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☆ Global hedge funds further offloaded Chinese stocks in Nov
▼ + stars: | 2023-12-04 | by ( Summer Zhen | ) www.reuters.com time to read: +2 min

This was also the ninth month of net outflows this year, the bank said, dragging emerging Asia to become the region with the largest net outflows across the world. U.S.-listed Chinese stocks and mainland A-shares led the selloff in November, Goldman Sachs said, adding it was "partially offset by net buying in H-shares." Within emerging Asia markets, Taiwan also recorded net outflows last month, while South Korea saw the largest net inflows, Goldman Sachs said. Hedge funds rotated their positions to developed Asia markets, including Hong Kong, Singapore and Japan, which saw net purchases in the month. ($1 = 7.1381 Chinese yuan renminbi)Reporting by Summer Zhen; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Goldman Sachs, HSI, Joe Biden, Xi Jinping's, Outflows, Summer Zhen, Varun Organizations: REUTERS, CSI, Investors, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, U.S, Taiwan, South Korea, Singapore, Japan

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. But the extent of the political and economic jitters merely mirrors other signs of a long-term China exit well beyond portfolio flows. Earlier this month, China recorded its first-ever quarterly deficit in "bricks and mortar" foreign direct investment (FDI). What's more, a multi-year aversion to China investments then risks colliding with deteriorating long-term economic growth dynamics - heightened by rising youth unemployment and dire demographics. Despite some recent upgrades of China growth forecasts, yet another business survey this week raised red flags.

Persons: Aly, Gina Raimondo, Nicholas Lardy, Xi, Lardy, What's, Morgan Stanley, Morgan Stanley's, Mike Dolan, Paul Simao Organizations: REUTERS, Official Monetary, Financial, Reuters, . Commerce, Peterson Institute for International Economics, Thomson Locations: Shanghai, Shenzhen, China, OMFIF, Europe, North America, India, Brazil, Beijing, U.S, Washington, San Francisco

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsNov 30 (Reuters) - Metro Bank (MTRO.L) on Thursday announced sweeping cost-cutting plans aimed at bolstering its finances, which could see the embattled British lender lay off 20% of its staff and axe some of its biggest customer perks including seven-day opening hours. The lender expects to take a lower-than-expected one-off restructuring charge of between 10 million pounds and 15 million pounds in 2023. Metro Bank did not immediately respond to a request for clarification on the precise number of roles at risk, but the lender employs around 4,000 people, according to its latest annual report. It is also reviewing its seven-day opening and extended store hours and will "selectively streamline lending" to focus on relationship banking to maximise risk-adjusted returns.

Persons: Hannah McKay, Jaime Gilinski, Daniel Frumkin, outflows, Yadarisa, Sinead Cruise, Elizabeth Howcroft, Rashmi Aich, Sherry Jacob, Phillips, Sharon Singleton Organizations: Metro Bank, REUTERS, Metro, Thomson Locations: London, Britain, Colombian, Bengaluru

The official purchasing managers' index (PMI) fell to 49.4 in November from 49.5 in October, staying below the 50-point level demarcating contraction from expansion, data from the National Bureau of Statistics showed on Thursday. The new orders sub index contracted for a second consecutive month, while the new export orders component extended its decline for a ninth month. "Today's PMI reading will further raise expectations towards policy support," said Zhou Hao, economist at Guotai Junan International. "Fiscal policy will be under the spotlight and take centre stage over the coming year and will be closely monitored by the market." Factory PMI has contracted for seven out of the past eight months - rising above the 50-point mark only in September.

Persons: Goldman Sachs, Zhou Hao, Joe Cash, Kim Coghill, Jacqueline Wong Organizations: cnsphoto, REUTERS, National Bureau, Statistics, Standard Chartered, PMI, Guotai, Thomson Locations: Zunyi, Guizhou province, China, BEIJING

☆ Cathie Wood’s Innovation ETF is up more than 30% in November, on pace for its best month ever
▼ + stars: | 2023-11-30 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Cathie Wood, CEO of Ark Invest, speaks during an interview on CNBC on the floor of the New York Stock Exchange on Feb. 27, 2023. Wood's flagship Ark Innovation ETF (ARKK) has rallied 32% this month, on pace to score its strongest month ever since its inception in 2014. The fund rebounded dramatically from three straight months of losses, pushing 2023 gains to 48%. Cathie Wood is about to notch her best month ever as her holdings of innovative technology stocks roared back from steep losses amid declining Treasury yields in November. Driving the innovation fund higher this month have been biotech names CRISPR Therapeutics and Twist Bioscience , along with Roku , Coinbase , Block and Shopify , which are all up at least 50%.

