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Sovereign funds pull $3.7 billion from global stock, bond markets in third quarter

Sovereign wealth funds (SWFs) withdrew more money from global stock and bond markets in the third quarter of 2017, albeit at a slower pace with net outflows of $3.7 billion, data from research firm eVestment showed. This was down from the second quarter’s $7.7 billion of redemptions and the first quarter’s whopping $22.7 billion, but it still marked the 13th straight quarter of withdrawals. Oil-backed sovereign funds have been under pressure since oil prices tumbled from their mid-2014 highs of $115 a barrel to below $30 a barrel in January ...

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World stocks set for first week of gains in three, euro climbs

World stocks hovered below record highs on Friday, set to reverse two straight weeks of losses while the euro hit its highest levels in six weeks following stronger than expected economic data this week. The MSCI World Index, which tracks shares in 47 countries, was up 0.1 percent, set for a 1 percent gain this week. Its climb was underpinned by modest gains in Europe and Asia. Emerging stocks were up 0.2 percent and the pan-European STOXX 600 was up 0.1 percent. Surveys on Thursday covering Europe’s services and manufacturing ...

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Credit Suisse Sees Equities Rising Further Next Year on Economy

Credit Suisse Group AG says it’s not too late to join the stock-market rally as an accelerating global economy drives gains into 2018. “Even after a year of exceptionally good returns in risk assets, Credit Suisse investment strategists believe that global equity markets have further upside potential in 2018,” the Zurich-based bank said Thursday in its investment outlook for next year. “Economic growth is expected to remain robust in the months ahead, supported by both advanced and emerging markets.” Stocks globally have been on a tear. U.S. stocks reached all-time ...

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European Stocks No Turkeys When It Comes to Thanksgiving Rally

A market strategy from the New World is actually more effective in the Old, according to JPMorgan Chase & Co. The tendency for stock markets to rally from Thanksgiving to the end-of-the year is stronger for European markets and average returns are higher, the bank’s strategists Ayub Hanif and Khuram Chaudhry wrote in a note to clients. Over the long run, when the strategy has failed, market losses have been lower, they said. JPMorgan wouldn’t disclose the timeframe it analyzed but cited an exception in 1970, suggesting the study goes ...

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Goldman Sees 14% Returns for Asia Ex-Japan Stocks Next Year

Strong corporate earnings and favorable stock valuations will help one of the world’s top-performing regions extend its runaway success in 2018, according to Goldman Sachs Group Inc. The U.S. bank says stocks in Asia excluding Japan will outperform next year after staging a 33 percent rally in 2017 — twice the gain achieved by the S&P 500 Index. Goldman raised its 12-month target for the MSCI Asia Pacific ex-Japan Index by 9.7 percent to 620 in a report released Wednesday, and favors China, India and South Korea stocks. Both corporate ...

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Stocks may have soared this year, but it’s not too late to join Asia’s ‘party,’ BlackRock says

Equity markets around the world have rallied for most of 2017, giving rise to concerns that stocks are becoming expensive. But the world’s largest asset manager, BlackRock, said it is not too late to join the party. Stock prices in Asia, in particular, still have room to run going into the next year, even though the increase may not match that seen in 2017, the company said Wednesday at its 2018 Asia Investment Outlook. Asian equities have outperformed other markets so far this year: The MSCI All Country Asia Pacific ...

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Blocking Out Political Risk Is the Winning Formula for European Investors This Year

The best-performing company in the Stoxx Europe 600 this year, Austria-based electronic supplier AMS AG makes headphones that cancel background noise at market-beating prices. Therein lies a canny lesson for investors in Europe this year. Money managers who tuned out the chorus of bearish voices — warning political turmoil across France, the Netherlands and Italy would plunge the euro area in crisis once more — have netted outsized gains. True to form, the DAX Index and the single currency are shrugging off the collapse of German Chancellor Angela Merkel’s attempts ...

