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GKevin

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2021-08-09

Playing by the antiquated rules just forces developers and businesses out of America. The whole premise of blockchain is decentralisation, it will be impossible for any single country to fully regulate such network

SEC Moves First DeFi Unregistered Securities Lawsuit

2021-07-20

I thought everyone buys in during dips? Not just the young ones

‘A Lot of Very Young People’ Are Going to Buy the Dip in Stocks

2021-09-11

Not exactly a crash, yet. So far it is a 15% correction, just a usual day in the crypto world

Bitcoin Crash September 2021: What You Should Know

2021-07-10

Bullish on Nvidia

Sorry, the original content has been removed

2021-07-03

Very positive news, seems like next week will be a very green week

U.S. stocks sweep to fresh highs after strong jobs report

2021-07-02

Combination of hype and perceived potential of extremely high gains. They are young, so the risk appetite is very different from older traders

Why Young Adults Are Taking Big Risks On AMC And GameStop？

2021-07-17

Bearish, it’s time to start being bullish and find entry prices

Dow gives up earlier gain, loses 150 points despite strong retail sales

2021-07-16

Waiting for this crash to increase my positions with NVidia

NVIDIA Stock Could Crash. Here's What You Should Do if It Does

2021-08-11

To the moon!

Bitcoin roars back, putting US$100,000 predictions in vogue again

2021-07-08

Time to time the market

Why is the stock market down today?

2021-08-21

Good news for China actually, things will recover and even moon in long term

Some China concepts stocks sink in morning trading

2021-07-19

The funny thing is if I held silver for a decade, I would have lost almost 40% in value. If I held gold for a decade, I would have gained only 10% and still lose to inflation.

Sorry, the original content has been removed

2021-07-17

Fear and greed index indicated extreme fear, seems like this is the start of a minor bloodbath

Sorry, the original content has been removed

2021-06-30

Crypto is still young, and currently it is downby almost half. Stocks on the other hand are now in a bull run. Isn’t it a better time to invest in crypto?

Sorry, the original content has been removed

2022-02-01

Multiple interest rate hikes expected throughout the year. Next few weeks leading up toMarch might have more volatility and uncertainty. Not forgetting mid terms coming up. Abullish market will be met with a hawkish fed, vice versa.

