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☆ China has banned brokers from opening overseas trading accounts for local investors
▼ + stars: | 2023-10-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

China has banned brokers from opening overseas trading accounts, the Financial Times reported. Chinese regulators ordered brokerages to shut down "new account opening channels for domestic investors." AdvertisementAdvertisementChinese regulators have banned brokerage firms from opening overseas trading accounts for local investors, according to a report from The Financial Times. The regulator asked brokers to stop offering services to local and overseas investors, and that "opening overseas fund accounts for domestic investors is prohibited." Overseas investors have sold Chinese equities at a record pace in 2023.

Persons: —, Lehman, Nicholas Spiro Organizations: Financial Times, Service, China's Securities Regulatory Commission, Overseas, Lauressa Locations: China, Beijing

REUTERS/Maxim Shemetov/Illustration/File Photo Acquire Licensing RightsSummaryCompanies Russian rouble climbs to over 2-week high vs dollarMove comes after Putin reimposes currency controlsRouble had slumped to over 18-month low this weekAnalysts expect rouble to firm more in coming weeksOct 12 (Reuters) - Russia's rouble leapt against the U.S. dollar on Thursday after President Vladimir Putin ordered the mandatory sale of foreign currency revenues for some exporters to buttress the currency. The rouble collapsed to a record low in the weeks after Russia invaded Ukraine last year, before Moscow imposed similar capital controls that saw it recover to a seven-year high. Kogan warned, however, that by 2025-2026 businesses would form plans based on a rouble rate of 100-105. The central bank endorsed the measures, a shift in its stance, after it previously warned of the inefficiency of currency controls. "The rouble is even less tradable for foreign investors after Russia re-imposed some capital controls," Piotr Matys, senior FX analyst at In Touch Capital Markets.

Persons: Maxim Shemetov, Putin, Rouble, rouble, Vladimir Putin, Yevgeny Kogan, Kogan, Gref, Andrei Belousov, Piotr Matys, Dmitry Polevoy, Brent, Alexander Marrow, Amruta, Robert Birsel, Mark Potter, Varun, Alexander Smith Organizations: REUTERS, U.S, Russia's Higher, of Economics, TASS, Wednesday, Bank of Russia, FX, Touch, Thomson Locations: Moscow, Russia, Ukraine, outflows, Locko, Bangalore

☆ China’s timid bank buying sends rescue signals
▼ + stars: | 2023-10-12 | by ( Chan Ka Sing | ) www.reuters.com time to read: +3 min

The call was partly answered on Wednesday evening by Central Huijin Investment, though not quite in the way it was hoped. The state fund boosted its controlling stakes in the Big Four lenders by just a few basis points. It spent a 477 million yuan ($65 million) on Industrial and Commercial Bank of China (601398.SS), (1398.HK), China Construction Bank (601939.SS), (0939.HK) and Bank of China (601988.SS), (3988.HK), and Agricultural Bank of China (601288.SS), (1288.HK). It’s a tiny amount but Central Huijin said it plans to keep adding over to the next six months to its holdings already worth 2.5 trillion yuan. The state fund is the biggest shareholder in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial & Commercial Bank of China.

Persons: Huijin, Central Huijin, Xi Jinping’s, Una Galani, Thomas Shum Organizations: Reuters, Central Huijin Investment, Big, Industrial, Commercial Bank of China, HK, China Construction Bank, Bank of China, Agricultural Bank of China, outflows, of International Finance, Huijin Investment, Agricultural Bank of, Thomson Locations: HONG KONG, China, Beijing, Central, Hong Kong, China’s, Bank, Agricultural Bank of China

☆ Options traders see larger-than-usual stock swings as banks report results
▼ + stars: | 2023-10-12 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Oct 12 (Reuters) - Options traders are braced for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. Big banks, including JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup Inc (C.N) are set to report financial results on Friday, with others, including Goldman Sachs (GS.N) and Morgan Stanley (MS.N), due next week. The biggest U.S. consumer lenders are set to post higher third-quarter profits, in contrast with investment banks still facing a dealmaking slump, analysts said. Options data shows traders braced for a larger-than-usual post-earnings move from Wells Fargo in particular. The options-implied earnings move for Goldman Sachs, Morgan Stanley, Bank of America (BAC.N) and Citigroup also signal a larger-than-usual post-earnings swing, data from Trade Alert showed.

