Monthly Archives: May 2020
CBO projects 38% drop in GDP, $2.1 trillion increase in the deficit
(CNBC) The Congressional Budget Office released its own bleak outlook Tuesday for economic growth, unemployment and the federal budget, predicting job gains later this year but an overall climate that will remain subdued through 2021. In its latest projections, the […]
Long-short ETFs offer investors a ‘smarter way to hedge,’ fund manager says as demand rises
(CNBC) Long-short ETFs see rising interest — AdvisorShares CEO breaks down the strategy ETF investors are looking to hedge their bets.Demand has been rising for long-short exchange-traded fund in recent weeks as buyers grew more concerned about weak economic conditions […]
California governor says he’s not worried about Musk moving Tesla out of state ‘anytime soon’
(CNBC) California Governor Gavin Newsom on federal aid and economic recovery California Gov. Gavin Newsom told CNBC on Tuesday that he is “not worried” about Tesla CEO Elon Musk moving the company’s operations out of the state. “I’m also not […]
JPMorgan Plans to Close Four ETFs That Mimic Hedge-Fund Styles
(Bloomberg) JPMorgan Chase & Co. is planning to close a handful of ETFs that echo strategies used by hedge funds.The $22.6 million JPMorgan Long/Short ETF (JPLS), the $53.9 million JPMorgan Managed Futures Strategy ETF (JPMF), the $53.8 million JPMorgan Diversified […]
SEC Charges Three Former KPMG Audit Partners for Exam Sharing Misconduct
(HedgeCo.Net) The Securities and Exchange Commission today announced settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams and for subsequent wrongdoing during an investigation of exam sharing misconduct at the firm. The […]
Powell, Mnuchin to face Senate grilling on U.S. coronavirus response
(Reuters) – The U.S. government’s handling of its massive economic response to the coronavirus pandemic will come under scrutiny on Tuesday as Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify before the Senate Banking Committee. To read […]
Hedge fund redemptions jump to to $85.6bn in March
(Opalesque) The hedge fund industry felt the impact of the spreading COVID-19 pandemic in March as hedge fund redemptions jumped dramatically to $85.6 billion, a steep increase from February’s $8.1 billion in industry outflows. March’s redemptions represented 2.7% of industry […]
Stock futures flat following best day for market in six weeks on vaccine hopes
(CNBC) Stock futures held steady in overnight trading on Monday after the market scored its best day in six weeks on rising optimism about a coronavirus vaccine. Futures on the Dow Jones Industrial Average rose about 20 points, while the […]
Retail sales in the US could fall more than 6% in 2020: Euromonitor
(CNBC) There are still so many unknowns regarding the coronavirus pandemic and how it will continue to throttle the retail industry. But U.S. retail sales could be down at least 6.5% in 2020, according to new estimates from market research […]
Today’s stock market looks like March 2009, before the longest bull run in history
(Marketwatch) As investors navigate the coronavirus recession, the financial crisis a decade ago looms large in their collective memory, with pessimists arguing that the resulting bear market took 18 months to hit its lowest point and optimists countering that swift […]
U.S. funds rush to tech companies and battered energy stocks in first-quarter
(Reuters) – Prominent U.S. fund managers piled into big-name technology stocks and bottom-fished in the beaten-down energy sector as markets reeled from the coronavirus-fueled selloff in the first quarter. To read this article:
Credit Rating Agency Ordered to Pay $3.5 Million for Conflicts of Interest Violations
(HedgeCo.Net) New York-based credit rating agency Morningstar Credit Ratings LLC has been charged for violating a conflict of interest rule designed to separate credit ratings and analysis from sales and marketing efforts. Morningstar has agreed to pay $3.5 million to […]