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2022-08-18

$fuboTV Inc.(FUBO)$time to cool down

2021-08-20

For the benefit of the people

Morgan Stanley：China's Regulatory Reset

2021-08-17

Waiting for bounce

China Tech Stocks Slump as Nation Issues Draft Competition Rules

2021-08-12

Suddenly my cash value decreased by 500USD without doing anything. Please solve this issue, Tiger and return money!

2021-07-15

Okay

Self-Driving Startup Aurora in Agreement With Reinvent SPAC By Gillian Tan and Katie Roof

2021-07-15

Great news for $BABA

Sorry, the original content has been removed

2021-06-17

$OCGN let's go!

Vaccine sector stocks gained in pre-market trading.

2021-06-14

$Alset EHome International Inc.(AEI)$go go go

2021-06-14

Patient and like my comment

World stocks scale another peak as await Fed signal

2021-06-14

$UWM Holdings Corporation(UWMC)$let's go today!

2021-06-12

Go and like TSM!

Taiwan Semiconductor Is the World’s Most Important Chip Maker. How to Play the Stock.

2021-06-09

Like pls

Sorry, the original content has been removed

2021-05-17

Waiting for their US listing!

Sorry, the original content has been removed

2021-03-17

$IsoRay(ISR)$to the moon soon

2021-03-12

Okay!

US Daylight Saving Time

2021-03-07

Asensus should be the alternative. Competition leads to better trch advancement

What's the Outlook for Intuitive Surgical?

2021-02-26

Like pls

‘This is volatility on steroids’: Four market analysts on GameStop’s monster move

2021-02-25

Nice!

Sorry, the original content has been removed

2021-02-24

Okay

Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500

2021-02-23

Sector rotation on going. It will come back to EV again.Like my comment pls

Tesla Stock Is in a Bear Market. It’s Taking Other EV Stocks With It.

