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Meet NTX Inno"s 2021 Fire Award Blazer winners

With mentors, accelerators, angel investors, venture capital, and seemingly no shortage of brilliant founders, North Texas earns its title as a growing hub for tech and innovation. Each year, Inno aims to shine a spotlight on and honor some of the region’s startup and tech companies that have been on a tear in recent months with our Fire Awards. Some have secured large funding rounds and others have emerged from stealth with big plans and lots of traction, while a number have been on a growth….....»»

Category: topSource: bizjournalsOct 14th, 2021

The 20 best books of 2021, according to Book of the Month readers

Every year, Book of the Month crowns the best book of the year in November. Here are all the 2021 nominees, based on readers' favorites. When you buy through our links, Insider may earn an affiliate commission. Learn more. Every year, Book of the Month crowns the best book of the year in November. Here are all the 2021 nominees, based on readers' favorites. Amazon; Bookshop; Alyssa Powell/Insider Book of the Month sends great books from emerging authors directly to subscribers. At the end of each year, readers vote for their favorite books they read through the service. Here are the 20 most loved BOTM selections of 2021. The winner will be announced on November 11. Book of the Month sends new and noteworthy books - often before they become popular - to subscribers each month. In the past, the company has picked hits such as "The Great Alone" by Kristin Hannah, "Pachinko" by Min Jin Lee, and "The Girl With the Louding Voice" by Abi Daré to bring to its readers.Membership (small)At the end of the year, the club's thousands of subscribers vote on the best books they read through the service, making it a more curated version of Goodreads' best books of the year. For example, the 2020 winner was "The Vanishing Half" by Brit Bennett, which also won the 2020 Goodreads award for Best Historical Fiction.Below, you'll find a reading list of the top 20 books of 2021 according to Book of the Month readers. Book of the Month will announce the best book of 2021 on November 11, awarding the winning author a $10,000 prize. The 20 best books picked by Book of the Month in 2021, according to its readers:Descriptions are provided by Amazon and edited lightly for length and clarity. "Things We Lost To The Water" by Eric Nguyen Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $13.99When Huong arrives in New Orleans with her two young sons, she is jobless, homeless, and worried about her husband, Cong, who remains in Vietnam. As she and her boys begin to settle into life in America, she sends letters and tapes back to Cong, hopeful that they will be reunited and her children will grow up with a father.But with time, Huong realizes she will never see her husband again. While she attempts to come to terms with this loss, her sons, Tuan and Binh, grow up in their absent father's shadow, haunted by a man and a country trapped in their memories and imaginations. As they push forward, the three adapt to life in America in different ways: Huong gets involved with a Vietnamese car salesman who is also new in town; Tuan tries to connect with his heritage by joining a local Vietnamese gang; and Binh, now going by Ben, embraces his adopted homeland and his burgeoning sexuality. Their search for identity — as individuals and as a family — threatens to tear them apart, un­til disaster strikes the city they now call home, and they are suddenly forced to find a new way to come together and honor the ties that bind them. "Imposter Syndrome" by Kathy Wang Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $16.59Julia Lerner, a recent university graduate in computer science, is living in Moscow when she's recruited by Russia's largest intelligence agency in 2006. By 2018, she's in Silicon Valley as COO of Tangerine, one of America's most famous technology companies. In between her executive management (make offers to promising startups, crush them and copy their features if they refuse); self-promotion (check out her latest op-ed in the WSJ, on Work/Life Balance 2.0); and work in gender equality (transfer the most annoying females from her team), she funnels intelligence back to the motherland. But now Russia's asking for more, and Julia's getting nervous.Alice Lu is a first-generation Chinese-American whose parents are delighted she's working at Tangerine (such a successful company!). Too bad she's slogging away in the lower echelons, recently dumped, and now sharing her expensive two-bedroom apartment with her cousin Cheri, a perennial "founder's girlfriend." One afternoon, while performing a server check, Alice discovers some unusual activity, and now she's burdened with two powerful but distressing suspicions: Tangerine's privacy settings aren't as rigorous as the company claims they are, and the person abusing this loophole might be Julia Lerner herself. The closer Alice gets to Julia, the more Julia questions her own loyalties. Russia may have placed her in the Valley, but she's the one who built her career; isn't she entitled to protect the lifestyle she's earned? Part page-turning cat-and-mouse chase, part sharp and hilarious satire, "Impostor Syndrome" is a shrewdly-observed examination of women in tech, Silicon Valley hubris, and the rarely fulfilled but ever-attractive promise of the American Dream. "The Lost Apothecary" by Susan Penner Amazon; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $13.99Hidden in the depths of 18th-century London, a secret apothecary shop caters to an unusual kind of clientele. Women across the city whisper of a mysterious figure named Nella who sells well-disguised poisons to use against the oppressive men in their lives. But the apothecary's fate is jeopardized when her newest patron, a precocious 12-year-old, makes a fatal mistake, sparking a string of consequences that echo through the centuries.Meanwhile, aspiring historian Caroline Parcewell spends her 10th wedding anniversary alone in present-day London, running from her own demons. When she stumbles upon a clue to the unsolved apothecary murders that haunted London 200 years ago, her life collides with the apothecary's in a stunning twist of fate — and not everyone will survive. "This Close To Okay" by Leese Cross-Smith Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $15.62On a rainy October night in Kentucky, recently divorced therapist Tallie Clark is on her way home from work when she spots a man precariously standing at the edge of a bridge. Without a second thought, Tallie pulls over and jumps out of the car into the pouring rain. She convinces the man to join her for a cup of coffee, and he eventually agrees to come back to her house, where he finally shares his name: Emmett. Over the course of the emotionally charged weekend that follows, Tallie makes it her mission to provide a safe space for Emmett, though she hesitates to confess that this is also her day job. What she doesn't realize is that Emmett isn't the only one who needs healing — and they both are harboring secrets.Alternating between Tallie and Emmett's perspectives as they inch closer to the truth of what brought Emmett to the bridge's edge — as well as the hard truths Tallie has been grappling with since her marriage ended — "This Close to Okay" is an uplifting, cathartic story about chance encounters, hope found in unlikely moments, and the subtle magic of human connection. "We Are the Brennans" by Tracey Lange Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $19.49When 29-year-old Sunday Brennan wakes up in a Los Angeles hospital, bruised and battered after a drunk driving accident she caused, she swallows her pride and goes home to her family in New York. But it's not easy. She deserted them all — and her high school sweetheart — five years before with little explanation, and they've got questions.Sunday is determined to rebuild her life back on the east coast, even if it does mean tiptoeing around resentful brothers and an ex-fiancé. The longer she stays, however, the more she realizes they need her just as much as she needs them. When a dangerous man from her past brings her family's pub business to the brink of financial ruin, the only way to protect them is to upend all their secrets — secrets that have damaged the family for generations and will threaten everything they know about their lives. In the aftermath, the Brennan family is forced to confront painful mistakes — and ultimately find a way forward together. "The Maidens" by Alex Michaelides Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $16.78Edward Fosca is a murderer. Of this, Mariana is confident. But Fosca is untouchable. A handsome and charismatic Greek tragedy professor at Cambridge University, Fosca is adored by staff and students alike ― particularly by the members of a secret society of female students known as The Maidens.Mariana Andros is a brilliant but troubled group therapist who becomes fixated on The Maidens when one member, a friend of Mariana's niece Zoe, is found murdered in Cambridge.Mariana, who was once herself a student at the university, quickly suspects that behind the idyllic beauty of the spires and turrets, and beneath the ancient traditions, lies something sinister. And she becomes convinced that, despite his alibi, Edward Fosca is guilty of the murder. But why would the professor target one of his students? And why does he keep returning to the rites of Persephone, the maiden, and her journey to the underworld?When another body is found, Mariana's obsession with proving Fosca's guilt spirals out of control, threatening to destroy her credibility as well as her closest relationships. But Mariana is determined to stop this killer, even if it costs her everything ― including her own life. "Razorblade Tears" by S.A. Cosby Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $20.10Ike Randolph has been out of jail for 15 years, with not so much as a speeding ticket in all that time. But a Black man with cops at the door knows to be afraid.The last thing he expects to hear is that his son Isiah has been murdered, along with Isiah's white husband, Derek. Ike had never fully accepted his son but is devastated by his loss.Derek's father, Buddy Lee, was almost as ashamed of Derek for being gay as Derek was ashamed of his father's criminal record. Buddy Lee still has contacts in the underworld, though, and he wants to know who killed his boy.Ike and Buddy Lee, two ex-cons with little else in common other than a criminal past and a love for their dead sons, band together in their desperate desire for revenge. In their quest to do better for their sons in death than they did in life, hardened men Ike and Buddy Lee will confront their prejudices about their sons and each other as they rain down vengeance upon those who hurt their boys. "Malibu Rising" by Taylor Jenkins Reid Amazon; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $16.80Malibu: August 1983. It's the day of Nina Riva's annual end-of-summer party, and anticipation is at a fever pitch. Everyone wants to be around the famous Rivas: Nina, the talented surfer and supermodel; brothers Jay and Hud, one a championship surfer, the other a renowned photographer; and their adored baby sister, Kit. Together, the siblings are a source of fascination in Malibu and the world over — especially as the offspring of the legendary singer Mick Riva.The only person not looking forward to the party of the year is Nina herself, who never wanted to be the center of attention, and who has also just been very publicly abandoned by her pro tennis player husband. Oh, and maybe Hud — because it is long past time for him to confess something to the brother from whom he's been inseparable since birth.Jay, on the other hand, is counting the minutes until nightfall, when the girl he can't stop thinking about has promised she'll be there.And Kit has a couple of secrets of her own — including a guest she invited without consulting anyone.By midnight the party will be entirely out of control. By morning, the Riva mansion will have gone up in flames. But before that first spark in the early hours before dawn, the alcohol will flow, the music will play, and the loves and secrets that shaped this family's generations will all come rising to the surface. "Four Winds" by Kristin Hannah Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $14.49Texas, 1921. A time of abundance. The Great War is over, the land's bounty is plentiful, and America is on the brink of a new and optimistic era. But for Elsa Wolcott, deemed too old to marry in a time when marriage is a woman's only option, the future seems bleak. Until the night she meets Rafe Martinelli and decides to change the direction of her life. With her reputation in ruin, there is only one respectable choice: Marriage to a man she barely knows.By 1934, the world has changed; millions are out of work, and drought has devastated the Great Plains. Farmers are fighting to keep their land and their livelihoods as crops fail and water dries up and the earth cracks open. Dust storms roll relentlessly across the plains. Everything on the Martinelli farm is dying, including Elsa's tenuous marriage; each day is a desperate battle against nature and a fight to keep her children alive.In this uncertain and perilous time, Elsa ― like so many of her neighbors ― must make an agonizing choice: Fight for the land she loves or leave it behind and go west, to California, in search of a better life for her family. "The People We Keep" by Alison Larkin Amazon; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $22.99Little River, New York, 1994: April Sawicki is living in a motorless motorhome that her father won in a poker game. Failing out of school, picking up shifts at Margo's diner, she's left fending for herself in a town where she's never quite felt at home. When she "borrows" her neighbor's car to perform at an open mic night, she realizes her life could be much bigger than where she came from. After a fight with her dad, April packs her stuff and leaves for good — setting off on a journey to find her own life.Driving without a chosen destination, she stops to rest in Ithaca. Her only plan is to survive, but as she looks for work, she finds a kindred sense of belonging at Cafe Decadence, the local coffee shop. Still, somehow, it doesn't make sense to her that life could be this easy. The more she falls in love with her friends in Ithaca, the more she can't shake the feeling that she'll hurt them the way she's been hurt.As April moves through the world, meeting people who feel like home, she chronicles her life in the songs she writes and discovers that where she came from doesn't dictate who she has to be. "The Heart Principle" by Helen Hoang Amazon; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $13.99When violinist Anna Sun accidentally achieves career success with a viral YouTube video, she finds herself incapacitated and burned out from her attempts to replicate that moment. And when her longtime boyfriend announces he wants an open relationship before making a final commitment, a hurt and angry Anna decides that if he wants an open relationship, then she does, too. Translation: She's going to embark on a string of one-night stands — the more unacceptable the men, the better.That's where tattooed, motorcycle-riding Quan Diep comes in. Their first attempt at a one-night stand fails, as does their second and their third, because being with Quan is more than sex — he accepts Anna on an unconditional level that she has just started to understand. However, when tragedy strikes Anna's family, she takes on a role that she is ill-suited for until the burden of expectations threatens to destroy her. Anna and Quan have to fight for their chance at love — but to do that, they also have to fight for themselves. "Instructions for Dancing" by Nicola Yoon Amazon; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $14.40Evie Thomas doesn't believe in love anymore. Especially after the strangest thing occurs one otherwise ordinary afternoon: She witnesses a couple kiss and is overcome with a vision of how their romance began… and how it will end. After all, even the greatest love stories end with a broken heart, eventually.As Evie tries to understand why this is happening, she finds herself at La Brea Dance Studio, learning to waltz, fox-trot, and tango with a boy named X. X is everything that Evie is not: Adventurous, passionate, daring. His philosophy is to say yes to everything — including entering a ballroom dance competition with a girl he's only just met.Falling for X is definitely not what Evie had in mind. If her visions of heartbreak have taught her anything, it's that no one escapes love unscathed. But as she and X dance around and toward each other, Evie is forced to question all she thought she knew about life and love. In the end, is love worth the risk? "Once There Were Wolves" by Charlotte McConaghy Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $20.99Inti Flynn arrives in Scotland with her twin sister, Aggie, to lead a team of biologists tasked with reintroducing 14 gray wolves into the remote Highlands. She hopes to heal not only the dying landscape but Aggie, too — unmade by the terrible secrets that drove the sisters out of Alaska.Inti is not the woman she once was, either, changed by the harm she's witnessed ― inflicted by humans on both the wild and each other. Yet, as the wolves surprise everyone by thriving, Inti begins to let her guard down, even opening herself up to the possibility of love. But when a farmer is found dead, Inti knows where the town will lay blame. Unable to accept that her wolves could be responsible, Inti makes a reckless decision to protect them. But if the wolves didn't make the kill, then who did? And what will Inti do when the man she is falling for seems to be the prime suspect? "People We Meet On Vacation" by Emily Henry Amazon; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $9.98Poppy and Alex. Alex and Poppy. They have nothing in common. She's a wild child; he wears khakis. She has insatiable wanderlust; he prefers to stay home with a book. And somehow, ever since a fateful car share home from college many years ago, they are the very best of friends. For most of the year, they live far apart — she's in New York City, and he's in their small hometown — but every summer, for a decade, they have taken one glorious week of vacation together.Until two years ago, when they ruined everything. They haven't spoken since.Poppy has everything she should want, but she's stuck in a rut. When someone asks when she was last truly happy, she knows, without a doubt, it was on that ill-fated, final trip with Alex. And so, she decides to convince her best friend to take one more vacation together — lay everything on the table, make it all right. Miraculously, he agrees.Now she has a week to fix everything. If only she can get around the one big truth that has always stood quietly in the middle of their seemingly perfect relationship. What could possibly go wrong? "The Inheritance of Orquídea Divina" by Zoraida Cordove Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $21.49The Montoyas are used to a life without explanations. They know better than to ask why the pantry never seems to run low or empty or why their matriarch won't ever leave their home in Four Rivers — even for graduations, weddings, or baptisms. But when Orquídea Divina invites them to her funeral and to collect their inheritance, they hope to learn the secrets that she has held onto so tightly their whole lives. Instead, Orquídea is transformed, leaving them with more questions than answers.Seven years later, her gifts have manifested differently for Marimar, Rey, and Tatinelly's daughter, Rhiannon, granting them unexpected blessings. But soon, a hidden figure begins to tear through their family tree, picking them off one by one as it seeks to destroy Orquídea's line. Determined to save what's left of their family and uncover the truth behind their inheritance, the four descendants travel to Ecuador — to the place where Orquídea buried her secrets and broken promises and never looked back. "Damnation Spring" by Ash Davidson Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $19.81Colleen and Rich Gundersen are raising their young son, Chub, on the rugged California coast. It's 1977, and life in this Pacific Northwest logging town isn't what it used to be. For generations, the community has lived and breathed timber; now, that way of life is threatened. Colleen is an amateur midwife. Rich is a tree-topper. It's a dangerous job that requires him to scale trees hundreds of feet tall — a job that both his father and grandfather died doing. Colleen and Rich want a better life for their son — and they take steps to assure their future. Rich secretly spends their savings on a swath of ancient Redwoods. Colleen, desperate to have a second baby, challenges the logging company's use of herbicides that she believes are responsible for the many miscarriages in the community — including her own. The pair find themselves on opposite sides of a budding conflict that threatens the very thing they are trying to protect: Their family. "The Star-Crossed Sisters of Tuscany" by Lori Nelson Spielman Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $10.95Since the day Filomena Fontana cast a curse upon her sister more than 200 years ago, not one second-born Fontana daughter has found lasting love. Some, like second-born Emilia, the happily single baker at her grandfather's Brooklyn deli, claim it's an odd coincidence. Others, like her sexy, desperate-for-love cousin Lucy, insist it's an actual hex. But both are bewildered when their great-aunt calls with an astounding proposition: If they accompany her to her homeland of Italy, Aunt Poppy vows she'll meet the love of her life on the steps of the Ravello Cathedral on her 80th birthday — and break the Fontana Second-Daughter Curse once and for all.Against the backdrop of wandering Venetian canals, rolling Tuscan fields, and enchanting Amalfi Coast villages, romance blooms, destinies are found, and family secrets are unearthed — secrets that could threaten the family far more than a centuries-old curse. "The Last Thing He Told Me" by Laura Dave Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $12.92Before Owen Michaels disappears, he smuggles a note to his beloved wife of one year: Protect her.Despite her confusion and fear, Hannah Hall knows exactly to whom the note refers — Owen's 16-year-old daughter, Bailey. Bailey, who lost her mother tragically as a child. Bailey, who wants absolutely nothing to do with her new stepmother. As Hannah's increasingly desperate calls to Owen go unanswered, as the FBI arrests Owen's boss, as a US marshal and federal agents arrive at her Sausalito home unannounced, Hannah quickly realizes her husband isn't who he said he was. And that Bailey just may hold the key to figuring out Owen's true identity — and why he disappeared.Hannah and Bailey set out to discover the truth. But as they start putting together the pieces of Owen's past, they soon realize they're also building a new future — one neither of them could have anticipated.You can read our interview with author Laura Dave here. "The Office of Historical Corrections" by Danielle Evans Bookshop; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $17.49Danielle Evans is known for her blisteringly smart voice and X-ray insights into complex human relationships. With "The Office of Historical Corrections," Evans zooms in on particular moments and relationships in her characters' lives in a way that allows them to speak to larger issues of race, culture, and history. She introduces us to Black and multiracial characters experiencing the universal confusions of lust and love and getting walloped by grief — all while exploring how history haunts us, personally and collectively. Ultimately, she provokes us to think about the truths of American history — about who gets to tell them and the cost of setting the record straight. "Infinite Country" by Patricia Engel Amazon; Lauren Arzbaecher/Insider Available at Amazon and Bookshop from $14.80I often wonder if we are living the wrong life in the wrong country.Talia is being held at a correctional facility for adolescent girls in the forested mountains of Colombia after committing an impulsive act of violence that may or may not have been warranted. She urgently needs to get out and get back home to Bogotá, where her father and a plane ticket to the United States are waiting for her. If she misses her flight, she might also miss her chance to finally reunite with her family.How this family came to occupy two different countries — two different worlds — comes into focus like twists of a kaleidoscope. We see Talia's parents, Mauro and Elena, fall in love in a market stall as teenagers against a backdrop of civil war and social unrest. We see them leave Bogotá with their firstborn, Karina, in pursuit of safety and opportunity in the United States on a temporary visa, and we see the births of two more children, Nando and Talia, on American soil. We witness the decisions and indecisions that lead to Mauro's deportation and the family's splintering — the costs they've all been living with ever since. Read the original article on Business Insider.....»»

