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☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

☆ Jobless claims fall to lowest level since 2022, while CEO exits hit new high
▼ + stars: | 2024-01-18 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

New York CNN —The number of Americans making first-time claims for jobless benefits dropped last week to a level not seen since the fall of 2022, while CEO exits set a new high last year, according to fresh economic data released Thursday. There were an estimated 187,000 initial claims for unemployment insurance during the week that ended January 13, according to Department of Labor data released Thursday. That’s down by 16,000 claims from the week before and marked the lowest level of first-time claims — considered a proxy for layoffs — since September 24, 2022. Weekly claims data can be quite volatile and are frequently revised, and economists caution that some one-off influences — in this case, harsh weather and a new year — could be at play. “Historically, we’ve seen large economic shifts preceded by a surge in CEO exits,” Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said in a statement.

Persons: —, ” Andrew Challenger, Challenger, ”, “, ” Matthew Martin, Ian Shepherdson, ” Shepherdson Organizations: New, New York CNN, of Labor, Challenger, ”, Oxford Economics, ’, ” Thursday’s Labor Department Locations: New York, US

☆ Goldman Sachs says these China stocks can win even if there's a repeat of Japan's lost decades
▼ + stars: | 2024-01-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Goldman Sachs calls the China story today one of "rebalancing," and has picked 40 buy-rated stocks to play the theme. They predict certain consumer names, artificial intelligence companies and rising global players will be among the Chinese stocks that can do well. December data and fourth-quarter GDP due out late Tuesday New York time may give more clues on China's economic trajectory — and whether policymakers need to act. For China's economic outlook, comparisons to Japan may ultimately be more academic as the debate has become more about the extent to which national security has replaced economic growth as the priority. "Very often I'm asked the question, will China ignore development as it talks more about security?"

Persons: Goldman Sachs, Japan's, Kinger Lau, Morgan, Robin Xing, Goldman, Lau, Li Qiang, Liu, SICC, Arthur Kroeber, Dragonomics, Liu Jianchao, Michael Bloom Organizations: Beijing, China Equity, China New Economy Summit, China, New, Invesco, Central Commission, Financial, Economic Affairs, Laboratories, U.S . Food, Drug Administration, U.S, StarPower Semiconductor, Wire China, Communist Party's, Foreign Locations: China, Japan, Hong Kong, Beijing, New York, Davos, Shanghai, U.S, Shenzhen, Europe

☆ Big Tech had a huge 2023. Why it may be time to part with some of your winners
▼ + stars: | 2024-01-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

If you rode your Big Tech winners into the new year, now might be the time to consider whittling down a few of those overweight positions. "It's the only way to consistently buy low and sell high, but no one ever wants to do it," duQuesnay said. He noted that the iShares Russell 2000 ETF (IWM) is a good way to get broad exposure to the space. The Federal Reserve's rate-hiking campaign made yields on an array of assets, ranging from Treasurys to money market funds, attractive. Ethridge, who bought six- and 12-month brokered certificates of deposit for clients in 2023, is going for longer-dated instruments these days.

Persons: rebalancing, Blair duQuesnay, duQuesnay, Morningstar, Amy Arnott, Arnott, it's, Barry Glassman, Russell, didn't, Malcolm Ethridge, Ethridge, Tesla, Glassman Organizations: Big Tech, Microsoft, Nvidia, Tesla, Ritholtz Wealth Management, Wealth Services, Wealth, AMD, Federal, Taxpayers Locations: New Orleans, North Bethesda , Maryland, Rockville , Maryland, rebalance

☆ Oil prices could spike 20%, possibly double if Middle East conflict disrupts Strait of Hormuz
▼ + stars: | 2024-01-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Shipping can be rerouted away from the Red Sea, but crude would be essentially trapped if the strait is shut down, Struyven said. A prolonged disruption in the strait could eventually double oil prices, he said. McNally thinks the market should be factoring in a $12 geopolitical risk premium in oil prices right now. Wirth told CNBC's Sullivan that Chevron is currently working with the U.S. Navy to protect its vessels transiting the Red Sea. "Hopefully, if it doesn't escalate further, we'll be OK — even if there has to be a wholesale diversion of shipments around the Red Sea," Granholm said.

