Jyllands-Posten

Jyllands-Posten Dane kontaktowe, mapa i wskazówki, formularz kontaktowy, godziny otwarcia, usługi, oceny, zdjęcia, filmy i ogłoszenia od Jyllands-Posten, Firma inwestycyjna w sektorze nieruchomości, Ulica Tulipanowa 139, Szczecin.

Risk assets from European equities to Asian stocks and cryptocurrencies fell on Friday as worries about China and higher...
21/08/2023

Risk assets from European equities to Asian stocks and cryptocurrencies fell on Friday as worries about China and higher global interest rates sapped sentiment.

The benchmark Stoxx 600 dropped 0.4%, poised for its third weekly decline — the longest run in almost a year. A gauge of Asia’s shares were on pace for the worst week in eight, with equity benchmarks for Japan, China and South Korea all lower.

Global markets took a beating this week amid the prospect of entrenched inflation and bond yields at levels last seen before the financial crisis. At the same time, concern over China’s faltering economic growth and widening housing crisis quashed appetite for risk and fueled signs of contagion.

The rise in bond yields “has the ability to dent what has been a very resilient year for risky assets,” said Tim Graf, head of macro strategy for EMEA at State Street Global Markets. “We are in the seasonally weakest time of the year for equities and volatility is still relatively low.”

US Treasuries took a pause from this week’s selloff. Yields on the bonds inched lower across the curve after those on the 10-year note on Thursday came close to their October peak, the highest since 2007.

Contracts for the Nasdaq 100 slid 0.2%, after the index notched its worst three-day slide since February. Futures for the S&P 500 were flat after the index declined 0.8%, also its third daily decline.

All around the world, bond traders are finally coming to the realization that the rock-bottom yields of recent history m...
20/08/2023

All around the world, bond traders are finally coming to the realization that the rock-bottom yields of recent history might be gone for good.

The surprisingly resilient US economy, ballooning debt and deficits, and escalating concerns that the Federal Reserve will hold interest rates high are driving yields on the longest-dated Treasuries back to the highest levels in over a decade.

That’s prompted a rethink of what “normal” in the Treasury market will look like. At Bank of America Corp., strategists are warning investors to brace for the return of the “5% world” that prevailed before the global financial crisis ushered in a long era of near-zero US rates. And BlackRock Inc. and Pacific Investment Management Co. say inflation could remain stubbornly above the Fed’s target, leaving room for long-term yields to push even higher.

“There is a remarkable repricing higher in longer-term rates,” said Jean Boivin, a former Bank of Canada official who now heads the BlackRock Investment Institute.

“The market is coming more to the view that there is going to be long-term inflation pressures despite recent progress,” he said. “Macro uncertainty is going to remain the story for the next few years, and that requires greater compensation to own long-dated bonds.”

The cost of higher education is too high and many Americans want more to be done to ease ongoing debt.Almost half of res...
19/08/2023

The cost of higher education is too high and many Americans want more to be done to ease ongoing debt.

Almost half of respondents to a YouGov survey for Bankrate.com called the situation a national crisis — including 27% who have never had student loans debt — and 48% said that the government has not done enough to help those struggling with the borrowing that got them through college.

Additionally, 56% of poll participants say that higher education costs have gotten out of hand, with older generations more likely to say this than younger ones, perhaps as they compare the costs to their children and grandchildren to their own experience.

More than 4 in 10 across all age groups believe that there should be better information provided about the true cost of student loans and only 30% think that borrowers should have to pay back their student loan in full.

What does it mean to get older? And what does retirement mean to Americans in 2023?A new study on perceptions of aging a...
19/08/2023

What does it mean to get older? And what does retirement mean to Americans in 2023?

A new study on perceptions of aging and longevity reveals that the median age that is considered “old” today is 80, with 79% of over 50s saying that older adults are more active than the previous generation.

To reflect the majority opinion that today’s older people are more open-minded and curious than those who reached ‘old’ ahead of them, this new view of growing old extends to the language used too.

Respondents to the Harris Poll for Age Waves also found that it is better to talk about “longevity” to this generation who find the word more appealing than “aging.”

Over 50s are also not pleased with how they are portrayed in the media — as frail, grumpy, or incoherent — and other negative stereotypes of longevity.

