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☆ Analysis: Investors lament lost opportunity after unconvincing Turkish rate hike
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Murad Sezer/IllustrationLONDON, June 23 (Reuters) - Foreign investors hoping for a game-changing rate hike from Turkey's newly appointed central bank chief said Thursday's disappointing move to a key rate of just 15% could keep some money on the sidelines. "They lost one perfect chance to demonstrate that they mean business," said Viktor Szabo, emerging markets investment director with Abrdn. But analysts said that after Thursday's decision, Erkan and Simsek would need to work even harder to prove the country had indeed shifted course. Already in the week to June 16, foreign investor holdings of Turkish government bonds had fallen by $16.2 million. "I don't think investors will throw in the towel just yet because I think there is still expectation there is more to come in the coming months," said Kaan Nazli, portfolio manager at Neuberger Berman.

Persons: Murad Sezer, Thursday's, Hafize Gaye Erkan, Viktor Szabo, Abrdn, it's, It's, Tayyip Erdogan, Mehmet Simsek, Eric Fine, Marek Drimal, Simsek, Dan Wood, William Blair, Fitch, Erdogan, Erkan, Kaan, Neuberger Berman, Karin Strohecker, Marc Jones, Toby Chopra Organizations: REUTERS, Societe Generale, Thomson Locations: Istanbul, Turkey, VanEck

☆ Hunting for returns, savers dash for euro zone government debt
▼ + stars: | 2023-06-23 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

Leading the way is Italy, which sold a record 18.2 billion euro retail bond this month to increase domestic holdings of its debt. This means around 15% of outstanding Portuguese government debt now sits with retail investors, versus 10% in recent years. Belgium meanwhile has issued 390 million euros of state notes to retail investors this year, the highest since 2011. But individuals still only hold 1% of its 1.3 trillion euro public debt overall, a spokesperson said. Italy first launched retail bonds in 2012 amid the euro zone debt crisis, reducing reliance on international investors as borrowing costs surged.

Persons: that's, Rui Amaral, Amaral, Banks, Maric, Post, Jorge Garayo, Cyril Rousseau, Rousseau, Yoruk, Dhara Ranasinghe, Hugh Lawson Organizations: Spanish Treasury, Spanish, European Central Bank, ECB, Treasury, Generale, Germany, Thomson Locations: Portugal, Spanish, Italy, Belgium, Europe, Spain, France, Germany

☆ Credit Agricole's CACEIS registers in France as crypto custody services provider
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

PARIS, June 22 (Reuters) - CACEIS, the asset servicing business owned by Credit Agricole (CAGR.PA) and Santander (SAN.MC), has registered with France's markets regulator AMF to provide custody services for digital assets, such as cryptocurrencies. The company registered as a digital asset service provider (DASP) on June 20, according AMF's website, adding a major traditional financial services group to the growing number of crypto companies registered by the French watchdog. France has been supportive of the nascent industry and was the first major European country to grant registration to the world's biggest cryptocurrency exchange, Binance. CACEIS had 4.1 trillion euros ($4.51 trillion) in assets under custody at end of last year, according to its website. Credit Agricole SA is its majority owner with a 69.5% stake, while Santander holds a 30.5% of the group.

Persons: Mathieu Rosemain, Jane Merriman Organizations: Credit Agricole, Santander, AMF, Binance, Societe Generale, AXA, CACEIS, Credit Agricole SA, Thomson Locations: France

☆ Turkish central bank to hike rates sharply in post-election pivot
▼ + stars: | 2023-06-21 | by ( Ali Kucukgocmen | ) www.reuters.com time to read: +4 min

But the level remains uncertain as the central bank has not given any signals as to its next steps, including the size or pace of potential hikes. Some economists have expressed doubt about Erdogan's commitment to abandoning his unorthodox policy of low rates, which led the central bank to slash its policy rate from 19% in 2021 to 8.5% currently. The median estimate for the policy rate at end-2023 was 30%, with forecasts ranging from 18% to 35%. He named Naci Agbal as central bank governor in Nov. 2020 but, after some sharp rate hikes, replaced him less than five months later. The central bank is scheduled to announce its rate decision at 1100 GMT on Thursday.

