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☆ Bank of America names 2 European chip stocks as its 'top picks' into year-end
▼ + stars: | 2023-09-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Bank of America named European chip stocks ASM International and STMicro as its "top picks" going into the end of the year. The Wall Street bank said it continues to favor ASMI with a 521 euro ($559) price target, which represents 25% upside potential from the current share price. Bank of America's $72 price target for STM points to a 62% upside potential over the next 12 months. STM ASMXF YTD line Bank of America analysts cited "resilient pricing and secular growth drivers in silicon carbide (SiC)" as reasons the stock should benefit into year-end. Bank of America cautioned that mixed signals on smartphone demand are an issue for the semiconductor sector more broadly.

Persons: Didier Scemama, Jean, Marc Chery Organizations: of America, ASM International, " Bank, America's, Bank of America, carmakers Locations: United States, Paris

ASEAN, the 10-member Association of Southeast Asian Nations, includes Thailand, Singapore, Malaysia and Vietnam. For investors seeking emerging market exposure, Southeast Asia fits the bill, because of the region's strong economic growth and increasing population, analysts say. Some Southeast Asia companies seeking listings in the U.S. look to raise between $300 million and $1 billion, with valuations ranging from $1.5 billion to $8 billion, bankers said, without naming any firms. "International investors are seeing the value of portfolio diversification that Southeast Asia provides," Tay added. The expected pickup in Southeast Asian listings, however, could get derailed by share volatility and stringent investor scrutiny, analysts say.

Persons: DoubleDragon, Leif Schneider, Sunil Khaitan, Kelvin Teo, Andrew Lim, Tay Hwee Ling, Tay, Anuruk Karoonyavanich, Yantoultra Ngui, Scott Murdoch, Sumeet Chatterjee, Miral Organizations: Nasdaq, REUTERS, U.S, IPOs, Gushcloud International, Sunday, Reuters, VNG Corp, ASEAN, Association of Southeast Asian Nations, Carsome, Southeast, Bank, America's, U.S ., Deloitte, International, DBS, Thomson Locations: New York City, U.S, Asia, SINGAPORE, SYDNEY, United States, Singapore, New York, Philippine, Washington, Beijing, Vietnam, Thailand, Malaysia, Indonesia, Southeast, Southeast Asia, China, Sydney

☆ The United Auto Workers strike could be the canary in the coal mine for Biden's reelection pitch to working-class voters
▼ + stars: | 2023-09-17 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

The UAW union late last week went on strike to pressure the "Big Three" to raise worker wages. The strength of President Biden's economic message could hinge on the outcome of the strike. Biden has sought to sharpen his 2024 economic pitch, but voters aren't fully sold on his message. AdvertisementAdvertisementBiden is now sitting in the Oval Office, and the United Auto Workers strike is giving him the most challenging labor crisis of his presidency, as the economic pitch for his reelection bid could sink or swim depending on the outcome. And over the last — the past decade, auto companies have seen record profits, including the last few years, because of the extraordinary skill and sacrifices of the UAW workers," he said at the White House.

Persons: Biden's, Biden, Joe Biden, —, Julie Su, Gene Sperling, Susan Walsh, Adam Wren, Denny Butler, Donald Trump, Butler Organizations: UAW, aren't, Service, Teamsters, Wall Street, United Auto Workers, — Ford, General Motors, Detroit automakers, Ford, AP, White, Democratic Party Locations: Wall, Silicon, Pittsburgh, Wayne , Michigan, Wentzville , Missouri, Toledo , Ohio, Michigan, Kokomo, Ind

☆ Wall Street banks shed jobs to ease cost pressures
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

Morning commuters walk on Wall Street in New York's financial district October 30, 2014. Others, like Citigroup (C.N), are preparing to cut jobs as part of a structural revamp targeted to remove complexity. It also laid off nearly 1,000 employees from First Republic Bank, the collapsed lender it had acquired from the Federal Deposit Insurance Corp. The bank laid off about 3,200 people earlier this year in its biggest headcount reduction since the 2008 financial crisis. Lazard (LAZ.N) -The New York-based investment bank said it would cut around 10% of its workforce in 2023.

Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Wells Fargo, Wells, Mike Santomassimo, Santomassimo, Charles Schwab, Lazard, Jaiveer Singh, Maju Samuel Organizations: REUTERS, Banking, Citigroup, JPMorgan, First Republic Bank, Federal Deposit Insurance Corp, Reuters, Financial Times, Bloomberg News, Wall Street, UBS Group, Credit, Thomson Locations: New, U.S, New York, York, Bengaluru

☆ US retail spending picked up in August, mostly due to sales at gas stations
▼ + stars: | 2023-09-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US retail sales picked in August, boosted by higher gas prices, as spending on other items grew modestly. Retail sales, which are adjusted for seasonal swings but not inflation, rose 0.6% in August, the Commerce Department reported Thursday. Excluding sales at gasoline stations, retail spending advanced a more modest 0.2% in August from July. Retail spending increased across most categories, including at restaurants and grocery stores. Online retail sales in August were flat, after jumping in July due to Amazon’s Prime Day promotional event.

Persons: That’s, It’s, “ Fitch, ”, David Silverman, Goldman Sachs, there’s, Lydia Boussour, “ Encouragingly, Boussour Organizations: DC CNN, Commerce Department, AAA, Federal Reserve, Fitch Locations: Washington, Libya, EY

☆ The former head of Meta's failed stablecoin project admits he was too 'idealistic.' Now David Marcus's new startup plans to work within the system.
▼ + stars: | 2023-09-14 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

With an ultimate goal to be the go-to currency for the global financial system, it was, in hindsight, too ambitious, Marcus admits now. "If you're dependent on one centralized stablecoin to do global payments, it's a problem as we've experienced firsthand," he said. Why Meta's crypto project failedIn 2019 Meta unveiled plans to create a digital currency pegged to hard currencies including the US dollar. With his new startup, Lightspark, Marcus plans to hypercharge the global payments system is simpler, or at least less grandiose. Users will swap their local currency for bitcoin and then have it converted to the local currency of whichever country the capital is needed in.

Persons: David Marcus, Meta's, Libra, Diem, Marcus, Meta, that's, Mark Zuckerberg, he's, Christian Catalini, Marcus's, Catalini Organizations: PayPal, Visa, Securities and Exchange Commission, Meta, bitcoin, Facebook, JPMorgan, Bloomberg Locations: Manhattan, Los Angeles, Bahrain

☆ Citigroup CEO Jane Fraser pushes biggest overhaul in almost two decades
▼ + stars: | 2023-09-13 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +3 min

Citigroup CEO Jane Fraser testifies during a U.S. House Financial Services Committee hearing titled “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks” on Capitol Hill in Washington, U.S., September 21, 2022. The bank is also planning to list its Mexican consumer unit, known as Banamex, after a sale process fell through. Scottish-born Fraser is the first woman to lead a Wall Street bank. She spoke in March about her life and career in a wide-ranging interview with Carlyle Group (CG.O) Co-Founder David Rubenstein. Reporting by Tatiana Bautzer; writing by Michelle Price; editing by Lananh Nguyen and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Jane Fraser, Elizabeth Frantz, Jane Fraser's, we've, Fraser, Michael Corbat's, Sandy Weill, David Rubenstein, Goldman Sachs, Smith Barney, Tatiana Bautzer, Michelle Price, Lananh Nguyen, Josie Kao Organizations: Citigroup, . House Financial, REUTERS, Citi, JPMorgan Chase &, Bank of America, Banks, Carlyle Group, Cambridge University, Harvard Business School, McKinsey, Thomson Locations: Washington , U.S, U.S, New York, Scottish, Mexico