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/FUBO\">$fuboTV Inc.(FUBO)$</a>time to cool down","listText":"<a href=\"https://ttm.financial/S/FUBO\">$fuboTV Inc.(FUBO)$</a>time to cool down","text":"$fuboTV Inc.(FUBO)$time to cool down","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9991027174","isVote":1,"tweetType":1,"viewCount":258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838755278,"gmtCreate":1629431912994,"gmtModify":1676530039473,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"For the benefit of the people","listText":"For the benefit of the people","text":"For the benefit of the people","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838755278","repostId":"1113659023","repostType":4,"repost":{"id":"1113659023","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629430265,"share":"https://ttm.financial/m/news/1113659023?lang=&edition=fundamental","pubTime":"2021-08-20 11:31","market":"us","language":"en","title":"Morgan Stanley：China's Regulatory Reset","url":"https://stock-news.laohu8.com/highlight/detail?id=1113659023","media":"Tiger Newspress","summary":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.New objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shi","content":"<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley：China's Regulatory Reset</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley：China's Regulatory Reset\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-20 11:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113659023","content_text":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.\n\nNew objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.\nEconomic implications: Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.\nInvestment implications: We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.\nOur current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.\nChallenges and opportunities by segment/theme: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.\n5 Key Charts at a Glance\nA shift from \"growth first\" to balancing growth and sustainability...Challenges and opportunities by segment/themeUnderstanding China's Regulatory Reset\nNew era, new objective...\nWe believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.\nReflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.\nIn short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain....but history rhymes\nWhile many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.\nWhy has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out- flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:\n\nRelaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.\nTight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.\n\nHere we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.\nWe also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.What is next?\nThe salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.\nThat said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to\nChina Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds & Tailwinds . Understanding China's Regulatory Reset Are there signposts to help us navigate the outlook based on past regulatory changes?\nWhile China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.\n1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.\n3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as \"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.\nEmergence of new norm following the regulatory shocks: Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:\n1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,\n2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and\n3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.\nKey policy risks to watch\nWe think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.\nAlthough some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.\n1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.\n2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.","news_type":1},"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833053347,"gmtCreate":1629191171689,"gmtModify":1676529960378,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Waiting for bounce","listText":"Waiting for bounce","text":"Waiting for bounce","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/833053347","repostId":"1163960572","repostType":4,"repost":{"id":"1163960572","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629187531,"share":"https://ttm.financial/m/news/1163960572?lang=&edition=fundamental","pubTime":"2021-08-17 16:05","market":"us","language":"en","title":"China Tech Stocks Slump as Nation Issues Draft Competition Rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1163960572","media":"Tiger Newspress","summary":" A wave of selling in China’s bellwether technology stocks continued for a fifth day, following Beijing’s latest moves to tighten its grip on the nation’s internet giants.China tech stocks slump in premarket trading, after China’s market regulator issued draft rules banning unfair competition among the nation’s online platform operators.The wide-ranging proposals released Tuesday come after the tech-industry ministry launched a campaign last month aimed at rooting out a raft of problematic behav","content":"<p>(Aug 17)&nbsp;A wave of selling in China’s bellwether technology stocks continued for a fifth day, following Beijing’s latest moves to tighten its grip on the nation’s internet giants.</p>\n<p>China tech stocks slump in premarket trading, after China’s market regulator issued draft rules banning unfair competition among the nation’s online platform operators.</p>\n<p>Baidu Inc.&nbsp;fell more than&nbsp;2% while&nbsp;Alibaba Group Holding Ltd.&nbsp;dropped by at least 3%. That followed Monday’sselloffin Chinese online game firms in the wake of state media criticism of the sector, which spilled over into U.S. trading&nbsp;overnight&nbsp;as the Securities and Exchange Commissionwarnedabout the risks of investing in Chinese stocks.</p>\n<p><img src=\"https://static.tigerbbs.com/6ad16a2d4c06459a94762f22c1916b01\" tg-width=\"371\" tg-height=\"683\" referrerpolicy=\"no-referrer\">The wide-ranging proposals released Tuesday come after the tech-industry ministry launched a campaign last month aimed at rooting out a raft of&nbsp;problematic&nbsp;behavior. It follows moves by Beijing to rein in the country’s internet leaders in areas from antitrust to data security and ride-hailing.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China Tech Stocks Slump as Nation Issues Draft Competition Rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Tech Stocks Slump as Nation Issues Draft Competition Rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-17 16:05</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Aug 17)&nbsp;A wave of selling in China’s bellwether technology stocks continued for a fifth day, following Beijing’s latest moves to tighten its grip on the nation’s internet giants.</p>\n<p>China tech stocks slump in premarket trading, after China’s market regulator issued draft rules banning unfair competition among the nation’s online platform operators.</p>\n<p>Baidu Inc.&nbsp;fell more than&nbsp;2% while&nbsp;Alibaba Group Holding Ltd.&nbsp;dropped by at least 3%. That followed Monday’sselloffin Chinese online game firms in the wake of state media criticism of the sector, which spilled over into U.S. trading&nbsp;overnight&nbsp;as the Securities and Exchange Commissionwarnedabout the risks of investing in Chinese stocks.</p>\n<p><img src=\"https://static.tigerbbs.com/6ad16a2d4c06459a94762f22c1916b01\" tg-width=\"371\" tg-height=\"683\" referrerpolicy=\"no-referrer\">The wide-ranging proposals released Tuesday come after the tech-industry ministry launched a campaign last month aimed at rooting out a raft of&nbsp;problematic&nbsp;behavior. It follows moves by Beijing to rein in the country’s internet leaders in areas from antitrust to data security and ride-hailing.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163960572","content_text":"(Aug 17) A wave of selling in China’s bellwether technology stocks continued for a fifth day, following Beijing’s latest moves to tighten its grip on the nation’s internet giants.\nChina tech stocks slump in premarket trading, after China’s market regulator issued draft rules banning unfair competition among the nation’s online platform operators.\nBaidu Inc. fell more than 2% while Alibaba Group Holding Ltd. dropped by at least 3%. That followed Monday’sselloffin Chinese online game firms in the wake of state media criticism of the sector, which spilled over into U.S. trading overnight as the Securities and Exchange Commissionwarnedabout the risks of investing in Chinese stocks.\nThe wide-ranging proposals released Tuesday come after the tech-industry ministry launched a campaign last month aimed at rooting out a raft of problematic behavior. It follows moves by Beijing to rein in the country’s internet leaders in areas from antitrust to data security and ride-hailing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":434,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3566532164444643","authorId":"3566532164444643","name":"ZEROHERO","avatar":"https://static.tigerbbs.com/62813b6df1c4722e559d112fadd5486a","crmLevel":8,"crmLevelSwitch":1,"idStr":"3566532164444643","authorIdStr":"3566532164444643"},"content":"Bottom not found","text":"Bottom not found","html":"Bottom not found"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895730206,"gmtCreate":1628771995805,"gmtModify":1676529848871,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Suddenly my cash value decreased by 500USD without doing anything. Please solve this issue, Tiger and return money!","listText":"Suddenly my cash value decreased by 500USD without doing anything. Please solve this issue, Tiger and return money!","text":"Suddenly my cash value decreased by 500USD without doing anything. Please solve this issue, Tiger and return money!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/895730206","isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147003011,"gmtCreate":1626317380533,"gmtModify":1703757766459,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147003011","repostId":"1158634871","repostType":4,"repost":{"id":"1158634871","pubTimestamp":1626317215,"share":"https://ttm.financial/m/news/1158634871?lang=&edition=fundamental","pubTime":"2021-07-15 10:46","market":"us","language":"en","title":"Self-Driving Startup Aurora in Agreement With Reinvent SPAC By Gillian Tan and Katie Roof","url":"https://stock-news.laohu8.com/highlight/detail?id=1158634871","media":"Bloomberg","summary":"Driverless technology startupAurora Innovation Inc. has agreed to go public via a merger withReinven","content":"<p>Driverless technology startupAurora Innovation Inc. has agreed to go public via a merger withReinvent Technology Partners Y, a blank-check firm led by executives including LinkedIn co-founder Reid Hoffman and Zynga Inc. founder Mark Pincus, people with knowledge of the matter said.</p>\n<p>The transaction’s valuation couldn’t immediately be learned. TechCrunch in early June reported that Aurora and the Reinvent SPAC were in talks for a deal close to $12 billion. An agreement is set to be announced as soon as Thursday, the people with knowledge of the matter said.</p>\n<p>Representatives for Aurora and Reinvent declined to comment.</p>\n<p>Aurora is led by Chief Executive Officer Chris Urmson, and Hoffman is a board member. In March, the Silicon Valley-based startup,addedVolvo Group to its list of partners to develop self-driving trucks. Paccar Inc. joined with Aurora in January for a similar development deal. Aurora has said its investors include Amazon.com, Hyundai Motor Co. and Kia Motors Corp.</p>\n<p>Aurora’s technology relies on innovations in lidar, which uses lasers to build a three-dimensional image of the surrounding landscape and help plot routes around obstacles in the road. It uses a technology that is designed to allow vehicles to “see”fartherand faster and is critical at highway speeds.</p>\n<p>Reinvent Technology Partners Y raised $978 million in a March initial public offering. Earlier Reinvent SPACs have separately agreed to merge with flying taxi startup Joby Aviation and insurance technology platform Hippo.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Self-Driving Startup Aurora in Agreement With Reinvent SPAC By Gillian Tan and Katie Roof</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSelf-Driving Startup Aurora in Agreement With Reinvent SPAC By Gillian Tan and Katie Roof\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 10:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-07-14/self-driving-startup-aurora-said-in-agreement-with-reinvent-spac?srnd=technology-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Driverless technology startupAurora Innovation Inc. has agreed to go public via a merger withReinvent Technology Partners Y, a blank-check firm led by executives including LinkedIn co-founder Reid ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-07-14/self-driving-startup-aurora-said-in-agreement-with-reinvent-spac?srnd=technology-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2021-07-14/self-driving-startup-aurora-said-in-agreement-with-reinvent-spac?srnd=technology-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158634871","content_text":"Driverless technology startupAurora Innovation Inc. has agreed to go public via a merger withReinvent Technology Partners Y, a blank-check firm led by executives including LinkedIn co-founder Reid Hoffman and Zynga Inc. founder Mark Pincus, people with knowledge of the matter said.\nThe transaction’s valuation couldn’t immediately be learned. TechCrunch in early June reported that Aurora and the Reinvent SPAC were in talks for a deal close to $12 billion. An agreement is set to be announced as soon as Thursday, the people with knowledge of the matter said.\nRepresentatives for Aurora and Reinvent declined to comment.\nAurora is led by Chief Executive Officer Chris Urmson, and Hoffman is a board member. In March, the Silicon Valley-based startup,addedVolvo Group to its list of partners to develop self-driving trucks. Paccar Inc. joined with Aurora in January for a similar development deal. Aurora has said its investors include Amazon.com, Hyundai Motor Co. and Kia Motors Corp.\nAurora’s technology relies on innovations in lidar, which uses lasers to build a three-dimensional image of the surrounding landscape and help plot routes around obstacles in the road. It uses a technology that is designed to allow vehicles to “see”fartherand faster and is critical at highway speeds.\nReinvent Technology Partners Y raised $978 million in a March initial public offering. Earlier Reinvent SPACs have separately agreed to merge with flying taxi startup Joby Aviation and insurance technology platform Hippo.","news_type":1},"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147000460,"gmtCreate":1626317305750,"gmtModify":1703757765096,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Great news for $BABA","listText":"Great news for $BABA","text":"Great news for $BABA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147000460","repostId":"1163666322","repostType":4,"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161841513,"gmtCreate":1623919541532,"gmtModify":1703823499934,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"$OCGN let's go!","listText":"$OCGN let's go!","text":"$OCGN let's go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/161841513","repostId":"1147243421","repostType":4,"repost":{"id":"1147243421","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623918768,"share":"https://ttm.financial/m/news/1147243421?lang=&edition=fundamental","pubTime":"2021-06-17 16:32","market":"us","language":"en","title":"Vaccine sector stocks gained in pre-market trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1147243421","media":"Tiger Newspress","summary":"Vaccine sector stocks gained in pre-market trading.\nNovavax,Moderna and BioNTech shares were up bewt","content":"<p>Vaccine&nbsp;sector&nbsp;stocks gained in pre-market&nbsp;trading.</p>\n<p>Novavax,Moderna&nbsp;and&nbsp;BioNTech&nbsp;shares&nbsp;were&nbsp;up&nbsp;bewteen&nbsp;1%&nbsp;and&nbsp;5%.</p>\n<p><img src=\"https://static.tigerbbs.com/bcf7ccd098da30e231e2f93a2600de4a\" tg-width=\"1291\" tg-height=\"641\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Vaccine sector stocks gained in pre-market trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nVaccine sector stocks gained in pre-market trading.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-06-17 16:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Vaccine&nbsp;sector&nbsp;stocks gained in pre-market&nbsp;trading.</p>\n<p>Novavax,Moderna&nbsp;and&nbsp;BioNTech&nbsp;shares&nbsp;were&nbsp;up&nbsp;bewteen&nbsp;1%&nbsp;and&nbsp;5%.</p>\n<p><img src=\"https://static.tigerbbs.com/bcf7ccd098da30e231e2f93a2600de4a\" tg-width=\"1291\" tg-height=\"641\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MRNA":"Moderna, Inc.","NVAX":"诺瓦瓦克斯医药","BNTX":"BioNTech SE"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147243421","content_text":"Vaccine sector stocks gained in pre-market trading.\nNovavax,Moderna and BioNTech shares were up bewteen 1% and 5%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185465354,"gmtCreate":1623668048778,"gmtModify":1704208183973,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AEI\">$Alset EHome International Inc.(AEI)$</a>go go go","listText":"<a href=\"https://laohu8.com/S/AEI\">$Alset EHome International Inc.(AEI)$</a>go go go","text":"$Alset EHome International Inc.(AEI)$go go go","images":[{"img":"https://static.tigerbbs.com/c1f6dd3521d06bd0e4fc332f56ce1bea","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185465354","isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":185462286,"gmtCreate":1623667998545,"gmtModify":1704208179909,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Patient and like my comment","listText":"Patient and like my comment","text":"Patient and like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/185462286","repostId":"2143781032","repostType":4,"repost":{"id":"2143781032","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1623661749,"share":"https://ttm.financial/m/news/2143781032?lang=&edition=fundamental","pubTime":"2021-06-14 17:09","market":"sg","language":"en","title":"World stocks scale another peak as await Fed signal","url":"https://stock-news.laohu8.com/highlight/detail?id=2143781032","media":"Reuters","summary":"* Stocks hit all-time highs as Fed awaited\n* Investors expect dovish tone to be maintained\n* Oil mar","content":"<p>* Stocks hit all-time highs as Fed awaited</p>\n<p>* Investors expect dovish tone to be maintained</p>\n<p>* Oil marches to multi-year highs as economies reopen</p>\n<p>LONDON/TOKYO, June 14 (Reuters) - World stocks climbed another peak on Monday, while U.S. bond yields were near three-month lows as worries of rising inflation abated and investors anticipated the U.S. Federal Reserve sticking to its dovish course this week.</p>\n<p>The MSCI world equity index and Europe's STOXX 600 index reached record highs, lifted by the prospect of a broadening economic recovery from COVID-19 and anticipation of dovish monetary policy from central banks.</p>\n<p>Recovery bets also boosted oil to May 2019 highs.</p>\n<p>S&amp;P 500 futures meanwhile nudged 0.1% higher, with investors apparently viewing Thursday's above-forecast U.S. inflation data and surging factory prices in China as temporary or manageable.</p>\n<p>Goldman Sachs economists said concerns that rising inflation will derail the market recovery or lead to sharply higher bond yields were probably misplaced.</p>\n<p>\"The rally at the moment feels cautiously optimistic. The reality is that I feel it will continue to climb slowly as we continue to see decent data supporting the argument,\" John Woolfitt, Director at Atlantic Capital at London, said.</p>\n<p>Yields on the 10-year U.S. Treasuries stood at 1.4602%, with investors seemingly relaxed about their inflation concerns, which spooked rates in late March.</p>\n<p>\"It is becoming painful for bond bears and I bet the 10-year yield will fall to 1.25% or even 1%,\" said Akira Takei, fund manager at Asset Management One, noting that the U.S. economic recovery is likely to slow in coming months.</p>\n<p>Speculators' net long positions in U.S. bond futures hit the highest level since October 2017 , U.S. financial watchdog data showed.</p>\n<p>Many investors expect the Fed to repeat its dovish view at its two-day meeting from Tuesday. While some board members have said the central bank should start discussing tapering its bond buying, most investors think a majority still prefer to wait.</p>\n<p>Markets in Asia were calmer with China, Hong Kong and Australia closed for a holiday. Japan's Nikkei rose 0.7%, while MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%.</p>\n<p>Broader markets largely shrugged off the weekend's G7 meeting, which scolded China over human rights in its Xinjiang region, called for Hong Kong to keep a high degree of autonomy and demanded a full and thorough investigation of the origins of the coronavirus in China.</p>\n<p>BOUNCY BITCOIN</p>\n<p>In currencies, the euro has lost steam after the European Central Bank last week showed no willingness to reduce its stimulus and traded at $1.2109 , having fallen to a <a href=\"https://laohu8.com/S/AONE\">one</a>-month low of $1.2093 on Friday .</p>\n<p>The yen stood little changed at 109.68 yen , while the British pound changed hands at $1.4108, near the lower end of its trading range over the past month.</p>\n<p>Bitcoin held on to weekend gains, when Elon Musk flagged Tesla's possible resumption of transactions using the token. It was last bought at $39,267.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>World stocks scale another peak as await Fed signal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWorld stocks scale another peak as await Fed signal\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-14 17:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>* Stocks hit all-time highs as Fed awaited</p>\n<p>* Investors expect dovish tone to be maintained</p>\n<p>* Oil marches to multi-year highs as economies reopen</p>\n<p>LONDON/TOKYO, June 14 (Reuters) - World stocks climbed another peak on Monday, while U.S. bond yields were near three-month lows as worries of rising inflation abated and investors anticipated the U.S. Federal Reserve sticking to its dovish course this week.</p>\n<p>The MSCI world equity index and Europe's STOXX 600 index reached record highs, lifted by the prospect of a broadening economic recovery from COVID-19 and anticipation of dovish monetary policy from central banks.</p>\n<p>Recovery bets also boosted oil to May 2019 highs.</p>\n<p>S&amp;P 500 futures meanwhile nudged 0.1% higher, with investors apparently viewing Thursday's above-forecast U.S. inflation data and surging factory prices in China as temporary or manageable.</p>\n<p>Goldman Sachs economists said concerns that rising inflation will derail the market recovery or lead to sharply higher bond yields were probably misplaced.</p>\n<p>\"The rally at the moment feels cautiously optimistic. The reality is that I feel it will continue to climb slowly as we continue to see decent data supporting the argument,\" John Woolfitt, Director at Atlantic Capital at London, said.</p>\n<p>Yields on the 10-year U.S. Treasuries stood at 1.4602%, with investors seemingly relaxed about their inflation concerns, which spooked rates in late March.</p>\n<p>\"It is becoming painful for bond bears and I bet the 10-year yield will fall to 1.25% or even 1%,\" said Akira Takei, fund manager at Asset Management One, noting that the U.S. economic recovery is likely to slow in coming months.</p>\n<p>Speculators' net long positions in U.S. bond futures hit the highest level since October 2017 , U.S. financial watchdog data showed.</p>\n<p>Many investors expect the Fed to repeat its dovish view at its two-day meeting from Tuesday. While some board members have said the central bank should start discussing tapering its bond buying, most investors think a majority still prefer to wait.</p>\n<p>Markets in Asia were calmer with China, Hong Kong and Australia closed for a holiday. Japan's Nikkei rose 0.7%, while MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%.</p>\n<p>Broader markets largely shrugged off the weekend's G7 meeting, which scolded China over human rights in its Xinjiang region, called for Hong Kong to keep a high degree of autonomy and demanded a full and thorough investigation of the origins of the coronavirus in China.</p>\n<p>BOUNCY BITCOIN</p>\n<p>In currencies, the euro has lost steam after the European Central Bank last week showed no willingness to reduce its stimulus and traded at $1.2109 , having fallen to a <a href=\"https://laohu8.com/S/AONE\">one</a>-month low of $1.2093 on Friday .</p>\n<p>The yen stood little changed at 109.68 yen , while the British pound changed hands at $1.4108, near the lower end of its trading range over the past month.</p>\n<p>Bitcoin held on to weekend gains, when Elon Musk flagged Tesla's possible resumption of transactions using the token. It was last bought at $39,267.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"159934":"黄金ETF","518880":"黄金ETF","UCO":"二倍做多彭博原油ETF","DUG":"二倍做空石油与天然气ETF(ProShares)","EUO":"欧元ETF-ProShares两倍做空","NUGT":"二倍做多黄金矿业指数ETF-Direxion","SCO":"二倍做空彭博原油指数ETF","DWT":"三倍做空原油ETN","FXY":"日元ETF-CurrencyShares","YCS":"日元ETF-ProShares两倍做空","TSLA":"特斯拉","FXE":"欧元做多ETF-CurrencyShares","IAU":"黄金信托ETF(iShares)","GDX":"黄金矿业ETF-VanEck","GLD":"SPDR黄金ETF","DUST":"二倍做空黄金矿业指数ETF-Direxion","USO":"美国原油ETF","DDG":"ProShares做空石油与天然气ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143781032","content_text":"* Stocks hit all-time highs as Fed awaited\n* Investors expect dovish tone to be maintained\n* Oil marches to multi-year highs as economies reopen\nLONDON/TOKYO, June 14 (Reuters) - World stocks climbed another peak on Monday, while U.S. bond yields were near three-month lows as worries of rising inflation abated and investors anticipated the U.S. Federal Reserve sticking to its dovish course this week.\nThe MSCI world equity index and Europe's STOXX 600 index reached record highs, lifted by the prospect of a broadening economic recovery from COVID-19 and anticipation of dovish monetary policy from central banks.\nRecovery bets also boosted oil to May 2019 highs.