Sorry, the original content has been removed

2021-08-21

Bullish on Chinese stocks and ETFs. Long term prospect is good

Morgan Stanley：China's Regulatory Reset

2021-07-17

$NASDAQ-100 Index ETF(QQQ)$still in the green for now

Go to Tiger App to see more news

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Next few weeks leading up toMarch might have more volatility and uncertainty. Not forgetting mid terms coming up. Abullish market will be met with a hawkish fed, vice versa.","listText":"Multiple interest rate hikes expected throughout the year. Next few weeks leading up toMarch might have more volatility and uncertainty. Not forgetting mid terms coming up. Abullish market will be met with a hawkish fed, vice versa.","text":"Multiple interest rate hikes expected throughout the year. Next few weeks leading up toMarch might have more volatility and uncertainty. Not forgetting mid terms coming up. Abullish market will be met with a hawkish fed, vice versa.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9093464830","repostId":"1166659141","repostType":4,"repost":{"id":"1166659141","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":1643639466,"share":"https://ttm.financial/m/news/1166659141?lang=&edition=fundamental","pubTime":"2022-01-31 22:31","market":"us","language":"en","title":"Dow falls 200 points on the last trading day of January, S&P 500 is set for its worst month since March 2020","url":"https://stock-news.laohu8.com/highlight/detail?id=1166659141","media":"Tiger Newspress","summary":"Stocks were mixed Monday as traders wrapped up what has been a whirlwind of a month.The Dow Jones In","content":"<html><head></head><body><p>Stocks were mixed Monday as traders wrapped up what has been a whirlwind of a month.</p><p>The Dow Jones Industrial Average fell 200 points. The S&amp;P 500 gained 0.1%, but is currently on pace for its worst month since October 2020. The Nasdaq Composite rose 0.9%.</p><p>The moves come after all of the major averages rallied into the close on Friday, after another week of market volatility led by tech stocks. Tech names helped the Nasdaq on Monday, however, which has been wavering over the flat line. Netflix and Spotify each added 4% and 5%, respectively, following an upgrade from Citi. Spotify also took steps over the weekend to address the controversy surrounding its Joe Rogan podcast.</p><p>Tesla shares gained more than 3% following an upgrade of the stock to outperform by Credit Suisse. Other EV makers rose too. Rivian and Lucid added about 2%, and Lordstown Motors jumped 11%.</p><p>January has still been a dismal month for stocks. The S&amp;P 500 is headed for its worst month since the pandemic-spurred market turmoil in March 2020 as investors worry about inflation, supply chain issues and the upcoming rate hikes from the Federal Reserve.</p><p>The 500-stock average is nearing correction territory, down more than 8% from its intraday high earlier this month. The S&amp;P 500 is down 7% in January.</p><p>The Nasdaq Composite, which is roughly 15% off its November record close, is headed for its worst month since October 2008 and the worst first month of the year of all time. The technology-focused average is down 11% in January.</p><p>The Dow, off by about 4% this month, is heading for its worst month since October 2020 and the small-cap benchmark Russell 2000 is in a bear market.</p><p>The major averages experienced violent swings last week, with the Dow moving a gut-wrenching 1,000 points in both directions. The Dow ended the week 1.3% higher. The S&amp;P 500 gained 0.8% last week and the Nasdaq was about flat for the week.</p><p>“This all kind of results in additional market volatility until investors digest this transition period,” said Michael Arone, chief investment strategist at State Street Global Advisors. “On the other side of this, the economy should continue to expand, earnings are pretty good. That’s enough to sustain markets, but I think they’re adjusting to the shift in monetary policy, fiscal policy and earnings.”</p><p>Investors have a big week for economic data and some important earnings reports from some of the market’s biggest tech names, including Alphabet, Starbucks, Meta Platforms, Amazon and more. 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Economists surveyed by Dow Jones expect the report to show a gain of just 178,000 with the unemployment rate holding steady at 3.9%.</p><p>There also will be several Federal Reserve speakers Monday, including Richmond Fed President Thomas Barkin, who will appear on CNBC around 3 p.m. ET.</p><p>Last week, the Fed indicated that it is likely to raise interest rates for the first time in more than three years in order to combat historically high inflation. Markets are now pricing in five quarter-percentage-point interest rate hikes in 2022.</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>Dow falls 200 points on the last trading day of January, S&P 500 is set for its worst month since March 2020</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\">\nDow falls 200 points on the last trading day of January, S&P 500 is set for its worst month since March 2020\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\">2022-01-31 22:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Stocks were mixed Monday as traders wrapped up what has been a whirlwind of a month.</p><p>The Dow Jones Industrial Average fell 200 points. The S&amp;P 500 gained 0.1%, but is currently on pace for its worst month since October 2020. The Nasdaq Composite rose 0.9%.</p><p>The moves come after all of the major averages rallied into the close on Friday, after another week of market volatility led by tech stocks. Tech names helped the Nasdaq on Monday, however, which has been wavering over the flat line. Netflix and Spotify each added 4% and 5%, respectively, following an upgrade from Citi. Spotify also took steps over the weekend to address the controversy surrounding its Joe Rogan podcast.</p><p>Tesla shares gained more than 3% following an upgrade of the stock to outperform by Credit Suisse. Other EV makers rose too. Rivian and Lucid added about 2%, and Lordstown Motors jumped 11%.</p><p>January has still been a dismal month for stocks. The S&amp;P 500 is headed for its worst month since the pandemic-spurred market turmoil in March 2020 as investors worry about inflation, supply chain issues and the upcoming rate hikes from the Federal Reserve.</p><p>The 500-stock average is nearing correction territory, down more than 8% from its intraday high earlier this month. The S&amp;P 500 is down 7% in January.</p><p>The Nasdaq Composite, which is roughly 15% off its November record close, is headed for its worst month since October 2008 and the worst first month of the year of all time. The technology-focused average is down 11% in January.</p><p>The Dow, off by about 4% this month, is heading for its worst month since October 2020 and the small-cap benchmark Russell 2000 is in a bear market.</p><p>The major averages experienced violent swings last week, with the Dow moving a gut-wrenching 1,000 points in both directions. The Dow ended the week 1.3% higher. The S&amp;P 500 gained 0.8% last week and the Nasdaq was about flat for the week.</p><p>“This all kind of results in additional market volatility until investors digest this transition period,” said Michael Arone, chief investment strategist at State Street Global Advisors. “On the other side of this, the economy should continue to expand, earnings are pretty good. That’s enough to sustain markets, but I think they’re adjusting to the shift in monetary policy, fiscal policy and earnings.”</p><p>Investors have a big week for economic data and some important earnings reports from some of the market’s biggest tech names, including Alphabet, Starbucks, Meta Platforms, Amazon and more. About one-third of S&amp;P 500 companies have reported fourth-quarter earnings and 77% have beaten Wall Street’s earnings expectations, according to FactSet.</p><p>“Mostly, this week will be all about whether the correction low is already in or whether last Monday’s intra-day low is again challenged and breached,” said Jim Paulsen, Leuthold Group chief investment strategist.  “The longer the S&amp;P stays above last Monday’s low or moves even further away on the upside, the more that calm will return and fundamentals may again start to dominate emotions in driving the market.”</p><p>Friday will see the December nonfarm payrolls report, which the White House warned Friday could be hit by the omicron surge at the end of 2021. Economists surveyed by Dow Jones expect the report to show a gain of just 178,000 with the unemployment rate holding steady at 3.9%.</p><p>There also will be several Federal Reserve speakers Monday, including Richmond Fed President Thomas Barkin, who will appear on CNBC around 3 p.m. ET.</p><p>Last week, the Fed indicated that it is likely to raise interest rates for the first time in more than three years in order to combat historically high inflation. Markets are now pricing in five quarter-percentage-point interest rate hikes in 2022.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166659141","content_text":"Stocks were mixed Monday as traders wrapped up what has been a whirlwind of a month.The Dow Jones Industrial Average fell 200 points. The S&P 500 gained 0.1%, but is currently on pace for its worst month since October 2020. The Nasdaq Composite rose 0.9%.The moves come after all of the major averages rallied into the close on Friday, after another week of market volatility led by tech stocks. Tech names helped the Nasdaq on Monday, however, which has been wavering over the flat line. Netflix and Spotify each added 4% and 5%, respectively, following an upgrade from Citi. Spotify also took steps over the weekend to address the controversy surrounding its Joe Rogan podcast.Tesla shares gained more than 3% following an upgrade of the stock to outperform by Credit Suisse. Other EV makers rose too. Rivian and Lucid added about 2%, and Lordstown Motors jumped 11%.January has still been a dismal month for stocks. The S&P 500 is headed for its worst month since the pandemic-spurred market turmoil in March 2020 as investors worry about inflation, supply chain issues and the upcoming rate hikes from the Federal Reserve.The 500-stock average is nearing correction territory, down more than 8% from its intraday high earlier this month. The S&P 500 is down 7% in January.The Nasdaq Composite, which is roughly 15% off its November record close, is headed for its worst month since October 2008 and the worst first month of the year of all time. The technology-focused average is down 11% in January.The Dow, off by about 4% this month, is heading for its worst month since October 2020 and the small-cap benchmark Russell 2000 is in a bear market.The major averages experienced violent swings last week, with the Dow moving a gut-wrenching 1,000 points in both directions. The Dow ended the week 1.3% higher. The S&P 500 gained 0.8% last week and the Nasdaq was about flat for the week.“This all kind of results in additional market volatility until investors digest this transition period,” said Michael Arone, chief investment strategist at State Street Global Advisors. “On the other side of this, the economy should continue to expand, earnings are pretty good. That’s enough to sustain markets, but I think they’re adjusting to the shift in monetary policy, fiscal policy and earnings.”Investors have a big week for economic data and some important earnings reports from some of the market’s biggest tech names, including Alphabet, Starbucks, Meta Platforms, Amazon and more. About one-third of S&P 500 companies have reported fourth-quarter earnings and 77% have beaten Wall Street’s earnings expectations, according to FactSet.“Mostly, this week will be all about whether the correction low is already in or whether last Monday’s intra-day low is again challenged and breached,” said Jim Paulsen, Leuthold Group chief investment strategist.  “The longer the S&P stays above last Monday’s low or moves even further away on the upside, the more that calm will return and fundamentals may again start to dominate emotions in driving the market.”Friday will see the December nonfarm payrolls report, which the White House warned Friday could be hit by the omicron surge at the end of 2021. Economists surveyed by Dow Jones expect the report to show a gain of just 178,000 with the unemployment rate holding steady at 3.9%.There also will be several Federal Reserve speakers Monday, including Richmond Fed President Thomas Barkin, who will appear on CNBC around 3 p.m. ET.Last week, the Fed indicated that it is likely to raise interest rates for the first time in more than three years in order to combat historically high inflation. Markets are now pricing in five quarter-percentage-point interest rate hikes in 2022.","news_type":1},"isVote":1,"tweetType":1,"viewCount":181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881122015,"gmtCreate":1631318663337,"gmtModify":1676530526183,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Not exactly a crash, yet. So far it is a 15% correction, just a usual day in the crypto world","listText":"Not exactly a crash, yet. So far it is a 15% correction, just a usual day in the crypto world","text":"Not exactly a crash, yet. So far it is a 15% correction, just a usual day in the crypto world","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/881122015","repostId":"1148605188","repostType":4,"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836482204,"gmtCreate":1629514740008,"gmtModify":1676530063163,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Bullish on Chinese stocks and ETFs. Long term prospect is good","listText":"Bullish on Chinese stocks and ETFs. Long term prospect is good","text":"Bullish on Chinese stocks and ETFs. Long term prospect is good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/836482204","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":546,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836486608,"gmtCreate":1629514652404,"gmtModify":1676530063152,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Good news for China actually, things will recover and even moon in long term","listText":"Good news for China actually, things will recover and even moon in long term","text":"Good news for China actually, things will recover and even moon in long term","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/836486608","repostId":"1172431375","repostType":4,"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3577008494818778","authorId":"3577008494818778","name":"BlackTechAI","avatar":"https://static.tigerbbs.com/d64102b43967a7880f608e7ec776385d","crmLevel":2,"crmLevelSwitch":0,"idStr":"3577008494818778","authorIdStr":"3577008494818778"},"content":"China going in the right direction upgrading the quality of its industries and green environment initiatives supporting clean energy. Good for Chinese companies' international creditabilty.","text":"China going in the right direction upgrading the quality of its industries and green environment initiatives supporting clean energy. Good for Chinese companies' international creditabilty.","html":"China going in the right direction upgrading the quality of its industries and green environment initiatives supporting clean energy. Good for Chinese companies' international creditabilty."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892434274,"gmtCreate":1628682187498,"gmtModify":1676529819084,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"To the moon!","listText":"To the moon!","text":"To the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/892434274","repostId":"2158401828","repostType":4,"isVote":1,"tweetType":1,"viewCount":205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898903221,"gmtCreate":1628466332463,"gmtModify":1703506376981,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Playing by the antiquated&nbsp;rules just forces developers and businesses out of America. The whole premise of blockchain is decentralisation, it will be impossible for any single country to&nbsp;fully regulate such network","listText":"Playing by the antiquated&nbsp;rules just forces developers and businesses out of America. The whole premise of blockchain is decentralisation, it will be impossible for any single country to&nbsp;fully regulate such network","text":"Playing by the antiquated rules just forces developers and businesses out of America. The whole premise of blockchain is decentralisation, it will be impossible for any single country to fully regulate such network","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/898903221","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","pubTimestamp":1628386129,"share":"https://ttm.financial/m/news/1180529438?lang=&edition=fundamental","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p>The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.</p>\n<p><b>What Happened:</b>&nbsp;According to a Friday SEC&nbsp;announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.</p>\n<p>The SEC notes that Blockchain Credit Partners&nbsp;founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial&nbsp;the accusations.</p>\n<p><b>New Game, Old Rules?</b></p>\n<p>SEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.</p>\n<p>The SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.</p>\n<p>In a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.</p>\n<p><b>What's Next:</b>If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force&nbsp;<b>Ethereum's</b>&nbsp;(CRYPTO: ETH) core development team to write an update stopping such a project?</p>\n<p>If the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away&nbsp;between their fingers like sand, and they are going to try to grab it.</p>","source":"lsy1606299360108","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>SEC Moves First DeFi Unregistered Securities Lawsuit</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-08 09:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p>\n\n<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3555065151273039","authorId":"3555065151273039","name":"Jackytan","avatar":"https://community-static.tradeup.com/news/6b0314202f797581d3e8716a67f721e6","crmLevel":6,"crmLevelSwitch":1,"idStr":"3555065151273039","authorIdStr":"3555065151273039"},"content":"Fully agree! On the other hand, if it's decentralized, why is there still an organization where the operations are centered? Not enough ground-up movement, or organization trying to make big $?","text":"Fully agree! On the other hand, if it's decentralized, why is there still an organization where the operations are centered? Not enough ground-up movement, or organization trying to make big $?","html":"Fully agree! On the other hand, if it's decentralized, why is there still an organization where the operations are centered? Not enough ground-up movement, or organization trying to make big $?"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172890149,"gmtCreate":1626948376981,"gmtModify":1703481140570,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Hard to tell if it will sustain, crypto is still likely to see more downside than upside for short term. Probably the pump is partly due&nbsp;to B Word","listText":"Hard to tell if it will sustain, crypto is still likely to see more downside than upside for short term. Probably the pump is partly due&nbsp;to B Word","text":"Hard to tell if it will sustain, crypto is still likely to see more downside than upside for short term. Probably the pump is partly due to B Word","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172890149","repostId":"1137753306","repostType":4,"repost":{"id":"1137753306","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":1626944539,"share":"https://ttm.financial/m/news/1137753306?lang=&edition=fundamental","pubTime":"2021-07-22 17:02","market":"us","language":"en","title":"Cryptocurrency-related stocks soar in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1137753306","media":"Tiger Newspress","summary":"(July 22) Cryptocurrency-related stocks soar in premarket trading.\nBitcoin rose 1% from its 5 p.m. E","content":"<p>(July 22)&nbsp;Cryptocurrency-related stocks soar in premarket trading.</p>\n<p>Bitcoin rose 1% from its 5 p.m. ET level, trading around $32,200 and extending gains into a second day. The cryptocurrency rallied Wednesday after Tesla Chief ExecutiveElon Musksaid bothhe and his rocket company SpaceX hold bitcoin.</p>\n<p><img src=\"https://static.tigerbbs.com/72881d44f1f43108ff16826114112776\" tg-width=\"301\" tg-height=\"324\" 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>Cryptocurrency-related stocks soar in premarket 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\">\nCryptocurrency-related stocks soar in premarket 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\">2021-07-22 17:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(July 22)&nbsp;Cryptocurrency-related stocks soar in premarket trading.</p>\n<p>Bitcoin rose 1% from its 5 p.m. ET level, trading around $32,200 and extending gains into a second day. The cryptocurrency rallied Wednesday after Tesla Chief ExecutiveElon Musksaid bothhe and his rocket company SpaceX hold bitcoin.</p>\n<p><img src=\"https://static.tigerbbs.com/72881d44f1f43108ff16826114112776\" tg-width=\"301\" tg-height=\"324\" 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":"1137753306","content_text":"(July 22) Cryptocurrency-related stocks soar in premarket trading.\nBitcoin rose 1% from its 5 p.m. ET level, trading around $32,200 and extending gains into a second day. The cryptocurrency rallied Wednesday after Tesla Chief ExecutiveElon Musksaid bothhe and his rocket company SpaceX hold bitcoin.","news_type":1},"isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171654162,"gmtCreate":1626743553356,"gmtModify":1703764245087,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"I thought everyone buys in during dips? Not just the young ones","listText":"I thought everyone buys in during dips? Not just the young ones","text":"I thought everyone buys in during dips? Not just the young ones","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/171654162","repostId":"1113782694","repostType":4,"repost":{"id":"1113782694","pubTimestamp":1626741246,"share":"https://ttm.financial/m/news/1113782694?lang=&edition=fundamental","pubTime":"2021-07-20 08:34","market":"us","language":"en","title":"‘A Lot of Very Young People’ Are Going to Buy the Dip in Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1113782694","media":"Bloomberg","summary":"Someday, the post-pandemic equities rally is going to end. When it does it will take a lot of newly ","content":"<p>Someday, the post-pandemic equities rally is going to end. When it does it will take a lot of newly christened stock bulls with it.</p>\n<p>Their&nbsp;refusal to bendhas been the signature fact of the stock market for at least 12 months, putting a floor under four other selloffs in 2021 alone that look just like the one that has sheared almost 3% off the S&amp;P 500 Index since Thursday. Whether the devotion of retail investors is enough to turn the tide again is the biggest question in markets right now.</p>\n<p>“There’s a lot of very young people in the accumulation phase,” said Dan Egan, managing director of behavioral finance and investing for robo-adviser Betterment, who added that younger investors in particular have used selloffs as buying opportunities. “If they have any excess cash sitting around, they’re going to use it to buy in.”</p>\n<p>Four other times this year, the S&amp;P 500 Index has closed 3% below a historic high, and each time it rebounded to a record, according to data compiled by Bloomberg. That shows how difficult it’s been to dislodge the retail traders who have fueled the rally -- as well as the conditioning at work in markets that will inevitably be their comeuppance.</p>\n<p>“The dip buyers have stepped in very quickly and bought very quickly and that’s one of the reasons we haven’t had a full 10% correction -- and frankly I don’t think we’ll have one this time either for that reason,” said Randy Frederick, managing director of trading and derivatives for Charles Schwab Corp. “Every dip has been bought and immediately paid off within a week or two of not just where it started but above.”</p>\n<p><img src=\"https://static.tigerbbs.com/d5dd9419ca3081f38041934062998e53\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>Will this be the selloff that sticks? Some say yes. Gina Martin Adams, Bloomberg’s stock strategist, says big drops in small companies and transportation firms bode particularly badly. “Leading indicators imply a breakdown in stock prices remains most likely in the interim,” she wrote in anote.</p>\n<p>Still, it’s been a long time since anything could shake the nerves of the retail cadres who have fueled the post-pandemic rally. Predicting they will stop plowing money into the market has been a losing bet to date.</p>\n<p>Exchange-traded funds are about to luremore moneyin seven months than in any calendar year on record -- with $486 billion added so far in 2021, the inflow will soon surpass last year’s $497 billion full-year record. In July alone, equity ETFs have taken in more than $15 billion.</p>\n<p>Other signs portend good news for the bulls. A measure of implied volatility in VIX options known as the Cboe VVIX Index is trading above 140, the level it’s been at three other times since October and which became an ultimate buying opportunity. When the so-called volatility of volatility measure peaked at 152 in late October, that marked the lowest point of the S&amp;P 500, which proceeded to embark on a rally. When it rose to 158 on Jan. 27, the equity gauge found its trough two days later. When the same happened in mid-May, the S&amp;P 500 rose more than 1% in each of the next two days.