Persons: Murad Sezer, Tayyip Erdogan, Hafize Gaye Erkan, Malek Drimal, Erdogan, Mehmet Simsek, Moody's, Naci, Simsek, Ali Kucukgocmen, Marc Jones, Jonathan Spicer, Daren Butler, Christina Fincher Organizations: REUTERS, Societe Generale, stoke, Thomson Locations: Istanbul, Turkey, ISTANBUL

☆ Analysis: Forex derivatives nudged out into the open as regulations increase costs
▼ + stars: | 2023-06-20 | by ( Laura Matthews | ) www.reuters.com time to read: +6 min

REUTERS/Dado Ruvic/IllustrationNEW YORK, June 20 (Reuters) - Foreign-exchange investors are moving more of their over-the-counter (OTC) derivatives trades to lookalike products on exchanges to avoid higher costs due to recent global regulations, helping inject transparency into a multitrillion-dollar market that is largely hidden from the public eye. The gradual behavioral change in FX derivatives trading is being caused by increasing margin and collateral costs, said Joe Midmore, chief commercial officer at OpenGamma, a derivatives analytics firm. OTC derivatives are privately negotiated contracts while cleared derivatives, though bilaterally negotiated, are booked with a clearinghouse such as a listed exchange. "They will also incur the operational, legal and custody costs of setting up margin facilities as well as the capital costs of posting margin," Houston said. "There is inherently risk involved in lots of people transacting derivatives with each other," said Riddle.

Persons: Dado Ruvic, Ben Feuer, Joe Midmore, ”, Michael Riddle, Paul Houston, Houston, ForexClear, James Pearson, Tom Arnold, Joe Spiro, Peter Vassallo, Riddle, Laura Matthews, Shankar Ramakrishnan, Megan Davies, Matthew Lewis Organizations: REUTERS, Societe Generale, Banking Supervision, International Organization of Securities Commissions, CME, CME Group, FX, Reuters Graphics British, Financial, ForexClear, BNP, Management, Thomson Locations: Saudi, New York, Hazeltree

☆ China's medium-term lending rate cut is 'just a starting point,' economist says
▼ + stars: | 2023-06-15 | 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 medium-term lending rate cut is 'just a starting point,' economist saysWei Yao of Societe Generale discusses China's lowering of the medium-term lending facility rate by 10 basis points.

Persons: Wei Yao Organizations: Societe Generale

That implied 'terminal' rate is lower than Fed officials' new year-end median projection of 5.60%. When set against the implied 2023 year-end SOFR rate of 5.20%, traders are pricing in almost 150 bps of rate cuts next year. Analysts at TD Securities reckon the Fed is done raising rates and will begin easing in December this year. This is the first time in more than a year no rate cuts have been priced into the 2023 SOFR futures curve. Just over a month ago, the curve implied around 100 bps of rate cuts in the second half of this year.

Persons: they're, Societe Generale's Stephen Gallagher, Jerome Powell's, Powell, Jamie McGeever, Paul Simao Organizations: Federal, Fed, Traders, Reuters, Securities, Societe, Thomson Locations: ORLANDO, Florida

It was a subtly optimistic message that tempered otherwise hawkish projections that see the policy rate rising higher than market participants anticipated. In fact, investors in contracts tied to the Fed's policy rate see the central bank delivering only one quarter-percentage-point increase by the end of the year. They see about a 65% chance of a rate hike next month, up only slightly from before this week's meeting. A dovish decision, a hawkish statement, and very hawkish dots," wrote economists at the analytics firm of Larry Meyer, a former Fed governor. Fed officials at the median more than doubled their outlook for 2023 economic growth to 1%, from 0.4% in the March projections.

