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☆ Fiscal “black hole” obsession adds to UK problems
▼ + stars: | 2022-11-16 | by ( Pierre Briancon | ) www.reuters.com time to read: +3 min

His government is preparing to fill what media reports now describe as a “black hole” in the country’s public finances, by raising around 50 billion pounds within five years. And while new Chancellor of the Exchequer Jeremy Hunt has reversed many of Truss’ tax cuts, he’s kept measures worth some 17 billion pounds a year. The impact of his plan, based on the UK Office for Budget Responsibility’s growth forecast, will depend on its size, timing and structure. The bigger the adjustment to the public finances, which media reports reckon could be anywhere between 30 and 60 billion pounds, the larger its impact on growth. Talk of a “black hole” obscures the fact that Sunak and Hunt have multiple options.

☆ Shark Tank's Kevin O'Leary, an FTX spokesperson, explains his next move after the crypto collapse and how he tried to rescue Sam Bankman-Fried
▼ + stars: | 2022-11-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

In an interview with Insider, Kevin O'Leary explained his next move now that FTX, a company he invested in, filed for bankruptcy. The "Shark Tank" investor said he's moving his assets to Canada, and will no longer keep funds in unregulated exchanges. He also broke down details of his phone call with FTX founder Sam Bankman-Fried. O'Leary then met his parents — both compliance lawyers — and gained more confidence from seeing other large, global investors backing FTX. Bankman-Fried also said on the call, according to O'Leary, that regulators were going to "come down hard" on the situation.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.1%, following mild losses for U.S. overnight. Australian shares (.AXJO) lost 0.28%, while Japan's Nikkei stock index (.N225) was off 0.16%. In Hong Kong, the Hang Seng Index (.HSI) was flat while China's CSI300 Index (.CSI300) was down 0.3%. Some Chinese cities have begun cutting routine community testing, days after China announced an easing of some of its heavy-handed coronavirus measures. China reported 17,909 new COVID-19 infections on Nov. 14 compared with 16,203 a day earlier.

LONDON, Nov 15 (Reuters) - The moment of truth is almost here for Britain's new prime minister Rishi Sunak and finance minister Jeremy Hunt. British markets have regained some poise after the carnage triggered by September's fiscal statement, but as the UK slips into recession, the outlook is far from rosy. Here's a look at some of the likely winners and losers from Thursday's budget. "Domestic UK equities are being treated with caution by investors both domestically and internationally," he said. snapshotA CRUDE TARGETEnergy companies have reported bumper profits this year, thanks to soaring crude oil and gas prices.

☆ Investors Cheer Beijing’s Plan to Support China’s Housing Market, but Challenges Remain
▼ + stars: | 2022-11-14 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

China’s central bank and banking regulator have issued a series of measures aimed at supporting the property market. Global investors applauded China’s new plan to resuscitate its ailing housing market, even as economists said the battered sector is unlikely to rebound quickly from its deep slump. Shares of Chinese property developers surged on Monday. Country Garden Holdings Co., one of the country’s largest real-estate companies by contracted sales, jumped 46% in Hong Kong, taking its gains this month to more than 200%. A Hang Seng subindex of Chinese property stocks rose more than 13%.

☆ Dan Sundheim's D1 Capital reveals new bets on tech stocks, dumps Disney in third quarter
▼ + stars: | 2022-11-14 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

D1 Capital doubled down on its tech bets in the third quarter, adding some big names to its portfolio. The quarterly hedge fund filing shows only the positions at the end of September, not any details about the trades. D1 also added a handful of smaller new positions, worth less than $100 million a piece. Sundheim is a hedge fund veteran who previously worked as the chief investment officer at Viking Global Investors. D1, which he started in 2018, managed about $40 billion at the end of the first quarter of 2022.

LONDON, Nov 11 (Reuters) - Defusing this year's single biggest shock to the world economy could catalyze a rebound in global markets many investors feel is overdue - but may also raise other uncomfortable conundrums. Murmurs about some endgame in the 9-month-old Russian invasion of Ukraine - suggestions of anything from 'talks about talks' to some negotiated ceasefire - have swirled in media over the past week. All were watched as intently by global investors as much as politicians or military strategists. Western sanctions slapped on Moscow seeded an energy and food price explosion that compounded and elongated the post-pandemic inflation spike around the world. US Geopolitical RiskUS inflation, Fed rates and marketsThe opinions expressed here are those of the author, a columnist for Reuters.