Persons: you've, Daan Struyven, Goldman Sachs, CNBC's Brian Sullivan, Struyven, Bob McNally, McNally, Bush, Antony Blinken, Daniel Yergin, Yergin, Michael Wirth, Tehran's, Wirth, CNBC's Sullivan, Joe Biden's, Jennifer Granholm, Granholm, Israel, Benny Gantz, Gantz, Biden's, Bob Yawger, Yawger, Brent Organizations: Shipping, Rapidan Energy Group, National Security Council, P Global, Brent, Chevron, U.S . Navy, NBC News . Energy, Mizuho, Energy Information Agency, Gulf Locations: Red, Iran, Hormuz, Persian, Israel, Strait, Yemen, Danish, U.S, Lebanon, Beirut, Lebanese, Islamic Republic, The U.S, Europe, South Africa, United States, East

☆ Friday's S&P 500 and Nasdaq-100 rebalance may reflect concerns over concentration risk
▼ + stars: | 2023-12-14 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

Five companies (Apple , Microsoft , Amazon , Nvidia and Alphabet ) make up about 25% of the S&P 500. Standard & Poor's estimates that nearly $13 trillion is directly or indirectly indexed to the S&P 500. The three largest ETFs (SPDR S&P 500 ETF Trust , iShares Core S&P 500 ETF , and Vanguard S&P 500 ETF ) are all directly indexed to the S&P 500 and collectively have nearly $1.2 trillion in assets under management. S&P 500: Apple and others will be for sale. In addition, three companies are being added to the S&P 500: Uber , Jabil , and Builders FirstSource .

Persons: It's, JD.com, Phil Mackintosh, Robert Jankiewicz Organizations: Nasdaq, Apple, Microsoft, Nvidia, Broadcom, Trust, Vanguard, Comcast, Exxon Mobil, Visa, Marathon Petroleum, P Global, Builders, Alaska Air, SolarEdge Technologies, CDW Corporation, Cola Europacific Partners, Roper Technologies, eBay, EBAY, Enphase Energy, Video Communications, Pfizer, Seagen, Technology, CNBC

☆ Moody's cut China's credit outlook to negative on rising debt risks
▼ + stars: | 2023-12-05 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Moody's though retained China's "A1" long-term rating on the country's sovereign bonds, while expecting China annual GDP growth to slow to 4% in 2024 and 2025 and average 3.8% from 2026 to 2030. Structural factors including weak demographics will drive a decline to 3.5% by 2030, it said. China credit default swaps (the cost of insuring against a government default) rose 4 basis points from Monday's closing level, according to Reuters data. Beijing disappointmentChina's Finance Ministry expressed its disappointment with Moody's downgrade decision. "Moody's concerns about China's economic growth prospects and fiscal sustainability are unnecessary," the ministry said in a statement Tuesday.

Persons: Javier Ghersi, Moody's Organizations: China's, Ministry Locations: China, Beijing

The stock market had quite the November — the best month of 2023. The stock market is inherently unpredictable, and past performance does not always indicate future results. Consider rebalancingAs the stock market surges, some of your investments have grown significantly, potentially skewing your portfolio's balance. The stock market's upward trajectory can create a false sense of security, as profits seem endless. Keep a cash cushionWhile investing in the stock market is a great way to build wealth, it's equally important to maintain an emergency fund.

Persons: —, It's, Read, you'll Organizations: Service, Nasdaq, SoFi

REUTERS/Mike Segar/File Photo Acquire Licensing RightsLONDON, Dec 4 (Reuters) - U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices. Lower 48 production climbed to a record of 10.8 million b/d, surpassing the pre-pandemic peak of 10.5 million b/d set in December 2019. Drilling activity usually turns down around 4-5 months after prices and production turns down 10-12 months after prices fall. Production growth has slowed consistently since the middle of 2022 in response to the sharp fall in prices. Related columns:- U.S. oil output hits record as producers boost drilling efficiency (November 1, 2023)- U.S. oil producers reprieved by Saudi output cut (October 3, 2023)John Kemp is a Reuters market analyst.

Persons: Mike Segar, OPEC’s, John Kemp, Barbara Lewis Organizations: Bayway, REUTERS, OPEC, U.S . Energy Information Administration, Cooperation, Energy Information Administration, Thomson, Reuters Locations: Phillips, Linden , New Jersey, U.S, Saudi Arabia, Gulf of Mexico, Alaska, OPEC, United Kingdom, Russia, Soviet, Vienna, Brazil, Guyana, El, Saudi

☆ BMO’s Brian Belski makes big moves in his portfolio
▼ + stars: | 2023-12-01 | 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 EmailBMO’s Brian Belski makes big moves in his portfolioBrian Belski, chief investment strategist at BMO Capital Markets, joins 'Halftime Report' to discuss his portfolio rebalancing, his outlook on banks, and more.