Persons: Fed's Powell, Jerome Powell, Powell, Subadra Rajappa, Larry Meyer, Howard Schneider, Bansari Mayur, Chizu Nomiyama, Paul Simao Organizations: Federal Reserve, Societe Generale, Fed, Market, Nasdaq, Dow Jones, Wednesday, Thomson Locations: WASHINGTON, U.S

This week it hit a six-month low on the dollar after surprise cuts to key China rates, putting the gap between 10-year sovereign yields in China and the U.S. at its widest since November. The position, with China's rates below those in the United States , is the reverse of more than a decade of high-growth that saw China paying better yields than markets in the west. "The People's Bank of China's tolerance of currency weakness ... also opens up room for further yuan weakness." Even if the Federal Reserve holds rates steady later on Wednesday, as expected, traders are braced for an extended period of elevated U.S. interest rates and, increasingly, for China to hold rates low or push them even lower. Analysts polled by Reuters expect the PBOC will cut the costs of medium-term loans on Thursday and many market watchers expect a benchmark lending rate cut next week.

Persons: hasn't, Morgan, J.P, Tommy Xie, Kiyong Seong, Winni Zhou, Brenda Goh, Tom Westbrook, Kim Coghill Organizations: Bond, People's Bank, People's Bank of China, Federal Reserve, Reuters, Authorities, OCBC Bank, Societe Generale, Thomson Locations: SHANGHAI, SINGAPORE, China, U.S, Beijing, United States, Asia, Shanghai, Singapore

☆ China’s economy is way more screwed than anyone thought
▼ + stars: | 2023-06-14 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

The bubble in China's property market finally popped. In April, China's economic data came in weak largely across the board. The problem is that while consumers may be picking up, the biggest drivers of the Chinese economy — property and exports — are going to stay dormant. Consumer consumption makes up about 37% of the Chinese economy (in the US that figure is about 70%). Beijing has tried to shift the country toward a consumption model, like the US, but exports still make up 20% of China's economy.

Persons: lockdowns, it's, Xi Jinping, Stanley Druckenmiller, We're, Morgan Stanley, Goldman Sachs, Wei Yao, Leland Miller, Miller, Yao, Wright, I've, —, Kearney, Linette Lopez Organizations: Trade, JPMorgan, Bloomberg Invest Conference, Bank of America's, China's National Bureau, Statistics, Societe Generale, Analysts, Beijing, China, Chinese Communist Party, China's Locations: China, globalism, Beijing, York, Asia

☆ Credit crunch will help Fed's job of financial tightening, says Societe Generale's Subadra Rajappa
▼ + stars: | 2023-06-14 | 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 EmailCredit crunch will help Fed's job of financial tightening, says Societe Generale's Subadra RajappaJamie Cox, managing partner at Harris Financial Group, and Subadra Rajappa, head of U.S. rates strategy at Societe Generale, join 'The Exchange' to discuss the banking credit crunch tightening financial conditions, the potential for a gradual decline in 10-year Treasury yields, and concerns about a 2024 recession.

Persons: Jamie Cox, Subadra Rajappa Organizations: Harris Financial Group, Societe Generale

☆ Watch CNBC's full interview with Harris Financial's Jamie Cox and Societe Generale's Subadra Rajappa
▼ + stars: | 2023-06-14 | 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 EmailWatch CNBC's full interview with Harris Financial's Jamie Cox and Societe Generale's Subadra RajappaJamie Cox, managing partner at Harris Financial Group, and Subadra Rajappa, head of U.S. rates strategy at Societe Generale, join 'The Exchange' to discuss the banking credit crunch tightening financial conditions, the potential for a gradual decline in 10-year Treasury yields, and concerns about a 2024 recession.

Persons: Harris, Jamie Cox, Subadra Rajappa Organizations: Societe, Harris Financial Group, Societe Generale

☆ Dollar steady, with Fed pause eyed in busy c.bank week
▼ + stars: | 2023-06-12 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Policy meetings of the Fed, the European Central Bank (ECB) and the Bank of Japan (BOJ) will set the tone for the week, as markets seek clues from policymakers on the future path of interest rates. The U.S. dollar index clocked a loss of nearly 0.5% last week, its worst weekly drop since mid-April, and was last marginally higher at 103.58. The euro slipped 0.02% to $1.0744 in early Asia trade, after having risen 0.4% last week, its first weekly gain in roughly a month. "Central banks have raised rates aggressively over the past 12-15 months and given the lagged effects with which monetary policy affects demand, are central banks teeing up for a pause, following the RBNZ's example?" "We change our BOJ call to no YCC revision at this week's meeting," said Societe Generale's Jin Kenzaki, referring to the central bank's controversial yield curve control policy.

