News Flow: 유럽은 성장 없이 물가만 높은 상황을 우려하고, 미국은 종전의 경제 성장률 전망을 두배 높게 수정해야 할 정도로 강한 상태라는 것이 대조적.
i) Stocks Slide as European Stagflation Fears Mount.
ii) Fed Officials Set to Double Growth Forecast After Strong Data.
i) Stocks Slide as European Stagflation Fears Mount.
ii) Fed Officials Set to Double Growth Forecast After Strong Data.
Bottom-line: 중국 위안화가 역대 수준으로 절하되자 예상보다 강한 환율 고시 직후 당국은 구두 개입을 통해 방향을 반전시킴. 여전히 위안화를 안정적 수준에서 관리 가능하다 밝혔고, 일부 거래자들은 발표 이후 달러 매도를 한 것으로 보임. 덧붙여 8월 신용 활동이 확장되었단 지표가 발표되며 위안화 강세를 더했음.
China escalated its defense of the yuan by delivering a strong verbal warning after forceful guidance with its daily reference rate, moves that pushed the managed currency away from a 16-year low. The nation’s financial regulators will take action to correct one-sided moves in the market whenever it’s needed and they are confident in keeping the yuan basically stable, the People’s Bank of China said in a statement on Monday. That came a few hours after policymakers set a daily fixing that was stronger-than-expected by a record margin and state-owned lenders were also seen actively selling dollars, according to traders who asked not to be named. Adding fuel to the yuan’s rebound, China also reported Monday that credit expanded more than expected in August as lenders boosted loans and the government accelerated the sale of bonds.
China escalated its defense of the yuan by delivering a strong verbal warning after forceful guidance with its daily reference rate, moves that pushed the managed currency away from a 16-year low. The nation’s financial regulators will take action to correct one-sided moves in the market whenever it’s needed and they are confident in keeping the yuan basically stable, the People’s Bank of China said in a statement on Monday. That came a few hours after policymakers set a daily fixing that was stronger-than-expected by a record margin and state-owned lenders were also seen actively selling dollars, according to traders who asked not to be named. Adding fuel to the yuan’s rebound, China also reported Monday that credit expanded more than expected in August as lenders boosted loans and the government accelerated the sale of bonds.
Bottom-line: Deal Mania.
A flurry of deals. Disney and Charter reached an accord ending a blackout of ABC and ESPN for millions of cable customers, hours before the first Monday Night Football of the NFL season. Apple extended a pact to buy Qualcomm modem chips, a sign its in-house versions are taking longer than expected. And Smucker bought Twinkies maker Hostess for about $5.6 billion.
A flurry of deals. Disney and Charter reached an accord ending a blackout of ABC and ESPN for millions of cable customers, hours before the first Monday Night Football of the NFL season. Apple extended a pact to buy Qualcomm modem chips, a sign its in-house versions are taking longer than expected. And Smucker bought Twinkies maker Hostess for about $5.6 billion.
Bottom-line: 뱅크 오브 아메리카의 펀드 매니저를 대상으로 한 설문을 보면, '중국을 피하자'가 투자자들 사이 중론이 되었다는 사실을 알 수 있음. 중국 경제의 침체(또는 성장에 대한 믿음 상실), 미국의 견제 심화 등이 투자자로 하여금 극적인 자금배분 이동을 만들고 있음. 중국을 필두로 한 신흥국 주식시장 자산배분을 2022년 11월 이후 가장 낮은 수준으로 떨어뜨렸으며, 반면 미국에 대해서는 2022년 8월 이후 처음으로 초과배분하게 만들었음. 이 같은 추세는 전세계 자산배분에서 중국의 비중이 점차 감소하고 있다는 의미일 수도 있음. 이러한 자산배분이 보여주는 것과 같이, 올해 S&P 500 지수는 +17% 상승한 반면, 신흥국 지수는 +2% 상승에 그쳤음.
Concern over China’s sputtering economy has created a “dramatic shift” in investors’ equity allocation — a rush toward the US and an exodus from emerging markets, Bank of America’s latest global fund manager survey showed. BofA said the “avoid China” theme has become one of the biggest convictions among the surveyed investors with $616 billion in assets under management. A net zero percent of the lot expect stronger economic growth for the country in the near future, a massive reversal from 78% in February this year, and the lowest since the lockdown lows of last year. The trend is another signal of China’s declining heft in the global money pool. Doubts over the investability of Chinese equities have gathered steam as Beijing’s efforts to restore confidence have limited impact and as the West steps up oversight of exposure to Asia’s largest economy. That’s had an impact on emerging markets equity allocation, which fell to a net 9% overweight in September from 34%, the lowest reading since November 2022. In contrast, allocation to US equities rose 29 percentage points to a net 7% overweight — the first overweight reading since August last year, according to the survey. US equities have outperformed global peers this year, with the S&P 500 Index rising 17%. Meanwhile, the MSCI Emerging Markets Index has only gained 2%.
Concern over China’s sputtering economy has created a “dramatic shift” in investors’ equity allocation — a rush toward the US and an exodus from emerging markets, Bank of America’s latest global fund manager survey showed. BofA said the “avoid China” theme has become one of the biggest convictions among the surveyed investors with $616 billion in assets under management. A net zero percent of the lot expect stronger economic growth for the country in the near future, a massive reversal from 78% in February this year, and the lowest since the lockdown lows of last year. The trend is another signal of China’s declining heft in the global money pool. Doubts over the investability of Chinese equities have gathered steam as Beijing’s efforts to restore confidence have limited impact and as the West steps up oversight of exposure to Asia’s largest economy. That’s had an impact on emerging markets equity allocation, which fell to a net 9% overweight in September from 34%, the lowest reading since November 2022. In contrast, allocation to US equities rose 29 percentage points to a net 7% overweight — the first overweight reading since August last year, according to the survey. US equities have outperformed global peers this year, with the S&P 500 Index rising 17%. Meanwhile, the MSCI Emerging Markets Index has only gained 2%.
Arm priced its IPO at $51 a share, the top end of the marketed range, raising $4.87 billion and valuing itself at about $54.5 billion. The company had marketed 95.5 million shares for $47 to $51 each.
The stock is set to start trading on the Nasdaq on Thursday.
The stock is set to start trading on the Nasdaq on Thursday.
Prices paid to US producers increased in August by the most in more than a year, boosted by rising energy and transportation costs.
US Treasury bonds due May 2050 briefly sank below the 50-cent level for the second time in the past two months. The move underscores investor pain from Fed tightening after piling into rock-bottom interest rates during the pandemic.
Britain’s inflation rate fell unexpectedly despite a surge in fuel prices, easing pressure for further interest-rate increases from the Bank of England.
Essentially, there are an equal number of officials expecting 2024 rates of 4.875% to 5.125%. Compared with the current level of 5.625%, that implies 50-75 bps of cuts. Going into the meeting, the market was looking for about 85 bps of cuts. So we see some rate cut expectations trimming just a bit.