</p>\n<p>As the market’s run higher, options trading has also picked up again, with strategists from Goldman Sachs Group Inc. saying last week the month-to-date average daily notional amount traded has risen to a record. Roughly $534 billion of options have changed hands on average each day this month, with more than half of that happening in call options. That’s above last year’s average of around $367 billion.</p>\n<p>For many strategists, the current retreat is a blip before the reflation trade reasserts itself once again. That would imply stocks sensitive to the economic reopening will stage a comeback, with cyclical and value-oriented sectors of the market standing to benefit the most.</p>\n<p>UBS Global Wealth Management Chief Investment Officer Mark Haefele in his monthly letter to clients last week wrote that fears over premature Federal Reserve tightening or the spread of the delta variant derailing the recovery are “overdone.” Consumers have strong balance sheets, he said, and the need for businesses to rebuild inventory and capex could sustain economic momentum and corporate earnings.</p>\n<p>Marko Kolanovic, JPMorgan Chase &amp; Co.’s chief global markets strategist, is also among those calling for such a bounce, arguing that it could happen once delta variant fears subside and inflation surprises persist.</p>\n<p>And Michael Purves, founder and CEO at Tallbacken, on Monday raised his year-end target for the S&amp;P 500 to 4,800 from 4,250, implying a roughly 13% gain from current levels.</p>\n<p>“We think the combination of low, and stable, interest rates with a strong earnings growth trajectory will support the equity risk premium at healthy levels at 4,800 at year end,” he wrote in a note. “While we are past peak earnings growth, the earnings growth story into and through 2022 will continue to be robust. Further, we find little evidence that a rollover in peak earnings growth is a reason to sell the market.”</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>‘A Lot of Very Young People’ Are Going to Buy the Dip in Stocks</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‘A Lot of Very Young People’ Are Going to Buy the Dip in Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-20 08:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-07-19/-a-lot-of-very-young-people-are-going-to-buy-the-dip-in-stocks><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Someday, the post-pandemic equities rally is going to end. When it does it will take a lot of newly christened stock bulls with it.\nTheir refusal to bendhas been the signature fact of the stock market...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-07-19/-a-lot-of-very-young-people-are-going-to-buy-the-dip-in-stocks\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.bloomberg.com/news/articles/2021-07-19/-a-lot-of-very-young-people-are-going-to-buy-the-dip-in-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113782694","content_text":"Someday, the post-pandemic equities rally is going to end. When it does it will take a lot of newly christened stock bulls with it.\nTheir refusal to bendhas been the signature fact of the stock market for at least 12 months, putting a floor under four other selloffs in 2021 alone that look just like the one that has sheared almost 3% off the S&P 500 Index since Thursday. Whether the devotion of retail investors is enough to turn the tide again is the biggest question in markets right now.\n“There’s a lot of very young people in the accumulation phase,” said Dan Egan, managing director of behavioral finance and investing for robo-adviser Betterment, who added that younger investors in particular have used selloffs as buying opportunities. “If they have any excess cash sitting around, they’re going to use it to buy in.”\nFour other times this year, the S&P 500 Index has closed 3% below a historic high, and each time it rebounded to a record, according to data compiled by Bloomberg. That shows how difficult it’s been to dislodge the retail traders who have fueled the rally -- as well as the conditioning at work in markets that will inevitably be their comeuppance.\n“The dip buyers have stepped in very quickly and bought very quickly and that’s one of the reasons we haven’t had a full 10% correction -- and frankly I don’t think we’ll have one this time either for that reason,” said Randy Frederick, managing director of trading and derivatives for Charles Schwab Corp. “Every dip has been bought and immediately paid off within a week or two of not just where it started but above.”\n\nWill this be the selloff that sticks? Some say yes. Gina Martin Adams, Bloomberg’s stock strategist, says big drops in small companies and transportation firms bode particularly badly. “Leading indicators imply a breakdown in stock prices remains most likely in the interim,” she wrote in anote.\nStill, it’s been a long time since anything could shake the nerves of the retail cadres who have fueled the post-pandemic rally. Predicting they will stop plowing money into the market has been a losing bet to date.\nExchange-traded funds are about to luremore moneyin seven months than in any calendar year on record -- with $486 billion added so far in 2021, the inflow will soon surpass last year’s $497 billion full-year record. In July alone, equity ETFs have taken in more than $15 billion.\nOther signs portend good news for the bulls. A measure of implied volatility in VIX options known as the Cboe VVIX Index is trading above 140, the level it’s been at three other times since October and which became an ultimate buying opportunity. When the so-called volatility of volatility measure peaked at 152 in late October, that marked the lowest point of the S&P 500, which proceeded to embark on a rally. When it rose to 158 on Jan. 27, the equity gauge found its trough two days later. When the same happened in mid-May, the S&P 500 rose more than 1% in each of the next two days.\nAs the market’s run higher, options trading has also picked up again, with strategists from Goldman Sachs Group Inc. saying last week the month-to-date average daily notional amount traded has risen to a record. Roughly $534 billion of options have changed hands on average each day this month, with more than half of that happening in call options. That’s above last year’s average of around $367 billion.\nFor many strategists, the current retreat is a blip before the reflation trade reasserts itself once again. That would imply stocks sensitive to the economic reopening will stage a comeback, with cyclical and value-oriented sectors of the market standing to benefit the most.\nUBS Global Wealth Management Chief Investment Officer Mark Haefele in his monthly letter to clients last week wrote that fears over premature Federal Reserve tightening or the spread of the delta variant derailing the recovery are “overdone.” Consumers have strong balance sheets, he said, and the need for businesses to rebuild inventory and capex could sustain economic momentum and corporate earnings.\nMarko Kolanovic, JPMorgan Chase & Co.’s chief global markets strategist, is also among those calling for such a bounce, arguing that it could happen once delta variant fears subside and inflation surprises persist.\nAnd Michael Purves, founder and CEO at Tallbacken, on Monday raised his year-end target for the S&P 500 to 4,800 from 4,250, implying a roughly 13% gain from current levels.\n“We think the combination of low, and stable, interest rates with a strong earnings growth trajectory will support the equity risk premium at healthy levels at 4,800 at year end,” he wrote in a note. “While we are past peak earnings growth, the earnings growth story into and through 2022 will continue to be robust. Further, we find little evidence that a rollover in peak earnings growth is a reason to sell the market.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173880265,"gmtCreate":1626652842757,"gmtModify":1703762631252,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"The funny thing is if I held silver for a decade, I would have lost almost 40% in value. If I held gold for a decade, I would have gained only 10% and still&nbsp;lose&nbsp;to inflation.","listText":"The funny thing is if I held silver for a decade, I would have lost almost 40% in value. If I held gold for a decade, I would have gained only 10% and still&nbsp;lose&nbsp;to inflation.","text":"The funny thing is if I held silver for a decade, I would have lost almost 40% in value. If I held gold for a decade, I would have gained only 10% and still lose to inflation.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/173880265","repostId":"1123755908","repostType":4,"repost":{"id":"1123755908","pubTimestamp":1626650225,"share":"https://ttm.financial/m/news/1123755908?lang=&edition=fundamental","pubTime":"2021-07-19 07:17","market":"us","language":"en","title":"It’s ‘very dangerous’ to invest in stocks and bitcoin right now, long-time bear David Tice warns","url":"https://stock-news.laohu8.com/highlight/detail?id=1123755908","media":"CNBC","summary":"The investor who sold his bear fund as the 2008 financial crisis was unfolding is delivering a grim ","content":"<div>\n<p>The investor who sold his bear fund as the 2008 financial crisis was unfolding is delivering a grim long-term prognosis to Wall Street.\nFrom the S&P 500 to Big Tech to bitcoin, David Tice warns it’s a...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/18/very-dangerous-to-buy-stocks-bitcoin-investor-david-tice-warns.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>It’s ‘very dangerous’ to invest in stocks and bitcoin right now, long-time bear David Tice warns</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; 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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\">\nIt’s ‘very dangerous’ to invest in stocks and bitcoin right now, long-time bear David Tice warns\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-19 07:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/18/very-dangerous-to-buy-stocks-bitcoin-investor-david-tice-warns.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The investor who sold his bear fund as the 2008 financial crisis was unfolding is delivering a grim long-term prognosis to Wall Street.\nFrom the S&P 500 to Big Tech to bitcoin, David Tice warns it’s a...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/18/very-dangerous-to-buy-stocks-bitcoin-investor-david-tice-warns.html\">Web Link</a>\n\n</div>\n\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"},"source_url":"https://www.cnbc.com/2021/07/18/very-dangerous-to-buy-stocks-bitcoin-investor-david-tice-warns.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1123755908","content_text":"The investor who sold his bear fund as the 2008 financial crisis was unfolding is delivering a grim long-term prognosis to Wall Street.\nFrom the S&P 500 to Big Tech to bitcoin, David Tice warns it’s a “very dangerous period” for investors right now.\n\"Themarketis very overpriced in terms of future earnings. We are adding debt like we've never seen,\" the former Prudent Bear Fund manager told \"Trading Nation\" on Friday. \"We have the Treasury market acting very strange withratesfalling dramatically.\"\nTice, who's known for making bearish bets during bull markets, now advises theAdvisorShares Ranger Equity Bear ETF, which has $70 million in assets under management. The fund is up 3% over the past month, but it's off 62% over the last two years.\nHe acknowledges it's tough to time the next major pullback, and he's often early. However, Tice is convinced amarket meltdown is unavoidable.\n\"We're not out of the woods yet, and this is a dangerous market,\" Tice reiterated.\nHe's encouraging investorsto weigh the risks: Try to earn 3% to 5% near-term gains while contending with the threat of a 40% pullback? Tice thinks it's a bet not worth taking.\nTice is particularly worried aboutBig Techand the FAANG stocks, which includeFacebook,Apple,Amazon,NetflixandAlphabet, formerly known as Google.\n\"A lot of money has been thrown at Alphabet andMicrosoft, Apple and Facebook,Twitter, etc.,\" noted Tice. \"Costs are going up in that sector.\"\nBitcoin is 'very dangerous to hold today'\nHe's also urging investors to be vigilant in the cryptocurrency space. Tice, who came into the year as a bitcoin bull, turned bearish onbitcoinwhen it hit all-time highs in March.\n\"We had a bitcoin position when bitcoin was at $10,000,\" Tice said. \"However, when it got to $60,000 we felt like that was long in the tooth... Lately, there's been a lot more uproar from central bankers, Bank for International Settlements [and] the Bank of England have made profound negative statements. I think it's very dangerous to hold today.\"\nDue to his overall bearishness, Tice co-founded hedge fund Morand-Tice Capital Management almost exactly a year ago. It's devoted to metal and mining stocks. Tice, a long-time gold and silver bull, believes it's a once in a decade opportunity for investors.\n\"You look at this lack of discipline in monetary and fiscal markets. Gold is truly the place to be,\" said Tice. \"Over 5,000 years, gold and silver do very well asprotection against fiat money.\"\nGold closed at $1,812.50 an ounce on Friday. It’s down 4% so far this year and up 28% over the past two years. Tice expects the precious metal to rally 10% to $2,000 by December.\n“I would be owning gold, especially gold and silver mining companies. These companies have never been cheaper. Many are at single digit multiples yet have potentially 15 to 20% growth rate in earnings even with this flat gold price,” Tice said. “But then you add on what we think is going to be a 20% annual increase in the gold price, and these companies are going to be outstanding opportunities.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179148610,"gmtCreate":1626496803930,"gmtModify":1703761160819,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/QQQ\">$NASDAQ-100 Index ETF(QQQ)$</a>still in the green for now","listText":"<a href=\"https://laohu8.com/S/QQQ\">$NASDAQ-100 Index ETF(QQQ)$</a>still in the green for now","text":"$NASDAQ-100 Index ETF(QQQ)$still in the green for now","images":[{"img":"https://static.tigerbbs.com/4a6c05f500878e40635c88c4df24f08f","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179148610","isVote":1,"tweetType":1,"viewCount":487,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":179143472,"gmtCreate":1626496609696,"gmtModify":1703761158545,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Bearish, it’s time to start being bullish and find entry prices","listText":"Bearish, it’s time to start being bullish and find entry prices","text":"Bearish, it’s time to start being bullish and find entry prices","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/179143472","repostId":"1140939614","repostType":4,"isVote":1,"tweetType":1,"viewCount":154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179149486,"gmtCreate":1626496488045,"gmtModify":1703761157241,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Fear and greed index indicated extreme fear, seems like this is the start of a minor bloodbath","listText":"Fear and greed index indicated extreme fear, seems like this is the start of a minor bloodbath","text":"Fear and greed index indicated extreme fear, seems like this is the start of a minor bloodbath","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179149486","repostId":"2151500861","repostType":4,"repost":{"id":"2151500861","pubTimestamp":1626447960,"share":"https://ttm.financial/m/news/2151500861?lang=&edition=fundamental","pubTime":"2021-07-16 23:06","market":"us","language":"en","title":"U.S. consumer sentiment drops in early July on inflation fears","url":"https://stock-news.laohu8.com/highlight/detail?id=2151500861","media":"StreetInsider","summary":"(Reuters) - U.S. consumer sentiment fell sharply and unexpectedly in early July to the lowest level ","content":"<p>(Reuters) - U.S. consumer sentiment fell sharply and unexpectedly in early July to the lowest level in five months as inflation worries dented confidence in the economic recovery, a survey showed on Friday.</p>\n<p>The University of Michigan said its preliminary consumer sentiment index fell to 80.8 in the first half of this month - the lowest since February - from a final reading of 85.5 in June. Economists polled by Reuters had forecast the index would rise to 86.5.</p>\n<p>\"Consumers' complaints about rising prices on homes, vehicles, and household durables has reached an all-time record,\" Richard Curtin, the survey director, said in a statement.</p>\n<p>The survey's gauge of current economic conditions also fell to a reading of 84.5, the lowest since August 2020, from 88.6 in June. Its measure of consumer expectations slid to 78.4, the lowest since February, from 83.5.</p>\n<p>The survey's <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year inflation expectation shot to the highest level since August 2008 at 4.8%, up from 4.2%, while its five-year inflation outlook ticked up to 2.9% from 2.8% in June.</p>","source":"highlight_streetinsider","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>U.S. consumer sentiment drops in early July on inflation fears</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\">\nU.S. consumer sentiment drops in early July on inflation fears\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-16 23:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18686661><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - U.S. consumer sentiment fell sharply and unexpectedly in early July to the lowest level in five months as inflation worries dented confidence in the economic recovery, a survey showed on ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18686661\">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"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18686661","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151500861","content_text":"(Reuters) - U.S. consumer sentiment fell sharply and unexpectedly in early July to the lowest level in five months as inflation worries dented confidence in the economic recovery, a survey showed on Friday.\nThe University of Michigan said its preliminary consumer sentiment index fell to 80.8 in the first half of this month - the lowest since February - from a final reading of 85.5 in June. Economists polled by Reuters had forecast the index would rise to 86.5.\n\"Consumers' complaints about rising prices on homes, vehicles, and household durables has reached an all-time record,\" Richard Curtin, the survey director, said in a statement.\nThe survey's gauge of current economic conditions also fell to a reading of 84.5, the lowest since August 2020, from 88.6 in June. Its measure of consumer expectations slid to 78.4, the lowest since February, from 83.5.\nThe survey's one-year inflation expectation shot to the highest level since August 2008 at 4.8%, up from 4.2%, while its five-year inflation outlook ticked up to 2.9% from 2.8% in June.","news_type":1},"isVote":1,"tweetType":1,"viewCount":213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147731553,"gmtCreate":1626390800272,"gmtModify":1703759072330,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Waiting for this crash to increase my positions with NVidia","listText":"Waiting for this crash to increase my positions with NVidia","text":"Waiting for this crash to increase my positions with NVidia","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/147731553","repostId":"2151269095","repostType":4,"repost":{"id":"2151269095","pubTimestamp":1626354840,"share":"https://ttm.financial/m/news/2151269095?lang=&edition=fundamental","pubTime":"2021-07-15 21:14","market":"us","language":"en","title":"NVIDIA Stock Could Crash. Here's What You Should Do if It Does","url":"https://stock-news.laohu8.com/highlight/detail?id=2151269095","media":"Motley Fool","summary":"As graphics card prices start sliding, NVIDIA investors may have to relive a torrid time in the company's history.","content":"<p><b>NVIDIA</b> (NASDAQ:NVDA) has sizzled on the stock market since the beginning of 2019. Shares of the graphics specialist have jumped about 500% in just over two and a half years thanks to terrific growth in the video gaming and data center businesses.</p>\n<p>However, ominous signs are emerging in NVIDIA's biggest business, video gaming, that could give investors déjà vu, harkening back to a regrettable period in the company's history.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/427519bfaf54d082e9192ec7a7e8a671\" tg-width=\"720\" tg-height=\"387\" referrerpolicy=\"no-referrer\"><span>NVDA data by YCharts</span></p>\n<h2><b>Graphics card prices are coming down as miners start dumping GPUs</b></h2>\n<p>Graphics processing unit (GPU) prices have started pulling back from their astronomical highs of late due to several factors. However, lower demand from cryptocurrency miners seems to be the biggest growth driver behind the correction. That's not surprising, as miners reportedly bought a fourth of the total graphics cards sold in the first quarter of 2021 to mine cryptocurrencies, according&nbsp;to Jon Peddie Research.</p>\n<p>But a drop in the price of <b>Ethereum</b> (CRYPTO:ETH) and China's crackdown on <b>Bitcoin</b> (CRYPTO:BTC) have hamstrung the demand for graphics cards used for mining operations. Etherscan, an Ethereum analytics platform, recently pointed&nbsp;out that the GPU power used for mining the cryptocurrency has dropped 19% in the past month. As a result, cryptocurrency miners in China are offloading their powerful graphics cards into the second-hand market, according to a report by <i>PC Gamer</i>.</p>\n<p>NVIDIA's RTX 3070 GPU is reportedly being sold&nbsp;for just over $400 in China. That's lower than the card's $499 sticker&nbsp;price. It is also worth noting that the RTX 3070 was being sold for $1,300 in the first half of June, according to <b><a href=\"https://laohu8.com/S/EBAY\">eBay</a></b> price data collected by Tom's Hardware. As of the end of the first week of July, the card's price had come down to just over $1,080.</p>\n<p>GPU prices in Germany have also dropped at a breakneck pace. The price premium of NVIDIA's RTX 30 series cards has come down to 153% of the manufacturer's suggested retail price (MSRP) in the first week of July, compared to a whopping 304% in the middle of May, according&nbsp;to a third-party report.</p>\n<h2><b>NVIDIA has been hit hard in the past</b></h2>\n<p>NVIDIA was hurt big time by a GPU price crash back in 2018 once cryptocurrency miners decided to offload their graphics cards in the preowned market. The excess graphics card inventory in the wake of the cryptocurrency mining bust burnt investors as NVIDIA's fortunes declined.</p>\n<p>The recent price correction indicates history may repeat itself and wreck NVIDIA's momentum. After all, the chipmaker's revenue in the fourth quarter of fiscal 2019 for the three months ending Jan. 27, 2019, sunk 24% year over year in the aftermath of the cryptocurrency mining bust. It took the company a year to recover from that shock. NVIDIA's revenue in fiscal 2020 dipped&nbsp;7% before it regained its mojo thanks to strong demand from the video gaming and the data center segments.</p>\n<p>However, long-term investors have no reason to worry, despite these developments that have caused NVIDIA pain in the past. That's because the demand for its latest cards is so strong that NVIDIA has reportedly decided to cut production of the old-generation RTX 2060 graphics card in half to increase the supply of the RTX 30 series cards. Additionally, reports indicate that NVIDIA is already working to increase the production of the aggressively priced RTX 3060 card to meet strong demand.</p>\n<p>So, even if gaming enthusiasts decide to buy a preowned graphics card from miners -- which isn't always a good idea&nbsp;as they may have been subjected to long hours of operation and could be prone to wearing out faster -- NVIDIA will still have enough end-market demand to fill.</p>\n<p>Consider this: Only 15% of NVIDIA's installed graphics card user base of 140 million is running the RTX series cards. A short-term disturbance in the GPU market's demand-supply dynamics is unlikely to change the long-term picture. Jon Peddie Research estimates that discrete GPU sales could generate&nbsp;$54 billion in revenue by 2025, a sharp jump from last year's revenue of $23.6 billion thanks to the growth in video gaming. NVIDIA controls&nbsp;80% of this market.</p>\n<p>Savvy investors would do well to consider buying more NVIDIA stock if the cryptocurrency bust sends its shares packing. After all, analysts expect NVIDIA's earnings to grow at more than 26% a year for the next five years, suggesting this is a top growth stock that's worth buying on its rare dips.</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>NVIDIA Stock Could Crash. Here's What You Should Do if It Does</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\">\nNVIDIA Stock Could Crash. Here's What You Should Do if It Does\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 21:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/15/nvidia-stock-could-crash-heres-what-you-should-do/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NVIDIA (NASDAQ:NVDA) has sizzled on the stock market since the beginning of 2019. Shares of the graphics specialist have jumped about 500% in just over two and a half years thanks to terrific growth ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/15/nvidia-stock-could-crash-heres-what-you-should-do/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.fool.com/investing/2021/07/15/nvidia-stock-could-crash-heres-what-you-should-do/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151269095","content_text":"NVIDIA (NASDAQ:NVDA) has sizzled on the stock market since the beginning of 2019. Shares of the graphics specialist have jumped about 500% in just over two and a half years thanks to terrific growth in the video gaming and data center businesses.