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...Fu also noted that the C919’s production rate was still growing slowly....
...“If certain TV series have to persist in presenting stories in a ‘western-centric’ way, that won’t escape the eyes of [our] audiences,” the Chinese Communist party tabloid Global Times said this week....
...“We don’t believe the fundamental demand drivers in China have changed....
...“When people come to [our] facilities they don’t immediately turn around and leave,” he said, adding that better facilities had helped his customers retain employees....
...If this wasn’t provocative enough, bondholders were then told that they should brace themselves for haircuts....
...And as Chronert points out, S&P 500 performance this year has been notably correlated with economic surprises (his chart): The simultaneously strong market momentum and delirious sentiment doesn’t worry...
...I don’t think this is quite right....
...Additional reporting by Chan Ho-him in Hong Kong...
...LSEG hasn’t split out earnings in its latest accounts, but S&P Global says its indices generated net profits at $925mn in 2023, and MSCI said they clocked in at $1.1bn....
...“These data will support the hawks” at the ECB, said Tomasz Wieladek, an economist at investor T Rowe Price....
...“It’s more of a confession that growth isn’t going to come roaring back than anything,” he added....
...The failure of higher rates to pop bubbles (when stocks someone doesn’t own rise a lot in value) is a source of continual annoyance....
...And while corporates have been the dominant buyers of equities over the past year, there’s $6tn of dry powder sitting in money market funds that could be dislodged by lower interest rates: The S&P 500’s...
...You can’t, as they say, make this stuff up....
...So everyone piled in and production shot up, but near-term demand hasn’t materialised....
...It’s just that we don’t have any strong convictions about the macro environment....
...Despite gloomy predictions about the US stock market earlier in the year, the S&P 500 was up more than 18 per cent year to date on July 14....
...“Everyone’s been anticipating a recession for a long time and it hasn’t materialised.” Read more about the drivers boosting markets....
...The S&P 500 hit another all-time high yesterday. More importantly, Trump Media & Technology Group rose another 14 per cent, right after we wrote that it looked a bit overvalued....
...Below is the trailing P/E ratio on the S&P 500: There are other signs of dizziness out there. Some individual stocks have gone bananas....
...Assume, then, that TMTG’s weighted average cost of capital falls from more than 20 per cent to 5-6 per cent, the S&P 500’s average WACC. Even then, we’re only at $51....
...“If future generations don’t feel hopeful about this country and their future in it, then the US doesn’t only lose the force that makes people want to invest....
...Lingotto, the asset manager backed by Italy’s Agnelli family, has hired Pam Chan to open its New York office and as chief investment officer of its new Mosaic Fund, the WSJ reports....
...In many cases, the numbers “simply won’t stack up,” says Pete Smith, professor of soils and global change at the University of Aberdeen....
...Or, if you decide you don’t, go find something else. But please don’t think you can spend the next five years moaning.”...
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