Persons: Alvin Tan, Jin Kenzaki, Rae Wee, Muralikumar Organizations: European Central Bank, Bank of Japan, Asia FX, RBC Capital Markets, Money, U.S, Reuters, ECB, ANZ, Reserve Bank of New, Thomson Locations: SINGAPORE, Asia, Australia, Reserve Bank of New Zealand

☆ Dollar steady, with Fed pause eyed in busy central bank week
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: +3 min

Policy meetings of the Fed, the European Central Bank and the Bank of Japan will set the tone for the week, as markets seek clues from policymakers on the future path of interest rates. The U.S. dollar index clocked a loss of nearly 0.5% last week, its worst weekly drop since mid-April, and was last marginally higher at 103.58. "Outside of the decisions that the central banks make at this meeting, what will be of particular interest is their forward guidance," economists at ANZ wrote in a note. "Central banks have raised rates aggressively over the past 12-15 months and given the lagged effects with which monetary policy affects demand, are central banks teeing up for a pause, following the RBNZ's example?" "We change our BOJ call to no YCC revision at this week's meeting," said Societe Generale's Jin Kenzaki, referring to the central bank's controversial yield curve control policy.

Persons: Alvin Tan, Jin Kenzaki Organizations: European Central Bank, Bank of Japan, Asia FX, RBC Capital Markets, Money, U.S, Reuters, ECB, ANZ, Reserve Bank of New Locations: Asia, Australia, Reserve Bank of New Zealand

☆ Investors are eyeing China's neighbors as the recovery from 'zero-Covid' slows
▼ + stars: | 2023-06-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +8 min

Bloomberg | Bloomberg | Getty ImagesChina's lackluster economic recovery since emerging from strict "zero-Covid" lockdowns has caused weaker sentiment toward the country, prompting investors to look for alternative options — like its near neighbors. Higher targets for JapanForeign investors have undoubtedly been key in driving the Japanese market, maintaining the highest levels the Nikkei has seen since 1990. During the same period last year, foreign investors had sold a net 1.73 trillion yen approximately. Wall Street banks including Morgan Stanley and Societe Generale are among those that are optimistic on Japanese stocks, holding "overweight" positions. Upside for Korea tech stocksSouth Korea is another market closely watched as concerns over China's recovery linger.

Persons: Goldman, Andrew Tilton, Berkshire Hathaway's Warren Buffett, India's, Goldman Sachs, Tilton, Morgan Stanley, ROE, Mike Wilson, we've, Price, Goldman's Tilton, Rhee Chang, Nomura, Chloe Andrieu, Pranjul Bhandari, Bhandari Organizations: Bloomberg, Getty, Asia, Pacific, Japan Foreign, Nikkei, Japan's Ministry of Finance, Societe Generale, Equity, U.S, UBS Global Wealth, U.S ., UBS, The Bank of, CNBC, Citi, AFP, Afp, Korea Financial Investment Association, South Korean, Fitch, Ben Advisors Locations: Macau, China, Japan, South Korea, India, Goldman Sachs, Berkshire, South, Shanghai, Shenzhen, Wall, Korea, Asia, The Bank of Korea, Fuyang, China's, Anhui, Indonesia

☆ The 'China picture' looks concerning, economist says
▼ + stars: | 2023-06-09 | 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 EmailThe 'China picture' looks concerning, economist saysWei Yao, China economist at Societe Generale, says the country's housing and debt problems are big factors.