\nHowever, ominous signs are emerging in NVIDIA's biggest business, video gaming, that could give investors déjà vu, harkening back to a regrettable period in the company's history.\nNVDA data by YCharts\nGraphics card prices are coming down as miners start dumping GPUs\nGraphics processing unit (GPU) prices have started pulling back from their astronomical highs of late due to several factors. However, lower demand from cryptocurrency miners seems to be the biggest growth driver behind the correction. That's not surprising, as miners reportedly bought a fourth of the total graphics cards sold in the first quarter of 2021 to mine cryptocurrencies, according to Jon Peddie Research.\nBut a drop in the price of Ethereum (CRYPTO:ETH) and China's crackdown on Bitcoin (CRYPTO:BTC) have hamstrung the demand for graphics cards used for mining operations. Etherscan, an Ethereum analytics platform, recently pointed out that the GPU power used for mining the cryptocurrency has dropped 19% in the past month. As a result, cryptocurrency miners in China are offloading their powerful graphics cards into the second-hand market, according to a report by PC Gamer.\nNVIDIA's RTX 3070 GPU is reportedly being sold for just over $400 in China. That's lower than the card's $499 sticker price. It is also worth noting that the RTX 3070 was being sold for $1,300 in the first half of June, according to eBay price data collected by Tom's Hardware. As of the end of the first week of July, the card's price had come down to just over $1,080.\nGPU prices in Germany have also dropped at a breakneck pace. The price premium of NVIDIA's RTX 30 series cards has come down to 153% of the manufacturer's suggested retail price (MSRP) in the first week of July, compared to a whopping 304% in the middle of May, according to a third-party report.\nNVIDIA has been hit hard in the past\nNVIDIA was hurt big time by a GPU price crash back in 2018 once cryptocurrency miners decided to offload their graphics cards in the preowned market. The excess graphics card inventory in the wake of the cryptocurrency mining bust burnt investors as NVIDIA's fortunes declined.\nThe recent price correction indicates history may repeat itself and wreck NVIDIA's momentum. After all, the chipmaker's revenue in the fourth quarter of fiscal 2019 for the three months ending Jan. 27, 2019, sunk 24% year over year in the aftermath of the cryptocurrency mining bust. It took the company a year to recover from that shock. NVIDIA's revenue in fiscal 2020 dipped 7% before it regained its mojo thanks to strong demand from the video gaming and the data center segments.\nHowever, long-term investors have no reason to worry, despite these developments that have caused NVIDIA pain in the past. That's because the demand for its latest cards is so strong that NVIDIA has reportedly decided to cut production of the old-generation RTX 2060 graphics card in half to increase the supply of the RTX 30 series cards. Additionally, reports indicate that NVIDIA is already working to increase the production of the aggressively priced RTX 3060 card to meet strong demand.\nSo, even if gaming enthusiasts decide to buy a preowned graphics card from miners -- which isn't always a good idea as they may have been subjected to long hours of operation and could be prone to wearing out faster -- NVIDIA will still have enough end-market demand to fill.\nConsider this: Only 15% of NVIDIA's installed graphics card user base of 140 million is running the RTX series cards. A short-term disturbance in the GPU market's demand-supply dynamics is unlikely to change the long-term picture. Jon Peddie Research estimates that discrete GPU sales could generate $54 billion in revenue by 2025, a sharp jump from last year's revenue of $23.6 billion thanks to the growth in video gaming. NVIDIA controls 80% of this market.\nSavvy investors would do well to consider buying more NVIDIA stock if the cryptocurrency bust sends its shares packing. After all, analysts expect NVIDIA's earnings to grow at more than 26% a year for the next five years, suggesting this is a top growth stock that's worth buying on its rare dips.","news_type":1},"isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141225249,"gmtCreate":1625876381981,"gmtModify":1703750184879,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Bullish on Nvidia&nbsp;","listText":"Bullish on Nvidia&nbsp;","text":"Bullish on Nvidia","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141225249","repostId":"1142328952","repostType":4,"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143041260,"gmtCreate":1625753609850,"gmtModify":1703747911002,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Time to time the market","listText":"Time to time the market","text":"Time to time the market","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/143041260","repostId":"1162204971","repostType":4,"repost":{"id":"1162204971","pubTimestamp":1625752171,"share":"https://ttm.financial/m/news/1162204971?lang=&edition=fundamental","pubTime":"2021-07-08 21:49","market":"us","language":"en","title":"Why is the stock market down today?","url":"https://stock-news.laohu8.com/highlight/detail?id=1162204971","media":"seekingalpha","summary":"Wall Street is seeing the kind of market slump thats's been rare this summer.\nThe S&P(SP500) -1.3%, ","content":"<ul>\n <li>Wall Street is seeing the kind of market slump thats's been rare this summer.</li>\n <li>The S&amp;P(SP500)&nbsp;-1.3%, Nasdaq(COMP.IND)&nbsp;-1.5%&nbsp;and Dow Jones(DJI)&nbsp;-1.2%&nbsp;are all sharply lower.</li>\n <li>The S&amp;P has finished down more than 1% just once since the start of June.</li>\n <li>A big factor in what stocks are reacting to is the quick plunge in Treasury yields, with the curve flattening.</li>\n <li>They are down again this morning, although off lows, with the 10-year Traesury yield(NYSEARCA:TBT)(NASDAQ:TLT)&nbsp;down 3 basis points to 1.29% and touching levels last seen in February.</li>\n <li>The consensus from Wall Street has been for higher yields, with the median forecast at 1.75% for the end of 2021. That's catching a lot of traders who are short bonds flat-footed in what is known as a \"pain trade.\"</li>\n <li>One theory for the decline in yields is that investors areworried about economic growth arriving weaker than expected, especially withincreasing COVID Delta variant cases, which would hurt value and cyclical stocks.</li>\n <li>Mixed economic data, especially a bigger-than-expected drop in the ISM services index this week, added to the downward momentum on yields.</li>\n <li>\"The market is sort of taking a deep breath,\" said Subadra Rajappa, head of U.S. rates strategy at Société Générale. \"Are those optimistic forecasts (for economic growth and inflation) actually achievable?\"</li>\n <li>\"The (stock) market is great, the question is where's the leadership, what wins the market, because the market still wants to go up and to the right,\" Credit Suisse equity strategist Jonathan Golub said on Bloomberg.</li>\n <li>China's regulatory actions are also causing market jitters after its crackdown on DiDi. Chinese companies are slumping early andMorgan Stanley says Tesla will likley feel effects as well.</li>\n <li>Another explation for the yield tumble is that that traders think the Fed is making a mistake in pulling ahead rate hike expectations, which could stifle the recovery.</li>\n <li>A&nbsp;similar situation happened in late 2018 and the Fed ultimately reversed policy.</li>\n <li>But Jemore Schneider, PIMCO head of short-term portfolio management, told Bloomberg the rate trend is still up, which would bode well for recovery stocks.</li>\n <li>\"We are of the bias that this is a steepening trend propeled by higher growth over that medium term,\" Schneider said.</li>\n <li>\"It all comes down to inflation expectations, and if those expectations are quenched by a more responsive Fed\" that would push asset tapering into the spotlight \"then you can actually see a rally on the back of the curve,\" he added.</li>\n <li>\"But ultimately over time this is a growth story, a recovery story that will lead to higher rates.\"</li>\n</ul>","source":"seekingalpha","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 is the stock market down today?</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 is the stock market down today?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-08 21:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3713636-why-is-the-stock-market-down-today><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wall Street is seeing the kind of market slump thats's been rare this summer.\nThe S&P(SP500) -1.3%, Nasdaq(COMP.IND) -1.5% and Dow Jones(DJI) -1.2% are all sharply lower.\nThe S&P has finished down ...</p>\n\n<a href=\"https://seekingalpha.com/news/3713636-why-is-the-stock-market-down-today\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/news/3713636-why-is-the-stock-market-down-today","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1162204971","content_text":"Wall Street is seeing the kind of market slump thats's been rare this summer.\nThe S&P(SP500) -1.3%, Nasdaq(COMP.IND) -1.5% and Dow Jones(DJI) -1.2% are all sharply lower.\nThe S&P has finished down more than 1% just once since the start of June.\nA big factor in what stocks are reacting to is the quick plunge in Treasury yields, with the curve flattening.\nThey are down again this morning, although off lows, with the 10-year Traesury yield(NYSEARCA:TBT)(NASDAQ:TLT) down 3 basis points to 1.29% and touching levels last seen in February.\nThe consensus from Wall Street has been for higher yields, with the median forecast at 1.75% for the end of 2021. That's catching a lot of traders who are short bonds flat-footed in what is known as a \"pain trade.\"\nOne theory for the decline in yields is that investors areworried about economic growth arriving weaker than expected, especially withincreasing COVID Delta variant cases, which would hurt value and cyclical stocks.\nMixed economic data, especially a bigger-than-expected drop in the ISM services index this week, added to the downward momentum on yields.\n\"The market is sort of taking a deep breath,\" said Subadra Rajappa, head of U.S. rates strategy at Société Générale. \"Are those optimistic forecasts (for economic growth and inflation) actually achievable?\"\n\"The (stock) market is great, the question is where's the leadership, what wins the market, because the market still wants to go up and to the right,\" Credit Suisse equity strategist Jonathan Golub said on Bloomberg.\nChina's regulatory actions are also causing market jitters after its crackdown on DiDi. Chinese companies are slumping early andMorgan Stanley says Tesla will likley feel effects as well.\nAnother explation for the yield tumble is that that traders think the Fed is making a mistake in pulling ahead rate hike expectations, which could stifle the recovery.\nA similar situation happened in late 2018 and the Fed ultimately reversed policy.\nBut Jemore Schneider, PIMCO head of short-term portfolio management, told Bloomberg the rate trend is still up, which would bode well for recovery stocks.\n\"We are of the bias that this is a steepening trend propeled by higher growth over that medium term,\" Schneider said.\n\"It all comes down to inflation expectations, and if those expectations are quenched by a more responsive Fed\" that would push asset tapering into the spotlight \"then you can actually see a rally on the back of the curve,\" he added.\n\"But ultimately over time this is a growth story, a recovery story that will lead to higher rates.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152662857,"gmtCreate":1625288738179,"gmtModify":1703740057525,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Very positive news, seems like next week will be a very green week","listText":"Very positive news, seems like next week will be a very green week","text":"Very positive news, seems like next week will be a very green week","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152662857","repostId":"1165340887","repostType":4,"repost":{"id":"1165340887","pubTimestamp":1625257396,"share":"https://ttm.financial/m/news/1165340887?lang=&edition=fundamental","pubTime":"2021-07-03 04:23","market":"us","language":"en","title":"U.S. stocks sweep to fresh highs after strong jobs report","url":"https://stock-news.laohu8.com/highlight/detail?id=1165340887","media":"yahoo","summary":"Stocks rose Friday to record levels as investors digested a key print on the U.S. labor market recovery, which pointed to a faster pace of payroll gains than expected.The S&P 500 set another record high, kicking off the first sessions of the third quarter on a high note. The blue-chip index logged a seventh straight day of gains in its longest winning streak since August 2020. The Nasdaq also hit all-time intraday and closing highs, and the Dow gained to set its first record high since May 7. Sh","content":"<p>Stocks rose Friday to record levels as investors digested a key print on the U.S. labor market recovery, which pointed to a faster pace of payroll gains than expected.</p>\n<p>The S&amp;P 500 set another record high, kicking off the first sessions of the third quarter on a high note. The blue-chip index logged a seventh straight day of gains in its longest winning streak since August 2020. The Nasdaq also hit all-time intraday and closing highs, and the Dow gained to set its first record high since May 7. Shares of Tesla (TSLA) fluctuated before ending slightly higher after the electric car-maker's second-quarter deliveries hit a new record but still missed analysts' estimates, based on Bloomberg consensus data.</p>\n<p>Investorsconsidered the U.S. Labor Department's June jobs report, the central economic data point that came out this week. The print showed a stronger-than-anticipated acceleration in hiring, with non-farm payrolls rising by 850,000 for a sixth straight monthly gain. The unemployment rate, however, unexpectedly ticked up slightly to 5.9%.</p>\n<p>\"This is the 'Goldilocks report' that the market was looking for today. You had a nice print here of 850,000 jobs being added, wage pressure remaining — I wouldn't call them necessarily contained — but surprising here on the downside versus consensus estimates. So this is telling us right now that economic growth is continuing to accelerate here, the jobs market is continuing to heal,\" Emily Roland, co-chief investment strategist at John Hancock Investment Management, told Yahoo Finance. \"We're making progress here in terms of what the Fed has set out to do, which is in order to get unemployment get down, they're going to let inflation run a little bit hot here. Not too hot, not too cold — this is just what the market wants.\"</p>\n<p>Heading into the report, equities have been buoyed by a slew of strong economic data earlier this week, especially on the labor market.Private payrolls rose by a better-than-expected 692,000 in June,according to ADP, andweekly initial jobless claims improved more than expectedto the lowest level since March 2020. Still, other reports underscored the still-prevalent labor supply challenges impacting companies across industries, with the scarcity capping what has otherwise been a robust economic rebound.</p>\n<p>\"It's really the labor market supply that's putting the brake on hiring right now,\" Luke Tilley, chief economist for Wilmington Trust, told Yahoo Finance. \"But we're pretty optimistic, the market is pretty optimistic, and we think that's a big part of what's driving these indexes higher.\"</p>\n<p>Friday's jobs report will also give markets a suggestion as to the timing of the Federal Reserve's next monetary policy move. For now, the Fed has kept in place both of its key crisis-era policies, or quantitative easing and a near-zero benchmark interest rate. However, an especially strong jobs report and faster-than-expected print on wage growth could justify an earlier-than-currently-telegraphed shift by the central bank.</p>\n<p>“For the first time in years, I’m actually worried about a too hot number causing some kind of volatility or pullback in stocks. That’s because the Fed has signaled they are looking to taper QE,\" Tom Essaye, Sevens Report Research founder,told Yahoo Finance. \"And if we get a really, really strong jobs number and a hot wage number, then markets are going to start to say gee, are they going to taper QE maybe before November, or are they going to taper it more intensely than we thought and in a market that's frankly been very calm and a little bit complacent, that could cause volatility.\"</p>\n<p>Still, the Fed has suggested it would not react rashly to single reports, and has given itself leeway to adjust the timeline of its monetary policy pivots as more data comes in.</p>\n<p>\"I think everyone's counting on the Fed continuing really for the foreseeable future. So I don't see any big changes there coming before 2023,\" Octavio Marenzi, CEO and founder of Opimas,told Yahoo Finance.\"And even then the Fed has hedged its bets very significantly — they've basically said we might in 2023 raise interest rates twice, but then again we might not. So I think the smart money is betting things are going to keep on going, they're going to carry on with a very accommodative monetary policy.\"</p>\n<p>Even with the recent strength for stocks, market strategists say that uncertainty about the future of the Fed’s asset purchases and the upcoming earnings season could keep stocks from making major gains in the near term.</p>\n<p>“The market is still very much concerned about the Fed’s reaction function,” said Max Gokhman, head of asset allocation at Pacific Life Fund Advisors, adding that he thought there was still a lot of slack in the labor market.</p>\n<p>4:01 p.m. ET: Stocks close higher, S&amp;P 500 posts longest winning streak since August 2020</p>\n<p>Here's where markets closed out on Friday:</p>\n<ul>\n <li><p><b>S&amp;P 500 (^GSPC)</b>: +32.51 (+0.75%) to 4,352.45</p></li>\n <li><p><b>Dow (^DJI)</b>: +154.4 (+0.45%) to 34,787.93</p></li>\n <li><p><b>Nasdaq (^IXIC)</b>: +116.95 (+0.81%) to 14,639.33</p></li>\n</ul>","source":"lsy1584348713084","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>U.S. stocks sweep to fresh highs after strong jobs report</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\">\nU.S. stocks sweep to fresh highs after strong jobs report\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-03 04:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/stock-market-news-live-updates-july-2-2021-221546079-221120965.html><strong>yahoo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rose Friday to record levels as investors digested a key print on the U.S. labor market recovery, which pointed to a faster pace of payroll gains than expected.\nThe S&P 500 set another record ...</p>\n\n<a href=\"https://finance.yahoo.com/news/stock-market-news-live-updates-july-2-2021-221546079-221120965.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/stock-market-news-live-updates-july-2-2021-221546079-221120965.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165340887","content_text":"Stocks rose Friday to record levels as investors digested a key print on the U.S. labor market recovery, which pointed to a faster pace of payroll gains than expected.\nThe S&P 500 set another record high, kicking off the first sessions of the third quarter on a high note. The blue-chip index logged a seventh straight day of gains in its longest winning streak since August 2020. The Nasdaq also hit all-time intraday and closing highs, and the Dow gained to set its first record high since May 7. Shares of Tesla (TSLA) fluctuated before ending slightly higher after the electric car-maker's second-quarter deliveries hit a new record but still missed analysts' estimates, based on Bloomberg consensus data.\nInvestorsconsidered the U.S. Labor Department's June jobs report, the central economic data point that came out this week. The print showed a stronger-than-anticipated acceleration in hiring, with non-farm payrolls rising by 850,000 for a sixth straight monthly gain. The unemployment rate, however, unexpectedly ticked up slightly to 5.9%.\n\"This is the 'Goldilocks report' that the market was looking for today. You had a nice print here of 850,000 jobs being added, wage pressure remaining — I wouldn't call them necessarily contained — but surprising here on the downside versus consensus estimates. So this is telling us right now that economic growth is continuing to accelerate here, the jobs market is continuing to heal,\" Emily Roland, co-chief investment strategist at John Hancock Investment Management, told Yahoo Finance. \"We're making progress here in terms of what the Fed has set out to do, which is in order to get unemployment get down, they're going to let inflation run a little bit hot here. Not too hot, not too cold — this is just what the market wants.\"\nHeading into the report, equities have been buoyed by a slew of strong economic data earlier this week, especially on the labor market.Private payrolls rose by a better-than-expected 692,000 in June,according to ADP, andweekly initial jobless claims improved more than expectedto the lowest level since March 2020. Still, other reports underscored the still-prevalent labor supply challenges impacting companies across industries, with the scarcity capping what has otherwise been a robust economic rebound.\n\"It's really the labor market supply that's putting the brake on hiring right now,\" Luke Tilley, chief economist for Wilmington Trust, told Yahoo Finance. \"But we're pretty optimistic, the market is pretty optimistic, and we think that's a big part of what's driving these indexes higher.\"\nFriday's jobs report will also give markets a suggestion as to the timing of the Federal Reserve's next monetary policy move. For now, the Fed has kept in place both of its key crisis-era policies, or quantitative easing and a near-zero benchmark interest rate. However, an especially strong jobs report and faster-than-expected print on wage growth could justify an earlier-than-currently-telegraphed shift by the central bank.\n“For the first time in years, I’m actually worried about a too hot number causing some kind of volatility or pullback in stocks. That’s because the Fed has signaled they are looking to taper QE,\" Tom Essaye, Sevens Report Research founder,told Yahoo Finance. \"And if we get a really, really strong jobs number and a hot wage number, then markets are going to start to say gee, are they going to taper QE maybe before November, or are they going to taper it more intensely than we thought and in a market that's frankly been very calm and a little bit complacent, that could cause volatility.\"\nStill, the Fed has suggested it would not react rashly to single reports, and has given itself leeway to adjust the timeline of its monetary policy pivots as more data comes in.\n\"I think everyone's counting on the Fed continuing really for the foreseeable future. So I don't see any big changes there coming before 2023,\" Octavio Marenzi, CEO and founder of Opimas,told Yahoo Finance.\"And even then the Fed has hedged its bets very significantly — they've basically said we might in 2023 raise interest rates twice, but then again we might not. So I think the smart money is betting things are going to keep on going, they're going to carry on with a very accommodative monetary policy.\"\nEven with the recent strength for stocks, market strategists say that uncertainty about the future of the Fed’s asset purchases and the upcoming earnings season could keep stocks from making major gains in the near term.\n“The market is still very much concerned about the Fed’s reaction function,” said Max Gokhman, head of asset allocation at Pacific Life Fund Advisors, adding that he thought there was still a lot of slack in the labor market.\n4:01 p.m. ET: Stocks close higher, S&P 500 posts longest winning streak since August 2020\nHere's where markets closed out on Friday:\n\nS&P 500 (^GSPC): +32.51 (+0.75%) to 4,352.45\nDow (^DJI): +154.4 (+0.45%) to 34,787.93\nNasdaq (^IXIC): +116.95 (+0.81%) to 14,639.33","news_type":1},"isVote":1,"tweetType":1,"viewCount":383,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573943942927358","authorId":"3573943942927358","name":"Ola5528","avatar":"https://static.tigerbbs.com/80f475dff1b8107d8a24e19220f0038d","crmLevel":2,"crmLevelSwitch":0,"idStr":"3573943942927358","authorIdStr":"3573943942927358"},"content":"Next week We may see a pullback as this is the first tjme since 1997 that the s&p has seen 7 straight green days","text":"Next week We may see a pullback as this is the first tjme since 1997 that the s&p has seen 7 straight green days","html":"Next week We may see a pullback as this is the first tjme since 1997 that the s&p has seen 7 straight green days"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156665526,"gmtCreate":1625219148465,"gmtModify":1703738602908,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Combination of hype and perceived potential of extremely high gains. They are young, so the risk appetite is very different from older traders","listText":"Combination of hype and perceived potential of extremely high gains. They are young, so the risk appetite is very different from older traders","text":"Combination of hype and perceived potential of extremely high gains. They are young, so the risk appetite is very different from older traders","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156665526","repostId":"1133090424","repostType":4,"repost":{"id":"1133090424","pubTimestamp":1625195955,"share":"https://ttm.financial/m/news/1133090424?lang=&edition=fundamental","pubTime":"2021-07-02 11:19","market":"us","language":"en","title":"Why Young Adults Are Taking Big Risks On AMC And GameStop？","url":"https://stock-news.laohu8.com/highlight/detail?id=1133090424","media":"Benzinga","summary":"Young traders entered the stock market in droves in the past year, many betting on popular meme stoc","content":"<p>Young traders entered the stock market in droves in the past year, many betting on popular meme stocks like&nbsp;<b>GameStop Corp.