Persons: Cathie Wood, ARKK, Wood Organizations: Ark Invest, CNBC, New York Stock Exchange, Innovation, CRISPR Therapeutics, Twist, Ark, CNBC PRO Locations: outflows

Coinbase has the added benefit of having survived the so-called crypto winter, while so many of its rivals disappeared or downsized. Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. With assets of more than $65 billion on the platform, Binance remains the world's largest crypto exchange globally. watch nowBoth Coinbase and Binance still face legal battles with the Securities and Exchange Commission, which was noticeably absent from the Binance settlement. Regulatory approval would open up many more avenues for people to buy bitcoin.

Persons: Brian Armstrong, Carlos Jasso, Coinbase, Sam Bankman, FTX, Changpeng Zhao, Zhao Changpeng, Binance, Zhao, CoinGecko, Mizuho, it's, CNBC's Joumanna, Armstrong, Bittrex, JPMorgan Chase, Franklin Templeton Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Tech, Reuters, Justice Department, CNBC, Mizuho, Securities and Exchange Commission, U.S, SEC, JPMorgan, WisdomTree Locations: U.S, Binance, Needham, BlackRock, WisdomTree

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON/NEW YORK, Nov 30 (Reuters) - After making hay when a summer bond rout propelled the U.S. dollar to 10-month highs, hedge funds are now pondering what lies ahead for the greenback. Five funds shared their views on the fate of the dollar. This does not represent recommendations or trading positions, which some hedge funds cannot reveal for regulatory reasons. He expects the U.S. economy to slow sharply which, alongside falling inflation, will likely hurt the dollar against some emerging market currencies. The Brazilian real, trading at 4.8908 per dollar , is up roughly 8% so far this year against the dollar.

Persons: Dado Ruvic, Jonathan Fader, Fader, Doug Greenig, Florin Court's, Greenig, Tara Hariharan, Hariharan, NWI, Carlos Calabresi, Michael Sager, Sager, Nell Mackenzie, Carolina Mandl, Dhara Ranasinghe, Kirsten Donovan Organizations: REUTERS, U.S, greenback, Swiss, Reuters, FLORIN, China Foreign Exchange Trade, Long, Garde, CIBC, Thomson Locations: U.S, American, Brazil, Colombia, Hungary, Poland, China, Asia, Brazilian, London, Carolina, New York

"These measures could boost (earnings) growth and help asset prices recover in 2024," Liu said. As per the forecasts, the consumer staples and software sectors are set to post earnings growth of 40% and 30%, respectively. The consumer discretionary and industrial sectors are each expected to see roughly 20% growth, while the real estate sector may grow 18%. Such stable or growth-centric government policies would also boost investor confidence in the e-commerce and consumer sectors, Lau added. Maurer, however, points to how cheap Chinese stocks are and that the risks might already be priced in.

Persons: Minyue Liu, Liu, John Lau, Lau, Alec Jin, Jin, Caroline Yu Maurer, Maurer, Patturaja Murugaboopathy, Vidya Ranganathan Organizations: BNP, Management, Asia Pacific, SEI, Reuters, Reuters Graphics, Stock Connect, HSBC Asset Management, Thomson Locations: Asia, China, Shanghai, U.S

☆ CHART OF THE DAY: Fear of missing out may heat up market rally even more after $240 billion fled stocks and $1 trillion flowed to safer bets
▼ + stars: | 2023-11-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Despite a strong stock market rally since October 2022, investors have pulled money out of equity funds. Fund flow data reveals investors are still seeking out safer assets like bonds and money market funds. Investors have taken $240 billion out of stock market funds, suggesting to Fundstrat's Tom Lee that a FOMO rally is imminent. Over the same time period, they purchased $107 billion worth of bond funds and $1.1 trillion worth of money market funds. According to data from the Fed, retail investors are holding a record $1.6 trillion in money market funds, taking advantage of 5% interest rates.