Persons: Brian Belski Organizations: BMO Capital Markets

☆ Asia shares start Dec on cautious note, oil nurses losses
▼ + stars: | 2023-12-01 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.5% after a surge of 7.3% last month, the most since January. The Federal Reserve's preferred gauge of inflation - the personal consumption expenditures (PCE) price index - stood unchanged for October, while consumer spending also pulled back. Fed funds futures imply rate cuts of 115 basis points. The yield on 10-year Treasury notes slipped 3 basis points in Asia to 4.3264%, on top of a plunge of 52.2 basis points for the month. Two-year Treasury yields fell 4 basis points to 4.674%.

Persons: Tyrone Siu, sharemarkets, HSI, Rodrigo Catril, Jerome Powell's Q, Waller, Robert Carnell, Christopher Waller, Treasuries, Stella Qiu, Jamie Freed Organizations: REUTERS, Tyrone, Rights, Japan's Nikkei, National Australia Bank . Regional, Federal, Traders, ING, Fed, South Korean, Philippine, Brent, West Texas, Thomson Locations: Exchange, Hong Kong, China, Europe, U.S, Asia, Pacific, Japan, South

☆ Uber could join the S&P 500 following the index's rebalancing
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUber could join the S&P 500 following the index's rebalancingCNBC’s Deirdre Bosa joins 'The Exchange' to discuss the latest news on the S&P 500 rebalancing.

Persons: Deirdre Bosa

☆ Europe Should Not Shy Away From Working With China, Wang Says
▼ + stars: | 2023-11-24 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

BEIJING (Reuters) - Europe should not be afraid of working with China because of competition, foreign minister Wang Yi said at a press briefing on Friday with his French counterpart in Beijing. "China's position is clear, we will adhere to our support of Europe's strategic autonomy," Wang said when asked about China's view of its relationship with Europe. China, facing trade issues with the European Union, has also been called out for its non-transparent laws on foreign businesses operating in the country. "We will listen to the voices of European businesses, earnestly solve problems of foreign investors in China," Wang said. Wang said China maintains normal friendly relations with all countries including Iran and Russia, as well as France.

Persons: Wang Yi, Wang, Catherine Colonna, Premier Li Qiang, “, Laurie Chen, Ethan Wang, Bernard Orr, Christina Fincher Organizations: French, Premier, European Union Locations: BEIJING, Europe, China, Beijing, Iran, Russia, France

☆ VIEW Turkey central bank ramps up interest rates to 40%
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. Below reaction from analysts to the decision:LIAM PEACH, CAPITAL ECONOMICS, LONDON"(Turkey's central bank) suggested that it is very close to the end of the tightening cycle. For the central bank to have any chance of achieving single digit inflation this decade, rates will need to stay at this level for some time." BARTOSZ SAWICKI, CONOTOXIA FINTECH, WARSAW"In October the annual inflation rate inched lower and external price dynamics have turned a tad more favourable. The risk of a sharp slowdown in activity points to less aggressive continuation of the tightening cycle.

Persons: Cagla, LIAM PEACH, CONOTOXIA, Karin Strohecker, Ezgi, Susan Fenton Organizations: Turkey's Central, REUTERS, Thomson Locations: Ankara, Turkey, CONOTOXIA FINTECH, WARSAW

☆ Goldman Sachs expects China stocks to make first annual gain in 4 years in 2024
▼ + stars: | 2023-11-22 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

"Our view is very clear," Kinger Lau, Goldman Sachs chief China equity strategist, told CNBC's "Squawk Box Asia" on Tuesday. China rebalancingWith just under six weeks of the year remaining, the MSCI China and CSI 300 indexes are both poised for third-straight annual losses. Goldman Sachs noted both mutual and hedge fund mandates globally are running with multi-year low allocations in Chinese stocks. Key changesIn their latest outlook paper, Goldman Sachs strategists upgraded the food and beverage sector to overweight from market weight and technology hardware sector to overweight from underweight. Real estate has been a key driver of the downturn in the Chinese economy after Beijing started cracking down on the debt levels of mainland developers in 2020.