Persons: Wei Yao Organizations: Societe Generale Locations: China

In-store and online sales rose 13% to 7.6 billion euros in the first quarter, in line with the 13.5% seen in the first six weeks of the financial year. The company said it plans to invest 1.6 billion euros to increase gross store space in 2023 by about 3%. Inditex closed its over 500 stores in Russia in March 2022 following Moscow's invasion of Ukraine in February and subsequent Western sanctions. Inditex has begun to charge for online returns in more countries with no impact on sales, the company said. Inditex is also invested in more self-scanning checkouts and is replacing hard anti-theft tags with chips sewn into garments to avoid checkout queues.

Persons: Inditex, Massimo Dutti, Anne Critchlow, Jelena Sokolova, Zara, Corina Pons, Helen Reid, Charlie Devereux, Matt Scuffham, Josephine Mason, Elaine Hardcastle Organizations: Spain Company, Societe Generale, Inditex, Group, Morningstar, Thomson Locations: Spain, MADRID, LONDON, Zara, United States, Mexico, Saudi Arabia, U.S, Europe, Russia, Ukraine, UAE, France, Germany

☆ Stingy European savers will help the ECB, not LVMH
▼ + stars: | 2023-06-06 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

LONDON, June 6 (Reuters Breakingviews) - Pandemic-era lockdowns and government stimulus have left euro zone citizens with 1 trillion euros in extra savings. That will leave consumer goods giants like $445 billion LVMH (LVMH.PA) downcast, but the European Central Bank pretty pleased. Euro zone citizens put as much as 1 trillion euros – or 8% of GDP – in their piggy banks since the health emergency, according to Oxford Economics’ estimates. Finally, euro zone savers have been favouring the higher returns offered by illiquid assets instead of sticking with easily accessible cash. These investments account for 33% of euro zone citizens’ total financial assets, compared to 30% before the pandemic.

Persons: can’t, –, lockdowns, Christine Lagarde, George Hay, Oliver Taslic Organizations: Reuters, European Central Bank, Oxford Economics, White House, –, Federal Reserve Bank of San, San Francisco Fed, Walmart, United Airlines, American Airlines, U.S, U.S . Federal, Allianz, BMW, stingy, Thomson Locations: U.S, Ukraine, Federal Reserve Bank of San Francisco, U.S ., Europe, Germany, France, Italy, Spain, That’s, Asia

☆ A top Wall Street investment strategist breaks down why stocks are setting up for a 22% drop in the second half of the year — and shares 2 signs that show a recession is likely
▼ + stars: | 2023-06-03 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Piper Sandler's Michael Kantrowitz says a recession is hurtling toward the US economy. He pointed to stocks falling in lockstep with rising unemployment claims in 2007, 2000, 1990, 1981, 1973, and 1969. Today, investors are again doing a poor job of forecasting rising unemployment claims in the months ahead, Kantrowitz believes. Underpinning Wilson's call is an earnings recession this year that investors aren't pricing in. "We first started talking about the coming earnings recession a year ago and received very strong pushback, just like today.

Persons: Piper Sandler's Michael Kantrowitz, Kantrowitz, Michael Kantrowitz doesn't, Piper Sandler, it's, Louis, Greg Boutle, Cantor Fitzgerald's Eric Johnston, Venu Krishna, Morgan Stanley's Mike Wilson, Wilson, Albert Edwards Organizations: Energy, Survey, Federal Reserve Bank of St, BNP, Barclays, Conference, Board, National Federal, Independent, of Labor Statistics, Generale's Locations: lockstep

Banks typically sold these perpetual bonds - known as AT1 bonds - with five years before an option to repay was triggered. In the past, investors got their money back, and banks replaced the bonds with new ones, but some are changing tack. The banks' actions show how the wipeout of billions of dollars of Credit Suisse AT1 bonds still reverberates around this market, which is estimated at roughly $275 billion. "The AT1 market is splitting," said Alessandro Cameroni, a portfolio manager at asset manager Lemanik. SHOCK ABSORBERThe AT1 bonds were designed to help banks absorb losses, and they count towards their capital buffers.