Category: worldSource: nyt17 hr. 23 min. ago

Futures Jump On Profit Optimism As Oil Tops $85; Bitcoin Nears $60,000

Futures Jump On Profit Optimism As Oil Tops $85; Bitcoin Nears $60,000 One day after the S&P posted its biggest one-day surge since March, index futures extended this week’s gains, helped by a stellar bank earnings, while the latest labor market data and inflation eased stagflation fears for the time being. . The 10-year Treasury yield rose and the dollar was steady. Goldman Sachs reports on Friday. At 715 a.m. ET, Dow e-minis were up 147 points, or 0.42%, S&P 500 e-minis were up 16.5 points, or 0.37%, and Nasdaq 100 e-minis were up 42.75 points, or 0.28%. Oil futures topped $85/bbl, jumping to their highest in three years amid an energy crunch that’s stoking inflationary pressures and prices for raw materials. A gauge of six industrial metals hit a record high on the London Metal Exchange.  Energy firms including Chevron and Exxon gained about half a percent each, tracking Brent crude prices that scaled the 3 year high. Solid earnings in the reporting season are tempering fears that rising costs and supply-chain snarls will hit corporate balance sheets and growth. At the same time, the wider debate about whether a stagflation-like backdrop looms remains unresolved. “We don’t sign up to the stagflation narrative that is doing the rounds,” said Hugh Gimber, global strategist at the perpetually optimistic J.P. Morgan Asset Management. “The economy is being supported by robust consumer balance sheets, rebounding business investment and a healthy labor market.” “After a choppy start to the week, equity markets appear to be leaning towards a narrative that companies can continue to grow profits, despite the combined pressures of higher energy prices and supply chain disruptions,” said Michael Hewson, chief market analyst at CMC Markets in London. Bitcoin and the crypto sector jumped after Bloomberg reported late on Thursday that the Securities and Exchange Commission is poised to allow the first U.S. Bitcoin futures exchange-traded fund to begin trading in a watershed moment for the cryptocurrency industry. Bitcoin traded off session highs having tested $60k during Asian hours, but will likely rise to new all time highs shortly. Also overnight, Joe Biden signed a bill providing a short-term increase in the debt limit, averting the imminent threat of a financial calamity. But it only allows the Treasury Department to meets its financial obligations until roughly Dec. 3, so the can has been kicked for less than two months - brace for more bitter partisan battles in the coming weeks. This week’s move into rate-sensitive FAAMG growth names looked set to continue, with their shares inching up. Moderna rose 3.0% after a U.S. FDA panel voted to recommend booster shots of its COVID-19 vaccine for Americans aged 65 and older and high-risk people. Western Digital slipped 2.5% as Goldman Sachs downgraded the storage hardware maker’s stock to “neutral” from “buy”. Here are some of the key premarket movers on Friday morning: Virgin Galactic (SPCE US) shares slump as much as 23% in U.S. premarket trading as the firm is pushing the start of commercial flights further into next year after rescheduling a test flight, disappointing investors with the unexpected delay to its space tourism business plans Cryptocurrency-exposed stocks rise in U.S. premarket trading after a report that the Securities and Exchange Commission is poised to allow the first U.S. Bitcoin futures exchange-traded fund to begin trading.  Bit Digital (BTBT US) +6.7%, Riot Blockchain (RIOT US) +4.6%, Marathon Digital (MARA US) +3.6% Alcoa (AA US) shares jump 5.6% in thin volumes after co. reported profits that beat the average analyst estimate and said it will be paying a dividend to its shareholders Moderna (MRNA US) extends Thursday’s gains; Piper Sandler recommendation on Moderna Inc. to overweight from neutral, a day after co.’s Covid-19 booster got FDA nod for use in older, high-risk people Duck Creek Technologies (DCT US) shares fell 12% in Thursday postmarket trading after the software company projected 2022 revenue that fell short of the average analyst estimate 23andMe Holdings (ME US) soared 14% in Thursday postmarket trading after EMJ Capital founder Eric Jackson called the genetics testing company “the next Roku” on CNBC Corsair Gaming (CRSR US) shares fell 3.7% in post-market trading after it cut its net revenue forecast for the full year Early on Friday, China's PBOC broke its silence on Evergrande, saying risks to the financial system are controllable and unlikely to spread. Authorities and local governments are resolving the situation, central bank official Zou Lan said. The bank has asked lenders to keep credit to the real estate sector stable and orderly. In Europe, gains for banks, travel companies and carmakers outweighed losses for utilities and telecommunications industries, pushing the Stoxx Europe 600 Index up 0.3%. Telefonica fell 3.3%, the most in more than four months, after Barclays cut the Spanish company to underweight. Temenos and Pearson both slumped more than 10% after their business updates disappointed investors. Here are some of the biggest European movers today: Devoteam shares rise as much as 25% after its controlling shareholder, Castillon, increased its stake in the IT consulting group to 85% and launched an offer for the remaining capital. QinetiQ rises as much as 5.4% following a plunge in the defense tech company’s stock on Thursday. Investec upgraded its recommendation to buy and Berenberg said the shares now look oversold. Hugo Boss climbs as much as 4.4% to the highest level since September 2019 after the German apparel maker reported 3Q results that exceeded expectations. Jefferies (hold) noted the FY guidance hike also was bigger than expected. Mediclinic rises as much as 7.7% to highest since May 26 after 1H results, which Morgan Stanley says showed strong underlying operating performance with “solid metrics.” Temenos sinks as much as 14% after the company delivered a “mixed bag” with its 3Q results, according to Baader (sell). Weakness in Europe raises questions about the firm’s outlook for a recovery in the region, the broker said. Pearson declines as much as 12%, with analysts flagging weaker trading in its U.S. higher education courseware business in its in-line results. Earlier in the session, Asian stocks headed for their best week in more than a month amid a list of positive factors including robust U.S. earnings, strong results at Taiwan Semiconductor Manufacturing Co. and easing home-loan restrictions in China.  The MSCI Asia Pacific Index gained as much as 1.3%, pushing its advance this week to more than 1.5%, the most since the period ended Sept. 3. Technology shares provided much of the boost after chip giant TSMC announced fourth-quarter guidance that beat analysts’ expectations and said it will build a fabrication facility for specialty chips in Japan. Shares in China rose as people familiar with the matter said the nation loosened restrictions on home loans at some of its largest banks.  Conditions are good for tech and growth shares now long-term U.S. yields have fallen following inflation data this week, Shogo Maekawa, a strategist at JPMorgan Asset Management in Tokyo. “If data going forward are able to provide an impression that demand is strong too -- on top of a sense of relief from easing supply chain worries -- it’ll be a reason for share prices to take another leap higher.”  Asia’s benchmark equity gauge is still 10% below its record-high set in February, as analysts stay on the lookout for higher bond yields and the impact of supply-chain issues on profit margins.  Japanese stocks rose, with the Topix halting a three-week losing streak, after Wall Street rallied on robust corporate earnings. The Topix rose 1.9% to close at 2,023.93, while the Nikkei 225 advanced 1.8% to 29,068.63. Keyence Corp. contributed the most to the Topix’s gain, increasing 3.7%. Out of 2,180 shares in the index, 1,986 rose and 155 fell, while 39 were unchanged. For the week, the Topix climbed 3.2% and the Nikkei added 3.6%. Semiconductor equipment and material makers rose after TSMC said it will build a fabrication facility for specialty chips in Japan and plans to begin production there in late 2024.  U.S. index futures held gains during Asia trading hours. The contracts climbed overnight after a report showed applications for state unemployment benefits fell last week to the lowest since March 2020.  “U.S. initial jobless claims fell sharply, and have returned to levels seen before the spread of the coronavirus,” said Nobuhiko Kuramochi, a market strategist at Mizuho Securities in Tokyo. “The fact that more people are returning to their jobs will help ease supply chain problems caused by the lack of workers.” Australian stocks also advanced, posting a second week of gains. The S&P/ASX 200 index rose 0.7% to close at 7,362.00, with most sectors ending higher.  The benchmark added 0.6% since Monday, climbing for a second week. Miners capped their best week since July 16 with a 3% advance. Hub24 jumped on Friday after Evans & Partners upgraded the stock to positive from neutral. Pendal Group tumbled after it reported net outflows for the fourth quarter of A$2.3 billion. In New Zealand, the S&P/NZX 50 index fell 0.3% to 13,012.19 In rates, the U.S. 10-year Treasury yield rose over 3bps to 1.54%. Treasuries traded heavy across long-end of the curve into early U.S. session amid earning-driven gains for U.S. stock futures. Yields are higher by more than 3bp across long-end of the curve, 10- year by 2.8bp at about 1.54%, paring its first weekly decline since August; weekly move has been led by gilts and euro-zone bonds, also under pressure Friday, with U.K. 10-year yields higher by 3.3bp. Today's bear-steepening move pares the weekly bull-flattening trend. U.S. session features a packed economic data slate and speeches by Fed’s Bullard and Williams.   In FX, the Bloomberg Dollar Spot Index was little changed even as the greenback weakened against most of its Group-of-10 peers; the euro hovered around $1.16 while European and U.S. yields rose, led by the long end. Norway’s krone led G-10 gains as oil jumped to $85 a barrel for the first time since late 2018 amid the global energy crunch; the currency rallied by as much as 0.6% to 8.4015 per dollar, the strongest level since June. New Zealand’s dollar advanced to a three-week high as bets on RBNZ’s tightening momentum build ahead of Monday’s inflation data; the currency is outperforming all G-10 peers this week. The yen dropped to a three-year low as rising equities in Asia damped demand for low-yielding haven assets. China’s offshore yuan advanced to its highest in four months while short-term borrowing costs eased after the central bank added enough medium-term funds into the financial system to maintain liquidity at existing levels. In commodities, crude futures trade off best levels. WTI slips back below $82, Brent fades after testing $85. Spot gold slips back through Thursday’s lows near $1,786/oz. Base metals extend the week’s rally with LME nickel and zinc gaining over 2%. Today's retail sales report, due at 08:30 a.m. ET, is expected to show retail sales fell in September amid continued shortages of motor vehicles and other goods. The data will come against the backdrop of climbing oil prices, labor shortages and supply chain disruptions, factors that have rattled investors and have led to recent choppiness in the market. Looking at the day ahead now, and US data releases include September retail sales, the University of Michigan’s preliminary consumer sentiment index for October, and the Empire State manufacturing survey for October. Central bank speakers include the Fed’s Bullard and Williams, and earnings releases include Charles Schwab and Goldman Sachs. Market Snapshot S&P 500 futures up 0.3% to 4,443.75 STOXX Europe 600 up 0.4% to 467.66 German 10Y yield up 2.4 bps to -0.166% Euro little changed at $1.1608 MXAP up 1.3% to 198.33 MXAPJ up 1.2% to 650.02 Nikkei up 1.8% to 29,068.63 Topix up 1.9% to 2,023.93 Hang Seng Index up 1.5% to 25,330.96 Shanghai Composite up 0.4% to 3,572.37 Sensex up 0.9% to 61,305.95 Australia S&P/ASX 200 up 0.7% to 7,361.98 Kospi up 0.9% to 3,015.06 Brent Futures up 1.0% to $84.83/bbl Gold spot down 0.5% to $1,787.54 U.S. Dollar Index little changed at 93.92 Top Overnight News from Bloomberg China’s central bank broke its silence on the crisis at China Evergrande Group, saying risks to the financial system stemming from the developer’s struggles are “controllable” and unlikely to spread The ECB has a good track record when it comes to flexibly deploying its monetary instruments and will continue that approach even after the pandemic crisis, according to policy maker Pierre Wunsch Italian Ministry of Economy and Finance says fourth issuance of BTP Futura to start on Nov. 8 until Nov. 12, according to a statement The world’s largest digital currency rose about 3% to more than $59,000 on Friday -- taking this month’s rally to over 35% -- after Bloomberg News reported the U.S. Securities and Exchange Commission looks poised to allow the country’s first futures-based cryptocurrency ETF Copper inventories available on the London Metal Exchange hit the lowest level since 1974, in a dramatic escalation of a squeeze on global supplies that’s sent spreads spiking and helped drive prices back above $10,000 a ton A more detailed look at global markets courtesy of Newsquawk Asia-Pac stocks traded higher amid tailwinds from the upbeat mood across global peers including the best day for the S&P 500 since March after strong US bank earnings, encouraging data and a decline in yields spurred risk appetite. The ASX 200 (+0.7%) was positive as the tech and mining sectors continued to spearhead the advances in the index in which the former took impetus from Wall St where the softer yield environment was conducive to the outperformance in tech, although mining giant Rio Tinto was among the laggards following weaker quarterly production results. The Nikkei 225 (+1.8%) was buoyed as exporters benefitted from the JPY-risk dynamic but with Fast Retailing failing to join in on the spoils despite an 88% jump in full-year net as its profit guidance underwhelmed with just 3% growth seen for the year ahead, while Taiwan's TAIEX (+2.2%) surged with the spotlight on TSMC earnings which reached a record high amid the chip crunch and with the Co. to also build a factory in Japan that could receive JPY 500bln of support from the Japanese government. The Hang Seng (+1.5%) and Shanghai Comp. (+0.4%) were initially indecisive amid the overhang from lingering developer default concerns although found some mild support from reports that China is to relax banks' mortgage limits through the rest of 2021. Focus was also on the PBoC which announced a CNY 500bln MLF operation, although this just matched the amount maturing this month and there are mixed views regarding prospects of a looming RRR cut with ANZ Bank's senior China strategist recently suggesting the potential for a 50bps cut in RRR or targeted MLF as early as today, although a recent poll showed analysts had pushed back their calls for a RRR cut from Q4 2021 to Q1 2022. Finally, 10yr JGBs marginally pulled back from this week’s advances after hitting resistance at the 151.50 level, with demand hampered amid the firm gains in Japanese stocks and the lack of BoJ purchases in the market today. Top Asian News Hong Kong Probes Going Concern Reporting of Evergrande U.S. Futures Hold Gains as Oil Hits 3-Year High: Markets Wrap Toyota Cuts November Outlook by 15% on Parts Shortage, Covid Yango Group Wires Repayment Fund for Onshore Bond Due Oct. 22 Bourses in Europe have held onto the modest gains seen at the cash open (Euro Stoxx 50 +0.4%; Stoxx 600 +0.3%), but the region is off its best levels with the upside momentum somewhat faded heading into the US open, and amidst a lack of fresh newsflow. US equity futures have remained in positive territory, although the latest leg lower in bonds has further capped the tech-laden NQ (+0.2%), which underperforms vs the ES (+0.3%), YM (+0.3%) and RTY (+0.7%), with traders on the lookout for another set of earnings, headlined by Goldman Sachs at 12:25BST/07:25EDT. Back to Europe, bourses see broad-based gains, whilst sectors are mostly in the green with clear underperformance experienced in defensives, with Telecoms, Utilities, Healthcare and Staples at the foot of the bunch. On the flipside, Banks reap rewards from the uptick in yields, closely followed by Travel & Leisure, Autos & Parts and Retail. Renault (+4%) drives the gains in Autos after unveiling a prototype version of the Renault Master van that will go on sale next year. Travel & Leisure is bolstered by the ongoing reopening trade with potential tailwinds heading into the Christmas period. Retail meanwhile is boosted by Hugo Boss (+1.8%) topping forecasts and upgrading its guidance. Top European News Autumn Heat May Curb European Gas Demand, Prices Next Week Bollore Looking for Buyers for Africa Logistics Ops: Le Monde U.K. Offers Foreign Butchers Visas After 6,000 Pigs Culled Europe’s Car-Sales Crash Points to Worse Year Than Poor 2020 In FX, the Greenback was already losing momentum after a relatively tame bounce on the back of Thursday’s upbeat US initial claims data, and the index failed to sustain its recovery to retest intraday highs or remain above 94.000 on a closing basis. However, the Buck did reclaim some significant and psychological levels against G10, EM currencies and Gold that was relishing the benign yield environment and the last DXY price was marginally better than the 21 DMA from an encouraging technical standpoint. Nevertheless, the Dollar remains weaker vs most majors and in need of further impetus that may come via retail sales, NY Fed manufacturing and/or preliminary Michigan Sentiment before the spotlight switches to today’s Fed speakers featuring arch hawk Bullard and the more neutral Williams. GBP/NZD/NOK - Sterling has refuelled and recharged regardless of the ongoing UK-EU rift over NI Protocol, though perhaps in part due to the fact that concessions from Brussels are believed to have been greeted with welcome surprise by some UK Ministers. Cable has reclaimed 1.3700+ status, breached the 50 DMA (at 1.3716 today) and yesterday’s best to set a marginal new w-t-d peak around 1.3739, while Eur/Gbp is edging closer to 0.8450 having clearly overcome resistance at 1.1800 in the reciprocal cross. Similarly, the Kiwi continues to derive impetus from the softer Greenback and Aud/Nzd flows as Nzd/Usd extends beyond 0.7050 and the Antipodean cross inches nearer 1.0500 from 1.0600+ highs. Elsewhere, the Norwegian Crown is aiming to add 9.7500 to its list of achievements relative to the Euro with a boost from Brent topping Usd 85/brl at one stage and a wider trade surplus. CAD - The Loonie is also profiting from oil as WTI crude rebounds through Usd 82 and pulling further away from 1.5 bn option expiry interest between 1.2415-00 in the process, with Usd/Cad towards the base of 1.2337-82 parameters. EUR/AUD/CHF/SEK - All narrowly mixed and rangy vs the Greenback, or Euro in the case of the latter, as Eur/Usd continues to straddle 1.1600, Aud/Usd churn on the 0.7400 handle, the Franc meander from 0.9219 to 0.9246 and Eur/Sek skirt 10.0000 having dipped below the round number briefly on Thursday. In commodities, WTI and Brent front month futures remain on a firmer footing, aided up the overall constructive risk appetite coupled with some bullish technical developments, as WTI Nov surpassed USD 82/bbl (vs 81.39/bbl low) and Brent Dec briefly topped USD 85/bbl (vs 84.16/bbl low). There has been little in terms of fresh fundamental catalysts to drive the price action, although Russia's Gazprom Neft CEO hit the wires earlier and suggested that reserve production capacity could meet the increase in oil demand, whilst a seasonal decline in oil consumption is possible and the oil market will stabilise in the nearest future. On the Iranian JCPOA front, Iran said it is finalising steps to completing its negotiating team but they are absolutely decided to go back to Vienna discussions and conclude the negotiations, WSJ's Norman. The crude complex seems to have (for now) overlooked reports that the White House is engaged in diplomacy" with OPEC+ members regarding output. UK nat gas prices were higher as European players entered the fray, but prices have since waned off best levels after Russian Deputy PM Novak suggested that gas production in Russia is running at maximum capacity. Elsewhere, spot gold has been trundling amid yield-play despite lower despite the Buck being on the softer side of today’s range. Spot gold failed to hold onto USD 1,800/oz status yesterday and has subsequently retreated below its 200 DMA (1,794/oz) and makes its way towards the 50 DMA (1,776/oz). LME copper prices are on a firmer footing with prices back above USD 10,000/t – supported by technicals and the overall risk tone, although participants are cognizant of potential Chinese state reserves releases. Conversely, Dalian iron ore futures fell for a third straight session, with Rio Tinto also cutting its 2021 iron ore shipment forecasts due to dampened Chinese demand. US Event Calendar 8:30am: Sept. Retail Sales Advance MoM, est. -0.2%, prior 0.7% 8:30am: Sept. Retail Sales Ex Auto MoM, est. 0.5%, prior 1.8% 8:30am: Sept. Retail Sales Control Group, est. 0.5%, prior 2.5% 8:30am: Sept. Retail Sales Ex Auto and Gas, est. 0.3%, prior 2.0% 8:30am: Oct. Empire Manufacturing, est. 25.0, prior 34.3 8:30am: Sept. Import Price Index MoM, est. 0.6%, prior -0.3%; YoY, est. 9.4%, prior 9.0% 8:30am: Sept. Export Price Index MoM, est. 0.7%, prior 0.4%; YoY, prior 16.8% 10am: Aug. Business Inventories, est. 0.6%, prior 0.5% 10am: Oct. U. of Mich. 1 Yr Inflation, est. 4.7%, prior 4.6%; 5-10 Yr Inflation, prior 3.0% 10am: Oct. U. of Mich. Sentiment, est. 73.1, prior 72.8 10am: Oct. U. of Mich. Current Conditions, est. 81.2, prior 80.1 10am: Oct. U. of Mich. Expectations, est. 69.1, prior 68.1 DB's Jim Ried concludes the overnight wrap A few people asked me what I thought of James Bond. I can’t say without spoilers so if anyone wants my two sentence review I will cut and paste it to all who care and reply! At my age I was just impressed I sat for over three hours (including trailers) without needing a comfort break. By the time you email I will have also listened to the new Adele single which dropped at midnight so happy to include that review as well for free. While we’re on the subject of music, risk assets feel a bit like the most famous Chumbawamba song at the moment. They get knocked down and they get up again. Come to think about it that’s like James Bond too. Yesterday was a strong day with the S&P 500 (+1.71%) moving back to within 2.2% of its all-time closing high from last month. If they can survive all that has been thrown at them of late then one wonders where they’d have been without any of it. The strong session came about thanks to decent corporate earnings releases, a mini-collapse in real yields, positive data on US jobless claims, as well as a further fall in global Covid-19 cases that leaves them on track for an 8th consecutive weekly decline. However, inflation remained very much on investors’ radars, with a range of key commodities taking another leg higher, even as US data on producer prices was weaker than expected. Starting with the good news, the equity strength was across the board with the S&P 500 experiencing its best daily performance since March, whilst Europe’s STOXX 600 (+1.20%) also put in solid gains. It was an incredibly broad-based move higher, with every sector group in both indices rising on the day, with a remarkable 479 gainers in the S&P 500, which is the second-highest number we’ve seen over the last 18 months. Every one of the 24 S&P 500 industry groups rose, led by cyclicals such as semiconductors (+3.12%), transportation (+2.51%) and materials (+2.43%). A positive start to the Q3 earnings season buoyed sentiment, as a number of US banks (+1.45%) reported yesterday, all of whom beat analyst estimates. In fact, of the nine S&P 500 firms to report yesterday, eight outperformed analyst expectations. Weighing in on recent macro themes, Bank of America Chief, Brian Moynihan, noted that the current bout of inflation is “clearly not temporary”, but also that he expects consumer demand to remain robust and that supply chains will have to adjust. I’m sure we’ll hear more from executives as earnings season continues today. Alongside those earnings releases, yesterday saw much better than expected data on the US labour market, which makes a change from last week’s underwhelming jobs report that showed the slowest growth in nonfarm payrolls so far this year. In terms of the details, the weekly initial jobless claims for the week through October 9, which is one of the most timely indicators we get, fell to a post-pandemic low of 293k (vs. 320k expected). That also saw the 4-week moving average hit a post-pandemic low of 334.25k, just as the continuing claims number for the week through October 2 hit a post-pandemic low of 2.593m (vs. 2.670m expected). We should get some more data on the state of the US recovery today, including September retail sales, alongside the University of Michigan’s consumer sentiment index for October. That optimism has fed through into Asian markets overnight, with the Nikkei (+1.43%), the Hang Seng (+0.86%), the Shanghai Comp (+0.29%) and the KOSPI (+0.93%) all moving higher. That came as Bloomberg reported that China would loosen restrictions on home loans amidst the concerns about Evergrande. And we also got formal confirmation that President Biden had signed the debt-limit increase that the House had passed on Tuesday, which extends the ceiling until around December 3. Equity futures are pointing to further advances in the US and Europe later on, with those on the S&P 500 (+0.30%) and the STOXX 50 (+0.35%) both moving higher. Even with the brighter news, inflation concerns are still very much with us however, and yesterday in fact saw Bloomberg’s Commodity Spot Index (+1.16%) advance to yet another record high, exceeding the previous peak from early last week. That was partly down to the continued rise in oil prices, with WTI (+1.08%) closing at $81.31/bbl, its highest level since 2014, just as Brent Crude (+0.99%) hit a post-2018 high of $84.00/bbl. Both have posted further gains this morning of +0.58% and +0.61% respectively. Those moves went alongside further rises in natural gas prices, which rose for a 3rd consecutive session, albeit they’re still beneath their peak from earlier in the month, as futures in Europe (+9.14%), the US (+1.74%) and the UK (+9.26%) all moved higher. And that rise in Chinese coal futures we’ve been mentioning also continued, with their rise today currently standing at +13.86%, which brings their gains over the week as a whole to +39.02% so far. As well as energy, industrial metals were another segment where the recent rally showed no sign of abating yesterday. On the London metal exchange, a number of multi-year milestones were achieved, with aluminum prices (+1.60%) up to their highest levels since 2008, just as zinc prices (+3.73%) closed at their highest level since 2018. Separately, copper prices (+2.56%) hit a 4-month high, and other winners yesterday included iron ore futures in Singapore (+1.16%), as well as nickel (+1.99%) and lead (+2.43%) prices in London. With all this momentum behind commodities, inflation expectations posted further advances yesterday. Indeed, the 10yr US Breakeven closed +1.0bps higher at 2.536%, which is just 3bps shy of its closing peak back in May that marked its highest level since 2013. And those moves came in spite of US producer price data that came in weaker than expected, with the monthly increase in September at +0.5% (vs. +0.6% expected). That was the smallest rise so far this year, though that still sent the year-on-year number up to +8.6% (vs. +8.7% expected). That rise in inflation expectations was echoed in Europe too, with the 10yr UK breakeven (+5.6bps) closing at its highest level since 2008, whilst its German counterpart also posted a modest +0.7bps rise. In spite of the rise in inflation expectations, sovereign bonds posted gains across the board as the moves were outweighed by the impact of lower real rates. By the end of yesterday’s session, yields on 10yr Treasuries were down -2.6bps to 1.527%, which came as the 10yr real yield moved back beneath -1% for the first time in almost a month. Likewise in Europe, yields pushed lower throughout the session, with those on 10yr bunds (-6.3bps), OATs (-6.2bps) and BTPs (-7.1bps) all moving aggressively lower. To the day ahead now, and US data releases include September retail sales, the University of Michigan’s preliminary consumer sentiment index for October, and the Empire State manufacturing survey for October. Central bank speakers include the Fed’s Bullard and Williams, and earnings releases include Charles Schwab and Goldman Sachs. Tyler Durden Fri, 10/15/2021 - 07:50.....»»

