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Hedge funds ditch US stocks as Wall Street slides, says BofA

Hedge funds sold more than bought stocks last week as the main U.S. stock indexes posted a loss after five consecutive weeks of gains, Bank of America said in a note. The bank, which tracks its clients trading flow, said hedge funds net sold roughly $2 billion in U.S. shares. Sales occurred across most sectors, except for industrial, BofA showed, and were mainly concentrated on large-cap companies. Last week, the Nasdaq .IXIC fell 1.34%, the S&P 500 .SPX was down 0.42% and the Dow Jones Industrial Average .DJI declined 0.11%, ...

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Stocks ease as investors await Nvidia reality check, Fed minutes

Global shares eased on Wednesday ahead of earnings from Nvidia (NASDAQ:NVDA), which many are hoping will help justify the hype around 2024’s AI-driven rally, and ahead of minutes of the Federal Reserve’s January meeting. In commodities, steps by Chinese authorities to prop up economic growth in the world’s largest raw materials consumer has raised fresh concerns about the growth outlook, which weighed on crude oil and iron ore. Stocks in Europe traded down on the day, as shares in HSBC fell 5% after the region’s largest bank reported a record ...

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Hedge funds double down on China ahead of rate cut, Goldman says

Hedge funds favoured Asian emerging markets in the week to Feb. 15, piling into company stocks in China, Korea, Taiwan, and India, in moves that came just before China slashed its benchmark mortgage rate, Goldman Sachs research showed. In a note published Friday and shared with Reuters late on Monday, Goldman Sachs said Asia was the most net bought region by hedge funds tracked by its prime brokerage – meaning buyers outweighed sellers. China’s central bank on Tuesday announced its biggest ever reduction in the benchmark mortgage rate, lowering the ...

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Goldman raises global equities to ‘overweight’ on economic growth prospects

Goldman Sachs upgraded its rating on global equities to “overweight” on prospects of economic growth and recovery in manufacturing activity, after starting the year with a “neutral” rating across assets. Recent data has shown signs of improvement in global manufacturing activity, including in the United States, and market participants willassess incoming economic data to determine the trajectory of interest rate cuts of major central banks. “We expect growth to become a more important driver of risk appetite and equity/bond correlations should be more negative this year,” Goldman said in a ...

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European, Japanese shares hover close to record highs, China rate cut draws shrugs

European shares teetered just shy of all-time highs on Tuesday, while euro zone wage data did little to jolt struggling government bonds, and Asian shares slipped as a record rate cut in China failed to excite investors. Europe’s broad STOXX 600 benchmark was down 0.1%, but after its recent run up remains less than 1% from its record peak hit in early 2022, and S&P 500 futures dipped 0.3%. Similarly Japan’s Nikkei backed away from its flirtation with the index’s 1989 all time high, closing 0.3% lower. The main data ...

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High-flying Nvidia’s earnings could test US stock market’s AI dreams

Next week’s earnings report from chipmaker Nvidia .NVDA could prove a gut check for one of the market’s hottest names, and for the artificial intelligence fever that has helped power gains for U.S. stocks in recent months. Excitement over the business potential of AI has boosted Nvidia’s shares by more than 46% since Jan. 1. Its $570 billion increase in market capitalization is more than triple the market value of Intel INTC.O. Shares of Nvidia, whose chips are considered the gold standard in the AI industry, surged nearly 240% in ...

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Take Five: Two years of war and an AI bull

It’s been two years since Russia invaded Ukraine, bringing war to Europe for the first time in decades, while the markets’ AI bull’s seemingly unstoppable run continues, and China returns from a week-long holiday to economic uncertainty. Here’s your week ahead primer in world markets from Rae Wee in Singapore, Lewis Krauskopf in New York, and Marc Jones, Dhara Ranasinghe and Naomi Rovnick in London. 1/ UNWELCOME ANNIVERSARY Feb. 24 marks two years since Russia launched its full-scale invasion of Ukraine. While markets have long overcome their initial panic, the ...

