Bottom-line: 미국 상장 중국 주식의 지수가 하루에 -7.1% 하락하며 9년래 최저치를 기록함. 지난 3월 중국이 강력한 시장 안정 조치를 발표 한 이후 상승폭을 모두 되돌린 것이며, 주요 구성 기업 다수가 하루 -10% 이상 하락함. 소비재 및 기술주 모두 부진의 늪에 빠진 이유는 4개월래 큰 폭 증가한 바이러스 환자, 그리고 전례없는 경제지표 발표 연기에 따른 우려였음.
Chinese stocks listed in the US tumbled Wednesday as concerns over the nation’s economic outlook and a rise of Covid cases in the middle of the twice-a-decade party congress weighed on investor sentiment. The Nasdaq Golden Dragon China Index sank 7.1%, its steepest one-day decline since May 9, putting the gauge at its lowest closing level in more than nine years. The index has erased all its gains since mid-March, when Beijing announced a strong push to stabilize its markets. Nio Inc., Li Auto Inc., Xpeng Inc. and Bilibili Inc. were among the worst performers, each sliding more than 10%. Some of China’s largest tech companies listed in New York including Alibaba Group Holding Ltd., JD.com Inc. and Baidu Inc. also sank. Wednesday’s selloff came after shares listed in China and Hong Kong dropped amid a rout in consumer stocks and concerns about the region’s earnings outlook. Adding to the wall of worry for investors was the surge in Beijing’s Covid cases to the highest in four months and the government’s unprecedented silence on key economic indicators. The Hang Seng Tech Index slumped 4.2% overnight, to close near a record low level, as Hong Kong Chief Executive John Lee’s policy speech disappointed some investors.
Chinese stocks listed in the US tumbled Wednesday as concerns over the nation’s economic outlook and a rise of Covid cases in the middle of the twice-a-decade party congress weighed on investor sentiment. The Nasdaq Golden Dragon China Index sank 7.1%, its steepest one-day decline since May 9, putting the gauge at its lowest closing level in more than nine years. The index has erased all its gains since mid-March, when Beijing announced a strong push to stabilize its markets. Nio Inc., Li Auto Inc., Xpeng Inc. and Bilibili Inc. were among the worst performers, each sliding more than 10%. Some of China’s largest tech companies listed in New York including Alibaba Group Holding Ltd., JD.com Inc. and Baidu Inc. also sank. Wednesday’s selloff came after shares listed in China and Hong Kong dropped amid a rout in consumer stocks and concerns about the region’s earnings outlook. Adding to the wall of worry for investors was the surge in Beijing’s Covid cases to the highest in four months and the government’s unprecedented silence on key economic indicators. The Hang Seng Tech Index slumped 4.2% overnight, to close near a record low level, as Hong Kong Chief Executive John Lee’s policy speech disappointed some investors.
Bottom-line: 제임스 블라드는 인플레이션이 진정된다면 내년 초에 공격적인 금리인상이 마무리 될 수 있다고 답변함. 하지만, 이 답변의 세부적인 내용을 살펴보면 인플레이션이 진정될 경우를 가정한 것임. 그는 중앙은행이 끝없이 금리를 인상할 순 없고, 다만 의미있는 인플레이션 하락의 데이터가 보이는 수준까지 금리인상을 빠르고 더 높게 할 수 있다는 여지를 남김.
Federal Reserve Bank of St. Louis President James Bullard said he expects the central bank to end its ‘’front-loading” of aggressive interest-rate hikes by early next year and shift to keeping policy sufficiently restrictive with small adjustments as inflation cools. “You do have to think about what the reasonable level is,” Bullard said Wednesday in a Bloomberg TV interview with Kathleen Hays in St. Louis, suggesting that he doesn’t currently see the need to push rates higher than officials have already projected. The goal is to move to “some meaningfully restrictive level” that will push inflation down.“. But it doesn’t mean that you go up forever,” he said. “In 2023 I think we’ll be closer to the point where we can run what I would call ordinary monetary policy,” he said. “Now you’re at the right level of the policy rate, you’re putting downward pressure on inflation, but you can adjust as the data come in in 2023.”. Bullard said the November meeting result “has been more or less priced in to markets” for a 75 basis-point hike, though he’d prefer to wait until the meeting to decide his preference for the size of the move.