NEW YORK, Sept 8 (Reuters) - Barclays (BARC.L) hired Christian Oberle from JPMorgan Chase (JPM.N) to oversee its relationships with private equity (PE)firms in the Americas region, Barclays confirmed on Friday. Oberle will join the British bank as the head of its financial sponsors group in the Americas, and report to Jean-Francois Astier, who leads the group globally. Barclays has long wanted to grow its relationships in PE. Wall Street banks have cut thousands of employees in recent months in response to a slowdown in deals. Reporting by Svea Herbst-Bayliss and Nupur Anand in New York; Editing by Lananh Nguyen and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Christian Oberle, Oberle, Jean, Francois Astier, C.S, Venkatakrishnan, Marco Caggiano, Morgan Stanley, Goldman Sachs, Svea Herbst, Bayliss, Nupur Anand, Lananh Nguyen, Diane Craft Organizations: Barclays, JPMorgan Chase, JPMorgan, Wall, Bank of America, Svea, Thomson Locations: Americas, U.S, New York

☆ US consumers are done splurging, Fed report suggests
▼ + stars: | 2023-09-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —After a summer of robust consumer spending, America’s bars, hotels and restaurants say the era of post-pandemic splurging by US consumers has likely drawn to a close. “Consumer spending on tourism was stronger than expected, surging during what most contacts considered the last stage of pent-up demand for leisure travel from the pandemic era,” the report said. Consumer spending rose 0.8% in July, the strongest monthly spending gain since January. But that strength in leisure spending began to level off toward the end of August, the latest Beige Book shows. Still, leisure spending varied by region, with some reporting a noticeable slowing and others saying it is holding steady.

Persons: ”, Taylor Swift, Barbie, “, Morgan Stanley, Goldman Sachs, Susan Collins Organizations: DC CNN, Federal Reserve, Warner Bros, Hospitality, “, Street, Fed, Boston Locations: Washington, Boston Fed’s, Atlanta Fed’s, York, Boston

☆ Morgan Stanley names this stock as its top pick of European banks – giving it 35% upside
▼ + stars: | 2023-09-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Morgan Stanley has named Societe Generale as its top stock pick among European banks, seeing 35% upside for the French lender. The investment bank's analysts upgraded SocGen to an "overweight" rating and named it a top pick alongside ING Groep of the Netherlands and CaixaBank of Spain. GLE-FR .FCHI YTD line The analysts said European Central Bank (ECB) interest rates have likely peaked after aggressive hikes over the past year. Morgan Stanley forecasts a 13% average growth in European banks' earnings per share plus dividends in 2024 and 2025. Morgan Stanley sees room for cost cuts from internal mergers underway.

Persons: Morgan Stanley, SocGen, Alvaro Serrano, Michael Christodoulou, Christodoulou, CNBC's Michael Bloom Organizations: Societe Generale, ING Groep, European Central Bank Locations: Europe, Netherlands, Spain, 2Q24, France

☆ The rich are competing with private equity to buy sports teams. Here is how they are getting creative in a crowded field.
▼ + stars: | 2023-09-06 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Valuations show no signs of cooling off with billionaires and private equity firms in bidding wars. Bankers to the rich told Insider which sports are drawing moneyed clients. Now rich individuals have to compete with institutional investors like private equity firms and sovereign wealth funds for a limited number of teams. As a result, aspiring team owners have gotten more creative to seal the deal. "It's never going to be a private equity type of model where these assets will be exited every five years," he told Insider.

Persons: Ryan Reynolds, Rob McElhenney, LeBron James, Milwaukee Bucks Marc Lasry, Brian Kantarian, Josh Harris, Kantarian, Ivo Voynov, It's, Gerry Cardinale, Voynov Organizations: Bankers, Sports, NBA, Wrexham AFC, Milwaukee Bucks, NFL, Citi Private Bank, Europe's Big Five, XFL, JPMorgan Locations: Washington, Europe, Plenty, Wall

☆ Oil could hit $107 due to Saudi Arabia’s and Russia’s supply cuts, Goldman Sachs warns
▼ + stars: | 2023-09-06 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Oil prices could climb well into triple-digit territory by next year if Russia and Saudi Arabia don’t unwind their aggressive supply cuts, Goldman Sachs warned its clients. Goldman Sachs had forecast Brent oil to be $86 in December and $93 at the end of 2024. First, Goldman Sachs expects Saudi oil supply to be 500,000 barrels per day smaller than previously anticipated. Secondly, Goldman Sachs warned that some of its assumptions for oil production may be incorrect if the OPEC+ cut extensions continue. In that scenario, Brent oil prices would likely climb to $107 a barrel in December 2024, the bank said.