Persons: Tom Lee, —, Lee, Cash Organizations: Investors, Service, Nasdaq, Federal Reserve Locations: Fundstrat

While the S&P 500 index (.SPX) ended little changed, the Amplify Online Retail ETF climbed 0.4% and the broader SPDR S&P Retail ETF gained about 0.7%. The SPDR S&P Retail ETF, which has net assets of $396.6 million, recorded weekly outflows of $115.6 in the week ended on Wednesday, according to data from Lipper. Still, the bulk of 2023 returns for investors in U.S. retail ETFs have come in recent weeks. The VanEck Retail ETF (RTH.O) has generated half of its 12.8% year-to-date gains in the last two months. But Thomas Hayes, chair at Great Hill Capital LLC in New York, anticipates better-than-expected gains in retail stocks this holiday season.

Persons: Vincent Alban Acquire, Michael Ashley Schulman, Schulman, Thomas Hayes, Suzanne McGee, Lananh Nguyen, Josie Kao Organizations: Woodbury, REUTERS, Exchange, P Retail, Retailers, National Retail Federation, Walmart, United Auto Workers, Hollywood SAG, Running, Retail, Great, Capital, Thomson Locations: Central Valley , New York, U.S, New York

[1/3] Richard Teng, head of the Middle East and North Africa for crypto firm Binance gestures as he speaks during an interview with Reuters in Dubai, United Arab Emirates, March 30, 2022. Teng faces an especially tough task in transforming the culture of Binance, four of the people said. Still, leading a cultural shift at Binance - a firm shaped by Zhao in his own image - would be "hugely difficult," she said. For years it dominated the crypto market, but this year has rapidly lost market share. Last month it controlled 32% of crypto spot and 50% of derivatives trading, according to crypto firm CCData, down from 55% and 62% respectively in January.

Persons: Richard Teng, Abdel Hadi Ramahi, Teng, Changpeng Zhao, Janet Yellen, Binance, Carol Alexander, Zhao, Yi He, Binance's, Simon Matthews, Richard, Matthews, FinCEN, John Reed Stark, Rajeev Bamra, OKX, Joseph Edwards, Tom Wilson, Elizabeth Howcroft, Elisa Martinuzzi, Louise Heavens Organizations: Reuters, United Arab Emirates, REUTERS, U.S . Securities, Exchange Commission, SEC, U.S, Treasury, University of Sussex, Investors, Treasury's, Internet Enforcement, Singapore, Abu, Abu Dhabi Global, Singapore Exchange, Moody's Investors Service, Securities, Thomson Locations: East, North Africa, Dubai, United Arab, U.S, Abu Dhabi, France, Seychelles, London

AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. The Global X Robotics & Artificial Intelligence ETF (BOTZ.O) received $35.5 million in net inflows in the week ending on Wednesday, its strongest since June earlier this year, according to Lipper data. "Improved inflation data and the likelihood of rate cuts in the second half of 2024 have maintained market optimism throughout November, contributing to investor interest," said Tejas Dessai, AVP, Research Analyst at Global X. So far this year, the Global X fund has gained 27.7% year-to-date, supported by the 233% rally in shares of its top holding Nvidia (NVDA.O), whose graphics processing units (GPUs) dominate the market for AI. The Global X fund, which has total net assets of $2.2 billion, has seen net inflows of $554.8 million so far this year.

Persons: Dado Ruvic, chipmaker, Aniket Ullal, Bansari Mayur, Shweta Agarwal Organizations: REUTERS, chipmaker Nvidia, Robotics, Intelligence, Federal Reserve, Tejas Dessai, Global, Nvidia, Wall, Thomson Locations: ., Bengaluru

☆ CNBC Daily Open: A Thanksgiving lull
▼ + stars: | 2023-11-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Last burst before a breakU.S. stocks ended Wednesday in positive territory before going on break today for Thanksgiving. Jack Ma pauses plansAlibaba founder Jack Ma is pausing his plans to sell Alibaba shares. Last week, regulator filings revealed Ma was looking to sell around $870 million worth of Alibaba shares.

