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LONDON  – Nearly half of emerging market investors are bullish on prospects for developing markets in the second quarter, a survey by HSBC showed on Thursday, thanks to rising optimism following the reopening of the Chinese economy. Some two thirds of the respondents expected emerging equities to outperform those of the developed economies in the next three months, the survey of 138 investors from 133 institutions, conducted between Jan. 24 and March 6, found. More than two thirds of the respondents expected emerging currencies to beat those of developed markets in the same period. Those surveyed represent $547 billion in assets under management. “Asia has seen the largest improvement in sentiment, largely reflecting the expectations of a strong rebound of Chinese economic activity,” said Murat Ulgen, Global Head of Emerging Markets Research at HSBC. The MSCI emerging market equity index has risen 2 percent since the start of the year, though those gains come in the wake of a … [Read more...] about Emerging market investors turn increasingly bullish for Q2, HSBC survey shows

Share to Twitter Share to Linkedin Not only is Pink Floyd's 1973 progressive rock album, The Dark Side of the Moon , iconic, but so is its simple yet striking cover art: a triangular prism set against a black background with a ray of light refracting through it. Though the band's name and the record's title do not appear on the front cover, the design is universally recognizable and synonymous with Pink Floyd—so much so that it has since appeared on apparel, posters, mugs, magnets, beach towels, patches, buttons, a British postage stamp , and even the sides of vehicles . In essence, The Dark Side of the Moon design has become the band's unofficial visual trademark. The distinctive cover art was conceived by the British graphic design company Hipgnosis , founded in the late 1960s by Storm Thorgerson and Aubrey Powell, which has long worked on Pink Floyd albums. In the five decades since the release of The Dark Side of the Moon ( which is marking … [Read more...] about Pink Floyd Graphic Designer On ‘The Dark Side Of The Moon’ Cover Turning 50

Share to Twitter Share to Linkedin Topline Amid growing global concern over the social media platform, TikTok CEO Shou Zi Chew will testify before the House Energy and Commerce Committee Thursday, where U.S. lawmakers are expected to question Chew over safety concerns for minors and preventing U.S. user data from foreign access. Key Facts In Chew’s first appearance before Congress, he’s expected to discuss the company’s privacy and data security practices, as well as the company’s relationship with the Chinese government, which has come under increased scrutiny in recent months. Prepared Remarks Chair Rodgers, Ranking Member Pallone, and Members of the Committee: Thank you for the opportunity to appear before you today to talk about TikTok and our mission to inspire creativity and bring joy to more than 1 billion people worldwide. I look forward to discussing what makes TikTok so special to the diverse audiences it serves, as well as our … [Read more...] about TikTok CEO Shou Zi Chew’s Prepared Comments Before Congress

Share to Twitter Share to Linkedin When you unshackle 1.4 billion consumers who have been penned up at home for three years, it’s reasonable to expect some fireworks. For the residents of Mainland China, life under “zero COVID” policies was a dreary round of rolling travel restrictions and lockdowns – as if the United States was permanently stuck on a skipping record of the Spring of 2020. While most of the population was able to find a way to get back to work eventually, the everyday routines of travel, dining out, and visiting friends and family were severely curtailed. Wallets stayed snapped shut. Since China executed its “COVID pivot” in late December 2022, economists have been scrutinizing the data to see if the country will be able to achieve its goal of 5% growth in 2023. If achieved, China will serve as an engine to help developed economies avoid tipping into recession. This is particularly relevant in the new era of higher interest rates, … [Read more...] about Why China’s COVID Comeback Is Still In The Early Innings, With Upside Ahead

Key Takeaways U.S. equities indexes fell on March 22, 2023, as the Fed hiked interest rates even though markets remained concerned about issues in the banking sector. The Dow, Nasdaq, and S&P 500 all posted losses of approximately 1.6% during Wednesday's session. Bank stocks saw significant declines, with First Republic (FRC) turning in the worst performance among S&P 500 stocks on uneasiness about its risk of failure. U.S. equities sank after the Federal Reserve raised interest rates another 25 basis points (bps) in its effort to bring down inflation. The decision came despite expectations by some that policymakers might pause hikes because of concerns about the banking sector in the aftermath of the collapse of Silicon Valley Bank and Signature Bank. Fed Chair Jerome Powell noted that the banking stress will likely cause tighter credit conditions that will impact the economy. The Dow, S&P 500, and Nasdaq all dropped about 1.6%. Bank stocks tumbled, … [Read more...] about Markets Dip as Fed Raises Rates Despite Banking Concerns

