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Rise of mega funds set to change Asia’s private equity landscape

The Asian private equity (PE) landscape is set to undergo a transformation driven by the rise of US-style mega funds and, in 2017, PE funds raised more capital under a buyout thesis than ever before, according to a McKinsey and Co. report. “Mega funds that previously were close to non-existent in Asia contributed more than $20 billion of the $60 billion private equity funds raised in Asia over 2017. Asian mega funds also made a large contribution to the global total of $174 billion,” McKinsey said in the report. Previously, ...

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Stocks set for best week in six years, dollar sags

World shares were set for their best week of gains in six years on Friday after two consecutive weeks in the red, shrugging off a rise in global borrowing costs while the dollar hit its lowest since 2014. MSCI’s world index of stocks, which tracks shares in 47 countries, was up 0.3 percent after European bourses opened. <.MIWD00000PUS> After suffering its biggest weekly drop since August 2015 last week, the index is now on track for its best showing since early December 2011. Some investors have been puzzled at the ...

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World shares set for best week since 2011, dollar hits lowest since 2014

World shares were set to post their best week of gains in six years on Friday after two consecutive weeks spent in the red, shrugging off a rise in global borrowing costs while the dollar hit its lowest level since 2014. The MSCI world index of stocks, which tracks shares in 47 countries, was up 0.4 percent after European bourses opened. <.MIWD00000PUS> After suffering its biggest weekly drop since August 2015 last week, this week’s recovery puts the index on track for its best weekly showing since early December 2011. ...

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Hedge-Fund Investors Aren’t Expecting a Performance Bump in 2018

Investors are returning to hedge funds amid hopes that the recent jump in volatility and pending interest-rate hikes in the U.S. will provide a fertile hunting ground for the money pools. It could be a turning point for an underperforming industry that was held back for years by central-bank money printing. Yet investors including family offices, endowments, foundations and pension funds are keeping their expectations for 2018 muted and targeting 8.2 percent returns — in line with last year. Other points from Deutsche Bank’s 2018 Alternative Investment Survey: Event-driven funds ...

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Yen Bulls Betting on BOJ Bask in Stock Rout, Add to Wagers

Yen bulls who were betting the Bank of Japan will edge away from monetary stimulus are basking in this month’s global stock slump, which has propelled the currency to the strongest in 15 months. AMP Capital Investors Ltd.’s Nader Naeimi this week added to his long yen positions, wagering the currency will strengthen against the dollar, pound and Philippine peso among others. Singapore-based Kit Trading Fund Ltd., a hedge fund, is betting the yen will appreciate against the U.S. and New Zealand dollars, while Vantage Point Asset Management Pte favors ...

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Stocks steam higher as inflation fears suddenly fizzle

Stocks, bond yields and commodities steamed higher on Thursday while the dollar tumbled, as investors suddenly seemed to forget the inflation fears blamed for a brutal market sell-off in recent weeks. Economists were struggling to explain the turnaround except for the argument that historically it’s not unusual for stocks and bond market borrowing costs to rise in tandem with a rapidly expanding economy. Some just blamed the weather and time of year. They speculated that strong U.S. inflation data on Wednesday that many had predicted could reignite the rout was ...

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Goldman Sachs Gets the Volatility It Expected to See Last Year

Volatility has returned, just later than Goldman Sachs Group Inc. expected. “We last year braced for the return of volatility and it didn’t come,” leaving the firm caught wrong-footed by subdued markets, Chief Executive Officer Lloyd Blankfein said at a conference hosted by Credit Suisse Group AG. “The second part of the double whammy is that it affected our clients, and they became less active.” Last year was a rough one for Goldman’s fixed-income, currency and commodities trading group. Net revenue from that business slumped 30 percent compared with a ...