\nS&P 500 futures meanwhile nudged 0.1% higher, with investors apparently viewing Thursday's above-forecast U.S. inflation data and surging factory prices in China as temporary or manageable.\nGoldman Sachs economists said concerns that rising inflation will derail the market recovery or lead to sharply higher bond yields were probably misplaced.\n\"The rally at the moment feels cautiously optimistic. The reality is that I feel it will continue to climb slowly as we continue to see decent data supporting the argument,\" John Woolfitt, Director at Atlantic Capital at London, said.\nYields on the 10-year U.S. Treasuries stood at 1.4602%, with investors seemingly relaxed about their inflation concerns, which spooked rates in late March.\n\"It is becoming painful for bond bears and I bet the 10-year yield will fall to 1.25% or even 1%,\" said Akira Takei, fund manager at Asset Management One, noting that the U.S. economic recovery is likely to slow in coming months.\nSpeculators' net long positions in U.S. bond futures hit the highest level since October 2017 , U.S. financial watchdog data showed.\nMany investors expect the Fed to repeat its dovish view at its two-day meeting from Tuesday. While some board members have said the central bank should start discussing tapering its bond buying, most investors think a majority still prefer to wait.\nMarkets in Asia were calmer with China, Hong Kong and Australia closed for a holiday. Japan's Nikkei rose 0.7%, while MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%.\nBroader markets largely shrugged off the weekend's G7 meeting, which scolded China over human rights in its Xinjiang region, called for Hong Kong to keep a high degree of autonomy and demanded a full and thorough investigation of the origins of the coronavirus in China.\nBOUNCY BITCOIN\nIn currencies, the euro has lost steam after the European Central Bank last week showed no willingness to reduce its stimulus and traded at $1.2109 , having fallen to a one-month low of $1.2093 on Friday .\nThe yen stood little changed at 109.68 yen , while the British pound changed hands at $1.4108, near the lower end of its trading range over the past month.\nBitcoin held on to weekend gains, when Elon Musk flagged Tesla's possible resumption of transactions using the token. It was last bought at $39,267.","news_type":1},"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185462082,"gmtCreate":1623667949846,"gmtModify":1704208179103,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/UWMC\">$UWM Holdings Corporation(UWMC)$</a>let's go today!","listText":"<a href=\"https://laohu8.com/S/UWMC\">$UWM Holdings Corporation(UWMC)$</a>let's go today!","text":"$UWM Holdings Corporation(UWMC)$let's go today!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/185462082","isVote":1,"tweetType":1,"viewCount":433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188823920,"gmtCreate":1623428616760,"gmtModify":1704203583693,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Go and like TSM!","listText":"Go and like TSM!","text":"Go and like TSM!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/188823920","repostId":"1135185071","repostType":4,"repost":{"id":"1135185071","pubTimestamp":1623425954,"share":"https://ttm.financial/m/news/1135185071?lang=&edition=fundamental","pubTime":"2021-06-11 23:39","market":"us","language":"en","title":"Taiwan Semiconductor Is the World’s Most Important Chip Maker. How to Play the Stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=1135185071","media":"Barron's","summary":"A severe shortage of semiconductors hascaused pain across the economy, but it’s also giving investors a new appreciation for the importance of semis—everything from simple chips costing a few dollars to the most advanced components that power high-end phones, computers, and data centers.Taiwan Semiconductor Manufacturing sits at the nexus of this global chip renaissance. The company is a critical supplier to U.S. technology giants likeApple andQualcomm and Chinese companies like Huawei Technolog","content":"<p><img src=\"https://static.tigerbbs.com/dc1ac5d314c0b0f304bf6c78a0f2b0c7\" tg-width=\"1260\" tg-height=\"840\">A severe shortage of semiconductors hascaused pain across the economy, but it’s also giving investors a new appreciation for the importance of semis—everything from simple chips costing a few dollars to the most advanced components that power high-end phones, computers, and data centers.</p>\n<p>Taiwan Semiconductor Manufacturing(ticker: TSM) sits at the nexus of this global chip renaissance. The company is a critical supplier to U.S. technology giants likeApple(AAPL) andQualcomm(QCOM) and Chinese companies like Huawei Technologies. TSMC’s stock is widely held across the globe, and for good reason. It has returned an annualized 29% over the past decade.</p>\n<p>But TSMC shares are now caught up in a rare correction. The stock is down 15% since mid-February. Investors should avoid the temptation to buy on the dip, at least for now. A confluence of factors could make the next couple of quarters bumpy enough to give long-term investors a chance to scoop up shares of the tech juggernaut at an even cheaper price.</p>\n<p>To be sure, the long-term opportunity hasn’t changed. If oil was the crucial commodity of the past,semiconductors are the critical commodity of the future—and TSMC is a leader in making the advanced chips needed for 5G, artificial intelligence, cloud computing, and electric vehicles.</p>\n<p>Founded in 1987, the Taiwanese company accounts for roughly 60% of outsourced chip manufacturing and 90% of the profits. TSMC has made significant investment in its foundries, helping it manufacture ever-denser chips that generate more power while using less energy. RivalIntel(INTC) has struggled to match that success.</p>\n<p>Even the lone analyst with a Sell rating on TSMC stock sings the company’s praises: “This is an A-plus company with solid management,” says Mehdi Hosseini, senior equity analyst at Susquehanna Financial Group, who has covered TSMC for more than 20 years. But Hosseini says he can’t ignore the near-term challenges and the pricey stock.</p>\n<p>Despite the recent selloff, TSMC shares are still up 110% over the past 12 months, and they trade at 27 times earnings estimates for the next 12 months, well above the stock’s five-year average of 19.</p>\n<p><img src=\"https://static.tigerbbs.com/f343f4fd4554dcc3a5fc6842713fd34c\" tg-width=\"685\" tg-height=\"429\">That elevated multiple doesn’t offer much cushion if and when challenges arise. Some money managers caution that near-term demand may not live up to analysts’ rosy forecasts for the next couple of quarters. Also, increased spending by TSMC and its rivals to meet a surge in demand could dent profit margins.</p>\n<p>Meanwhile, escalating geopolitical tensions put Taiwan, a self-ruled democracy that China considers a province, and its most important company in a fraught position.</p>\n<p>Daiwa Capital Markets analyst Rick Hsu is concerned that the chip shortage—which has hobbled automotive plants and sent gamers scrambling to find new consoles—could create inventory-related issues in the first half of 2022.</p>\n<p>Hsu told<i>Barron’s</i>in an email that TSMC’s stock needs to shed another 15%, to about $100, to adequately reflect the current risk profile. The stock recently closed at $118.</p>\n<p>Lackluster demand related to smartphones, which accounts for 45% of revenue, could also lead to disappointment. With TSMC profit margins already near a peak, future growth will require a boost in sales. That could be challenging in the near term. Apple’s iPhone 13 is unlikely to offer a major catalyst, while Chinese smartphone vendors don’t currently have the killer app needed to drive upgrades, Hosseini says.</p>\n<p>“You can’t just give it multiple expansion because it’s a great company. You need earnings power,” Hosseini says, noting that the company trades at a significant premium to theS&amp;P 500 index.He has a price target of $85, putting him far outside the consensus. Wall Street’s average price target on TSMC is $141.</p>\n<p>Analysts, on average, expect TSMC’s earnings to increase 14% to $4.06 a share this year, and 16% to $4.69 a share next year, with revenue growing 16% to $55.8 billion this year, and another 16% next year.</p>\n<p><b>Chips on the Table</b></p>\n<p>Shares of Taiwan Semiconductor Manufacturing have returned an annual average of 25% over the last decade.</p>\n<p><img src=\"https://static.tigerbbs.com/5615dee32fa47048e8747447b01257c9\" tg-width=\"663\" tg-height=\"272\"></p>\n<p>In April, TSMC CEO C.C. Wei told investors of a structural increase in demand, with megatrends around 5G and high-performance computing applications fueling strong demand for several years to come.</p>\n<p>Even so, Wall Street’s estimates may be too optimistic, says Laura Geritz, CEO of Rondure Global Advisors, which owns TSMC shares. She notes that growth at the company was boosted last year as quarantined families loaded up on PCs, gadgets, gaming consoles, and home appliances, all of which require more and more chips.</p>\n<p>Those buying patterns could quickly change as the pandemic eases and central banks begin to taper their support of the economy.</p>\n<p>“I think you will get a better shot,” Geritz says of buying TSMC stock. “It’s expensive when you strip away what could be fiscal and stay-at-home economics.”</p>\n<p>One of the reasons that investors are drawn to TSMC is its deep and impressive list of customers. But that advantage is becoming increasingly costly to maintain as companies—and governments—push for more geographically diverse supply chains.</p>\n<p>In the U.S., the Senate just passed a sweeping $250 billion China package that includes funding and incentives for producing more chips closer to home, along with calls for increased funding of research and development more broadly to help the U.S. maintain its technological edge against China.</p>\n<p>The Biden administration just completed a supply-chain review of critical materials—such as chips—and is pushing to spur more production at home and make the U.S. less vulnerable to global supply-chain disruptions.</p>\n<p>The industry is already reacting. Intel recently unveiled plans to spend $20 billion on two new manufacturing plants in Arizona, whileSamsung Electronics(005930.Korea) plans to invest $116 billion over the next decade, which includes a new chip factory in the U.S. Meanwhile, TSMC has said it plans to invest $100 billion over the next three years—including building two new factories of its own in Arizona.</p>\n<p>The companies’ increased spending is probably required to maintain a competitive edge, and the expenditure could address some of the Biden administration concerns by moving some production back to the U.S.</p>\n<p>In the near term, though, the spending creates financial risk. Longtime TSMC investor Andrew Foster earlier this year sold the TSMC stake he held in his $2.1 billionSeafarer Overseas Growth and Incomefund (SFGIX). He cites concerns about the company’s increased capital expenditure and its potential impact on free cash flow and the dividend, which has a yield of 1.8%.</p>\n<p>Current valuations don’t account for those risks, according to Foster, who says he may reconsider if the stock gets cheaper.</p>\n<p>In an email, TSMC representative Nina Kao said the company’s investment in Arizona is intended to support customers’ long-term capacity needs and isn’t related to political pressure. The company, Kao added, is confident that the Arizona factory will be profitable.</p>\n<p>The biggest risk to TSMC shares is China. The country is intent on unification, and tensions have escalated with China increasing military activity in the South China Sea region. Friction is likely to intensify: The U.S. has said it willsoon hold investment and trade talks with Taiwan,as the administration looks to strengthen Taipei.</p>\n<p>While policy watchers don’t see an armed conflict on the horizon, therisk of an accident is rising as military activity mounts. How to quantify TSMC’s China risk keeps money managers up at night. They say that a military conflict between China and Taiwan is an all-bets-are-off event that would rattle entire markets, not just TSMC stock.</p>\n<p>TSMC declined to comment on politics beyond stating that it was a “law-abiding company” focused on serving its customers.</p>\n<p>The risks don’t change the fact that semiconductors have never been more important.</p>\n<p>“Valuations in quality growth names such as TSMC have clearly gone up, in part because demand for semiconductors is elevated, while at the same time there is quite a serious shortage of them,” says Martin Lau, managing partner at $37 billion FSSA Investment Managers, which is focused on Asia-Pacific and emerging market strategies.</p>\n<p>And yet, “cyclically, this is not the best time to buy TSMC, and the near-term margin of safety has fallen,” he adds. “We remain positive in the longer term.”</p>\n<p>Investors just have to pick the right entry point.</p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Taiwan Semiconductor Is the World’s Most Important Chip Maker. How to Play the Stock.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTaiwan Semiconductor Is the World’s Most Important Chip Maker. How to Play the Stock.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-11 23:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/taiwan-semi-stock-51623366589?siteid=yhoof2><strong>Barron's</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A severe shortage of semiconductors hascaused pain across the economy, but it’s also giving investors a new appreciation for the importance of semis—everything from simple chips costing a few dollars ...</p>\n\n<a href=\"https://www.barrons.com/articles/taiwan-semi-stock-51623366589?siteid=yhoof2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSM":"台积电"},"source_url":"https://www.barrons.com/articles/taiwan-semi-stock-51623366589?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1135185071","content_text":"A severe shortage of semiconductors hascaused pain across the economy, but it’s also giving investors a new appreciation for the importance of semis—everything from simple chips costing a few dollars to the most advanced components that power high-end phones, computers, and data centers.\nTaiwan Semiconductor Manufacturing(ticker: TSM) sits at the nexus of this global chip renaissance. The company is a critical supplier to U.S. technology giants likeApple(AAPL) andQualcomm(QCOM) and Chinese companies like Huawei Technologies. TSMC’s stock is widely held across the globe, and for good reason. It has returned an annualized 29% over the past decade.\nBut TSMC shares are now caught up in a rare correction. The stock is down 15% since mid-February. Investors should avoid the temptation to buy on the dip, at least for now. A confluence of factors could make the next couple of quarters bumpy enough to give long-term investors a chance to scoop up shares of the tech juggernaut at an even cheaper price.\nTo be sure, the long-term opportunity hasn’t changed. If oil was the crucial commodity of the past,semiconductors are the critical commodity of the future—and TSMC is a leader in making the advanced chips needed for 5G, artificial intelligence, cloud computing, and electric vehicles.\nFounded in 1987, the Taiwanese company accounts for roughly 60% of outsourced chip manufacturing and 90% of the profits. TSMC has made significant investment in its foundries, helping it manufacture ever-denser chips that generate more power while using less energy. RivalIntel(INTC) has struggled to match that success.\nEven the lone analyst with a Sell rating on TSMC stock sings the company’s praises: “This is an A-plus company with solid management,” says Mehdi Hosseini, senior equity analyst at Susquehanna Financial Group, who has covered TSMC for more than 20 years. But Hosseini says he can’t ignore the near-term challenges and the pricey stock.\nDespite the recent selloff, TSMC shares are still up 110% over the past 12 months, and they trade at 27 times earnings estimates for the next 12 months, well above the stock’s five-year average of 19.\nThat elevated multiple doesn’t offer much cushion if and when challenges arise. Some money managers caution that near-term demand may not live up to analysts’ rosy forecasts for the next couple of quarters. Also, increased spending by TSMC and its rivals to meet a surge in demand could dent profit margins.\nMeanwhile, escalating geopolitical tensions put Taiwan, a self-ruled democracy that China considers a province, and its most important company in a fraught position.\nDaiwa Capital Markets analyst Rick Hsu is concerned that the chip shortage—which has hobbled automotive plants and sent gamers scrambling to find new consoles—could create inventory-related issues in the first half of 2022.\nHsu toldBarron’sin an email that TSMC’s stock needs to shed another 15%, to about $100, to adequately reflect the current risk profile. The stock recently closed at $118.\nLackluster demand related to smartphones, which accounts for 45% of revenue, could also lead to disappointment. With TSMC profit margins already near a peak, future growth will require a boost in sales. That could be challenging in the near term. Apple’s iPhone 13 is unlikely to offer a major catalyst, while Chinese smartphone vendors don’t currently have the killer app needed to drive upgrades, Hosseini says.\n“You can’t just give it multiple expansion because it’s a great company. You need earnings power,” Hosseini says, noting that the company trades at a significant premium to theS&P 500 index.He has a price target of $85, putting him far outside the consensus. Wall Street’s average price target on TSMC is $141.\nAnalysts, on average, expect TSMC’s earnings to increase 14% to $4.06 a share this year, and 16% to $4.69 a share next year, with revenue growing 16% to $55.8 billion this year, and another 16% next year.\nChips on the Table\nShares of Taiwan Semiconductor Manufacturing have returned an annual average of 25% over the last decade.\n\nIn April, TSMC CEO C.C. Wei told investors of a structural increase in demand, with megatrends around 5G and high-performance computing applications fueling strong demand for several years to come.\nEven so, Wall Street’s estimates may be too optimistic, says Laura Geritz, CEO of Rondure Global Advisors, which owns TSMC shares. She notes that growth at the company was boosted last year as quarantined families loaded up on PCs, gadgets, gaming consoles, and home appliances, all of which require more and more chips.\nThose buying patterns could quickly change as the pandemic eases and central banks begin to taper their support of the economy.\n“I think you will get a better shot,” Geritz says of buying TSMC stock. “It’s expensive when you strip away what could be fiscal and stay-at-home economics.”\nOne of the reasons that investors are drawn to TSMC is its deep and impressive list of customers. But that advantage is becoming increasingly costly to maintain as companies—and governments—push for more geographically diverse supply chains.\nIn the U.S., the Senate just passed a sweeping $250 billion China package that includes funding and incentives for producing more chips closer to home, along with calls for increased funding of research and development more broadly to help the U.S. maintain its technological edge against China.\nThe Biden administration just completed a supply-chain review of critical materials—such as chips—and is pushing to spur more production at home and make the U.S. less vulnerable to global supply-chain disruptions.\nThe industry is already reacting. Intel recently unveiled plans to spend $20 billion on two new manufacturing plants in Arizona, whileSamsung Electronics(005930.Korea) plans to invest $116 billion over the next decade, which includes a new chip factory in the U.S. Meanwhile, TSMC has said it plans to invest $100 billion over the next three years—including building two new factories of its own in Arizona.\nThe companies’ increased spending is probably required to maintain a competitive edge, and the expenditure could address some of the Biden administration concerns by moving some production back to the U.S.\nIn the near term, though, the spending creates financial risk. Longtime TSMC investor Andrew Foster earlier this year sold the TSMC stake he held in his $2.1 billionSeafarer Overseas Growth and Incomefund (SFGIX). He cites concerns about the company’s increased capital expenditure and its potential impact on free cash flow and the dividend, which has a yield of 1.8%.\nCurrent valuations don’t account for those risks, according to Foster, who says he may reconsider if the stock gets cheaper.\nIn an email, TSMC representative Nina Kao said the company’s investment in Arizona is intended to support customers’ long-term capacity needs and isn’t related to political pressure. The company, Kao added, is confident that the Arizona factory will be profitable.\nThe biggest risk to TSMC shares is China. The country is intent on unification, and tensions have escalated with China increasing military activity in the South China Sea region. Friction is likely to intensify: The U.S. has said it willsoon hold investment and trade talks with Taiwan,as the administration looks to strengthen Taipei.\nWhile policy watchers don’t see an armed conflict on the horizon, therisk of an accident is rising as military activity mounts. How to quantify TSMC’s China risk keeps money managers up at night. They say that a military conflict between China and Taiwan is an all-bets-are-off event that would rattle entire markets, not just TSMC stock.\nTSMC declined to comment on politics beyond stating that it was a “law-abiding company” focused on serving its customers.\nThe risks don’t change the fact that semiconductors have never been more important.\n“Valuations in quality growth names such as TSMC have clearly gone up, in part because demand for semiconductors is elevated, while at the same time there is quite a serious shortage of them,” says Martin Lau, managing partner at $37 billion FSSA Investment Managers, which is focused on Asia-Pacific and emerging market strategies.\nAnd yet, “cyclically, this is not the best time to buy TSMC, and the near-term margin of safety has fallen,” he adds. “We remain positive in the longer term.”\nInvestors just have to pick the right entry point.","news_type":1},"isVote":1,"tweetType":1,"viewCount":211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180614920,"gmtCreate":1623201548960,"gmtModify":1704198193282,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180614920","repostId":"2142936222","repostType":4,"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192783529,"gmtCreate":1621230641461,"gmtModify":1704354312606,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Waiting for their US listing!","listText":"Waiting for their US listing!","text":"Waiting for their US listing!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192783529","repostId":"2136339099","repostType":2,"isVote":1,"tweetType":1,"viewCount":124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325739964,"gmtCreate":1615935038058,"gmtModify":1704788561561,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ISR\">$IsoRay(ISR)$</a>to the moon soon","listText":"<a href=\"https://laohu8.com/S/ISR\">$IsoRay(ISR)$</a>to the moon soon","text":"$IsoRay(ISR)$to the moon soon","images":[{"img":"https://static.tigerbbs.com/07555cdd965cc2a942d185b463e74360","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/325739964","isVote":1,"tweetType":1,"viewCount":191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":328283910,"gmtCreate":1615529735630,"gmtModify":1704784152358,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Okay!","listText":"Okay!","text":"Okay!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/328283910","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615452861,"share":"https://ttm.financial/m/news/1199156489?lang=&edition=fundamental","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US Daylight Saving Time</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS Daylight Saving Time\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-11 16:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320291963,"gmtCreate":1615107577052,"gmtModify":1704778709948,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Asensus should be the alternative. Competition leads to better trch advancement","listText":"Asensus should be the alternative. Competition leads to better trch advancement","text":"Asensus should be the alternative. Competition leads to better trch advancement","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/320291963","repostId":"2117639609","repostType":4,"repost":{"id":"2117639609","pubTimestamp":1614957600,"share":"https://ttm.financial/m/news/2117639609?lang=&edition=fundamental","pubTime":"2021-03-05 23:20","market":"us","language":"en","title":"What's the Outlook for Intuitive Surgical?","url":"https://stock-news.laohu8.com/highlight/detail?id=2117639609","media":"Jason Hawthorne","summary":"Competition is heating up, but the company's market leadership remains unchallenged.","content":"<p>After being relegated to science fiction for most of the 20th century, robots have been more visible over the past two decades. Although most real-world applications so far have been industrial, <b>Intuitive</b> <b>Surgical</b> (NASDAQ:ISRG) has been slowly changing that. The company's da Vinci surgical systems only assist trained humans, but they have become synonymous with the term \"robotic surgery.\"</p><p>After so much success, interested investors will want to determine whether the future can be as bright as the past, or if the combination of COVID, regulatory hurdles, and competition will chip away at the dominance this company has established since going public in 2000.</p><p><img src=\"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F615724%2Fgettyimages-1218322943.jpg&amp;w=700&amp;op=resize\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p>The arms of a surgical robot. Image source: Getty Images.</p><p><b>Managing through COVID-19</b></p><p>Early during the pandemic, when hospitals were stopping elective procedures to dedicate resources to patients with COVID-19, the company's sales tumbled. Year-over-year revenue declined 22% in the second quarter of 2020 on 19% fewer procedures.