Persons: Saudi Arabia don’t, Goldman Sachs, Brent, don’t, Jake Sullivan, Joe Biden, ” Sullivan Organizations: New, New York CNN, Brent, Saudi, Goldman, US National Security Locations: New York, Russia, Saudi Arabia, North, OPEC, Saudi

☆ Elon Musk once again borrowed money from one of his own companies, taking a $1 billion loan from SpaceX as he was raising funds to buy Twitter, report says
▼ + stars: | 2023-09-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Elon Musk took out a $1 billion loan from SpaceX the same month he bought Twitter, per the WSJ. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. AdvertisementAdvertisementAbout $13 billion of Musk's $44 billion deal to take over Twitter was also funded by Wall Street banks like Morgan Stanley and Bank of America. Those loans were backed by some of Musk's Tesla stock. And this wasn't the first time that Musk took out a loan from SpaceX, either.

Persons: Elon Musk, Musk, Morgan Stanley, Tesla Organizations: SpaceX, Twitter, Service, Wall Street, Wall, Bank of America, Fidelity Locations: Wall, Silicon

☆ Elon Musk borrowed $1 billion from SpaceX around the same time he bought Twitter, report says
▼ + stars: | 2023-09-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Elon Musk took out a $1 billion loan from SpaceX the same month he bought Twitter, per the WSJ. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. In total, Musk sold about $23 billion of his shares in the electric-vehicle company last year to help finance his acquisition of Twitter. That debt is being repaid by Twitter, rather than Musk, with interest payments equal to about $1.5 billion a year. And this wasn't the first time that Musk took out a loan from SpaceX, either.

Persons: Elon Musk, Musk, Elon, Morgan Stanley, Tesla Organizations: SpaceX, Twitter, Service, Wall Street, Wall, Bank of America, Fidelity Locations: Wall, Silicon

☆ What’s going on with China’s shadow banking system?
▼ + stars: | 2023-09-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The world’s second-largest economy is grappling with growing financial distress, which means big problems for the nation’s nearly $3 trillion shadow banking industry. What’s happening: Shadow lenders, including trust firms, operate outside of the formal banking system. That’s because shadow banks are not just a problem in China. The key concern, said Towes, is whether Western organizations have loaned to shadow banks and are now vulnerable. Production cuts by OPEC+, which produces 40% of the world’s crude oil, have helped send oil prices higher in recent months, a development that could have repercussions for inflation and interest rates.

Persons: they’ve, ”, Phillip Toews, “ we’ve, Toews, that’s, Goldman Sachs, Matt Egan, That’s, It’s, “, Jan Hatzius, ” Hatzius, —, CNN’s Hanna Ziady, Brent, ” Stephen Innes Organizations: CNN Business, Bell, New York CNN, Asset Management, US, IMF, Global, Federal Reserve, West Texas, Organization of, Petroleum, Saudi Ministry of Energy Locations: New York, China, Beijing, Europe, Saudi Arabia, Russia, OPEC

☆ Goldman Sachs cuts US recession odds to 15% as economic optimism grows
▼ + stars: | 2023-09-05 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Goldman Sachs is increasingly confident that the US economy will stick the soft landing that many thought was nearly impossible to pull off. In a research report published Monday night, Goldman Sachs lowered its estimated chance of a US recession over the next 12 months to just 15%. Goldman Sachs pointed to “solid” job growth and rising real (inflation-adjusted) wages that should allow real disposable income to “reaccelerate” next year. The August jobs report, released late last week, showed that hiring remains solid, though it has slowed from the blockbuster pace of earlier in the post-pandemic recovery. “The August jobs report couldn’t be much better,” Moody’s Analytics chief economist Mark Zandi wrote Friday on X, formerly known as Twitter.