Persons: JP Morgan Chase, Mike Segar, Goldman Sachs, Morgan Stanley, Mike Santomassimo, Steve Sosnick, Saqib Iqbal Ahmed, Richard Chang Organizations: JP, Co, REUTERS, JPMorgan, Citigroup Inc, U.S, Traders, Bank of America, Citigroup, Trade, Interactive, Thomson Locations: New York, Wells Fargo

☆ Israel and Hamas at war: Latest News
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +8 min

Scores of Israeli and foreign hostages were taken back to Gaza; Israel says it has identified 97 of them. [1/6]Israeli soldiers patrol following a mass-infiltration by Hamas gunmen from the Gaza Strip, in Sderot, in southern Israel, October 11, 2023. * The war falls under a complex international system of justice that has emerged since World War Two. * International airlines have suspended hundreds of flights to and from Tel Aviv following the attack by Hamas militants on Israel. * Israel has raised $200 million in diaspora bonds since the war with Hamas began, Israel Bonds said.

Persons: Israel, Antony Blinken, Kan, Mahmoud Abbas, Wafa, Donald Trump, Netanyahu, Tayyip Erdogan, Violeta Santos Moura, Wang Yi, Mohammed Deif, upends, Kazuo Ueda, Frida, Israel Bonds, Kristalina Georgieva, Georgieva, Stephen Farrell Organizations: United Nations, Food, Palestinian, El Al Airlines, Britain, Royal Navy, U.S, REUTERS, Bank of Japan, * Airlines, Carriers, Dutch KLM, Air France, U.S . State Department, Cyprus Airways, Hamas, Monetary Fund, Thomson Locations: Gaza, Washington, Israel, Egypt, Sinai, United States, Asia, Israeli, Palestinian, Sderot, Paris, Jerusalem, Saudi, Europe, Larnaca, Tel Aviv

A man stands near a screen showing news footage of Chinese President Xi Jinping at the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. The China Securities Regulatory Commission (CSRC) has told brokerages to stop offering securities trading from offshore accounts such as Hong Kong to new mainland investors, according to a Sept. 28 notice issued by its Shanghai unit. Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice. The use of offshore brokerage accounts in Hong Kong entails converting yuan to other currencies. They can also use some foreign brokerage platforms outside mainland China if they have funds parked in offshore locations.

Persons: Xi Jinping, Tingshu Wang, brokerages, Shujin Chen, Guotai Junan, Selena Li, Zhen, Julie Zhu, Sumeet Chatterjee, Edwina Gibbs Organizations: China Securities Regulatory Commission, REUTERS, Reuters, outflows, Jefferies, Citic Securities, HK, Haitong Securities, Hong Kong, Futu Holdings, Fintech Holding, May, Hong, Stock, Hwabao Securities, Thomson Locations: Beijing, China, HONG KONG, Hong Kong, Shanghai, outflows

JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. In the first 10 days of this month, the $1.46 billion Invesco KBW Bank ETF (KBWB.O) saw net outflows of $336.18 million, while the $2.49 billion SPDR S&P Regional Banking ETF saw net outflows of $19.58 million. Overall, the Invesco fund and the SPDR fund posted net inflows of $381.16 million and $565.15 million so far this year. The prices of the ETFs are down 23% and 28.4%, respectively, as bank stocks fell sharply earlier this year following the collapse of California-based Silicon Valley Bank and two other U.S. lenders. "Although, our equity research team indicates that selling may have pushed prices down too far and created a buying opportunity."