Persons: Goldman Sachs, Kinger Lau, CNBC's, it's, Lau Organizations: Getty, 20th Central Committee, Chinese Communist Party, CSI Locations: Beijing, China

☆ Dollar hovers near 2-1/2-month lows, easing pressure on yen
▼ + stars: | 2023-11-22 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen and U.S. dollar on display in Yichang, Hubei province, Nov 13, 2023. The dollar index held around 2-1/2-month lows after minutes of the Federal Reserve's last meeting did little to dislodge market expectations that its monetary tightening cycle was over. Treasury yields slipped again overnight to hover around 4.40%, easing further pressure on the yen. The Japanese yen advanced around 0.1% versus the greenback to 148.28, clinging to recent gains after ticking up slightly from as low as 147.155 overnight. While speculation that the Bank of Japan could exit from negative interest rates early next year should help stabilize the yen, the Japanese currency still faces strong headwinds.

Persons: Matt Simpson, CME's, Sterling, Simpson, Tony Sycamore Organizations: U.S, Index, Treasury, Bank of Japan, IG Locations: Yichang, Hubei province, U.S

Amundi signed a 10-year distribution accord in 2017 when it bought UniCredit's Pioneer Investments for 3.6 billion euros. Credit Agricole CEO Philippe Brassac told reporters this month it was no secret UniCredit was looking at ways "to optimise" the accord with Amundi. Orcel, sources have said, is unhappy with the amount of Amundi funds the accord binds UniCredit to place with customers. UniCredit had 134 billion euros in AUM from fund and portfolio management as of Sept. 30. If their relationship ended after 2027, it would still take UniCredit time to replace Amundi funds with other products.

Persons: Sarah Meyssonnier, Amundi, Andrea Orcel, UniCredit, Philippe Brassac, Brassac, Orcel, Azimut, Valentina Za, Mathieu Rosemain, Silvia Aloisi, Alexander Smith Organizations: REUTERS, Reuters, Investments, Agricole, Credit, Amundi, Thomson Locations: Paris, France, MILAN, Italy, Italian, Milan

Speaking on CNBC, Boston Fed President Susan Collins also said the U.S. central bank must be "patient and resolute, and I wouldn't take additional firming off the table." Inflation by the Fed's preferred measure was 3.4% in September, down from its 7.1% peak last summer, but above the central bank's target. And he expressed increased confidence that the Fed can meet its inflation goal without the kind of rise in unemployment seen in the U.S. central bank's prior battles with inflation. Speaking on Thursday, Cleveland Fed President Loretta Mester, one of the central bank's more hawkish policymakers, said she had not yet assessed whether she would continue to pencil in a further rate hike. Fresh economic and interest rate projections are due to be the released at the Dec. 12-13 policy meeting.

Persons: Mary Daly, Daly, Susan Collins, Collins, Austan Goolsbee, Loretta Mester, Ann Saphir, Michael S, Pete Schroeder, Dan Burns, Balazs Koranyi, Paul Simao Organizations: Federal, San Francisco Fed, CNBC, Boston, Deutsche Bank, Chicago Fed, Fed, Cleveland Fed, Derby, Thomson Locations: Frankfurt, Germany, U.S

☆ Is the Great Resignation over? Why bosses are leaving at record rates
▼ + stars: | 2023-11-15 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +6 min

sturti | Getty ImagesThe Great Resignation may be over for most workers — but for some top honchos, it's only just begun. CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. "CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles."

Persons: Gray, Alexander Kirss, Covid, switchers, Kirss, Carlina, —, LaShawn Davis, Challenger, Andrew Challenger, Davis, there's Organizations: Challenger, Christmas, Gartner, CNBC, Employees, Hospitals Locations: Ukraine

☆ Stock market looks to escape macroeconomic fears as it mounts a November comeback
▼ + stars: | 2023-11-11 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

.SPX YTD mountain S & P 500, YTD Progress, for sure, with something more to prove. And of course, the S & P had only just broken an eight-session win streak before then. There's no doubt the spread between, say, the Nasdaq 100 and the equal-weight S & P 500 is extreme this year, at some 42 percentage points. The S & P 500 High Beta Index, tracked by the SPHB ETF , now trades under 15-times forward earnings, down from 20-times in February and a current 18 for the S & P 500. Earnings growth — even if slow and unevenly bestowed across sectors — tends to limit equity downside at minimum.

Persons: that's, Disinflation Organizations: Federal, stoke, Treasury, Fed, NYSE, Trader's, Nasdaq, Beta Locations: Friday's

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Persons: It's, Apex Crypto, It’s, Tessa Campbell, Read Organizations: Forbes, Robinhood, CFP, Invest, Trade, Ideas, Finance, New, Apex, M1 Finance

☆ Here's how to use exchange-traded funds in 3 popular investing strategies
▼ + stars: | 2023-11-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Dollar-cost averagingIf you're nervous about stock market volatility, some experts suggest dollar-cost averaging, which is investing a set amount of money at regular intervals, regardless of market activity. Loading chart..."ETFs make things really easy," said CFP Michael Nemick, co-founder of Thrive Retirement Specialists in Dearborn, Michigan. "It's reduced the complexity that used to be involved with managing a broad portfolio of investments." These can be adjusted periodically, known as rebalancing, based on stock market changes and your original asset allocation. watch nowFor some new clients, adjustments could involve simplifying "a hodgepodge" of individual stocks and mutual funds into a single broad market ETF, said Nemick.