</p><p>Procedures and revenue rebounded slightly in the following quarter, up 7% and down 4.5%, respectively, compared to 2019. The fourth quarter finally saw year-over-year revenue growth of 4%, but management remained cautious.</p><p>Citing a holiday rise in COVID-19 cases, CEO Gary Guthart pointed to a lag in diagnostic cases at hospitals and weak surgery data spilling over from December into January as an indication that the sales of da Vinci systems would take several quarters to normalize. With fewer cases, utilization of existing machines will remain low, delaying the need to add capacity.</p><p>Although this is definitely a concern, it's a temporary <a href=\"https://laohu8.com/S/AONE\">one</a>. By the end of 2021, orders and installations should be back to normal. System growth has averaged 12% a year over the past decade and 28% for the three years prior to the pandemic. Investors are hoping the return to normal comes sooner rather than later.</p><p><b>A changing regulatory landscape</b></p><p>In recent quarters, management has become much more vocal about a shifting regulatory landscape in the U.S. and Europe, and the requirement for more data than ever before prior to approval. Guthart has said the requirements have stabilized at a level higher than in past years. Although it's a short-term nuisance, this change stands to benefit incumbents like Intuitive over time, because existing systems will sit on the market longer while innovations wait for approval.</p><p>One region where the company has drastically different regulatory experiences is Asia. Guthart has repeatedly cited South Korea as being quick to allow innovative products to market, while China's centrally managed system is more cautious. System sales in the region grew 60% from 2018 to 2019 before falling off during 2020 due to the pandemic. Products launched in China must have a longer history of performance because that country's version of the Food and Drug Administration handles first-generation products very cautiously. Regardless, the company remains excited about its joint venture with Chinese company Fosun Pharma and expects strong, if somewhat turbulent, demand over time.</p><p><b>Defending the moat</b></p><p>One of the risks in China is the launch of companies trying to bring competitive surgical systems to market. This has already happened in South Korea. That country's embrace of innovation is a double-edged sword for Intuitive -- South Korea's first approved surgical robot was made by <b>Meere</b> back in 2017.</p><p>Asia isn't the only region where companies are tired of Intuitive reaping the lion's share of the robotic surgery opportunity. Closer to home, the company faces long-awaited challenges from device makers <b>Medtronic</b> (NYSE:MDT) and <b>Johnson</b> <b>&amp;</b> <b>Johnson</b> (NYSE:JNJ).</p><p>Medtronic made its intentions clear by acquiring spine surgery innovator Mazor Robotics in 2018. It is planning a launch of its Hugo surgical system outside the U.S. to collect data, and expects to submit for an investigational device exemption from the FDA in the next month. That designation would allow the device to be used in a clinical study.</p><p>Johnson &amp; Johnson has a not-so-secret weapon in the battle for the robotic surgery market: the founder of Intuitive Surgical. Dr. Fred Moll, who practically invented the industry when he founded Intuitive in 1995, is chief development officer at the company's devices unit. With his guidance, the healthcare giant plans to commercialize three robotic platforms it gained via acquisition.</p><p>First, the Velys platform is for total knee replacements. This is the type of high-volume, repeatable procedure that is ripe for robotic assistance. But it's a threat to <b>Stryker</b> and <b>Smith</b> <b>&amp;</b> <b>Nephew</b>, not Intuitive.</p><p>Second, the Monarch platform is for a procedure that lets doctors inspect the lungs and air passages. It will eventually be used for lung biopsies, but Intuitive is already staking a claim here with its Ion system. In fact, Intuitive received FDA approval for the procedure in the first quarter of 2019.</p><p>And third, Johnson &amp; Johnson's Ottava general surgery system was introduced in November after much anticipation. The device integrates with an operating table and has six arms, several more than systems currently on the market. The goal is flexibility. If Ottava can perform many types of operations, it will help hospitals avoid buying multiple robots, each with a different purpose. The system is unlikely to come to market before 2024.</p><p><b>Clear skies, with a few clouds on the horizon</b></p><p>Despite some regulatory red tape at home and upstart competition abroad, the path for Intuitive Surgical to continue its decades of growth seems clear. The company is well ahead of the competition with nearly 6,000 surgical systems already installed around the globe, and it will be hard for competitors to replace them. That is especially true as innovation in da Vinci systems, instrumentation, and capability continues to increase both machine utilization and company sales.</p><p>As a shareholder, I'll be watching the regulatory progress of the competing systems. But changes in the approval process have only made it harder for the competition to get a foothold. With no imminent threats for at least the next few years, the shares will stay tucked away in a part of my portfolio as far from the sell button as any I own. For those looking to add the stock to their own portfolios, the recent market volatility may have provided the opportunity they've been waiting for.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What's the Outlook for Intuitive Surgical?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat's the Outlook for Intuitive Surgical?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-05 23:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/03/05/whats-the-outlook-for-intuitive-surgical/><strong>Jason Hawthorne</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After being relegated to science fiction for most of the 20th century, robots have been more visible over the past two decades. Although most real-world applications so far have been industrial, ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/03/05/whats-the-outlook-for-intuitive-surgical/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F615724%2Fgettyimages-1218322943.jpg&amp;w=700&amp;op=resize","relate_stocks":{"ISRG":"直觉外科公司"},"source_url":"https://www.fool.com/investing/2021/03/05/whats-the-outlook-for-intuitive-surgical/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2117639609","content_text":"After being relegated to science fiction for most of the 20th century, robots have been more visible over the past two decades. Although most real-world applications so far have been industrial, Intuitive Surgical (NASDAQ:ISRG) has been slowly changing that. The company's da Vinci surgical systems only assist trained humans, but they have become synonymous with the term \"robotic surgery.\"After so much success, interested investors will want to determine whether the future can be as bright as the past, or if the combination of COVID, regulatory hurdles, and competition will chip away at the dominance this company has established since going public in 2000.The arms of a surgical robot. Image source: Getty Images.Managing through COVID-19Early during the pandemic, when hospitals were stopping elective procedures to dedicate resources to patients with COVID-19, the company's sales tumbled. Year-over-year revenue declined 22% in the second quarter of 2020 on 19% fewer procedures.Procedures and revenue rebounded slightly in the following quarter, up 7% and down 4.5%, respectively, compared to 2019. The fourth quarter finally saw year-over-year revenue growth of 4%, but management remained cautious.Citing a holiday rise in COVID-19 cases, CEO Gary Guthart pointed to a lag in diagnostic cases at hospitals and weak surgery data spilling over from December into January as an indication that the sales of da Vinci systems would take several quarters to normalize. With fewer cases, utilization of existing machines will remain low, delaying the need to add capacity.Although this is definitely a concern, it's a temporary one. By the end of 2021, orders and installations should be back to normal. System growth has averaged 12% a year over the past decade and 28% for the three years prior to the pandemic. Investors are hoping the return to normal comes sooner rather than later.A changing regulatory landscapeIn recent quarters, management has become much more vocal about a shifting regulatory landscape in the U.S. and Europe, and the requirement for more data than ever before prior to approval. Guthart has said the requirements have stabilized at a level higher than in past years. Although it's a short-term nuisance, this change stands to benefit incumbents like Intuitive over time, because existing systems will sit on the market longer while innovations wait for approval.One region where the company has drastically different regulatory experiences is Asia. Guthart has repeatedly cited South Korea as being quick to allow innovative products to market, while China's centrally managed system is more cautious. System sales in the region grew 60% from 2018 to 2019 before falling off during 2020 due to the pandemic. Products launched in China must have a longer history of performance because that country's version of the Food and Drug Administration handles first-generation products very cautiously. Regardless, the company remains excited about its joint venture with Chinese company Fosun Pharma and expects strong, if somewhat turbulent, demand over time.Defending the moatOne of the risks in China is the launch of companies trying to bring competitive surgical systems to market. This has already happened in South Korea. That country's embrace of innovation is a double-edged sword for Intuitive -- South Korea's first approved surgical robot was made by Meere back in 2017.Asia isn't the only region where companies are tired of Intuitive reaping the lion's share of the robotic surgery opportunity. Closer to home, the company faces long-awaited challenges from device makers Medtronic (NYSE:MDT) and Johnson & Johnson (NYSE:JNJ).Medtronic made its intentions clear by acquiring spine surgery innovator Mazor Robotics in 2018. It is planning a launch of its Hugo surgical system outside the U.S. to collect data, and expects to submit for an investigational device exemption from the FDA in the next month. That designation would allow the device to be used in a clinical study.Johnson & Johnson has a not-so-secret weapon in the battle for the robotic surgery market: the founder of Intuitive Surgical. Dr. Fred Moll, who practically invented the industry when he founded Intuitive in 1995, is chief development officer at the company's devices unit. With his guidance, the healthcare giant plans to commercialize three robotic platforms it gained via acquisition.First, the Velys platform is for total knee replacements. This is the type of high-volume, repeatable procedure that is ripe for robotic assistance. But it's a threat to Stryker and Smith & Nephew, not Intuitive.Second, the Monarch platform is for a procedure that lets doctors inspect the lungs and air passages. It will eventually be used for lung biopsies, but Intuitive is already staking a claim here with its Ion system. In fact, Intuitive received FDA approval for the procedure in the first quarter of 2019.And third, Johnson & Johnson's Ottava general surgery system was introduced in November after much anticipation. The device integrates with an operating table and has six arms, several more than systems currently on the market. The goal is flexibility. If Ottava can perform many types of operations, it will help hospitals avoid buying multiple robots, each with a different purpose. The system is unlikely to come to market before 2024.Clear skies, with a few clouds on the horizonDespite some regulatory red tape at home and upstart competition abroad, the path for Intuitive Surgical to continue its decades of growth seems clear. The company is well ahead of the competition with nearly 6,000 surgical systems already installed around the globe, and it will be hard for competitors to replace them. That is especially true as innovation in da Vinci systems, instrumentation, and capability continues to increase both machine utilization and company sales.As a shareholder, I'll be watching the regulatory progress of the competing systems. But changes in the approval process have only made it harder for the competition to get a foothold. With no imminent threats for at least the next few years, the shares will stay tucked away in a part of my portfolio as far from the sell button as any I own. For those looking to add the stock to their own portfolios, the recent market volatility may have provided the opportunity they've been waiting for.","news_type":1},"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368823728,"gmtCreate":1614309567164,"gmtModify":1704770480519,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/368823728","repostId":"1157194073","repostType":4,"repost":{"id":"1157194073","pubTimestamp":1614307673,"share":"https://ttm.financial/m/news/1157194073?lang=&edition=fundamental","pubTime":"2021-02-26 10:47","market":"us","language":"en","title":"‘This is volatility on steroids’: Four market analysts on GameStop’s monster move","url":"https://stock-news.laohu8.com/highlight/detail?id=1157194073","media":"cnbc","summary":"Volatility has struck shares of GameStop once again.\nThe stock closed about 18.5% higher on Thursday","content":"<div>\n<p>Volatility has struck shares of GameStop once again.\nThe stock closed about 18.5% higher on Thursday after a raucous session in which trading was halted multiple times on account of the sharp moves....</p>\n\n<a href=\"https://www.cnbc.com/2021/02/25/this-is-volatility-on-steroids-four-market-analysts-on-gamestop.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>‘This is volatility on steroids’: Four market analysts on GameStop’s monster move</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n‘This is volatility on steroids’: Four market analysts on GameStop’s monster move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-26 10:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/02/25/this-is-volatility-on-steroids-four-market-analysts-on-gamestop.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Volatility has struck shares of GameStop once again.\nThe stock closed about 18.5% higher on Thursday after a raucous session in which trading was halted multiple times on account of the sharp moves....</p>\n\n<a href=\"https://www.cnbc.com/2021/02/25/this-is-volatility-on-steroids-four-market-analysts-on-gamestop.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.cnbc.com/2021/02/25/this-is-volatility-on-steroids-four-market-analysts-on-gamestop.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1157194073","content_text":"Volatility has struck shares of GameStop once again.\nThe stock closed about 18.5% higher on Thursday after a raucous session in which trading was halted multiple times on account of the sharp moves.GameStop surged by over 100% on Wednesday after the company announced that its chief financial officer would resign.\nJim Cramer, the host of CNBC’s“Mad Money,”said there may be only one way to justify GameStop’s stock price:\n“One of the things ...we saw Square do— initially it seemed ridiculous, but it was OK;PayPal, same thing — is you become a dealer in crypto. Now, last night on the unbelievably goodNvidiacall, as a side note, they talked about March. [They’re] going to have some actual cards just for crypto. It really won’t be important for Nvidia, but it could be important for a place like GameStop. If GameStop were to turn itself into a 5,000-store introduction to crypto, make it so that they sell $1 billion worth of stock ... and buy crypto with it, and then make it so it’s an international gaming place where you win bitcoin, I think you can justify the stock price. I have not been able to come up with anything else, but this works. And it doesn’t have to be bitcoin. We can make it crypto. But turn it into a crypto information palace and you have worldwide games, no latency, you play it and suddenly [GameStop investor and Chewy co-founder] Ryan Cohen — then you may start believing him. Well, the CFOs, they tend not to have bitcoin on their balance sheet. Perhaps [resigning GameStop CFO] Jim Bell, that’s what he didn’t want. Ryan Cohen’s a big thinker. I have a feeling that this is the way to get this stock higher. I can’t come up with another way.”\nAlma Angotti, a former Securities and Exchange Commission enforcement attorney, anticipated more interest from regulatory bodies:\n“It’s important to remember that the securities regime is a disclosure regime and people can make speculative bets on stocks and people can lose a lot of money. And maybe in the minds of certain people, that ice cream tweet was related to the CFO resignation tweet and they think the company is going to be fixed and brought into the digital world quite successfully. It’s hard to say. But ... I think both Congress and the SEC will be studying that balance between orderly markets and letting people invest what they want to invest for whatever reasons they want to invest even if it doesn’t make sense to us.”\nJon Najarian, the co-founder of MarketRebellion.com and a CNBC contributor, tracked spiking options activity in three Reddit-fueled names:\n“This is volatility on steroids. And at the end of last week, that’s regular February expiration. Three stocks really stood out to us both because of the surge in Reddit posts as well as [a] surge in option buying, and those were GameStop,AMC and Blackberry. So, when we saw that, it built into the end of last week ... and then it faded off, and that’s probably because GameStop was bouncing a little bit on Monday and on Tuesday it dropped to about 55,000 contracts on the call side. That’s pretty low. [On Wednesday], it pops up to 270,000 calls. So, in other words, fivefold jump in volume [Wednesday]. Similar jumps in AMC that went over a million call contracts from a low of about 155,000 last Friday and then Blackberry also. And all three of them saw outsized moves. In the case of GameStop in particular, ... it was just amazing. [On Thursday], they were buying $200 calls and they traded as high as $46 for a $200 call on down to about $12 just before we came on air. So, there’s a lot of fluff and a lot of, I’m not trying to denigrate them, but a lot of amateur trading chasing those up so high with just one trading day to go, because, obviously, these options expire tomorrow, the Februarys expire tomorrow at the $200 strike. Just crazy. But that’s kind of what goes on. You get a big herd move in there — if they catch it right, ... they can make a lot of money, and if they don’t move quick, they have less and less time to get out.”\nMichael Darda, chief economist and market strategist at MKM Partners, preached caution:\n“I think we’re all a bit confused. Talking to family members and friends, I’m getting a lot of questions about the stocks that are a focus in these Reddit forums and also cryptocurrencies. So, all I’m telling retail investors that are friends and family members is just be careful. Speculate if you want to speculate, but it should be a super tiny portion of your portfolio and don’t expect any of this stuff to be a one-way bet. So, caution is certainly needed here.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361490784,"gmtCreate":1614251668948,"gmtModify":1704769631679,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Nice!","listText":"Nice!","text":"Nice!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/361490784","repostId":"2114740317","repostType":4,"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363455026,"gmtCreate":1614167009365,"gmtModify":1704888980277,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/363455026","repostId":"1129467108","repostType":4,"repost":{"id":"1129467108","pubTimestamp":1614164417,"share":"https://ttm.financial/m/news/1129467108?lang=&edition=fundamental","pubTime":"2021-02-24 19:00","market":"us","language":"en","title":"Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500","url":"https://stock-news.laohu8.com/highlight/detail?id=1129467108","media":"Barrons","summary":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie","content":"<p>Don’t worry. Be greedy.</p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p>Quigg’s trade idea has a lot to admire.</p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy J.P. Morgan Says Now Is the Time to Bet on the S&P 500\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-24 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to ...</p>\n\n<a href=\"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129467108","content_text":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.Quigg’s trade idea has a lot to admire.For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.","news_type":1},"isVote":1,"tweetType":1,"viewCount":201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369272108,"gmtCreate":1614053746704,"gmtModify":1704887380352,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Sector rotation on going. It will come back to EV again.Like my comment pls","listText":"Sector rotation on going. It will come back to EV again.Like my comment pls","text":"Sector rotation on going. It will come back to EV again.Like my comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/369272108","repostId":"1175731087","repostType":4,"repost":{"id":"1175731087","pubTimestamp":1614049350,"share":"https://ttm.financial/m/news/1175731087?lang=&edition=fundamental","pubTime":"2021-02-23 11:02","market":"us","language":"en","title":"Tesla Stock Is in a Bear Market. It’s Taking Other EV Stocks With It.","url":"https://stock-news.laohu8.com/highlight/detail?id=1175731087","media":"Barrons","summary":"Stock in the electric- vehicle pioneer Tesla is now in bear-market territory. That’s a problem for the entire EV sector.Tesla shares closed down 8.6% Monday at $714.50 a share. That leaves them down almost $186 from the 52-week high of $900.40 they reached in January. That’s a drop of roughly 21%.Of course, Tesla is the 800-pound gorilla in the EV sector. It is worth almost as much as all other traditional car makers combined. And when Tesla stock drops, other EV stocks follow because Wall Stree","content":"<p>Stock in the electric- vehicle pioneer&nbsp;Tesla&nbsp;is now in&nbsp;bear-market&nbsp;territory. That’s a problem for the entire&nbsp;EV sector.</p><p>Tesla shares closed down 8.6% Monday at $714.50 a share. That leaves them down almost $186 from the 52-week high of $900.40 they reached in January. That’s a drop of roughly 21%.</p><p>It seems odd to say, given that the term is usually applied to broad groups of stocks, but there is a new bear market—a drop of 20% from a high—in Tesla shares.</p><p>Of course, Tesla is the&nbsp;800-pound gorilla&nbsp;in the EV sector. It is worth almost as much as all other traditional car makers combined. And when Tesla stock drops, other EV stocks follow because Wall Street often relies on Tesla’s valuation to come up with price targets.</p><p>Monday, shares of three other&nbsp;high-flying&nbsp;EV stocks with significant sales—NIO(NIO),XPeng(XPEV) andLi Auto(LI)—fell roughly 7% to 8%. And since Tesla stock hit its all-time high, NIO, XPeng and&nbsp;Li Auto&nbsp;shares are down roughly 20% on average, just like Tesla.</p><p>It looks as if Tesla is the benchmark for EV stocks just like the&nbsp;S&amp;P 500&nbsp;is the basis for comparison for U.S. stocks. That raises an interesting idea for EV investors: the Tesla version of beta. The beta concept can be thought of, in a sense, as a measure of a stock’s systemic risk. What happens to a market is linked to what happens to an individual stock by that stock’s beta.</p><p>If a stock, for instance, has a beta of 2, it would be expected to rise about 2% if the market rose 1%. Beta values aren’t always above 1. Gold-mining companies in theS&amp;P 500,for instance, have a beta of roughly 0.5, so they don’t rise as fast if the broader index goes up.</p><p>Investors can interpret the gold beta as saying roughly half of what happens to those golds stock is explained by what happens to the S&amp;P 500, and the other half is due to other factors, such as what’s going on with gold prices.</p><p>Beta is just a mathematical calculation. Investors, if they want, can calculate a stock’s beta relative to atmospheric pressure in Central Park. The math has to mean something, though, so no one does that. In the case of EVs, however, the idea of Tesla-as-risk to any EV stock doesn’t feel like a stretch.</p><p>The “Tesla beta” of the three Chinese EV stocks—NIO, XPeng and Li—is about 0.5. That can be interpreted, as with gold stocks, as saying about half of what happens to those three shares is a function of what happens to Tesla stock.</p><p>It’s an interesting idea. But what is happening to Tesla stock anyway?</p><p>It’s all about the potential for higher inflation. Increasing inflation, a growing concern in the market, tends to punish high-growth stocks more than low-growth stocks because of the way financial discount rates work. Most of Tesla’s cash flow comes in future years, and future cash flow is worth less today when interest rates rise.</p><p>Monday, many growth stocks took it on the chin. The&nbsp;Nasdaq Composite,known as the home of many fast-growing tech companies, fell 2.5%. Tesla’s beta value relative to the Nasdaq is about 2, so investors shouldn’t be surprised by a 5% drop in Tesla stock.</p><p>Tesla shares fell 9%, though. The extra 4% remains a mystery. The news site&nbsp;Electrek&nbsp;reported Tesla stopped taking orders for its lowest-priced Model Y, but high demand for lower-price EV models isn’t really a bad thing.</p><p><img src=\"https://static.tigerbbs.com/728e2afa9536498c3500bf3fdae26f29\" tg-width=\"642\" tg-height=\"213\" referrerpolicy=\"no-referrer\"></p><p>CEO&nbsp;Elon Musk&nbsp;is also spending a lot of time tweeting about&nbsp;cryptocurrencies. That might be unnerving Tesla investors. His tweeting, however, isn’t really any different than recent history. Musk is famous for his tweeting on lots of topics.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Stock Is in a Bear Market. It’s Taking Other EV Stocks With It.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Is in a Bear Market. It’s Taking Other EV Stocks With It.