</b>&nbsp;and&nbsp;<b>AMC Entertainment Holdings Inc</b>&nbsp;.</p>\n<p>These two financially challenged and relatively low-rated stocks are far from safe, blue-chip investments, and a new study by the University of Sydney School of Economics sheds some light on why young traders are willing to make such big bets on a pair of extremely risky stocks.</p>\n<p><b>YOLO Trading:</b>One of the hallmarks of meme stock mania is that traders on Reddit, Twitter and elsewhere are posting screenshots of their \"YOLO trades\" and documenting their buys for the whole world to see. The University of Sydney study found young adults aged 18 to 24 are more likely to engage in riskier financial behavior when they are being observed by others.</p>\n<p>“Perhaps they were motivated to take greater risks in each other’s (online) company,” lead author&nbsp;<b>Professor Agnieszka Tymula</b>&nbsp;said of the WallStreetBets community.</p>\n<p><b>The Study:</b>In the study, researchers found that, when given the choice between a fixed amount of money received with certainty and a risky lottery option with a potential for a large payout, young adults aged 18 to 24 were more likely to choose the high-risk option when they were being observed by others rather than when they were making the choice in private.</p>\n<p>“We know that young adults generally have a greater appetite for risk. Our study lends further credence to the notion that this appetite grows when in the company of peers,” Tymula said.</p>\n<p><b>Benzinga’s Take:</b>Peer pressure is certainly not a new phenomenon, and it makes sense that young traders would feel pressure on social media to prove to friends they are brave enough to make speculative bets on high-risk stocks.</p>\n<p>It’s not breaking news that young people engage in risky behavior, and it’s not necessarily a bad thing for young traders to take risks in the market at a young age when a negative outcome is least likely to have a lasting impact on their financial well-being.</p>","source":"lsy1606299360108","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 Young Adults Are Taking Big Risks On AMC And GameStop？</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 Young Adults Are Taking Big Risks On AMC And GameStop？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 11:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/21/07/21811223/study-why-young-adults-are-taking-big-risks-on-amc-and-gamestop><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Young traders entered the stock market in droves in the past year, many betting on popular meme stocks like GameStop Corp. and AMC Entertainment Holdings Inc .\nThese two financially challenged and ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/07/21811223/study-why-young-adults-are-taking-big-risks-on-amc-and-gamestop\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.benzinga.com/news/21/07/21811223/study-why-young-adults-are-taking-big-risks-on-amc-and-gamestop","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133090424","content_text":"Young traders entered the stock market in droves in the past year, many betting on popular meme stocks like GameStop Corp. and AMC Entertainment Holdings Inc .\nThese two financially challenged and relatively low-rated stocks are far from safe, blue-chip investments, and a new study by the University of Sydney School of Economics sheds some light on why young traders are willing to make such big bets on a pair of extremely risky stocks.\nYOLO Trading:One of the hallmarks of meme stock mania is that traders on Reddit, Twitter and elsewhere are posting screenshots of their \"YOLO trades\" and documenting their buys for the whole world to see. The University of Sydney study found young adults aged 18 to 24 are more likely to engage in riskier financial behavior when they are being observed by others.\n“Perhaps they were motivated to take greater risks in each other’s (online) company,” lead author Professor Agnieszka Tymula said of the WallStreetBets community.\nThe Study:In the study, researchers found that, when given the choice between a fixed amount of money received with certainty and a risky lottery option with a potential for a large payout, young adults aged 18 to 24 were more likely to choose the high-risk option when they were being observed by others rather than when they were making the choice in private.\n“We know that young adults generally have a greater appetite for risk. Our study lends further credence to the notion that this appetite grows when in the company of peers,” Tymula said.\nBenzinga’s Take:Peer pressure is certainly not a new phenomenon, and it makes sense that young traders would feel pressure on social media to prove to friends they are brave enough to make speculative bets on high-risk stocks.\nIt’s not breaking news that young people engage in risky behavior, and it’s not necessarily a bad thing for young traders to take risks in the market at a young age when a negative outcome is least likely to have a lasting impact on their financial well-being.","news_type":1},"isVote":1,"tweetType":1,"viewCount":243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153223999,"gmtCreate":1625028622611,"gmtModify":1703850495026,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Crypto is still young, and currently it is downby almost half. Stocks on the other hand&nbsp;are now in&nbsp;a bull run.&nbsp;Isn’t it a better time to invest in crypto?","listText":"Crypto is still young, and currently it is downby almost half. Stocks on the other hand&nbsp;are now in&nbsp;a bull run.&nbsp;Isn’t it a better time to invest in crypto?","text":"Crypto is still young, and currently it is downby almost half. Stocks on the other hand are now in a bull run. Isn’t it a better time to invest in crypto?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/153223999","repostId":"1153621389","repostType":4,"repost":{"id":"1153621389","pubTimestamp":1625012260,"share":"https://ttm.financial/m/news/1153621389?lang=&edition=fundamental","pubTime":"2021-06-30 08:17","market":"us","language":"en","title":"Forget crypto — this is the ‘next big thing’ investors should focus on, according to UBS","url":"https://stock-news.laohu8.com/highlight/detail?id=1153621389","media":"CNBC","summary":"UBS isn’t a fan of bitcoin and other cryptocurrencies, describing them as a “speculative market” and","content":"<div>\n<p>UBS isn’t a fan of bitcoin and other cryptocurrencies, describing them as a “speculative market” and urging investors to consider an alternative instead.\nIn a note released Monday, the Swiss ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/29/ubs-forget-crypto-this-is-the-next-big-thing-for-investors.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>Forget crypto — this is the ‘next big thing’ investors should focus on, according to UBS</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\">\nForget crypto — this is the ‘next big thing’ investors should focus on, according to UBS\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-30 08:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/29/ubs-forget-crypto-this-is-the-next-big-thing-for-investors.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>UBS isn’t a fan of bitcoin and other cryptocurrencies, describing them as a “speculative market” and urging investors to consider an alternative instead.\nIn a note released Monday, the Swiss ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/29/ubs-forget-crypto-this-is-the-next-big-thing-for-investors.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MA":"万事达","SQ":"Block","PYPL":"PayPal","V":"Visa"},"source_url":"https://www.cnbc.com/2021/06/29/ubs-forget-crypto-this-is-the-next-big-thing-for-investors.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1153621389","content_text":"UBS isn’t a fan of bitcoin and other cryptocurrencies, describing them as a “speculative market” and urging investors to consider an alternative instead.\nIn a note released Monday, the Swiss investment bank said that regulation poses a significant risk to digital assets.\nEarlier this month, China spooked bitcoin investors with a crackdown on cryptocurrency mining and trading.\nMore recently, the U.K.’s markets watchdog ordered Binance, a top crypto exchange, tocease regulated activitiesin the country.\n“We’ve long warned that shifting investor sentiment or regulatory crackdowns could pop bubble-like crypto markets,” UBS’ global wealth management team said in the note.\n“We think investors should avoid crypto speculation, and consider risk-adjusted returns before buying alternative assets.”\nInvestors looking to make investments in digital finance should look to the fast-growing financial technology sector, UBS said, calling fintech “one of the emerging sectors we think might yield ‘The Next Big Thing.’”\n“The prospect of large gains may tempt investors, but we think speculation in cryptos is a gamble, not an investment,” the bank said.\n“Investors looking for exposure to digital payment assets can consider fintech instead, which we expect to benefit from structural growth.”\nWhile the bank didn’t name any stocks, fintech companies like Square and PayPal have experienced sizable gains over the past year, climbing 140% and 74% respectively. Payment networks Visa and Mastercard, meanwhile, are up 23% and 26% respectively. That’s thanks in no small part to a rise in digital payment volumes during the coronavirus pandemic.\nWhat’s weighing on bitcoin?\nBitcoin is currently down around 45% from its record high of nearly $65,000 in April. It was last trading at around $35,835, up 4% in the last 24 hours, as of Tuesday.\nThe world’s largest digital coin had benefited from an influx of institutional investorsditching gold in favor of bitcoinas an inflation hedge. However, that trendappears to have reversedmore recently.\nUBS said a number of other factors are weighing on bitcoin. It alluded to news that Boston Federal Reserve President Eric Rosengren called tether — a controversial stablecoin tied to the U.S. dollar — a financial stability challenge.\nThe bank also highlighted the case of Africrypt, a South African crypto exchange whose founders havereportedly disappeared, taking $3.6 billion in client funds with them.\n“While the pandemic may ensure financial repression continues, we think crypto speculation poses its own risks to your wealth,” UBS said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":898903221,"gmtCreate":1628466332463,"gmtModify":1703506376981,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Playing by the antiquated&nbsp;rules just forces developers and businesses out of America. The whole premise of blockchain is decentralisation, it will be impossible for any single country to&nbsp;fully regulate such network","listText":"Playing by the antiquated&nbsp;rules just forces developers and businesses out of America. The whole premise of blockchain is decentralisation, it will be impossible for any single country to&nbsp;fully regulate such network","text":"Playing by the antiquated rules just forces developers and businesses out of America. The whole premise of blockchain is decentralisation, it will be impossible for any single country to fully regulate such network","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/898903221","repostId":"1180529438","repostType":4,"repost":{"id":"1180529438","pubTimestamp":1628386129,"share":"https://ttm.financial/m/news/1180529438?lang=&edition=fundamental","pubTime":"2021-08-08 09:28","market":"us","language":"en","title":"SEC Moves First DeFi Unregistered Securities Lawsuit","url":"https://stock-news.laohu8.com/highlight/detail?id=1180529438","media":"Benzinga","summary":"The United States Securities and Exchange Commission  sued the organization responsible for the development of a decentralized finance  protocol over activities involved with the project for the first time.What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purported","content":"<p>The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.</p>\n<p><b>What Happened:</b>&nbsp;According to a Friday SEC&nbsp;announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.</p>\n<p>The SEC notes that Blockchain Credit Partners&nbsp;founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial&nbsp;the accusations.</p>\n<p><b>New Game, Old Rules?</b></p>\n<p>SEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.</p>\n<p>The SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.</p>\n<p>In a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.</p>\n<p><b>What's Next:</b>If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force&nbsp;<b>Ethereum's</b>&nbsp;(CRYPTO: ETH) core development team to write an update stopping such a project?</p>\n<p>If the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away&nbsp;between their fingers like sand, and they are going to try to grab it.</p>","source":"lsy1606299360108","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>SEC Moves First DeFi Unregistered Securities Lawsuit</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\">\nSEC Moves First DeFi Unregistered Securities Lawsuit\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-08 09:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project ...</p>\n\n<a href=\"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.benzinga.com/markets/cryptocurrency/21/08/22378359/sec-moves-first-defi-unregistered-securities-lawsuit","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180529438","content_text":"The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time.\nWhat Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.\nThe SEC notes that Blockchain Credit Partners founders Gregory Keough and Derek Acree will have to pay fines of $125,000 while the company itself also agreed to pay $12.8 million in disgorgement. The settlement does not indicate an admition or denial the accusations.\nNew Game, Old Rules?\nSEC Enforcement Director Gurbir Grewal explained that \"full and honest disclosure remains the cornerstone of our securities laws — no matter what technologies are used to offer and sell those securities.\" This comment makes it very clear that slapping the DeFi label on a project and hoping to avoid regulation this way works no better than calling it a \"utility token\" prevented falling under the SEC's scrutiny during 2017's initial coin offering craze.\nThe SEC is trying to send the clear rule that the new kind of financial organizations that operate on blockchains have to still play by the old rules that govern traditional finance. At the same time, market onlookers are not sure if the regulator is actually right.\nIn a way, it is a tour de force where the regulator wins every time it has a way to take enforcement action, but these new organizations potentially have a very real way to make enforcement impossible — or at the very least impractical. The only protection against enforcement by the SEC and other regulators is decentralization and the only reason why the SEC was able to act in this case is that a centralized organization such as Blockchain Credit Partners exists.\nWhat's Next:If no company exists and all that there is to a DeFi protocol is a set of smart contracts deployed on a blockchain by a group of anonymous developers scattered around the world there is very little that the SEC can do short of attacking the blockchain itself. This is where the decentralization of the underlying blockchain comes into play: will the regulators for instance be able to force Ethereum's (CRYPTO: ETH) core development team to write an update stopping such a project?\nIf the regulators would actually be able to force the blockchain's developers to write such an update, would node operators and miners or stakers adopt this software or would they refuse to? Such situations will be the real test of the decentralization and reliability of any blockchain that many are waiting to happen. Regulators are seeing power slipping away between their fingers like sand, and they are going to try to grab it.","news_type":1},"isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3555065151273039","authorId":"3555065151273039","name":"Jackytan","avatar":"https://community-static.tradeup.com/news/6b0314202f797581d3e8716a67f721e6","crmLevel":6,"crmLevelSwitch":1,"idStr":"3555065151273039","authorIdStr":"3555065151273039"},"content":"Fully agree! On the other hand, if it's decentralized, why is there still an organization where the operations are centered? Not enough ground-up movement, or organization trying to make big $?","text":"Fully agree! On the other hand, if it's decentralized, why is there still an organization where the operations are centered? Not enough ground-up movement, or organization trying to make big $?","html":"Fully agree! On the other hand, if it's decentralized, why is there still an organization where the operations are centered? Not enough ground-up movement, or organization trying to make big $?"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171654162,"gmtCreate":1626743553356,"gmtModify":1703764245087,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"I thought everyone buys in during dips? Not just the young ones","listText":"I thought everyone buys in during dips? Not just the young ones","text":"I thought everyone buys in during dips? Not just the young ones","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/171654162","repostId":"1113782694","repostType":4,"repost":{"id":"1113782694","pubTimestamp":1626741246,"share":"https://ttm.financial/m/news/1113782694?lang=&edition=fundamental","pubTime":"2021-07-20 08:34","market":"us","language":"en","title":"‘A Lot of Very Young People’ Are Going to Buy the Dip in Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1113782694","media":"Bloomberg","summary":"Someday, the post-pandemic equities rally is going to end. When it does it will take a lot of newly ","content":"<p>Someday, the post-pandemic equities rally is going to end. When it does it will take a lot of newly christened stock bulls with it.</p>\n<p>Their&nbsp;refusal to bendhas been the signature fact of the stock market for at least 12 months, putting a floor under four other selloffs in 2021 alone that look just like the one that has sheared almost 3% off the S&amp;P 500 Index since Thursday. Whether the devotion of retail investors is enough to turn the tide again is the biggest question in markets right now.</p>\n<p>“There’s a lot of very young people in the accumulation phase,” said Dan Egan, managing director of behavioral finance and investing for robo-adviser Betterment, who added that younger investors in particular have used selloffs as buying opportunities. “If they have any excess cash sitting around, they’re going to use it to buy in.”</p>\n<p>Four other times this year, the S&amp;P 500 Index has closed 3% below a historic high, and each time it rebounded to a record, according to data compiled by Bloomberg. That shows how difficult it’s been to dislodge the retail traders who have fueled the rally -- as well as the conditioning at work in markets that will inevitably be their comeuppance.</p>\n<p>“The dip buyers have stepped in very quickly and bought very quickly and that’s one of the reasons we haven’t had a full 10% correction -- and frankly I don’t think we’ll have one this time either for that reason,” said Randy Frederick, managing director of trading and derivatives for Charles Schwab Corp. “Every dip has been bought and immediately paid off within a week or two of not just where it started but above.”</p>\n<p><img src=\"https://static.tigerbbs.com/d5dd9419ca3081f38041934062998e53\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p>\n<p>Will this be the selloff that sticks? Some say yes. Gina Martin Adams, Bloomberg’s stock strategist, says big drops in small companies and transportation firms bode particularly badly. “Leading indicators imply a breakdown in stock prices remains most likely in the interim,” she wrote in anote.</p>\n<p>Still, it’s been a long time since anything could shake the nerves of the retail cadres who have fueled the post-pandemic rally. Predicting they will stop plowing money into the market has been a losing bet to date.</p>\n<p>Exchange-traded funds are about to luremore moneyin seven months than in any calendar year on record -- with $486 billion added so far in 2021, the inflow will soon surpass last year’s $497 billion full-year record. In July alone, equity ETFs have taken in more than $15 billion.</p>\n<p>Other signs portend good news for the bulls. A measure of implied volatility in VIX options known as the Cboe VVIX Index is trading above 140, the level it’s been at three other times since October and which became an ultimate buying opportunity. When the so-called volatility of volatility measure peaked at 152 in late October, that marked the lowest point of the S&amp;P 500, which proceeded to embark on a rally. When it rose to 158 on Jan. 27, the equity gauge found its trough two days later. When the same happened in mid-May, the S&amp;P 500 rose more than 1% in each of the next two days.</p>\n<p>As the market’s run higher, options trading has also picked up again, with strategists from Goldman Sachs Group Inc. saying last week the month-to-date average daily notional amount traded has risen to a record. Roughly $534 billion of options have changed hands on average each day this month, with more than half of that happening in call options. That’s above last year’s average of around $367 billion.</p>\n<p>For many strategists, the current retreat is a blip before the reflation trade reasserts itself once again. That would imply stocks sensitive to the economic reopening will stage a comeback, with cyclical and value-oriented sectors of the market standing to benefit the most.</p>\n<p>UBS Global Wealth Management Chief Investment Officer Mark Haefele in his monthly letter to clients last week wrote that fears over premature Federal Reserve tightening or the spread of the delta variant derailing the recovery are “overdone.” Consumers have strong balance sheets, he said, and the need for businesses to rebuild inventory and capex could sustain economic momentum and corporate earnings.</p>\n<p>Marko Kolanovic, JPMorgan Chase &amp; Co.’s chief global markets strategist, is also among those calling for such a bounce, arguing that it could happen once delta variant fears subside and inflation surprises persist.</p>\n<p>And Michael Purves, founder and CEO at Tallbacken, on Monday raised his year-end target for the S&amp;P 500 to 4,800 from 4,250, implying a roughly 13% gain from current levels.</p>\n<p>“We think the combination of low, and stable, interest rates with a strong earnings growth trajectory will support the equity risk premium at healthy levels at 4,800 at year end,” he wrote in a note. “While we are past peak earnings growth, the earnings growth story into and through 2022 will continue to be robust. Further, we find little evidence that a rollover in peak earnings growth is a reason to sell the market.”</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>‘A Lot of Very Young People’ Are Going to Buy the Dip in Stocks</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‘A Lot of Very Young People’ Are Going to Buy the Dip in Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-20 08:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-07-19/-a-lot-of-very-young-people-are-going-to-buy-the-dip-in-stocks><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Someday, the post-pandemic equities rally is going to end. When it does it will take a lot of newly christened stock bulls with it.\nTheir refusal to bendhas been the signature fact of the stock market...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-07-19/-a-lot-of-very-young-people-are-going-to-buy-the-dip-in-stocks\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.bloomberg.com/news/articles/2021-07-19/-a-lot-of-very-young-people-are-going-to-buy-the-dip-in-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113782694","content_text":"Someday, the post-pandemic equities rally is going to end. When it does it will take a lot of newly christened stock bulls with it.\nTheir refusal to bendhas been the signature fact of the stock market for at least 12 months, putting a floor under four other selloffs in 2021 alone that look just like the one that has sheared almost 3% off the S&P 500 Index since Thursday. Whether the devotion of retail investors is enough to turn the tide again is the biggest question in markets right now.