Category: personnelSource: nytOct 15th, 2021

The 5 best bed sheets in 2021 for every sleeper

We tested 19 sets to find the best sheets for your bed in 2021. Our picks include L.L.Bean, Pinzon, Sijo, Frette, and more. When you buy through our links, Insider may earn an affiliate commission. Learn more. Connie Chen/Insider Good sheets are essential to good sleep, which is why you need a set that's comfortable and durable. The L.L.Bean Percale Sheet Set is our top pick for most people because they're crisp and breathable. It's made from soft, durable, extra-long-staple cotton and is affordably priced for the quality. Read more about how Insider Reviews tests home products. Table of Contents: Masthead StickyI've spent four years trying out more than three dozen sets of sheets, and I can tell you - even if you have the perfect mattress and pillow, bedtime is incomplete without soft and comfortable sheets. For this guide, I put 19 sets of sheets through rigorous testing to determine the top five for a variety of preferences and budgets. L.L.Bean's Percale Sheet Set is the best option for most people.I spoke to hospitality experts and a textiles scientist to learn more about thread count, materials and fiber types, and fabric care. The FAQs section contains more info on why thread count is less important than you think, why you should look for 100% long-staple cotton as a sheeting material, and how to prevent wrinkles in your fresh sheets. The majority of our picks are made from cotton, which offers the best balance of comfort, durability, and affordability. But we've also included options like flannel and linen, which hold heat differently and may be more appropriate for specific seasons or those who tend to sleep cold or hot. Here are the best sheets for your bed in 2021Best sheets overall: L.L.Bean Percale Sheet SetBest cooling sheets for summer: Sijo Linen Sheet SetBest flannel sheets for winter: Pinzon Flannel Sheet SetBest hotel sheets: H by Frette Classic Sheet SetBest sheets on a budget: Threshold Solid Performance Sheet Set Best sheets overall Connie Chen/Insider The L.L.Bean percale sheets feel amazing on your skin — simultaneously light, crisp, and soft — and prove that quality materials are more important than thread count.Material: 100% Pima cotton, percale weave Thread count: 280 Sizes available: Twin, full, queen, king, California kingCare instructions:  Machine wash in warm water with like colors. Use only non-chlorine bleach if needed. Tumble dry on low and remove promptly. Pros: High-quality construction, very soft and comfortable, fitted sheet is labeled, accessible priceCons: Lack of prints and patterns, fitted sheet may be loose on thinner mattressesOf all the percale cotton sheets I tested, L.L.Bean's set stood out for its ultra-softness and comfort. It's our overall best pick because it boasts a bit of everything that most shoppers are looking for: lightweight, breathable, and cool fabric; crisp yet soft feel; and strong construction that can reliably stand up to multiple washes. The sheets are made from pima cotton, which is a high-quality, extra-long-staple cotton. Karen Leonas, a professor of textile sciences at the Wilson College of Textiles, NC State University, told us extra-long-staple cotton is even stronger and more resistant to abrasion than long-staple cotton. That's likely why the L.L.Bean sheets are extra soft and durable, even though the 280-thread count is on the lower end of the spectrum. Even after many washes, they also had a great feel and experienced no loose threads or shrinkage in the last three months.The fitted sheet fit well and never slipped off, but there was a little excess (it fits up to 15-inch mattresses) on my IKEA Haugesund mattress. I loved that the long and short sides were labeled, a thoughtful touch that always sped up the annoying task of putting on my sheets. (When you're constantly trying and washing different sheets, you notice and appreciate these things.) The sheets are available in a handful of light colors, and they have hemstitched detailing (decorative threading at the edges). If you prefer a simple look that fits into pretty much any room style, the L.L.Bean sheets won't disappoint. If you like fun prints and patterns, try Brooklinen's sheets. They came in a close second to L.L.Bean for comfort and durability and are also reasonably priced.  There's nothing gimmicky or "special" about these L.L.Bean sheets, and that's what makes them so great. They're simply well-made, extremely comfortable, and dependable — the best you could want out of something you're sleeping on every night. Pima Cotton Percale Sheet Set (Queen) (button) Best flannel sheets for winter Connie Chen/Insider It's hard to imagine snuggling in anything but Pinzon's thick flannel sheets on a cold winter night. They'll keep you warm and cozy without causing you to overheat.Material: 100% brushed cottonThread count: Doesn't apply; 170 GSMSizes available: Twin, twin XL, full, queen, king, California kingCare instructions: Machine wash in cold water. Tumble dry on low. Pros: Plush and cozy feel, heavyweight, breathable, affordable Cons: Lots of dryer lint, only available in solid colors, may be too warm for hot sleepersImagine you're nestled in a cabin in the woods, far, far away from the people and bustle of regular life. There's a fire crackling nearby, and you have a book in one hand and a mug of tea in the other. That's what it feels like sleeping in these flannel sheets, even if the reality is that you're laying your head to rest in a modern city high-rise. There's no better fabric than flannel to bundle your body in during fall and winter (and even beyond, if you don't sleep hot). Pinzon's flannel is thick, soft, and cozy from the very first use and the comforting feeling only gets better over time. They're velvety and a little fuzzy but were never itchy and uncomfortable. Though the sheets are very warm, they never felt stifling or unbreathable, despite the fact that I sometimes sleep warm. However, if you regularly sleep hot, the flannel sheets may be too stifling.These sheets make it dangerously tempting to take midday naps curled up like a cat or to sleep in every day as if it were a Sunday free of commitments and appointments. I consistently felt like I slept better and deeper because of how warm and comfortable these sheets are. Fortunately, there's been no shrinkage or pilling to get in the way of that comfort.Still, there are a few small inconveniences. Out of the package, they have a slight chemical odor, so you'll need to wash them before the first use. Also, be prepared to empty out a thick layer of fuzz from your dryer lint trap every time you wash them. If you have thicker or high-loft pillows, the pillowcases may be a tight fit. I used them on my Casper and Leesa pillows (both moderately-sized pillows), and the pillowcases were a bit difficult to pull on.Cotton Flannel Bed Sheet Set (Queen) (button) Best hotel sheets Connie Chen/Insider When you don't want to spend hundreds of dollars a night to sleep at a luxury hotel, H by Frette's smooth and luxurious sateen sheets will take you there instead.Material: 100% extra-long-staple cotton, sateen weaveThread count: 300Sizes available: Twin, queen, king, California kingCare instructions: Machine wash in hot water. Tumble dry on low. If desired, remove before completely dry and iron to remove wrinkles.Pros: Luxury hotel-approved, quality materials, washes well, the brand has a long manufacturing historyCons: Only available in whiteRitz-Carlton, St. Regis, and Kimpton hotels worldwide turn to this iconic name for their bedding needs. We're talking about none other than Italian luxury brand Frette, once the official maker of linens for the Italian royal family. Sleeping in Frette's soft and smooth sateen sheets, you'll certainly feel like royalty. H by Frette is Frette's consumer line of linens and whisks you away into the sumptuous hotel bed of your dreams. But rather than paying for just a single night in a high-end hotel, you're dropping $300 for years of hotel luxury in your own room. The sheets are, of course, only available in white, and you can get them in sateen or percale, depending on your preference. The resulting bed looks simple, clean, and fresh. While housekeeping staff isn't included with your purchase, you'll probably feel motivated anyway to maintain the signature hotel style yourself because of how sleek and composed the all-white look is.Frette uses 100% extra-long-staple cotton, so even though the set doesn't have the extraordinarily high thread count (300) you might expect from hotel sheets, it feels very soft. Extra long-staple cotton is also very durable — important for hotels where housekeeping teams are washing each room's sheets constantly and important for you as a consumer if you want to be sure your investment goes a long way. Sateen sheets can be too warm for me sometimes, but Frette's felt perfect and cooler than other sateen sets I've tried. The sheets have a subtle gloss and a silky feel, and they remain comfortable after every wash. You'll find less expensive and equally comfortable sheets in the rest of this guide, but if you specifically want the sheets used in and approved by hundreds of hotels, then you'll be very happy with Frette's. Whenever I rotate through my sheets, I look forward to this set because I know it'll feel like a treat.Pro tip: "When recreating this [hotel] experience at home, think about using high lofting pillows, quality sheets, and a plush duvet with a duvet cover for the ultimate luxury experience," says Chan.Sateen Classic Sheet Set (Queen) (button) Best sheets on a budget Connie Chen/Insider Threshold's sheets are popular among Target shoppers because they're comfortable, thoughtfully designed, and, best of all, affordable.Material: 100% cotton, sateen weaveThread count: 400Sizes available: Twin, twin XL, full, queen, king, California kingCare instructions: Machine wash in cold water. Tumble dry on low. Pros: Affordable, great fit Cons: May trap body oils more, smell terrible out of the packageIt's the price tag that'll catch your eye first, then the great fit and soft feel that'll sell you completely on these budget-friendly sheets from Target brand Threshold. Of all the sets I tested, Threshold's fitted sheet was the easiest to put on and fit my mattress the best, despite being designed for mattresses up to 18-inch deep. The extra stretch in the corners of the sheet made a big difference and helped the sheet cling to my mattress without showing excess material on top. It also has a top and bottom label to speed up the fitting process. Once on, the sateen sheets are smooth and silky. They're made from 100% cotton and have a 400-thread count on the higher end of all the sets I tried.After some use, however, I noticed that they seem to trap body oils more readily and feel greasier than other sets, making them less pleasant to sleep on. I wondered if this was because Target uses a short-staple cotton, or if they applied some kind of treatment over the sheets to give them their "performance" qualities (wrinkle-resistant, bleach friendly), but the brand didn't respond to my requests for additional clarification. The problem does seem to go away if I wash the sheets more often.Either way, I had a comfortable experience overall; they just weren't the best of all the sheets I tried. And though they're touted as "performance sheets," most notably as being wrinkle-free, they certainly wrinkle. The best way to get rid of the wrinkles, as with all cotton sheets, is to iron them. Be warned — the sheets have a strong sour and chemical smell when you first take them out of their packaging. The smell lingers even after the sheets are aired out for a couple of days, so you'll definitely want to wash them first.If you're on a budget, a college student, or a frequent host looking to outfit a guest bed, these sheets are a smart decision. We're continuing to test and wash them to look for any durability issues, but so far, we haven't run into any. Performance Sheet Set (Queen) (button) Best cooling sheets for summer Connie Chen/Insider The cool, airy, and beautiful linen sheets from Sijo will be your summer favorite, or if you regularly sleep hot, a durable yearlong standby.Material: 100% French flaxThread count: Doesn't applySizes available: Full, queen, king, California kingCare instructions: Machine wash in cold water on the gentle cycle. Tumble dry on low. Remove from dryer when slightly damp and hang or lie flat. They can also be hand washed or dry cleaned. Pros: Stays dry and cool, casually wrinkled style, flexible flat sheet option Cons: Doesn't come in as many colors and sizes as competitors, may experience some sheddingLinen is a contentious textile. It wrinkles very easily, feels a bit rough, and is notoriously expensive. On the other hand, some prefer the casual, lived-in look, and it does get softer with time and use. Most importantly, because it's made from hollow flax fibers, which absorb moisture and let air pass through, linen is breathable and stays dry even on the warmest, stuffiest nights. Sijo sheets are the best linen sheets I've tried because they strike the right balance of comfort, coolness, durability, and price. After a couple of months of testing, they knock out our former best pick, MagicLinen, because of how downright soft and comfortable they are, even while having the signature grainy texture of linen. And they get softer and better after multiple washes.If your preconception of linen is that it's too scratchy to enjoy, Sijo's sheets will change your mind. They're also airy and light, keeping me cool on California spring-nights-that-already-feel-like-summer (we recently had temps in the high 80s in late March). I loved the wrinkled look, especially combined with the soothing Blush color. I'm also a fan of Sky, a dusky blue. The color and overall construction have held up well so far, and the fabric continues to feel both substantial and lightweight. You should expect some shedding in the first few washes — it's a natural part of the process but a little annoying to pick off your bed.Unlike with MagicLinen, I didn't have any sizing issues with Sijo's sheets. All the sets have a 15-inch depth. You can also opt in or out of a flat sheet, which provides great flexibility and can bring the price of your purchase down.Linen Sheet Set (Queen) (button) What else we tested Connie Chen/Insider What else we recommend and why Brooklinen (sateen): As I mentioned earlier, it was a tight race between Brooklinen and L.L.Bean. We still highly recommend Brooklinen because the brand offers incredible value for long-lasting, comfortable, and beautiful sheets. But the set we tested (Brooklinen's most popular) may be too warm for some people because of the sateen weave, which is why we ultimately picked L.L.Bean's cooler percale. Read our full review of Brooklinen sheets here.Brooklinen (linen): Brooklinen's sateen sheets usually get all the love, but we were also interested in its other fabrics. Each set of its cozy made-in-Portugal linen sheets is individually garment-dyed, so you'll feel like you have a unique piece of bedding. Our top pick is softer, but Brooklinen's are still pretty comfortable and come at the best price. Boll & Branch: Boll & Branch uses cotton that's both GOTS- and Fair Trade-certified, so if you live an organic lifestyle or are trying to incorporate more organic products into your cart, you'll love these ethically and sustainably made sheets. The sheets are comfortable and durable but keep in mind that the manufacturing process and certifications do come at a cost. Read our full review of Boll & Branch sheets here.MagicLinen: MagicLinen recently lost its spot as our top linen pick because it wasn't as comfortable or affordable as Sijo. There are a few reasons you might still want to buy MagicLinen, though: it comes in a lot more colors and sizes, including twin and deep-depth. If you're willing to pay a bit more to find a specific style and fit, MagicLinen's a good place to shop durable and airy linen sheets. Read our full review of MagicLinen sheets here. Riley: Riley's percale sheets are softer than other percale sheets, but not more so than L.L.Bean's. They felt cool and held up to all our washes well. I also appreciated the fair price point and the flexibility of opting for the add-on flat sheet, instead of being stuck with one you don't want. Parachute: Parachute's name often comes up along with fellow direct-to-consumer brands Brooklinen and Boll & Branch, all of which launched around the same time. We loved the smooth feel of its sateen sheets, which were softer than Brooklinen's. The one downside is they come in limited colors, and many sizes are currently sold out. Snowe: The crisp percale sheets from Snowe have both the feel and sensibility of a light button-down shirt. They're sophisticated and sleek, though not quite as soft as other percale options we've tried. I slept with them during the dead of summer, and they kept me cool and comfortable. Casper: Casper's newest bedding offering is the Hyperlite Sheet Set, made from Tencel lyocell, which comes from sustainably sourced wood. The material is indeed incredibly lightweight and soft, with a thin, gauzy construction — so thin that it's a bit see-through. They've held up really well after many washes. Bed Threads: This is another brand we love for fairly priced linen sheets. Bed Threads offers extended sizing and an assortment of beautiful colors to spruce up your bedroom. (I sampled the lilac.)What we do not recommend and why Crane & Canopy: We liked the comfortable feel and embroidery of these extra-long-staple, 400-thread count cotton sheets. Like L.L.Bean and Brooklinen, they're made from high-quality cotton and have a mid-tier thread count — but they're a lot more expensive. Since there are no other distinct features to set Crane & Canopy apart, we prefer L.L.Bean and Brooklinen for their better value.Serena & Lily: The home brand has many pretty and composed sheet options, like this Classic Ring Sheet Set, which has a percale weave and a 310-thread count. The feel is crisp and cool, but it's a bit pricey for what you get, and our other sheet picks offer better value. We also noticed after the first wash that there were already some loose threads on the pillowcases. Italic: Long-staple cotton percale sheets made by the same manufacturer of Frette, Four Seasons, and St. Regis sheets for $85? The Slumber Cotton set is enticing for this reason, and it's comfortable to sleep in. However, Italic has a $100/year membership model, so buying this set only makes sense if you plan on purchasing other goods from the site. We recommend first browsing the rest of the online shop to see if you're interested in the other home products, clothing, and accessories. Otherwise, you'll be paying $185, which isn't any more competitive than our picks above. Ettitude: Ettitude's claim to fame is using bamboo lyocell for its sheets. They're made from 100% organic bamboo with a water-efficient manufacturing process, and the result is uniquely soft, silky, and cool. However, we noticed they're more delicate than other fabrics, and the sheets showed more pilling and abrasion after we washed them.Bespoke Post: A defining characteristic of percale is that it's crisp and airy, like your favorite button-down shirt. The problem I experienced with Bespoke Post's new percale sheets is that they're too crisp and can rustle loudly if you move in your sleep (which is probably most of us). It also held onto and showed body oils easily, and you'd need to wash the set frequently.  Our testing methodology Connie Chen/Insider Here's how we tested the sheets over nine months. We'll continue to follow these steps in the upcoming months and note any changes.Washed and dried each set according to its respective instructions at least five times. Usually, we washed the sheets in a cold cycle with gentle detergent and dried them on a low tumble cycle. Put the fitted sheet on a 10-inch-thick mattress and noted slipping, sliding, post-wash shrinkage, and stretchiness of elastic. Slept on each set for at least one week and noted texture, overall comfort, breathability, and coolness. What we're testing next West Elm/Instagram Lilysilk: One category we'd like to add to our guide in the future is "best silk sheets." The luxurious Lilysilk sheets are made of mulberry silk and are OEKO-TEX Standard 100 certified. We like that Lilysilk lets you customize what pieces are included in your sheet set. THX Silk: The THX Silk 19 momme silk sheet could have the same description as the Lilysilk sheets. They're made from OEKO-TEX certified mulberry silk, but they "only" cost $410. We're curious to see if these luxury sheets live up to their price.West Elm: West Elm's Fair Trade-certified linen sheets are popular among linen lovers. They come in around the same price as MagicLinen's and are also available in many beautiful colors, so we'll mainly be comparing their comfort and durability. Kassatex: These long-staple cotton, 300-thread count sateen sheets seem promising, especially considering a Queen set is only $100. We look forward to putting these inexpensive sheets through all our tests to see how they stand up over time and how they compare to our current picks.  FAQs Connie Chen/Insider Does thread count matter?Yes, to a certain extent. However, don't use it as your sole determining factor because its definition can be manipulated, and after a certain number, the difference in feel and durability is negligible. Thread count is the number of yarns per inch, horizontally and vertically. Leonas tells us that a ply yarn (two single yarns twisted together) has traditionally been considered one yarn, but in recent years, some brands have been using total ply yarn count as the thread count, resulting in an artificially high number. Remember that thread count only applies to cotton sheets and single yarn weaves. All of our best cotton sheets fall in the 300-500 range, and you likely won't need anything beyond that."When finding sheets that will last and provide comfort and a relaxing night's sleep, take a look at the material first and thread count second," said Ave Bradley, senior vice president of design and creative director at Kimpton Hotels. Kimpton uses 200-300 thread count cotton sheets from Frette in its rooms. Though bedding brands are often quick to show off high thread counts, they're less important than you might think. The type of fiber and weave also help determine the sheet's texture, breathability, and durability. Percale and sateen, for example, are both made of cotton but have different weave structures, resulting in different feels.What are the different types of sheets?The quality and type of material do matter. Below, we define, compare, and contrast different materials, fabrics, and terms you'll often run into while shopping for sheets. Drape: The fluidity or rigidity of a fabric. A fabric with a high or fluid drape, such as silk, is flowy and clings more to the object. A fabric with a low drape is stiffer and holds its shape more. Long-staple cotton: Cotton with longer-staple fibers that result in smoother and stronger yarn. This is compared to short-staple cotton, which has fiber ends that stick out and cause the sheets to be rougher and less abrasion-resistant. Brands will generally call out when they use long-staple cotton; otherwise, you can probably assume it's short-staple. Leonas says the industry definition of long-staple cotton is a fiber length of 1.15-1.22 inches.Egyptian cotton: Cotton grown in Egypt. It's often assumed that Egyptian cotton is long-staple, but it could also be lower-quality, short-staple cotton that just happens to be from Egypt, so be careful of this labeling and look specifically for "long-staple cotton." Pima cotton: Also known by its trademark name, Supima cotton. Extra long-staple cotton that is grown only in the US and has a fiber length of at least 1.5 inches. Extra long-staple cotton is even smoother, more flexible, and more resistant to pilling than long-staple cotton.Percale: A type of cotton weave where one thread is woven with another thread into a tight, grid pattern. It has a matte, crisp feel. It's airy and more breathable. Sateen: A type of cotton weave where three or four threads are woven over one thread into a looser grid pattern. It has a smooth, silky feel and a slight sheen to it. Compared to percale, it's less breathable and may not be suitable for sleepers who run hot. According to Leonas, sateen tends to snag more easily and show dirt more readily due to its unique "float" weave. If you enjoy the feel and look of sateen, keep in mind that sheets made using this weave require a little more care and maintenance. Polyester: A type of synthetic fiber that may be blended with cotton or used to make microfiber. It's less breathable and traps moisture more easily, and it may not be suitable for people with sensitive skin. Microfiber: A type of synthetic material made with very fine polyester fibers. It's very soft and drapeable but doesn't breathe well. Lyocell: Also known as Tencel. A type of fiber made from wood (often eucalyptus) pulp. It's soft, silky, and breathable. Linen: A type of fiber made from flax plants. It's slightly rigid, with a rougher texture, and it feels cool and breathable. It wrinkles easily. Flannel: A type of fabric made with thickly woven wool or cotton. It's brushed to give it a slightly soft and fuzzy texture, and it feels warm.What kind of sheets do hotels use?Dennis Chan, director of retail product at Four Seasons Hotels and Resorts, said his team looks at the fabric drape (the way the fabric hangs), hand feel, and construction of weave when sourcing bedding for hotels worldwide. Four Seasons produces its own line of bedding in its Four Seasons at Home collection, featuring 350-thread count sateen weave cotton sheets. Top hotel brands like Four Seasons and Kimpton outfit their rooms in 100% long-staple cotton sheets because they're soft, breathable, and durable, resulting in luxurious and memorable sleep experiences for their guests. Long-staple cotton has longer fibers, so it's stronger and softer than shorter-staple cotton, which is why we also generally recommend 100% long-staple cotton in our best picks. What are the different sheet certifications?You may notice that some of our best picks have a Standard 100 by Oeko Tex certification. This label means the final sheet product has been independently tested for more than 100 harmful chemical substances and is safe for human use. While it's not the only certification out there, it's widely used and known in the textiles industry.Our experts say you should look for the Oeko-Tex Standard 100 certification for basic safety, but if you also care about manufacturing, look for STeP by Oeko Tex. It checks for environmentally friendly, socially responsible, and safe practices all along the production process.The Global Organic Textile Standard (GOTS) is another certification used specifically for organic textiles. GOTS-certified sheets contain at least 95% certified organic fibers and meet environmental and social standards at every stage of processing and manufacturing.What's the best way to care for your sheets?According to various bedding brands, you should wash your sheets every one to two weeks and have alternate sets to preserve their quality. We recommend following the specific care instructions that come with the sheet set you buy. Based on our experience, brands generally advise washing the sheets in a cold or warm cycle with gentle detergent, then drying in a low tumble cycle. Hot water can make colors bleed, cause shrinkage, and weaken fibers. Drying at high heat can also weaken fibers and cause pilling.What's the best way to prevent wrinkles?For all its great properties, cotton naturally wrinkles, and that's thanks to its molecular structure. Leonas explained that wrinkles happen when hydrogen bonds form as your sheets bump around in the dryer. "The only way to get rid of those bonds is to flip some water on it or apply high heat. That's why we use a lot of steam when we press things," she says. If you want to get rid of wrinkles, the best way is to iron them before fitting them onto your bed or remove them from your dryer a little before the cycle ends and fitting them onto your bed while slightly damp.Are alternative fibers any good? Alternative fibers like bamboo lyocell or microfiber are appealing because they're often very comfortable and affordable. However, in our testing experience, their durability doesn't match up to that of cotton or linen. They're more prone to pilling, abrasion, and shrinkage. Plus, the production and care of these alternative fibers can be murky and bad for the environment. The shedding of microfiber, for example, is polluting the ocean. What kind of duvet cover do you pair with your sheets? It's best to choose a duvet cover with the same fabrication as your sheet set — if you like how your sheets feel below you, you'll like how the same type of fabric feels on top of you. Most of the brands we recommend in our guide also sell matching duvet covers. If you want to mix and match bedding pieces, we'll soon be overhauling our guide to the best duvet covers.  Check out our other great bedding guides Jen Gushue/Insider The best pillowsThe best pillowcasesThe best duvet coversThe best mattressesThe best weighted blanketThe best cotton sheetsThe best flannel sheetsThe best sheets for kids  Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 14th, 2021

Learn more about the fourth group of Fast 50 honorees

Triad Business Journal honored the 2021 class of Fast 50 award winners last week. To keep the celebration going, we're rolling out profiles of the fast-growing Triad companies this week. The fourth group of honorees included four Fast 50 newcomers, including Horizon Tool Inc., Stake Center Locating, UMA Geotechnical Construction Inc. and Restoration MedSpa. Click on the links below to learn more about this group of honorees, ranked from No. 11 to No. 20: No. 11: Horizon Tool Inc. No. 12: Keystone….....»»

