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HNWI

China’s economic recovery from the coronavirus will lift its neighbors in Asia, says Invesco

5 years ago

Economies in Asia are set to benefit as China’s shows a strong rebound from the coronavirus pandemic, says Invesco’s David Chao.
In particular, the focus is on “whether the Chinese consumer can quickly return back to normalized activity,” Chao said.
Chao’s comments came after recent data showed China’s manufacturing activity expanded in September, pointing to a continued recovery for the world’s second-largest economy.

Dow rebounds more than 300 points on stimulus hope to end first losing month since March

5 years ago

Stocks cut gains in the final hour of trading after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal. The pair will continue talks as they try to craft a fifth package that could pass both chambers of Congress. The market soared earlier in the session after Mnuchin said lawmakers were giving the bill “a serious try.”

Porsche is upbeat on China sales as automakers bet on luxury electric vehicles

5 years ago

The coronavirus pandemic has generally affected wealthier segments of the Chinese population less, while altering some consumer habits that are driving demand for luxury car brands such as Porsche.
Electric vehicles in the high-end segment are particularly in demand, several executives say.
However, Thomas Ingenlath, CEO of premium electric vehicle brand Polestar, says that even with growth in China, he expects the market will remain less than half of global sales.

Vanguard shifting prime money market fund to safer U.S.-backed investments

5 years ago

Next month, Vanguard will transition its $125.3 billion Prime Money Market Fund into a government money market fund and rename it the Vanguard Cash Reserves Federal Money Market Fund.
Prime fund investors will be eligible for lower fees, as Vanguard will reduce the investment minimum for its Prime Admiral Shares from $5 million to $3,000, effective Aug. 27.
Vanguard isn’t alone. Northern Trust also closed a money market fund earlier this year.

Goldman’s top stock picker is bullish on tech and bearish on energy

5 years ago

David Kostin said in a research note dated Friday that analysts at Goldman had been reflecting on a “remarkable” rally during the last three months.
“Most institutional investors have been stunned by the juxtaposition of the sharpest GDP contraction on record with a 36% market rally, as have we,” Kostin said.
“But, the combination of incremental data improvement and extraordinary policy support has been sufficient to assure the forward-looking market that the earnings damage resulting from the virus will ultimately be short-lived,” he added.

How IPOs give the ‘illusion of diversity’ with underwriters, while paying minority-owned firms less

5 years ago

It’s common for initial public offerings to include minority-, women- and veteran-owned business enterprises as underwriters.
But a CNBC analysis found those “MWVBE” firms’ fees are about 12 cents on the dollar — when compared with other smaller firms with “passive” roles.
On average, between 2016 and the first half of 2020, MWVBE’s received 0.69 percent of the fee pool, the CNBC analysis found, using S&P Global Market Intelligence data.

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