get $1.15 in cash per share, a discount of approximately 11.5% to RHM's NAV per share of $1.30 as of September 8. Jefferies said Hipgnosis "trades on a similar discount, but is a larger vehicle, with arguably a more iconic music portfolio."

Persons: Jefferies, Shakira, Neil Young, Hipgnosis, Lucy Raitano, Amanda Cooper Organizations: Royalty Fund, Jefferies Locations: Hill

☆ Beatles copyright owner shares soar after buyout offer
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 8 (Reuters) - Shares in Round Hill Music Royalty Fund (RHM.L), which owns the copyrights to work of major artists such as the Beatles, soared as much as 67% on Friday after a $496 million buyout offer from Alchemy Copyrights. Shares in Round Hill Music were up 64% at $1.125 by 0753 GMT, having hit a record $1.15 earlier on. In a note, Jefferies said it expects Alchemy's offer is "highly likely to be successful" despite coming at a discount to net asset value. Shareholders in Round Hill Music will get $1.15 in cash per share, a discount of approximately 11.5% to RHM's NAV per share of $1.30 as of September 8. Jefferies said Hipgnosis "trades on a similar discount, but is a larger vehicle, with arguably a more iconic music portfolio."

Persons: Jefferies, Shakira, Neil Young, Hipgnosis, Lucy Raitano, Amanda Cooper Organizations: Royalty, Jefferies, Thomson Locations: Hill

☆ FTSE 100 falls on worries about U.S. rates; Melrose jumps
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.4%, FTSE 250 off 0.3%Sept 7 (Reuters) - UK's FTSE 100 opened lower on Thursday after stronger-than-expected U.S. economic data rekindled concerns that interest rates would stay higher for longer, while aerospace supplier Melrose Industries rose on an upbeat profit outlook. The blue-chip FTSE 100 index (.FTSE) fell 0.4% in early trade, while the mid-cap FTSE 250 index (.FTMC) slipped 0.3%. Wall Street's main indexes tumbled on Wednesday after data showed the U.S. services sector unexpectedly gained steam in August, indicating sticky price pressures. GLOB/MKTSFurther weighing on the exporter-heavy FTSE 100, data showed China's exports and imports fell in August as the twin pressures of sagging overseas demand and weak consumer spending squeezed businesses in the world's second-largest economy.

Persons: Toby Melville, Smith, Siddarth, Subhranshu Sahu Organizations: London Stock Exchange, REUTERS, Melrose Industries, Prudential, Thomson Locations: Canary Wharf, London, Britain, U.S, Bengaluru

☆ Asia stocks slip, dollar firms on growth concerns, Fed outlook
▼ + stars: | 2023-09-06 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsHONG KONG, Sept 6 (Reuters) - Asia stocks fell on Wednesday after faltering growth in China and Europe heightened concerns about global economic momentum, while the dollar firmed as investors weighed the outlook for Federal Reserve interest rates. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) dipped 0.45%. "The China decline was bigger than expected," said Redmond Wong, Greater China market strategist at Saxo Markets. Manufacturing data from Germany, Britain and the euro zone also showed declines, while their service sectors fell into contraction. "The Europe data were rather weak.

Persons: Androniki, HSI, Redmond Wong, Wong, Australia's, Christopher Waller, John Milroy, Ord Minnett, Brent, Kane Wu, Edmund Klamann, Sam Holmes Organizations: REUTERS, Federal Reserve, Saxo Markets, Nikkei, U.S, BlackRock Investment Institute, Institute for Supply Management, PMI, Thomson Locations: Tokyo, Japan, HONG KONG, Asia, China, Europe, London, U.S, 0520GMT, Asia Pacific, Greater China, Germany, Britain, BlackRock, ., Saudi Arabia, Russia

☆ UK's Barratt flags tough housing market conditions after annual profit fall
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A company logo is seen on a banner outside a Barratt Homes housing development in Warrington, Britain, August 23, 2023. REUTERS/Phil Noble/File Photo Acquire Licensing RightsSept 6 (Reuters) - Britain's largest homebuilder Barratt Developments (BDEV.L) flagged difficult trading conditions over the coming months after it posted a fall in annual profit on Wednesday, as high mortgage rates and a cost-of-living squeeze pummel demand. Affordability concerns stoked by high mortgage rates and a prolonged cost-of-living crisis have weighed on the UK housing market, with indicators on everything from mortgage demand to construction rates and prices sliding in recent months. Barratt said the UK housing market remained difficult and the outlook uncertain, adding that it expected average sales sites to reduce by around 6% in the current fiscal year. British house prices in August were 5.3% lower than a year earlier, their biggest annual decline since July 2009, mortgage lender Nationwide said on Friday.

Persons: Phil Noble, Barratt, David Thomas, Aby Jose Koilparambil, Suban Abdulla, Subhranshu Sahu, Christopher Cushing Organizations: Barratt Homes, REUTERS, FTSE, Nationwide, Credit Suisse, Thomson Locations: Warrington, Britain, Bengaluru, London

☆ FTSE 100 dragged down by global gloom, Barratt warning
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.5%, FTSE 250 falls 0.4%Sept 6 (Reuters) - UK's FTSE 100 slipped on Wednesday as recent soft economic data from China and Europe continued to weigh on global sentiment, while shares of Barratt Developments fell after the homebuilder warned of a tough housing market environment. The exporter-heavy FTSE 100 index (.FTSE) dropped 0.5% in early trade, while the domestically focussed FTSE 250 index (.FTMC) declined 0.4%. Global markets also extended losses for a second day as faltering growth in China and Europe heightened concerns about global economic momentum. GLOB/MKTSEmerging markets-focused fund manager Ashmore's shares (ASHM.L) fell 4.3% after it reported a 6% drop in annual profit.