Category: topSource: bizjournalsOct 13th, 2021

Small States Cry Foul on Federal Rental Relief Redistribution

(TNS)—States with small populations say a federal plan to take back unspent emergency rental aid and redistribute it elsewhere is unfair, potentially depriving them and their residents of millions of dollars to address broad affordable housing challenges. Last December’s federal law appropriating $25 billion for emergency rental assistance scattered the money to some 500 grantees […] The post Small States Cry Foul on Federal Rental Relief Redistribution appeared first on RISMedia. (TNS)—States with small populations say a federal plan to take back unspent emergency rental aid and redistribute it elsewhere is unfair, potentially depriving them and their residents of millions of dollars to address broad affordable housing challenges. Last December’s federal law appropriating $25 billion for emergency rental assistance scattered the money to some 500 grantees across all 50 states—but it also authorized the U.S. Treasury Department to recapture unused funds beginning Sept. 30. Under the law, the Treasury can take back money from grantees that failed to spend or allocate at least 30% of their dollars by Sept. 30, and redistribute the money to grantees, potentially in other states, that spent more than 65% of their funds. But grantees and lawmakers in smaller states argue that their sluggish spending pace doesn’t reflect a lack of need. Instead of judging grantees by how fast they are spending the money, they argue, Treasury officials should consider how many tenants are at risk of eviction in their area, and the share of needy applicants who end up receiving help. State allocations were based on population, but the minimum share was $200 million—too much money, critics say, for small states to spend quickly. At the end of August, Virginia, New Jersey and 104 local grantees, including the city of Houston, Prince George’s County in Maryland and Miami-Dade County, had met or surpassed the 65% threshold. At the same time, 204 state and local grantees were under the 30% threshold. Among states, Wyoming, South Dakota, North Dakota, Delaware and Rhode Island, in order, have the lowest expenditure rates. “The clock is ticking,” said Treasury Secretary Janet Yellen during an event in early September with state and local leaders. The White House used the online event to highlight high-performing programs and push slower jurisdictions to pick up the pace. “We need everyone, every state and every community to try to match the spirit of urgency and expediency and to take advantage of the flexibility we’re providing,” Yellen said. Congress approved the Emergency Rental Assistance program to help households earning at or below 80% of their area’s median income. Residents who qualify can get up to 15 months of assistance to cover rent and utility costs. In a Sept. 7 letter to Congress, Wyoming Gov. Mark Gordon, a Republican, acknowledged that “the needs of Wyoming renters will never justify the $200 million allocated to the state,” in large part because 70% of Wyoming households own their homes. However, Gordon argued that “Wyoming desperately needs this funding to cure severe shortages in affordable housing across the state.” In Delaware, reaching the 65% standard would have meant spending $130 million by Sept. 30—an unrealistic target for a state with fewer than a million households, said Marlena Gibson, director of policy and planning at the Delaware State Housing Authority, in an interview with Stateline. Delaware spent $16 million, or 8% of its award, by the end of August. But Gibson said the housing authority is in the middle of processing about 5,500 applications for an additional $32.5 million in assistance. “In Delaware we are tracking our performance against estimates of need, on rental delinquency and the number of applications that we have in progress and processing those,” she said. The Treasury Department says it will gradually remove unspent dollars from programs with low spending rates, but that it will strive to keep the money within state borders. However, states with a single grantee—including Connecticut, Delaware, Maine, Montana, North Dakota, Rhode Island, South Dakota, Vermont, West Virginia and Wyoming—might have to forfeit their money to other states. Grantees also can voluntarily reallocate funds to other programs within the same state. In Nebraska, for example, there are five grantees: the state, grantees in the cities of Lincoln and Omaha, and grantees in Douglas and Lancaster counties. The local programs have spent 80% of their awards, compared with 5% spent by the state program. Shannon Harner, executive director at Nebraska’s Investment Finance Authority, which oversees the state program, said she hopes that any unspent money will remain in the state. Harner said 79% of Nebraska’s allocation went to the state program, even though the other four grantees cover more than half of renters in the state. Lorraine Polak, executive director of the South Dakota Housing Development Authority, said many applicants in her state don’t qualify for help because they were not financially affected by COVID-19. Businesses in South Dakota were never officially shut down. However, she said South Dakota officials hope to keep the leftover money to address the need for more affordable housing. “I think every state would love that opportunity,” Polak said, “because what we’re seeing is that there’s definitely a demand for more housing units and not sufficient funding to meet that demand.” ©2021 The Pew Charitable Trusts Distributed by Tribune Content Agency, LLC The post Small States Cry Foul on Federal Rental Relief Redistribution appeared first on RISMedia......»»

Category: realestateSource: rismediaOct 13th, 2021

The best wildlife photos of the year show a curious grizzly, dueling reindeer, and fish swimming through a cloud of sperm

Climate change is transforming the landscapes around predators, fish, and birds, but they all still spawn, fight for mates, and care for their young. Laurent Ballesta/Wildlife Photographer of the Year The London Natural History Museum's Wildlife Photographer of the Year contest awards images that showcase the diversity and fragility of life. This year, the contest drew a record of more than 50,000 entries from photographers in 95 countries. The winning photos show reindeer fighting over mates, seals giving birth, and a mountain gorilla enjoying the rain. The camouflage grouper is declining due to overfishing, but each July, beneath a full moon, the fish begin to multiply.For five years, biologist Laurent Ballesta has returned to a lagoon in Fakarava, French Polynesia every July to photograph the groupers spawning. He and his team dove night and day to capture photos of the fish darting through clouds of eggs and sperm, which mix and fertilize in the warm tropical waters.The above photo, which Ballesta calls "Creation," is the result of that effort, and it won the prestigious Grand Title award in the 2021 Wildlife Photographer of the Year contest. The competition, developed and produced by the Natural History Museum in London, aims to showcase the diversity and fragility of the planet's wildlife. The museum announced its winners on Tuesday.This year, the contest drew more entries than ever before - more than 50,000 photos from photographers in 95 countries. But "Creation" stood out."The image works on so many levels. It is surprising, energetic, and intriguing and has an otherworldly beauty," Roz Kidman Cox, who chaired the judges panel, said in a statement. "It also captures a magical moment - a truly explosive creation of life - leaving the tail-end of the exodus of eggs hanging for a moment like a symbolic question mark."Other winning photos across 19 categories reveal the devastation of climate change and environmental destruction. They show dead coral, melting sea ice, and dwindling animal populations. But many are also snapshots of persistence: creatures procreating, fighting for mates, and caring for their young.A photo of an inconspicuous spider won the contest's Grand Title for youth photographers Vidyun R Hebbar/Wildlife Photographer of the Year Vidyun Hebbar, age 10, was exploring a theme park near his home in Bengaluru, India, when he spotted a tent spider in a gap in a wall. The tiny creature was perched upside down in a dome-shaped web it had woven across the wall.He held up his camera and clicked as a tuk tuk passed by. The motorized rickshaw made a colorful background for the spider and its intricate silk web."The jury loved this photo from the beginning of the judging process. It is a great reminder to look more closely at the small animals we live with every day, and to take your camera with you everywhere," Dr. Natalie Cooper, a researcher at the Natural History Museum who sat on the judges panel, said in a statement.A hungry grizzly bear made eye contact with the camera before trashing it Zack Clothier/Wildlife Photographer of the Yea US photographer Zack Clothier thought these wild elk remains might attract a grizzly bear. So he set up his camera nearby and retreated. When he came back, he found his setup trashed.This image, with the grizzly eyeballing the camera, was the last one snapped."Your eye goes to the rib cage, moves to the antlers and then gets a jolt from the great grizzly head looming into view," Cox said. "It is a story picture - the harsh winter environment, the bear emerging from its hibernation den to make use of what food it can find. But what gives it the edge is the bear's expression. You cannot help smiling."An aerial image of seals giving birth on melting ice shows blood, new life, and impending doom Jennifer Hayes/Wildlife Photographer of the Year US photographer Jennifer Hayes spent hours on a helicopter searching for these harp seals' birthing grounds. As they came into view, her camera captured the scattered seals and the smears of blood their births had left on the ice."It was a pulse of life that took your breath away," Hayes said in a statement.But the ice beneath the seals is fragmenting. As Arctic air and oceans get warmer, northern sea ice is becoming more scarce. That's likely to cause major disruptions and population crashes for animals that rely on the ice."What an impactful picture - a record of both birth and imminent disaster," Cox said. "Adult harp seals give scale to this frozen sea stained with the blood of new life that is cracking apart too early, indicating the likely carnage to come as the ice melts and the pups, in their fluffy white coats, drown - a drama representative of the climate emergency."For those reasons, Hayes's photo won the contest's Oceans category.A venomous spider guarded its brood beneath a photographer's bed Gil Wizen/Wildlife Photographer of the Year Gil Wizen noticed tiny spiders swarming in his bedroom one day. When the photographer peeked under his bed, he found the culprit: a Brazilian wandering spider the size of his hand. One of the world's most venomous spiders had laid and hatched its eggs right below his place of rest.Wizen captured the scene before relocating the spider outside.One photographer returned to an old subject, only to find it dead David Doubilet/Wildlife Photographer of the Year David Doubilet has been taking his camera diving among corals for 30 years. In those decades, the reefs around him have changed. Many are dying as the oceans absorb the carbon dioxide humans are pumping into the atmosphere. That makes oceans more acidic, and the warming climate raises the water temperature at the same time.The coral colonies in this photo didn't survive. When the tiny animals that make up the coral - called polyps - died, that left the coral bleached.Doubilet returned to this coral skeleton with a photograph of its living form from nine years earlier.A white-tailed kite tried to teach its offspring how to woo a mate Jack Zhi/Wildlife Photographer of the Year The younger California bird was trying to take a live mouse from the claws of its father while hovering in mid-air, according to photographer Jack Zhi. This is how the juvenile must eat until it can hunt for itself. The exchange is also practice for future courtship, when a male bird offers prey to a female.This gold-speckled youngster had only been flying for two days. It clumsily tried to reach its claws up to take the mouse, but didn't quite get the prize. It learned quickly, though, and circled around to grab its prey from behind the older bird.Other creatures were fighting for the right to woo Angel Fitor/Wildlife Photographer of the Year The colorful pair of male cichlid fish in this image are facing off, jaw to jaw, over a female hiding in a snail shell, ready to lay eggs. Photographer Angel Fitor spent three weeks diving to the bottom of Lake Tanganyika, an enormous freshwater lake at the center of Africa, looking for such cichlid fish fights. This one lasted just seconds.Dueling reindeer also battled over females Stefano Unterthiner/Wildlife Photographer of the Year During the rutting season in the Norwegian archipelago of Svalbard, male reindeer clash antlers over harems of females. These two fought until the dominant male, on the left, chased his rival away.Photographer Stefano Unterthiner said in a statement that he felt immersed in "the smell, the noise, the fatigue, and the pain."The Svalbard subspecies of reindeer is unique to that area. But on the island, climate change has led to increased rainfall, which can freeze on the ground and block reindeer from eating the plants that are usually accessible through soft snow.On an island within an island, a red fox scavenged for dead salmon Jonny Armstrong/Wildlife Photographer of the Year This animal is one of two foxes living on a small island in Karluk Lake, which is nested in Alaska's Kodiak Island. Photographer Jonny Armstrong followed the fox for several days as she pounced at birds, ate berries, and even nipped at the heels of a young brown bear.Then a storm began to roll in, bringing a somber backdrop. As the vixen scanned the shallows for sockeye salmon that had died after spawning, Armstrong laid on his stomach at the water's edge to capture her focused gaze.The winner in the portraits category shows a mountain gorilla at peace in the rain Majed Ali/Wildlife Photographer of the Year The gorilla, named Kibande, is almost 40 years old. He's a member of a dwindling subspecies of eastern gorilla. Just two populations of these mountain gorillas remain in the wild - one in the Virunga volcanoes of the Democratic Republic of the Congo, and one in Uganda's Bwindi forest. They're threatened by poaching, habitat destruction, and disease.Photographer Majed Ali trekked four hours uphill in his attempt to photograph Kibande."The more we climbed, the hotter and more humid it got," Majed said in a statement.As rain began to fall and cool the air, Kibande closed his eyes and let the droplets fall over his face.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 12th, 2021

Netflix"s (NFLX) Series Dominate Busan"s Asia Content Awards

Netflix's (NFLX) Move to Heaven and Sweet Home win big at the 3rd Asia Contents Awards (ACA), showcasing the international content popularity of the streaming service. Netflix’s NFLX content portfolio is firing on all cylinders which is evident from the numerous accolades and awards it has been receiving across languages and genres including 44 Emmys wins in total this year.  Recently, the streaming giant’s original Korean shows Move to Heaven and Sweet Home emerged as the biggest winners, winning three awards each at the 3rd Asia Contents Awards (ACA).ACA is an annual award launched by the Asian Contents & Film Market of the Busan International Film Festival (BIFF) in 2019 to recognize excellence in TV, OTT (online video streaming platform) and web content throughout Asia.Move To Heaven, which was released on May 14, tells the story of a trauma center cleaner who throws away the belongings of a person who has recently died. The series won the Best Creative Award along with the best writer for Yoon Ji-ryun and best actor for Lee Je-hoon.Director Lee Eung-bok's monster horror series Sweet Home took home the best technical drama award, while actress Go Min-si won the best newcomer award, and actor Song Kang won the ACA Excellence award, which is given to artists who have contributed in the Asian region.Besides, the second season of Girl From Nowhere, a Netflix original series made in Thailand won the best Asian TV series award. The best OTT original title went to The Long Night, produced by iQiyi from China.Chinese actress Song Jia in A Little Dilemma won the best actress award, while Japanese actor Morisaki Win was awarded the best newcomer award for her performance in The Real Thing.Open Talk sessions held at the event covered Netflix series Hellbound and My Name, which are both part of the festival’s new On-Screen sidebar.Netflix’s Attempt to Boost Asian Subscriber GrowthNetflix is keen on local language series and film programming, which have been gaining immense popularity both locally and on a global scale. The company had previously disclosed that it ended 2020 with 3.8 million subscribers in Korea.The streaming giant recently rolled out the official merchandise for Squid Game on its owned-and-operated online retail outlet, Netflix.shop, to capitalize on the unexpected success of the South Korean survival thriller.Netflix revealed the first looks of new Korean shows like The Hungry and the Hairy, The Silent Sea (sci-fi mystery thriller starring Bae Doona and Gong Yoo), and Single’s Inferno at the global fan event, Tudum held in September.In 2022, legal drama Juvenile Justice with Korean star Kim Hye-soo in the lead and zombie horror series All Of Us Are Dead will be released in January. Romance drama Love and Leashes will be released in February.The popularity of Japanese dramas is also on the rise, thanks to recent hits like Alice in Borderland, which topped Netflix charts and has already signed up for a second season.About 5 million Japanese households subscribed to Netflix in the second quarter, and they're about to get a lot more anime content in the rest of 2021.This company plans to release 40 new anime titles this year, double the number it released last year, in an attempt to compete with rival Japanese streaming platforms like Crunchyroll and Funimation, both of which have fewer subscribers but a far more fervent anime fan base.Netflix’s large investments in Asian originals come at a time when Asia — and Japan in particular — are becoming increasingly important to the streamer’s growth prospects as new sign-ups in North America and Western Europe have decelerated due to stiff competition from the likes of Disney’s DIS Disney+, Apple’s AAPL Apple TV+ and Comcast’s CMCSA Peacock among others. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL): Free Stock Analysis Report Comcast Corporation (CMCSA): Free Stock Analysis Report Netflix, Inc. (NFLX): Free Stock Analysis Report The Walt Disney Company (DIS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksOct 12th, 2021

Facebook Oversight Board to meet with whistleblower

Facebook Inc.'s Oversight Board on Monday said it will meet with Frances Haugen, a former employee who told a Senate panel last week that Facebook knew its product was harming kids. "In light of the serious claims made about Facebook by Haugen, we have extended an invitation for her to speak to the Board over the coming weeks, which she has accepted," the independent board said in a statement. Facebook shares are up about 20% this year. The broader S&P 500 index has gained 17% in 2021.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatchOct 11th, 2021

HVS 3Q21: Interview With Bedford Park Capital’s Jordan Zinberg

Hidden Value Stocks issue for the third quarter ended September 30, 2021, featuring an interview with Bedford Park Capital Corporation’s President and CEO Jordan Zinberg. See Part 1 and Part 3 here.     Interview One: Jordan Zinberg, CEO, Bedford Park Capital Corporation Background Jordan Zinberg is the President and CEO of Bedford Park Capital […] Hidden Value Stocks issue for the third quarter ended September 30, 2021, featuring an interview with Bedford Park Capital Corporation’s President and CEO Jordan Zinberg. See Part 1 and Part 3 here.     Interview One: Jordan Zinberg, CEO, Bedford Park Capital Corporation Background Jordan Zinberg is the President and CEO of Bedford Park Capital Corporation. Mr. Zinberg has over 15 years of investment industry experience including portfolio management and trading and has served as a director of both private and public companies. Before founding Bedford Park Capital, Mr. Zinberg was a Managing Director and Portfolio Manager at a prominent Torontobased investment management firm. Prior to that role, Mr. Zinberg spent 7 years at one of Canada’s largest investment dealers. Mr. Zinberg holds an MBA from the Schulich School of Business as well as several industry licenses and certifications. He also holds the Chartered Investment Manager designation and is a fellow of the Canadian Securities Institute. The Bedford Park Opportunities fund has returned 26.4% on an annualized basis net of all fees and expenses since inception (September 1, 2018). Over the past year, the fund has returned 68.7% on a time weighted rate of return basis for the Class A Series 1 units as of August 31, 2021, net of fees and expenses. Year-to-date (August 31, 2021) the fund has returned 39.3%. Q&A To start, could you tell us about your background and why you decided to start Bedford Park? I have been working in the Canadian capital markets for almost 20 years, with the majority of my career spent focusing on investing in Canadian small and mid-cap equities. I always had a long-term goal of starting my own investment firm, and in the fall of 2018, I founded Bedford Park Capital and launched the Bedford Park Opportunities Fund What distinguishes your investment approach from that of other funds? I don’t believe any single tenet of our strategy is unique on its own, however I do believe our geographic and market cap focus, stock selection criteria, portfolio construction, and trading style when combined present a very distinct offering to investors. More specifically: a. Focus on a specific and inefficient segment of the market: we specialize in high quality, non-resource, small and midcap Canadian equities. There is some domestic competition in this corner of the market, however most Canadian portfolio managers concentrate on large caps and if they do move down cap it tends to be in the resource sectors. As a result, we are often able to find high quality growth stocks that trade at reasonable valuations because they are either too small or too illiquid for larger funds and ETFs. b. Concentrated portfolio: our fund is highly concentrated, which I believe has been a key driver of our results. We typically have approximately 70% of our capital invested in our top 10 positions. c. Unique trading style: we build new positions in a very systematic way, while simultaneously trading around existing positions strategically. Our experience and contact network allow the fund to either source or provide liquidity in specific stocks opportunistically. In your Q4 letter, you said you “cannot overstate the importance” of conviction on your investment strategy. Can you explain what you meant by this? One of my favourite investment expressions is “you can steal ideas, but you can’t steal conviction”. Conviction develops from doing one’s homework, and doing our homework is what allowed us to feel comfortable stepping in and buying stocks during the March lows last year. At that time, we were buying high quality growth stocks for under 5x earnings in some cases. Without conviction, we might have been sellers at those multiples as opposed to buyers. You described Bedford Park’s biggest winners last year as an “eclectic mix” of stocks. Why have you decided to invest across a broad range of sectors rather than focusing on one specialism? Once we eliminate energy and mining stocks, our approach is completely sector agnostic. We look for companies that meet our growth and valuation criteria, regardless of sector. Diversification by sector helps to reduce volatility, particularly in a fund like ours that is highly concentrated. Our area of focus is already quite specific, and I would see no advantage to restricting myself to only one sector. In my experience, sector funds present a unique set of challenges for a fund manager. Not only is the potential investor base for a sector fund more limited, if that sector is out of favour for a prolonged period the manager is powerless. Why do you believe you have an edge when it comes to analyzing small-cap stocks? Our edge exists in the Canadian small and mid cap equity market exclusively, as opposed to small cap stocks in general. Our team has a great deal of experience and a vast contact network within this segment of our home market. We have been monitoring our investment universe for many years, have deep relationships with management teams, and extensive capital markets relationships. A fund manager sitting on Wall Street trying to compete with us on Canadian small caps would be at a clear disadvantage. One of your biggest winners in 2020 was Richards Packaging. Can you explain how you first found this idea and what initially attracted you to the stock? I have been aware of this company for years, but never paid much attention to it until it showed up on one of the weekly screens we run. This screen focuses on underfollowed stocks with specific characteristics. We were initially attracted to the consistently high returns on equity, capital light business model and significant insider ownership. In addition, Richards has a focus on the healthcare sector which has improved margins and helps distinguish the company from its packaging peers. You’ve mentioned that the firm has minimal capital requirements and a high return on invested capital. What’s the group’s ROIC, and do you think this is suitable in the competitive packing industry? In 2020, ROIC was over 25% on the back of very strong operating earnings that were enhanced by Covid-19 related sales. At Bedford Park, we use adjusted return on equity as our primary capital efficiency metric, and Richards has achieved an adjusted ROE in excess of 20% every year since 2017. I believe this rate of growth is sustainable given that company’s demonstrated history of execution combined with their increased exposure to the higher margin healthcare segment. What’s your rating of management’s capital allocation strategy? Do you see more acquisitions on the horizon? Capital allocation has historically been above average, however I would like to see management more active with respect to M&A. Prior to their acquisition of Clarion last year I don’t think they had made an acquisition for five years. The company has ample capital available to complete future acquisitions and based on their success with Clarion thus far I would imagine that management would be looking to further broaden their health care offering with further acquisitions. I’m not modelling any M&A in my projections at the moment but based on conversations I have had with management I do believe M&A is an increased area of focus going forward and any future deals would be a catalyst for the shares. Do you have a long-term price target for the stock? I don’t have a specific price target however I do feel there is a strong probability that the stock can provide investors with a 20% annual total return for many years to come. Obviously, there is no guarantee that history repeats itself but it is worth noting that at the time of writing, the stock has rewarded investors with a 5 year annualized return of 23% and a 10 year annualized return of 28% (both figures include dividends). Are there any investments that have not necessarily worked out for you in the past that have resulted in a change in strategy? When I think about investments that haven’t worked out for me, the mistakes have generally occurred in situations where I have allocated capital outside my circle of competence. I think there is constant pressure on both professional and non-professional investors alike to keep up with the latest trends in investing. This excitement, whether it is around a specific sector, or a specific company, can cause investors to invest in things that they normally would not. While I try to resist this temptation, and to use discipline when I filter the ideas that are coming at me, I am still guilty of having made some of these types of investments in the past. Updated on Oct 11, 2021, 10:17 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 11th, 2021