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World stocks ride tech boom, bat aside politics to scale new high

World shares scaled yet another record high on Wednesday, propelled higher by a bullish growth and company earnings outlook, as well as investors’ unflagging enthusiasm for technology stocks. Emerging markets too were on a roll, lifted by a weaker dollar and inflows into Asian assets, with little sign of spillover from Turkey where the lira plumbed a new record low. With oil prices approaching a 2-1/2-year top and global tech making more gains, world stocks have taken just nine days to surpass their previous record peak <.MIWD00000PUS>, while MSCI’s emerging ...

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World stocks pare gains as German political impasse hits Europe

European stocks opened lower on Tuesday and the euro hit an eight-day low against sterling as a governing crisis in Germany weighed on markets. The pan-European Stoxx 600 <.STOXX> index opened down 0.3 percent, hitting the MSCI World index <.MIWO00000PUS> that pared overnight gains to trade flat on Tuesday. On Monday evening German chancellor Angela Merkel said she would prefer fresh elections to ruling with a minority government after talks on forming a three-way coalition collapsed. German President Frank-Walter Steinmeier said Germany was facing its worst governing crisis in the ...

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European markets jarred by German coalition collapse

European stocks slipped and safe haven government bonds were in demand early on Monday as the collapse of coalition talks in Germany served as a reminder of political risk that still runs as an undercurrent in Europe. Chancellor Angela Merkel said on Monday her efforts to form a three-way coalition government had failed, thrusting Germany into a political crisis and pushing Europe’s largest economy closer to a possible new election. German stocks led the move downward, with the country’s main index <.GDAXI> down by over 0.2 percent, pulling the main ...

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U.S. Banks Take on More Stock Risk in Europe Share Grab

Wall Street firms jockeying for position in European cash equity trading have been increasing the amount of risk they are taking on to lure business, according to people familiar with the matter. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc. are among banks that are increasingly willing to use their own balance sheet to increase the number and size of client trades, said the people, who asked not to be named citing confidentiality. Goldman Sachs recently priced a $10 million “risk trade,” meaning the bank will hold ...

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From Bitcoin to Global Equities, It’s Risk-On Again in Markets

It might be the rebound that was bound to happen. The world is still in a synchronous economic expansion across developed and emerging markets. It still has at least half a year of liquidity pumping ahead from the key central banks, taken together. And it’s still fascinated by the prospects of digital currencies. Sure enough, across asset classes the week is ending with a bounce-back from recent sell-offs in equities, higher-risk bonds and Bitcoin. It’s been a long time since Japan led global dynamics, but nevertheless the equity retreat that ...

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Asian shares gain, Mueller report hits dollar

Asian shares clawed back most of their weekly loss after rising firmly on Friday as strong Wall Street earnings and a step forward on U.S. tax reform brightened the mood, though many hurdles remain to secure passage of a tax cut deal. The dollar fell after the Wall Street Journal reported Special Counsel Robert Mueller’s team last month subpoenaed President Donald Trump’s campaign for documents containing specified Russian keywords from more than a dozen officials. “The noose is tightening, approaching the inner circle,” said Marshall Gittler, Cyprus-based chief strategist at ...

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More Chinese firms are coming to list in the US — but don’t expect a flood, Nasdaq says

In a sign of Chinese businesses’ increasingly lofty and global ambitions, firms from the country are growing more active in the United States’ initial public offering market, said Bob McCooey, senior vice president of Nasdaq’s Listing Services unit. “We’ve had double the amount of IPOs here in the U.S. than we had last year. There were only nine IPOs from China in the U.S. last year. There have been 20 so far, and on file are another 12 companies,” McCooey said. The recent pickup in activity by Chinese firms is ...

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Stocks Decline Globally as Oil Slides; Euro Gains: Markets Wrap

The risk-off mood gripping global markets showed little sign of easing as European stocks followed declines in Asia. Taking impetus from a selloff in energy commodities, the slide also spread to U.S. equity futures as bonds and gold advanced with the yen and euro. The Stoxx Europe 600 Index fell a seventh day after Japan’s Topix index retreated for a fifth session, both in their longest losing streaks in a year. S&P 500 futures fell 0.5 percent. Mining and oil-related companies set the tone, with the Bloomberg Commodities Index in its ...

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