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-23 11:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-stock-is-in-a-bear-market-its-taking-other-ev-stocks-with-it-51614034570?mod=hp_LEAD_3><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock in the electric- vehicle pioneer Tesla is now in bear-market territory. That’s a problem for the entire EV sector.Tesla shares closed down 8.6% Monday at $714.50 a share. That leaves them down ...</p>\n\n<a href=\"https://www.barrons.com/articles/tesla-stock-is-in-a-bear-market-its-taking-other-ev-stocks-with-it-51614034570?mod=hp_LEAD_3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏汽车","NIO":"蔚来","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-is-in-a-bear-market-its-taking-other-ev-stocks-with-it-51614034570?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175731087","content_text":"Stock in the electric- vehicle pioneer Tesla is now in bear-market territory. That’s a problem for the entire EV sector.Tesla shares closed down 8.6% Monday at $714.50 a share. That leaves them down almost $186 from the 52-week high of $900.40 they reached in January. That’s a drop of roughly 21%.It seems odd to say, given that the term is usually applied to broad groups of stocks, but there is a new bear market—a drop of 20% from a high—in Tesla shares.Of course, Tesla is the 800-pound gorilla in the EV sector. It is worth almost as much as all other traditional car makers combined. And when Tesla stock drops, other EV stocks follow because Wall Street often relies on Tesla’s valuation to come up with price targets.Monday, shares of three other high-flying EV stocks with significant sales—NIO(NIO),XPeng(XPEV) andLi Auto(LI)—fell roughly 7% to 8%. And since Tesla stock hit its all-time high, NIO, XPeng and Li Auto shares are down roughly 20% on average, just like Tesla.It looks as if Tesla is the benchmark for EV stocks just like the S&P 500 is the basis for comparison for U.S. stocks. That raises an interesting idea for EV investors: the Tesla version of beta. The beta concept can be thought of, in a sense, as a measure of a stock’s systemic risk. What happens to a market is linked to what happens to an individual stock by that stock’s beta.If a stock, for instance, has a beta of 2, it would be expected to rise about 2% if the market rose 1%. Beta values aren’t always above 1. Gold-mining companies in theS&P 500,for instance, have a beta of roughly 0.5, so they don’t rise as fast if the broader index goes up.Investors can interpret the gold beta as saying roughly half of what happens to those golds stock is explained by what happens to the S&P 500, and the other half is due to other factors, such as what’s going on with gold prices.Beta is just a mathematical calculation. Investors, if they want, can calculate a stock’s beta relative to atmospheric pressure in Central Park. The math has to mean something, though, so no one does that. In the case of EVs, however, the idea of Tesla-as-risk to any EV stock doesn’t feel like a stretch.The “Tesla beta” of the three Chinese EV stocks—NIO, XPeng and Li—is about 0.5. That can be interpreted, as with gold stocks, as saying about half of what happens to those three shares is a function of what happens to Tesla stock.It’s an interesting idea. But what is happening to Tesla stock anyway?It’s all about the potential for higher inflation. Increasing inflation, a growing concern in the market, tends to punish high-growth stocks more than low-growth stocks because of the way financial discount rates work. Most of Tesla’s cash flow comes in future years, and future cash flow is worth less today when interest rates rise.Monday, many growth stocks took it on the chin. The Nasdaq Composite,known as the home of many fast-growing tech companies, fell 2.5%. Tesla’s beta value relative to the Nasdaq is about 2, so investors shouldn’t be surprised by a 5% drop in Tesla stock.Tesla shares fell 9%, though. The extra 4% remains a mystery. The news site Electrek reported Tesla stopped taking orders for its lowest-priced Model Y, but high demand for lower-price EV models isn’t really a bad thing.CEO Elon Musk is also spending a lot of time tweeting about cryptocurrencies. That might be unnerving Tesla investors. His tweeting, however, isn’t really any different than recent history. Musk is famous for his tweeting on lots of topics.","news_type":1},"isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":833053347,"gmtCreate":1629191171689,"gmtModify":1676529960378,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Waiting for bounce","listText":"Waiting for bounce","text":"Waiting for bounce","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/833053347","repostId":"1163960572","repostType":4,"isVote":1,"tweetType":1,"viewCount":434,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3566532164444643","authorId":"3566532164444643","name":"ZEROHERO","avatar":"https://static.tigerbbs.com/62813b6df1c4722e559d112fadd5486a","crmLevel":8,"crmLevelSwitch":1,"idStr":"3566532164444643","authorIdStr":"3566532164444643"},"content":"Bottom not found","text":"Bottom not found","html":"Bottom not found"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147000460,"gmtCreate":1626317305750,"gmtModify":1703757765096,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Great news for $BABA","listText":"Great news for $BABA","text":"Great news for $BABA","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/147000460","repostId":"1163666322","repostType":4,"repost":{"id":"1163666322","pubTimestamp":1626314855,"share":"https://ttm.financial/m/news/1163666322?lang=&edition=fundamental","pubTime":"2021-07-15 10:07","market":"hk","language":"en","title":"China’s GDP grew 7.9% in the second quarter; retail sales beat expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=1163666322","media":"cnbc","summary":"KEY POINTS\n\nThe country’s gross domestic product increased 7.9% in the second quarter from a year ag","content":"<div>\n<p>KEY POINTS\n\nThe country’s gross domestic product increased 7.9% in the second quarter from a year ago, the National Bureau of Statistics said Thursday. That fell short of Reuters’ estimate of 8.1% ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/15/chinas-q2-gdp-2021-retail-sales.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China’s GDP grew 7.9% in the second quarter; retail sales beat expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina’s GDP grew 7.9% in the second quarter; retail sales beat expectations\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 10:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/15/chinas-q2-gdp-2021-retail-sales.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nThe country’s gross domestic product increased 7.9% in the second quarter from a year ago, the National Bureau of Statistics said Thursday. That fell short of Reuters’ estimate of 8.1% ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/15/chinas-q2-gdp-2021-retail-sales.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数","HSI":"恒生指数"},"source_url":"https://www.cnbc.com/2021/07/15/chinas-q2-gdp-2021-retail-sales.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1163666322","content_text":"KEY POINTS\n\nThe country’s gross domestic product increased 7.9% in the second quarter from a year ago, the National Bureau of Statistics said Thursday. That fell short of Reuters’ estimate of 8.1% growth.\nRetail sales rose 12.1% in June from a year ago, more than the expected 11% level forecast by Reuters.\nIndustrial production grew by 8.3%, greater than the 7.8% Reuters estimate.\n\nBEIJING — China reported second-quarter GDP growth that came in slightly below expectations, while retail sales and industrial production grew faster than forecast.\nThe country’s gross domestic product increased 7.9% in the second quarter from a year ago, the National Bureau of Statistics said Thursday. That fell short of Reuters’ estimate of 8.1% growth for the April to June period.\nIn the first quarter, GDP grew 18.3%, up from a contraction a year ago. That marked a 0.6% increase from the last quarter of 2020.\nRetail sales rose 12.1% in June from a year ago, more than the expected 11% level forecast by Reuters.\nRetail sales growth has lagged that of the overall economy, and missed analysts’ expectations for the first two months of the second quarter.\nIndustrial production grew by 8.3%, greater than the 7.8% Reuters estimate.\nIn the last three months, Chinese authorities have also announcedsupport for companies affected by the surge in commodity prices.\nThe urban survey unemployment rate held steady at 5% in June, while unemployment for the younger 16 to 24 age category climbed to 15.4%.\nOn Thursday, acut to the reserve requirement ratio (RRR), or the amount of funds banks must hold in reserve, was set to take effect. Authorities’ initial hint of such a cutsurprised investorslast week, and signaled concerns of slower growth.\nThe cut is expected to release about 1 trillion yuan (or $154 billion) into the economy.\nMeanwhile, China’s customs agency said earlier this week thatexports rose a more-than-expected 32.2% in June.","news_type":1},"isVote":1,"tweetType":1,"viewCount":326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161841513,"gmtCreate":1623919541532,"gmtModify":1703823499934,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"$OCGN let's go!","listText":"$OCGN let's go!","text":"$OCGN let's go!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/161841513","repostId":"1147243421","repostType":4,"isVote":1,"tweetType":1,"viewCount":414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":328283910,"gmtCreate":1615529735630,"gmtModify":1704784152358,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Okay!","listText":"Okay!","text":"Okay!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/328283910","repostId":"1199156489","repostType":4,"repost":{"id":"1199156489","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615452861,"share":"https://ttm.financial/m/news/1199156489?lang=&edition=fundamental","pubTime":"2021-03-11 16:54","market":"us","language":"en","title":"US Daylight Saving Time","url":"https://stock-news.laohu8.com/highlight/detail?id=1199156489","media":"Tiger Newspress","summary":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving tim","content":"<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US Daylight Saving Time</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS Daylight Saving Time\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-03-11 16:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>From&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;March&nbsp;14(this&nbsp;Sunday),the&nbsp;North America&nbsp;region&nbsp;entered&nbsp;daylight saving&nbsp;time,until&nbsp;02:00&nbsp;U.S.&nbsp;East&nbsp;time&nbsp;ends&nbsp;on&nbsp;November&nbsp;7,2021.</p><p>So,starting&nbsp;on&nbsp;Monday,March&nbsp;14,the&nbsp;U.S.&nbsp;market&nbsp;will&nbsp;open&nbsp;and&nbsp;close&nbsp;one&nbsp;hour&nbsp;ahead&nbsp;of&nbsp;schedule&nbsp;during&nbsp;north&nbsp;american&nbsp;daylight saving time,i.e.,U.S.&nbsp;trading&nbsp;time&nbsp;will&nbsp;be&nbsp;changed&nbsp;to&nbsp;21:30&nbsp;beijing&nbsp;time&nbsp;to&nbsp;04:00&nbsp;a.m.the&nbsp;next&nbsp;day,pre-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;16:00&nbsp;to&nbsp;21:30,after-trade&nbsp;time&nbsp;will&nbsp;be&nbsp;04:00&nbsp;to&nbsp;8:00.</p><p><b>What is daylight saving time?</b></p><p>The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.</p><p>Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199156489","content_text":"From 02:00 U.S. East time March 14(this Sunday),the North America region entered daylight saving time,until 02:00 U.S. East time ends on November 7,2021.So,starting on Monday,March 14,the U.S. market will open and close one hour ahead of schedule during north american daylight saving time,i.e.,U.S. trading time will be changed to 21:30 beijing time to 04:00 a.m.the next day,pre-trade time will be 16:00 to 21:30,after-trade time will be 04:00 to 8:00.What is daylight saving time?The DST is the practice of moving clocks forward by one hour during summer months so that daylight lasts longer into evening. Most of North America and Europe follows the custom, while the majority of countries elsewhere do not.Hawaii, American Samoa, Guam, Puerto Rico, the US Virgin Islands and most of Arizona don’t observe daylight saving time. It’s incumbent to stick with the status quo.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192783529,"gmtCreate":1621230641461,"gmtModify":1704354312606,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Waiting for their US listing!","listText":"Waiting for their US listing!","text":"Waiting for their US listing!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/192783529","repostId":"2136339099","repostType":2,"repost":{"id":"2136339099","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1621229001,"share":"https://ttm.financial/m/news/2136339099?lang=&edition=fundamental","pubTime":"2021-05-17 13:23","market":"hk","language":"en","title":"Gojek And Tokopedia Combine To Form Goto","url":"https://stock-news.laohu8.com/highlight/detail?id=2136339099","media":"T-Reuters","summary":"May 17 (Reuters) - Gojek And Tokopedia: :Gojek And Tokopedia Combine To Form Goto.Goto Group Combine","content":"<html><body><p>May 17 (Reuters) - Gojek And Tokopedia: :Gojek And Tokopedia Combine To Form Goto.Goto Group Combines E-Commerce, On-Demand And Financial Services.Gojek'S Andre Soelistyo Will Lead The Combined Business As Goto Group Ceo.Goto Group Had Total Group Gross Transaction Value Of Over Us$22 Billion In 2020.Tokopedia’S Patrick Cao To Serve As Goto Group President.Deal Backed By Major Investors Including Alibaba Group, Blackrock, <a href=\"https://laohu8.com/S/FB\">Facebook</a>, Google, Temasek, Tencent, <a href=\"https://laohu8.com/S/V\">Visa</a> Etc...Goldman Sachs Is Acting As The Financial Advisor To Gojek; Citi Is Acting As The Financial Advisor To Tokopedia.Further Company Coverage: 0700.Hk. ((Reuters.Briefs@Thomsonreuters.Com;)).</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Gojek And Tokopedia Combine To Form Goto</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGojek And Tokopedia Combine To Form Goto\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time\">2021-05-17 13:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>May 17 (Reuters) - Gojek And Tokopedia: :Gojek And Tokopedia Combine To Form Goto.Goto Group Combines E-Commerce, On-Demand And Financial Services.Gojek'S Andre Soelistyo Will Lead The Combined Business As Goto Group Ceo.Goto Group Had Total Group Gross Transaction Value Of Over Us$22 Billion In 2020.Tokopedia’S Patrick Cao To Serve As Goto Group President.Deal Backed By Major Investors Including Alibaba Group, Blackrock, <a href=\"https://laohu8.com/S/FB\">Facebook</a>, Google, Temasek, Tencent, <a href=\"https://laohu8.com/S/V\">Visa</a> Etc...Goldman Sachs Is Acting As The Financial Advisor To Gojek; Citi Is Acting As The Financial Advisor To Tokopedia.Further Company Coverage: 0700.Hk. ((Reuters.Briefs@Thomsonreuters.Com;)).</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136339099","content_text":"May 17 (Reuters) - Gojek And Tokopedia: :Gojek And Tokopedia Combine To Form Goto.Goto Group Combines E-Commerce, On-Demand And Financial Services.Gojek'S Andre Soelistyo Will Lead The Combined Business As Goto Group Ceo.Goto Group Had Total Group Gross Transaction Value Of Over Us$22 Billion In 2020.Tokopedia’S Patrick Cao To Serve As Goto Group President.Deal Backed By Major Investors Including Alibaba Group, Blackrock, Facebook, Google, Temasek, Tencent, Visa Etc...Goldman Sachs Is Acting As The Financial Advisor To Gojek; Citi Is Acting As The Financial Advisor To Tokopedia.Further Company Coverage: 0700.Hk. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1},"isVote":1,"tweetType":1,"viewCount":124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":384691937,"gmtCreate":1613644441629,"gmtModify":1704883103123,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Like my comment pls","listText":"Like my comment pls","text":"Like my comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/384691937","repostId":"1102078157","repostType":4,"repost":{"id":"1102078157","pubTimestamp":1613643052,"share":"https://ttm.financial/m/news/1102078157?lang=&edition=fundamental","pubTime":"2021-02-18 18:10","market":"sg","language":"en","title":"Singapore Exchange hopes to list SPACs as early as this year","url":"https://stock-news.laohu8.com/highlight/detail?id=1102078157","media":"Bloomberg","summary":"[SINGAPORE] The Singapore Exchange (SGX)could list blank-cheque companies this year if it gets enoug","content":"<p>[SINGAPORE] The Singapore Exchange (SGX)could list blank-cheque companies&nbsp;this year if it gets enough support from the industry.</p><p>An impending marketconsultation on special purpose acquisition companies&nbsp;(SPAC)this quarter could take some time to get feedback, chief executive officer (CEO) Loh Boon Chye said in an interview Wednesday.</p><p>\"If the market is supportive, we hope to be able to do that sometime this year.\"</p><p>SPACs became a buzzword last year, sprouting by the dozen as the rich and famous - from hedge fund billionaire Bill Ackman to former US Speaker of the House Paul Ryan - and private equity firms rushed to set up new ones.</p><p>SPACs are increasingly seen as an appealing alternative route to public markets because the process avoids the risk and uncertainty of an initial public offering, though they've also been criticised for their structure, where managers - the founders - collect fees as an incentive to find a target and complete a deal. Many blank-cheque companies have turned to Asia to seek takeover targets.</p><p>The concept isn't new to the Singapore exchange. It had initiated a consultation on SPAC listings in 2010 - but there wasn't enough appetite among businesses and investors back then.</p><p>\"The world has changed, capital markets have evolved since then,\" said Mr Loh, who took over as CEO in 2015 after a long career in banking. He added that lower-for-longer interest rates, shorter business cycles, volatile markets and stimulus measures are heightening the need for and the ability to seek capital. SPACs could facilitate that while minimising market risk exposure by providing another avenue for investment, he said.</p><p>SPACs could be a way to revive investor interest in Singapore's stock market. The bourse has struggled to attract big-ticket IPOs over the past few years particularly in hot sectors such as technology. While the market volatility of 2020 was a boon, the value of shares traded remained below its five-year average.</p><p>SGX expects stock market listings this year in various sectors including technology, he said, as it awaits the mega IPO of Thai Beverage's brewery unit. The amount raised in first-time share sales in the city-state slumped to US$914 million last year from US$3.4 billion in 2017, according to data compiled by Bloomberg.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore Exchange hopes to list SPACs as early as this year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore Exchange hopes to list SPACs as early as this year\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-18 18:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businesstimes.com.sg/companies-markets/singapore-exchange-hopes-to-list-spacs-as-early-as-this-year><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>[SINGAPORE] The Singapore Exchange (SGX)could list blank-cheque companies this year if it gets enough support from the industry.An impending marketconsultation on special purpose acquisition companies...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/singapore-exchange-hopes-to-list-spacs-as-early-as-this-year\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.businesstimes.com.sg/companies-markets/singapore-exchange-hopes-to-list-spacs-as-early-as-this-year","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102078157","content_text":"[SINGAPORE] The Singapore Exchange (SGX)could list blank-cheque companies this year if it gets enough support from the industry.An impending marketconsultation on special purpose acquisition companies (SPAC)this quarter could take some time to get feedback, chief executive officer (CEO) Loh Boon Chye said in an interview Wednesday.\"If the market is supportive, we hope to be able to do that sometime this year.\"SPACs became a buzzword last year, sprouting by the dozen as the rich and famous - from hedge fund billionaire Bill Ackman to former US Speaker of the House Paul Ryan - and private equity firms rushed to set up new ones.SPACs are increasingly seen as an appealing alternative route to public markets because the process avoids the risk and uncertainty of an initial public offering, though they've also been criticised for their structure, where managers - the founders - collect fees as an incentive to find a target and complete a deal. Many blank-cheque companies have turned to Asia to seek takeover targets.The concept isn't new to the Singapore exchange. It had initiated a consultation on SPAC listings in 2010 - but there wasn't enough appetite among businesses and investors back then.\"The world has changed, capital markets have evolved since then,\" said Mr Loh, who took over as CEO in 2015 after a long career in banking. He added that lower-for-longer interest rates, shorter business cycles, volatile markets and stimulus measures are heightening the need for and the ability to seek capital. SPACs could facilitate that while minimising market risk exposure by providing another avenue for investment, he said.SPACs could be a way to revive investor interest in Singapore's stock market. The bourse has struggled to attract big-ticket IPOs over the past few years particularly in hot sectors such as technology. While the market volatility of 2020 was a boon, the value of shares traded remained below its five-year average.SGX expects stock market listings this year in various sectors including technology, he said, as it awaits the mega IPO of Thai Beverage's brewery unit. The amount raised in first-time share sales in the city-state slumped to US$914 million last year from US$3.4 billion in 2017, according to data compiled by Bloomberg.","news_type":1},"isVote":1,"tweetType":1,"viewCount":32,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382293671,"gmtCreate":1613448953193,"gmtModify":1704880569267,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382293671","repostId":"1141665040","repostType":4,"repost":{"id":"1141665040","pubTimestamp":1613445230,"share":"https://ttm.financial/m/news/1141665040?lang=&edition=fundamental","pubTime":"2021-02-16 11:13","market":"us","language":"en","title":"Walmart earnings, retail sales, and housing data: What to know in the week","url":"https://stock-news.laohu8.com/highlight/detail?id=1141665040","media":"Yahoo Finance","summary":"Once traders return from Monday's Presidents Day holiday, data on the strength of the U.S. consumer ","content":"<p>Once traders return from Monday's Presidents Day holiday, data on the strength of the U.S. consumer will be in focus, with the Commerce Department's monthly retail sales report and earnings results from retail giant Walmart (WMT) each on tap. A bevy of housing data is also due for release.</p><p>Consensus economists are looking for retail sales to rise by 0.9% in January over December, according to Bloomberg-compiled data. This would mark the first increase in three months after a year-end slump, and coincide with the rollout of stimulus checks to most Americans.</p><p>\"The 1.2% month-over-month rebound in retail sales we expect in January is partly due to a price-related increase in gasoline sales, but we think underlying control group and food services spending also picked up for the first time since September,\" Michael Pearce, senior U.S. economist for Capital Economics, wrote in a note Friday. \"Stimulus checks hit most Americans' bank accounts in early January, and new infection numbers fell throughout the month in most states. A rate of high-frequency indicators, including card transaction data, suggest that spending has begun to stabilize or even edge up.\"</p><p>Recent credit card transaction data from Bank of America appeared to reflect stronger purchasing trends at the beginning of the year.</p><p>\"Since the beginning of the year, total card spending is running at an average 5.6% year-over-year pace, up notably from the December average of 2.5% year-over-year,\" Bank of America economists Michelle Meyer and Anna Zhou wrote in a note last week. \"Looking at the monthly average, we find that retail sales ex-autos increased an impressive 4.6% month-over-month seasonally adjusted for January, setting up for what we expect to be a very strong Census Bureau report on February 17.\"</p><p>December's 0.7% drop in monthly retail salescame as sales at restaurants, bars, department stores and electronic stores slid further. Even sales in the category of \"non-store retailers\" — which approximates e-commerce sales — fell in December, but remained higher by more than 19% over the same month last year. And while retail sales have fallen on a month-over-month basis for the past three months, they have remained higher year-over-year to exceed pre-COVID levels since the summer.</p><p><b>Walmart earnings</b></p><p>One retailer in particular, however, has so far seen sales consistently power higher throughout much of the pandemic. Walmart's fourth-quarter results, due for release Thursday afternoon, are likely to show another surge in sales growth and profitability, as customers especially turned to big-box retailers to consolidate shopping trips during the pandemic.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6400e641e7f6494ebb06e8de75b4332\" tg-width=\"959\" tg-height=\"640\" referrerpolicy=\"no-referrer\"><span>A worker and a shopper are seen wearing masks at a Walmart store, in North Brunswick, New Jersey, U.S. July 20, 2020. REUTERS/Eduardo Munoz</span></p><p>Same-store sales in theU.S. are expected to grow another 6.4%,matching the growth rate from the third quarter. Investors will also be looking to see whether Walmart managed to maintain momentum in e-commerce to keep pace with competitors like Amazon (AMZN) and Target (TGT). The companygrew e-commerce sales 79%in the third quarter, though this slowed from the97% rate from the prior period.Walmart's management also offered only scant details on the rollout of Walmart+, its competitor to Amazon Prime, which launched in September. And so far the company has not officially disclosed the number of paid members to the subscription service. Plus, COVID-19 costs may have continued to cut into the company's margins: Walmart reported $600 million in incremental expenses due to the virus in the third quarter, mostly due to bonuses for employees and safety measures.