Crescat Capital September 2021: The Psychology Of Inflation

Crescat Capital’s commentary for the month ended September 2021, titled, “The Psychology Of Inflation.” Q3 2021 hedge fund letters, conferences and more The Psychology Of Inflation Today’s macro environment is indeed very different than any other period we have experienced in the last four decades. Inflation is infiltrating the mindset of US households in a […] Crescat Capital’s commentary for the month ended September 2021, titled, “The Psychology Of Inflation.” if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more The Psychology Of Inflation Today’s macro environment is indeed very different than any other period we have experienced in the last four decades. Inflation is infiltrating the mindset of US households in a way not seen since the wage-price spirals of the 1970s. Prices for the goods and services that individuals require to meet basic needs have been increasing at an accelerated pace. These necessities include shelter, food, energy, and transportation. The rising cost of living is due to both supply constraints and increased demand from fiscal and monetary stimulus. In the mix, net profit margins for S&P 500 companies at large are at record highs today, because these firms have been able to pass rising costs onto their customers in the short run. These windfall profit margins are unsustainable and poised to reverse quickly in our analysis. The two biggest costs of running a business that affect net profit margins are on track to rise imminently: taxes and labor. Corporate tax rate hikes are almost certain with the legislation now under consideration by the Democratic-controlled Congress and White House. Even less discounted by today’s buoyant stock market in our view is an impending rise in labor costs. Individuals and families cannot rely on continued government handouts to the degree they were provided during the pandemic lockdowns and the US government cannot afford to provide them. We believe a new and well-justified psychology of rising inflation will be forcing more of the population back into the labor force. At the same time, we are likely to see workers at large both demanding and receiving significantly higher wages and salaries contributing to a substantial squeeze to corporate profit margins in the years ahead. Increases in the general price level for goods and services and the rising inflation expectations that go along with them are a self-reinforcing helix that is set to become a durable feature of the economy. Just like the 1970s, these inflationary macro forces will likely lead to shorter economic expansions and more frequent stagflationary recessions in the 2020s and beyond than we have had in the last four decades under a generally disinflationary regime. These more contractions in real GDP due to rising inflation are likely to contrast with the deflationary recessions of the 2008-2009 Global Financial Crisis and the short-lived Covid recession in 2020. Starting from record valuations relative to underlying cash flows in the broad financial markets today, combined with historic loose financial conditions, we see substantial downside risk in crowded and highly speculative equity and fixed income markets at large. Rising inflationary pressures and ultimate Fed tightening measures needed to counter them will put downward pressure on hyper-overvalued, low yielding, long duration growth stocks and fixed income investments. We believe investors should be reducing exposure to these limited-upside and high downside-risk-areas of the financial markets today. We see a silver lining, however, in deep value and high near-term fundamental growth investments in the energy and materials sectors of the economy that are likely to be among the biggest beneficiaries of the new secular stagflationary environment ahead. These sectors are not without volatility but represent a calculated risk with substantial value-driven upside potential for investors who want to profit from the underlying fundamental tailwinds identified by Crescat’s equity and macro models. Diversifying among the best industries and companies within these sectors is what we are focused on now at Crescat with our own money and for clients with a like-minded outlook, risk tolerance, needs, and objectives. In our analysis, this approach is the highest probability path to generating strong risk-adjusted, real returns in the immediate years ahead. Supply Problems are Structural Supply chain disruptions will be with us for some time. They are due to complex structural problems that include a new deglobalization countertrend, particularly between the US and China. Another problem is the chronic underinvestment in the energy and basic materials sectors of the economy. As capital has overwhelmingly flowed to the information technology and innovation sectors of the economy in the last decade, the capital needs of the primary resource producing sectors of the economy got left behind. The goods produced by these industries are at the core of the supply chain and have long lead times with challenging permitting issues and heavy capital expenditure requirements. While demand continues to increase for the raw materials produced by these industries, companies are having difficulty filling jobs with qualified management and technical professionals to produce them efficiently. A decade of declining college enrollment in geosciences worldwide is one of the long-term structural imbalances affecting the oil and gas and mining industries. Skilled tradespeople in these industries are also in short supply. Source: Samuel Boone and Mark Quigley, University of Melbourne. Resource logistics issues are compounded by the environmental moment, which has captured both social norms and government technocrats, significantly adding to costs and lead times to produce basic resources. The push for the new green economy might be well intentioned but continues to have many blind spots regarding the need for traditional energy and material resources to ensure a healthy economy today as well as in the more environmentally friendly future. Stagflation is Here The problem is that while consumer prices are rising, we are also seeing signs that the global economy is starting to decelerate. China is the elephant in the room in that respect. The second largest economy in the world has achieved that spot while creating a property and credit bubble that, as measured by banking assets to GDP, is more than four times the size of the US housing and financial sector bubble ahead of the GFC. With its equity markets under pressure since February, the Evergrande collapse, and nationwide energy shortages, China’s economy appears to be in a serious meltdown. The spillover effects should not be underestimated. We need to start discounting now the ultimate new global fiscal and monetary stimulus that will be needed to counter China’s currently unfolding credit collapse and what that portends for its currency given its communist banking system with a whopping $52 trillion of suspiciously priced assets. As we have learned throughout the world in the post GFC era, the speed at which governments can create new central bank money is instantaneous. At the same time, and more than ever today, the speed at which countries can deliver the basic resources to meet their citizens’ needs is significantly impaired. The US economy has already started to slow significantly. The Atlanta Fed GDP nowcast, for instance, just went from 6% to 1.3% in the last couple of months. With business activity now decelerating as inflation remains historically elevated, the set of monetary and fiscal policies needed to fix one problem would worsen the other. At the same time, with historic high valuations for equity and credit markets in the US at large, there is much downside risk. The Fed is trapped to do anything to prevent a rotation out of speculatively priced assets with deteriorating fundamentals. Note the tight correlation between the real-time Atlanta Fed’s macro quantitative measure of real GDP growth and actual subsequently reported economic growth after inflation. Great Rotation Financial markets are not correctly priced for the stagflation that is already evident in the macro data. This creates both risks and opportunities for a large swath of investors who are crowded on the wrong side of this trade in our view. First and foremost, we see a major shift out of overpriced growth stocks and fixed income securities and into a much narrower group of deeply undervalued and high near-term growth stocks and commodity investments that will be the primary beneficiaries of stagflation, creating a reflexive inflationary loop. The smart money should be the first to make this move. We call it the Great Rotation. The motivation for such a shift in our research is that it is the most highly probable way to both protect against the downside risk of significantly rising inflation to financial assets at large while potentially substantially profiting from it at the same time. Investors should take note while overall price to book values for the broad market are at record highs along with many other fundamental measures, the relative price-to-book value of the Russell 1000 Growth compared to the Russell 1000 Value indices is about 60% higher than it was at the peak of the tech bubble in 2000, further illustrating the extreme imbalances and market risks along with the set-up for a growth to value rotation. Getting Ahead with Gold and Silver As inflation continues to develop in the economy, the chart below shows the incredible link between gold prices and CPI since the Global Financial Crisis. Note how after the pandemic lows, gold front ran the potential risk of a rise in consumer prices and the entire precious metals market appreciated sharply. Gold and silver not only diverged from CPI but also significantly outperformed the rest of the commodities market. It is important to remember that before recently peaking, gold had been going on a streak for two years already. The metal was up more than 75% from August 2018 to August 2020 and even reached historical highs during this period. Back then, with CPI around 1%, very few investors foresaw inflation as a risk to the economy. Now it is a real problem. We think gold likely appreciated too quick and too fast becoming what some thought as an obvious trade. Extreme sentiment probably explains the reason for its recent weakness after signaling way earlier than any other asset the possibility that an inflationary environment could be ahead of us. We are now on the other side of this extreme. Gold looks fundamentally cheap, technically oversold while inflation continues to gain traction. We think the historic relationship between precious metals and the growth in consumer prices will continue to be strong and the recent pullback in gold and silver related assets poses an incredible opportunity for investors to deploy capital at what we believe to be truly attractive levels. Also, keep in mind that we are using government reported numbers to gauge inflation in this analysis. We should all know by now that the true cost of goods and services is growing at a drastically faster pace than CPI. Recent Pullback in Precious Metals Presents Constructive Buying Opportunity The decline in Crescat’s strategies in the past two months has been almost entirely attributable to our precious metals long holdings which has been deliberately the largest exposure we have had firmwide. Our gold and silver names are ultra-cheap, worth an estimated 15 times their current market prices in aggregate according to our company-by-company model in the Crescat Precious Metals Fund. This fund was up 235% net in its first year ended in July and has experienced an 18.9% net pullback in August and September. The precious metals longs similarly have been the largest contributor to the last two-month decline in our Global Macro and Long/Short funds. These latter two funds also have significant short positions that have held the fund back year to date. We believe they are poised to deliver strong returns as the broad equity markets appear to finally be breaking down. We are not pleased at all with the recent pullback, but believe it is an inevitable part of the game. We think that accepting a moderate amount of volatility is necessary to build wealth and protect against rising inflation in the current environment of financial repression that we live in where governments maintain artificially low risk-free interest rates compared to true inflation. The goal of this policy is to resolve unsustainable debt-to-GDP imbalances with hidden inflation. We have been increasing our exposure to other resource industries in Large Cap, Global Macro, and Long/Short to add more diversification also with strong upside potential, based on our equity fundamental model scores within the energy and materials sectors. We remain highly committed and significantly exposed on the long side to activist positions in gold and silver mining companies with a strong focus on exploration under the guidance of our Geologic and Technical Director, Quinton Hennigh, Ph.D. We believe gold and silver commodity and equity markets are due for a major bull market resumption. This market may have already turned in our favor this month from deeply oversold levels for mining stocks and extreme negative sentiment despite incredibly positive fundamentals. All Crescat strategies are up month to date in October. Overvalued equity short positions in our Global Macro and Long/Short also generated positive profit attribution in September though modestly. We aim to increase our short exposure in these two funds to be able to take advantage of the abundant opportunities on this side of the market now that the risk of shorting has been decreased with inflationary pressures becoming more acknowledged and the Fed attempting to start tapering. With Crescat’s three high conviction macro themes coalescing, and after the recent pullback in Crescat’s strategies, we believe it is a highly constructive time for new and existing clients to be adding money to our strategies. HFM Award We are pleased to announce that the Crescat Global Macro Fund was just shortlisted for a HFM performance award in the macro category for funds with assets under $1 billion for the one-year period ended June 30, 2021. The final winner will be announced next month in NYC. We understand this is one of the most prestigious awards in the hedge fund industry. There is no guarantee that we will win, but for what it’s worth, according to Bloomberg and eVestment data, our fund was far-and-away the best performer for the period among all five shortlisted for the category. The fund was up 45% net over that time frame. September Performance Estimates Download PDF Version Sincerely, Kevin C. Smith, CFA Member & Chief Investment Officer Tavi Costa Member & Portfolio Manager For more information including how to invest, please contact: Marek Iwahashi Client Service Associate miwahashi@crescat.net 303-271-9997 Cassie Fischer Client Service Associate cfischer@crescat.net (303) 350-4000 Linda Carleu Smith, CPA Member & COO lsmith@crescat.net (303) 228-7371 © 2021 Crescat Capital LLC Updated on Oct 11, 2021, 11:27 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkOct 11th, 2021

David Card Shares Nobel Prize in Economics for Natural Experiments

The award, this year shared between three economists, chimes with a focus of the academy on real-world applications of the economics discipline in recent years Three U.S.-based academics won the 2021 Nobel Prize for economics for work using experiments that draw on real-life situations to revolutionize empirical research. David Card at the University of California Berkeley, Joshua D. Angrist of the Massachusetts Institute of Technology and Guido W. Imbens at Stanford University will share the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, officials of the Royal Swedish Academy of Sciences announced in Stockholm on Monday. “This year’s economic sciences laureates have demonstrated that many of society’s big questions can be answered,” the academy said on Twitter. “Their solution is to use natural experiments—situations arising in real life that resemble randomized experiments.” [time-brightcove not-tgx=”true”] BREAKING NEWS: The 2021 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded with one half to David Card and the other half jointly to Joshua D. Angrist and Guido W. Imbens.#NobelPrize pic.twitter.com/nkMjWai4Gn — The Nobel Prize (@NobelPrize) October 11, 2021 The winners have specialized in such analysis and methodology, and Card used this approach to address key questions in labor economics such as the effects of minimum-wage policies and immigration. The award chimes with a focus of the academy on real-world applications of the economics discipline in recent years. The 2020 laureates, Paul Milgrom and Robert B. Wilson of Stanford University, invented new auction formats used in mobile-phone frequencies, while researchers whose work ranged from inequality to climate change have been among other prior recipients this century. “I’m just thrilled to share the prize,” Imbens, who hails originally from the Netherlands, told reporters by phone. “I’m just very fortunate in having had lots of great colleagues doing very interesting work.” The winners of the economics prize will share prize money of 10 million kronor ($1.1 million), with Card getting half of it and the other two sharing the rest. Male Winners The announcement on Monday means 89 men have now won in this category. The economics prize has a particularly poor record of honoring women compared to the other more longstanding Nobel awards, and had never done so until Elinor Ostrom won in 2009. In 2019, Esther Duflo became the second female recipient. The peace prize given on Friday to journalists Maria Ressa and Dmitry Muratov is the only one this year to have featured a female winner. Alfred Nobel, the Swedish inventor of dynamite who died in 1896, left much of his fortune for the creation of the annual prizes in physics, chemistry, medicine, peace and literature. Sweden’s central bank added the prize for economics in 1968. William Nordhaus, Paul Krugman, Amartya Sen and Milton Friedman are among the most well-known recipients of the award......»»

Category: topSource: timeOct 11th, 2021

Futures Slide As Soaring Oil Nears $85

Futures Slide As Soaring Oil Nears $85 While cash bonds may be closed today for Columbus Day, which may or may not be a holiday - it's difficult to know anymore with SJW snowflakes opinions changing by the day - US equity futures are open and they are sliding as soaring oil prices add to worries over growing stagflation (Goldman and Morgan Stanley both slashed their GDP estimates over the weekend even as they both see rising inflation), fueling concern that a spreading energy crisis could hamper economic recovery (as a reminder, yesterday we had one, two, three posts on stagflation, showing just how freaked out Wall Street suddenly is). Rising raw material costs, labor shortages and other supply chain bottlenecks have raised concerns of elevated prices hammering corporate profits while rising rates are suggesting that a tidal wave of inflation is coming. And while cash bonds may be closed, one can easily extrapolate where they would be trading based on TSY futures which are currently trading at a 1.65% equivalent. But while cash bonds may be closed, the big mover on Monday was oil, with WTI surging nearly 3% and touched a seven-year high as an energy crisis gripping the major economies showed no sign of easing. Meanwhile, Brent rose just shy of $85, rising to the highest since late 2018 when the Fed abruptly reversed tightening course. Over in China, coal futures reached a record as flooding shuttered mines. The surge in oil lifted shares of Chevron Corp, Exxon Mobil Corp and APA Corp between 1.2% and 3% in premarket trading. At the same time, rising rates hit FAAMGs, with Apple, Microsoft and Amazon all falling between 0.6% and 0.8%. The surge above 1.6% for 10-year Treasury yields is intensifying debate among strategists over how to position investor portfolios amid anxiety over whether transitory inflation is transitioning into stagflation. Lucid Group rose 2.2% and Occidental Petroleum climbed 3.1%, leading gains in the U.S. premarket session. Here are some of the biggest movers and stocks to watch today: U.S.-listed Chinese tech stocks soar 2% to 5% in premarket trading, extending their recent rebound. Rally supported by Beijing slapping a smaller-than-expected fine on food delivery giant Meituan and last week’s news that U.S. President Joe Biden was planning to meet with Xi Jinping before the end of the year. Alibaba (BABA US +5%) leads gains, while JD.com (JD US) and Baidu (BIDU US) rise 2% apiece Watch U.S. energy stocks as oil surges past $80 a barrel as the global power crunch rattled a market in which OPEC+ has only been restoring output at a modest pace. Exxon Mobil (XOM US +1.1%), Chevron (CVX US +1%) and Occidental (OXY US +3.1%) among top risers in premarket trading. Robinhood (HOOD US) dropped 2%; the company was under pressure in U.S. premarket trading as a looming share sale by early investors and a toughening regulatory environment for cryptocurrencies are adding to the headwinds in the stock market for the darling of the U.S. retail trading mania. ChemoCentryx (CCXI US) up 2% in U.S. premarket trading, adding to Friday’s massive gains after the drug developer won U.S. approval for Tavneos as a treatment for a rare autoimmune disorder Cloudflare (NET US) slides 1.8% in U.S. premarket trading after Piper Sandler downgraded stock to neutral Akerna Corp. (KERN US) gained in Friday postmarket trading after Matthew Ryan Kane, a board member, bought $346,032 of shares, according to a filing with the U.S. Securities & Exchange Commission. “We see rising risks to global growth and evidence of more persistent inflation, which makes us more cautious on the outlook for global markets overall,” Salman Ahmed, global head of macro and strategic asset allocation at Fidelity International, wrote in a note to clients. In Europe, the Stoxx 600 Index fell 0.2%, led by declines in travel and property firms. Miners and energy stocks were the two strongest-performing sectors in Europe on Monday on rising prices for iron ore and oil. The Stoxx 600 Basic Resources Index climbed as much as 2.4%, while the Energy Index gains as much as 1.5% to the highest since Feb. 24, 2020. European banking stocks also advanced on Monday, following four weeks of gains, and traded about 1.3% below pre-pandemic high. The sector has gained 36% ytd, is the best performer among 20 European sectors in 2021. Up 0.7% today, outperforming a slightly weaker broader Stoxx 600 Index and as investors tilt toward cyclical sectors. Earlier in the session, Asian stocks jumped, buoyed by Hong Kong-listed technology shares including Meituan, which was consigned a lower-than-expected regulatory fine. The MSCI Asia Pacific Index climbed as much as 0.9%, driven by the consumer-discretionary and communication sectors. Alibaba and Meituan were the top contributors to the gauge, each surging about 8% in the first trading in Hong Kong after the food-delivery giant was handed a $533 million fine for violating anti-monopolistic practices.  The result of the investigation into Meituan is “a relief and likely to provide closure to the share price overhang,” Citigroup analysts wrote in a note Friday, when the penalty was announced.  Hong Kong’s stock gauge was among the top performing in the region. Japan’s benchmarks also climbed as the yen weakened to an almost three-year low against the dollar and new Prime Minister Fumio Kishida said he’s not considering changes to the country’s capital-gains tax at present. Improved sentiment in China is providing much-needed support to Asian equities, which declined for four straight weeks amid uncertainty circling global markets. Power shortages in China and India, supply-chain woes, inflation risks and rising bond yields are all on the radar as the earnings season kicks off. “We are still in a market that is very, very concerned about the growth outlook,” said Kyle Rodda, market analyst at IG Markets. These sort of rallies that appear almost inexplicable are “symptomatic of the market still trying to piece together all pieces of the puzzle,” he added. Australia The S&P/ASX 200 index fell 0.3% to close at 7,299.80, with most subgauges taking a hit. Miners advanced, posting gains for a third session, offsetting losses in healthcare and consumer discretionary stocks.  Star Entertainment was the worst performer after a report saying the company had enabled suspected money laundering, organized crime and fraud at its Australian casinos for years. Fortescue surged after the company said it plans to build a green energy factory to rival China.  In New Zealand, the S&P/NZX 50 index dropped 0.5% to 13,019.37. In FX, the pound crept higher to touch an almost 2-week high versus the dollar and the Gilt curve shifted higher, led by the front-end, after the Bank of England’s Michael Saunders, one of the most hawkish members of the Monetary Policy Committee, suggested in remarks published Saturday that investors were right to bring forward bets on rate hikes. Hours earlier, Governor Andrew Bailey warned of a potentially “very damaging” period of inflation unless policy makers take action. Australia’s dollar led gains among G-10 currencies on the back of increases in oil, natural gas and iron ore prices and as Sydney emerges from a 15- week lockdown on Monday. Iron ore futures extended gains as improved rebar margins at Chinese steel mills buoyed demand prospects. The yen dropped against the dollar, with analysts forecasting more weakness ahead as the nation’s yield differentials widen. As noted above, treasury futures slumped in U.S. trading Monday, with the cash market closed for Columbus Day; they implied a yield of 1.65% on the 10Y. 10-year note futures price is down 8+/32, a price change equivalent to a yield increase of about 3bp. Benchmark 10-year yield ended Friday at 1.615%, its highest closing level since June, as investors focused on the inflationary aspects in mixed September employment data. China's10-year government bond futures declined to a three-month low while the yuan advanced as the central bank’s latest liquidity draining weakened expectations of fresh monetary policy easing. Futures contracts on 10-year notes fall 0.4% to 99.14, the lowest level since July 12. It dropped 0.4% on Friday. 10-year sovereign bond yields rose 5bps, the biggest gains in two months, to 2.96%. Looking ahead, upcoming reports on third-quarter company profits which start this week are seen as the next potential pressure point in a market already under siege from slowing global growth, sticky inflation and tighter monetary policies. Global earnings revisions are sliding - an omen for U.S. stocks that have taken their cue from rising earnings estimates all year. “The coming earnings’ season in the U.S. will be heavily scrutinized for pricing power, margins and clues on the shortage situation, as well as wage pressures,” according to Geraldine Sundstrom, a portfolio manager at  Pacific Investment Management Co. in London. “Already a number of large multinationals have issued warnings about production cuts and downgraded their Q3 outlook due to supply chain and labor shortages.” Market Snapshot S&P 500 futures down 0.3% to 4,371.25 STOXX Europe 600 down 0.2% to 456.41 German 10Y yield up 1.5 bps to -0.135% Euro little changed at $1.1568 MXAP up 0.8% to 196.45 MXAPJ up 0.7% to 642.13 Nikkei up 1.6% to 28,498.20 Topix up 1.8% to 1,996.58 Hang Seng Index up 2.0% to 25,325.09 Shanghai Composite little changed at 3,591.71 Sensex up 0.5% to 60,358.30 Australia S&P/ASX 200 down 0.3% to 7,299.79 Kospi down 0.1% to 2,956.30 Brent Futures up 1.9% to $83.98/bbl Gold spot down 0.1% to $1,755.02 U.S. Dollar Index up 0.11% to 94.17 Top Overnight News from Bloomberg The U.S. labor market will see “ups and downs” as the pandemic lingers, but it’s premature to judge that the recovery is in peril, said San Francisco Federal Reserve President Mary Daly Treasury Secretary Janet Yellen said she expects Congress to take action soon to bring the U.S. into line with a global minimum tax agreed on last week by 136 countries Chinese builders are looking to payment extensions or debt exchanges to avoid default on imminent bond obligations as liquidity conditions tighten for the real estate sector Austria will get a new chancellor, though the career diplomat stepping into Sebastian Kurz’s shoes is a close ally of the departing conservative leader who resigned over a corruption scandal Just because pandemic inflation is transitory doesn’t mean it’s going away anytime soon. That’s the awkward conclusion that policy makers and investors are arriving at, as prices accelerate all over the world. European natural gas has climbed 25% in two weeks, and oil topped $80 for the first time since 2014. Fertilizers hit a record on Friday, which means food prices -- already at a 10- year peak -- will likely rise even higher A more detailed summary of overnight news from Newsquawk Asia-Pac stocks traded mostly positive but ended the day somewhat mixed after having shrugged off the early weakness stemming from last Friday’s lacklustre performance stateside and disappointing NFP jobs data. Note, markets in Taiwan and South Korea were closed. ASX 200 (-0.3%) was the laggard with underperformance in tech, consumer stocks and defensives overshadowing the gains in commodities and with Star Entertainment the worst hit with losses of more than 20% after media outlets alleged that it enabled suspected money laundering, organised crime, fraud and foreign interference which the Co. said were misleading reports. However, downside for the index was limited as New South Wales businesses reopened from the lockdown that lasted for over three months. Nikkei 225 (+1.6%) reversed opening losses as exporters cheered a weaker currency and with the government mulling over JPY 100bln financial support for chip factory construction. Hang Seng (+2.0%) and Shanghai Comp. (Unch) were both positive following talks between China's Vice Premier Liu He and USTR Tai on Saturday in which China was said to be negotiating for a cancellation of tariffs and sanctions. The advances in Hong Kong were led by tech stocks including Meituan despite the Co. being fined CNY 3.4bln by China’s market regulator for monopolistic behaviour, as the amount was seen to be a slap on the wrist, while the gains in the mainland were only mild as participants also reflected on the substantial liquidity drains by the PBoC totalling a net CNY 510bln since Saturday. Finally, 10yr JGBs were pressured amid the gains in Japanese stocks and lack of BoJ purchases in the market, while price action was also not helped by the continued weakness in T-note futures amid the semi-holiday conditions in US for Columbus Day in which the NYSE and the Nasdaq will open but bonds trading will remain shut. Top Asian News Australian IPOs Heading for Biggest Haul Since 2014: ECM Watch Syngenta’s Shanghai IPO Proposal Suspended For Earnings Update China Junk-Rated Dollar Bond Rout Deepens Amid Builder Worries China’s 10-Year Bond Yield Jumps By The Most Since August Bourses in Europe are mostly but modestly lower (Euro Stoxx 50 -0.1%, Stoxx 600 -0.2%) whilst the FTSE 100 (+0.2%) bucks the trend, owing to firm performances in its heavyweight sectors. US equity futures meanwhile trade within tight ranges with broad-based losses of some 0.3-0.4%. Fresh fundamental catalysts have remained light, although inflation and stagflation remain on traders' minds heading into this week's US and Chinese inflation metrics and against the backdrop of rising energy prices. Thus, the sector configuration sees Basic Resources, Oil & Gas and Banks at the top of the bunch, whilst the downside sees Travel & Leisure, Real Estate and Retail, with no overarching theme to be derived. Basic Resources is the marked outperformer as base metals are bolstered in what seems to be a function of the coal shortage in Asia, with iron ore contracts also surging overnight and copper following suit, in turn boosting the likes of Rio Tino (+3.2%), Antofagasta (+3.1%), Glencore (+3.1%), BHP (+2.8%). The top of the Stoxx 600 is dominated by metal names. In terms of individual movers, Carrefour (-2.2%) is softer after sources stated that exploratory talks over a Carrefour-Auchan tie-up ended due to the complexity of the deal. Evotec (+0.7%) holds onto gains as it seeks a Nasdaq listing. Roche (+0.6%) and Morphosys (+3.7%) underpin the health sector after the Cos received Breakthrough Therapy Designation from the US FDA for gantenerumab for the treatment of Alzheimer's disease. Top European News BOE Officials Double Down on Signals of Imminent Rate Hike Brexit Clash on Northern Ireland Means Headaches for Johnson Asos CEO Beighton Steps Down as Sales Growth Slows Adler Shares Flounder After Asset Disposal Plan, Past M&A Report In FX, the Aussie has secured a considerably firmer grip of the 0.7300 handle vs its US rival as COVID-19 restrictions are relaxed in NSW and base metals tread water after a mostly positive APAC equity session overnight. However, Aud/Usd is also firmer on the back of ongoing Greenback weakness and long liquidation from what some are calling ‘stretched’ levels of IMM positioning going in to Friday’s NFP release, while the Aud/Nzd cross has rebounded further above 1.0550 in wake of a rise in NZ virus cases that has prompted the PM to keep Auckland on level 3 alert for another week pending review. Hence, Nzd/Usd is capped around 0.6950 and continues to lag on the unwinding of Kiwi longs built up in advance of last week’s universally anticipated 25 bp RBNZ hike. Back to the Buck, but looking at the index in relation to where it was before and after the latest BLS report, 94.000 is providing some underlying support on Columbus Day that is not a full US market holiday, but will see cash Treasuries remain closed. Moreover, the DXY is gleaning momentum within a narrow 94.028-214 range via marked Yen underperformance amidst the latest rout in bonds and more pronounced technical impulses as Usd/Jpy extends beyond 112.50 and sets yet another 2021 peak around 112.95. GBP - Sterling is taking up post-payrolls Dollar slack as well, but firmer in its own right too as comments from BoE Governor Bailey and MPC member Saunders add to the growing expectation that rate hikes may be delivered sooner than had been expected before the former revealed that policy-setters were evenly divided at 4-4 in August on the subject of minimum criteria being achieved for tightening. Cable is hovering under 1.3650 and Eur/Gbp is sub-0.8500 in response, with the latter not really fazed by the UK-EU rift on NI protocol. CAD/NOK - The Loonie remains firm against its US peer after the stellar Canadian jobs data and Usd/Cad continues to probe support/bids at 1.2450 against the backdrop of strength in oil prices that is also keeping the Norwegian Krona afloat and Eur/Nok eyeing deeper sub-10.0000 lows irrespective of marginally mixed vs consensus inflation metrics. CHF/EUR/SEK - All rather rangy, aimless and looking for inspiration or clearer direction as the Franc straddles 0.9275 vs the Greenback, but remains firmer against the Euro above 1.0750 following only a faint rise in Swiss domestic bank sight deposits. Meanwhile, the Euro is pivoting 1.1575 vs the Buck and looks hemmed in by decent option expiry interest just outside the range given.1 bn rolling off between 1.1540-50 and 1.6 bn from 1.1590-1.1600 at the NY cut. Elsewhere, the Swedish Crown is slipping on risk-off grounds towards 10.1250 having tested resistance circa 10.1000. In commodities, WTI and Brent front-month futures continue the upward trajectory seen during the APAC session, with the complex underpinned heading into the winter period and against the backdrop of higher gas prices. The gains have been more pronounced in the US counterpart vs the global benchmark with no clear catalysts behind the outperformance, although this may be a continuation of the unwind seen after reports suggested a release of the US SPR (Strategic Petroleum Reserve) is unlikely. For context, reports of such a release last week took the WTI-Brent arb to almost USD 4.2/bbl vs USD 2.7/bbl at the time of writing. Furthermore, there have also been reports of lower US production under President Biden's "build back better" initiative, which puts more weight on renewable energy, with some energy analysts also suggesting that OPEC+ sees less of a threat from a "shale boom" as a result. Back to price action, WTI has been in the limelight after topping the USD 80/bbl overnight and extending gains to levels north of USD 81.50/bbl (vs low 79.55/bbl), whilst the Brent Dec contract topped USD 84.00/bbl (vs low USD 82.50/bbl). In terms of other news flow, sources suggested the fire at Lebanon's Zahrani fuel tank has been put out after the energy minister suggested the fire was contained – the cause of the fire is not yet known. Gas prices also remain elevated with UK nat gas futures relatively flat on the day but still north of GBP 2/Thm vs GBP 1/Thm mid-August and vs GBP 4/Thm last week, whilst the Qatari Energy Minister said he is unhappy about gas prices being high amid negative follow-through to customers. Over to metals, spot gold and silver are somewhat lacklustre, but with magnitudes of price action contained, with the former meandering just north of USD 1,750/oz and the latter above USD 22.50/oz heading into this week's key risk events. Overnight, iron ore futures were bolstered some 10% in Dalian and Singapore Exchanges amid fears of coking coal supply shortages - coking coal is an essential input to produce iron and steel. Traders should also be cognizant of the Chinese metrics released this week as another elevated PPI metric could see the release of more state reserves, as had been the case over the recent months. Using the Caixin PMIs as a proxy for the release, the PMI suggested sharp increases in both input costs and output prices – largely owed to supply chain delays, with the "rate of inflation was the quickest seen for four months, amid reports of greater energy and raw material costs. This, in turn, led to a solid increase in prices charged". The measure for output prices its highest in three months, whilst "the pressure of rising costs was partly transmitted downstream to consumers, as the demand was not weak." US Event Calendar Nothing major scheduled DB's Jim Reid concludes the overnight wrap A reminder that it’s Columbus Day today where US bond markets are closed. Equity markets are open but expect it to be quiet. Ahead of this, this morning we have published our latest monthly survey results covering over 600 global market participants. See here for more. For the first time since June, the biggest perceived risk to markets is now higher yields and inflation, whilst direct Covid-19 risks are out of the top 3 for the first time. A further equity correction before YE remains the consensus now. 71% expect at least another 5% off equities at some point before YE (68% correctly suggested that last month). A very overwhelming 84% thought the next 25bps move in 10yr US Treasury yields would be up. Of some additional interest is that the definition of stagflation is varied but that the majority think it’s a high or very high risk for the next 12 months. The extreme of this view surprised me. While I’ve long thought the market has underestimated the inflation risks I would still say there is enough of a growth cushion for 2022. However it’s clear the risks have built. Anyway, lots more in the survey. Thanks for filling it in and see the results for details. The week ahead will centre around the US CPI release on Wednesday but it might be a touch backward looking given that energy has spiked more recently and that used car prices are again on the march after a late summer fall that will likely be captured in this week’s release. Elsewhere, we’ve got a potentially more challenging US earnings season than that seen over the last year will commence with the big financials from Wednesday. In addition minutes from the last FOMC will give clues to the latest taper thinking on Wednesday as well. The IMF/World Bank meetings will generate plenty of headlines this week with their latest world outlook update tomorrow the highlight. The best of the rest data wise consists of JOLTS (Tuesday),which we think is a better labour market indicator than payrolls albeit a month behind, US PPI (Thursday) which will give a scale of building pipeline price pressures, US retail sales and UoM consumer sentiment (Friday), and China’s CPI and PPI (Thursday). With all that to look forward to, markets have started the week on a strong note, with equity indices including the Hang Seng (+2.02%), Nikkei (+1.57%), CSI (+0.32%) and Shanghai Composite (+0.32%) all moving higher, whilst the Kospi (-0.11%) has seen a slight decline. Japanese stocks have been buoyed by comments from new PM Kishida over the weekend that he isn’t currently considering changes to the country’s capital-gains tax. That comes with just 20 days remaining until the country’s general election. Separately in China, the country’s energy woes continue with 60 of 682 coal mines closed in the Shanxi province due to heavy floods, with Chinese coal futures up +8.00% this morning. And the property market issues are continuing to persist, with a new Chinese developer Modern Land seeking a 3 month extension to a $250 million dollar bond due to mature on October 25. By the end of last week, a Bloomberg index of Chinese junk-rated dollar bonds had seen yields climb to a decade-high above 17%, so clearly one to still look out for. Unlike in Asia, equity futures are pointing lower in the US and Europe this morning, with those on the S&P 500 down -0.21%. In terms of the main highlight it’s clearly US CPI mid-week. Given my views that inflation risks have been massively understated this year I’ve been saying for months that these reports have potentially been the most important monthly data we have seen for years. But since they mostly come and go with a “meh… mostly transitory” and a relative whimper, I’ve clearly been wrong to over hype them. So ignore me when I say that this month’s report might not be that interesting. With energy soaring over the last month and signs of inflation pressures continuing to build elsewhere then I’m not sure we can read too much into this month’s figures. Take used cars. Given the 2-3 month lag between actual prices and their CPI impact, this month will more than likely reflect a softening of prices in the summer. However September saw prices rise +5.4% so this will probably show up towards the end of the year along with the recent rise in energy costs. Our economists expect a +0.41% headline (vs. +0.27% previously) and +0.27% core (vs. +0.10%) mom rate. This is a bit above consensus and would take the yoy rate to 5.4% (up a tenth) and 4.1% (unch) respectively. Speaking of inflationary pressures, this morning has seen energy prices take a further leg higher, with WTI oil (+1.90%) moving back above $80/bbl for the first time since late 2014, whilst Brent crude (+1.42%) has moved above $83/bbl. European natural gas prices will continue to be an important one to follow amidst the astonishing price surge there, but the declines at the end of last week mean prices finished the week down by more than -45% since their intraday peak on Wednesday, before the comments from Russian President Putin that brought down prices. The rest of the day-by-day calendar is at the end as usual but although it’s a second tier release normally, tomorrow’s JOLTS will be interesting in as far as it might confirm that the main labour problems in August were a lack of supply rather than demand. The report’s full value is reduced by it being a number of weeks out of date but there’s a reasonable argument for saying that this is a better gauge of the state of the labour market than the payroll release. We go through Friday’s mixed report at the end when looking back at last week. Outside of data, it’s that time again as earnings season gets going, with a number of US financials kicking things off from mid-week. In terms of the highlights, we’ll hear from JPMorgan Chase, BlackRock and Delta Air Lines on Wednesday. Then on Thursday, we’ll get UnitedHealth, Bank of America, Wells Fargo, Morgan Stanley, Citigroup, US Bancorp and Walgreens Boots Alliance. Finally on Friday, we’ll hear from Charles Schwab and Goldman Sachs. For more info on the upcoming earnings season, you can read DB’s equity strategists Q3 S&P 500 preview here. Back to markets, it was interesting over the weekend that the BoE’s Saunders chose to endorse market expectation of an earlier start to the hiking cycle in the UK rather than push back against it. He is on the more hawkish end of the spectrum but it was an important statement. Earlier, Governor Bailey suggested that there could potentially be a very damaging period of higher inflation ahead if policy makers didn’t react. Interestingly our survey showed that the market thinks the BoE is likely to make a policy error by being too hawkish so a battle seems likely to commence over policy here in the UK over the coming weeks and months. The November meeting appears live. Those comments have helped to support the pound this morning, which is up by +0.16% against the US Dollar. Looking back to last week now, risk sentiment was supported in the first full week of Q4 by easing European energy prices and a cease fire on the debt ceiling that avoided disaster and bought Washington lawmakers 8 weeks to find a more permanent solution. Global equity indices thus gained on the week: the S&P 500 picked up +0.79%, with a slight -0.19% pullback on Friday, and European equities kept pace with the STOXX 600 rallying +0.97% (-0.28% on Friday). Cyclical stocks led the way on both sides of the Atlantic; energy stocks were among the best performers whist financials benefitted from higher yields and a steeper curve. Speaking of which, US 10yr Treasury yields gained a punchy +14.1bps to close the week at 1.603%, their highest levels since early June. The benchmark gradually increased 3.0bps after Friday’s employment data. Inflation compensation continued to drive rate increases, as US 10yr breakevens gained +13.5 bps to finish the week at 2.515%. We need to go back to May to find higher levels. The sovereign yield increases were global in nature, with German bunds gaining +7.3bps and UK gilts +15.6bps higher. German 10yr breakevens gained +3.9bps while UK breakevens were +12.0bps higher. US nonfarm payrolls increased +194k in September, well below consensus expectations of a +500k gain, though private payrolls increased +317k and net two month revisions were up +169k. The unemployment rate ticked down to a post-pandemic low of 4.8% on the back of a declining labour force participation rate. Average hourly earnings were robust, increasing +0.6% mom (+0.4% expected). Taken in concert, the print likely cleared the (admittedly low) bar to enable the FOMC to announce tapering at the November meeting, whilst also feeding the creeping stagflation narrative (see survey results). Elsewhere, building on a preliminary July deal, the OECD said 136 nations have signed up to implement a 15% minimum global tax rate to address adequate taxation of multinational tech firms. As part of the deal, countries agreed not to impose any additional digital services taxes.       Tyler Durden Mon, 10/11/2021 - 08:12.....»»