Federal Reserve Bank of St. Louis President James Bullard said he expects the central bank to end its ‘’front-loading” of aggressive interest-rate hikes by early next year and shift to keeping policy sufficiently restrictive with small adjustments as inflation cools. “You do have to think about what the reasonable level is,” Bullard said Wednesday in a Bloomberg TV interview with Kathleen Hays in St. Louis, suggesting that he doesn’t currently see the need to push rates higher than officials have already projected. The goal is to move to “some meaningfully restrictive level” that will push inflation down.“. But it doesn’t mean that you go up forever,” he said. “In 2023 I think we’ll be closer to the point where we can run what I would call ordinary monetary policy,” he said. “Now you’re at the right level of the policy rate, you’re putting downward pressure on inflation, but you can adjust as the data come in in 2023.”. Bullard said the November meeting result “has been more or less priced in to markets” for a 75 basis-point hike, though he’d prefer to wait until the meeting to decide his preference for the size of the move.
Bottom-line: 높아진 변동성 덕분에 밀레니엄 자산운용과 같이 하나의 펀드 기준가가 다수의 다른 전략을 사용하는 펀드 매니저들에 의해 구성되는, 소위 멀티 매니저 펀드가 좋은 성과를 거두고 있음. 83조원 상당의 자산을 운용 중인 동사는 올해 9월까지 9.7%의 수익을 거두며 미국 지수의 -22% 하락과 대조적이었음. 미국 지수의 옵션을 기초자산으로 산정되는 변동성 지수가 전년 대비 79% 상승함에 따라 두 해에 걸쳐 얻을 수익을 한 해에 얻었다고 함. 거대한 자금을 운용하기 위해 회사는 i) 운용자산, ii) 공정한 보상, iii) 활용할 수 있는 자원, iv) 자율성을 보장하는 대신에 과거와 달리 펀드 매니저에게 투자자들과의 관계가 어떤지, 자산을 어떻게 확장 시키는지 등의 요구도 늘어났음.
A high volatility environment is great for multi-manager firms like Millennium Management LLC, according to Bobby Jain, co-chief investment officer one of the world’s largest hedge funds. In times of volatility, “you can get two years worth of trading in one year,” Jain said at the Capitalize for Kids Investors Conference in Toronto on Wednesday. Millennium manages more than $58 billion and its flagship fund gained 9.7% this year through September, while the S&P 500 Index has tumbled 22%. The firm has done it in an environment of rising market turbulence: the Cboe Volatility Index, a gauge of market-wide fear, is up nearly 79% this year. Asked about the impact of the pandemic on investment firms, Jain said one of the biggest changes has been more staff wanting to work from home. “Our business has internationalized dramatically in the last two-and-a-half years” as people moved to be closer to their families, he said, adding that it also presented a new challenge as the firm sorted out regulatory relationships when working out of new countries. This year, Millennium expanded its emerging markets team in Dubai and is opening two new outposts in tax-friendly Florida. In the war for talent, Jain said portfolio managers have become more sophisticated when they consider new roles. Now they’re not just asking how much capital they can manage, he said. They also want to know what the terms of the capital are, how stable the cash is, what the relationship with investors is like and what the process is to scale assets. They also value strong risk-management and execution technology and autonomy -- including the right to hire teams as they like. “So we offer those four things,” Jain said referring to assets, fair compensation, resources and autonomy. Millennium will be returning $15 billion to investors at the end of this year as it continues to bring in longer-term client capital -- a move it has been making for some years. The effort is part of the firm’s view that more stable capital is a key tool in attracting and retaining talent.
A high volatility environment is great for multi-manager firms like Millennium Management LLC, according to Bobby Jain, co-chief investment officer one of the world’s largest hedge funds. In times of volatility, “you can get two years worth of trading in one year,” Jain said at the Capitalize for Kids Investors Conference in Toronto on Wednesday. Millennium manages more than $58 billion and its flagship fund gained 9.7% this year through September, while the S&P 500 Index has tumbled 22%. The firm has done it in an environment of rising market turbulence: the Cboe Volatility Index, a gauge of market-wide fear, is up nearly 79% this year. Asked about the impact of the pandemic on investment firms, Jain said one of the biggest changes has been more staff wanting to work from home. “Our business has internationalized dramatically in the last two-and-a-half years” as people moved to be closer to their families, he said, adding that it also presented a new challenge as the firm sorted out regulatory relationships when working out of new countries. This year, Millennium expanded its emerging markets team in Dubai and is opening two new outposts in tax-friendly Florida. In the war for talent, Jain said portfolio managers have become more sophisticated when they consider new roles. Now they’re not just asking how much capital they can manage, he said. They also want to know what the terms of the capital are, how stable the cash is, what the relationship with investors is like and what the process is to scale assets. They also value strong risk-management and execution technology and autonomy -- including the right to hire teams as they like. “So we offer those four things,” Jain said referring to assets, fair compensation, resources and autonomy. Millennium will be returning $15 billion to investors at the end of this year as it continues to bring in longer-term client capital -- a move it has been making for some years. The effort is part of the firm’s view that more stable capital is a key tool in attracting and retaining talent.