Persons: New York CNN — Goldman Sachs, Goldman Sachs, That’s, It’s, ”, “, Jan Hatzius, ” Hatzius, Hatzius, reaccelerate ”, Mark Zandi Organizations: New, New York CNN, Federal Reserve, Wall Street, Bloomberg, Atlanta Locations: New York

☆ Goldman Sachs on why AI is not a bubble and the best ways to play it
▼ + stars: | 2023-09-05 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The fast advance, while some view as unsustainable, has been supported by strong underlying fundamentals, Goldman said. Goldman highlighted a list of 11 stocks in various industries as "potential near-term beneficiaries of the AI revolution." Marvell Technology and Credo also manufacture related equipment needed to build AI technology, Goldman said. Goldman also identified a handful of companies that use their extensive cloud computing infrastructures to commercialize AI on a large scale. Thirdly, companies that are currently leveraging AI technology to amplify their businesses could also be near-term winners, Goldman said.

Persons: Goldman Sachs, Goldman, Peter Oppenheimer, Salesforce Organizations: Nvidia, Microsoft, Marvell Technology, Technology, Adobe, Intuit, Google, Meta

☆ Americans are getting a little worried about inflation
▼ + stars: | 2023-08-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Americans felt more pessimistic about the economy in August, following two straight months of growing confidence. That would make it extremely hard for the Fed to bring inflation back down to 2%. Consumer attitudes are sometimes a bellwether for spending, which is mainly what economists focus on since consumer spending accounts for about two-thirds of economic output. That’s because the US economy’s strength might not be consistent with 2% inflation, the Fed’s inflation goal. But both the economy and job market also remain on strong footing, and that’s helping to keep inflation elevated.

Persons: ”, Dana Peterson, “, Jerome Powell Organizations: DC CNN, Conference Board, Labor, University of, Federal Reserve, Fed, Street, Kansas City, Atlanta Fed, Commerce Department Locations: Washington

☆ Stocks making the biggest moves midday: Best Buy, Big Lots, Coinbase, Nio and more
▼ + stars: | 2023-08-29 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Best Buy — Shares popped nearly 6% after the retailer's fiscal second-quarter earnings beat on both the top and bottom lines. Big Lots — The discount retailer surged 26.7% after its earnings report came in better than analysts expected. Big Lots lost $3.24 per share, on an adjusted basis, less than the $4.11 forecasted by analysts surveyed by FactSet. Bernstein reiterated its outperform rating and said investors should buy the stock after a recent pullback in share prices. Futu Holdings — The Asian wealth management stock popped 10% following a double-upgrade to buy from underperform by Bank of America.

Persons: Heico, Tesla, Morgan Stanley, tailwinds, General Motors, they're, — Catalent, Catalent, Elliott, Ginkgo, Wells, it's, Bernstein, Jefferies, Splunk, Raymond James, —, Sarah Min, Samantha Subin, Yun Li, Hakyung Kim, Michelle Fox, Pia Singh, Jesse Pound Organizations: Refintiv, Revenue, FactSet, Marathon, Securities and Exchange Commission, Marathon Digital, Industry, Nvidia, Holdings —, Oracle — Software, Oracle, UBS, Verizon, Citi, General Motors, Google, General, Motors, Elliott Investment Management, Rockwell Automation, Bank of America, Futu Holdings, NextEra Energy Partners Locations: San Francisco , California, underperform

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, Goldman said. Shares of Goldman Sachs were up 1.8% in afternoon trade. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Nachmann, Daniel Fannon, Weil, Saeed Azhar, Manya, Marguerita Choy, Megan Davies Organizations: REUTERS, Creative Planning, United Capital Financial Partners, Wealth Management, Reuters, Jefferies, Co, Gotshal, Manya Saini, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

☆ Goldman Sachs to sell wealth advisory unit to Creative Planning
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly//File Photo Acquire Licensing RightsAug 28 (Reuters) - Goldman Sachs (GS.N) on Monday said it has struck a deal to sell an investment advisory business to wealth management firm Creative Planning LLC. Creative Planning is an independent wealth management firm with more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory. "It is margin accretive to Asset & Wealth Management and allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy," said Marc Nachmann, Goldman Sachs global head of Asset & Wealth Management in a statement. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, he said. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Weil, Manya Saini, Saeed Azhar, Marguerita Choy Organizations: New York Stock Exchange, REUTERS, Creative Planning, United Capital Financial Partners, Creative, Wealth Management, Co, Gotshal, Thomson Locations: New York City , New York, U.S, Bengaluru, New York