Persons: Michael Nemick, It's, Smith Locations: Dearborn , Michigan

Bottom line: Fidelity Investments and Charles Schwab are two of the best robo-advisors for retirement savings, goal-building, and low-cost trading. Fidelity vs. Charles Schwab: The Biggest DifferencesFidelity and Charles Schwab are featured in a number of our guides, including the best brokerages for beginners. Fidelity Investments reviewAutomated Investing With FidelityFidelity offers two different automated accounts: Fidelity Go and Fidelity Personalized Planning & Advice. Charles Schwab Brokerage Account reviewAutomated Investing With Charles SchwabLike Fidelity, Charles Schwab's automated accounts — Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium — also include an automated-only account and an automated-plus-advice option. Fidelity vs. Charles Schwab — Frequently Asked Questions (FAQs)Is Fidelity better than Charles Schwab?

Persons: Morningstar, Charles Schwab, Schwab, Charles Schwab's, It's, Fidelity's, you'll, Charles Schwab Charles Schwab, Roth, IRAs, Charles, Charles Schwab —, you've Organizations: Fidelity Investments, Fidelity, Business Daily, screeners, Fidelity Fidelity Investments, Fidelity Fidelity, Fidelity Go, Schwab, Better Business Bureau, & $ Locations: cryptocurrencies, Chevron

☆ Global funds dumped another $3 bln in China stocks in Oct -Morgan Stanley
▼ + stars: | 2023-11-06 | by ( Summer Zhen | ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - Global fund managers sold China equities sharply in October despite further steps from authorities aimed at boosting the world's second-largest economy, according to a report from Morgan Stanley that cited data from fund flow tracker EPFR. "The outflows (are) mostly due to regional funds' rebalancing out of China, in which European-domiciled funds led," Morgan Stanley analysts led by Gilbert Wong said. According to Morgan Stanley, persistent outflows have resulted in foreign long-only managers being their most underweight on China since 2018. Stocks sold off include JD.com (9618.HK), Xiaomi (1810.HK) and China Construction Bank (601939.SS). Separately, Goldman Sachs prime services data showed hedge fund net allocation to China increased to 8.5% as of end-October, up from 8.1% at end-September.

Persons: Morgan Stanley, Gilbert Wong, Stocks, Goldman Sachs, Summer Zhen, Edwina Gibbs Organizations: Global, Reuters, Investors, CSI, HK, China Construction Bank, Baidu, AIA, Thomson Locations: HONG KONG, China, Hong Kong, U.S

☆ Opinion | Two Ways of Looking at the West’s Population Dilemma
▼ + stars: | 2023-11-03 | by ( Ross Douthat | ) www.nytimes.com time to read: +11 min

That means the dilemma of the 21st century isn’t how Earth will feed an ever-growing population, but how the world will deal with a potential mass rebalancing of population via migration, an altered wealth-and-people equilibrium, in a world where technology is making the movement of peoples easier than ever. Clearly, the richest countries will be able to replenish their populations with immigration across the 21st century — if they choose. (A 25 percent ratio means there are four workers for every retiree; a 50 percent ratio, just two.) I don’t think you need to be especially pessimistic to regard that kind of transformation as incompatible with stable democratic governance. It’s among the reasons you already have the rightward shift in European politics and why immigration restriction will be a winning issue for the foreseeable future in many European countries.

Persons: Declan Walsh, Africa’s “, Hannah Reyes Morales, Walsh, it’s, Paul Morland, Philip Pilkington, —, hasn’t, don’t, ’, Morland, Pilkington, Biden, Trump, “, Gilbert Meilaender, Blake Smith, Yuan Yi Zhu, Valerie Stivers, Tim Miller, John Gallagher, — Sarah Neville Organizations: Financial Times Locations: Israel, Gaza, Europe, Africa, East Asia, Latin America, Italy, Spain, Bulgaria, Romania, Germany, Sweden, Nigeria, Morocco, Americas, America, United States, Palestine, Denmark, Britain, South Korea, Japan, Asia, Poland, ”, London, North America

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