Category: blogSource: zerohedgeOct 11th, 2021

Meet our 2021 CFO of the Year award honorees

The winners will be honored at the CFO of the Year Awards event from 5:30-8:30 p.m. on Nov. 10 at the Belo Mansion......»»

Category: topSource: bizjournalsOct 11th, 2021

How Stocks Perform During Stagflation, And Why Goldman"s Clients Are Worried

How Stocks Perform During Stagflation, And Why Goldman's Clients Are Worried In our third and final post of the day discussing stagflation (here are part one and part two), we look squarely at the reason why Wall Street is finally freaking out about the threat of rising inflation in a time of shrinking growth or outright contraction (for Wall Street's definition of stagflation or rather lack thereof, see here) by taking a look at how markets perform during periods of stagflation. Spoiler alert: it's ugly. As Goldman's chief US equity strategist David Kostin writes in his Weekly Kickstart, “Stagflation was the most common word in client conversations this week as equity market volatility remained elevated." One look at interest rates and energy prices should explain why. There is a reason why Goldman clients are worried: while Kostin repeats that "stagflation is not our economists’ base case expectation" even as his economics team just cut its GDP forecast again while hiking its inflation outlook, he admits that "the weak historical performance of equities in stagflationary environments helps explain why investors are concerned." How weak? Well, during the last 60 years, Goldman calculates that the S&P 500 has generated a median real total return of +2.5% per quarter, but that quarterly return fell to -2.1% in stagflationary environments, worse than the median returns in environments characterized solely by weak economic growth or high inflation. Of course, one would have to look far and wide to find a trader who was actually active during the last major stagflationary episode, or even during the somewhat milder ones at the start of the century, and is why Kostin notes that "US equity investors have had little experience with stagflation in recent decades" which have been characterized mostly by deflation. By way of background, Kostin defines "stagflationary periods" - a term which as the recent Deutsche Bank poll found there was a wide disparity of opinions as to what exactly is "stagflation" - as episodes of two or more consecutive quarters in which core CPI inflation ran at least 50 basis points above the consensus long long-term expectation while real US GDP growth registered 50 bp or more below trend. As the next chart shows, since 1960, 41 quarters (17%) have met these criteria, but the vast majority of those occurred between the late 1960s and early 1980s. In the 21st century, stagflation has been virtually non-existant, until now. It should hardly come as a surprise that most of the equity market weakness in historical stagflationary environments has been attributable to pressure on corporate profit margins. That's because stagflation has been associated with stable real revenues but declining profit margins and real earnings, indicating companies struggling to raise prices quickly enough to offset rising input costs. In addition to the earnings headwinds, Godlman also notes that P/E multiples have also declined modestly during stagflationary periods alongside rising interest rates. Who are the winners and losers during stagflation? At the sector level, Energy and Health Care have typically generated the strongest returns during periods of stagflation. That may explain why during the past month, Energy has been the strongest sector in the market, rising by 14% alongside an equivalent surge in crude oil, yet Health Care has declined by 6% and lagged the S&P 500 (-3%). This split outcome hint at dynamics that are more consistent with a market pricing rising growth and inflation than one focused on the type of economic growth weakness that would characterize a stagflationary environment. And while Goldman purposefully ignores the "other" possibility, it may also indicate that the market is woefully mispricing stagflation risks, as DB's Jim Reid suggested earlier. In light of Goldman's increasingly more frequent downgrades of US GDP, it is this alternative that looks far more realistic to us. In any case, looking at the big stagflation losers Goldman notes that "Industrials and Information Technology have generally lagged most during stagflationary environments. The Info Tech sector is less cyclical now than it was during the stagflationary years of the late 1960s to early 1980s due to the compositional shift toward software and services firms." Today, however, the sector’s massive long long-term growth profile has given it a longer “duration” than most other equities, making it particularly sensitive to real interest rates. Further to this point, Albert Edwards showed last week that global tech stocks have become "cojoined" been with the US 30y bond yield since the start of this year. The SocGen strategist noted that "if the US 30y yield rises to 2.4% from the current 2.1%, it would knock some 15% off tech stock prices. Imagine if the US 10y rose from 1.5% currently to 2¼%! We could see quite a bear market in tech!" Going back to Kostin, not even this perennial optimist can deny that the sector would likely still be vulnerable to stagflation today if such an environment led investors to price higher future interest rates to combat inflation. Goldman then looks at the thematic shifts that have emerged during stagflationary periods, and notes that stagflation has been associated with shifts in consumer spending behavior and the outperformance of services companies relative to firms selling goods. Value and Size factors have generated roughly the same median returns during stagflationary periods as they have in general during the last 60 years. However, during stagflationary environments, real personal consumption expenditures for goods have grown at a median annualized rate of 1% compared with 3% for services. To justify this point Goldman looks at the historical performance of consumer stocks which reflects this gap: "Consumer services industries like restaurants and entertainment have outperformed goods industries including apparel and retail by over 100 bp per quarter during stagflationary periods compared with roughly equivalent performance in all periods." The coming stagflation likely explains why consumer goods companies have lagged the S&P 500 since May, while consumer services firms have traded with the shifting virus outlook (see Exhibit 4). Another reason why stagflation has pernicious and adverse side-effects on all aspects of life is that historically it has weighed on not just economic growth but also the growth of household wealth. Household net worth has grown by a median real rate of 0.5% per quarter since 1960, but just a 0% rate during periods of stagflation. These periods have also been associated with declining household allocations to equities, helping explain the weakness in equity valuation multiples. Home prices have typically declined in real terms during stagflation while gold has appreciated. And yet, despite these admissions that stagflation has all but arrived, Goldman falls back on the tired, cliched narrative that "inflation is transitory" and the bank - which has a 4700 S&P price target, expects "equity market will continue to rally." Goldman also falls back on the ironclad bullish defense that every dip has been bought so far, and the current one will too, because why not: ... we believe this dip will prove a good buying opportunity, as 5% pullbacks usually have in the past. The 226 trading day stretch between last November and last Thursday ranked as the 8 8th longest period since 1930 without a 5% S&P 500 pullback. Since 1980, an investor buying the S&P 500 down 5% from its 12 12-month high would have gained a median of 6% during the subsequent three months and enjoyed a positive return in 82% of episodes (28 of 34). Our year year-end S&P 500 target of 4700 reflects 7% upside from today’s price. Its traditionally oblivious optimism aside, Goldman notes that Q3 earnings reporting season begins next week, and investors will be paying close attention to corporate messaging regarding the path of profit margins. Last quarter companies expressed an unprecedented degree of attention on input costs and price hikes, and we expect margins will remain the primary focus of both investors and managements this quarter. Curiously, at this point a major schism has opened up between Goldman's traditionally bullish take and Morgan Stanley's increasingly bearish outlook, and as the bank's equity strategist Michael Wilson wrote last week when he predicted that a "fire and ice" scenario is coming that will send stocks sliding more than 10% in the coming days, a large number of companies are flagging serious supply chain issues in off-cycle earnings reports suggests and "both forward earnings estimates and price de-rated after many of these reports." Jumping to the punchline, Wilson thinks this will be a pervasive dynamic during 3Q reporting season and it will "trigger downside in earnings revisions at the index level - a headwind for price." Which begs the question: who will be right on the outcome of Q3 earnings season, and whose year-end price target will be closer to the S&P500 on Dec 31: Goldman with 4,700 or Morgan Stanley at 4,000. Tyler Durden Sun, 10/10/2021 - 19:29.....»»