Bottom-line: 전광석화.
China Stock Bounce Is Short-Lived on News of Quarantine Debate.
China Stock Bounce Is Short-Lived on News of Quarantine Debate.
Bottom-line: Ding Ding Ding! 150 Dollar-Yen.
USD/JPY has reached 150 for the first time since 1990 and traders will be looking for Japanese authorities to support the yen with direct or stealth intervention.
USD/JPY has reached 150 for the first time since 1990 and traders will be looking for Japanese authorities to support the yen with direct or stealth intervention.
Bottom-line: 영국 부채연계투자(LDI)의 타격이 슈로더를 통해 일부 확인됨. 영국 최대 규모의 독립 운용사의 운용자산이 3분기 동안 33조 6,000억원 감소했는데, 부채연계투자를 담당하는 솔루션 사업부에서 대부분 빚어진 것으로 보임. 파생상품을 활용해 연기금이 자산과 부채를 일치시키는데 사용하는 부채연계투자는 지난 10년 간 4배 가까이 성장해 2020년 기준 2,565조원에 이르는 시장 규모임. 회사는 답변을 거부했으나 운용자산 손실의 대부분은 9월 23일 리즈 트러스 총리로부터 빚어진 혼란에 기인한 것으로 보임.
Schroders Plc saw its assets under management drop by £21 billion in the third quarter after the UK pension fund crisis engulfed the industry. The UK’s largest standalone asset manager said assets dropped to £752.4 billion from £773.4 billion in the three months through September, according to a statement Thursday. More than £20 billion of the decline came from the firm’s Solutions business, which houses its so-called liability-driven investment strategies. Schroders is one of several asset managers to offer LDI investment strategies that typically use derivatives to help pension funds match their assets with their liabilities. It is a £1.6 trillion market, which has almost quadrupled in the 10 years through 2020, according to the UK’s Investment Association.
A spokesperson for the firm declined to comment. The results only capture a week of the turmoil that rippled through markets after the announcement on Sept. 23 by the government of new Prime Minister Liz Truss of unfunded tax cuts and increased state spending.
Schroders Plc saw its assets under management drop by £21 billion in the third quarter after the UK pension fund crisis engulfed the industry. The UK’s largest standalone asset manager said assets dropped to £752.4 billion from £773.4 billion in the three months through September, according to a statement Thursday. More than £20 billion of the decline came from the firm’s Solutions business, which houses its so-called liability-driven investment strategies. Schroders is one of several asset managers to offer LDI investment strategies that typically use derivatives to help pension funds match their assets with their liabilities. It is a £1.6 trillion market, which has almost quadrupled in the 10 years through 2020, according to the UK’s Investment Association.
A spokesperson for the firm declined to comment. The results only capture a week of the turmoil that rippled through markets after the announcement on Sept. 23 by the government of new Prime Minister Liz Truss of unfunded tax cuts and increased state spending.
Bottom-line: 지도자 투표를 담당하는 1922 위원회의 브래디 위원장을 리즈 트러스 총리가 만날 예정임.
Truss Meets With UK Tory Official in Charge of Leadership Votes. UK Prime Minister Liz Truss is meeting Graham Brady, chairman of the 1922 Committee in Downing Street, Truss’s office says in an emailed statement.
Truss Meets With UK Tory Official in Charge of Leadership Votes. UK Prime Minister Liz Truss is meeting Graham Brady, chairman of the 1922 Committee in Downing Street, Truss’s office says in an emailed statement.
Bottom-line: 누가 후임이 될지에 대한 베팅 상태며, 보수당 위원들에 의하면 리즈 트러스에 대한 정리가 생각보다 빨리 될 수도 있다고 함. 물론, 후임을 누구로 해야 하는지에 대한 문제가 있음.
Several Tory MPs have told me this morning that things are moving very quickly against Liz Truss now. They previously thought she had bought herself enough time to get to the end of the month, but yesterday’s departure of Braverman and the chaos of the fracking vote means she could depart this week. Tricky thing is, many MPs still don’t know who’s the best person to replace her.
Several Tory MPs have told me this morning that things are moving very quickly against Liz Truss now. They previously thought she had bought herself enough time to get to the end of the month, but yesterday’s departure of Braverman and the chaos of the fracking vote means she could depart this week. Tricky thing is, many MPs still don’t know who’s the best person to replace her.
Bottom-line: 엄밀히 말하면, 보수당 원칙에 따라 1년 동안 해임이 면제되므로 보호 받을 수 있지만, 수 많은 사임 요청이 있다면 오히려 위원장이 규칙을 변경해야 할지도 모른다는 압박을 받을 것임. 아마도 그 전에 브래디 위원장이 리즈 트러스에게 모든게 끝났다 말하고, 스스로 물러나도록 할 것으로 보임.