Persons: Kai Pfaffenbach, Banks, Alessandro Cameroni, Lemanik, Peter Harvey, Federated Hermes, Italy's, Morgan Stanley, Karsten Junius, J . Safra Sarasin, Chiara Elisei, Carlo Giovanni Boffa, Jane Merriman Organizations: REUTERS, Suisse, Raiffeisen Bank, Reuters, Deutsche, Aareal Bank, Credit Suisse, Investors, Federated, Lloyds, Societe Generale, UBS, Santander, J ., Thomson Locations: Frankfurt, Germany, Ukraine, Swiss, Schroders, Russia

☆ EU to propose greater transparency for default swaps on eight banks - EU document
▼ + stars: | 2023-05-31 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

LONDON, May 31 (Reuters) - The European Commission will propose greater transparency in the trading of credit default swaps of eight top banks to mirror rules in U.S. markets, a European Union document seen by Reuters showed on Wednesday. So-called single name credit default swaps have come under regulatory scrutiny after the fall and state-backed rescue of Credit Suisse triggered high volatility on the CDS market for some systemic banks, Deutsche Bank in particular, on March 24. "One of the conclusions on the events of Friday, 24 March, was that single name CDS contracts are opaque and illiquid," the EU executive body said in a document for a meeting of EU states on Thursday. The Commission said it proposes to re-insert CDS on Santander, BNP Paribas, Credit Agricole, Deutsche Bank, ING Bank, Intesa Sanpaolo, Societe Generale and DZ Bank into the scope of derivatives transactions subject to post trade transparency. Incomplete and asymmetrical reporting of CDS contracts linked to systemically important banks causes insecurity in markets during shocks, the paper said.

Persons: Intesa, Huw Jones, Jon Boyle, Kirsten Donovan Organizations: European, Reuters, Suisse, Deutsche Bank, Santander, BNP, Credit Agricole, ING Bank, Societe Generale, DZ Bank, Thomson Locations: EU

[1/2] Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/IllustrationLONDON/SINGAPORE, May 30 (Reuters) - The yen strengthened on Tuesday on news of a meeting of Japan's finance ministry and central bank, while elsewhere the dollar rose to a two-month high against a basket of its peers after the U.S. debt ceiling deal. The dollar was last down 0.18% against the Japanese yen at 140.18 after the country's finance ministry said senior officials from the Ministry of Finance, Bank of Japan and Financial Services Agency will meet from 5:30 p.m. (0830 GMT). Japanese central bank policy has been a major focus for investors in the past year after the BOJ last year intervened to strengthen the yen. Kenneth Broux, head of corporate research for FX and rates at Societe Generale, said FX intervention at current levels was unlikely.

☆ ECB warns of hit to top European banks if funds run into trouble
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

The biggest risk it identified was that shadow banks withdrew their funds from banks, such as deposits and repurchase agreements. These account for 13% of all traditional banks' liabilities -- or more for larger banks. This could happen if the shadow banks -- or non-bank financial intermediaries (NBFI) in the regulators' jargon -- were themselves hit by outflows or lost confidence in a bank. Other spillover channels included forced sales of assets by shadow banks, which would cause losses at traditional banks because their portfolios often overlap or are correlated, the ECB said. It added that distress at systemically important lenders would also spell trouble for shadow banks.

☆ Central banks will keep hiking rates until economy slows, SocGen economist says
▼ + stars: | 2023-05-30 | 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 EmailCentral banks will keep hiking rates until economy slows, SocGen economist saysKokou Agbo-Bloua, global head of economics, cross-asset and quant research at Societe Generale Corporate and Investment Banking, discusses central banks' monetary policy tightening efforts and their potential impact on the economic and market outlook.

☆ Wall St Week Ahead Artificial intelligence gives real boost to U.S. stock market
▼ + stars: | 2023-05-19 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

NEW YORK, May 19 (Reuters) - Recent advances in artificial intelligence are fueling optimism over how businesses can operate more productively in the years ahead. They are also providing a big boost to the stock market. About 25% to 50% of those gains are owed to "the buzz around artificial intelligence," she noted. Indeed, optimism over AI is a key factor supporting a stock market facing numerous headwinds. His firm owns shares of Microsoft, Nvidia and Alphabet.

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