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U.S. inflation test looms large, dollar falls

The dollar slid to a 15-month low against the yen on Wednesday, while world stock markets found firmer ground ahead of U.S. inflation numbers that could soothe, or inflame, fears of faster interest-rate hikes globally. European stock markets opened the day higher, with blue-chip indexes in London <.FTSE>, Paris <.FCHI> and Frankfurt <.GDAXI> up 0.6-0.9 percent on the day. U.S. stock futures <1YMc1> also traded higher, pointing to a positive start for Wall Street shares which climbed on Tuesday for a third straight session. The VIX stocks volatility index fell ...

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A $120 Billion Manager Expects Another Equity Sell-Off by March

If you were planning on putting your money back into stocks, you might want to hold on. That’s the message from Nader Naeimi of AMP Capital Investors Ltd. who’s still hanging on to the bulk of his cash reserves for another possible selloff by March. After an initial sharp selloff, equity markets typically have a brief recovery before another bout of sustained selling, said Naeimi, AMP’s head of dynamic markets who helps oversee about $120 billion at the firm. After moving some 30 percent of his assets to cash last ...

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Analysts Embrace Pound Strength Versus Euro as Parity Calls Fade

And to think that analysts were calling for the pound to reach parity against the euro. The Bank of England’s hawkish rhetoric on Thursday has caused Toronto Dominion Bank Ltd. to double down on its call for a rate increase in May and bet on more strength in the pound versus the euro. It is a trade the Canadian bank is sticking to even after sterling slid on Friday as the European Union’s chief negotiator Michel Barnier said a Brexit transition deal wasn’t a given. Governor Mark Carney’s comments last ...

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Goldilocks fights back but bears still swinging

The fight between Goldilocks bets – on the not too hot, not too cold global economy – and market bears who have delivered some hefty blows in recent weeks, continued on Tuesday with little sign yet of a clear winner. Stocks see-sawed with solid gains in China [.SS] and other Asian emerging markets offset by a tumble in Japan and then a red start for most of Europe’s bourses and Wall Street futures in New York. [.EU][.N] Tokyo’s .N225 0.65 percent fall had been compounded as the yen JPY= hit a five-month high amid ...

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Central Banks Won’t Save Us From `Critical Stress’ in Stocks

Central bankers’ quest to wean markets off of stimulus raises the risk that the tantrum in risk assets will persist. Bank of America Merrill Lynch’s “Critical Stress Signal” was triggered on Feb. 8 amid the simultaneous surge in volatility and selloff in stocks. Typically, that marks the moment to get back into risk assets. But this time looks different, say a team led by equity-linked analyst Abhinandan Deb. “Beginning in 2013, with the taper tantrum, the Critical Stress Signal has been a remarkable contrarian indicator, as it has closely aligned ...

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World shares attempt bounce after worst week in two years

World shares climbed half a percent on Monday, attempting to brush off fresh rises in global bond yields while equity futures also pointed to a firmer session on Wall Street which suffered its worst week in two years. A higher Friday close for New York stocks following a week of “vol” induced selling, lifted markets in Asia and Europe, helping MSCI’s all-country index rise off four-month lows, while European shares firmed 1.4 percent after touching six-month troughs last week. Wall Street’s equity volatility gauge, the VIX – the spike in ...

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Market’s wild ride could last weeks — with another jolt coming right behind it, Invesco top market watcher warns

The market turmoil may have a lot more life left in it, and just when it seems like it’s calming down — another jolt could be right behind it. That’s the scenario Invesco’s Kristina Hooper sees unfolding. She predicts a plunge of this magnitude could happen multiple times in the next 10 months. “I would expect whiplash to continue. The negative animal spirits that are in the market today don’t look like they’re abating,” the firm’s chief global market strategist said Thursday on CNBC’s “Futures Now.” “We could see this ...

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Investors brace for more swings as U.S. inflation specter rises

The inflation bogeyman has reared its ugly head and sent U.S. stock investors racing for the hills in recent days. Next week, coming off one of the most volatile stretches in years, two important readings on U.S. inflation could help determine whether the stock market begins to settle or if another bout of volatility is in store. If the January’s U.S. consumer price index due next Wednesday from the U.S. Labor Department, and the producer price index the next day, come in higher than the market anticipates, brace for more ...

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