☆ 3 Markets rejoice after surprisingly cool inflation report
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +9 min

YUNG-YU MA, CHIEF INVESTMENT STRATEGIST, BMO WEALTH MANAGEMENT, CHICAGO“The better-than-expected CPI numbers are welcome but show a lot of underlying volatility. What Powell said is that we are going to need a few more reads on good CPI data before he can say we’re done." Shelter is the main contributor to inflation and everyone should know by now that it’s a garbage indicator of where inflation is headed. ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH, NEW YORK"A softer than expected inflation report is acting as a tailwind for markets. “The good news is that we saw a significant sequential improvement, inflation is clearly moving in the right direction.

☆ UK fiscal event will show 'grown ups are back in charge,' says ex-Treasury official
▼ + stars: | 2022-11-09 | 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 EmailUK fiscal event will show 'grown ups are back in charge,' says ex-Treasury officialNick Macpherson, former permanent secretary to the Treasury, says the U.K.'s upcoming Nov. 17 fiscal announcement will show global investors that the British economy is stable and that "the grown ups are back in charge." He adds that a 50-50 split of tax rises and spending cuts appears likely.

☆ European markets head for lower open as investors await U.S. midterm results
▼ + stars: | 2022-11-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a lower open on Wednesday as global investors await the results of the U.S. midterm elections. The midterm elections will determine whether Democrats keep their slim majorities in the House and Senate, or if Republicans will seize control of one or both chambers of the legislature, an outcome that would mean there's a significant power shift in Washington and the potential for gridlock. The outcome could make all the difference for President Joe Biden, whose legislative hopes rest on whether Democrats can push his agenda through a hyper-partisan Congress.

☆ Fordham: Global investors are worried about the potential for a fight over raising the U.S. debt ceiling
▼ + stars: | 2022-11-09 | 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 EmailFordham: Global investors are worried about the potential for a fight over raising the U.S. debt ceilingTina Fordham, founder of Fordham Global Foresight, discusses the key takeaways from the U.S. midterm elections, and what key issues investors should be focused on when the new Congressional session starts in January.

☆ Allianz beats quarterly profit expectations, posts rosier 2022 outlook
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

Net profit attributable to shareholders was 2.464 billion euros ($2.47 billion) in the quarter compared to 2.111 billion euros a year earlier. The figure surpassed a 2.320 billion euro consensus forecast. Allianz said operating profit in 2022 would be in the upper half of its previously stated range of 12.4 billion euros to 14.4 billion euros. The "upper half" is new guidance and rosier than before. Separately, the company announced a 1 billion euro share buyback programme, which would start in the middle of November and conclude by the end of next year at the latest.

☆ Forbes enters into exclusive buyout talks with investor group
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Business news and information publisher Forbes said on Wednesday it has entered into "exclusive discussions" with an investor consortium for the sale of the company. The move comes months after the publisher pulled out of a deal to go public through a special purpose acquisition company (SPAC). The consortium comprises of family offices and global investors, a Forbes spokesman said in a statement, but did not disclose the value of the deal. Forbes, one of the oldest media outlets in the United States, publishes its eponymous flagship magazine which reaches 5 million readers. It says its digital platform now reaches more than 140 million people with its 49 global editions.

☆ Shanghai bourse kicks off week-long conference to woo global investors
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Nov 8 (Reuters) - The Shanghai Stock Exchange (SSE) kicks off on Wednesday a week-long global conference to promote China's capital markets, according to an official agenda, the latest in a flurry of activities by regulators to woo international investors. Participants at the annual SSE Global Investor Conference, to be held Nov. 9-16, and closed to the media, include Chinese regulators, executives from global banks and asset managers such as abrdn, Deutsche Bank and PIMCO. At the Global Financial Leaders' Investment Summit in Hong Kong last week, the country's senior financial regulators reaffirmed China's commitment to economic growth as a priority. Senior Chinese officials also sent similar messages at the China International Import Expo over the weekend. In the "fireside chat" section, senior officials from China's securities and foreign exchange regulators will talk about promoting the opening-up of China's capital market, and facilitating cross-border investment.