Most (83%) U.S. adults 65 and over say it’s more important for them to feel useful than youthful in their retirement years.

Defined-benefit pension plans headed further into the black last month with a $57 billion boost to their funded status.T...
18/08/2023

Defined-benefit pension plans headed further into the black last month with a $57 billion boost to their funded status.

The Milliman 100 Public Pension Funding Index posted a funded ratio of 76.8% in July, up from 75.8% a month earlier as positive market performance boosted pension plans’ investment returns by an estimated aggregate of 1.9% (with a range for individual plans of 0.1%-1.9%).

During July, the deficit between the estimated assets and liabilities decreased from $1.467 trillion at the beginning of the month to $1.410 trillion at the end of the month.

The approximately $82 billion of market value gained by the plans was offset by net cash flow of around $10 billion and taking the total value of assets of the funds in the index to $4.7 trillion.

“The July 31 funded status is now the highest ratio we’ve seen since May 31, 2022, when it reached 78.4%,” said Becky Sielman, co-author of Milliman’s PPFI. “This improvement pushed two more plans over the 90% funded mark, for a total of 19, while the number of plans less than 60% funded remains stable at 23.”

The Securities and Exchange Commission is poised to allow the first exchange-traded funds based on Ether futures, a majo...
18/08/2023

The Securities and Exchange Commission is poised to allow the first exchange-traded funds based on Ether futures, a major win for several firms that long have sought to offer the products.

The regulator isn’t likely to block the products, which would be based on futures contracts for the second-largest cryptocurrency, according to people familiar with the matter. Nearly a dozen companies, including Volatility Shares, Bitwise, Roundhill and ProShares, have filed to launch the ETFs.

It couldn’t immediately be determined which funds would get green lights. Officials have indicated that several might by October, said one of the people, who asked not to be identified discussing information that hasn’t been made public. The SEC declined to comment.

The regulator has refused to allow an ETF based directly on a cryptocurrency, but in late 2021, it started allowing trading in a fund that involves Bitcoin futures contracts that trade on the Chicago Mercantile Exchange. Speculation has been mounting that a product with Ether futures, which also trade on CME, would be next.

Despite that buzz, SEC approval for a product involving derivatives in the second-biggest cryptocurrency has been slow. Bitcoin, the world’s biggest cryptocurrency, commands a market value of roughly $512 billion, while Ether’s is $195 billion, according to CoinGecko.

Meanwhile, the SEC remains locked in a battle with the industry over its pushback against ETFs based on Bitcoin itself. In one high-stakes case, a panel of U.S. federal appellate court judges is set to make a decision on a lawsuit by Grayscale Investments challenging the SEC’s rejection of an application to convert its Bitcoin trust into an ETF.

2022 marked a full year of rate hikes, unprecedented since the Global Financial Crisis, which propelled short-term yield...
18/08/2023

2022 marked a full year of rate hikes, unprecedented since the Global Financial Crisis, which propelled short-term yields upward and in turn ultimately caused the 10-2 spread1 to fall below zero in the second half of 2022, where it has since stayed. Recent market expectations suggest that the end of rate rises is perhaps in sight as we start to see its impact on a few U.S. regional banks as well as the forced takeover of one of Europe’s largest banks—Credit Suisse—earlier this year. While the latest U.S. inflation numbers have eased, employment data continues to suggest a strong labor market. It’s anyone’s guess whether the Fed will move rates in June.

Index Performance
Let us take a look at the performance of key USD indices in 2022, and 2023 YTD. Thereafter, we will explore how the index performance may have impacted ETFs flows in their respective categories so far this year.

In order to generate value for his clients, an active investment manager must deviate from a passive benchmark—by choosi...
18/08/2023

In order to generate value for his clients, an active investment manager must deviate from a passive benchmark—by choosing sectors, or styles, or individual stocks that the manager predicts will outperform. The manager’s value is dependent on the accuracy of his predictions; the better he is at identifying the best sectors, or styles, or stocks, the better his results will be. A passive manager, on the other hand, acknowledges his (literal) ignorance about future returns.

