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☆ Premarket stocks: Jerome Powell's testimony sent markets reeling. That may be a good thing
▼ + stars: | 2023-03-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Federal Reserve Chairman Jerome Powell on Tuesday cleared the way for larger interest rate hikes at this month’s central bank policy meeting, sending markets into a tailspin. The S&P 500 fell 1.5%, the Dow dropped 575 points, or 1.7%, and the tech-heavy Nasdaq composite ended 1.3% lower. After Powell’s testimony, market expectations for a half-percentage point rate hike spiked. If inflation fails to continue falling, he said, the Fed will keep trying to cool things down by raising rates. Even if Powell was sure that January’s economic data was a fluke, he still wants to maintain the Fed’s credibility.

☆ Major copper producers unveil plan to reach net zero emissions by 2050
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, March 7 (Reuters) - A group of the world's biggest copper producers said it aimed to slash direct and indirect greenhouse gas emissions to zero by 2050, in a move that could make the sector more attractive to environmentally-conscious investment funds. Members include BHP Group (BHP.AX) Chile's Codelco, Glencore (GLEN.L), Freeport-McMoRan (FCX.N), Japan's JX Nippon Mining & Metals Corporation and Poland's KGHM (KGH.WA). There are no members from China, the world's biggest producer of refined copper. The copper producers plan to reduce direct and indirect emissions by decarbonising power supply, improving efficiency and scrap collection. Emissions produced by the copper industry as a whole represent 0.2% of global greenhouse gas emissions.

☆ Sustainable Funds Dodged Outflows in 2022 Market Rout
▼ + stars: | 2023-03-07 | by ( Shane Shifflett | ) www.wsj.com time to read: 1 min

Sustainable funds that invest based on factors such as companies’ carbon footprints and workforce diversity attracted new investment in 2022, despite a broad market selloff that punished many sectors. Investments into U.S. sustainable funds including stocks, bonds and other categories fell to $3.1 billion in 2022 from $69.2 billion a year earlier, according to Morningstar . Conventional funds that don’t consider environmental, social or governance factors, also known as ESG, suffered more than $370 billion in withdrawals last year.

NEW YORK , March 7 (Reuters) - Bank of America Corp's (BAC.N) Chief Executive Officer Brian Moynihan had a clear message for shareholders on Tuesday: "We are capitalists." The proclamation from the head of the second-largest U.S. lender might seem obvious, but comes at a time when Wall Street titans face more criticism for embracing environmental, social and governance (ESG) considerations. The word "capitalism" is mentioned 22 times in BofA's latest annual report spanning 222 pages, rising from 16 times a year earlier. Still, the CEO acknowledged there are concerns about whether companies share profits or pay people fairly and equitably. The lender outlined its ESG goals in the report, including a pledge to achieve net zero greenhouse gas emissions by 2050 and deploy $1.5 trillion in sustainable finance by 2030.

☆ More pain for the crypto industry means a chance for startups to pivot
▼ + stars: | 2023-03-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

After an awful 2022 that saw one of the industry's high-profile figures implode, the crypto market is looking for a bounceback. McDermott laid out to Insider's Bianca Chan and Dakin Campbell how tough times for crypto startups mean more realistic valuations and, in some cases, a reevaluation of the business model. Once of the most common critiques I hear about crypto is "It's a solution looking for a problem." The most recent crypto winter could force startups to be a bit more pragmatic about the specific problem they are looking to address. "If you can solve fraud in crypto, you can solve fraud in basically any part of finance," Meier told Insider.

☆ SEC Chair Gensler says 'Scope 3' emissions disclosures aren't 'well developed,' hinting they could be scaled back in climate rule
▼ + stars: | 2023-03-06 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, testifies before the Senate Banking, Housing and Urban Affairs Committee during an oversight hearing on Capitol Hill in Washington, September 15, 2022. WASHINGTON — SEC Chair Gary Gensler hinted again Monday that the agency was considering scaling back its emissions disclosure rule. The SEC received a record 15,000 or so comments on the rule, "more than we've gotten on any other role in the history of our commission," Gensler said. Gensler has previously said the agency was considering making "adjustments" to the rule, given the volume of public comments. But a group of Democratic lawmakers are pressing Gensler not to drop Scope 3 disclosures from the final rule.

☆ Here's what makes cybersecurity giant Palo Alto Networks tick and why we like the stock so much
▼ + stars: | 2023-03-06 | by ( Zev Fima | ) www.cnbc.com time to read: +22 min

Palo Alto Networks (PANW) last month had its best single trading day in about a year, exactly one week after the next-generation cybersecurity company became our newest Investing Club holding. Why Palo Alto Networks? PANW YTD mountain Palo Alto Networks (PANW) 1-year performance Palo Alto Networks is a great way to play a secular growth industry. Taking all of these segments together, Palo Alto Networks is a company capable of delivering on every aspect of cybersecurity under one roof. Palo Alto Networks' ESG practices, meanwhile, are overseen by the ESG and Nominating Committee, which provides counsel to the board in these matters.