\n“There’s a lot of very young people in the accumulation phase,” said Dan Egan, managing director of behavioral finance and investing for robo-adviser Betterment, who added that younger investors in particular have used selloffs as buying opportunities. “If they have any excess cash sitting around, they’re going to use it to buy in.”\nFour other times this year, the S&P 500 Index has closed 3% below a historic high, and each time it rebounded to a record, according to data compiled by Bloomberg. That shows how difficult it’s been to dislodge the retail traders who have fueled the rally -- as well as the conditioning at work in markets that will inevitably be their comeuppance.\n“The dip buyers have stepped in very quickly and bought very quickly and that’s one of the reasons we haven’t had a full 10% correction -- and frankly I don’t think we’ll have one this time either for that reason,” said Randy Frederick, managing director of trading and derivatives for Charles Schwab Corp. “Every dip has been bought and immediately paid off within a week or two of not just where it started but above.”\n\nWill this be the selloff that sticks? Some say yes. Gina Martin Adams, Bloomberg’s stock strategist, says big drops in small companies and transportation firms bode particularly badly. “Leading indicators imply a breakdown in stock prices remains most likely in the interim,” she wrote in anote.\nStill, it’s been a long time since anything could shake the nerves of the retail cadres who have fueled the post-pandemic rally. Predicting they will stop plowing money into the market has been a losing bet to date.\nExchange-traded funds are about to luremore moneyin seven months than in any calendar year on record -- with $486 billion added so far in 2021, the inflow will soon surpass last year’s $497 billion full-year record. In July alone, equity ETFs have taken in more than $15 billion.\nOther signs portend good news for the bulls. A measure of implied volatility in VIX options known as the Cboe VVIX Index is trading above 140, the level it’s been at three other times since October and which became an ultimate buying opportunity. When the so-called volatility of volatility measure peaked at 152 in late October, that marked the lowest point of the S&P 500, which proceeded to embark on a rally. When it rose to 158 on Jan. 27, the equity gauge found its trough two days later. When the same happened in mid-May, the S&P 500 rose more than 1% in each of the next two days.\nAs the market’s run higher, options trading has also picked up again, with strategists from Goldman Sachs Group Inc. saying last week the month-to-date average daily notional amount traded has risen to a record. Roughly $534 billion of options have changed hands on average each day this month, with more than half of that happening in call options. That’s above last year’s average of around $367 billion.\nFor many strategists, the current retreat is a blip before the reflation trade reasserts itself once again. That would imply stocks sensitive to the economic reopening will stage a comeback, with cyclical and value-oriented sectors of the market standing to benefit the most.\nUBS Global Wealth Management Chief Investment Officer Mark Haefele in his monthly letter to clients last week wrote that fears over premature Federal Reserve tightening or the spread of the delta variant derailing the recovery are “overdone.” Consumers have strong balance sheets, he said, and the need for businesses to rebuild inventory and capex could sustain economic momentum and corporate earnings.\nMarko Kolanovic, JPMorgan Chase & Co.’s chief global markets strategist, is also among those calling for such a bounce, arguing that it could happen once delta variant fears subside and inflation surprises persist.\nAnd Michael Purves, founder and CEO at Tallbacken, on Monday raised his year-end target for the S&P 500 to 4,800 from 4,250, implying a roughly 13% gain from current levels.\n“We think the combination of low, and stable, interest rates with a strong earnings growth trajectory will support the equity risk premium at healthy levels at 4,800 at year end,” he wrote in a note. “While we are past peak earnings growth, the earnings growth story into and through 2022 will continue to be robust. Further, we find little evidence that a rollover in peak earnings growth is a reason to sell the market.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881122015,"gmtCreate":1631318663337,"gmtModify":1676530526183,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Not exactly a crash, yet. So far it is a 15% correction, just a usual day in the crypto world","listText":"Not exactly a crash, yet. So far it is a 15% correction, just a usual day in the crypto world","text":"Not exactly a crash, yet. So far it is a 15% correction, just a usual day in the crypto world","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/881122015","repostId":"1148605188","repostType":4,"repost":{"id":"1148605188","pubTimestamp":1631265518,"share":"https://ttm.financial/m/news/1148605188?lang=&edition=fundamental","pubTime":"2021-09-10 17:18","market":"us","language":"en","title":"Bitcoin Crash September 2021: What You Should Know","url":"https://stock-news.laohu8.com/highlight/detail?id=1148605188","media":"seekingalpha","summary":"Summary\n\nBitcoin will be Bitcoin and bucket shops will be bucket shops.\nStocks, options, commodities","content":"<p><b>Summary</b></p>\n<ul>\n <li>Bitcoin will be Bitcoin and bucket shops will be bucket shops.</li>\n <li>Stocks, options, commodities and forex are no different from crypto in that they are filled with crashes, skulduggery and scandal.</li>\n <li>If you're in crypto you need two strategies for dealing with crashes.</li>\n</ul>\n<p>Yesterday (7thSeptember 2021) Bitcoin crashed, and as I write it is spiking down again. As a bear this is no surprise to me, but it is a major shock to many bulls who are expecting Bitcoin to go straight to $100,000 without a halt.</p>\n<p>Bitcoin is plagued/blessed with volatility and, make no mistake, if it did not have huge volatility, it would not be the giant brand it has become and crypto would not be the financial earthquake that is changing financial services forever.</p>\n<p>Markets are casinos; gamblers love to gamble and casinos love gamblers and ensure that they accommodate the players in as profitable a way as they can. Stocks, options, commodities, forex, they are no different from crypto in that they are filled with crashes, skulduggery and scandal, and the gaming tables are the same... ‘come play with leverage, come play with stop losses, this could be your lucky day.’</p>\n<p>Edwin Lefevre wrote the classic trading book in 1923 called ‘Reminiscences of a Stock Operator’ about famous trader/speculator/gambler Jesse Livermore. The ‘bucket shop’ scams of the time and the general trading environment around 1890-1930 remain basically unchanged today (…but, but, but think of all the regulation we have now…). Livermore was an incredibly talented trader that committed suicide when he lost it all, as traders are fated - by their counterparties and math - to do.</p>\n<p>Leverage and stop losses are just one example of how market actors like ‘bucket shops’ drive your account balances into their account balances. All the same finance scams of hidden charges, Ponzi schemes, ‘pump and dumps’ and so on are still everywhere to be seen in crypto, stocks etc. Where there are resources there are predators.</p>\n<p>So, a wild crash in crypto is to be expected and is perhaps even guaranteed. Take this phrase and write it like this:</p>\n<p>So, a wild crash in ______ is to be expected and is perhaps even guaranteed.</p>\n<p>Fill the blank as you see fit: stocks, bonds, property, the dollar, gold, junk bonds…. It will fit in just fine.</p>\n<p>Crashing is what markets do.</p>\n<p>Therefore, if you want to play in crypto, or for that matter in any financial market, you need two strategies for dealing with crashes.</p>\n<p><b>Strategy 1) What not to do</b></p>\n<ol>\n <li>Do not carry much leverage if any. If an instrument is volatile do not carry leverage at all.</li>\n <li>Do not hold stop losses on another party’s platforms.</li>\n <li>Do not hold positions for no good reason.</li>\n <li>Be prepared to hold your positions after a crash if you get caught and stuck in one</li>\n <li>If you are<b>certain</b>a crash is underway, do not hold and hope,<i>sell</i>.</li>\n</ol>\n<p><b>Strategy 2) What to do</b></p>\n<ol>\n <li>Never stop searching out the next crash. It is inevitable. One BTC at $60,000 is two BTC at $30,000.</li>\n <li>Buy the crash but only well after it’s happened and the dust is settling. This is the ultimate test of an investor.</li>\n <li>If you must trade during a crash, make sure you can depend on your providers not shuttering you in or out when it matters most (as true in stocks as in crypto). If you cannot depend on your service provider do not play. There is no customer service during a crash.</li>\n</ol>\n<p>A crash is a 25% drop in a dull asset but 50%-75% in anything spicy like crypto and 90% outside the blue chip instruments of a market.</p>\n<p><b>What next?</b></p>\n<p>Here is the chart:</p>\n<p><img src=\"https://static.tigerbbs.com/8e84d0c18312986bee801a102afc9dd6\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\">I’m still a bear<i>but</i>I think the recent rally is heavily driven by the social clampdown in China with Bitcoin and other cryptos a way of expatriating capital away from a developing authoritarian nightmare; a nightmare where even kids who want to play computer games can’t escape the boot of ideology. The impact of this new development may prove to be extremely potent and not in a good way for many, but for crypto it could be very strong.</p>\n<p>However, without that tailwind or other geopolitical conniptions I would expect Bitcoin to go under $20,000 but markets don’t listen to me. Like with every call, you must measure your speculation against what transpired. I produced a similar chart a few months ago showing the bull and the bear trend like the above. I hovered to the bear trend as the move I expected, and up went Bitcoin exactly on the bull trend as if by magic. Speculation is just that, and you have to believe what you see not what you think.</p>\n<p>The above trends will therefore develop, and I remain a bear.</p>\n<p><b>What to do?</b></p>\n<p>The golden rule is if you think you know, you don’t, so stop. If you know you know then proceed.</p>\n<p>Specifically:</p>\n<ol>\n <li>If you are a Hodl’er continue to dollar cost average in. If it really does melt down then perhaps drop some extra fiat in.</li>\n <li>If you don’t know what to do and need to ask then sell and save your fiat for when you are certain of your positions</li>\n <li>If you want to buy the dip be sure you want to hold because you might need to Hodl for a long time. If you are looking to flip you should wait because this move could go way lower.</li>\n <li>If you want to trade, look to go against extreme moves but only when they make your eyes bug out. Make sure the platform you use won’t choke and can execute under extreme volume.</li>\n <li>If you are looking for a re-entry - like me - this isn’t it (yet).</li>\n <li>If you are a tyro trader, study every tick of this. Crashes are where the real traders and investors make their killings because this is where the novices lose their shirts.</li>\n</ol>\n<p><b>What am I doing?</b></p>\n<p>‘Hodling’ what little ‘unstable coins’ I have. I am watching out for what will look great value when this move capitulates while focusing on midcap tokens for now. If this is the big crash of this cycle, after it’s all over and a week or two later, I’ll be picking a portfolio from the rubble.</p>\n<p>Bitcoin dropped another $1000 while I wrote this article and jumped $1000 while I edited it. The big take away is Bitcoin will be Bitcoin and crypto will always crash and moon and that is one of the reasons it will always be a huge brand fascinating millions.</p>\n<p>Long term, Bitcoin will go a lot higher but it will not be a smooth or short road.</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>Bitcoin Crash September 2021: What You Should Know</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\">\nBitcoin Crash September 2021: What You Should Know\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-10 17:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4454069-bitcoin-crash-september-2021-what-you-should-know><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nBitcoin will be Bitcoin and bucket shops will be bucket shops.\nStocks, options, commodities and forex are no different from crypto in that they are filled with crashes, skulduggery and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4454069-bitcoin-crash-september-2021-what-you-should-know\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","01499":"欧科云链","01611":"新火科技控股","GBTC":"Grayscale Bitcoin Trust"},"source_url":"https://seekingalpha.com/article/4454069-bitcoin-crash-september-2021-what-you-should-know","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148605188","content_text":"Summary\n\nBitcoin will be Bitcoin and bucket shops will be bucket shops.\nStocks, options, commodities and forex are no different from crypto in that they are filled with crashes, skulduggery and scandal.\nIf you're in crypto you need two strategies for dealing with crashes.\n\nYesterday (7thSeptember 2021) Bitcoin crashed, and as I write it is spiking down again. As a bear this is no surprise to me, but it is a major shock to many bulls who are expecting Bitcoin to go straight to $100,000 without a halt.\nBitcoin is plagued/blessed with volatility and, make no mistake, if it did not have huge volatility, it would not be the giant brand it has become and crypto would not be the financial earthquake that is changing financial services forever.\nMarkets are casinos; gamblers love to gamble and casinos love gamblers and ensure that they accommodate the players in as profitable a way as they can. Stocks, options, commodities, forex, they are no different from crypto in that they are filled with crashes, skulduggery and scandal, and the gaming tables are the same... ‘come play with leverage, come play with stop losses, this could be your lucky day.’\nEdwin Lefevre wrote the classic trading book in 1923 called ‘Reminiscences of a Stock Operator’ about famous trader/speculator/gambler Jesse Livermore. The ‘bucket shop’ scams of the time and the general trading environment around 1890-1930 remain basically unchanged today (…but, but, but think of all the regulation we have now…). Livermore was an incredibly talented trader that committed suicide when he lost it all, as traders are fated - by their counterparties and math - to do.\nLeverage and stop losses are just one example of how market actors like ‘bucket shops’ drive your account balances into their account balances. All the same finance scams of hidden charges, Ponzi schemes, ‘pump and dumps’ and so on are still everywhere to be seen in crypto, stocks etc. Where there are resources there are predators.\nSo, a wild crash in crypto is to be expected and is perhaps even guaranteed. Take this phrase and write it like this:\nSo, a wild crash in ______ is to be expected and is perhaps even guaranteed.\nFill the blank as you see fit: stocks, bonds, property, the dollar, gold, junk bonds…. It will fit in just fine.\nCrashing is what markets do.\nTherefore, if you want to play in crypto, or for that matter in any financial market, you need two strategies for dealing with crashes.\nStrategy 1) What not to do\n\nDo not carry much leverage if any. If an instrument is volatile do not carry leverage at all.\nDo not hold stop losses on another party’s platforms.\nDo not hold positions for no good reason.\nBe prepared to hold your positions after a crash if you get caught and stuck in one\nIf you arecertaina crash is underway, do not hold and hope,sell.\n\nStrategy 2) What to do\n\nNever stop searching out the next crash. It is inevitable. One BTC at $60,000 is two BTC at $30,000.\nBuy the crash but only well after it’s happened and the dust is settling. This is the ultimate test of an investor.\nIf you must trade during a crash, make sure you can depend on your providers not shuttering you in or out when it matters most (as true in stocks as in crypto). If you cannot depend on your service provider do not play. There is no customer service during a crash.\n\nA crash is a 25% drop in a dull asset but 50%-75% in anything spicy like crypto and 90% outside the blue chip instruments of a market.\nWhat next?\nHere is the chart:\nI’m still a bearbutI think the recent rally is heavily driven by the social clampdown in China with Bitcoin and other cryptos a way of expatriating capital away from a developing authoritarian nightmare; a nightmare where even kids who want to play computer games can’t escape the boot of ideology. The impact of this new development may prove to be extremely potent and not in a good way for many, but for crypto it could be very strong.\nHowever, without that tailwind or other geopolitical conniptions I would expect Bitcoin to go under $20,000 but markets don’t listen to me. Like with every call, you must measure your speculation against what transpired. I produced a similar chart a few months ago showing the bull and the bear trend like the above. I hovered to the bear trend as the move I expected, and up went Bitcoin exactly on the bull trend as if by magic. Speculation is just that, and you have to believe what you see not what you think.\nThe above trends will therefore develop, and I remain a bear.\nWhat to do?\nThe golden rule is if you think you know, you don’t, so stop. If you know you know then proceed.\nSpecifically:\n\nIf you are a Hodl’er continue to dollar cost average in. If it really does melt down then perhaps drop some extra fiat in.\nIf you don’t know what to do and need to ask then sell and save your fiat for when you are certain of your positions\nIf you want to buy the dip be sure you want to hold because you might need to Hodl for a long time. If you are looking to flip you should wait because this move could go way lower.\nIf you want to trade, look to go against extreme moves but only when they make your eyes bug out. Make sure the platform you use won’t choke and can execute under extreme volume.\nIf you are looking for a re-entry - like me - this isn’t it (yet).\nIf you are a tyro trader, study every tick of this. Crashes are where the real traders and investors make their killings because this is where the novices lose their shirts.\n\nWhat am I doing?\n‘Hodling’ what little ‘unstable coins’ I have. I am watching out for what will look great value when this move capitulates while focusing on midcap tokens for now. If this is the big crash of this cycle, after it’s all over and a week or two later, I’ll be picking a portfolio from the rubble.\nBitcoin dropped another $1000 while I wrote this article and jumped $1000 while I edited it. The big take away is Bitcoin will be Bitcoin and crypto will always crash and moon and that is one of the reasons it will always be a huge brand fascinating millions.\nLong term, Bitcoin will go a lot higher but it will not be a smooth or short road.","news_type":1},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141225249,"gmtCreate":1625876381981,"gmtModify":1703750184879,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Bullish on Nvidia&nbsp;","listText":"Bullish on Nvidia&nbsp;","text":"Bullish on Nvidia","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141225249","repostId":"1142328952","repostType":4,"isVote":1,"tweetType":1,"viewCount":296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152662857,"gmtCreate":1625288738179,"gmtModify":1703740057525,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Very positive news, seems like next week will be a very green week","listText":"Very positive news, seems like next week will be a very green week","text":"Very positive news, seems like next week will be a very green week","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152662857","repostId":"1165340887","repostType":4,"repost":{"id":"1165340887","pubTimestamp":1625257396,"share":"https://ttm.financial/m/news/1165340887?lang=&edition=fundamental","pubTime":"2021-07-03 04:23","market":"us","language":"en","title":"U.S. stocks sweep to fresh highs after strong jobs report","url":"https://stock-news.laohu8.com/highlight/detail?id=1165340887","media":"yahoo","summary":"Stocks rose Friday to record levels as investors digested a key print on the U.S. labor market recovery, which pointed to a faster pace of payroll gains than expected.The S&P 500 set another record high, kicking off the first sessions of the third quarter on a high note. The blue-chip index logged a seventh straight day of gains in its longest winning streak since August 2020. The Nasdaq also hit all-time intraday and closing highs, and the Dow gained to set its first record high since May 7. Sh","content":"<p>Stocks rose Friday to record levels as investors digested a key print on the U.S. labor market recovery, which pointed to a faster pace of payroll gains than expected.</p>\n<p>The S&amp;P 500 set another record high, kicking off the first sessions of the third quarter on a high note. The blue-chip index logged a seventh straight day of gains in its longest winning streak since August 2020. The Nasdaq also hit all-time intraday and closing highs, and the Dow gained to set its first record high since May 7. Shares of Tesla (TSLA) fluctuated before ending slightly higher after the electric car-maker's second-quarter deliveries hit a new record but still missed analysts' estimates, based on Bloomberg consensus data.</p>\n<p>Investorsconsidered the U.S. Labor Department's June jobs report, the central economic data point that came out this week. The print showed a stronger-than-anticipated acceleration in hiring, with non-farm payrolls rising by 850,000 for a sixth straight monthly gain. The unemployment rate, however, unexpectedly ticked up slightly to 5.9%.</p>\n<p>\"This is the 'Goldilocks report' that the market was looking for today. You had a nice print here of 850,000 jobs being added, wage pressure remaining — I wouldn't call them necessarily contained — but surprising here on the downside versus consensus estimates. So this is telling us right now that economic growth is continuing to accelerate here, the jobs market is continuing to heal,\" Emily Roland, co-chief investment strategist at John Hancock Investment Management, told Yahoo Finance. \"We're making progress here in terms of what the Fed has set out to do, which is in order to get unemployment get down, they're going to let inflation run a little bit hot here. Not too hot, not too cold — this is just what the market wants.\"</p>\n<p>Heading into the report, equities have been buoyed by a slew of strong economic data earlier this week, especially on the labor market.Private payrolls rose by a better-than-expected 692,000 in June,according to ADP, andweekly initial jobless claims improved more than expectedto the lowest level since March 2020. Still, other reports underscored the still-prevalent labor supply challenges impacting companies across industries, with the scarcity capping what has otherwise been a robust economic rebound.</p>\n<p>\"It's really the labor market supply that's putting the brake on hiring right now,\" Luke Tilley, chief economist for Wilmington Trust, told Yahoo Finance. \"But we're pretty optimistic, the market is pretty optimistic, and we think that's a big part of what's driving these indexes higher.\"</p>\n<p>Friday's jobs report will also give markets a suggestion as to the timing of the Federal Reserve's next monetary policy move. For now, the Fed has kept in place both of its key crisis-era policies, or quantitative easing and a near-zero benchmark interest rate. However, an especially strong jobs report and faster-than-expected print on wage growth could justify an earlier-than-currently-telegraphed shift by the central bank.</p>\n<p>“For the first time in years, I’m actually worried about a too hot number causing some kind of volatility or pullback in stocks. That’s because the Fed has signaled they are looking to taper QE,\" Tom Essaye, Sevens Report Research founder,told Yahoo Finance. \"And if we get a really, really strong jobs number and a hot wage number, then markets are going to start to say gee, are they going to taper QE maybe before November, or are they going to taper it more intensely than we thought and in a market that's frankly been very calm and a little bit complacent, that could cause volatility.\"</p>\n<p>Still, the Fed has suggested it would not react rashly to single reports, and has given itself leeway to adjust the timeline of its monetary policy pivots as more data comes in.</p>\n<p>\"I think everyone's counting on the Fed continuing really for the foreseeable future. So I don't see any big changes there coming before 2023,\" Octavio Marenzi, CEO and founder of Opimas,told Yahoo Finance.\"And even then the Fed has hedged its bets very significantly — they've basically said we might in 2023 raise interest rates twice, but then again we might not. So I think the smart money is betting things are going to keep on going, they're going to carry on with a very accommodative monetary policy.\"</p>\n<p>Even with the recent strength for stocks, market strategists say that uncertainty about the future of the Fed’s asset purchases and the upcoming earnings season could keep stocks from making major gains in the near term.</p>\n<p>“The market is still very much concerned about the Fed’s reaction function,” said Max Gokhman, head of asset allocation at Pacific Life Fund Advisors, adding that he thought there was still a lot of slack in the labor market.