How accurate do active predictions need to be? How accurate are they in practice? A simple thought experiment can help explore these questions: we’ll think simply about rotating between growth and value as a means of outperforming the S&P 500®. For the 10 years ending in December 2022, the S&P 500’s total return was 12.6%, while the S&P 500 Growth and S&P 500 Value indices returned 13.6% and 10.9%, respectively. Since Growth and Value combined compose the S&P 500, Exhibit 1 is unsurprising.

IRA and 401(k) millionaires are staging a comeback, with the number of seven-figure retirement accounts at Fidelity Inve...
18/08/2023

IRA and 401(k) millionaires are staging a comeback, with the number of seven-figure retirement accounts at Fidelity Investments inching back toward a 2021 high.

The tally of such accounts rose by more than 12% in the second quarter to 727,104, according to an analysis released by Fidelity Thursday. That’s the highest since the first three months of 2022 and within striking distance of a record.

This year’s double-digit gains in the benchmark S&P 500 have helped swell retirement balances for a third quarter in a row following a plunge that tracked the stock market last year.

A Massachusetts millionaires tax can encompass people who rise above the $1 million earnings threshold only briefly as t...
18/08/2023

A Massachusetts millionaires tax can encompass people who rise above the $1 million earnings threshold only briefly as the result of the sale of a home or business, but financial advisors say most of their clients won’t be affected.

Last November, Massachusetts voters approved a change to the state’s constitution to allow a 4% surtax on income that exceeds $1 million. Combined with the state’s 5% flat tax on income, it amounts to a 9% tax on the portion of income that is in seven figures. The tax went into effect on Jan. 1.

Gov. Maura Healey included $1 billion in expected revenue from the tax to fund some education and transportation spending in the budget she signed last week.

Some taxpayers who may not feel particularly rich can exceed the $1 million threshold through property sales and other events that boost income.

Finra arbitrators ordered a former financial advisor to pay more than $600,000 for recommending risky options strategies...
18/08/2023

Finra arbitrators ordered a former financial advisor to pay more than $600,000 for recommending risky options strategies for a group of Alabama investors.

The investors filed an arbitration claim in July 2021 against Norman Edgar McNeill and McNeill Financial Advisory. The causes of action included unsuitability; negligent misrepresentation and suppression; breach of contract; controlling person liability and violation of the Alabama Securities Act.

“The causes of action relate to allegedly improper investment in unsuitable and high-risk option investment strategies,” according to the award document posted Wednesday.

Finra has increased its scrutiny of options trading and disclosures. The broker-dealer self-regulator runs the arbitration system that adjudicates disputes between customers and brokerage — and sometimes between clients and investment advisors. But the regulator does not participate in deciding awards.

A three-person Financial Industry Regulatory Authority Inc. arbitration panel found McNeill and the firm liable and ordered them to pay the claimants $222,927 in compensatory damages; $74,300 in pre-award interest; $342,550 in attorneys’ fees; $24,723.6 in costs; and a $400 reimbursement for a filing fee. The total award was $664,901.47.

Since Charles Schwab first announced plans to acquire TD Ameritrade, much of the conversation in the wealth management i...
18/08/2023

Since Charles Schwab first announced plans to acquire TD Ameritrade, much of the conversation in the wealth management industry has been about how the deal will impact the small financial advisory firms TD was known for supporting.

But large firms are also feeling confused about the current landscape of custodians, according to a survey from F2 Strategy, a consulting firm that works primarily with registered investment advisors, broker-dealers and asset managers with at least $1 billion in assets under management. In a survey of 29 firms that represent a combined $6 trillion in assets, F2 found it isn’t just small firms that are frustrated with a lack of integration, automation or innovation from their custodians.

Fewer than half of the firms polled are satisfied with native data download tools provided by their existing custodian, as opposed to 83% being satisfied with third-party data delivery tools. This may be the result of 70% of firms using at least two custodians.

Large firms will take the path of least resistance when recruiting new advisors. While working with multiple custodians brings a unique set of challenges, particularly in data management, it is typically less painful than the repapering process required to move client accounts to a new custodian.

“Each RIA may take a different approach to aggregating data and will expect their custodian to help them,” F2 founder and co-CEO Doug Fritz wrote in the report. “Currently, firms are not relying on their custodians for innovation and they want more out of what they have and will get it in whatever way they can to solve their challenges.”

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