☆ Bank of America's stock chief warns the S&P 500 could fall another 26% as valuations remain too elevated and decades of market history show half of the criteria for a bottom still aren't being met
▼ + stars: | 2023-03-04 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The S&P 500 could fall to as low as 3,000, they said. In a note this week, Wilson said that the S&P 500 remains overvalued relative to history by price-to-earnings and price-to-sales metrics. S&P 500 P/E multiples are 9% above their median while P/Sales multiples are 23% above median," Wilson said. "History implies that for the current level of real rates the S&P 500 multiple is ~2.5x overvalued," the chief market strategist said. Wilson's end-of-year target for the S&P 500 is 3,900, while Krishna and Kolanovic have targets of 3,725 and 4,200, respectively.

☆ Biden’s First Veto Is Revealing
▼ + stars: | 2023-03-03 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Republicans in Congress are forcing President Biden to issue his first veto, and they’re getting bipartisan help. The Senate and House this week voted to overturn a Labor Department rule that lets retirement fund managers use worker savings for political causes. Democratic Sens. Joe Manchin and Jon Tester on Wednesday joined Republicans to pass a resolution repudiating the DOL rule. As Mr. Manchin explained, the rule lets retirement plan fiduciaries consider environmental, social and corporate governance (ESG) factors and “prioritizes politics over getting the best returns for millions of Americans’ retirement investments.”

SYDNEY/BENGALURU, March 3 (Reuters) - Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concerns about the group's ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence. Adani Group will hold road shows this month in London, Dubai and several cities in the United States, according to a document seen by Reuters. Overall, Adani group firms' net debt totalled $24.1 billion as of September 2022. Adani Green Energy and Adani Transmission jumped 5% each. Dollar bonds issued by Adani entities also rallied, with Adani Green Energy's 2024 bond adding 2.3 cents on the dollar to trade at 85.5 cents, while most bonds issued by Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai rose by more than 1 cent.

☆ Biden’s ESG Veto Is Revealing
▼ + stars: | 2023-03-03 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

☆ Sen. Mike Braun: Here's why ESG funds are a slippery slope
▼ + stars: | 2023-03-03 | 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 EmailSen. Mike Braun: Here's why ESG funds are a slippery slopeSen. Mike Braun (R-Ind.) joins 'Squawk Box' to discuss the critiques around the recent bill from Congress against ESG business practices, how this bill would play out in real-time, and more.

☆ Analysis: US Republicans aim to stymie gun sale codes at state level
▼ + stars: | 2023-03-03 | by ( Ross Kerber | ) www.reuters.com time to read: +6 min

"I don't want card companies to raise interest rates or fees on merchants as a way to dissuade them" from selling guns and ammunition, Owen told Reuters. Visa Inc (V.N) declined to comment on the state bills. Other payment card companies Discover, Mastercard Inc and (MA.N) American Express Co (AXP.N) did not respond to requests for comment. Owen, the Mississippi state legislator, said he expects that payment companies could address any technical issues the bills could create. "I think the credit card companies are going to have to adapt on a state-by-state basis," Owen said.

☆ Biden is set to use his first veto to save what Republicans call a "woke" rule that lets retirement fund managers consider companies' social and environmental records
▼ + stars: | 2023-03-03 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

The Senate voted to overturn a Labor Department measure allowing investment managers to make socially and environmentally conscious investing decisions. "Republicans' hypocritical resolution to nullify @USDOL's ESG rule ties investors' hands & would force their extremist views on investors," she wrote on Twitter following the vote. It's the latest back-and-forth in an ESG debate triggered by former President Donald Trump, who prohibited financial managers from making such considerations when he was in office. However, the White House has said that Biden will use his first veto as president to protect ESG considerations. As CNBC's Brian Schwartz reported this week, Trump allies and wealthy donors have funded Republicans' fight against ESG investing.

☆ The $322 billion impact investment market is grappling with a fundamental question: How does it measure how much good it has achieved?
▼ + stars: | 2023-03-03 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Global impact funds now have over $322 billion in assets under management, PitchBook data shows. Matteo Cera, cofounder at Hogaru, Maria Oliva Farriol of Oryx Impact, and moderator Marta del Castillo, CEO of Social Next. Tasmin Lockwood/InsiderSocial impact measurement is all about the baseline, said Maria Oliva Farriol, impact and ESG manager at Oryx Impact. Oryx Impact is a Barcelona-based fund of funds focused on economic development, climate change, and equality in Africa. To avoid this, Oryx Impact is taking advantage of technology to digitize its impact measurement and management strategy.

☆ Former Treasury official Sarah Bloom Raskin on the backlash against ESG investing
▼ + stars: | 2023-03-03 | 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 EmailFormer Treasury official Sarah Bloom Raskin on the backlash against ESG investingFormer Deputy Treasury Secretary Sarah Bloom Raskin discusses the Senate's push against ESG investing.