</p>\n<p>4:01 p.m. ET: Stocks close higher, S&amp;P 500 posts longest winning streak since August 2020</p>\n<p>Here's where markets closed out on Friday:</p>\n<ul>\n <li><p><b>S&amp;P 500 (^GSPC)</b>: +32.51 (+0.75%) to 4,352.45</p></li>\n <li><p><b>Dow (^DJI)</b>: +154.4 (+0.45%) to 34,787.93</p></li>\n <li><p><b>Nasdaq (^IXIC)</b>: +116.95 (+0.81%) to 14,639.33</p></li>\n</ul>","source":"lsy1584348713084","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>U.S. stocks sweep to fresh highs after strong jobs report</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; 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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\">\nU.S. stocks sweep to fresh highs after strong jobs report\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-03 04:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/stock-market-news-live-updates-july-2-2021-221546079-221120965.html><strong>yahoo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks rose Friday to record levels as investors digested a key print on the U.S. labor market recovery, which pointed to a faster pace of payroll gains than expected.\nThe S&P 500 set another record ...</p>\n\n<a href=\"https://finance.yahoo.com/news/stock-market-news-live-updates-july-2-2021-221546079-221120965.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/stock-market-news-live-updates-july-2-2021-221546079-221120965.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165340887","content_text":"Stocks rose Friday to record levels as investors digested a key print on the U.S. labor market recovery, which pointed to a faster pace of payroll gains than expected.\nThe S&P 500 set another record high, kicking off the first sessions of the third quarter on a high note. The blue-chip index logged a seventh straight day of gains in its longest winning streak since August 2020. The Nasdaq also hit all-time intraday and closing highs, and the Dow gained to set its first record high since May 7. Shares of Tesla (TSLA) fluctuated before ending slightly higher after the electric car-maker's second-quarter deliveries hit a new record but still missed analysts' estimates, based on Bloomberg consensus data.\nInvestorsconsidered the U.S. Labor Department's June jobs report, the central economic data point that came out this week. The print showed a stronger-than-anticipated acceleration in hiring, with non-farm payrolls rising by 850,000 for a sixth straight monthly gain. The unemployment rate, however, unexpectedly ticked up slightly to 5.9%.\n\"This is the 'Goldilocks report' that the market was looking for today. You had a nice print here of 850,000 jobs being added, wage pressure remaining — I wouldn't call them necessarily contained — but surprising here on the downside versus consensus estimates. So this is telling us right now that economic growth is continuing to accelerate here, the jobs market is continuing to heal,\" Emily Roland, co-chief investment strategist at John Hancock Investment Management, told Yahoo Finance. \"We're making progress here in terms of what the Fed has set out to do, which is in order to get unemployment get down, they're going to let inflation run a little bit hot here. Not too hot, not too cold — this is just what the market wants.\"\nHeading into the report, equities have been buoyed by a slew of strong economic data earlier this week, especially on the labor market.Private payrolls rose by a better-than-expected 692,000 in June,according to ADP, andweekly initial jobless claims improved more than expectedto the lowest level since March 2020. Still, other reports underscored the still-prevalent labor supply challenges impacting companies across industries, with the scarcity capping what has otherwise been a robust economic rebound.\n\"It's really the labor market supply that's putting the brake on hiring right now,\" Luke Tilley, chief economist for Wilmington Trust, told Yahoo Finance. \"But we're pretty optimistic, the market is pretty optimistic, and we think that's a big part of what's driving these indexes higher.\"\nFriday's jobs report will also give markets a suggestion as to the timing of the Federal Reserve's next monetary policy move. For now, the Fed has kept in place both of its key crisis-era policies, or quantitative easing and a near-zero benchmark interest rate. However, an especially strong jobs report and faster-than-expected print on wage growth could justify an earlier-than-currently-telegraphed shift by the central bank.\n“For the first time in years, I’m actually worried about a too hot number causing some kind of volatility or pullback in stocks. That’s because the Fed has signaled they are looking to taper QE,\" Tom Essaye, Sevens Report Research founder,told Yahoo Finance. \"And if we get a really, really strong jobs number and a hot wage number, then markets are going to start to say gee, are they going to taper QE maybe before November, or are they going to taper it more intensely than we thought and in a market that's frankly been very calm and a little bit complacent, that could cause volatility.\"\nStill, the Fed has suggested it would not react rashly to single reports, and has given itself leeway to adjust the timeline of its monetary policy pivots as more data comes in.\n\"I think everyone's counting on the Fed continuing really for the foreseeable future. So I don't see any big changes there coming before 2023,\" Octavio Marenzi, CEO and founder of Opimas,told Yahoo Finance.\"And even then the Fed has hedged its bets very significantly — they've basically said we might in 2023 raise interest rates twice, but then again we might not. So I think the smart money is betting things are going to keep on going, they're going to carry on with a very accommodative monetary policy.\"\nEven with the recent strength for stocks, market strategists say that uncertainty about the future of the Fed’s asset purchases and the upcoming earnings season could keep stocks from making major gains in the near term.\n“The market is still very much concerned about the Fed’s reaction function,” said Max Gokhman, head of asset allocation at Pacific Life Fund Advisors, adding that he thought there was still a lot of slack in the labor market.\n4:01 p.m. ET: Stocks close higher, S&P 500 posts longest winning streak since August 2020\nHere's where markets closed out on Friday:\n\nS&P 500 (^GSPC): +32.51 (+0.75%) to 4,352.45\nDow (^DJI): +154.4 (+0.45%) to 34,787.93\nNasdaq (^IXIC): +116.95 (+0.81%) to 14,639.33","news_type":1},"isVote":1,"tweetType":1,"viewCount":383,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573943942927358","authorId":"3573943942927358","name":"Ola5528","avatar":"https://static.tigerbbs.com/80f475dff1b8107d8a24e19220f0038d","crmLevel":2,"crmLevelSwitch":0,"idStr":"3573943942927358","authorIdStr":"3573943942927358"},"content":"Next week We may see a pullback as this is the first tjme since 1997 that the s&p has seen 7 straight green days","text":"Next week We may see a pullback as this is the first tjme since 1997 that the s&p has seen 7 straight green days","html":"Next week We may see a pullback as this is the first tjme since 1997 that the s&p has seen 7 straight green days"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156665526,"gmtCreate":1625219148465,"gmtModify":1703738602908,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Combination of hype and perceived potential of extremely high gains. They are young, so the risk appetite is very different from older traders","listText":"Combination of hype and perceived potential of extremely high gains. They are young, so the risk appetite is very different from older traders","text":"Combination of hype and perceived potential of extremely high gains. They are young, so the risk appetite is very different from older traders","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156665526","repostId":"1133090424","repostType":4,"repost":{"id":"1133090424","pubTimestamp":1625195955,"share":"https://ttm.financial/m/news/1133090424?lang=&edition=fundamental","pubTime":"2021-07-02 11:19","market":"us","language":"en","title":"Why Young Adults Are Taking Big Risks On AMC And GameStop？","url":"https://stock-news.laohu8.com/highlight/detail?id=1133090424","media":"Benzinga","summary":"Young traders entered the stock market in droves in the past year, many betting on popular meme stoc","content":"<p>Young traders entered the stock market in droves in the past year, many betting on popular meme stocks like&nbsp;<b>GameStop Corp.</b>&nbsp;and&nbsp;<b>AMC Entertainment Holdings Inc</b>&nbsp;.</p>\n<p>These two financially challenged and relatively low-rated stocks are far from safe, blue-chip investments, and a new study by the University of Sydney School of Economics sheds some light on why young traders are willing to make such big bets on a pair of extremely risky stocks.</p>\n<p><b>YOLO Trading:</b>One of the hallmarks of meme stock mania is that traders on Reddit, Twitter and elsewhere are posting screenshots of their \"YOLO trades\" and documenting their buys for the whole world to see. The University of Sydney study found young adults aged 18 to 24 are more likely to engage in riskier financial behavior when they are being observed by others.</p>\n<p>“Perhaps they were motivated to take greater risks in each other’s (online) company,” lead author&nbsp;<b>Professor Agnieszka Tymula</b>&nbsp;said of the WallStreetBets community.</p>\n<p><b>The Study:</b>In the study, researchers found that, when given the choice between a fixed amount of money received with certainty and a risky lottery option with a potential for a large payout, young adults aged 18 to 24 were more likely to choose the high-risk option when they were being observed by others rather than when they were making the choice in private.</p>\n<p>“We know that young adults generally have a greater appetite for risk. Our study lends further credence to the notion that this appetite grows when in the company of peers,” Tymula said.</p>\n<p><b>Benzinga’s Take:</b>Peer pressure is certainly not a new phenomenon, and it makes sense that young traders would feel pressure on social media to prove to friends they are brave enough to make speculative bets on high-risk stocks.</p>\n<p>It’s not breaking news that young people engage in risky behavior, and it’s not necessarily a bad thing for young traders to take risks in the market at a young age when a negative outcome is least likely to have a lasting impact on their financial well-being.</p>","source":"lsy1606299360108","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 Young Adults Are Taking Big Risks On AMC And GameStop？</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 Young Adults Are Taking Big Risks On AMC And GameStop？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 11:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/21/07/21811223/study-why-young-adults-are-taking-big-risks-on-amc-and-gamestop><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Young traders entered the stock market in droves in the past year, many betting on popular meme stocks like GameStop Corp. and AMC Entertainment Holdings Inc .\nThese two financially challenged and ...</p>\n\n<a href=\"https://www.benzinga.com/news/21/07/21811223/study-why-young-adults-are-taking-big-risks-on-amc-and-gamestop\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.benzinga.com/news/21/07/21811223/study-why-young-adults-are-taking-big-risks-on-amc-and-gamestop","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133090424","content_text":"Young traders entered the stock market in droves in the past year, many betting on popular meme stocks like GameStop Corp. and AMC Entertainment Holdings Inc .\nThese two financially challenged and relatively low-rated stocks are far from safe, blue-chip investments, and a new study by the University of Sydney School of Economics sheds some light on why young traders are willing to make such big bets on a pair of extremely risky stocks.\nYOLO Trading:One of the hallmarks of meme stock mania is that traders on Reddit, Twitter and elsewhere are posting screenshots of their \"YOLO trades\" and documenting their buys for the whole world to see. The University of Sydney study found young adults aged 18 to 24 are more likely to engage in riskier financial behavior when they are being observed by others.\n“Perhaps they were motivated to take greater risks in each other’s (online) company,” lead author Professor Agnieszka Tymula said of the WallStreetBets community.\nThe Study:In the study, researchers found that, when given the choice between a fixed amount of money received with certainty and a risky lottery option with a potential for a large payout, young adults aged 18 to 24 were more likely to choose the high-risk option when they were being observed by others rather than when they were making the choice in private.\n“We know that young adults generally have a greater appetite for risk. Our study lends further credence to the notion that this appetite grows when in the company of peers,” Tymula said.\nBenzinga’s Take:Peer pressure is certainly not a new phenomenon, and it makes sense that young traders would feel pressure on social media to prove to friends they are brave enough to make speculative bets on high-risk stocks.\nIt’s not breaking news that young people engage in risky behavior, and it’s not necessarily a bad thing for young traders to take risks in the market at a young age when a negative outcome is least likely to have a lasting impact on their financial well-being.","news_type":1},"isVote":1,"tweetType":1,"viewCount":243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179143472,"gmtCreate":1626496609696,"gmtModify":1703761158545,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Bearish, it’s time to start being bullish and find entry prices","listText":"Bearish, it’s time to start being bullish and find entry prices","text":"Bearish, it’s time to start being bullish and find entry prices","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/179143472","repostId":"1140939614","repostType":4,"repost":{"id":"1140939614","pubTimestamp":1626446093,"share":"https://ttm.financial/m/news/1140939614?lang=&edition=fundamental","pubTime":"2021-07-16 22:34","market":"us","language":"en","title":"Dow gives up earlier gain, loses 150 points despite strong retail sales","url":"https://stock-news.laohu8.com/highlight/detail?id=1140939614","media":"CNBC","summary":"The Dow Jones Industrial Average drifted lower Friday even as the latest retail sales numbers came o","content":"<div>\n<p>The Dow Jones Industrial Average drifted lower Friday even as the latest retail sales numbers came out better-than-expected.\nThe Dow lost 150 points, or 0.46%, after opening above 35,000. The index ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/15/stock-market-open-to-close-news.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>Dow gives up earlier gain, loses 150 points despite strong retail sales</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\">\nDow gives up earlier gain, loses 150 points despite strong retail sales\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-16 22:34 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/15/stock-market-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Dow Jones Industrial Average drifted lower Friday even as the latest retail sales numbers came out better-than-expected.\nThe Dow lost 150 points, or 0.46%, after opening above 35,000. The index ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/15/stock-market-open-to-close-news.html\">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.cnbc.com/2021/07/15/stock-market-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1140939614","content_text":"The Dow Jones Industrial Average drifted lower Friday even as the latest retail sales numbers came out better-than-expected.\nThe Dow lost 150 points, or 0.46%, after opening above 35,000. The index closed just short of that level on Monday. The S&P 500 dipped around 0.2% and the Nasdaq Composite edged about 0.1% lower.\nRetail and food service salesrose 0.6% in June, while economists surveyed by Dow Jones had expected a 0.4% decline. Excluding autos, those sales jumped 1.3%, beating economists’ estimate of a 0.4% gain.\nWeaker performance from technology stocks weighed on the market. Shares of Netflix fell more than 1% ahead of the streaming giant’s second-quarter earnings report next week. Nvidia shares fell about 2%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147731553,"gmtCreate":1626390800272,"gmtModify":1703759072330,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Waiting for this crash to increase my positions with NVidia","listText":"Waiting for this crash to increase my positions with NVidia","text":"Waiting for this crash to increase my positions with NVidia","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/147731553","repostId":"2151269095","repostType":4,"repost":{"id":"2151269095","pubTimestamp":1626354840,"share":"https://ttm.financial/m/news/2151269095?lang=&edition=fundamental","pubTime":"2021-07-15 21:14","market":"us","language":"en","title":"NVIDIA Stock Could Crash. Here's What You Should Do if It Does","url":"https://stock-news.laohu8.com/highlight/detail?id=2151269095","media":"Motley Fool","summary":"As graphics card prices start sliding, NVIDIA investors may have to relive a torrid time in the company's history.","content":"<p><b>NVIDIA</b> (NASDAQ:NVDA) has sizzled on the stock market since the beginning of 2019. Shares of the graphics specialist have jumped about 500% in just over two and a half years thanks to terrific growth in the video gaming and data center businesses.</p>\n<p>However, ominous signs are emerging in NVIDIA's biggest business, video gaming, that could give investors déjà vu, harkening back to a regrettable period in the company's history.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/427519bfaf54d082e9192ec7a7e8a671\" tg-width=\"720\" tg-height=\"387\" referrerpolicy=\"no-referrer\"><span>NVDA data by YCharts</span></p>\n<h2><b>Graphics card prices are coming down as miners start dumping GPUs</b></h2>\n<p>Graphics processing unit (GPU) prices have started pulling back from their astronomical highs of late due to several factors. However, lower demand from cryptocurrency miners seems to be the biggest growth driver behind the correction. That's not surprising, as miners reportedly bought a fourth of the total graphics cards sold in the first quarter of 2021 to mine cryptocurrencies, according&nbsp;to Jon Peddie Research.</p>\n<p>But a drop in the price of <b>Ethereum</b> (CRYPTO:ETH) and China's crackdown on <b>Bitcoin</b> (CRYPTO:BTC) have hamstrung the demand for graphics cards used for mining operations. Etherscan, an Ethereum analytics platform, recently pointed&nbsp;out that the GPU power used for mining the cryptocurrency has dropped 19% in the past month. As a result, cryptocurrency miners in China are offloading their powerful graphics cards into the second-hand market, according to a report by <i>PC Gamer</i>.</p>\n<p>NVIDIA's RTX 3070 GPU is reportedly being sold&nbsp;for just over $400 in China. That's lower than the card's $499 sticker&nbsp;price. It is also worth noting that the RTX 3070 was being sold for $1,300 in the first half of June, according to <b><a href=\"https://laohu8.com/S/EBAY\">eBay</a></b> price data collected by Tom's Hardware. As of the end of the first week of July, the card's price had come down to just over $1,080.</p>\n<p>GPU prices in Germany have also dropped at a breakneck pace. The price premium of NVIDIA's RTX 30 series cards has come down to 153% of the manufacturer's suggested retail price (MSRP) in the first week of July, compared to a whopping 304% in the middle of May, according&nbsp;to a third-party report.</p>\n<h2><b>NVIDIA has been hit hard in the past</b></h2>\n<p>NVIDIA was hurt big time by a GPU price crash back in 2018 once cryptocurrency miners decided to offload their graphics cards in the preowned market. The excess graphics card inventory in the wake of the cryptocurrency mining bust burnt investors as NVIDIA's fortunes declined.</p>\n<p>The recent price correction indicates history may repeat itself and wreck NVIDIA's momentum. After all, the chipmaker's revenue in the fourth quarter of fiscal 2019 for the three months ending Jan. 27, 2019, sunk 24% year over year in the aftermath of the cryptocurrency mining bust. It took the company a year to recover from that shock. NVIDIA's revenue in fiscal 2020 dipped&nbsp;7% before it regained its mojo thanks to strong demand from the video gaming and the data center segments.</p>\n<p>However, long-term investors have no reason to worry, despite these developments that have caused NVIDIA pain in the past. That's because the demand for its latest cards is so strong that NVIDIA has reportedly decided to cut production of the old-generation RTX 2060 graphics card in half to increase the supply of the RTX 30 series cards. Additionally, reports indicate that NVIDIA is already working to increase the production of the aggressively priced RTX 3060 card to meet strong demand.</p>\n<p>So, even if gaming enthusiasts decide to buy a preowned graphics card from miners -- which isn't always a good idea&nbsp;as they may have been subjected to long hours of operation and could be prone to wearing out faster -- NVIDIA will still have enough end-market demand to fill.</p>\n<p>Consider this: Only 15% of NVIDIA's installed graphics card user base of 140 million is running the RTX series cards. A short-term disturbance in the GPU market's demand-supply dynamics is unlikely to change the long-term picture. Jon Peddie Research estimates that discrete GPU sales could generate&nbsp;$54 billion in revenue by 2025, a sharp jump from last year's revenue of $23.6 billion thanks to the growth in video gaming. NVIDIA controls&nbsp;80% of this market.</p>\n<p>Savvy investors would do well to consider buying more NVIDIA stock if the cryptocurrency bust sends its shares packing. After all, analysts expect NVIDIA's earnings to grow at more than 26% a year for the next five years, suggesting this is a top growth stock that's worth buying on its rare dips.</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>NVIDIA Stock Could Crash. Here's What You Should Do if It Does</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\">\nNVIDIA Stock Could Crash. Here's What You Should Do if It Does\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 21:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/15/nvidia-stock-could-crash-heres-what-you-should-do/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NVIDIA (NASDAQ:NVDA) has sizzled on the stock market since the beginning of 2019. Shares of the graphics specialist have jumped about 500% in just over two and a half years thanks to terrific growth ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/15/nvidia-stock-could-crash-heres-what-you-should-do/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达"},"source_url":"https://www.fool.com/investing/2021/07/15/nvidia-stock-could-crash-heres-what-you-should-do/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151269095","content_text":"NVIDIA (NASDAQ:NVDA) has sizzled on the stock market since the beginning of 2019. Shares of the graphics specialist have jumped about 500% in just over two and a half years thanks to terrific growth in the video gaming and data center businesses.\nHowever, ominous signs are emerging in NVIDIA's biggest business, video gaming, that could give investors déjà vu, harkening back to a regrettable period in the company's history.\nNVDA data by YCharts\nGraphics card prices are coming down as miners start dumping GPUs\nGraphics processing unit (GPU) prices have started pulling back from their astronomical highs of late due to several factors. However, lower demand from cryptocurrency miners seems to be the biggest growth driver behind the correction. That's not surprising, as miners reportedly bought a fourth of the total graphics cards sold in the first quarter of 2021 to mine cryptocurrencies, according to Jon Peddie Research.\nBut a drop in the price of Ethereum (CRYPTO:ETH) and China's crackdown on Bitcoin (CRYPTO:BTC) have hamstrung the demand for graphics cards used for mining operations. Etherscan, an Ethereum analytics platform, recently pointed out that the GPU power used for mining the cryptocurrency has dropped 19% in the past month. As a result, cryptocurrency miners in China are offloading their powerful graphics cards into the second-hand market, according to a report by PC Gamer.\nNVIDIA's RTX 3070 GPU is reportedly being sold for just over $400 in China. That's lower than the card's $499 sticker price. It is also worth noting that the RTX 3070 was being sold for $1,300 in the first half of June, according to eBay price data collected by Tom's Hardware. As of the end of the first week of July, the card's price had come down to just over $1,080.\nGPU prices in Germany have also dropped at a breakneck pace. The price premium of NVIDIA's RTX 30 series cards has come down to 153% of the manufacturer's suggested retail price (MSRP) in the first week of July, compared to a whopping 304% in the middle of May, according to a third-party report.\nNVIDIA has been hit hard in the past\nNVIDIA was hurt big time by a GPU price crash back in 2018 once cryptocurrency miners decided to offload their graphics cards in the preowned market. The excess graphics card inventory in the wake of the cryptocurrency mining bust burnt investors as NVIDIA's fortunes declined.