</p><p>Results from Walmart's fiscal fourth quarter, which spans from November through January, will also include impacts fromBlack Friday and the holiday shopping season,which took on a different format this year due to the pandemic. Walmart offered additional days of Black Friday deals on its website and in stores to mitigate some of the foot traffic to stores on the traditional shopping extravaganza, matching a similar strategy taken by peer retailers like Target around the holiday.</p><p><b>Housing data</b></p><p>The&nbsp;U.S. housing market has been one of the standout parts of the economy&nbsp;during the pandemic, with home purchases and refinances soaring against a backdrop of ultra-low interest rates.</p><p>This week's housing data is expected to reflect some moderation in this sector.</p><p>The Commerce Department's housing starts report on Thursday is expected to show that both new-home construction and permits for future construction retreated from a 14-year high. December's housing starts had surged 5.8% to a seasonally adjusted annual rate of 1.669 million, the highest level since 2006. After such a strong year-end bounce, consensus economists are looking for starts to tick down by 0.7% in January.</p><p>\"Sharp increases in single-family homes in the Midwest and South, which led the jump in housing starts in December, appear unsustainable and likely reverted partially in January. We expect a 3.6% decline in national single-family housing starts,\" Nomura economist Lewis Alexander wrote in a note. \"That said, a broad-based rise in permits for new single-family homes in December suggests the slowdown in January should be temporary.\"</p><p>Permits, which serve as a gauge of future homebuilding, are expected to drop by 2.1% after a 4.2% jump in December, which had also brought permits to the highest level since 2006.</p><p>Existing home sales, due out from the National Association of Realtors on Friday, is also expected to show a drop compared to December, as winter weather compounded with mounting affordability and supply pressures pull down buyer activity.</p><p>\"Pending home sales, contract signings that lead existing home sales (contract closings), have remained relative weak with four consecutive monthly declines starting in September,\" Alexander added. \"While remaining at an elevated level, supply shortages and affordability concerns amid rapid home price appreciation appear to be weighing on sales.\"</p><p><b>Earnings Calendar</b></p><ul><li><p><b>Monday:</b>N/A</p></li><li><p><b>Tuesday:</b>CVS (CVS), Advance Auto Parts (AAP), Palantir (PLTR) before market open; Avis Budget Group (CAR), Occidental Petroleum (OXY), Devon Energy Corporation (DVN), American International Group (AIG) after market close</p></li><li><p><b>Wednesday:</b>Hilton Worldwide (HLT), Shopify (SHOP) before market open; Boston Beer Company (SAM), Twilio (TWLO), Marathon Oil (MRO), The Cheesecake Factory (CAKE) after market close</p></li><li><p><b>Thursday:</b>Walmart (WMT), Marriott (MAR) before market open; Applied Materials (AMAT), Planet Fitness (PLNT), Dropbox (DBX), TripAdvisor (TRIP), Roku (ROKU) after market close</p></li><li><p><b>Friday:</b>Deere (DE) before market open</p></li></ul><p><b>Economic Calendar</b></p><ul><li><p><b>Monday:</b>N/A</p></li><li><p><b>Tuesday:</b>Empire Manufacturing, February (6.0 expected, 3.5 in January); Total Net TIC Flows, December ($214.1 billion in November); Net Long-Term TIC Flows, December ($149.2 billion in November)</p></li><li><p><b>Wednesday:</b>MBA Mortgage Applications, week ended February 12 (-4.1% during prior week); Producer Price Index, month-over-month, January (0.2% expected, 0.1% in December); Producer Price Index excluding food and energy, month-over-month, January (0.2% expected, 0.1% in December); Producer Price Index, year-over-year, January (0.8% expected, 0.8% in November); Producer Price Index excluding food and energy, year-over-year, January (1.1% expected, 1.2% in December); Retail Sales advance, month-over-month, January (0.9% expected, -0.7% in December); Retail Sales excluding autos and gas, month-over-month, January (0.9% expected, -1.4% in December); Industrial Production month-over-month, January (0.4% expected, 1.6% in December); Capacity Utilization, January (74.9% expected, 74.5% in December); NAHB Housing Market Index, February (83 expected, 83 in January); FOMC Meeting Minutes</p></li><li><p><b>Thursday:</b>Housing starts, January (1.650 million expected, 1.669 million in December); Building Permits, January (1.670 million expected, 1.704 million in December); Initial jobless claims, week ended February 13 (793,000 during prior week); Continuing claims, week ended Feb. 6 (4.545 million during prior week); Import Price Index, month-over-month, January (1.0% expected, 0.9% in December); Export Price Index, month-over-month, January (1.0% expected, 1.1% in December)</p></li><li><p><b>Friday:</b>Markit US Manufacturing PMI, February preliminary (58.8 expected, 59.2 in January); Markit US Composite PMI, February preliminary (58.7 in January); Markit U.S. Services PMI, February preliminary (57.8 expected, 58.3 in January); Existing home sales, January (6.55 million expected, 6.76 million in December)</p></li></ul>","source":"yahoofinance_sg","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Walmart earnings, retail sales, and housing data: What to know in the week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWalmart earnings, retail sales, and housing data: What to know in the week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-16 11:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/walmart-earnings-and-retail-sales-housing-data-what-to-know-in-the-week-ahead-165333011.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Once traders return from Monday's Presidents Day holiday, data on the strength of the U.S. consumer will be in focus, with the Commerce Department's monthly retail sales report and earnings results ...</p>\n\n<a href=\"https://finance.yahoo.com/news/walmart-earnings-and-retail-sales-housing-data-what-to-know-in-the-week-ahead-165333011.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WMT":"沃尔玛",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/walmart-earnings-and-retail-sales-housing-data-what-to-know-in-the-week-ahead-165333011.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141665040","content_text":"Once traders return from Monday's Presidents Day holiday, data on the strength of the U.S. consumer will be in focus, with the Commerce Department's monthly retail sales report and earnings results from retail giant Walmart (WMT) each on tap. A bevy of housing data is also due for release.Consensus economists are looking for retail sales to rise by 0.9% in January over December, according to Bloomberg-compiled data. This would mark the first increase in three months after a year-end slump, and coincide with the rollout of stimulus checks to most Americans.\"The 1.2% month-over-month rebound in retail sales we expect in January is partly due to a price-related increase in gasoline sales, but we think underlying control group and food services spending also picked up for the first time since September,\" Michael Pearce, senior U.S. economist for Capital Economics, wrote in a note Friday. \"Stimulus checks hit most Americans' bank accounts in early January, and new infection numbers fell throughout the month in most states. A rate of high-frequency indicators, including card transaction data, suggest that spending has begun to stabilize or even edge up.\"Recent credit card transaction data from Bank of America appeared to reflect stronger purchasing trends at the beginning of the year.\"Since the beginning of the year, total card spending is running at an average 5.6% year-over-year pace, up notably from the December average of 2.5% year-over-year,\" Bank of America economists Michelle Meyer and Anna Zhou wrote in a note last week. \"Looking at the monthly average, we find that retail sales ex-autos increased an impressive 4.6% month-over-month seasonally adjusted for January, setting up for what we expect to be a very strong Census Bureau report on February 17.\"December's 0.7% drop in monthly retail salescame as sales at restaurants, bars, department stores and electronic stores slid further. Even sales in the category of \"non-store retailers\" — which approximates e-commerce sales — fell in December, but remained higher by more than 19% over the same month last year. And while retail sales have fallen on a month-over-month basis for the past three months, they have remained higher year-over-year to exceed pre-COVID levels since the summer.Walmart earningsOne retailer in particular, however, has so far seen sales consistently power higher throughout much of the pandemic. Walmart's fourth-quarter results, due for release Thursday afternoon, are likely to show another surge in sales growth and profitability, as customers especially turned to big-box retailers to consolidate shopping trips during the pandemic.A worker and a shopper are seen wearing masks at a Walmart store, in North Brunswick, New Jersey, U.S. July 20, 2020. REUTERS/Eduardo MunozSame-store sales in theU.S. are expected to grow another 6.4%,matching the growth rate from the third quarter. Investors will also be looking to see whether Walmart managed to maintain momentum in e-commerce to keep pace with competitors like Amazon (AMZN) and Target (TGT). The companygrew e-commerce sales 79%in the third quarter, though this slowed from the97% rate from the prior period.Walmart's management also offered only scant details on the rollout of Walmart+, its competitor to Amazon Prime, which launched in September. And so far the company has not officially disclosed the number of paid members to the subscription service. Plus, COVID-19 costs may have continued to cut into the company's margins: Walmart reported $600 million in incremental expenses due to the virus in the third quarter, mostly due to bonuses for employees and safety measures.Results from Walmart's fiscal fourth quarter, which spans from November through January, will also include impacts fromBlack Friday and the holiday shopping season,which took on a different format this year due to the pandemic. Walmart offered additional days of Black Friday deals on its website and in stores to mitigate some of the foot traffic to stores on the traditional shopping extravaganza, matching a similar strategy taken by peer retailers like Target around the holiday.Housing dataThe U.S. housing market has been one of the standout parts of the economy during the pandemic, with home purchases and refinances soaring against a backdrop of ultra-low interest rates.This week's housing data is expected to reflect some moderation in this sector.The Commerce Department's housing starts report on Thursday is expected to show that both new-home construction and permits for future construction retreated from a 14-year high. December's housing starts had surged 5.8% to a seasonally adjusted annual rate of 1.669 million, the highest level since 2006. After such a strong year-end bounce, consensus economists are looking for starts to tick down by 0.7% in January.\"Sharp increases in single-family homes in the Midwest and South, which led the jump in housing starts in December, appear unsustainable and likely reverted partially in January. We expect a 3.6% decline in national single-family housing starts,\" Nomura economist Lewis Alexander wrote in a note. \"That said, a broad-based rise in permits for new single-family homes in December suggests the slowdown in January should be temporary.\"Permits, which serve as a gauge of future homebuilding, are expected to drop by 2.1% after a 4.2% jump in December, which had also brought permits to the highest level since 2006.Existing home sales, due out from the National Association of Realtors on Friday, is also expected to show a drop compared to December, as winter weather compounded with mounting affordability and supply pressures pull down buyer activity.\"Pending home sales, contract signings that lead existing home sales (contract closings), have remained relative weak with four consecutive monthly declines starting in September,\" Alexander added. \"While remaining at an elevated level, supply shortages and affordability concerns amid rapid home price appreciation appear to be weighing on sales.\"Earnings CalendarMonday:N/ATuesday:CVS (CVS), Advance Auto Parts (AAP), Palantir (PLTR) before market open; Avis Budget Group (CAR), Occidental Petroleum (OXY), Devon Energy Corporation (DVN), American International Group (AIG) after market closeWednesday:Hilton Worldwide (HLT), Shopify (SHOP) before market open; Boston Beer Company (SAM), Twilio (TWLO), Marathon Oil (MRO), The Cheesecake Factory (CAKE) after market closeThursday:Walmart (WMT), Marriott (MAR) before market open; Applied Materials (AMAT), Planet Fitness (PLNT), Dropbox (DBX), TripAdvisor (TRIP), Roku (ROKU) after market closeFriday:Deere (DE) before market openEconomic CalendarMonday:N/ATuesday:Empire Manufacturing, February (6.0 expected, 3.5 in January); Total Net TIC Flows, December ($214.1 billion in November); Net Long-Term TIC Flows, December ($149.2 billion in November)Wednesday:MBA Mortgage Applications, week ended February 12 (-4.1% during prior week); Producer Price Index, month-over-month, January (0.2% expected, 0.1% in December); Producer Price Index excluding food and energy, month-over-month, January (0.2% expected, 0.1% in December); Producer Price Index, year-over-year, January (0.8% expected, 0.8% in November); Producer Price Index excluding food and energy, year-over-year, January (1.1% expected, 1.2% in December); Retail Sales advance, month-over-month, January (0.9% expected, -0.7% in December); Retail Sales excluding autos and gas, month-over-month, January (0.9% expected, -1.4% in December); Industrial Production month-over-month, January (0.4% expected, 1.6% in December); Capacity Utilization, January (74.9% expected, 74.5% in December); NAHB Housing Market Index, February (83 expected, 83 in January); FOMC Meeting MinutesThursday:Housing starts, January (1.650 million expected, 1.669 million in December); Building Permits, January (1.670 million expected, 1.704 million in December); Initial jobless claims, week ended February 13 (793,000 during prior week); Continuing claims, week ended Feb. 6 (4.545 million during prior week); Import Price Index, month-over-month, January (1.0% expected, 0.9% in December); Export Price Index, month-over-month, January (1.0% expected, 1.1% in December)Friday:Markit US Manufacturing PMI, February preliminary (58.8 expected, 59.2 in January); Markit US Composite PMI, February preliminary (58.7 in January); Markit U.S. Services PMI, February preliminary (57.8 expected, 58.3 in January); Existing home sales, January (6.55 million expected, 6.76 million in December)","news_type":1},"isVote":1,"tweetType":1,"viewCount":38,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382892472,"gmtCreate":1613403359396,"gmtModify":1704880316495,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/382892472","repostId":"2110904027","repostType":4,"repost":{"id":"2110904027","pubTimestamp":1613120945,"share":"https://ttm.financial/m/news/2110904027?lang=&edition=fundamental","pubTime":"2021-02-12 17:09","market":"fut","language":"en","title":"Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market","url":"https://stock-news.laohu8.com/highlight/detail?id=2110904027","media":"Bloomberg","summary":"(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic c","content":"<p>(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as <a href=\"https://laohu8.com/S/AONE\">one</a> technical indicator signaled prices may have climbed too far, too fast.</p><p>Futures in New York fell for a second session on Friday after surging more than 12% for the longest run of gains in two years. The enduring outbreak continues to crimp fuel consumption from China to the U.S., with the International Energy Agency cutting its demand forecast for 2021 and describing the market as fragile. The U.S. government earlier this week also predicted the nation’s petroleum demand will likely need much more time to recover.</p><p>Despite the bearish sentiment, oil is still set to eke out a weekly gain and some are optimistic on the longer term outlook, including the IEA. The market is tightening, traders such as Trafigura Group see prices moving higher, and Citigroup Inc. is predicting Brent crude may hit $70 a barrel by year-end.</p><p>Oil’s rapid rebound from the depths of the Covid-19 pandemic has accelerated this year after Saudi Arabia pledged to deepen output cuts. Prompt timespreads have firmed in a bullish backwardation structure, helping to unwind bloated stockpiles held in onshore tanks and on ships that swelled during the outbreak.</p><p>While the recent eight-day rally pushed oil prices to the highest level in a year, it also sent crude’s 14-day Relative Strength Index firmly into overbought territory, signaling a correction was due.</p><p>“It was a long, uninterrupted rally that had to take a breather,” said Vandana Hari, founder of consultancy Vanda Insights. “The next leg up in prices may need reassurance that OPEC+ do not proceed to open the spigots from April.”</p><p>The IEA cut its forecast for world oil consumption in 2021 by 200,000 barrels a day, according to a report released on Thursday. The agency also boosted its projection for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment.</p><p>Still, the IEA predicted a rapid stock draw during the second half, while OPEC estimated stronger global demand over the same period. The cartel increased its forecast for the amount of crude it will need to supply in 2021 by 340,000 barrels a day on weaker output from rival producers, according to a separate report.</p>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-12 17:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/oil-extends-drop-below-58-234202757.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have ...</p>\n\n<a href=\"https://finance.yahoo.com/news/oil-extends-drop-below-58-234202757.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3faadc006e67e6ac130a7b171f263b4d","relate_stocks":{"BAC":"美国银行","C":"花旗","COP":"康菲石油","XOM":"埃克森美孚","CVX":"雪佛龙"},"source_url":"https://finance.yahoo.com/news/oil-extends-drop-below-58-234202757.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2110904027","content_text":"(Bloomberg) -- Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have climbed too far, too fast.Futures in New York fell for a second session on Friday after surging more than 12% for the longest run of gains in two years. The enduring outbreak continues to crimp fuel consumption from China to the U.S., with the International Energy Agency cutting its demand forecast for 2021 and describing the market as fragile. The U.S. government earlier this week also predicted the nation’s petroleum demand will likely need much more time to recover.Despite the bearish sentiment, oil is still set to eke out a weekly gain and some are optimistic on the longer term outlook, including the IEA. The market is tightening, traders such as Trafigura Group see prices moving higher, and Citigroup Inc. is predicting Brent crude may hit $70 a barrel by year-end.Oil’s rapid rebound from the depths of the Covid-19 pandemic has accelerated this year after Saudi Arabia pledged to deepen output cuts. Prompt timespreads have firmed in a bullish backwardation structure, helping to unwind bloated stockpiles held in onshore tanks and on ships that swelled during the outbreak.While the recent eight-day rally pushed oil prices to the highest level in a year, it also sent crude’s 14-day Relative Strength Index firmly into overbought territory, signaling a correction was due.“It was a long, uninterrupted rally that had to take a breather,” said Vandana Hari, founder of consultancy Vanda Insights. “The next leg up in prices may need reassurance that OPEC+ do not proceed to open the spigots from April.”The IEA cut its forecast for world oil consumption in 2021 by 200,000 barrels a day, according to a report released on Thursday. The agency also boosted its projection for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment.Still, the IEA predicted a rapid stock draw during the second half, while OPEC estimated stronger global demand over the same period. The cartel increased its forecast for the amount of crude it will need to supply in 2021 by 340,000 barrels a day on weaker output from rival producers, according to a separate report.","news_type":1},"isVote":1,"tweetType":1,"viewCount":51,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185462286,"gmtCreate":1623667998545,"gmtModify":1704208179909,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Patient and like my comment","listText":"Patient and like my comment","text":"Patient and like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/185462286","repostId":"2143781032","repostType":4,"repost":{"id":"2143781032","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1623661749,"share":"https://ttm.financial/m/news/2143781032?lang=&edition=fundamental","pubTime":"2021-06-14 17:09","market":"sg","language":"en","title":"World stocks scale another peak as await Fed signal","url":"https://stock-news.laohu8.com/highlight/detail?id=2143781032","media":"Reuters","summary":"* Stocks hit all-time highs as Fed awaited\n* Investors expect dovish tone to be maintained\n* Oil mar","content":"<p>* Stocks hit all-time highs as Fed awaited</p>\n<p>* Investors expect dovish tone to be maintained</p>\n<p>* Oil marches to multi-year highs as economies reopen</p>\n<p>LONDON/TOKYO, June 14 (Reuters) - World stocks climbed another peak on Monday, while U.S. bond yields were near three-month lows as worries of rising inflation abated and investors anticipated the U.S. Federal Reserve sticking to its dovish course this week.</p>\n<p>The MSCI world equity index and Europe's STOXX 600 index reached record highs, lifted by the prospect of a broadening economic recovery from COVID-19 and anticipation of dovish monetary policy from central banks.</p>\n<p>Recovery bets also boosted oil to May 2019 highs.</p>\n<p>S&amp;P 500 futures meanwhile nudged 0.1% higher, with investors apparently viewing Thursday's above-forecast U.S. inflation data and surging factory prices in China as temporary or manageable.</p>\n<p>Goldman Sachs economists said concerns that rising inflation will derail the market recovery or lead to sharply higher bond yields were probably misplaced.</p>\n<p>\"The rally at the moment feels cautiously optimistic. The reality is that I feel it will continue to climb slowly as we continue to see decent data supporting the argument,\" John Woolfitt, Director at Atlantic Capital at London, said.</p>\n<p>Yields on the 10-year U.S. Treasuries stood at 1.4602%, with investors seemingly relaxed about their inflation concerns, which spooked rates in late March.</p>\n<p>\"It is becoming painful for bond bears and I bet the 10-year yield will fall to 1.25% or even 1%,\" said Akira Takei, fund manager at Asset Management One, noting that the U.S. economic recovery is likely to slow in coming months.</p>\n<p>Speculators' net long positions in U.S. bond futures hit the highest level since October 2017 , U.S. financial watchdog data showed.</p>\n<p>Many investors expect the Fed to repeat its dovish view at its two-day meeting from Tuesday. While some board members have said the central bank should start discussing tapering its bond buying, most investors think a majority still prefer to wait.</p>\n<p>Markets in Asia were calmer with China, Hong Kong and Australia closed for a holiday. Japan's Nikkei rose 0.7%, while MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%.</p>\n<p>Broader markets largely shrugged off the weekend's G7 meeting, which scolded China over human rights in its Xinjiang region, called for Hong Kong to keep a high degree of autonomy and demanded a full and thorough investigation of the origins of the coronavirus in China.</p>\n<p>BOUNCY BITCOIN</p>\n<p>In currencies, the euro has lost steam after the European Central Bank last week showed no willingness to reduce its stimulus and traded at $1.2109 , having fallen to a <a href=\"https://laohu8.com/S/AONE\">one</a>-month low of $1.2093 on Friday .</p>\n<p>The yen stood little changed at 109.68 yen , while the British pound changed hands at $1.4108, near the lower end of its trading range over the past month.</p>\n<p>Bitcoin held on to weekend gains, when Elon Musk flagged Tesla's possible resumption of transactions using the token. It was last bought at $39,267.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>World stocks scale another peak as await Fed signal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWorld stocks scale another peak as await Fed signal\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-14 17:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>* Stocks hit all-time highs as Fed awaited</p>\n<p>* Investors expect dovish tone to be maintained</p>\n<p>* Oil marches to multi-year highs as economies reopen</p>\n<p>LONDON/TOKYO, June 14 (Reuters) - World stocks climbed another peak on Monday, while U.S. bond yields were near three-month lows as worries of rising inflation abated and investors anticipated the U.S. Federal Reserve sticking to its dovish course this week.</p>\n<p>The MSCI world equity index and Europe's STOXX 600 index reached record highs, lifted by the prospect of a broadening economic recovery from COVID-19 and anticipation of dovish monetary policy from central banks.</p>\n<p>Recovery bets also boosted oil to May 2019 highs.</p>\n<p>S&amp;P 500 futures meanwhile nudged 0.1% higher, with investors apparently viewing Thursday's above-forecast U.S. inflation data and surging factory prices in China as temporary or manageable.</p>\n<p>Goldman Sachs economists said concerns that rising inflation will derail the market recovery or lead to sharply higher bond yields were probably misplaced.