Ford expects to lose $3 billion on its electric vehicle department this year, the company announced Thursday. The company will be reorganizing its financial reporting into three distinct branches, Ford Blue, Ford Model e and Ford Pro, which will develop gas-powered, electric and commercial vehicles respectively, according to a press release. In the three years starting 2021, Ford Model e is expected to report a $3 billion loss. (RELATED: ‘Sustainable’ Electric Cars Are Getting Junked Over Minor Damage) “We’ve essentially ‘refounded’ Ford, with business segments that provide new degrees of strategic clarity, insight and accountability to the Ford+ plan for growth and value,” CFO John Lawler said.  “It’s not only about changing how we report financial results; we’re transforming how we think, make decisions and run the company, and allocate capital for highest returns.” Ford’s new structure and way of reporting earnings gives new insight into its EV business (which CFO … [Read more...] about Major Automaker Expects It Will Hemorrhage Billions From Its Electric Vehicle Business

Share to Twitter Share to Linkedin Topline India banned TikTok in June 2020 citing national security concerns after a military clash with China, opening the door for Instagram to dominate and some TikTok duplicates to suddenly emerge as major players in the vacated market. Key Facts Shortly after India banned TikTok, Instagram saw a surge of downloads, propelling it to become the country’s most popular social media app by 2021, up from No. 6 in 2019, and to surpass TikTok in global downloads by the fourth quarter of 2021. Key to Instagram’s success in India was Reels, its algorithm-based, endlessly scrolling vertical video feed that closely resembles TikTok’s For You Page and other TikTok copycats like YouTube Shorts and Snapchat Spotlight. Both Instagram and YouTube bet on Shorts and Reels as potential TikTok alternatives: They tested these features in India after the country banned TikTok before launching them worldwide. … [Read more...] about Here’s What Happened When This Massive Country Banned TikTok

Last season’s record revenue for Major League Baseball translates into all-time-high valuations for its teams. By Mike Ozanian and Justin Teitelbaum T he eroding economics of regional sports networks made little difference: Major League Baseball teams are still hot assets. Before Arte Moreno pulled the plug on selling his Los Angeles Angels in January, he would have gotten at least $2.7 billion, or $280 million more than the MLB record $2.42 billion that Steve Cohen paid for the New York Mets in 2020, according to people familiar with the sale process. The average MLB team value is up 12% this year, to $2.32 billion. During the 2022 season, revenue (net of stadium debt service) increased 7.8%, to an all-time high of $10.3 billion. The top-line gain was driven by a 64% increase in ticket revenue (including postseason and spring training), to $2.4 billion (the 2021 season started with nearly all ballparks under capacity restrictions) and a 35% increase in … [Read more...] about Baseball’s Most Valuable Teams 2023: Price Tags Are Up 12% Despite Regional TV Woes

Share to Twitter Share to Linkedin Topline The Manhattan district attorney is reportedly toying with what experts have called an untested legal theory in potentially bringing charges against former President Donald Trump—adding to the unprecedented nature of a case that could mark the first-ever indictment of a former president. Key Facts The primary charge prosecutors are considering is whether Trump falsified business records when the Trump Organization reimbursed his former lawyer and fixer Michael Cohen for payments made to adult film star Stormy Daniels during his 2016 campaign for the presidency in exchange for her silence about her alleged 2006 affair with Trump, according to multiple reports . Prosecutors must prove that Trump orchestrated the payments, but legal experts have said his lawyers could argue that Cohen made the deal on Trump’s behalf and without his knowledge (though Cohen has explicitly, and repeatedly, said he did so … [Read more...] about Breaking Down The Case Against Trump: New York Prosecutors Must Prove Complex Legal Theory—And It Could Be Risky

Share to Twitter Share to Linkedin Topline The Manhattan grand jury that will decide whether to indict former President Donald Trump called off a planned meeting for Wednesday, according to multiple reports , delaying any potential charges against Trump for his ties to an alleged hush money scheme at least one more day. Key Facts It’s unclear why the grand jury—which holds secret proceedings—will not meet as planned Wednesday afternoon, the New York Times reported , citing anonymous sources who said the jury could hear from at least one more witness before voting whether to indict Trump. The 23-member jury, which previously met on Monday, could vote in its next scheduled meeting Thursday, though the Times notes that scheduling conflicts are not unusual in grand jury proceedings. The delay comes after Trump claimed without evidence on Saturday that he would be arrested on Tuesday. Law enforcement in New York City and … [Read more...] about N.Y. Grand Jury Weighing Trump Charges Reportedly Calls Off Wednesday Meeting—Delaying Possible Indictment