\nThe recent price correction indicates history may repeat itself and wreck NVIDIA's momentum. After all, the chipmaker's revenue in the fourth quarter of fiscal 2019 for the three months ending Jan. 27, 2019, sunk 24% year over year in the aftermath of the cryptocurrency mining bust. It took the company a year to recover from that shock. NVIDIA's revenue in fiscal 2020 dipped 7% before it regained its mojo thanks to strong demand from the video gaming and the data center segments.\nHowever, long-term investors have no reason to worry, despite these developments that have caused NVIDIA pain in the past. That's because the demand for its latest cards is so strong that NVIDIA has reportedly decided to cut production of the old-generation RTX 2060 graphics card in half to increase the supply of the RTX 30 series cards. Additionally, reports indicate that NVIDIA is already working to increase the production of the aggressively priced RTX 3060 card to meet strong demand.\nSo, even if gaming enthusiasts decide to buy a preowned graphics card from miners -- which isn't always a good idea as they may have been subjected to long hours of operation and could be prone to wearing out faster -- NVIDIA will still have enough end-market demand to fill.\nConsider this: Only 15% of NVIDIA's installed graphics card user base of 140 million is running the RTX series cards. A short-term disturbance in the GPU market's demand-supply dynamics is unlikely to change the long-term picture. Jon Peddie Research estimates that discrete GPU sales could generate $54 billion in revenue by 2025, a sharp jump from last year's revenue of $23.6 billion thanks to the growth in video gaming. NVIDIA controls 80% of this market.\nSavvy investors would do well to consider buying more NVIDIA stock if the cryptocurrency bust sends its shares packing. After all, analysts expect NVIDIA's earnings to grow at more than 26% a year for the next five years, suggesting this is a top growth stock that's worth buying on its rare dips.","news_type":1},"isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892434274,"gmtCreate":1628682187498,"gmtModify":1676529819084,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"To the moon!","listText":"To the moon!","text":"To the moon!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/892434274","repostId":"2158401828","repostType":4,"repost":{"id":"2158401828","pubTimestamp":1628674804,"share":"https://ttm.financial/m/news/2158401828?lang=&edition=fundamental","pubTime":"2021-08-11 17:40","market":"fut","language":"en","title":"Bitcoin roars back, putting US$100,000 predictions in vogue again","url":"https://stock-news.laohu8.com/highlight/detail?id=2158401828","media":"The Straits Times","summary":"NEW YORK (BLOOMBERG) - Bitcoin to US$100,000. Bitcoin to the moon. Bitcoin to infinity.\nThe world's ","content":"<div>\n<p>NEW YORK (BLOOMBERG) - Bitcoin to US$100,000. Bitcoin to the moon. Bitcoin to infinity.\nThe world's largest cryptocurrency is staging a comeback that has taken it up more than 50 per cent from recent ...</p>\n\n<a href=\"http://www.straitstimes.com/business/companies-markets/bitcoin-roars-back-putting-us100000-predictions-in-vogue-again\">Web Link</a>\n\n</div>\n","source":"straits_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>Bitcoin roars back, putting US$100,000 predictions in vogue again</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\">\nBitcoin roars back, putting US$100,000 predictions in vogue again\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-11 17:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/companies-markets/bitcoin-roars-back-putting-us100000-predictions-in-vogue-again><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (BLOOMBERG) - Bitcoin to US$100,000. Bitcoin to the moon. Bitcoin to infinity.\nThe world's largest cryptocurrency is staging a comeback that has taken it up more than 50 per cent from recent ...</p>\n\n<a href=\"http://www.straitstimes.com/business/companies-markets/bitcoin-roars-back-putting-us100000-predictions-in-vogue-again\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"http://www.straitstimes.com/business/companies-markets/bitcoin-roars-back-putting-us100000-predictions-in-vogue-again","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158401828","content_text":"NEW YORK (BLOOMBERG) - Bitcoin to US$100,000. Bitcoin to the moon. Bitcoin to infinity.\nThe world's largest cryptocurrency is staging a comeback that has taken it up more than 50 per cent from recent lows, reviving animal spirits and coaxing out sky-high price targets that, while a source of comedy for some, emerge when the asset is rallying.\nOut are predictions the digital currency was ready to retest US$20,000 amid a slew of negative headlines that many said would push it lower. Back in vogue are calls for the coin to keep rallying again to its all-time highs and beyond.\nAnd there are plenty of superlatives to mark the moment: Bitcoin is up four weeks straight and is on pace for its second monthly advance. Overall, it's seen its fastest 21-day advance since February, the last time it was in the midst of vaulting toward records. It traded at US$45,781 as of 5.42pm in New York on Tuesday (Aug 10).\n\"It's roaring back,\" Meltem Demirors, chief strategy officer at crypto fund provider CoinShares, said by phone. Despite new regulatory scrutiny, \"many investors perceive this as positive news and a positive catalyst because it's clearing up a lot of the confusion or some of the uncertainty. And I think what's being demonstrated as well is the crypto community is no longer some esoteric corner of finance.\"\nThe cryptocurrency is defying criticism over its toll on the environment and is advancing even as regulators around the world are promising tougher crackdowns. China, for one, has taken a number of steps to clamp down on crypto mining, among other things. In the US, policy makers are focusing on digital assets in a new way, with US Securities and Exchange Commission chair Gary Gensler last week calling the space the \"Wild West.\" He said he wouldn't compromise on protecting investors in setting out a regulatory framework.\nStrategists are tossing those worries aside for now and are, instead, bringing out soaring price targets, which have long been a part of the investment thesis behind getting into cryptocurrencies.\n\"It's still got plenty of room to get the old high,\" Bloomberg Intelligence's Mike McGlone said in a television interview. \"And guess what? If it just follows Ethereum, it goes to US$100,000,\" he said, referring to Bitcoin catching up, percentage-wise, to the second token's performance.\nFundstrat Global Advisors' Tom Lee also sees it reaching US$100,000 - by the end of 2021. The firm's co-founder and head of research recommends investors follow a simple rule: If Bitcoin crosses above its average price over the last 200 days --a long-term momentum measure - then it's time to buy. The coin crossed that hurdle in recent days. \"With Bitcoin crossing above its 200D, we think Bitcoin will rally strongly into,\" year-end, Mr Lee wrote in a note.\nThe rally comes even despite potential tax reporting requirements. A change to cryptocurrency reporting rules in Congress' infrastructure bill was blocked in the Senate on Monday, leaving language for broad oversight of virtual currencies in the legislation that's set to pass the Senate.\nBlockchain Association's Kristin Smith said she was surprised the coin advanced during the infrastructure bill debate - she thought the opposite would have happened.\n\"I do not understand prices. I thought prices would be tanking because of the bad language that some suggested out there,\" she said on Bloomberg's \"QuickTake Stock\" streaming programme on Monday ahead of the provision's blockage. \"People are seeing the effectiveness that the crypto community and the crypto industry has in Washington. And I think there's confidence that we'll ultimately be able to get the policies right.\"\nTo be sure, tying fundamental developments to any of Bitcoin's moves has been a \"mistake,\" said David Donabedian, chief investment officer of CIBC Private Wealth Management.\n\"What's driving it is momentum and money flows, and a little bit of overall risk-on, risk-off sentiment in markets,\" he said. \"Any thing you say or write about Bitcoin you can always do a big percentage - it's up 50 per cent, yes, but it went down 50 per cent from April to June,\" he said, adding \"there is no credible way to value it.\"\nBut fans watching the showdown in Congress came to see it as representing validation of the industry. On Twitter, some inferred the community was a strong enough force to put senators incheck, while others celebrated its rally, reiterating it will continue on to infinity.\nOther negative news has similarly been cast aside for now. China had recentlyreiteratedits call to curtail Bitcoin mining and trading, but Ethan Vera of Viridi Funds said that’s turned out to be a positive development for Bitcoin.\n“They banned it, yet the network remained pretty stable,” said the firm’s co-founder and chief financial officer. “That kind of shows the resiliency of the overall network and how it is bigger than a single country.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143041260,"gmtCreate":1625753609850,"gmtModify":1703747911002,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Time to time the market","listText":"Time to time the market","text":"Time to time the market","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/143041260","repostId":"1162204971","repostType":4,"repost":{"id":"1162204971","pubTimestamp":1625752171,"share":"https://ttm.financial/m/news/1162204971?lang=&edition=fundamental","pubTime":"2021-07-08 21:49","market":"us","language":"en","title":"Why is the stock market down today?","url":"https://stock-news.laohu8.com/highlight/detail?id=1162204971","media":"seekingalpha","summary":"Wall Street is seeing the kind of market slump thats's been rare this summer.\nThe S&P(SP500) -1.3%, ","content":"<ul>\n <li>Wall Street is seeing the kind of market slump thats's been rare this summer.</li>\n <li>The S&amp;P(SP500)&nbsp;-1.3%, Nasdaq(COMP.IND)&nbsp;-1.5%&nbsp;and Dow Jones(DJI)&nbsp;-1.2%&nbsp;are all sharply lower.</li>\n <li>The S&amp;P has finished down more than 1% just once since the start of June.</li>\n <li>A big factor in what stocks are reacting to is the quick plunge in Treasury yields, with the curve flattening.</li>\n <li>They are down again this morning, although off lows, with the 10-year Traesury yield(NYSEARCA:TBT)(NASDAQ:TLT)&nbsp;down 3 basis points to 1.29% and touching levels last seen in February.</li>\n <li>The consensus from Wall Street has been for higher yields, with the median forecast at 1.75% for the end of 2021. That's catching a lot of traders who are short bonds flat-footed in what is known as a \"pain trade.\"</li>\n <li>One theory for the decline in yields is that investors areworried about economic growth arriving weaker than expected, especially withincreasing COVID Delta variant cases, which would hurt value and cyclical stocks.</li>\n <li>Mixed economic data, especially a bigger-than-expected drop in the ISM services index this week, added to the downward momentum on yields.</li>\n <li>\"The market is sort of taking a deep breath,\" said Subadra Rajappa, head of U.S. rates strategy at Société Générale. \"Are those optimistic forecasts (for economic growth and inflation) actually achievable?\"</li>\n <li>\"The (stock) market is great, the question is where's the leadership, what wins the market, because the market still wants to go up and to the right,\" Credit Suisse equity strategist Jonathan Golub said on Bloomberg.</li>\n <li>China's regulatory actions are also causing market jitters after its crackdown on DiDi. Chinese companies are slumping early andMorgan Stanley says Tesla will likley feel effects as well.</li>\n <li>Another explation for the yield tumble is that that traders think the Fed is making a mistake in pulling ahead rate hike expectations, which could stifle the recovery.</li>\n <li>A&nbsp;similar situation happened in late 2018 and the Fed ultimately reversed policy.</li>\n <li>But Jemore Schneider, PIMCO head of short-term portfolio management, told Bloomberg the rate trend is still up, which would bode well for recovery stocks.</li>\n <li>\"We are of the bias that this is a steepening trend propeled by higher growth over that medium term,\" Schneider said.</li>\n <li>\"It all comes down to inflation expectations, and if those expectations are quenched by a more responsive Fed\" that would push asset tapering into the spotlight \"then you can actually see a rally on the back of the curve,\" he added.</li>\n <li>\"But ultimately over time this is a growth story, a recovery story that will lead to higher rates.\"</li>\n</ul>","source":"seekingalpha","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 is the stock market down today?</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 is the stock market down today?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-08 21:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3713636-why-is-the-stock-market-down-today><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wall Street is seeing the kind of market slump thats's been rare this summer.\nThe S&P(SP500) -1.3%, Nasdaq(COMP.IND) -1.5% and Dow Jones(DJI) -1.2% are all sharply lower.\nThe S&P has finished down ...</p>\n\n<a href=\"https://seekingalpha.com/news/3713636-why-is-the-stock-market-down-today\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://seekingalpha.com/news/3713636-why-is-the-stock-market-down-today","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1162204971","content_text":"Wall Street is seeing the kind of market slump thats's been rare this summer.\nThe S&P(SP500) -1.3%, Nasdaq(COMP.IND) -1.5% and Dow Jones(DJI) -1.2% are all sharply lower.\nThe S&P has finished down more than 1% just once since the start of June.\nA big factor in what stocks are reacting to is the quick plunge in Treasury yields, with the curve flattening.\nThey are down again this morning, although off lows, with the 10-year Traesury yield(NYSEARCA:TBT)(NASDAQ:TLT) down 3 basis points to 1.29% and touching levels last seen in February.\nThe consensus from Wall Street has been for higher yields, with the median forecast at 1.75% for the end of 2021. That's catching a lot of traders who are short bonds flat-footed in what is known as a \"pain trade.\"\nOne theory for the decline in yields is that investors areworried about economic growth arriving weaker than expected, especially withincreasing COVID Delta variant cases, which would hurt value and cyclical stocks.\nMixed economic data, especially a bigger-than-expected drop in the ISM services index this week, added to the downward momentum on yields.\n\"The market is sort of taking a deep breath,\" said Subadra Rajappa, head of U.S. rates strategy at Société Générale. \"Are those optimistic forecasts (for economic growth and inflation) actually achievable?\"\n\"The (stock) market is great, the question is where's the leadership, what wins the market, because the market still wants to go up and to the right,\" Credit Suisse equity strategist Jonathan Golub said on Bloomberg.\nChina's regulatory actions are also causing market jitters after its crackdown on DiDi. Chinese companies are slumping early andMorgan Stanley says Tesla will likley feel effects as well.\nAnother explation for the yield tumble is that that traders think the Fed is making a mistake in pulling ahead rate hike expectations, which could stifle the recovery.\nA similar situation happened in late 2018 and the Fed ultimately reversed policy.\nBut Jemore Schneider, PIMCO head of short-term portfolio management, told Bloomberg the rate trend is still up, which would bode well for recovery stocks.\n\"We are of the bias that this is a steepening trend propeled by higher growth over that medium term,\" Schneider said.\n\"It all comes down to inflation expectations, and if those expectations are quenched by a more responsive Fed\" that would push asset tapering into the spotlight \"then you can actually see a rally on the back of the curve,\" he added.\n\"But ultimately over time this is a growth story, a recovery story that will lead to higher rates.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836486608,"gmtCreate":1629514652404,"gmtModify":1676530063152,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Good news for China actually, things will recover and even moon in long term","listText":"Good news for China actually, things will recover and even moon in long term","text":"Good news for China actually, things will recover and even moon in long term","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/836486608","repostId":"1172431375","repostType":4,"repost":{"id":"1172431375","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":1629447053,"share":"https://ttm.financial/m/news/1172431375?lang=&edition=fundamental","pubTime":"2021-08-20 16:10","market":"us","language":"en","title":"Some China concepts stocks sink in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1172431375","media":"Tiger Newspress","summary":"(Aug 20) Some China concepts stocks sink in morning trading.\nChina has passed legislation setting ou","content":"<p>(Aug 20)&nbsp;Some China concepts stocks sink&nbsp;in morning trading.</p>\n<p>China has passed legislation setting out tougher rules for how companies handle user data, a move pushing forward its campaign to curb big tech’s influence.</p>\n<p>The legislature of the Asian nation approved the Personal Information Protection Law, the China Central Televisionsaidin a report on Friday morning.</p>\n<p>Details of the new legislation were not immediately released but earlier drafts required firms to get user consent to collect, use and share information, and to provide a way for them to opt out. Companies found breaking the rules could face fines of up to 50 million yuan ($7.7 million) or 5% of their annual revenue.</p>\n<p><img src=\"https://static.tigerbbs.com/ed268d42ce40d8a2b2bce492d8506bad\" tg-width=\"272\" tg-height=\"848\" referrerpolicy=\"no-referrer\"></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>Some China concepts stocks sink in morning 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\">\nSome China concepts stocks sink in morning 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\">2021-08-20 16:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(Aug 20)&nbsp;Some China concepts stocks sink&nbsp;in morning trading.</p>\n<p>China has passed legislation setting out tougher rules for how companies handle user data, a move pushing forward its campaign to curb big tech’s influence.</p>\n<p>The legislature of the Asian nation approved the Personal Information Protection Law, the China Central Televisionsaidin a report on Friday morning.</p>\n<p>Details of the new legislation were not immediately released but earlier drafts required firms to get user consent to collect, use and share information, and to provide a way for them to opt out. Companies found breaking the rules could face fines of up to 50 million yuan ($7.7 million) or 5% of their annual revenue.</p>\n<p><img src=\"https://static.tigerbbs.com/ed268d42ce40d8a2b2bce492d8506bad\" tg-width=\"272\" tg-height=\"848\" referrerpolicy=\"no-referrer\"></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":"1172431375","content_text":"(Aug 20) Some China concepts stocks sink in morning trading.\nChina has passed legislation setting out tougher rules for how companies handle user data, a move pushing forward its campaign to curb big tech’s influence.\nThe legislature of the Asian nation approved the Personal Information Protection Law, the China Central Televisionsaidin a report on Friday morning.\nDetails of the new legislation were not immediately released but earlier drafts required firms to get user consent to collect, use and share information, and to provide a way for them to opt out. Companies found breaking the rules could face fines of up to 50 million yuan ($7.7 million) or 5% of their annual revenue.","news_type":1},"isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3577008494818778","authorId":"3577008494818778","name":"BlackTechAI","avatar":"https://static.tigerbbs.com/d64102b43967a7880f608e7ec776385d","crmLevel":2,"crmLevelSwitch":0,"idStr":"3577008494818778","authorIdStr":"3577008494818778"},"content":"China going in the right direction upgrading the quality of its industries and green environment initiatives supporting clean energy. Good for Chinese companies' international creditabilty.","text":"China going in the right direction upgrading the quality of its industries and green environment initiatives supporting clean energy. Good for Chinese companies' international creditabilty.","html":"China going in the right direction upgrading the quality of its industries and green environment initiatives supporting clean energy. Good for Chinese companies' international creditabilty."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173880265,"gmtCreate":1626652842757,"gmtModify":1703762631252,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"The funny thing is if I held silver for a decade, I would have lost almost 40% in value. If I held gold for a decade, I would have gained only 10% and still&nbsp;lose&nbsp;to inflation.","listText":"The funny thing is if I held silver for a decade, I would have lost almost 40% in value. If I held gold for a decade, I would have gained only 10% and still&nbsp;lose&nbsp;to inflation.","text":"The funny thing is if I held silver for a decade, I would have lost almost 40% in value. If I held gold for a decade, I would have gained only 10% and still lose to inflation.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/173880265","repostId":"1123755908","repostType":4,"isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179149486,"gmtCreate":1626496488045,"gmtModify":1703761157241,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Fear and greed index indicated extreme fear, seems like this is the start of a minor bloodbath","listText":"Fear and greed index indicated extreme fear, seems like this is the start of a minor bloodbath","text":"Fear and greed index indicated extreme fear, seems like this is the start of a minor bloodbath","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179149486","repostId":"2151500861","repostType":4,"isVote":1,"tweetType":1,"viewCount":213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153223999,"gmtCreate":1625028622611,"gmtModify":1703850495026,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Crypto is still young, and currently it is downby almost half. Stocks on the other hand&nbsp;are now in&nbsp;a bull run.&nbsp;Isn’t it a better time to invest in crypto?","listText":"Crypto is still young, and currently it is downby almost half. Stocks on the other hand&nbsp;are now in&nbsp;a bull run.&nbsp;Isn’t it a better time to invest in crypto?","text":"Crypto is still young, and currently it is downby almost half. Stocks on the other hand are now in a bull run. Isn’t it a better time to invest in crypto?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/153223999","repostId":"1153621389","repostType":4,"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9093464830,"gmtCreate":1643688776797,"gmtModify":1676533844720,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Multiple interest rate hikes expected throughout the year. Next few weeks leading up toMarch might have more volatility and uncertainty. Not forgetting mid terms coming up. Abullish market will be met with a hawkish fed, vice versa.","listText":"Multiple interest rate hikes expected throughout the year. Next few weeks leading up toMarch might have more volatility and uncertainty. Not forgetting mid terms coming up. Abullish market will be met with a hawkish fed, vice versa.","text":"Multiple interest rate hikes expected throughout the year. Next few weeks leading up toMarch might have more volatility and uncertainty. Not forgetting mid terms coming up. Abullish market will be met with a hawkish fed, vice versa.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9093464830","repostId":"1166659141","repostType":4,"isVote":1,"tweetType":1,"viewCount":181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836482204,"gmtCreate":1629514740008,"gmtModify":1676530063163,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"Bullish on Chinese stocks and ETFs. Long term prospect is good","listText":"Bullish on Chinese stocks and ETFs. Long term prospect is good","text":"Bullish on Chinese stocks and ETFs. Long term prospect is good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/836482204","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":546,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179148610,"gmtCreate":1626496803930,"gmtModify":1703761160819,"author":{"id":"3586062631512657","authorId":"3586062631512657","name":"GKevin","avatar":"https://static.tigerbbs.com/a370fabfe6fb3ba634379b9b98986d01","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3586062631512657","authorIdStr":"3586062631512657"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/QQQ\">$NASDAQ-100 Index ETF(QQQ)$</a>still in the green for now","listText":"<a href=\"https://laohu8.com/S/QQQ\">$NASDAQ-100 Index ETF(QQQ)$</a>still in the green for now","text":"$NASDAQ-100 Index ETF(QQQ)$still in the green for now","images":[{"img":"https://static.tigerbbs.com/4a6c05f500878e40635c88c4df24f08f","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179148610","isVote":1,"tweetType":1,"viewCount":487,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}