☆ ESG is about preventing risk, not bringing returns, says NYC comptroller
▼ + stars: | 2023-03-03 | 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 EmailESG is about preventing risk, not bringing returns, says NYC comptrollerBrad Lander, New York City Comptroller, joins 'Squawk Box' to discuss the pushback against anti-ESG pushback, if Sen. Mike Braun means to be prevent New York City pension funds from shareholder engagement and more.

☆ Republicans Ought to Be All for ESG
▼ + stars: | 2023-03-02 | by ( Chuck Schumer | ) www.wsj.com time to read: 1 min

There are 8,000 securities listed on U.S. stock exchanges alone. Investors take many different factors into account when evaluating their investment decisions. Three such factors—environmental, social and governance, also known as ESG—have recently gotten a lot of attention from some more conservative Republicans, including Florida Gov. In the House, Republicans just passed a bill that would reverse a Labor Department rule recognizing that retirement fiduciaries may use ESG when evaluating investments. That bill will soon come before the Senate.

☆ U.S. Congress votes to block ESG investing, Biden veto expected
▼ + stars: | 2023-03-02 | by ( David Morgan | ) www.reuters.com time to read: +3 min

Republicans said their resolution would prevent fund managers from basing investment decisions on ESG factors primarily. But they acknowledged that it would not stop funds from considering ESG issues altogether. The Labor Department said the Trump-era rule failed to account for the positive impact that ESG investing can have on long-term returns. In 2022, ESG funds were hit by fallout from the Ukraine war, tumbling financial markets and U.S. political backlash against the industry. Republicans used a tool called the Congressional Review Act that allows them to bypass the customary 60-vote Senate threshold to challenge the Labor Department rule.

☆ This India ETF is the only one among its peers that's risen this year — and pros see more upside
▼ + stars: | 2023-03-02 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The VanEck Digital India ETF is the only India-focused stock exchange-traded fund listed on Western exchanges to have posted gains this year. The emerging market fund tracks the MVIS Digital India Index. "We suspect this will remain the dominant theme setting the direction for Indian markets in the near term." However, the short-term turmoil in Indian markets hasn't upset long-term bulls on the Indian economy, according to Dutch bank ING. CNBC Pro did not include the Canada-listed iShares India Index ETF and BMO MSCI India ESG Leaders Index ETF and U.S.-listed VanEck India Growth Leaders ETF owing to a lack of price targets from FactSet.

☆ The US dollar is at a crossroads
▼ + stars: | 2023-03-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Wall Street investors are reaching for their neck braces in preparation for yet another volatile swing in stock markets: A surging US dollar. What’s happening: The US dollar “finds itself at a significant crossroads yet again,” said Krosby. Don’t forget the debt ceiling: Another significant threat to the dollar is looming in Congress — the ongoing debt ceiling fight. “It would certainly undermine the role of the dollar as a reserve currency that is used in transactions all over the world. Initial claims have come in lower than expected in recent weeks and remain well below their pre-pandemic levels.

☆ Is the traditional 60/40 portfolio dead? Morgan Stanley's Jim Caron has a theory about that
▼ + stars: | 2023-03-02 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

2022 was the worst year the "60/40 portfolio" had since 1926 . But Morgan Stanley 's Jim Caron is unconvinced by the rally, calling the 60/40 strategy "a thing of the past." "But that was when interest rates were falling from 1980 to 2021. The logic of holding a 60/40 portfolio for the long term appears "broken," he wrote in a Feb. 13 note. The shift from a 2% [average fed funds rate] world to a 5% world means structurally higher inflation and interest rates," he said.

☆ GOP leads backlash against ESG investing
▼ + stars: | 2023-03-02 | 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 EmailGOP leads backlash against ESG investingCNBC's Brian Schwartz joins 'Power Lunch' to report on where the growing backlash against ESG is coming from and why some are calling it 'woke' capitalism.

☆ Senate Votes 50-46 to Reverse ESG Rule for Retirement Funds
▼ + stars: | 2023-03-01 | by ( Andrew Ackerman | Lindsay Wise | ) www.wsj.com time to read: 1 min

Republican Sen. Mike Braun of Indiana introduced the measure in the Senate, where it is expected to pass. WASHINGTON—The Senate voted Wednesday to overturn a new Biden administration regulation that would allow retirement-plan managers to consider climate change and other factors when they make investment decisions, setting up what could be President Biden’s first veto. The Senate action, with 50 in favor and 46 against, comes a day after the House voted to toss the regulation on environmental, social and corporate governance guidelines, or ESG, by a vote of 216-204.

☆ House Passes Bill Taking Aim at ESG Investments
▼ + stars: | 2023-03-01 | by ( Eric Bazail-Eimil | ) www.wsj.com time to read: 1 min

Photo: Ting Shen for The Wall Street JournalThe Labor Department late last year drafted the new rule under the Employee Retirement Income Security Act. The House passed a Republican-led bill Tuesday disapproving of a new Biden administration regulation that would allow retirement-plan managers to consider climate change and other factors when they make investment decisions. The legislation to overturn the regulation on environmental, social and governance guidelines, or ESG, passed 216-204. One Democrat joined with Republicans in support of the measure, which was introduced by Rep. Andrew Barr (R. Ky.).

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