</p>\n<p>\"The rally at the moment feels cautiously optimistic. The reality is that I feel it will continue to climb slowly as we continue to see decent data supporting the argument,\" John Woolfitt, Director at Atlantic Capital at London, said.</p>\n<p>Yields on the 10-year U.S. Treasuries stood at 1.4602%, with investors seemingly relaxed about their inflation concerns, which spooked rates in late March.</p>\n<p>\"It is becoming painful for bond bears and I bet the 10-year yield will fall to 1.25% or even 1%,\" said Akira Takei, fund manager at Asset Management One, noting that the U.S. economic recovery is likely to slow in coming months.</p>\n<p>Speculators' net long positions in U.S. bond futures hit the highest level since October 2017 , U.S. financial watchdog data showed.</p>\n<p>Many investors expect the Fed to repeat its dovish view at its two-day meeting from Tuesday. While some board members have said the central bank should start discussing tapering its bond buying, most investors think a majority still prefer to wait.</p>\n<p>Markets in Asia were calmer with China, Hong Kong and Australia closed for a holiday. Japan's Nikkei rose 0.7%, while MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%.</p>\n<p>Broader markets largely shrugged off the weekend's G7 meeting, which scolded China over human rights in its Xinjiang region, called for Hong Kong to keep a high degree of autonomy and demanded a full and thorough investigation of the origins of the coronavirus in China.</p>\n<p>BOUNCY BITCOIN</p>\n<p>In currencies, the euro has lost steam after the European Central Bank last week showed no willingness to reduce its stimulus and traded at $1.2109 , having fallen to a <a href=\"https://laohu8.com/S/AONE\">one</a>-month low of $1.2093 on Friday .</p>\n<p>The yen stood little changed at 109.68 yen , while the British pound changed hands at $1.4108, near the lower end of its trading range over the past month.</p>\n<p>Bitcoin held on to weekend gains, when Elon Musk flagged Tesla's possible resumption of transactions using the token. It was last bought at $39,267.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"159934":"黄金ETF","518880":"黄金ETF","UCO":"二倍做多彭博原油ETF","DUG":"二倍做空石油与天然气ETF(ProShares)","EUO":"欧元ETF-ProShares两倍做空","NUGT":"二倍做多黄金矿业指数ETF-Direxion","SCO":"二倍做空彭博原油指数ETF","DWT":"三倍做空原油ETN","FXY":"日元ETF-CurrencyShares","YCS":"日元ETF-ProShares两倍做空","TSLA":"特斯拉","FXE":"欧元做多ETF-CurrencyShares","IAU":"黄金信托ETF(iShares)","GDX":"黄金矿业ETF-VanEck","GLD":"SPDR黄金ETF","DUST":"二倍做空黄金矿业指数ETF-Direxion","USO":"美国原油ETF","DDG":"ProShares做空石油与天然气ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2143781032","content_text":"* Stocks hit all-time highs as Fed awaited\n* Investors expect dovish tone to be maintained\n* Oil marches to multi-year highs as economies reopen\nLONDON/TOKYO, June 14 (Reuters) - World stocks climbed another peak on Monday, while U.S. bond yields were near three-month lows as worries of rising inflation abated and investors anticipated the U.S. Federal Reserve sticking to its dovish course this week.\nThe MSCI world equity index and Europe's STOXX 600 index reached record highs, lifted by the prospect of a broadening economic recovery from COVID-19 and anticipation of dovish monetary policy from central banks.\nRecovery bets also boosted oil to May 2019 highs.\nS&P 500 futures meanwhile nudged 0.1% higher, with investors apparently viewing Thursday's above-forecast U.S. inflation data and surging factory prices in China as temporary or manageable.\nGoldman Sachs economists said concerns that rising inflation will derail the market recovery or lead to sharply higher bond yields were probably misplaced.\n\"The rally at the moment feels cautiously optimistic. The reality is that I feel it will continue to climb slowly as we continue to see decent data supporting the argument,\" John Woolfitt, Director at Atlantic Capital at London, said.\nYields on the 10-year U.S. Treasuries stood at 1.4602%, with investors seemingly relaxed about their inflation concerns, which spooked rates in late March.\n\"It is becoming painful for bond bears and I bet the 10-year yield will fall to 1.25% or even 1%,\" said Akira Takei, fund manager at Asset Management One, noting that the U.S. economic recovery is likely to slow in coming months.\nSpeculators' net long positions in U.S. bond futures hit the highest level since October 2017 , U.S. financial watchdog data showed.\nMany investors expect the Fed to repeat its dovish view at its two-day meeting from Tuesday. While some board members have said the central bank should start discussing tapering its bond buying, most investors think a majority still prefer to wait.\nMarkets in Asia were calmer with China, Hong Kong and Australia closed for a holiday. Japan's Nikkei rose 0.7%, while MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%.\nBroader markets largely shrugged off the weekend's G7 meeting, which scolded China over human rights in its Xinjiang region, called for Hong Kong to keep a high degree of autonomy and demanded a full and thorough investigation of the origins of the coronavirus in China.\nBOUNCY BITCOIN\nIn currencies, the euro has lost steam after the European Central Bank last week showed no willingness to reduce its stimulus and traded at $1.2109 , having fallen to a one-month low of $1.2093 on Friday .\nThe yen stood little changed at 109.68 yen , while the British pound changed hands at $1.4108, near the lower end of its trading range over the past month.\nBitcoin held on to weekend gains, when Elon Musk flagged Tesla's possible resumption of transactions using the token. It was last bought at $39,267.","news_type":1},"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":381876146,"gmtCreate":1612957844585,"gmtModify":1704876506694,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/381876146","repostId":"1145078782","repostType":4,"repost":{"id":"1145078782","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1612950826,"share":"https://ttm.financial/m/news/1145078782?lang=&edition=fundamental","pubTime":"2021-02-10 17:53","market":"fut","language":"en","title":"Oil rally extends for 9th day on supply cuts, demand hopes","url":"https://stock-news.laohu8.com/highlight/detail?id=1145078782","media":"Reuters","summary":"Oil extended its rally for a ninth day on Wednesday, supported by producer supply cuts and hopes tha","content":"<p>Oil extended its rally for a ninth day on Wednesday, supported by producer supply cuts and hopes that vaccine rollouts will drive a recovery in demand.</p>\n<p>The American Petroleum Institute said on Tuesday crude inventories fell by 3.5 million barrels, versus expectations for a 985,000-barrel build. The Energy Information Administration’s offfcial stocks report is due at 1530 GMT. [API/S]</p>\n<p>Brent crude was up by 28 cents at $61.37 by 0933 GMT after touching a 13-month high of $61.49 earlier in the session. U.S. crude was up 21 cents to $58.57.</p>\n<p>“One can only wonder whether there’s further to go in this week’s rally,” said Stephen Brennock of broker PVM. “However, as things stand, oil has yet to lose its shine.”</p>\n<p>Brent has now risen for nine sessions in a row and some analysts say a pullback may be on the cards.</p>\n<p>“There is no doubt that oil prices have gone too far and too fast, which means a retracement is certainly due,” said Naeem Aslam, chief market analyst at Avatrade.</p>\n<p>Crude has jumped since November as governments kicked off vaccination drives for COVID-19, while putting in place large stimulus packages to boost economic activity and the world’s top producers kept a lid on supply.</p>\n<p>Top exporter Saudi Arabia is unilaterally reducing supply in February and March, supplementing cuts agreed by other members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, known as OPEC+.</p>\n<p>Some analysts forecast there will be a supply deficit in 2021 as more people get vaccinated and start going away on trips and working in offices, potentially boosting demand.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil rally extends for 9th day on supply cuts, demand hopes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil rally extends for 9th day on supply cuts, demand hopes\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-10 17:53</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Oil extended its rally for a ninth day on Wednesday, supported by producer supply cuts and hopes that vaccine rollouts will drive a recovery in demand.</p>\n<p>The American Petroleum Institute said on Tuesday crude inventories fell by 3.5 million barrels, versus expectations for a 985,000-barrel build. The Energy Information Administration’s offfcial stocks report is due at 1530 GMT. [API/S]</p>\n<p>Brent crude was up by 28 cents at $61.37 by 0933 GMT after touching a 13-month high of $61.49 earlier in the session. U.S. crude was up 21 cents to $58.57.</p>\n<p>“One can only wonder whether there’s further to go in this week’s rally,” said Stephen Brennock of broker PVM. “However, as things stand, oil has yet to lose its shine.”</p>\n<p>Brent has now risen for nine sessions in a row and some analysts say a pullback may be on the cards.</p>\n<p>“There is no doubt that oil prices have gone too far and too fast, which means a retracement is certainly due,” said Naeem Aslam, chief market analyst at Avatrade.</p>\n<p>Crude has jumped since November as governments kicked off vaccination drives for COVID-19, while putting in place large stimulus packages to boost economic activity and the world’s top producers kept a lid on supply.</p>\n<p>Top exporter Saudi Arabia is unilaterally reducing supply in February and March, supplementing cuts agreed by other members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, known as OPEC+.</p>\n<p>Some analysts forecast there will be a supply deficit in 2021 as more people get vaccinated and start going away on trips and working in offices, potentially boosting demand.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145078782","content_text":"Oil extended its rally for a ninth day on Wednesday, supported by producer supply cuts and hopes that vaccine rollouts will drive a recovery in demand.\nThe American Petroleum Institute said on Tuesday crude inventories fell by 3.5 million barrels, versus expectations for a 985,000-barrel build. The Energy Information Administration’s offfcial stocks report is due at 1530 GMT. [API/S]\nBrent crude was up by 28 cents at $61.37 by 0933 GMT after touching a 13-month high of $61.49 earlier in the session. U.S. crude was up 21 cents to $58.57.\n“One can only wonder whether there’s further to go in this week’s rally,” said Stephen Brennock of broker PVM. “However, as things stand, oil has yet to lose its shine.”\nBrent has now risen for nine sessions in a row and some analysts say a pullback may be on the cards.\n“There is no doubt that oil prices have gone too far and too fast, which means a retracement is certainly due,” said Naeem Aslam, chief market analyst at Avatrade.\nCrude has jumped since November as governments kicked off vaccination drives for COVID-19, while putting in place large stimulus packages to boost economic activity and the world’s top producers kept a lid on supply.\nTop exporter Saudi Arabia is unilaterally reducing supply in February and March, supplementing cuts agreed by other members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, known as OPEC+.\nSome analysts forecast there will be a supply deficit in 2021 as more people get vaccinated and start going away on trips and working in offices, potentially boosting demand.","news_type":1},"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147003011,"gmtCreate":1626317380533,"gmtModify":1703757766459,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147003011","repostId":"1158634871","repostType":4,"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389829570,"gmtCreate":1612752393990,"gmtModify":1704873805509,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Like me please","listText":"Like me please","text":"Like me please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/389829570","repostId":"1186675145","repostType":4,"repost":{"id":"1186675145","pubTimestamp":1612752056,"share":"https://ttm.financial/m/news/1186675145?lang=&edition=fundamental","pubTime":"2021-02-08 10:40","market":"hk","language":"en","title":"TikTok Plans U.S. E-Commerce Push to Take on Facebook: FT","url":"https://stock-news.laohu8.com/highlight/detail?id=1186675145","media":"Bloomberg","summary":"TikTok is planning an aggressive expansion into e-commerce in the U.S., the Financial Times reported","content":"<p>TikTok is planning an aggressive expansion into e-commerce in the U.S., the Financial Times reported, citing people who have seen the social media app’s plans for new features it will introduce this year.</p>\n<p>Among those features is a tool that allows TikTok’s most popular users to share links to products and automatically earn commissions on sales. TikTok is also rolling out “live-streamed” shopping, a mobile phone version of television shopping channels, where users can buy goods with a few taps. It’s also seeking to let brands show their catalogs, according to the report.</p>\n<p>TikTok, which is owned by China’sBytedance Ltd., unveiled a partnership withWPP Plclast week that offers access and marketing capabilities on the viral-video platform to the London-based advertising agency’s network and clients.</p>\n<p>TikTok appears to be about to skip a desktop experience “and go straight into commerce,” Jack Smyth, creative technology officer at Mindshare, which is part of WPP, told the newspaper. TikTok is well placed for live-streamed commerce “to capture the dissolving distinction between content and commerce,” Smyth was quoted as saying.</p>\n<p>The tools will step up TikTok’s competition with Facebook Inc. for e-commerce spending, according to the FT. TikTok also is said to have plans this year to build out the capability of brands to place their own ads online rather than through a sales representative, the FT said.</p>\n<p>TikTok declined to comment to the Financial Times.</p>\n<p>Former President Donald Trump’s administration labeled TikTok a security threat, banned the service last year and supported a proposed deal for Oracle Corp. and Walmart Inc. to buy 20% of TikTok.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TikTok Plans U.S. E-Commerce Push to Take on Facebook: FT</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTikTok Plans U.S. E-Commerce Push to Take on Facebook: FT\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-08 10:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://bloomberg.com/news/articles/2021-02-07/tiktok-plans-u-s-e-commerce-expansion-with-new-features-ft><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>TikTok is planning an aggressive expansion into e-commerce in the U.S., the Financial Times reported, citing people who have seen the social media app’s plans for new features it will introduce this ...</p>\n\n<a href=\"http://bloomberg.com/news/articles/2021-02-07/tiktok-plans-u-s-e-commerce-expansion-with-new-features-ft\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://bloomberg.com/news/articles/2021-02-07/tiktok-plans-u-s-e-commerce-expansion-with-new-features-ft","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186675145","content_text":"TikTok is planning an aggressive expansion into e-commerce in the U.S., the Financial Times reported, citing people who have seen the social media app’s plans for new features it will introduce this year.\nAmong those features is a tool that allows TikTok’s most popular users to share links to products and automatically earn commissions on sales. TikTok is also rolling out “live-streamed” shopping, a mobile phone version of television shopping channels, where users can buy goods with a few taps. It’s also seeking to let brands show their catalogs, according to the report.\nTikTok, which is owned by China’sBytedance Ltd., unveiled a partnership withWPP Plclast week that offers access and marketing capabilities on the viral-video platform to the London-based advertising agency’s network and clients.\nTikTok appears to be about to skip a desktop experience “and go straight into commerce,” Jack Smyth, creative technology officer at Mindshare, which is part of WPP, told the newspaper. TikTok is well placed for live-streamed commerce “to capture the dissolving distinction between content and commerce,” Smyth was quoted as saying.\nThe tools will step up TikTok’s competition with Facebook Inc. for e-commerce spending, according to the FT. TikTok also is said to have plans this year to build out the capability of brands to place their own ads online rather than through a sales representative, the FT said.\nTikTok declined to comment to the Financial Times.\nFormer President Donald Trump’s administration labeled TikTok a security threat, banned the service last year and supported a proposed deal for Oracle Corp. and Walmart Inc. to buy 20% of TikTok.","news_type":1},"isVote":1,"tweetType":1,"viewCount":8,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180614920,"gmtCreate":1623201548960,"gmtModify":1704198193282,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/180614920","repostId":"2142936222","repostType":4,"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368823728,"gmtCreate":1614309567164,"gmtModify":1704770480519,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/368823728","repostId":"1157194073","repostType":4,"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363455026,"gmtCreate":1614167009365,"gmtModify":1704888980277,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/363455026","repostId":"1129467108","repostType":4,"repost":{"id":"1129467108","pubTimestamp":1614164417,"share":"https://ttm.financial/m/news/1129467108?lang=&edition=fundamental","pubTime":"2021-02-24 19:00","market":"us","language":"en","title":"Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500","url":"https://stock-news.laohu8.com/highlight/detail?id=1129467108","media":"Barrons","summary":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie","content":"<p>Don’t worry. Be greedy.</p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p>TheS&amp;P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p>As President Joe Biden’s administration&nbsp;champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move&nbsp;that is fanning inflation fearsand worries about stock slumps.</p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the&nbsp;SPDR S&amp;P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls&nbsp;with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p>Quigg’s trade idea has a lot to admire.</p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&amp;P 500 stocks at lower prices isn’t terrible, either.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy J.P. Morgan Says Now Is the Time to Bet on the S&P 500\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-24 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to ...</p>\n\n<a href=\"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129467108","content_text":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.Quigg’s trade idea has a lot to admire.For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.","news_type":1},"isVote":1,"tweetType":1,"viewCount":201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385218126,"gmtCreate":1613554106265,"gmtModify":1704881937972,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Hmmm","listText":"Hmmm","text":"Hmmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/385218126","repostId":"1120526689","repostType":4,"repost":{"id":"1120526689","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1613542946,"share":"https://ttm.financial/m/news/1120526689?lang=&edition=fundamental","pubTime":"2021-02-17 14:22","market":"uk","language":"en","title":"Europe braces for pandemic reality to hit banks","url":"https://stock-news.laohu8.com/highlight/detail?id=1120526689","media":"Reuters","summary":"Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-star","content":"<p>Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.</p>\n<p>Reflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.</p>\n<p>“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”</p>\n<p>All three French lenders saw profits shrink last year and profits at Spain’s Santander and Dutch bank ING also dipped.</p>\n<p>While executives voice confidence, European officials worry the banks’ problems have barely begun.</p>\n<p>They fear more borrowers will default when government support, including billions of euros of loan guarantees in France, Spain and elsewhere, is unwound.</p>\n<p>Officials spelt out their concerns in a report presented to euro zone finance ministers who met on Monday, warning of “wide-scale corporate distress”.</p>\n<p>In the document, they highlighted the extent to which banks rely on governments to help borrowers.</p>\n<p>Were it not for government support, they estimated roughly a quarter of EU firms could have been in trouble at the end of last year and cautioned that banks’ provisions for such losses did not reflect the “underlying deterioration”.</p>\n<p>Roughly 587 billion euros ($712 billion) of loans were under moratoria and 289 billion euros of credit had been given on the back of public guarantees, they said, from a tally late last year.</p>\n<p>“We have to avoid a sharp rise in insolvencies,” Paolo Gentiloni, the European Union’s economy commissioner, told journalists after the ministers’ gathering.</p>\n<p>The same unease is felt at the European Central Bank, which supervises lenders.</p>\n<p>In January, it said banks were setting aside less for bad loans than rivals in the United States and it suspected some were not taking sufficient measures, skewing the calculation of risk to convey brighter prospects for the future.</p>\n<p>Both continents have unleashed billions to stem the economic fallout from the pandemic, although in Europe, a patchwork of independent states, the type of assistance, whether grant or guarantee, depends on which country is giving it.</p>\n<p>France, Italy and Spain have issued billions of guarantees on loans, while Germany made generous grants.</p>\n<p>Jerome Legras of Axiom Alternative Investments said the upbeat message of bankers jarred with that of regulators: “The message from the supervisor is almost the exact opposite.”</p>\n<p>The rosy picture painted by some executives is also at odds with data collected by the European Datawarehouse, which has analysed half a trillion euros of European mortgage loans.</p>\n<p>Its survey last December calculated that one fifth of loans in the United Kingdom had required a payment break, followed closely by Portugal as well as Italy, with more than 12%, and Ireland with around 10%.</p>\n<p>One euro zone official, speaking on condition of anonymity, said that while banks were largely robust, “some ... may run into problems or have to be wound up”.</p>\n<p>Despite the concern of European officials, deep divisions remain over how to respond.</p>\n<p>Although the 19-country euro zone bloc agreed to put the central bank in charge of supervising lenders after the financial crash more than a decade ago, they remain at odds on what to do if lenders run into trouble.</p>\n<p>Wealthy countries, such as Germany, are reluctant to help poorer ones, such as Italy or Greece, by establishing a joint rescue net.</p>\n<p>Klaus Regling, head of the European Stability Mechanism, told journalists on Monday that the ESM fund, set up during the great financial crash to help countries in trouble, could be used in winding up banks from next year.</p>\n<p>“We have created a strong second line of defence,” he said, pointing to the knock-on impact of rising insolvencies on banks and governments.</p>\n<p>Deciding on joint action such as resorting to the ESM, however, is highly political. Efforts by the European Central Bank, for example, to set up a pan-euro-zone bad bank to help lenders warehouse and sell off troubled loans have made scant progress.</p>\n<p>In the meantime, many bankers hope for the best.</p>\n<p>“There will be light at the end of the tunnel,” said Steven van Rijswijk, CEO of ING. “Where the tunnel ends we do not know.”</p>\n<p>($1 = 0.8226 euros)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Europe braces for pandemic reality to hit banks</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEurope braces for pandemic reality to hit banks\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-17 14:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.</p>\n<p>Reflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.</p>\n<p>“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”</p>\n<p>All three French lenders saw profits shrink last year and profits at Spain’s Santander and Dutch bank ING also dipped.</p>\n<p>While executives voice confidence, European officials worry the banks’ problems have barely begun.</p>\n<p>They fear more borrowers will default when government support, including billions of euros of loan guarantees in France, Spain and elsewhere, is unwound.</p>\n<p>Officials spelt out their concerns in a report presented to euro zone finance ministers who met on Monday, warning of “wide-scale corporate distress”.</p>\n<p>In the document, they highlighted the extent to which banks rely on governments to help borrowers.</p>\n<p>Were it not for government support, they estimated roughly a quarter of EU firms could have been in trouble at the end of last year and cautioned that banks’ provisions for such losses did not reflect the “underlying deterioration”.</p>\n<p>Roughly 587 billion euros ($712 billion) of loans were under moratoria and 289 billion euros of credit had been given on the back of public guarantees, they said, from a tally late last year.</p>\n<p>“We have to avoid a sharp rise in insolvencies,” Paolo Gentiloni, the European Union’s economy commissioner, told journalists after the ministers’ gathering.</p>\n<p>The same unease is felt at the European Central Bank, which supervises lenders.</p>\n<p>In January, it said banks were setting aside less for bad loans than rivals in the United States and it suspected some were not taking sufficient measures, skewing the calculation of risk to convey brighter prospects for the future.</p>\n<p>Both continents have unleashed billions to stem the economic fallout from the pandemic, although in Europe, a patchwork of independent states, the type of assistance, whether grant or guarantee, depends on which country is giving it.</p>\n<p>France, Italy and Spain have issued billions of guarantees on loans, while Germany made generous grants.