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☆ UK housebuilders face slow and painful refurb
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters Breakingviews) - UK housebuilding is facing a bleak future. In previous slowdowns, the UK’s Conservative Party bailed out the sector with packages like Help to Buy, which subsidized mortgages to help buyers. After Wednesday’s 9% share price decline, it’s share price is now worth less than half of what it was before the outbreak of Covid-19. With little help on the horizon, UK housebuilders face a slow and painful rebuild. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Insulin cuts make drug prices a little less bazaar
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

If drug companies don’t play along, insurance companies will go elsewhere. The list price of Sanofi’s (SASY.PA) insulins rose 143% between 2012 and 2021, but the net price fell 54%. Amgen (AMGN.O) offered an autoimmune disease drug earlier this year with two prices. American politicians have been pressuring drug companies to lower prices, and President Joe Biden welcomed the move. In theory, lower list prices mean everyone pays less out of pocket at the pharmacy.

☆ EUROPE Market mood downbeat ahead of raft of data
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaThe overarching downbeat mood among investors shows no signs of improving as markets become increasingly wary of a further rise in borrowing costs. Although U.S. markets took a breather and rose on Monday, they ended well below the day's highs and Asian markets were back in the red on Tuesday after gaining in early trade. Tuesday's U.S. consumer confidence data will be especially scrutinised for households' views on economic prospects and inflation expectations. European markets will deal with CPI data due from France and Spain. While inflation has eased a bit, providing some support to markets, a barrage of economic data suggests that inflation is stickier than expected, reinforcing the "higher-for-longer" rates view.

☆ Abrdn CEO: Making selective investments, expect Fed to continue raising rates
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAbrdn CEO: Making selective investments, expect Fed to continue raising ratesAbrdn CEO Stephen Bird argues the group's sweeping restructuring plan positions it well in a higher-for-longer rates environment.

☆ Morning Bid: Market mood downbeat ahead of raft of data
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Tuesday's U.S. consumer confidence data will be especially scrutinised for households' views on economic prospects and inflation expectations. Economists polled by Reuters expect a median reading of 109.5 on the index, which unexpectedly fell in January. European markets will deal with CPI data due from France and Spain. While inflation has eased a bit, providing some support to markets, a barrage of economic data suggests that inflation is stickier than expected, reinforcing the "higher-for-longer" rates view. British Prime Minister Rishi Sunak struck a deal with the European Union on post-Brexit trade rules for Northern Ireland.

LONDON, Feb 28 (Reuters) - British asset manager abrdn (ABDN.L) fell to a full-year pretax loss and reported a slide in client funds for 2022, as global markets turmoil and runaway inflation weighed on its finances. Abrdn reported a 615 million pound ($741 million) pretax loss for the year ended Dec. 31, compared to a 1.1 billion pound profit the prior year. Abrdn's assets under management fell 8% to 500 billion pounds from 542 billion pounds, while the company reported a further year of net outflows of client funds. The company also said it had agreed to sell its discretionary fund management arm abrdn Capital to Liechtenstein-based private bank LGT for 140 million pounds. The sale involves the transfer of around 6.1 billion pounds of assets and about 140 employees, the company said.

☆ Morning Bid: Irksome inflation won't die down
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +4 min

Friday's latest U.S. inflation surprise was matched in Europe on Tuesday, with French and Spanish headline inflation rates unexpectedly rising again in February - making for an uncomfortable final day of a transformative month for markets. And worryingly, market-based measures of inflation expectations are rising sharply again too. U.S. two-year 'breakeven' inflation rates , taken from inflation-protected Treasury securities, have jumped 80 basis points this month to 2.8% - wiping away the prior assumption that inflation would return to the Fed's 2% target over two years. In Europe, the five year, five-year forward inflation linked swap has jumped 20bps to a 9-month high just under 2.5%. Stock markets steadied after early losses, with U.S. futures only slightly in the red ahead of the open and month end.