Category: personnelSource: nytOct 10th, 2021

Snowden: Your Money AND Your Life

Snowden: Your Money AND Your Life Submitted by Edward Snowden via Continuing Ed, 1. This week's news, or “news,” about the US Treasury’s ability, or willingness, or just trial-balloon troll-suggestion to mint a one trillion dollar ($1,000,000,000,000) platinum coin in order to extend the country’s debt-limit reminded me of some other monetary reading I encountered, during the sweltering summer, when it first became clear to many that the greatest impediment to any new American infrastructure bill wasn’t going to be the debt-ceiling but the Congressional floor. That reading, which I accomplished while preparing lunch with the help of my favorite infrastructure, namely electricity, was of a transcript of a speech given by one Christopher J. Waller, a freshly-minted governor of the United States’ 51st and most powerful state, the Federal Reserve. The subject of this speech? CBDCs—which aren’t, unfortunately, some new form of cannabinoid that you might’ve missed, but instead the acronym for Central Bank Digital Currencies—the newest danger cresting the public horizon. Now, before we go any further, let me say that it’s been difficult for me to decide what exactly this speech is—whether it’s a minority report or just an attempt to pander to his hosts, the American Enterprise Institute.  But given that Waller, an economist and a last-minute Trump appointee to the Fed, will serve his term until January 2030, we lunchtime readers might discern an effort to influence future policy, and specifically to influence the Fed’s much-heralded and still-forthcoming “discussion paper”—a group-authored text—on the topic of the costs and benefits of creating a CBDC. That is, on the costs and benefits of creating an American CBDC, because China has already announced one, as have about a dozen other countries including most recently Nigeria, which in early October will roll out the eNaira. By this point, a reader who isn’t yet a subscriber to this particular Substack might be asking themselves, what the hell is a Central Bank Digital Currency?  Reader, I will tell you. Rather, I will tell you what a CBDC is NOT—it is NOT, as Wikipedia might tell you, a digital dollar. After all, most dollars are already digital, existing not as something folded in your wallet, but as an entry in a bank’s database, faithfully requested and rendered beneath the glass of your phone. In every example, money cannot exist outside the knowledge of the Central Bank Neither is a Central Bank Digital Currency a State-level embrace of cryptocurrency—at least not of cryptocurrency as pretty much everyone in the world who uses it currently understands it. Instead, a CBDC is something closer to being a perversion of cryptocurrency, or at least of the founding principles and protocols of cryptocurrency—a cryptofascist currency, an evil twin entered into the ledgers on Opposite Day, expressly designed to deny its users the basic ownership of their money and to install the State at the mediating center of every transaction.  2. For thousands of years priors to the advent of CBDCs, money—the conceptual unit of account that we represent with the generally physical, tangible objects we call currency—has been chiefly embodied in the form of coins struck from precious metals. The adjective “precious”—referring to the fundamental limit on availability established by what a massive pain in the ass it was to find and dig up the intrinsically scarce commodity out of the ground—was important, because, well, everyone cheats: the buyer in the marketplace shaves down his metal coin and saves up the scraps, the seller in the marketplace weighs the metal coin on dishonest scales, and the minter of the coin, who is usually the regent, or the State, dilutes the preciosity of the coin’s metal with lesser materials, to say nothing of other methods. Behold the glory of thelaw The history of banking is in many ways the history of this dilution—as governments soon discovered that through mere legislation they could declare that everyone within their borders had to accept that this year’s coins were equal to last year’s coins, even if the new coins had less silver and more lead. In many countries, the penalties for casting doubt on this system, even for pointing out the adulteration, was asset-seizure at best, and at worst: hanging, beheading, death-by-fire. In Imperial Rome, this currency-degradation, which today might be described as a “financial innovation,” would go on to finance previously-unaffordable policies and forever wars, leading eventually to the Crisis of the Third Century and Diocletian’s Edict on Maximum Prices, which outlived the collapse of the Roman economy and the empire itself in an appropriately memorable way: Tired of carrying around weighty bags of dinar and denarii, post-third-century merchants, particularly post-third-century traveling merchants, created more symbolic forms of currency, and so created commercial banking—the populist version of royal treasuries—whose most important early instruments were institutional promissory notes, which didn’t have their own intrinsic value but were backed by a commodity: They were pieces of parchment and paper that represented the right to be exchanged for some amount of a more-or-less intrinsically valuable coinage. The regimes that emerged from the fires of Rome extended this concept to establish their own convertible currencies, and little tiny shreds of rag circulated within the economy alongside their identical-in-symbolic-value, but distinct-in-intrinsic-value, coin equivalents. Beginning with an increase in printing paper notes, continuing with the cancellation of the right to exchange them for coinage, and culminating in the zinc-and-copper debasement of the coinage itself, city-states and later enterprising nation-states finally achieved what our old friend Waller and his cronies at the Fed would generously describe as “sovereign currency:” a handsome napkin. Sovereign currency, as known to history Once currency is understood in this way, it’s a short hop from napkin to network. The principle is the same: the new digital token circulates alongside the increasingly-absent old physical token. At first. Just as America’s old paper Silver Certificate could once be exchanged for a shiny, one-ounce Silver Dollar, the balance of digital dollars displayed on your phone banking app can today still be redeemed at a commercial bank for one printed green napkin, so long as that bank remains solvent or retains its depository insurance.  Should that promise-of-redemption seem a cold comfort, you’d do well to remember that the napkin in your wallet is still better than what you traded it for: a mere claim on a napkin for your wallet. Also, once that napkin is securely stowed away in your purse—or murse—the bank no longer gets to decide, or even know, how and where you use it. Also, the napkin will still work when the power-grid fails. The perfect companion for any reader’s lunch. 3. Advocates of CBDCs contend that these strictly-centralized currencies are the realization of a bold new standard—not a Gold Standard, or a Silver Standard, or even a Blockchain Standard, but something like a Spreadsheet Standard, where every central-bank-issued-dollar is held by a central-bank-managed account, recorded in a vast ledger-of-State that can be continuously scrutizined and eternally revised. CBDC proponents claim that this will make everyday transactions both safer (by removing counterparty risk), and easier to tax (by rendering it well nigh impossible to hide money from the government).  CBDC opponents, however, cite that very same purported “safety” and “ease” to argue that an e-dollar, say, is merely an extension to, or financial manifestation of, the ever-encroaching surveillance state. To these critics, the method by which this proposal eradicates bankruptcy fallout and tax dodgers draws a bright red line under its deadly flaw: these only come at the cost of placing the State, newly privy to the use and custodianship of every dollar, at the center of monetary interaction. Look at China, the napkin-clingers cry, where the new ban on Bitcoin, along with the release of the digital-yuan, is clearly intended to increase the ability of the State to “intermediate”—to impose itself in the middle of—every last transaction. “Intermediation,” and its opposite “disintermediation,” constitute the heart of the matter, and it’s notable how reliant Waller’s speech is on these terms, whose origins can be found not in capitalist policy but, ironically, in Marxist critique. What they mean is: who or what stands between your money and your intentions for it. What some economists have lately taken to calling, with a suspiciously pejorative emphasis, “decentralized cryptocurrencies”—meaning Bitcoin, Ethereum, and others—are regarded by both central and commercial banks as dangerous disintermediators; precisely because they’ve been designed to ensure equal protection for all users, with no special privileges extended to the State. This “crypto”—whose very technology was primarily created in order to correct the centralization that now threatens it—was, generally is, and should be constitutionally unconcerned with who possesses it and uses it for what. To traditional banks, however, not to mention to states with sovereign currencies, this is unacceptable: These upstart crypto-competitors represent an epochal disruption, promising the possibility of storing and moving verifiable value independent of State approval, and so placing their users beyond the reach of Rome. Opposition to such free trade is all-too-often concealed beneath a veneer of paternalistic concern, with the State claiming that in the absence of its own loving intermediation, the market will inevitably devolve into unlawful gambling dens and fleshpots rife with tax fraud, drug deals, and gun-running.  It’s difficult to countenance this claim, however, when according to none other than the Office of Terrorist Financing and Financial Crimes at the US Department of the Treasury, “Although virtual currencies are used for illicit transactions, the volume is small compared to the volume of illicit activity through traditional financial services.” Traditional financial services, of course, being the very face and definition of “intermediation”—services that seek to extract for themselves a piece of our every exchange. 4. Which brings us back to Waller—who might be called an anti-disintermediator, a defender of the commercial banking system and its services that store and invest (and often lose) the money that the American central banking system, the Fed, decides to print (often in the middle of the night). You’d be surprised how many opinion-writers are willing to publicly pretend they can’t tell the difference between an accounting trick and money-printing. And yet I admit that I still find his remarks compelling—chiefly because I reject his rationale, but concur with his conclusions. It’s Waller’s opinion, as well as my own, that the United States does not need to develop its own CBDC. Yet while Waller believes that the US doesn’t need a CBDC because of its already robust commercial banking sector, I believe that the US doesn’t need a CBDC despite the banks, whose activities are, to my mind, almost all better and more equitably accomplished these days by the robust, diverse, and sustainable ecosystem of non-State cryptocurrencies (translation: regular crypto).  I risk few readers by asserting that the commercial banking sector is not, as Waller avers, the solution, but is in fact the problem—a parasitic and utterly inefficient industry that has preyed upon its customers with an impunity backstopped by regular bail-outs from the Fed, thanks to the dubious fiction that it is “too big too fail.” But even as the banking-industrial complex has become larger, its utility has withered—especially in comparison to crypto. Commercial banking once uniquely secured otherwise risky transactions, ensuring escrow and reversibility. Similarly, credit and investment were unavailable, and perhaps even unimaginable, without it. Today you can enjoy any of these in three clicks. Still, banks have an older role. Since the inception of commercial banking, or at least since its capitalization by central banking, the industry’s most important function has been the moving of money, fulfilling the promise of those promissory notes of old by allowing their redemption in different cities, or in different countries, and by allowing bearers and redeemers of those notes to make payments on their and others’ behalf across similar distances. For most of history, moving money in such a manner required the storing of it, and in great quantities—necessitating the palpable security of vaults and guards. But as intrinsically valuable money gave way to our little napkins, and napkins give way to their intangible digital equivalents, that has changed. Today, however, there isn’t much in the vaults. If you walk into a bank, even without a mask over your face, and attempt a sizable withdrawal, you’re almost always going to be told to come back next Wednesday, as the physical currency you’re requesting has to be ordered from the rare branch or reserve that actually has it. Meanwhile, the guard, no less mythologized in the mind than the granite and marble he paces, is just an old man with tired feet, paid too little to use the gun that he carries.  These are what commercial banks have been reduced to: “intermediating” money-ordering-services that profit off penalties and fees—protected by your grandfather. In sum, in an increasingly digital society, there is almost nothing a bank can do to provide access to and protect your assets that an algorithm can’t replicate and improve upon. On the other hand, when Christmas comes around, cryptocurrencies don’t give out those little tiny desk calendars. But let’s return to close with that bank security guard, who after helping to close up the bank for the day probably goes off to work a second job, to make ends meet—at a gas station, say.  Will a CBDC be helpful to him? Will an e-dollar improve his life, more than a cash dollar would, or a dollar-equivalent in Bitcoin, or in some stablecoin, or even in an FDIC-insured stablecoin? Let’s say that his doctor has told him that the sedentary or just-standing-around nature of his work at the bank has impacted his health, and contributed to dangerous weight gain. Our guard must cut down on sugar, and his private insurance company—which he’s been publicly mandated to deal with—now starts tracking his pre-diabetic condition and passes data on that condition on to the systems that control his CBDC wallet, so that the next time he goes to the deli and tries to buy some candy, he’s rejected—he can’t—his wallet just refuses to pay, even if it was his intention to buy that candy for his granddaughter. Or, let’s say that one of his e-dollars, which he received as a tip at his gas station job, happens to be later registered by a central authority as having been used, by its previous possessor, to execute a suspicious transaction, whether it was a drug deal or a donation to a totally innocent and in fact totally life-affirming charity operating in a foreign country deemed hostile to US foreign policy, and so it becomes frozen and even has to be “civilly” forfeited. How will our beleagured guard get it back? Will he ever be able to prove that said e-dollar is legitimately his and retake possession of it, and how much would that proof ultimately cost him? Our guard earns his living with his labor—he earns it with his body, and yet by the time that body inevitably breaks down, will he have amassed enough of a grubstake to comfortably retire? And if not, can he ever hope to rely on the State’s benevolent, or even adequate, provision—for his welfare, his care, his healing?  This is the question that I’d like Waller, that I’d like all of the Fed, and the Treasury, and the rest of the US government, to answer:  Of all the things that might be centralized and nationalized in this poor man’s life, should it really be his money? Subscribe here Tyler Durden Sun, 10/10/2021 - 20:40.....»»

Category: personnelSource: nytOct 10th, 2021

Here are the National Book Award 2021 finalists to add to your reading list, from layered novels to searing memoirs

The 2021 National Book Awards shortlists include the top five books of the year in fiction, nonfiction, poetry, YA, and translated works. The 2021 National Book Award shortlist finalists were announced in the fiction, nonfiction, poetry, translated works, and young people's literature genres. Amazon; Bookshop; Insider When you buy through our links, Insider may earn an affiliate commission. Learn more. The National Book Award Foundation announced the 2021 shortlists for the National Book Award. Below are the top five finalists in fiction, nonfiction, poetry, young adult, and translated works. Want more book recommendations? Check out this year's Booker Prize nominees. Every year, 25 expert judges read hundreds of submissions in five categories - fiction, nonfiction, poetry, translated works, and young people's literature - to crown the best books of the year. As of October 5, the National Book Foundation has announced its five 2021 finalists in each genre. On November 17, we'll learn the winners at the same time as the Foundation (judges meet that day to hash out the winner). Finalists earn $1,000 and winners receive $10,000. The competition is fierce: One of the names that made this year's longlist but not the shortlist includes Richard Powers, whose novel "Bewilderment" is a finalist in the running for the Booker Prize (announced November 3) and whose earlier work "The Overstory" won the Pulitzer Prize in 2019. All the shortlisted finalists for the 2021 National Book Awards in fiction, nonfiction, poetry, translated works, and young people's literature: Fiction "Cloud Cuckoo Land" by Anthony Doerr, available at Amazon and Bookshop from $18.76"Matrix" by Lauren Groff, available at Amazon and Bookshop from $17.59"Zorrie" by Laird Hunt, available at Amazon and Bookshop from $22.99"The Prophets" by Robert Jones Jr., available at Amazon and Bookshop from $16.99"Hell of a Book" by Jason Mott, available at Amazon and Bookshop from $16.20You can find the descriptions of the books and all the fiction longlist finalists here. Nonfiction "A Little Devil in America: Notes in Praise of Black Performance" by Hanif Abdurraqib, available at Amazon and Bookshop from $15.99"Running Out: In Search of Water on the High Plains" by Lucas Bessire, available at Amazon and Bookshop from $19.69"Tastes Like War: A Memoir" by Grace M. Cho, available at Amazon and Bookshop from $16.51"Covered With Night: A Story of Murder and Indigenous Justice in Early America" by Nicole Eustace, available at Amazon and Bookshop from $18.26"All That She Carried: The Journey of Ashley's Sack, a Black Family Keepsake" by Tiya Miles, available at Amazon and Bookshop from $24.99You can find the descriptions of the books and all the nonfiction longlist finalists here. Poetry "What Noise Against the Cane" by Desiree C. Bailey, available at Amazon and Bookshop from $18.40"Floaters" by Martín Espada, available at Amazon and Bookshop from $13.64"Sho" by Douglas Kearney, available at Amazon and Bookshop from $11.79"A Thousand Times You Lose Your Treasure" by Hoa Nguyen, available at Amazon and Bookshop from $16.56"The Sunflower Cast a Spell to Save Us From the Void" by Jackie Wang, available at Amazon and Bookshop from $11.99You can find the descriptions of the books and all the poetry longlist finalists here. Translated Literature "Winter in Sokcho" by Elisa Shua Dusapin and translated from French by Aneesa Abbas Higgins, available at Amazon and Bookshop from $13.75"Peach Blossom Paradise" by Ge Fei and translated from Chinese by Canaan Morse, available at Amazon and Bookshop from $16.51"The Twilight Zone" by Nona Fernández and translated from Spanish by Natasha Wimmer, available at Amazon and Bookshop from $13.99"When We Cease to Understand the World" by Benjamín Labatut and translated from Spanish by Adrian Nathan West, available at Amazon and Bookshop from $16.16"Planet of Clay" by Samar Yazbek and translated from Arabic by Leri Price, available at Amazon and Bookshop from $15.63You can find the descriptions of the books and all the translated literature longlist finalists here. Young People's Literature "The Legend of Auntie Po" by Shing Yin Khor, available at Amazon and Bookshop from $11.95"Last Night at the Telegraph Club" by Malinda Lo, available at Amazon and Bookshop from $16.99"Too Bright to See" by Kyle Lukoff, available at Amazon and Bookshop from $15.63"Revolution in Our Time: The Black Panther Party's Promise to the People" by Kekla Magoon, available at Amazon and Bookshop from $22.99"Me (Moth)" by Amber McBride, available at Amazon and Bookshop from $15.59You can find the descriptions of the books and all the young people's literautre longlist finalists here. Read the original article on Business Insider.....»»

Category: personnelSource: nytOct 8th, 2021

Futures Drift Before Taper-Triggering Jobs Report

Futures Drift Before Taper-Triggering Jobs Report US equity-index drifted in a tight range overnight, in a tight range before key jobs data that could provide clues on the Federal Reserve’s policy. As noted in our preview, unless the jobs report is a disaster, it will virtually assure the Fed launches tapering in one month. Markets drifted higher on Thursday after the Senate averted the risk of an immediate default, pushing global stocks on course for their best week since early September, but a late day selloff wiped away most gains and closed spoos below the critical 4400 level. At 07:30 a.m. ET, Dow e-minis were up 35 points, or 0.10%, S&P 500 e-minis were up 5.00 points, or 0.1%, and Nasdaq 100 e-minis were up 10.75 points, or 0.07%. Treasury Yields were 1 point higher after earlier tagging 1.60%, the highest since June. The dollar was flat while Brent topped $83 before paring gains. Bitcoin traded above $55,000. Uncertainty over the debt ceiling negotiations and a run-up in U.S. Treasury yields over elevated inflation were major concerns among investors earlier this week, injecting volatility in equity markets this week. High-growth FAAMG stocks slipped in premarket trading following sharp gains in previous session. Energy firms including Chevron Corp and Exxon Mobil gained about 0.8% tracking crude prices, while major U.S. lenders also edged up as the benchmark 10-year yield hit its highest level since June 4. Here are some of the biggest movers and stocks to watch today: Tesla (TSLA US) shares in focus after Elon Musk says a global shortage of chips and ships is the only thing standing in the way of the company maintaining sales growth in excess of 50% Sundial Growers (SNDL US) shares rise as much as 19% in U.S. premarket after the Canadian cannabis producer said it will buy liquor and pot retailer Alcanna for $276m in stock Allogene Therapeutics (ALLO US) plunges 36% in U.S. premarket trading after an early-stage study of its cell therapy was put on hold by U.S. regulators Prelude Therapeutics (PRLD US) fell in U.S. premarket trading, adding to Thursday’s 40% plunge on early- stage data for the company’s experimental cancer treatments that Barclays says came in below expectations Vaxart (VXRT US) rises 8% in U.S. premarket trading after its oral tablet vaccine candidate cut transmission of Covid-19 in animals, according to data from a study led by Duke University Faraday Future (FFIE US) slides 4% in U.S. premarket trading after J Capital says it is short on the stock. The short-seller says they don’t think the company “will ever sell a car” Codiak Biosciences (CDAK US) shares fell 6% in Thursday postmarket trading after disclosing that Sarepta Therapeutics is terminating a research license and option agreement Agile Therapeutics (AGRX US) tumbled Thursday postmarket after the women’s health-care company said that it intends to offer and sell shares of its common stock, as well as warrants to purchase shares of its common stock, in an underwritten public offering Looking to today's main event, economists expect September hiring to have surged by 500,000 jobs as the summer wave of COVID-19 infections began to subside, and as millions of Americans no longer receive jobless benefits, positioning the Fed to start scaling back its monthly bond buying.  “All roads lead to non-farm payrolls data which will decide, in the market’s minds, whether the start of the Fed taper is a done deal for December,” said Jeffrey Halley, senior market analyst at OANDA. “I do not believe that markets have priced in the Fed taper and its implications to any large degree yet. Even a weak number probably only delays the inevitable for another month.” Even “reasonably soft” payrolls and unemployment figures wouldn’t be enough to change the minds of its officials, according to Ipek Ozkardeskaya, senior analyst at Swissquote. “Only a shockingly low figure could do that,” she said. “The persistent rise in oil prices can only continue boosting inflation fears and the central bank hawks, limiting the upside potential in case of a further recovery in stocks.” “As soon as you start thinking about tapering it’s really hard to not then think about what that means for the Fed funds rate and when that might start to increase,” Kim Mundy, currency strategist and international economist at Commonwealth Bank of Australia in Sydney, said on Bloomberg Television. “We do see scope that markets can start to price in a more aggressive Fed funds rate hike cycle.” In Europe, tech companies led the Stoxx Europe 600 Index down 0.2%, with energy stocks and carmakers being the only industry groups with meaningful gains. Chip stocks fell, especially Apple suppliers, following a profit warning from Asian peer and fellow supplier AAC Technologies. On the other end, European travel stocks rose after U.K. confirmed the travel “red list” will be cut to just seven countries; British Airways parent IAG and TUI led the advances. Here are some of the biggest European movers today: Daimler shares gains as much as 3.2%, outperforming peers, after UBS upgrades stock to buy from neutral, calling it an earnings momentum story that stands to gain from strong demand, electrification trends and its future focus on passenger cars. Adler shares rise as much as 13% after shareholder Aggregate sells a call option to Vonovia for a 13.3% stake in the German real estate investment firm at a strike price of EU14 per share. Cewe Stiftung shares jump as much as 4.2%, their best day in over three months, after the photography services firm gets a new buy rating at Hauck & Aufhaeuser. Weir shares fall as much as 6.3%, to the lowest since Nov. 13, after the U.K. machinery maker announced that a ransomware attack will affect full-year profitability; Jefferies says it’s unlikely that guidance beyond that will be revised. Zur Rose slumps as much as 9.2% after Berenberg downgrades the Swiss online pharmacy to hold from buy, citing the expected negative impact from a delay in the implementation of mandatory e-prescriptions in Germany. Czech digital-payments provider Eurowag shares slide as much as 10% as it starts trading in London, after pricing its IPO below an initial range and making its debut a day later than planned. Asian stocks rose for a second day as China’s market reopened higher and the U.S. Senate approved a short-term increase in the debt ceiling. The MSCI Asia Pacific Index advanced as much as 1% in a rally led by consumer discretionary shares. Alibaba and Tencent were among the biggest contributors to the gauge’s climb. Shares in mainland China surged more than 1% as investors returned from the Golden Week holiday. Chinese property shares fell after a report that more than 90% of China’s top 100 property developers’ sales declined in September by an average of 36% from the same period last year, while investor concerns about developers’ liquidity rose after Fantasia bonds were suspended from trading. In mainland: CSI 300 Real Estate Index drops as much as 2%, Seazen Holdings falls as much as 5%, Poly Developments -4%. Asia’s stock benchmark is slightly down for the week, as rising bond yields weighed on tech-heavy indexes in South Korea, Taiwan and Japan. The gauge is down more than 1% this month amid an energy shortage in China and India.  “Markets may not want to commit directionally” given that we have non-farm payrolls data on the docket, making a follow-through of today’s rally suspect, said Ilya Spivak, the head of Greater Asia at DailyFX. Traders are expecting today’s U.S. employment data to provide clues on the direction of the world’s largest economy. On Thursday, the U.S. averted what would have been its first default on a debt payment. Most major benchmarks in Asia climbed, led by Japan, Indonesia and Australia. India’s central bank kept its lending rates at a record low at a policy meeting today. In Australia, the S&P/ASX 200 index rose 0.9% to close at 7,320.10. All industry groups edged higher. The benchmark rose 1.9% for the week, the biggest weekly gain since early August. Miners led the charge, having the best week since July, banks the best since the start of March. EML Payments tumbled after an update on its Ireland subsidiary from the country’s central bank. Chalice Mining continued its rebound, finishing the session the strongest performer in the mining subgauge.  There is a risk of excessive borrowing due to low interest rates and rising house prices, Reserve Bank of Australia said in its semiannual Financial Stability Review released Friday. In New Zealand, the S&P/NZX 50 index fell 0.1% to 13,086.60 In rates, Treasury futures remained under pressure after paring declines that pushed 10-year yield as high as 1.5995% during European morning, highest since June 4; the 1.60% zone is thought to have potential to spur next wave of convexity hedging. U.K. 10-year is higher by 4bp, German by 2.3bp - gilts underperformed, weighing on Treasuries as money markets continue to bring forward BOE rate-hike expectations. During U.S. session, September jobs report may seal case for Fed taper announcement in November.  In FX, the greenback traded in a narrow range versus G10 peers while 10-year Treasury yields approached 1.6%, outperforming Bunds.  Gilt yields rose 5-6bps across the curve; demand for downside protection in the pound eases this week as the U.K. currency moves off cycle lows amid money markets repricing. U.K. wage growth rose at its strongest pace on record in a survey of job recruiters, indicating strains from a shortage of workers are persisting. Turkish lira initially weakens above 8.96/USD before recouping half of its losses In commodities, oil extended a rebound, on track for a seventh weekly gain. Crude futures pushed to the best levels for the week. WTI rises 1.5% near $79.50, Brent pops back on to a $83-handle. Spot gold trades a $5 range near $1,757/oz. Base metals are mostly positive, with LME nickel gaining over 3.5%. Looking at the day ahead, the highlight will be the aforementioned September jobs report. Central bank speakers include ECB President Lagarde and the ECB’s Panetta. Market Snapshot S&P 500 futures little changed at 4,389.50 STOXX Europe 600 down 0.3% to 457.18 MXAP up 0.4% to 194.72 MXAPJ up 0.2% to 636.80 Nikkei up 1.3% to 28,048.94 Topix up 1.1% to 1,961.85 Hang Seng Index up 0.6% to 24,837.85 Shanghai Composite up 0.7% to 3,592.17 Sensex up 0.7% to 60,070.61 Australia S&P/ASX 200 up 0.9% to 7,320.09 Kospi down 0.1% to 2,956.30 Brent Futures up 1.4% to $83.09/bbl Gold spot up 0.0% to $1,756.25 U.S. Dollar Index little changed at 94.29 German 10Y yield up +3.4 bps to -0.151% Euro little changed at $1.1549 Top Overnight News from Bloomberg Global talks to reshape the corporate tax landscape are set to resume on Friday after Ireland’s decision to adhere to the world consensus on a minimum rate removed one hurdle to an agreement that still hangs in the balance Germany’s Social Democrats hailed a positive start in their effort to form a government after their first meeting with the Greens and the pro-business Free Democrats A U.S. nuclear-powered attack submarine struck an object while submerged in international waters in the Indo- Pacific region last week, the Navy said, adding that no life- threatening injuries were reported China drained the most short- term liquidity from the banking system in a year on a net basis as it reduced support after a week-long holiday. Government bond futures slid by the most since August China’s central bank will continue to push for the reform of its benchmark loan rate and make deposit rates more market-based, according to a senior official India’s central bank surprised markets by suspending its version of quantitative easing, signaling the start of tapering pandemic-era stimulus measures as an economic recovery takes hold U.K. government bond yields have climbed to levels last seen before the Brexit referendum in 2016 relative to German peers, as traders brace for inflation in Britain over the next decade to far outpace the rate in Europe’s largest economy A detailed look at global markets courtesy of Newsquawk Asia-Pac stocks traded mostly higher as the region conformed to the global upbeat mood after the agreement in Washington to raise the debt ceiling which the Senate approved, with the overnight bourses also invigorated by the return of China and strong Caixin PMI data. The ASX 200 (+0.9%) was led higher by strength in mining names with underlying commodity prices boosted as Chinese buyers flocked back to market which helped the ASX disregard a record increase in daily COVID-19 cases in Victoria state. Nikkei 225 (+1.3%) was the biggest gainer and reclaimed the 28k level as exporters benefitted from a softer currency, while attention turns to PM Kishida who will outline his policy program today and is reportedly planning to present an additional budget after the election. Furthermore, there were recent comments from an ally of the new PM who suggested that capital gains tax could be raised to 25% from the current 20% without affecting stock prices, although this failed to dent the mood in Tokyo and weaker than expected Household Spending was also brushed aside. The gains for the KOSPI (-0.1%) were later reversed alongside the tentative price action in index heavyweight Samsung Electronics after its Q3 prelim. results showed oper. profit likely rose to its highest in three years but missed analysts’ forecasts. Hang Seng (+0.6%) and Shanghai Comp. (+0.7%) were mixed with the latter jubilant on reopen from the Golden Week holiday after improved Caixin Services and Composite PMI data which both returned to expansionary territory. This helped mainland stocks overlook the recent developer default fears and largest daily liquidity drain by the PBoC since October last year, although Hong Kong initially lagged amid heavy Northbound Stock Connect trade. Finally, 10yr JGBs declined on spillover selling from T-notes and with havens shunned amid the gains across riskier assets, although downside in JGBs was limited given the BoJ’s presence in the market for nearly JPY 1.5tln of JGBs with up to 10yr maturities. Top Asian News Gold Steadies Ahead of Key U.S. Jobs Report as Yields Climb Investors Fear Tax Talk in Kishida’s ‘New Japanese Capitalism’ China Coal Prices Plunge as Producers Vow to Ease Shortages China Developer Stocks Fall After Report of Monthly Sales Drop An initially contained to marginally-firmer European cash open followed an upbeat APAC handover (ex-Hang Seng) was short-lived with bourses coming under moderate pressure; Euro Stoxx 600 -0.3%. As such, major indices are all in the red, except for of the UK FTSE 100 which is essentially unchanged and bolstered by strength in heavy-weight energy and mining names given broader price action the return of China. Sectors were initially mixed at the open, but in-fitting with the action in indices, has turned to a predominantly negative performance ex-energy. Crossing to the US, futures have directionally been following European peers, but the magnitude has been more contained, with the ES unchanged as we await the September labour market report for any read across to the Fed’s policy path; however, officials have already made it clear that it would have to be a very poor report to spark a deviation from its announced intentions, where it is expected to announce an asset purchase tapering in November. Returning to Europe, Daimler (+2.5%) stands out in the individual stocks space, firmer after a broker upgrade and notable price target lift at UBS; Marks & Spencer (+1.5%) is also supported on broker action. To the downside lies Weir Group (-3.0%) after reports of a ransomware attack. Top European News Adler’s Largest Shareholder Sells Option on Stake to Vonovia; A Controversial Tycoon Sits on Adler’s $9 Billion Pile of Debt Chip Stocks Drag Tech Gauge Lower as Asian Apple Supplier Warns European Gas Rises as Bumpy Ride Continues With Cold Air Coming Lira Weakens to Fresh Low as Rising U.S. Yields Add Pressure In FX, the Dollar is trying to regroup and firm up again after its latest downturn amidst a further rebound in US Treasury yields, more pronounced curve re-steepening, and perhaps some relief that the Senate finally passed the debt ceiling extension bill, albeit by a slender margin and only delaying the issue until early December. Looking at the DXY as a benchmark, a marginally higher low above 94.000 and lower high below 94.500 is keeping the index contained as the clock ticks down to September’s jobs report that is expected to show a recovery in hiring after the prior month’s shortfall, but anecdotal data has been rather mixed to offer little clear pointers for the bias around consensus - full preview of the latest BLS release is available via the Research Suite under the Ad-hoc Economic Analysis section. From a technical perspective, near term support for the DXY resides at 94.077 (vs the current 94.139 base) and resistance sits at 94.448 (compared to a 94.338 intraday high). TRY - A double whammy for the already beleaguered Lira as oil prices come back to the boil and ‘sources’ suggest that Turkish President Erdogan’s patience is wearing thin with the latest CBRT Governor as the Bank waited until September to cut rates. Recall, Erdogan has already ousted a CBRT chief for not loosening monetary policy in his belief that lowering the cost of borrowing will bring inflation down, and although the reports have been by a senior member of his administration there is a distinct feeling of no smoke without fire in the markets as Usd/Try remains bid having only held below 9.0000 by short distance between 8.9707-8.8670 parameters. CHF/JPY - No real surprise that the low yielders and funders are underperforming, even though broadly upbeat risk sentiment during APAC hours has not rolled over to the European session. The Franc has retreated to 0.9300 vs the Buck and Yen is trying to fend off pressure on the 112.00 handle after failing to sustain momentum through 111.50 before weaker than expected Japanese household spending data overnight. However, decent option expiry interest from 111.85-75 (1.4 bn) may weigh on Usd/Jpy pending the aforementioned US payrolls outcome. AUD - Some payback for the Aussie after Thursday’s outperformance, as Aud/Usd loses a bit more momentum following its rebound beyond 0.7300 and with hefty option expiries at 0.7335 (2.7 bn) capping the upside more than smaller size at the round number (1.1 bn) cushions the downside. In commodities, WTI and Brent remain on an upward trajectory after the mid-week pullback; as it stands, crude benchmarks are near fresh highs for the week, with WTI for November eyeing USD 80/bbl once again. Fresh news flow for the complex has been sparse, aside from substantial UK press focus on the domestic energy price cap potentially set to increase next year. More broadly, US officials have largely reiterated commentary from the Energy Department provided on Thursday around not currently intending act on energy costs with a reserve release. The session ahead has just the Baker Hughes rig count specifically for crude scheduled, though the complex may well get dragged into a broader risk move depending on the initial reaction to and analysis on NFP. For metals, spot gold and silver are contained around the unchanged mark and haven’t been affected by any significant amount by the firmer USD or elevated yield space thus far. Elsewhere, base metals are buoyed by China’s return and strong Caixin data from the region, although it is worth highlighting that the likes of LME copper are well off earlier highs. US Event Calendar 8:30am: Sept. Change in Nonfarm Payrolls, est. 500,000, prior 235,000 Change in Private Payrolls, est. 450,000, prior 243,000 Change in Manufact. Payrolls, est. 25,000, prior 37,000 Unemployment Rate, est. 5.1%, prior 5.2% Sept. Underemployment Rate, prior 8.8% Labor Force Participation Rate, est. 61.8%, prior 61.7% Average Weekly Hours All Emplo, est. 34.7, prior 34.7 Average Hourly Earnings MoM, est. 0.4%, prior 0.6% Average Hourly Earnings YoY, est. 4.6%, prior 4.3% 10am: Aug. Wholesale Trade Sales MoM, est. 0.9%, prior 2.0%; Wholesale Inventories MoM, est. 1.2%, prior 1.2% DB's Jim Reid concludes the overnight wrap I’ve never quite understood why you’d go to the cinema if you’ve got a nice telly at home but such has been the nature of life over the last 19 months that I was giddy with excitement last night at booking tickets for James Bond at the local cinema next week. We’ve booked it on the same night as our first ever physical parents evening where I’ll maybe have the first disappointing clues that my three children aren’t going to be child prodigies and that maybe they’ll even have to settle for a career in finance! Markets have been stirred but not completely shaken this week and yesterday they continued to rebound thanks to the near-term resolution on the US debt ceiling alongside subsiding gas prices, which took the sting out of two of the most prominent risks for investors over the last couple of weeks. That provided a significant boost to risk appetite, and by the close of trade, the S&P 500 had recovered +0.83% in its 3rd consecutive move higher, which put it back to just -3.0% beneath its all-time high in early September, whilst Europe’s STOXX 600 was also up +1.60% and closed before a later US sell-off. Attention will today focus squarely on the US jobs report at 13:30 London time, which is the last one before the Fed’s next decision in early November, where a potential tapering announcement is likely bar an extraordinarily poor number today, or an exogenous event in the next few weeks. Starting with the debt ceiling, yesterday saw Democratic and Republican Senators agree to pass legislation to raise the ceiling by enough to get to early December, meaning we won’t have to worry about it for another 8 whole weeks. The Senate voted 50-48 with no Republicans blocking the legislation to increase the debt limit by $480bn, with House Majority leader Hoyer saying that the House would convene on Tuesday to pass the measure as well. To raise it for a longer period, the chatter out of Washington made it clear that Democrats would need to need to raise the debt ceiling in a partisan manner as part of the reconciliation process. As we mentioned in yesterday’s edition, this extension means that a number of deadlines have now been punted into the year end, including the government funding and the debt ceiling (both now expiring the first Friday of December), just as the Democrats are also seeking to pass Biden’s economic agenda through a reconciliation bill containing much of their social proposals, alongside the $550bn bipartisan infrastructure package. And on top of that, we’ve also got the decision on whether Chair Powell will be re-nominated as Fed Chair, with the decision 4 years ago coming at the start of November. So a busy end to the year in DC. The other main story yesterday was the sizeable decline in European natural gas prices, with the benchmark future down -10.73% to post its biggest daily loss since August. Admittedly, they’re still up almost five-fold since the start of the year, but relative to their intraday peak on Wednesday they’ve now shed -37.5%. So nearly a double bear market all of a sudden! The moves follow Wednesday’s signal that Russia could supply more gas to Europe. However, even as energy prices were starting to fall back from their peak, the effects of inflation were being felt elsewhere, with the UN’s world food price index climbing to its highest level in a decade in September. Looking ahead, today’s main focus will be on the US jobs report for September later on. Last month the report significantly underwhelmed expectations, coming in at just +235k, which was well beneath the +733k consensus expectation and the slowest pace since January. That raised questions as to the state of the labour market recovery, and helped to complicate a potential decision on tapering, with nonfarm payrolls still standing over 5m beneath their pre-Covid peak. This month, our US economists are expecting a somewhat stronger +400k increase in nonfarm payrolls, which should see the unemployment rate tick down to a post-pandemic low of 5.1%. On the bright side at least, the ADP’s report of private payrolls for September on Wednesday came in at an above-forecast 568k (vs. 430k expected), while the weekly initial jobless claims out yesterday for the week through October 2 were beneath expectations at 326k (vs. 348k expected). Ahead of that, global equities posted a decent rebound across the board, with cyclicals leading the march higher on both sides of the Atlantic. As mentioned at the top, the S&P 500 advanced +0.83%, which was part of a broad-based advance that saw over 390 companies move higher on the day. That said the index was up as much as +1.5% in early US trading before slipping lower in the US afternoon. The pullback was partly due to new headlines that China’s central bank plans to continue addressing monopolistic actions in internet companies that operate in the payments sector. Nonetheless, Megacap tech stocks were among the big winners yesterday, with the FANG+ index up +2.08%, whilst the small-cap Russell 2000 index was also up +1.58%. In Europe, the STOXX 600 (+1.60%) posted its strongest daily gain since July, and the broader gains helped the STOXX Banks index (+1.61%) surpass its pre-pandemic high, taking it to levels not seen since April 2019, even as sovereign bond yields moved lower. Speaking of sovereign bonds, yesterday saw a divergent set of moves once again, with yields on 10yr Treasuries up +5.2bps to 1.573%, their highest level since June, whereas those across the European continent moved lower. The US increase came against the backdrop of that debt ceiling resolution, and there was a noticeable rise in yields for Treasury bills that mature in December, which is where the debt ceiling deadline has now been kicked to. Elsewhere in North America, the Bank of Canada’s Macklem joined the global central bank chorus and noted inflation pressures were likely to be temporary, even if they’ve been more persistent than previously expected. Meanwhile over in Europe, lower inflation expectations helped yields move lower, with those on 10yr bunds (-0.3bps), OATs (-1.1bps) and BTPs (-3.6bps) all moving back. Overnight in Asia, all markets are trading in the green with the Nikkei (+2.16%) leading the way, along with CSI (+1.34%), Shanghai Composite (+0.60%), KOSPI (+0.22%) and Hang Seng (+0.04%). Chinese markets reopened after a week-long holiday so the focus will again be back on property market debt, and today the PBOC injected just 10bn Yuan with its 7-day reverse repos, resulting in a net liquidity withdrawal of 330bn Yuan. That comes as the services and composite PMIs did see a pickup from August level, with the services PMI up to 53.4 (vs. 49.2 expected), moving back above the 50 mark that separates expansion from contraction. In Japan however, household spending was down -3.0% year-on-year in August (vs. -1.2% expected) which came amidst a surge in the virus there. There’s also some news on the ESG front, with finance minister Shunichi Suzuki saying that the country would introduce ESG factors when considering the finance ministry’s foreign reserves. Looking forward, S&P 500 futures (+0.06%) are pointing to a small move higher. In Germany, as talks got underway today on a potential traffic-light coalition, it was reported by DPA that CDU leader Armin Laschet had signalled his willingness to stand down, with the report citing unidentified participants from internal discussions. In televised remarks last night, Laschet said that his party needs fresh voices across the board and that new leadership will be in place soon. This moves comes as Germany’s Social Democratic Party held talks with the Greens and the Free Democratic Party to enact a new three-way ruling coalition, which would leave the CDU out of power entirely. There wasn’t a massive amount of data yesterday, though German industrial production fell by -4.0% in August (vs. -0.5% expected), which follows the much weaker than expected data on factory orders the previous day. Elsewhere, the Manheim used car index increased +5.3% in September, its first positive reading in 4 months. Our US economics team points out that there tends to be around a two month lag between wholesale prices and CPI prints, so we aren’t likely to see this impact next week’s CPI print but it will likely prevent a bigger fall towards the end of the year. To the day ahead now, and the highlight will be the aforementioned September jobs report from the US. Central bank speakers include ECB President Lagarde and the ECB’s Panetta. Tyler Durden Fri, 10/08/2021 - 07:50.....»»

