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.
It is worth noting that rates are going to be higher for longer because...the Fed sees inflation remaining higher for longer. Officials project inflation will fall below 3% next year and see it returning to its 2% target in 2026.
There are a lot of new numbers today, but the forecast for a lower unemployment rate than previously expected is a standout. The Fed is saying that, even as rates stay punishingly high, unemployment will now top out at 4.1% instead of 4.5%.
That seems like a very bullish call.
That seems like a very bullish call.
Powell:
“We will continue to make our decisions meeting by meeting based on the totality of the incoming data and their implications for the outlook for economic activity and inflation.”
: 통화정책회의에서 금리결정은 온전히 향후 얻게 되는 경제지표에 의할 것이라는 기존 입장을 유지함.
“We’re prepared to raise rates further if appropriate.”
: 그렇기 때문에, 필요할 경우 추가적인 금리인상도 가능하다고 밝힘.
“I do think it’s possible.”
: 경제가 연착륙 가능할 것 같냐는 질문에 그렇게 본다고 답함.
“The time will come at some point, and I’m not saying when, that it’s appropriate to cut.”
: 언젠가 금리를 인하할 때가 오겠지만, 언제가 될진 알 수 없다고 함.
“That’s what we have been trying to achieve. But the worse thing to do is to fail to restore price stability."
: 경제를 연착륙 시키는 일도 중요하지만, 물가를 안정 시키지 못하면 그것이 더 큰일이라고 함.
“We will continue to make our decisions meeting by meeting based on the totality of the incoming data and their implications for the outlook for economic activity and inflation.”
: 통화정책회의에서 금리결정은 온전히 향후 얻게 되는 경제지표에 의할 것이라는 기존 입장을 유지함.
“We’re prepared to raise rates further if appropriate.”
: 그렇기 때문에, 필요할 경우 추가적인 금리인상도 가능하다고 밝힘.
“I do think it’s possible.”
: 경제가 연착륙 가능할 것 같냐는 질문에 그렇게 본다고 답함.
“The time will come at some point, and I’m not saying when, that it’s appropriate to cut.”
: 언젠가 금리를 인하할 때가 오겠지만, 언제가 될진 알 수 없다고 함.
“That’s what we have been trying to achieve. But the worse thing to do is to fail to restore price stability."
: 경제를 연착륙 시키는 일도 중요하지만, 물가를 안정 시키지 못하면 그것이 더 큰일이라고 함.