Persons: Caitlin Ochs, Hogan, Riley, JPMorgan Chase, Wells, Bryan Armour, Bansari Mayur, Jonathan Oatis Organizations: JPMorgan Chase Bank, REUTERS, Exchange, KBW Bank, Regional Banking, Valley Bank, U.S, Federal, JPMorgan, Citigroup, North America, Morningstar, Thomson Locations: New York City, U.S, California, Bengaluru

Israeli assets and the shekel remain under pressure and oil and gold prices are marginally higher than last week. World Markets Impact From MidEast Attacks WanesBlackRock chart on its Geopolitical Risk IndicatorNOWHERE TO RUN TO... Last updated shortly before the weekend events in Israel, BlackRock's Geopolitical Risk Indicator - which attempts to capture market attention to political risks - had indeed crept up to six month highs. Releasing its World Economic Outlook on Tuesday, the International Monetary Fund warned that more volatile commodity prices were a possible reflection of both greater climate and geopolitical risk. And yet hand wringing about geopolitical risk in different corners of the globe can also deflect from rising political risks in core economies - not the least in the United States.

Persons: Brendan McDermid, Vincent Mortier, Anna Rosenberg, Kristina Hooper reckons, Hooper, that's, It's, Amundi's Rosenberg, Pierre, Olivier Gourinchas, Gourinchas, Josie Kao Organizations: New York Stock Exchange, REUTERS, West Bank, International Monetary Fund, IMF, Treasury, Reuters, Thomson Locations: New York City, U.S, Israel, Gaza, Iran, United States, Saudi Arabia, Russia, China, Taiwan, Ukraine

A general view of GE Renewable Energy wind turbines, part of Pattern Energy’s Western Spirit Wind project, the largest wind project in the U.S., near Encino, New Mexico, U.S., March 15, 2023. Renewable energy funds globally suffered a net outflow of $1.4 billion in the July-September quarter, the biggest ever quarterly outflow, according to LSEG Lipper data. Reuters GraphicsInvestors have been exiting traditional energy funds, too, but the rate has slowed - net outflows reached $438 million in the last quarter compared with $3.32 billion in the previous three months. Reuters GraphicsDemand for exposure to renewable energy had been a major driver of cash flowing into climate-related funds in recent years. Wind projects off Britain, the Netherlands and Norway have been delayed or shelved due to rising costs and supply chain constraints, raising concerns about countries hitting their 2030 renewable energy targets.

Persons: Bing Guan, Denmark's, Madeline Ruid, Ruid, Morningstar, they're, Rich Pontillo, Patturaja, Tommy Reggiori Wilkes, Simon Jessop, Tomasz Janowski Organizations: GE Renewable Energy, REUTERS, Investors, Reuters Graphics, Companies, U.S . Infrastructure, Clean Energy Exchange, Energy, Reuters, Nasdaq, Intelligence, Thomson Locations: U.S, Encino , New Mexico, BENGALURU, LONDON, Britain, Netherlands, Norway, Bengaluru, London

☆ US bond funds suffer outflows on rate worries; money market funds gain traction
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 6 (Reuters) - U.S. bond funds saw significant outflows in the week ending Oct. 4, driven by concerns about prolonged elevated interest rates, while money market funds garnered substantial inflows as investors recalibrated their risk exposure amid a bond market sell-off. According to LSEG data, investors offloaded U.S. bond funds worth a net $6.34 billion during the week, the biggest amount since Dec. 21, 2022. Money market funds meanwhile, received about $43.15 billion in inflows, the highest since April 26, 2023. Investors exited equity growth funds worth $2.05 billion and value funds worth $1.23 billion. Reuters Graphics Reuters GraphicsNotably, consumer staples, healthcare and consumer discretionary sectors observed net outflows of $637 million, $461 million and $397 million, respectively.

Persons: Dado Ruvic, outflows, Gaurav Dogra, Patturaja, William Maclean Organizations: REUTERS, Federal Reserve, Reuters Graphics Reuters, Treasury, Thomson Locations: Bengaluru

☆ Investors hope U.S. job numbers give Fed less reason to hike
▼ + stars: | 2023-10-06 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Although the MSCI All-Country stock index (.MIWD00000PUS) was 0.2% higher, it has lost about 8% since its July peak, leaving it about 7% ahead for the year. We are talking about the duration, rather than higher rates," Spencer said. The dollar index is up 12 weeks in a row, equalling a streak that ran from July to October 2014. The dollar index was steady on Friday at 106.38. Gold was also steady at $1,821 an ounce after nine days of losses driven by rising global bond yields.