☆ Emerging markets see Oct portfolio inflows but investors rethink China -IIF
▼ + stars: | 2022-11-08 | by ( Rodrigo Campos | ) www.reuters.com time to read: +2 min

(Reuters) - Emerging markets enjoyed in October their second strongest month of portfolio inflows this year, though China suffered another bout of outflows with investors rethinking their exposure to the country, the Institute of International Finance (IIF) said. REUTERS/Florence LoOverall, foreign investors added $9.2 billion to emerging market portfolios last month, with fixed income attracting $7.6 billion in the strongest monthly inflows this year. However, the breakdown showed emerging markets outside China attracted $18 billion. Money managers have increasingly launched emerging market or Asia investment products with no exposure to China to meet increasing demand for such strategies from global investors. The latest inflows failed to offset outflows suffered by emerging markets earlier in the year.

☆ European markets head for mixed open ahead of U.S. midterm elections
▼ + stars: | 2022-11-08 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading for a mixed open on Tuesday as global investors look to the United States, where midterm elections are taking place. The elections will determine which party will control Congress and could affect the direction of future spending. Investors are also looking ahead to Thursday's U.S. consumer price index report, which will give further insight into the Federal Reserve's efforts to squash inflation. A hot inflation report could signal to investors that a pivot from higher interest rates, for longer, could be further away than expected. Follow CNBC's live coverage of the midterm elections here

☆ Sterling slips as dollar edges higher, with all eyes on U.S.
▼ + stars: | 2022-11-08 | by ( Harry Robertson | ) www.reuters.com time to read: +2 min

LONDON, Nov 8 (Reuters) - The British pound fell on Tuesday as the dollar rose, with investors focused on U.S. inflation figures and the midterm elections. Sterling was down 0.23% against the dollar to $1.1489 in the morning session in Europe, having earlier fallen more than 0.5%. The fall came as the dollar index rose 0.1% to 110.28. Sharma said he thought the dollar had further to rise, meaning the pound should fall. Analysts said the British government's fiscal statement, due next week, could trigger volatility in sterling and other British assets.

☆ Mexico's Pemex had a plan to fix its flaring problem, but abandoned it
▼ + stars: | 2022-11-07 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +10 min

The broken commitment, which has not previously been reported, highlights the struggles of Mexico's oil regulator to rein in Pemex, a powerful state monopoly that is always closely connected to the government. The oil company has in recent quarterly reports stressed it was making efforts to clean up its operations and bring down flaring and other waste. Earlier this year, under increasing international criticism, Lopez Obrador said Pemex would invest $2 billion to improve infrastructure to reduce flaring and methane emissions. The regulator said in 2020 the company wasted 37.7% of the gas from Ku alone through flaring, venting or otherwise. One source said the regulator fined Pemex again for recurrence in 2021 but the oil company started legal proceedings to annul the fine, which are still pending.

☆ Culture of sustainability
▼ + stars: | 2022-11-07 | by ( Sponsor Post | Created Insider Studios With Schneider Electric | ) www.businessinsider.com time to read: +9 min

As early as 2005, the company had launched its first sustainability barometer — the Schneider Sustainability Impact (SSI) — which produces quarterly measurements of its ESG performance. In short, it has created a remarkable culture of sustainability throughout its operations. Watch the video below featuring Gwenaelle Avice-Huet, Chief Strategy & Sustainability Officer, Schneider Electric. The results have been highly encouraging, both in terms of advancing the company's sustainability drive, and in creating a happier and more engaged workforce. To help its customers and partners arrive at this ambition, Schneider Electric applies a programmatic approach to drive sustainability impact: strategize, digitize, decarbonize.