Turkey's Central Bank headquarters is seen in Ankara, Turkey in this January 24, 2014 file photo. Yet five foreign investors told Reuters that this week's rate hike signalled a new independence among policymakers who are serious about addressing unrelenting pressure on the currency and reining in inflation expectations. "It feels like they are correcting the mistakes they made with their first rate hike decisions," said Viktor Szabo, portfolio manager at abrdn in London. Erdogan, who has fired four central bank chiefs in four years, has said little about the rate hikes. Reuters GraphicsTurkish stock, Eurobond and CDS markets are more attractive targets this year and next, especially after the rate hike, investors and officials say.

Persons: Umit, Erdogan's unorthodoxy, Mehmet Simsek, Goldman Sachs, Tayyip Erdogan's, Viktor Szabo, Ola El, Van Eck, ERDOGAN, Erdogan, Simsek, Hafize Gaye Erkan, Cevdet Yilmaz, Blaise Antin, TCW, Kaan, Neuberger Berman, Jonathan Spicer, Marc Jones, Jorgelina, Hugh Lawson Organizations: Turkey's Central Bank, Finance, Goldman, Reuters, abrdn, Emerging Markets, Wall Street, JPMorgan, Reuters Graphics, CDS, Yeni, United Nations, International Monetary Fund, Thomson Locations: Ankara, Turkey, ANKARA, LONDON, New York, London, Van, Los Angeles, Reuters Graphics Turkish, Yeni Safak, Morocco, Japan, Singapore, Hong Kong, Istanbul, Rosario

☆ Goldman says these rare 6 stocks are favorites of both hedge fund and mutual fund managers
▼ + stars: | 2023-08-28 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The market has been a fertile stock picking environment for mutual funds and hedge funds this year, and Goldman Sachs said it found a handful of stocks loved by both cohorts. It then compiled the "Hedge Fund VIP basket," consisting of 50 stocks that most frequently appear among the 10 largest holdings of hedge funds, and the "Mutual Fund Overweight basket," consisting of 50 stocks in which mutual funds are the most overweight. Goldman found that there are six "shared favorites" among hedge funds and mutual funds last quarter, including Cigna , Fiserv , Uber , Workday , Visa and Mastercard . An equal-weighted list of shared favorites has generated an annualized return of 14%, compared to 13% for the S & P 500. That said, both hedge funds and mutual funds benefited from the broader cyclical rally, given their increased exposure to cyclical sectors such as energy stocks, Goldman said.

Persons: Goldman Sachs, Goldman, Stocks, David Kostin, — CNBC's Michael Bloom Organizations: " Mutual Fund, Visa, Mastercard

☆ Dollar rises ahead of Jackson Hole gathering
▼ + stars: | 2023-08-24 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

"But the reaction to them was pretty muted overall, suggesting the Jackson Hole symposium is the main thing on the markets' mind," he said. Elsewhere, the Turkish lira rallied to a 2-month high against the dollar, up about 6% to 25.55 against the dollar after the Turkish central bank hiked the 1-week repo from 17.5% to a much-higher-than expected 25%. According to the median estimate in a Reuters poll, economists were expecting the policy rate to increase to 20%. Turkey's central bank embarked on a tightening cycle in June after President Tayyip Erdogan appointed former Wall Street banker Hafize Gaye Erkan as governor. The dollar was 0.7% higher against the yen , not far from the 9-month high 146.565 touched last week.

Persons: Dado Ruvic, Jerome Powell's, Jackson, Stuart Cole, Powell, Cole, Patrick Harker, Susan Collins, Tayyip Erdogan, Hafize Gaye Erkan, Piotr Matys, Saqib Iqbal Ahmed, Joice Alves, Tom Westbrook, Ankur Banerjee, Angus MacSwan, Andrea Ricci, Nick Zieminski Organizations: REUTERS, Jackson, Equiti, Federal Reserve, Philadelphia Fed, Boston Fed, U.S, Turkish, Wall Street, Touch Capital, Bank of England, Thomson Locations: London, Europe, Turkish, British

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