Persons: Brendan McDermid, Nonfarm, Patrick Spencer, RW Baird, Spencer, YEN, Kyle Rodda, Huw Jones, Tom Westbrook, Shri Navaratnam, Clarence Fernandez, Chizu Organizations: New York Stock Exchange, REUTERS, Federal, Treasury, Global, Analysts, Tokyo's Nikkei, London, Thomson Locations: New York City, U.S, Europe, Asia, Pacific, Japan

☆ Bonds 'in greatest bear market of all time' - BofA
▼ + stars: | 2023-10-06 | by ( Samuel Indyk | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 6 (Reuters) - The rout in the fixed-income market is causing the "greatest bond bear market of all time", Bank of America Global Research said in a note on Friday, as the peak-to-trough loss in the U.S. 30-year yield hit 50%. In its weekly "Flow Show" report, BofA said bond funds saw $2.5 billion in outflows in the week to Wednesday, citing EPFR data. BoFA's report showed that the current loss in 30-year bonds from the peak in the market in July 2020 to now far outpaces that of any previous bear market, making this one what it calls "the greatest of all time" and the "humiliation trade" right now is buying bonds. BofA said its "Bull & Bear indicator", dropped to a five-month low of 2.6 on poor equity breadth, outflows from emerging markets, high yield bonds and developed market stocks. BofA said it prefers to "sell the rips" in the upper half of S&P 500's (.SPX) range of 3,600-4,200 as they are "convinced the bear market has unfinished business".

Persons: Dado Ruvic, BofA, BoFA's, Michael Hartnett, Samuel Indyk, Amanda Cooper, Sharon Singleton Organizations: REUTERS, Bank of America Global Research, Equity, Thomson Locations: U.S, outflows

☆ EU leaders to debate economic security amid global tensions
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

A European Union flag flutters outside the congress palace ahead of the European Political Community summit in Granada, Spain, October 4, 2023. The EU executive plans to work with the 27 EU members to assess by the end of the year whether there are any risks to the bloc's economic security linked to advanced semiconductors, artificial intelligence, quantum technology and biotechnology. It is part of the European Economic Security Strategy unveiled by the Commission in June that calls for strengthening the EU's own internal market, fostering research, forging alliances with reliable partner and using existing trade defence tools and considering new ones. Part of the debate will centre on the degree to which countries are willing to harmonise their policies on national security and transfer certain powers to Brussels. Countries such as Sweden and the Netherlands want more open markets, while others such as France has more focus on protecting domestic producers.

Persons: Jon Nazca, Charles Michel, Russia's, Philip Blenkinsop, Andrew Heavens Organizations: REUTERS, Rights, Union, Commission, EU, European Economic Security, Thomson Locations: Granada, Spain, Rights GRANADA, China, Ukraine, Europe, Brussels, Sweden, Netherlands, France

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 4 (Reuters) - Exchange-traded funds tracking automakers saw net outflows last month on worries over the United Auto Workers' (UAW) strike against the "Detroit Three" and higher interest rates. Production at General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI) have taken a beating as the UAW strike headed into the 20th day. "The redemption of ~20% of the (First Trust) ETF's net assets in mid-September could have been related to the UAW strike, although it's tough to say with certainty." The $1.02 billion Direxion Daily TSLA Bull 1.5X Shares ETF (TSLL.O) saw its first month of outflows in four.

Persons: Rebecca Cook, Bryan Armour, that's, Todd Sohn, Bansari Mayur, Anil D'Silva Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Exchange, United Auto Workers ', General Motors, Ford, Chrysler, Nasdaq Transportation, North America, Morningstar, JPMorgan, GM, X Autonomous & Electric Vehicles, Trust, Global, Strategas Securities, Thomson Locations: Delta Township, Michigan, Bengaluru

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The analyst said higher deposit rates were potentially being used to limit outflows at Credit Suisse and had been weighing on the bank's ability to bolster revenue. Credit Suisse reported net asset outflows of 39 billion francs in the second quarter. However, UBS said the outflows had slowed down and reversed in June, with Credit Suisse reporting net deposit inflows of $18 billion in the second quarter. UBS's Chief Executive Sergio Ermotti has said he aims to get back the Credit Suisse assets.