Category: smallbizSource: nytOct 8th, 2021

What Governments Got Wrong About The Global Energy Transition

What Governments Got Wrong About The Global Energy Transition By Tsvetana Paraskova of OilPrice.com The energy crisis in Europe exposed the complexity of a transition to green energy: it is not happening overnight, and it cannot be done successfully with the old tricks. Energy systems, markets, and grids globally need fundamental changes to legislation, regulation, and oversight in order to accommodate 100-percent zero-emission sources. And even in that case, power systems need flexibility and backups in order to avert similar crises down the road as many parts of the world commit to net-zero emissions by 2050 or 2060. The current crisis in the UK is a cautionary tale about how not to rush to green energy, Rochelle Toplensky of The Wall Street Journal notes. Net-zero electricity systems need an entirely new set of rules in all areas of the energy systems and power markets, as well as enough flexibility to offset environmental factors such as low wind speeds, which happened in the UK last month. The UK has cut its reliance on coal dramatically over the past decade. But its power systems are not yet as resilient to a major transition to low-carbon energy sources as to prevent concerns about its power supply, the Journal’s Toplensky argues. The current energy crisis in the UK, the rest of Europe, and in major energy importers in Asia is a warning to policymakers that the transition cannot be rushed before new rules are set in place and backup battery storage is built en masse to support soaring new solar and wind capacity. Boosting power grid resilience, building battery storage, and widespread use of the much-touted green hydrogen will require trillions of U.S. dollars of investment, government support, and much greater coordination and cooperation among industry and policymakers at the national and international level. Everyone knew that the energy transition would not be cheap. The ongoing energy crisis shows that no one can put the cart before the horse in the transition - backups and flexibility are vital for any successful energy system. UK Power Crisis Shows Challenges To Green Transition  Even the UK, which has pledged to phase out coal-fired power generation by October 2024, had to fire up an old coal plant last month in order to meet its electricity demand.  The country which kick-started the Industrial Revolution with coal saw the share of the fuel drop to a record-low in 2020 - coal generated just 1.8 percent of electricity, down from 28.2 percent in 2010, as per government data. Renewable generation, on the other hand, hit a record 43.1 percent in 2020, outpacing annual fossil fuel generation for the first time. During many days in recent years, wind power generated the largest share of Britain’s electricity, surpassing natural gas. This is a commendable move toward clean energy but does not change the fact that wind power generation depends on…the speed of the wind. On those unfortunate days when the wind doesn’t blow, as it happened on most days in September, natural gas is used more in power generation, driving up gas and power prices and also increasing coal generation because of the sky-high prices of natural gas. Although households face higher energy bills, they are protected to some extent because of the so-called Energy Price Cap in the UK. But it is this price cap - when power providers are unable to pass the full extent of surging costs onto consumers - that has already led to nine UK providers going out of business. Just last week, three suppliers said they were ceasing trade, and the Office of Gas and Electricity Markets, Ofgem, had to choose new suppliers to take over the failed businesses. The UK likely needs new regulations on how its domestic power market operates, which should take into account the net-zero commitment and increased green energy share in electricity generation, analysts say. The European Union is also looking at potential changes to the way wholesale electricity markets operate, European Energy Commissioner, Kadri Simson, said this week. Demonization Of Fossil Fuels Cuts Backup Options  The two oil price crashes in the past five years, as well as the increasingly louder calls for shunning investment in fossil fuels, have led to chronic underinvestment in new supplies of oil, gas, and coal, especially in developed economies aspiring to reach net-zero by 2050. These days, however, those developed economies are scrambling for fossil fuel supplies to ensure they will keep the lights on. The surging price of coal and natural gas is leaving many energy-intensive businesses in Europe vulnerable to the price shock because the energy transition hasn’t reached the point where anything other than gas can efficiently power fertilizer or steel production. However, investment from the fossil fuel industry has declined in recent years. Moreover, Wall Street investors have been shunning traditional energy because of poor returns, Jeff Currie, global head of commodities research at Goldman Sachs, told Bloomberg in an interview earlier this week.  “The new economy is over-invested and the old economy is starved,” he said. “Gas, coal, oil, metals, mining – you pick – the old economy, it is severely underinvested,” Currie noted. Major Challenges Ahead To Avoid “A Disorderly Mess” Since the world continues to need a lot of fossil fuels despite the green push, supply shortages and price spikes are in the cards in the future, too. “[I]t is important to recognise that the transition is, as its derivation suggests, a process of moving from one state to another, and if it is to be successful must involve the managed decline of the existing energy system as well as its transformation towards a future state,” James Henderson and Anupama Sen of the Oxford Institute for Energy Studies (OIES) wrote in a paper last month.  “Policymakers have set countries on this essential road, and technology is the key to accelerating the process, but many complex questions remain to be resolved if the world is to avoid the transition becoming a disorderly mess,” they say. Tyler Durden Fri, 10/08/2021 - 02:00.....»»

Category: smallbizSource: nytOct 8th, 2021

BOMA celebrates 2021 Pinnacle Award winners

The Building Owners and Managers Association of Greater New York’s 2021 Pinnacle Awards 50th Anniversary Ceremony was a tremendous success, welcoming more than 800 of New York City’s top real estate professionals back to one if the industry’s biggest events of the year. The event, which was held on September... The post BOMA celebrates 2021 Pinnacle Award winners appeared first on Real Estate Weekly. The Building Owners and Managers Association of Greater New York’s 2021 Pinnacle Awards 50th Anniversary Ceremony was a tremendous success, welcoming more than 800 of New York City’s top real estate professionals back to one if the industry’s biggest events of the year. The event, which was held on September 30, 2021, at Pier Sixty, celebrated outstanding achievements in the commercial real estate industry, by recognizing premier buildings and leaders in New York City. The Historical Building of the Year was awarded to SL Green Realty Corp.’s 110 East 42nd Street. L&L Holding Company’s 390 Madison Avenue was granted New Construction of the Year. The Renovated Building of the Year was won by 101 Greenwich of JLL and SL Green Realty Corp.’s 11 Madison Avenue won the Earth Award. The Operating Office Building of the Year award recipients included Empire Stores of JLL in the 250,000-499,999 SQF category, 123 William Street of CBRE in the 500,000- 1 Million SQF category, and 10 Hudson Yards of Related Companies in the 1 Million+ SQF category. John Leitner of Environmental Building Solutions, LLC received the Outstanding Local Member of the Year Award. The Manager of the Year winners included Michael Choung of Related Companies in the 3-10 years’ experience category and Paul Palagian of SL Green Realty Corp. in the 10+ years’ experience category.          The Chief Operating Engineer of the Year was awarded to Jonathan Montes of Related Companies and the Operating Engineer of the Year recipient was Thomas Stack of SL Green Realty Corp. In the new categories this year, the Security Professional of the Year was awarded to Shawn O’Neill, RPA, FMA of Rockefeller Group. The Janitorial Professional of the Year winner is Jadwiga Czyżewski of JLL and the Emerging Leaders Award was awarded to Christa Hinckley of Columbia Property Trust and Noelle Mihalinec of Related Companies, Hudson Yards.                                                               SL Green Realty Corp.’s 11 Madison Avenue took home The Grand Pinnacle of the Year. The Platinum Sponsors of the night included New York City REIT, Quality Building Services, Related Companies, SL Green Realty Corp., and The Durst Organization. BOMA New York is thankful to its nominees, sponsors and all who attended for their dedication to the real estate industry. Jonathan Montes, Related Group with Presenter, Patrick Dolan, RPA, The Durst Organization Christa Hinckley, Columbia Property Trust and Noelle Mihalinec, Related Companies with Presenter, Patrick Dolan, RPA, The Durst Organization The Grand Pinnacle Award: 11 Madison Avenue team, SL Green Realty Corp. with Presenter, BOMA New York Chair and Chief Executive Officer, Hani J. Salama, PE, LEED AP, Capital Properties Susana Kalaj, SL Green Realty Corp with Presenter, Julie Acre, JLL Outstanding Local Member of the Year: John Leitner, Environmental Building Solutions, LLC with Presenter, Julie Arce, JLL The post BOMA celebrates 2021 Pinnacle Award winners appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyOct 7th, 2021

US Manufacturing Space Revs Up in September: 4 Fund Picks

Despite the unprecedented number of supply-side hurdles, manufacturers are moving to meet increasing demand. The supply-side stress has been dampening the U.S. manufacturing space for long now. However, with demand still strong, the industrial sector is grabbing the attention of investors and reopening efforts are keeping it in a bright spot. On Oct 1, the Institute for Supply Management reported that economic activity in the manufacturing sector or ISM Manufacturing Purchasing Managers' Index (PMI) grew to 61.1% in September. The reading shows 1.2 percentage point growth from August’s reading of 59.9% and is higher than the consensus estimate of 59.6%.Per the report, all six major manufacturing industries, including petroleum & coal products; computer & electronic products; chemical products; food, beverage & tobacco products; fabricated metal products; and transportation equipment, have registered moderate to strong growth last month. Also, 18 of the 17 manufacturing industries reported growth, and only the wooden products industry witnessed a slowdown in September.Manufacturers have stated that labor and raw material shortage are hurdles impacting production. In fact, the COVID-19 restrictions in various countries are leading to components and assemblies’ shortages and are restricting activities in ports. However, “nothing completely shut down yet.” The robust demand and retailers restocking their shelves for the holiday season and stronger overseas demand will also keep the manufacturing space humming in the last quarter of 2021.Sub-indexes like employment increased the reading at 50.2%, which is 1.2 percentage points higher than in August. There has been a decline in backlogs of orders, a 3.4 percentage points decline to 64.8%. However, the price index continues to surge, rising 1.8 percentage points to 81.2%.In a separate report, the U.S. Census Bureau reported on Oct 4 that new orders for manufactured goods rose 1.2% or $6.2 billion in August. The reading is higher than July’s upwardly revised figure of 0.7% and the consensus estimate of a 1% increase. Factory orders have now increased for four straight months and orders are up 18% from the same period last year.4 Top Fund PicksCompanies and suppliers indeed continue to deal with “an unprecedented number of hurdles to meet increasing demand,” but these issues are linked to the pandemic and will be mitigated soon. Hence, the manufacturing space will gain steam, and we have shortlisted four mutual funds that carry a Zacks Mutual Fund Rank #1 (Strong Buy) or 2 (Buy) and are poised to grow. Moreover, these funds have encouraging five-year returns and the minimum initial investment is within $5000.We expect these funds to outperform peers in the future. Remember, the goal of the Zacks Mutual Fund Rank is to guide investors to identify potential winners and losers. Unlike most fund-rating systems, the Zacks Mutual Fund Rank is not just focused on past performance but also on the likely future success of the fund.The question here is: why should investors consider mutual funds? Reduced transaction costs and portfolio diversification without several commission charges associated with stock purchases are primarily why one should be parking money in mutual funds (read more: Mutual Funds: Advantages, Disadvantages, and How They Make Investors Money).Fidelity Select Automotive Portfolio FSAVX fund aims for capital appreciation. This fund invests the majority of assets in common stocks of companies engaged in manufacturing automobiles, trucks, specialty vehicles, parts, tires, and related services.This Sector - Other product has a history of positive total returns for over 10 years. To see how this fund performed compared to its category, and other #1 and 2 Ranked Mutual Funds, please click here.FSAVX has a Zacks Mutual Fund Rank #1 and has returned 27.7% and 20.6% over the past three and five years, respectively.Fidelity Select Defense & Aerospace Portfolio FSDAX fund invests a huge portion of its assets in the securities of companies, involved primarily in the research, manufacture, and sale of products and services, per the defense or aerospace industries. It seeks capital growth by investing in U.S. and non-U.S. companies.This Sector - Other product has a history of positive total returns for more than 10 years. To see how this fund performed compared to its category, and other #1 and 2 Ranked Mutual Funds, please click here.FSDAX has a Zacks Mutual Fund Rank #1 and has returned 4% and 12.6% over the past three and five-year benchmarks, respectively. Fidelity Select Chemicals Portfolio FSCHX fund aims for capital appreciation. The non-diversified fund invests typically a majority of assets in common stocks of companies, principally engaged in the research, development, manufacture, or marketing of products or services related to the chemical process industries.This Sector - Other product has a history of positive total returns for over 10 years. To see how this fund performed compared to its category, and other #1 and 2 Ranked Mutual Funds, please click here.FSCHX has a Zacks Mutual Fund Rank #1 and has returned 5.9% and 10.5% over the past three and five years, respectively. Fidelity Select Industrials Portfolio FCYIX fund aims for capital appreciation. This non-diversified fund normally invests a large portion of its assets in the common stock of companies, principally engaged in the research, development, manufacture, distribution, supply, or sale of industrial materials, equipment, products, or services.This Sector - Other product has a history of positive total returns for over 10 years. To see how this fund performed compared to its category, and other #1 and 2 Ranked Mutual Funds, please click here.FCYIX has a Zacks Mutual Fund Rank #2 and has returned 9.5% and 11.6% over the past three and five years, respectively.Want key mutual fund info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >> Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (FCYIX): Fund Analysis Report Get Your Free (FSDAX): Fund Analysis Report Get Your Free (FSCHX): Fund Analysis Report Get Your Free (FSAVX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report.....»»

Category: topSource: zacksOct 6th, 2021