Hints and tips:
...Companies in Wall Street’s benchmark S&P 500 index spent $175bn buying back shares in the three months to June, according to preliminary data from S&P....
...“Not a single one of the clients who are in these funds would pay these rates for any other type of insurance, certainly not term [life] insurance,” she points out....
...Their critique is perhaps best laid out in 2018’s The Coddling of the American Mind by Jonathan Haidt and Greg Lukianoff....
...And so, you know, the main thing to understand about SVB is the S and the V — Silicon Valley, right? It’s taking deposits from Silicon Valley start-ups....
...Let us know what fintech predictions you have for the rest of the year at imani.moise@ft.com and sid.v@ft.com....
...One thing to start: Monday marked the S&P 500’s worst day of trading since May as the liquidity crisis at the Chinese property developer Evergrande rocked global financial markets....
...Our analysis suggests there is limited liquidity risk under our base case with all companies having sufficient funds to last until trading is forecast to normalize in September....
...Buybacks cancellation vs. pension funds’ rebalancing. The list of companies suspending share buybacks is growing fast, as earnings recession looms and financial conditions are tightening....
...However, these figures understate the risk to market dividends in our view given that they largely exclude Energy and Insurance where there have been few company comments at this stage....
...• Funds flow to equities relative to bonds has never held up this well (given performance and low bullish sentiment) because: i) bonds risk no longer diversifying, and ii) pension/insurance companies’...
...We keep a preference for high credit quality companies. . . . ESG funds have performed relatively well during the market rout and have had resilient inflows ytd....
...Global equity funds suffered big outflows of $4.7bn while US and Euro HY credit funds had $6.9bn and $2.3bn of outflows respectively....
...Against the general trend, yesterday Ferrari confidently guided to a V-shaped recovery in its P&L from H2/20....
...Governance watchers should note that the inflation is not just happening at the biggest companies, either: the people running Russell 3000 companies enjoyed bigger increases in median comp than their S&P...
...Rotork has the single largest exposure in our coverage (~50% v 60% in 2014 though)....
...The Covid-19 vaccine(s) will prove a shot in the arm for both the UK economy and its peers....
...We do not know the timing, structure or pricing of the fund raise....
...(Quartz) The upper crust The median pay for a chief executive of an S&P 500 company in 2017: $12.1m. Most received raises of nearly 10 per cent or more last year....
...S&P 500 companies earn more than 44 per cent of their sales outside the country....
...(Financial Times) In response to regulation, Goldman ditching less profitable clients and changing rules for hedge funds (WSJ) Argentina v holdouts: plus ça change (Financial Times) Espírito Santo: the...
...(Financial Times) One of the UK’s most senior litigators will put the Financial Conduct Authority ’s dealings with the media under the spotlight as he probes the regulator’s bungled announcement of an insurance...
...However, TPG V – which began investing in 2006 and is one of TPG’s largest funds with $15bn in commitments – has suffered from very poor performance....
...and Fukoku Mutual Life Insurance are among the companies shortlisted to buy a minority stake in Indonesia’s Panin Life for about $200 million, sources said. http://reut.rs/UqGs3l China snubs Norway in...
...Related links: Funds prepare for a double dip recession – FT Get ready, get set, deleverage! With one notable (US) exception – FT Alphaville Dave’s worry list – FT Alphaville...
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