Persons: Toby Melville, Barratt, Ashmore's, WH Smith, Siddarth, Sohini Goswami Organizations: London Stock Exchange, REUTERS, Barratt, Global, Thomson Locations: Canary Wharf, London, Britain, China, Europe, Bengaluru

☆ Asia shares extend rally as China mood turns less bleak
▼ + stars: | 2023-09-04 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. There was relief that embattled property developer Country Garden won approval from its creditors to extend payments for an onshore private bond. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 1.0%, having climbed 2.3% last week. EUROSTOXX 50 futures added 0.3% and FTSE futures rose 0.4%. Central banks in Canada and Australia hold their own meetings this week and both are expected to hold rates steady.

Persons: Aly, Stocks, Goldman Sachs, Treasuries, Christine Lagarde, Brent firmed, Wayne Cole, Shri Navaratnam Organizations: REUTERS, Federal, Country Garden, Japan's Nikkei, Nasdaq, Holdings, Federal Reserve, European Central Bank, Thomson Locations: Shanghai, Shenzhen, China, U.S, SYDNEY, Beijing, United States, Asia, Pacific, Japan, Canada, Australia, Saudi Arabia

☆ CNBC Daily Open: Why did the unemployment rate rise even as jobs were added?
▼ + stars: | 2023-09-04 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. However, the unemployment rate jumped from 3.5% last month to 3.8%, the highest since February 2022. Combined with the downwardly revised figures for June and July, those are clear signs the U.S. jobs market is slowing. Winning week for marketsU.S. stocks cheered the moderate jobs report and mostly inched up Friday, giving major indexes their best week in months.

Persons: nonfarm payrolls, Elon Musk, Tesla, JPMorgan Chase, Jeffrey Epstein JPMorgan Chase, Jeffrey Epstein, Epstein, Mimi Liu Organizations: CNBC, U.S, JPMorgan, U.S . Treasury Department, U.S . Virgin Islands, Labor Day Locations: China, Virgin, U.S

☆ Investors are getting bearish on China — but see other upside opportunities in Asia
▼ + stars: | 2023-08-31 | by ( Hakyung Kim | ) www.cnbc.com time to read: +4 min

However, some investors believe a bearish China story is shifting the spotlight onto investment opportunities in other Asian markets. Morgan Stanley downgraded the iShares MSCI China ETF (MCHI) to equal weight from overweight in early August, citing lower earnings growth expectations and structural challenges. Opportunity in Japan Japan currently stands out as a "particularly attractive" investment play, according to Horizon Investments chief investment officer Scott Ladner. Investors can get access to the Japanese market through the iShares MSCI Japan ETF (EWJ) , which has an expense ratio of 0.5% and more than $13 billion in assets. Ways to play the space include the iShares MSCI South Korea ETF (EWY) , the Franklin FTSE South Korea ETF (FLKR) and the iShares MSCI Taiwan ETF (EWT) .

Persons: Morgan Stanley, Wells, Jay Bryson, Scott Ladner, Ladner, Seth Carpenter, it's, Carlos Asilis, China —, Asilis, Franklin Templeton's FLKR, we've Organizations: Horizon Investments, Bank of Japan, Glovista Investments, Korea ETF, Franklin FTSE, Franklin FTSE South Korea ETF, U.S Locations: China, Wells Fargo, Japan Japan, Japan, Asia, Pacific, South Korea, Taiwan, Korea, Franklin FTSE South, Australia, India, Vietnam, Indonesia

☆ Asian shares hit two-week high on prospects for Fed pause
▼ + stars: | 2023-08-30 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

The index though is down about 6% so far in August and set for its worst monthly performance since February. The Eurostoxx 50 futures rose 0.39%, German DAX futures were up 0.29% and FTSE futures were up 0.31%. Overnight, Wall Street ended sharply higher, while Treasury yields slid to three-week lows after data showed U.S. job openings dropped to the lowest in nearly 2-1/2 years in July, signalling easing labour market pressures. With the Fed highlighting that the interest rate path will be heavily dependent on data, traders are tweaking their bets based on the latest indicators. Traders will be closely watching cocoa prices on Wednesday after the London cocoa futures on ICE rose to a 46-year high on Tuesday, buoyed by tightening supplies.

Persons: Issei Kato, DAX, Powell, Tina Teng, Carlos Casanova, Gina Raimondo, Brent, bitcoin, Ankur Banerjee, Edmund Klamann Organizations: REUTERS, Rights, Federal Reserve, Futures, Treasury, CMC Markets, Investors, PMI, . Commerce, Aussie, Traders, Thomson Locations: Tokyo, Japan, Asia, Pacific, Europe, Germany, Spain, China, Wednesday's, UBP, U.S

☆ 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

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