Persons: Denis Balibouse, Kian Abouhossein, Abouhossein, Sergio Ermotti, Ermotti, Noele Illien, Stefania Spezzati, Oliver Hirt, Elisa Martinuzzi, Mark Potter Organizations: Credit Suisse, UBS, REUTERS, Rights, Suisse, JPMorgan, UBS's, Thomson Locations: Zurich Switzerland, Raiffeisen, Switzerland

☆ Russian ruble weakens past symbolic threshold of 100 against the dollar
▼ + stars: | 2023-10-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A woman looks at a board showing the rates of dollars and euros against the ruble in front of the exchange office on February 19, 2023, in Moscow, Russia. Russia's economy is beginning to feel the weight of Western sanctions, following the start of the war against Ukraine. The Russian ruble weakened beyond a symbolic threshold of 100 to the U.S. dollar in the early hours of Tuesday as foreign currency outflows and a shrinking balance of trade continue to weigh on the currency. The ruble recovered slightly through the morning, and was hovering just above 99.5 versus the greenback by around 8 a.m. London time. When the ruble last weakened into triple digits in August, the Bank of Russia called an emergency meeting to hike interest rates by 350 basis points to 12%.

Persons: Vladimir Putin's Organizations: Ukraine, U.S, Bank of Russia, Bank of Locations: Moscow, Russia, London, Russian, Bank of Russia

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

By 1150 GMT, the rouble was 0.6% stronger against the dollar at 99.17, having hit 100.2550 in early trade, a more than seven-week low. "There is still no cause for concern," Kremlin spokesman Dmitry Peskov told reporters. "Expensive oil and an increase in the key rate are improving the outlook for the rouble, but in the medium-term," Promsvyazbank analysts said. They expected the rouble to make a short-lived move beyond 100 to the dollar in the absence of new support measures from the authorities. "This level (100) is not a technical resistance, it's an important psychological barrier," said Alor Broker's Alexei Antonov.

Persons: Maxim Shemetov, Dmitry Peskov, Brent, Vladimir Putin's, Alexei Antonov, Lidia Kelly, Alexander Marrow, Andrew Heavens, Alison Williams Organizations: REUTERS, Bank of Russia, Reuters, Thomson Locations: Russian, Moscow, Russia, Ukraine, Melbourne, London

By contrast, both funds received their highest monthly net inflows of 2023 in June, gaining $265.5 million and $29.74 million, respectively, according to Lipper data. But AI stocks have suffered along with broader markets in recent weeks, as Treasury yields hovering around 16-year highs dull investors' risk appetite. Retail investor flows into the sector have also cooled as the initial fervor surrounding AI wanes. September saw the lowest net monthly retail flows of $1.96 billion into AI-linked stocks since April, according to Vanda Research. "It is possible this negative sentiment could reverse again in Q4, particularly if large cap tech stocks like Nvidia held in AI-themed tech ETFs continue to show strong earnings growth," CFRA's Ullal added.

Persons: Dado Ruvic, Aniket, Mark Haefele, Bansari Mayur, Ira Iosebashvili, Mark Potter Organizations: REUTERS, Robotics, Intelligence, Global Robotics, Automation, CFRA Research, Vanda Research, Global, Nvidia, UBS Global Wealth Management, Thomson, & $ Locations: Bengaluru

☆ Hedge funds using computers to sell up to $30 billion of stocks soon - UBS
▼ + stars: | 2023-10-02 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsLONDON, Oct 2 (Reuters) - Hedge funds using computers to trade equities are expecting to start selling to the tune of $20 billion to $30 billion in the next two weeks given retreating stock markets, a UBS (UBSG.S) note seen by Reuters shows. Hedge funds using algorithms to follow market trends have turned neutral from bullish on stocks, the UBS note said. This will be the first time these hedge funds will be net short equity markets since November 2022, the bank said. The size of the U.S. stock market is estimated to be $46.2 trillion, according to the Securities Industry and Financial Markets Association.