Persons: Treasurys, Europe's, Jeremy Hunt, Altman's, Sam Altman, Helen Toner, Tasha McCauley, Ilya Sutskever —, Altman, Bret Taylor, Larry Summers, Adam D'Angelo, Nansen, hasn't, Changpeng Zhao, Jack Ma, Ma, Alibaba Organizations: New York Stock Exchange, CNBC, Finance, U.S, Treasury Locations: New York City, U.S

☆ CNBC Daily Open: Back to square one?
▼ + stars: | 2023-11-23 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on November 15, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. There's also a board reshuffle, with Bret Taylor, former co-CEO of Salesforce and Larry Summers, former U.S. Treasury secretary, joining. Separately, OpenAI researchers reportedly warned the board of an AI breakthrough ahead of Altman's ouster.

Persons: Treasurys, Australia's, Sam Altman, There's, Bret Taylor, Larry Summers, Nansen, hasn't, Changpeng Zhao, Morgan Stanley Organizations: New York Stock Exchange, CNBC, Nikkei, U.S, Treasury, Counterpoint Research Locations: New York City, U.S, Asia, Pacific, Middle East, Africa, China, India

Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. "Binance has seen significant exchange outflows since the announcement, but relative to their total holdings, it's quite small," Nansen analysts said. By comparison, investors pulled around $1.43 billion from the crypto exchange and its U.S. affiliate in June after the U.S. Securities and Exchange Commission sued the companies. Lawyers for Zhao, who founded Binance in 2017, did not respond to requests for comment on Wednesday. Zhao paid a $175 million bail bond, with another $15 million held in a trust account, a court filing showed.

Persons: Dado Ruvic, Changpeng Zhao, Binance, Zhao, Richard Teng, Nansen, ransomware, Arthur Hayes, Hayes, Sam Bankman, Fried, Daniel Silva, Buchalter, Luc Cohen, Michelle Price, Richard Chang Organizations: REUTERS, Nansen, U.S, U.S . Securities, Exchange Commission, Islamic, Binance, Prosecutors, Justice, Reuters, Thomson Locations: al Qaeda, Islamic State, Iraq, Syria, Dubai, Seattle, United States

☆ Binance sees $956 mln in outflows after Zhao steps down to settle U.S. probe
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. "Binance has seen significant exchange outflows since the announcement, but relative to their total holdings, it’s quite small," Nansen analysts said. Investors pulled around $1.43 billion from the crypto exchange and its U.S. affiliate in June after the U.S. Securities and Exchange Commission sued the companies. While authorities have probed Zhao and Binance for years, Zhao's exit marks a dramatic development for one of the most powerful figures in the crypto industry.

Persons: Dado Ruvic, Nansen, Changpeng Zhao, Zhao, Richard Teng, Binance, Zhao's, Lisa Pauline Mattackal, Jonathan Stempel, Chris Prentice, Michelle Price, Anil D'Silva Organizations: REUTERS, Investors, U.S, U.S . Securities, Exchange Commission, Justice Department, Thomson Locations: Nansen, Dubai, Seattle, United States, Bengaluru, New York

☆ Exclusive: China govt advisers call for steady growth target in 2024, more stimulus
▼ + stars: | 2023-11-22 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

Five of the seven advisers who spoke with Reuters said they favoured a target of around 5%, matching this year's goal. The proposals will be made next month at the ruling Communist Party's annual Central Economic Work Conference that discusses policy plans and the outlook for the world's second-largest economy. "We need to adopt expansionary fiscal and monetary policy to stimulate aggregate demand," Yu Yongding, a government economist who advocates for a growth target of roughly 5%, told Reuters. "We are stepping up fiscal policy support," said another adviser, to make the "difficult" 2024 target "achievable." The stuttering post-COVID recovery has prompted many analysts to call for structural reforms that tilt the drivers of economic growth away from property and infrastructure investment and towards household consumption and market-allocation of resources.