Strictly speaking, Truss is protected from a leadership challenge due to a one-year immunity clause under existing Conservative Party rules. But if Brady receives a mountain of letters calling for Truss to quit, he’ll be under huge pressure to change the rules to allow a fresh leadership vote. It’s likely it wouldn’t even get that far -- Brady would tell Truss it’s game over, and she’d quit.
Strictly speaking, Truss is protected from a leadership challenge due to a one-year immunity clause under existing Conservative Party rules. But if Brady receives a mountain of letters calling for Truss to quit, he’ll be under huge pressure to change the rules to allow a fresh leadership vote. It’s likely it wouldn’t even get that far -- Brady would tell Truss it’s game over, and she’d quit.
Bottom-line: 그녀는 포기하지 않고 싸우는 사람이라고 말했지만, 누구도 그녀를 지지하지 않는 지금 무엇을 위해 싸워야 할까?
Truss made the point yesterday that she’s a fighter, not a quitter. The question now is what she’s fighting for.
Truss made the point yesterday that she’s a fighter, not a quitter. The question now is what she’s fighting for.
Bottom-line: 이론적으로 임기 1년 뒤 15%의 인원이 1922 위원회 위원장에게 의사를 제출해야 투표가 열리지만, 그 전에 그녀에게 사임을 권할 것으로 예상함.
In theory, Truss is protected from an internal party leadership challenge for her first year in power, and thereafter the rule is that if 15% of Tory MPs submit a letter to Brady, a contest is triggered. But in practice, as Joe says, if a groundswell of lawmakers tell Brady they think she should go, he’ll relay to her the message that the game’s up.
In theory, Truss is protected from an internal party leadership challenge for her first year in power, and thereafter the rule is that if 15% of Tory MPs submit a letter to Brady, a contest is triggered. But in practice, as Joe says, if a groundswell of lawmakers tell Brady they think she should go, he’ll relay to her the message that the game’s up.
Bottom-line: 앞선 두 총리도 1년의 기간에 의해 살아남았지만, 그 뒤 곧 바로 사라졌음. 시장의 채권과 통화의 현재 손실 회복 반응은 그녀의 지도 하에 영국이 위험했다 생각했음을 보여주고 있음.
Markets are looking past the fact that Truss’s leadership is in danger: UK bonds have rallied, easing earlier losses, and the pound has flipped to gains today. Both of Truss’s immediate predecessors -- Boris Johnson and Theresa May -- survived confidence votes, in theory giving them -- like Truss -- a year’s immunity from challenge. And both were gone within a year.
Markets are looking past the fact that Truss’s leadership is in danger: UK bonds have rallied, easing earlier losses, and the pound has flipped to gains today. Both of Truss’s immediate predecessors -- Boris Johnson and Theresa May -- survived confidence votes, in theory giving them -- like Truss -- a year’s immunity from challenge. And both were gone within a year.
The current holder of that rather ignominious record, George Canning, died in office of tuberculosis after 119 days. Truss is currently on 44 days.
Bottom-line: 다우닝 가 10번지에 한시간도 되지 않아 주요 인사들이 모두 모임.
It’s been a busy lunchtime for Liz Truss. Within just one hour, 1922 Chair Graham Brady, Deputy Prime Minister Therese Coffey and Party chairman Jake Berry all entered No 10.
It’s been a busy lunchtime for Liz Truss. Within just one hour, 1922 Chair Graham Brady, Deputy Prime Minister Therese Coffey and Party chairman Jake Berry all entered No 10.
Bottom-line: 점점 많은 불신임 편지가 도착하고 있음.
More letters of no confidence are publicly going in against Liz Truss. One of the latest is from Jill Mortimer, who won her seat in a by-election under Boris Johnson.
More letters of no confidence are publicly going in against Liz Truss. One of the latest is from Jill Mortimer, who won her seat in a by-election under Boris Johnson.
Bottom-line: 다우닝 가 10번지의 유명한 검은색 문 앞에 연설대가 설치되었으며, 파운드화는 리즈 트러스의 성명문 발표가 다가올 수록 상승 중임.
The prime minister’s podium is being installed outside the famous black door of 10 Downing Street. The pound is taking all this news rather well. It’s spiking higher as the statement approaches, and is currently up 0.5% at $1.1278.
The prime minister’s podium is being installed outside the famous black door of 10 Downing Street. The pound is taking all this news rather well. It’s spiking higher as the statement approaches, and is currently up 0.5% at $1.1278.