☆ AXA’s fling with Monte Paschi ends on high note
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

With its 200-million-euro investment in Banca Monte dei Paschi di Siena (BMPS.MI), the French insurer was one of the largest backers of a crucial 2.5-billion-euro capital increase that the hard-beaten lender secured in November. For AXA, supporting the cash call was instrumental to protect its existing insurance distribution partnership with Monte Paschi. The French insurer said on Tuesday it had sold 100 million shares, nearly 8% of Monte Paschi’s total, at 2.33 euros each, pocketing 233 million euros. That’s a 17% gain from the 200 million euros it invested in the cash call. Monte Paschi’s recent strong share-price performance has in any case more to do with the improved economic outlook in Europe and rising interest rates than with any merit of its own.

☆ Abrdn turnaround is still a marathon, not sprint
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 28 (Reuters Breakingviews) - Abrdn (ABDN.L) still has one big problem. Chief Executive Stephen Bird’s turnaround at the $5 billion asset manager is gaining traction. Full-year results on Tuesday showed that interactive investor, the savings platform he acquired last year, grew revenue by 20%, despite lower trading volumes. Assets under management fell 19%, after factoring in falling markets and client outflows, to 376 billion pounds, while operating profit fell 55%. That may cost some 200 million pounds, nearly double the unit’s 2022 operating profit.

☆ Morning Bid: It's all about inflation
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

A slew of strong U.S. economic data has reinforced the view that interest rates will stay higher-for-longer. Over in Europe, preliminary February inflation data is due from Germany, France, Spain and Portugal on Monday and Tuesday, followed by the euro bloc flash number on Thursday. Though headline euro area inflation is easing, there is mounting realisation that it could proving more stubborn than earlier expected. Traders are now pricing in another 75 basis points of moves in the 20-nation euro zone before the end of the summer. This week, European investors will also digest results from the likes of Lufthansa, fund manager Abrdn, London Stock Exchange and Telefonica.

☆ Analysis: Goldman Sachs CEO, after missteps, to take center stage at investor day
▼ + stars: | 2023-02-24 | by ( Saeed Azhar | ) www.reuters.com time to read: +6 min

"It's a pretty important investor day," said Mike Cronin, investor director at fund manager abrdn, which owns a stake in the bank. In 2020, Solomon kicked off Goldman's inaugural investor day by telling participants they should feel free to "break into open applause." A deal could broaden Goldman's revenue beyond trading and investment banking, which can be buffeted by economic cycles. The investor day is also an opportunity for the company to address questions around Solomon's leadership after bad press, Mayo said. But several presenters from the 2020 investor day have since left.

☆ Global investors losing appetite for Chinese government bonds
▼ + stars: | 2023-02-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Signs of a peak in developed market rates are another reason why China's bonds, yielding roughly 3% on 10-year investments, are less appealing, given the potential greater capital gains elsewhere. "If investors are saying that I want to trade the China recovery, the answer is not Chinese government bonds (CGBs). "China bonds served as a very good type of diversifier, in particular over the past 3 years," said Pang. But as global rates hit a peak, it made sense to plough limited cash into better yielding markets, he said. ($1 = 6.7969 Chinese yuan renminbi)Reporting by Summer Zhen Additional reporting by Rae Wee in Singapore Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Green energy metals are a growth area for ETFs, but the industry is split on how to invest in them
▼ + stars: | 2023-02-08 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

Subsidies from the U.S. government and investments from companies including General Motors in battery technology should benefit the mining companies, according to John Ciampaglia, CEO of Sprott Asset Management. "We talk to people all around the world, and there's a very consistent and global theme that's building around energy transition. Sprott's funds, including the Sprott Energy Transition Materials ETF (SETM) , are focused on mining stocks. Other funds on the market take a broader approach by bundling together mining stocks and battery manufacturers or technology companies, including Global X's Lithium and Battery Tech ETF (LIT) . The Amplify Lithium and Battery Technology ETF (BATT) goes even farther, incorporating electric vehicle stocks such as Tesla in its portfolio.