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World shares singed by stubborn inflation and slow China growth

World shares struggled to gain ground on Monday as fading chances for early interest rate cuts globally soured the mood and Chinese markets returned from holiday with only muted gains. A holiday for U.S. markets made for thin trading, while the latest surge in tech stocks is set to be tested by results from AI star Nvidia (NASDAQ:NVDA) on Wednesday. MSCI’s broadest index of world shares and Europe’s broader index of stocks both lay flat around 1035 GMT. “The mixed economic data released lately has put us in a transition ...

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Wall Street slides as hot producer price data crimps rate cut bets

U.S. stocks fellon Friday aftera hotter-than-expected producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve. A Labor Department report showed producer prices increased more than expected in January, feeding fears inflation was picking up after months of cooling. The data could encourage the Fed to wait before cutting rates. Earlier this week, a hotconsumer prices report sparkeda selloff in equity markets although aslump in January retail sales on Thursday stoked hopes of rate cuts. “The inflation data this week are definitely going to keep the ...

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Key events in developed markets next week

US: Existing home sales and leading index the highlights of next week Federal Reserve interest rate cut expectations have been significantly scaled back in the wake of strong GDP, jobs and consumer price inflation. At the start of the year, the market was looking for 175bp of cuts this year starting in March, today the pricing is for a mere 100bp of cuts starting in June. The upcoming data is unlikely to have that much impact though with next week’s calendar looking light. Existing home sales and the leading index ...

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Key events in EMEA next week

Poland: Positive expectations on future retail sales Retail sales (Jan): 2.6% YoY Consumers remain under pressure and seem hesitant to spend, despite the ongoing improvement in real disposable income. The Christmas season was poor for retailers, but we still expect a gradual improvement in household consumption over the course of this year. We forecast a positive retail sales reading in January. Improving consumer sentiment also gives some grounds for positive expectations regarding future retail sales and household consumption. Wages (Jan): 11.7% YoY As we expected in December, wage growth moderated ...

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Goldman Sachs raises S&P 500 price target on earnings strength

Goldman Sachs equity strategists raised their year-end S&P 500 index target to 5200 from 5100, indicating a 4% potential upside from current levels. On Friday, the S&P 500 index closed at 5005.56, down 0.4% on the week. This adjustment reflects raised profit estimates with the new 2024 EPS forecast now sitting at $241, reflecting an 8% upward revision, surpasses the median top-down strategist forecast of $235. “The nearly-completed 4Q earnings season highlighted the ability of corporates to sustain profit margins despite slowing inflation,” analysts said in a note on Friday. ...

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Global equity funds see big inflows amid stock rally

Global equity funds racked up significant inflows in the week to Feb. 14 propelled by investor optimism amid a robust stock market rally, despite lingering uncertainties over the Federal Reserve’s rate cut plans. According to data from LSEG, investors acquired a net $9.12 billion worth of global equity funds during the week, marking their largest weekly net purchase since Dec. 27, 2023. Investors raised their holdings as global stocks rallied to their two-year peaks this week. The MSCI world stock index overcame a 1.1% dip early in the week, driven ...

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Asia week ahead: Central bank decisions, RBA minutes and activity data from Japan

RBA minutes and wage price inflation The minutes of the February Reserve Bank of Australia (RBA) meeting will be published next week. It was a no change decision, but the RBA removed a phrase about the possibility of further monetary tightening and added another in its place about not being able to rule out further tightening – which could be viewed as a modest relaxation of its tightening bias. It’s unlikely that we will learn too much more from the minutes. The ongoing evolution of inflation will provide us with ...

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Biggest outflow from cash in eight weeks, investors buy stocks, bonds – BofA

Investors dumped cash and continued to pour money into equities, particularly tech stocks, and investment grade bonds in the week to Wednesday, Bank of America said in a report on Friday. There were inflows of $16.1 billion to stocks, and $11.6 billion to bonds, compared to outflows of $18.4 billion from cash, the most in eight weeks, BofA said in its weekly roundup of fund flows in and out of world markets, using EPFR data. The relentless and rapid rise of large U.S. tech stocks – often referred to as ...

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