</p>\n<p>Jerome Legras of Axiom Alternative Investments said the upbeat message of bankers jarred with that of regulators: “The message from the supervisor is almost the exact opposite.”</p>\n<p>The rosy picture painted by some executives is also at odds with data collected by the European Datawarehouse, which has analysed half a trillion euros of European mortgage loans.</p>\n<p>Its survey last December calculated that one fifth of loans in the United Kingdom had required a payment break, followed closely by Portugal as well as Italy, with more than 12%, and Ireland with around 10%.</p>\n<p>One euro zone official, speaking on condition of anonymity, said that while banks were largely robust, “some ... may run into problems or have to be wound up”.</p>\n<p>Despite the concern of European officials, deep divisions remain over how to respond.</p>\n<p>Although the 19-country euro zone bloc agreed to put the central bank in charge of supervising lenders after the financial crash more than a decade ago, they remain at odds on what to do if lenders run into trouble.</p>\n<p>Wealthy countries, such as Germany, are reluctant to help poorer ones, such as Italy or Greece, by establishing a joint rescue net.</p>\n<p>Klaus Regling, head of the European Stability Mechanism, told journalists on Monday that the ESM fund, set up during the great financial crash to help countries in trouble, could be used in winding up banks from next year.</p>\n<p>“We have created a strong second line of defence,” he said, pointing to the knock-on impact of rising insolvencies on banks and governments.</p>\n<p>Deciding on joint action such as resorting to the ESM, however, is highly political. Efforts by the European Central Bank, for example, to set up a pan-euro-zone bad bank to help lenders warehouse and sell off troubled loans have made scant progress.</p>\n<p>In the meantime, many bankers hope for the best.</p>\n<p>“There will be light at the end of the tunnel,” said Steven van Rijswijk, CEO of ING. “Where the tunnel ends we do not know.”</p>\n<p>($1 = 0.8226 euros)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"0H7D.UK":"德意志银行","0HB5.UK":"法国巴黎银行","0J6Y.UK":"法国兴业银行","DB":"德意志银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120526689","content_text":"Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.\nReflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.\n“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”\nAll three French lenders saw profits shrink last year and profits at Spain’s Santander and Dutch bank ING also dipped.\nWhile executives voice confidence, European officials worry the banks’ problems have barely begun.\nThey fear more borrowers will default when government support, including billions of euros of loan guarantees in France, Spain and elsewhere, is unwound.\nOfficials spelt out their concerns in a report presented to euro zone finance ministers who met on Monday, warning of “wide-scale corporate distress”.\nIn the document, they highlighted the extent to which banks rely on governments to help borrowers.\nWere it not for government support, they estimated roughly a quarter of EU firms could have been in trouble at the end of last year and cautioned that banks’ provisions for such losses did not reflect the “underlying deterioration”.\nRoughly 587 billion euros ($712 billion) of loans were under moratoria and 289 billion euros of credit had been given on the back of public guarantees, they said, from a tally late last year.\n“We have to avoid a sharp rise in insolvencies,” Paolo Gentiloni, the European Union’s economy commissioner, told journalists after the ministers’ gathering.\nThe same unease is felt at the European Central Bank, which supervises lenders.\nIn January, it said banks were setting aside less for bad loans than rivals in the United States and it suspected some were not taking sufficient measures, skewing the calculation of risk to convey brighter prospects for the future.\nBoth continents have unleashed billions to stem the economic fallout from the pandemic, although in Europe, a patchwork of independent states, the type of assistance, whether grant or guarantee, depends on which country is giving it.\nFrance, Italy and Spain have issued billions of guarantees on loans, while Germany made generous grants.\nJerome Legras of Axiom Alternative Investments said the upbeat message of bankers jarred with that of regulators: “The message from the supervisor is almost the exact opposite.”\nThe rosy picture painted by some executives is also at odds with data collected by the European Datawarehouse, which has analysed half a trillion euros of European mortgage loans.\nIts survey last December calculated that one fifth of loans in the United Kingdom had required a payment break, followed closely by Portugal as well as Italy, with more than 12%, and Ireland with around 10%.\nOne euro zone official, speaking on condition of anonymity, said that while banks were largely robust, “some ... may run into problems or have to be wound up”.\nDespite the concern of European officials, deep divisions remain over how to respond.\nAlthough the 19-country euro zone bloc agreed to put the central bank in charge of supervising lenders after the financial crash more than a decade ago, they remain at odds on what to do if lenders run into trouble.\nWealthy countries, such as Germany, are reluctant to help poorer ones, such as Italy or Greece, by establishing a joint rescue net.\nKlaus Regling, head of the European Stability Mechanism, told journalists on Monday that the ESM fund, set up during the great financial crash to help countries in trouble, could be used in winding up banks from next year.\n“We have created a strong second line of defence,” he said, pointing to the knock-on impact of rising insolvencies on banks and governments.\nDeciding on joint action such as resorting to the ESM, however, is highly political. Efforts by the European Central Bank, for example, to set up a pan-euro-zone bad bank to help lenders warehouse and sell off troubled loans have made scant progress.\nIn the meantime, many bankers hope for the best.\n“There will be light at the end of the tunnel,” said Steven van Rijswijk, CEO of ING. “Where the tunnel ends we do not know.”\n($1 = 0.8226 euros)","news_type":1},"isVote":1,"tweetType":1,"viewCount":38,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382879213,"gmtCreate":1613436099032,"gmtModify":1704880410963,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Okay","listText":"Okay","text":"Okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382879213","repostId":"1168862133","repostType":4,"repost":{"id":"1168862133","pubTimestamp":1613024272,"share":"https://ttm.financial/m/news/1168862133?lang=&edition=fundamental","pubTime":"2021-02-11 14:17","market":"us","language":"en","title":"Best Stocks To Buy For 2021? 4 Fintech Stocks To Watch","url":"https://stock-news.laohu8.com/highlight/detail?id=1168862133","media":"Nasdaq","summary":"If you’re caught up on the latestBitcoin news, you likely know thatfintech stocksare in the hot seat","content":"<p>If you’re caught up on the latestBitcoin news, you likely know thatfintech stocksare in the hot seat right now. This is thanks to a $1.5 billion investment into the cryptocurrency from electric vehicle titan Tesla (NASDAQ: TSLA). It is one of the latest large tech companies to not only invest in but eventually start acceptingBitcoinas payment. In fact, there have even been speculations of Apple (NASDAQ: AAPL) being well-positioned to join the cryptocurrency craze as well. How does this connect to fintech stocks?</p>\n<p>Well, to begin with, fintech companies are the bridge that allows most of the general public access to cryptocurrencies such as Bitcoin. Alternatively, they are also key players in this current age of digital finance. Whatever way you cut it, the fintech industry is becoming more essential and is here to stay for the long run. Meanwhile, more conventional top fintech stocks like Mastercard (NYSE: MA) and American Express (NYSE: AXP) have mostly seen their shares recover to pre-pandemic levels. Therefore, investors would be logical in looking for thebest fintech stocks now. Having read till this point, you might be interested in investing in this industry yourself. If you are, here are four fintech stocks to consider now.</p>\n<p>Top Fintech Stocks To Watch</p>\n<ul>\n <li><b>Mogo Inc.</b>(NASDAQ: MOGO)</li>\n <li><b>PayPal Holdings Inc.</b>(NASDAQ: PYPL)</li>\n <li><b>Square Inc.</b>(NYSE: SQ)</li>\n <li><b>Green Dot Corporation</b>(NYSE: GDOT)</li>\n</ul>\n<p>Mogo Inc.</p>\n<p>Starting us off is Canadian fintech company Mogo. It offers a wide range of financial services ranging from personal loans, mortgages, a Visa Prepaid Card, and credit score viewing. More importantly, the company also facilitates Bitcoin transactions. This particular service has exploded together with the price of the cryptocurrency over the last month. Mogo saw massive month-over-month jumps of 141% in new Bitcoin accounts added and 323% in Bitcoin transaction volume in January. Likewise, MOGO stock is currently up by over 160% year-to-date. Aside from Bitcoin-related tailwinds, the company has also been hard at work expanding its financial portfolio.</p>\n<p>For starters, Mogo acquired leading digital payments solutions provider Carta Worldwide, over two weeks ago. This move expanded Mogo’s addressable market by entering the global $2.5 trillion payments market. Following that, the company expanded into Japan last week via Carta. According to Mogo, this move was in support of the TransferWise multi-currency debit card launch in the country. With this move, Mogo continues to expand its market reach globally and seems eager to make the most of its newly acquired subsidiary. With the company firing on all cylinders now, will you be watching MOGO stock?</p>\n<p>PayPal Holdings Inc.</p>\n<p>Following that, we will be looking at fintech giant, PayPal. Just like our other entries on this list, the company does facilitate cryptocurrency transactions for its clients. Last week, PayPal reported record figures across the board. For its fourth quarter, the company saw a total payment volume (TPV) of $277 billion, a 39% increase year-over-year. Furthermore, the company’s earnings per share more than tripled over the same time as well. In detail, TPVs across its merchant services and Venmo app grew by 42% and 60% respectively. With PayPal riding both Bitcoin and pandemic tailwinds, PYPL stock continues to soar to greater heights. It has gained by over 230% since the March lows and closed yesterday at a record high. Investors may be wondering if it still has room to run moving forward.</p>\n<p>For one thing, the company does not seem to be slowing down anytime soon. Yesterday, it announced a new collaboration with global commerce solutions provider Digital River (DR). To summarize, PayPal now has a new ‘pay later’ option available to U.S. clients on DR’s e-commerce platform.<i>The “Pay in 4</i>” feature will allow customers to pay for items priced from $30 to $600 across four interest-free payments. Simultaneously, merchants get paid upfront at no additional cost to the customer. As PayPal continues to make waves in the fintech space, could PYPL stock continue to flourish this year? You tell me.</p>\n<p>Square Inc.</p>\n<p>Another top fintech company on the radar now would be Square. Aside from its Bitcoin-related services, the leading fintech player does bring a lot to the table. Whether it is financial solutions, merchant services, or mobile payment, Square’s offerings compete with the best in the field. For the uninitiated, the company markets software and hardware payments products to businesses of all sizes. At the same time, its consumer-focused digital payment ecosystem, Cash App, has also seen mind-blowing growth in the past year. Square reported having 30 million monthly active users on the app which generated over $2 billion in revenue in its recent quarter. Seasoned investors would be familiar with the meteoric rise of the company. Indeed, SQ stock has and continues to impress with gains of over 200% in the past year. With the current focus on fintech, could investors continue to find more value in SQ stock?</p>\n<p>Well, it has been posting phenomenal figures on the business side of things. In its third-quarter fiscal reported in November, it saw a year-over-year surge of 139% in total revenue and 246% in cash on hand. Specifically, Cash App’s gross profit skyrocketed by 212% year-over-year. All things considered, will you be watching SQ stock ahead of Square’s upcomingearnings callon February 23?</p>\n<p>Green Dot Corporation</p>\n<p>Undoubtedly, Green Dot is a fintech industry-veteran that should not be overlooked. As it stands, Green Dot is the world’s largest prepaid debit card company by market capitalization. The company also boasts an impressive list of clients, to say the least. Its fintech partners include but are not limited to, Google (NASDAQ: GOOGL), Uber (NYSE: UBER), and Walmart (NYSE: WMT). Equally impressive is GDOT stock’s growth of over 220% since the March selloffs. With Green Dot slated to release its fourth-quarter earnings on February 22, I can see investors watching GDOT stock closely.</p>\n<p>For the most part, the company has been hard at work maintaining its current momentum. Last month, the company launched a new mobile bank focused on addressing the two in three Americans “<i>living from paycheck to paycheck</i>”. Through this, Green Dot is leveraging its rich industry experience to provide affordable banking solutions for clients in need. In the long run, this could play out well for Green Dot as it engages consumers amidst these troubling times. Moreover, the company appointed a new CTO in Gyorgy Tomso last week. CEO Dan Henry said, “<i>Gyorgy is a fintech veteran whose deep experience leading technology strategy for financial services companies is going to be instrumental in Green Dot’s growth as a leading fintech.</i>” Has all this convinced you to add GDOT to your watchlist?</p>","source":"lsy1603171495471","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Best Stocks To Buy For 2021? 4 Fintech Stocks To Watch</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBest Stocks To Buy For 2021? 4 Fintech Stocks To Watch\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-11 14:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.nasdaq.com/articles/best-stocks-to-buy-for-2021-4-fintech-stocks-to-watch-2021-02-10><strong>Nasdaq</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If you’re caught up on the latestBitcoin news, you likely know thatfintech stocksare in the hot seat right now. This is thanks to a $1.5 billion investment into the cryptocurrency from electric ...</p>\n\n<a href=\"https://www.nasdaq.com/articles/best-stocks-to-buy-for-2021-4-fintech-stocks-to-watch-2021-02-10\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.nasdaq.com/articles/best-stocks-to-buy-for-2021-4-fintech-stocks-to-watch-2021-02-10","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168862133","content_text":"If you’re caught up on the latestBitcoin news, you likely know thatfintech stocksare in the hot seat right now. This is thanks to a $1.5 billion investment into the cryptocurrency from electric vehicle titan Tesla (NASDAQ: TSLA). It is one of the latest large tech companies to not only invest in but eventually start acceptingBitcoinas payment. In fact, there have even been speculations of Apple (NASDAQ: AAPL) being well-positioned to join the cryptocurrency craze as well. How does this connect to fintech stocks?\nWell, to begin with, fintech companies are the bridge that allows most of the general public access to cryptocurrencies such as Bitcoin. Alternatively, they are also key players in this current age of digital finance. Whatever way you cut it, the fintech industry is becoming more essential and is here to stay for the long run. Meanwhile, more conventional top fintech stocks like Mastercard (NYSE: MA) and American Express (NYSE: AXP) have mostly seen their shares recover to pre-pandemic levels. Therefore, investors would be logical in looking for thebest fintech stocks now. Having read till this point, you might be interested in investing in this industry yourself. If you are, here are four fintech stocks to consider now.\nTop Fintech Stocks To Watch\n\nMogo Inc.(NASDAQ: MOGO)\nPayPal Holdings Inc.(NASDAQ: PYPL)\nSquare Inc.(NYSE: SQ)\nGreen Dot Corporation(NYSE: GDOT)\n\nMogo Inc.\nStarting us off is Canadian fintech company Mogo. It offers a wide range of financial services ranging from personal loans, mortgages, a Visa Prepaid Card, and credit score viewing. More importantly, the company also facilitates Bitcoin transactions. This particular service has exploded together with the price of the cryptocurrency over the last month. Mogo saw massive month-over-month jumps of 141% in new Bitcoin accounts added and 323% in Bitcoin transaction volume in January. Likewise, MOGO stock is currently up by over 160% year-to-date. Aside from Bitcoin-related tailwinds, the company has also been hard at work expanding its financial portfolio.\nFor starters, Mogo acquired leading digital payments solutions provider Carta Worldwide, over two weeks ago. This move expanded Mogo’s addressable market by entering the global $2.5 trillion payments market. Following that, the company expanded into Japan last week via Carta. According to Mogo, this move was in support of the TransferWise multi-currency debit card launch in the country. With this move, Mogo continues to expand its market reach globally and seems eager to make the most of its newly acquired subsidiary. With the company firing on all cylinders now, will you be watching MOGO stock?\nPayPal Holdings Inc.\nFollowing that, we will be looking at fintech giant, PayPal. Just like our other entries on this list, the company does facilitate cryptocurrency transactions for its clients. Last week, PayPal reported record figures across the board. For its fourth quarter, the company saw a total payment volume (TPV) of $277 billion, a 39% increase year-over-year. Furthermore, the company’s earnings per share more than tripled over the same time as well. In detail, TPVs across its merchant services and Venmo app grew by 42% and 60% respectively. With PayPal riding both Bitcoin and pandemic tailwinds, PYPL stock continues to soar to greater heights. It has gained by over 230% since the March lows and closed yesterday at a record high. Investors may be wondering if it still has room to run moving forward.\nFor one thing, the company does not seem to be slowing down anytime soon. Yesterday, it announced a new collaboration with global commerce solutions provider Digital River (DR). To summarize, PayPal now has a new ‘pay later’ option available to U.S. clients on DR’s e-commerce platform.The “Pay in 4” feature will allow customers to pay for items priced from $30 to $600 across four interest-free payments. Simultaneously, merchants get paid upfront at no additional cost to the customer. As PayPal continues to make waves in the fintech space, could PYPL stock continue to flourish this year? You tell me.\nSquare Inc.\nAnother top fintech company on the radar now would be Square. Aside from its Bitcoin-related services, the leading fintech player does bring a lot to the table. Whether it is financial solutions, merchant services, or mobile payment, Square’s offerings compete with the best in the field. For the uninitiated, the company markets software and hardware payments products to businesses of all sizes. At the same time, its consumer-focused digital payment ecosystem, Cash App, has also seen mind-blowing growth in the past year. Square reported having 30 million monthly active users on the app which generated over $2 billion in revenue in its recent quarter. Seasoned investors would be familiar with the meteoric rise of the company. Indeed, SQ stock has and continues to impress with gains of over 200% in the past year. With the current focus on fintech, could investors continue to find more value in SQ stock?\nWell, it has been posting phenomenal figures on the business side of things. In its third-quarter fiscal reported in November, it saw a year-over-year surge of 139% in total revenue and 246% in cash on hand. Specifically, Cash App’s gross profit skyrocketed by 212% year-over-year. All things considered, will you be watching SQ stock ahead of Square’s upcomingearnings callon February 23?\nGreen Dot Corporation\nUndoubtedly, Green Dot is a fintech industry-veteran that should not be overlooked. As it stands, Green Dot is the world’s largest prepaid debit card company by market capitalization. The company also boasts an impressive list of clients, to say the least. Its fintech partners include but are not limited to, Google (NASDAQ: GOOGL), Uber (NYSE: UBER), and Walmart (NYSE: WMT). Equally impressive is GDOT stock’s growth of over 220% since the March selloffs. With Green Dot slated to release its fourth-quarter earnings on February 22, I can see investors watching GDOT stock closely.\nFor the most part, the company has been hard at work maintaining its current momentum. Last month, the company launched a new mobile bank focused on addressing the two in three Americans “living from paycheck to paycheck”. Through this, Green Dot is leveraging its rich industry experience to provide affordable banking solutions for clients in need. In the long run, this could play out well for Green Dot as it engages consumers amidst these troubling times. Moreover, the company appointed a new CTO in Gyorgy Tomso last week. CEO Dan Henry said, “Gyorgy is a fintech veteran whose deep experience leading technology strategy for financial services companies is going to be instrumental in Green Dot’s growth as a leading fintech.” Has all this convinced you to add GDOT to your watchlist?","news_type":1},"isVote":1,"tweetType":1,"viewCount":129,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312093613,"gmtCreate":1611968926632,"gmtModify":1704866687129,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/312093613","repostId":"2107011218","repostType":4,"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":313530312,"gmtCreate":1611737738836,"gmtModify":1704862465546,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"Any opinion on $MKD or $SYN?","listText":"Any opinion on $MKD or $SYN?","text":"Any opinion on $MKD or $SYN?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/313530312","isVote":1,"tweetType":1,"viewCount":8,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838755278,"gmtCreate":1629431912994,"gmtModify":1676530039473,"author":{"id":"3560907030568316","authorId":"3560907030568316","name":"henjotan","avatar":"https://static.tigerbbs.com/677029dd536dcdab8ac9efb82e525a37","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3560907030568316","authorIdStr":"3560907030568316"},"themes":[],"htmlText":"For the benefit of the people","listText":"For the benefit of the people","text":"For the benefit of the people","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838755278","repostId":"1113659023","repostType":4,"repost":{"id":"1113659023","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629430265,"share":"https://ttm.financial/m/news/1113659023?lang=&edition=fundamental","pubTime":"2021-08-20 11:31","market":"us","language":"en","title":"Morgan Stanley：China's Regulatory Reset","url":"https://stock-news.laohu8.com/highlight/detail?id=1113659023","media":"Tiger Newspress","summary":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.New objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shi","content":"<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley：China's Regulatory Reset</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley：China's Regulatory Reset\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-08-20 11:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113659023","content_text":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.\n\nNew objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.\nEconomic implications: Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.\nInvestment implications: We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.\nOur current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.\nChallenges and opportunities by segment/theme: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.\n5 Key Charts at a Glance\nA shift from \"growth first\" to balancing growth and sustainability...Challenges and opportunities by segment/themeUnderstanding China's Regulatory Reset\nNew era, new objective...\nWe believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.\nReflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.\nIn short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain....but history rhymes\nWhile many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.\nWhy has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out- flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:\n\nRelaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.\nTight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.\n\nHere we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.\nWe also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.What is next?\nThe salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.\nThat said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to\nChina Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds & Tailwinds . Understanding China's Regulatory Reset Are there signposts to help us navigate the outlook based on past regulatory changes?\nWhile China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.\n1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.\n3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as \"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.\nEmergence of new norm following the regulatory shocks: Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:\n1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,\n2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and\n3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.\nKey policy risks to watch\nWe think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.\nAlthough some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.\n1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.\n2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.","news_type":1},"isVote":1,"tweetType":1,"viewCount":246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}