Persons: Yu Yongding, Yu, Guan Tao, Xi Jinping, Kevin Yao, Marius Zaharia Organizations: Reuters, Communist, Economic Work Conference, BOC International, State Administration of Foreign Exchange, Thomson Locations: China, BEIJING, Beijing, outflows, Japan

☆ Euro zone's shadow banks face risk of margin calls, ECB says
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Nov 22 (Reuters) - Euro zone shadow banks face the risk of receiving large margin calls or client redemptions they cannot meet because they do not have enough cash on hand, the European Central Bank (ECB) said on Wednesday. The ECB said liquidity buffers among shadow banks - an umbrella term for funds, insurers and other non-bank financial intermediaries (NBFI) - were "very low", exposing them to the risk of running out cash at times of market stress. Insurance companies and pension funds (ICPF) that use derivatives could be exposed to the risk of "large margin calls", the ECB added, citing those suffered by their UK peers last year as a precedent. "Any sharp increase in sovereign bond yields or a spike in financial market volatility could expose those ICPFs which use interest rate derivatives to large margin calls," the ECB said. The central bank reiterated its call for introducing regulation for shadow banks like the one that governs traditional lenders, including liquidity requirements and stress tests.

Persons: Francesco Canepa, Mark Potter Organizations: European Central Bank, ECB, Insurance, Thomson Locations: FRANKFURT

☆ Investors can get a 5.6% yield with this 'first-rate' ultrashort bond ETF
▼ + stars: | 2023-11-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

As investors hunt for yield, many are turning to actively managed exchange-traded funds focused on bonds, like Pimco's Enhanced Short Maturity Active ETF . The fund, which has a 5.6% 30-day SEC yield, is a "a first-rate ultrashort ETF," Morningstar senior analyst Paul Olmsted wrote in August. Trading under the ticker symbol MINT, the ETF holds fixed income securities with durations of no more than one year. In fact, investors flooded into the fund in October, making it the actively managed bond ETF with the highest inflows last month, according to FactSet. Investors can capture that higher yield on the short end of the yield curve, Schneider said.

Persons: Paul Olmsted, Morningstar, Jerome Schneider, Pimco's, Schneider, FactSet, Matthew Bartolini, It's, Treasurys —, who's Organizations: SEC, Morningstar, MINT, Street Global Advisors, Research, Federal Reserve, Treasury, Federal, Bear Stearns Locations: Pimco

☆ Exclusive: China to name finance veteran Zhu as new forex chief, sources say
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

The building of State Administration of Foreign Exchange (SAFE) is pictured in Beijing, China, January 11, 2017. Zhu's appointment to lead the State Administration of Foreign Exchange (SAFE) is expected to be announced as soon as this week, said one of the sources. Zhu, 55, would also be named a deputy governor of the People's Bank of China (PBOC), which oversees the foreign exchange regulator, said the source. Zhu will take over the forex regulatory head role from Pan Gongsheng, who has held the post since 2016 and who was named the central bank governor in July. An engineering graduate from the Shanghai University of Finance and Economics, Zhu has also been a deputy central bank governor, and vice governor of Sichuan province in southwestern China.

Persons: Jason Lee, Zhu Hexin, Zhu, Pan Gongsheng, Goldman Sachs, Sumeet Chatterjee, Muralikumar Organizations: Administration of Foreign Exchange, REUTERS, Rights, CITIC Group, State Administration of Foreign Exchange, People's Bank of China, Communist, Reuters, SAFE, Bank of Communications, Bank of China, Shanghai University of Finance, Thomson Locations: Beijing, China, Rights BEIJING, HONG KONG, Sichuan, outflows, Hong Kong

The plea deals end a years-long investigation into the crypto exchange. Binance holds around $2.8 billion worth of BNB tokens, according to Nansen. Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year. "This, combined with the likely imminent approval of an ETF based on bitcoin quotes, could positively impact the crypto market in the long term," said Drozdz. Binance has agreed to forfeit $2.5 billion to the government and to pay a fine of $1.8 billion.