Persons: Denis Balibouse, CTAs, Nell Mackenzie, Dhara Ranasinghe, Alison Williams Organizations: Swiss, UBS, REUTERS, Reuters, Securities Industry, Financial Markets Association, Currency, Bank for International, Thomson Locations: Zurich, Switzerland, U.S

☆ Global bond funds register big outflows on rate worries
▼ + stars: | 2023-09-29 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

According to LSEG data, global bond funds suffered disposals of $3.25 billion on a net basis, compared with $2.29 billion worth of net purchases in the week before. High-yield bond funds booked $3.11 billion of net selling during the week, the biggest outflow in six months. Investors also shed $300 million worth of corporate bond funds while pouring about $2.35 million into government bond funds. Data showed global equity funds experienced a net $10.7 billion worth of outflow, the biggest in a week since Aug. 23. Data for emerging markets comprising 28,251 funds showed that equity funds’ outflows stood at $3.7 billion, the highest since June 7.

Persons: Brendan McDermid, outflows, ’ outflows Organizations: Reuters, New York Stock Exchange, REUTERS, U.S . Federal Reserve, European Central Bank, Bank of England, Investors, ’ Locations: New York City, U.S, outflows, outgo

☆ Hedge fund giant Third Point reportedly facing big investor outflows in 2023 amid slumping returns
▼ + stars: | 2023-09-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Dan Loeb's Third Point is dealing with big investor outflows in 2023, the Wall Street Journal reported. Investors have pulled funds after Loeb missed out on the huge tech rally earlier this year. The WSJ report said Loeb is now betting on an eventual credit crunch amid rising interest rates. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. According to a Friday report from The Wall Street Journal, Third Point funds have dropped by about 1.6% through August.

Persons: Dan Loeb's, Loeb, —, Dan Loeb, annualized, Steve Davis, I'm, we've, Sam Bankman Organizations: Wall Street Journal, Investors, Service, Wall Street, Journal Locations: —, Sacramento

☆ Buy this regional bank stock that has been 'caught in the storm,' Citi says
▼ + stars: | 2023-09-29 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

However, Citi thinks the stock has been "caught in the storm" and sees upside potential ahead. Following the failure of Silicon Valley Bank, Zions got caught in a broader panic among regional banks, which led to deposit outflows and funding pressures. 31, 2023, the bank's core deposits fell by nearly 10% to about $64 billion, according to Citi. "ZION has been impacted by deposit outflows, but we find that ZION's core deposits (excluding broker deposits) ranks second lowest on cumulative beta on total deposits so far this cycle. ZION reported positive trends towards the end of 2Q as core deposits were up 3% sequentially," Horowitz said.

Persons: Zions Bancorporation, Keith Horowitz, Zions, Horowitz, ZION, CNBC's Michael Bloom Organizations: Citi, Silicon Valley Bank, Watch, Management Locations: Silicon, Mar, Zions, 4Q23, NII, ZION

☆ US equity funds see biggest weekly outflow in three months
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +2 min

According to LSEG data, U.S. equity funds suffered outflows of a net $11.69 billion, the biggest of any week since June 21. Equity value funds observed $4.37 billion worth of outflows, the most since December 2022. Meanwhile, growth funds witnessed about $1.95 billion worth of net outgo. U.S taxable bond funds witnessed $2.27 billion worth of net selling, while net withdrawal from municipal bond funds stood at $1.42 billion. Investors offloaded high-yield bond funds of a net $2.6 billion in their biggest weekly net disposal since Feb. 22.

Persons: Brendan McDermid, Gaurav Dogra, Patturaja, Jan Harvey 私 Organizations: New York Stock Exchange, REUTERS, Reuters Graphics Reuters, Investors Locations: New York City, U.S, Bengaluru

☆ Regular investors are shedding mega-cap tech in this sell-off — especially one name
▼ + stars: | 2023-09-28 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Analyst Peng Cheng found the electric vehicle maker suffered the highest outflows of all individual stocks from retail investors in the past week. That's part of a bigger trend among individual investors of gradually selling mega-cap technology names, the analyst added. In the past week, retail investors pulled a net $411 million freom Tesla. Fellow mega-cap tech stocks Amazon and Meta Platforms were also among the most sold by individual investors last week. That means it would eclipse even the SPDR S & P 500 ETF Trust (SPY) , which tracks the S & P 500.

Persons: Tesla, Peng Cheng, TSLA, Cheng, they're, Vanda, — CNBC's Michael Bloom Organizations: JPMorgan, Nasdaq, Vanda Research, Trust, Wall

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