☆ Indian shares set to rise on easing inflation concerns; Adani stocks in focus
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 3 (Reuters) - Indian shares are set to open higher on Friday, as global central banks hinted at inflation easing, spurring optimism that the rate hike cycle may be near an end, while the ongoing rout in Adani group stock could cap gains. After the U.S. Federal Reserve acknowledged in its monetary policy decision on Wednesday that the disinflationary process may have begun, the European Central Bank and the Bank of England followed suit on Thursday. Analysts said that the selloff in Adani stocks has created panic in Indian markets. Foreign institutional investors sold 30.64 bln rupees ($373.23 million) worth of shares on a net basis on Thursday while domestic institutional investors purchased 23.71 bln rupees worth of shares, official data showed. ($1 = 82.0940 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

JOHANNESBURG, Jan 30 (Reuters) - Nigeria's government bonds fell heavily on Monday after ratings agency Moody's downgraded the West African oil producer late on Friday to Caa1 from B3, saying the government's fiscal and debt position was expected to keep deteriorating. Longer-dated bonds were down the most, with the dollar-denominated 2051 Eurobond falling more than 2.8 cents in the dollar to 68.758 cents according to Tradeweb data . Nigeria's bonds had outperformed other African and emerging market issuers over the last six months, according to JPMorgan. "Immediate default risk is low, assuming no sudden, unexpected events such as another shock or shift in policy direction," Moody's added. Moody's said it expects just the interest payments on Nigeria's debt to take up about half of the government's revenue in the medium term, up from 35% in 2022.

[1/2] Goldman Sachs' Chairman and CEO David Solomon attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Denis BalibouseNEW YORK, Jan 27 (Reuters) - To listen to Goldman Sachs Group Inc (GS.N) chief executive David Solomon, the bank is doing "great," while skeptical investors wonder what comes next. Still, Goldman shares are up 3.6% over the past year, outperforming the S&P 500 banking index and peers. In October, Goldman scaled back ambitions for Marcus by placing it under the newly-merged asset and wealth division. "Going back to what has made Goldman great for decades will allow the firm to reset and recover," he said.

South Africa has been struggling for years to overhaul its state-power company which is plagued by corruption and mismanagement and reeling under a 400 billion rand ($23.3 billion) debt pile. Finance Minister Enoch Godongwana told Reuters last week he was "sharpening his pencil" to provide details, so far scarce, for taking on between one- and two-thirds of Eskom's debt in his Feb. 22 budget presentation. Eskom's debt pile is not just big, it is also complex. Another 15% is international bonds, held by global asset managers such as PIMCO, BlackRock and Fidelity, according to recent filings. Eskom's international bonds could rally if the government takes on two-thirds of the debt, Wolman said, while limiting that to one third or carrying out the debt transfer over a long period of time could be negative.

The pan-European STOXX 600 (.STOXX) climbed 0.3% at 0936 GMT, boosted by gains in banks (.SX7P) and industrials (.SXNP). European shares were on track to snap a two-week winning streak, thanks to the worst single-day selloff so far this month on Thursday following disappointing earnings reports, weak U.S. economic data and hawkish comments from central bankers. Energy stocks (.SXEP) gained 0.8%, tracking firm crude prices on hopes of demand recovery in the world's second-biggest economy. "Europe has more exposure to China reopening and luxury is a big part of the European market," said Jamie Mills O'Brien, investment manager at Abrdn. "Some of the big players are pure China reopening bets."

☆ China's private sector is the 'key engine of innovation,' says investment firm
▼ + stars: | 2023-01-19 | 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 EmailChina's private sector is the 'key engine of innovation,' says investment firmJames Thom of Abrdn discusses China's plan to launch a state-owned ride-hailing app, and weighs in on whether the state poses a threat to private companies.