☆ The K-pop ETF hasn't been doing well, but its creator says Korean content is at 'inflection point'
▼ + stars: | 2022-11-07 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Since its launch on Sept. 1, the KPOP and Korean entertainment ETF has not performed well — recently trading on the New York Stock Exchange Arca at $15.05 — a roughly 23% drop from its debut. Shares of Korean entertainment companies have been underperforming overall, with YG Entertainment's stock price down around 26% year-to-date and Hybe down more than 64% year-to-date. The fund is a 30-stock index, which includes entertainment companies that manage bands such as BTS, BlackPink, and Twice — their respective agencies being HYBE, YG Entertainment, and SM Entertainment. Shares of Korean entertainment companies have been underperforming overall. Johnny Nunez | Getty Images Entertainment | Getty Images

Instead, "the onus is still squarely, fully, 100% on the Bank of Canada to tighten," he said. The BoC's policy rate is seen peaking at 4.5% in early 2023. "I think they're going to struggle to see any improvement in the coming fiscal year," said Doug Porter, chief economist at BMO Capital Markets, adding that the fiscal measures were working at a slight crosscurrent to monetary policy. The fact that Prime Minister Justin Trudeau's government depends on the left-leaning New Democrats to pass legislation like the fiscal update helps explain the new spending, said Jimmy Jean, chief economist at Desjardins. ($1 = 1.3499 Canadian dollars)Reporting by Steve Scherer; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong stocks log best week in more than a decade
▼ + stars: | 2022-11-04 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Hong Kong’s Hang Seng Index (HSI) soared more than 5% on Friday and finished the week up 8.7%, logging its biggest gain since 2011. China’s Shanghai Composite (SHCOMP) rose 5.3% this week, its best performance in more than two years. David Chao, global market strategist for Invesco Asia-Pacific, said some of this investor angst appears to have lifted. The Hang Seng shot up 5.4%, while the Shanghai Composite gained 2.4%. The Hang Seng has plummeted 31% year-to-date, compared to a 22% drop in the S&P 500.

☆ Hong Kong's Lee touts 'China advantage' to rebuild city's image as financial hub
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +3 min

[1/4] Hong Kong Chief Executive John Lee speaks during the Global Financial Leaders Investment Summit in Hong Kong, China November 2, 2022. REUTERS/Tyrone SiuNov 2 (Reuters) - Hong Kong leader John Lee pitched the city's connection with China in an address to some of the world's top financial executives, as he pushes to rebuild the COVID-ravaged city's image as a major financial hub. Chief Executive Lee told the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit on Wednesday the city would continue working towards lifting COVID restrictions. "Hong Kong remains the only place in the world where the global advantage and the China advantage come together in a single city," Lee said. Authorities, he said, were keen for more international companies to list in Hong Kong to grow the city's capital markets activities.

☆ European stocks head for positive open as global markets focus on the Fed
▼ + stars: | 2022-11-01 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

European markets are heading for a positive start to the trading session on Tuesday with global investors focusing on the U.S. Federal Reserve's policy meeting, which begins today. The central bank is expected to hike interest rates by 75 basis points on Wednesday when its meeting concludes. Many on Wall Street are looking for a signal from the Federal Open Market Committee's statement or Chairman Jerome Powell's press conference that the Fed could pause its hikes or reduce their size in the coming months. Elsewhere overnight, Asia-Pacific shares were higher led by Hong Kong stocks and U.S. futures were higher on Tuesday morning as traders look ahead to the Fed meeting. European markets closed higher Monday despite euro zone GDP and inflation data pointing to further pain ahead for the 19-member bloc, with consumer price inflation soaring to a record high in October and growth slowing markedly in the third quarter.

☆ Morning Bid: Not even half-time
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Monday kicks off with the euro zone's October flash inflation estimate, which is expected to remain elevated with a 10.2% year-on-year rise. "We are not in even half-time yet," Knot said in an interview with Dutch TV programme Buitenhof, referring to the ECB's fight against surging euro zone inflation. Euro zone borrowing costs jumped on Friday after stronger-than-expected inflation data from countries including France, Germany and Italy. Factory surveys early in the week are expected to add to evidence of weakening global demand. Asian stocks edged up on Monday on expectations that the Fed will tone down its expected rate hikes after this week's meeting.

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