Persons: Binance's, Changpeng Zhao, Ben Mcshane, Sportsfile, Nansen, Binance, Grzegorz Drozdz, Bitcoin, Drozdz, Zhao, Yesha Yadav, Milton R, Underwood, General Merrick Garland, Garland, Richard Teng, Teng, Janet Yellen, Al, Yellen Organizations: Getty, Department of Justice, ., SEC, Conotoxia, CNBC, DOJ, Vanderbilt University, Justice Department, U.S, Monetary Authority of Singapore, Binance, Futures Trading Commission, Treasury Department, The Securities, Exchange Commission, ISIS Locations: Lisbon, Portugal, Binance, Nansen, U.S, Abu Dhabi

☆ James Webb Telescope captures colorful, glittering image of the chaotic center of the Milky Way galaxy, revealing never-before-seen details
▼ + stars: | 2023-11-21 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

NASA's James Webb Space Telescope captured a stunning image of the heart of the Milky Way. The chaotic region appears brilliantly colorful, glittering with the light of 500,000 stars. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNASA's James Webb Space Telescope has captured a colorful, glittering image of the chaotic center of the Milky Way galaxy, revealing never-before-seen details that could help scientists understand more about the origin of the universe. Thanks to JWST's ability to capture infrared light, scientists were able to identify never-before-seen details at the Milky Way's core.

Persons: NASA's James Webb, —, Webb, Samuel Crowe, Fedriani Organizations: NASA's James Webb Space, Service, Telescope, NASA, ESA, CSA, STScI

Milei's dollar plans, however, put pressure on the embattled peso currency, which is held in check by strict capital controls. The official exchange rate is near 350 per dollar, but dollars trade well over twice that in popular parallel markets. Milei said in the run-up to the election he wanted to ditch the peso altogether in favour of the dollar. Milei had also heavily criticised China and Brazil in the runup to the elections, two of Argentina's main trading partners. China said on Tuesday it would be a "serious mistake" if Milei opted to cut ties between the two countries.

Persons: dollarization, Javier Milei, Miel, Milei, Morgan Stanley's, Viktor Szabo, Banks, Banks Grupo Supervielle, Marc Jones, Elizabeth Howcroft, Mayur Kamdar, Karin Strohecker, Bernadette Baum, Emelia Organizations: Argentina, Abrdn, U.S ., Banks Grupo, Banco, Banco BBVA Argentina, Grupo Financiero, Thomson Locations: BUENOS AIRES, MERV, London, Argentina, U.S, Grupo Financiero Galicia, China, Brazil

☆ China keeps lending benchmark rates unchanged, as expected
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +3 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. The one-year loan prime rate (LPR) was kept at 3.45% and the five-year LPR was unchanged at 4.20%. Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. The steady fixings came after the central bank kept its medium-term interbank liquidity rate unchanged last week. The LPR, which banks normally charge their best clients, is set by 18 designated commercial banks who submit proposed rates to the central bank every month.

Persons: Tingshu Wang, Julian Evans, Pritchard, Winni Zhou, Tom Westbrook, Sam Holmes Organizations: People's Bank of China, REUTERS, Rights, Capital Economics, Thomson Locations: Beijing, China, Rights SHANGHAI, SINGAPORE, United States, outflows

ETFs are a wrapper for individual assets such as stocks and bonds, similar to mutual funds. However, many ETFs have better tax efficiency and lower expense ratios than mutual funds, driving many investors to make the switch. "ETFs have come a long way over the past 15 to 20 years," said certified financial planner Barry Glassman, founder and president of Glassman Wealth Services in McLean, Virginia. In 2022, investors sold more than $900 billion from mutual funds and poured roughly $600 billion into ETFs, according to Morningstar data. The most attractive feature of an ETF is that most don't distribute capital gains at the end of the year.

Persons: Barry Glassman, " Glassman, Cathy Curtis, Marguerita Cheng, Kamila Elliott, Cheng Organizations: Wealth, CNBC's, Morningstar, CNBC's FA Council, Curtis Financial, Blue, Global Wealth, Wealth Partners Locations: McLean , Virginia, Oakland , California, California, Gaithersburg , Maryland, Atlanta

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