SHANGHAI/HONG KONG, Jan 19 (Reuters) - Chinese brokerages are in a race to raise billions of dollars in capital to meet regulatory requirements, jumping on a market upturn to bolster operations as they brace for tougher competition from Wall Street banks on their home turf. The brokerages need fresh capital to meet Chinese risk management rules, and finance capital-intensive businesses such as margin financing and market-making, having weathered volatile markets in the last couple of years. Chinese brokerages raised just 77 billion yuan via follow-up share sales last year, Refinitiv data showed. "Securities firms need capital to transform their business model by reducing reliance on traditional businesses." Chinese brokerages face stiffer competition after Beijing allowed Western banks, including Morgan Stanley (MS.N), Goldman Sachs (GS.N) and Credit Suisse (CSGN.S), to take full control of their China brokerage units.

☆ Analysis: Japan's yen feels the heat from hard-line BOJ policy
▼ + stars: | 2023-01-18 | by ( Rae Wee | ) www.reuters.com time to read: +5 min

Speculators have looked instead to the yen, an easier target where their bets on BOJ policy have induced massive swings and historic levels of volatility. BIGGER YEN BETSAnalysts expect bets on the BOJ soon abandoning its yield curve control policy will get bigger and louder, for a number of reasons. James Athey, an investment director at fund manager abrdn, has held a long position on the yen for a while. We had a significant overweight on the Japanese yen, (and) in the aftermath, we took profit on some of our yen position," Athey said. "The debate around the future of BOJ policy is far from settled," said Howard Smith, partner and portfolio manager at Indus Japan Strategies.

Shifts in tones at big banks suggest they are warming up to Chinese equities, especially as the strong returns so far and the fear of missing out on more gains start to apply pressure. "This is still a long path and we remain very bullish on Chinese equities ...and also the currency," he said. "When the market goes up, naturally that will attract international investors to look at China again," said Nicholas Yeo, head of China equities at abrdn. Foreign investors bought a net 41 billion yuan ($6.06 billion) of China stocks via the China-Hong Kong Stock Connect Scheme so far this year, compared with 90 billion yuan of China stocks bought in all of 2022. They bought a net 35 billion yuan of China stocks in December.

☆ Companies that can grow dividends outperform historically, says Abrdn's Josh Duitz
▼ + stars: | 2023-01-09 | 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 EmailCompanies that can grow dividends outperform historically, says Abrdn's Josh DuitzJosh Duitz, Abrdn's deputy head of global equities, joins 'Closing Bell: Overtime' to discuss the strength in dividend stocks, which he believes will continue to grow in 2023.

A majority of the 10 global asset and hedge fund managers surveyed by Reuters said commodities are undervalued and should thrive as global inflation stays elevated in 2023. Preqin said just 915 hedge funds were launched in 2022, the lowest in 10 years. "It's the perfect environment for macro hedge funds: central bank policy divergence, interest rate differentials, geopolitical tension, bottlenecks and each country on its own. Macro hedge funds led the industry performance through November, according to financial data firm HFR, up roughly 8%. Lyons is keen to allot more to macro hedge funds and also thinks there are good opportunities in corporate credit.

☆ These ETF strategies can help investors navigate a murky 2023 for markets
▼ + stars: | 2022-12-27 | by ( Jesse Pound | ) www.cnbc.com time to read: +6 min

Here's how some ETF experts are viewing the year and what types of funds could be winners in 2023. … In 2023, investors should be a lot more selective," said Pedro Palandrani, director of research at Global X ETFs. While those areas would be negatively affected by a recession, infrastructure spending approved earlier in the Biden administration could help create solid demand even if the U.S. consumer weakens. Similarly, iShares highlighted the U.S. Infrastructure ETF (IFRA) and the MSCI Global Agriculture ETF (VEGI) in its 2023 outlook as potential winners, in part due to their inflation-hedging properties . In iShares' 2023 outlook, the firm identified its MSCI USA Value Factor ETF (VLUE) and Core S & P Small-Cap ETF (IJR) as two funds that could benefit from a low-growth environment.

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