ASX falls; RBA holds rates, tapering; Afterpay jumps
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Richard Henderson
The S&P/ASX 200 eased 0.2 per cent lower on Tuesday despite a roaring day for tech stocks as Afterpay soared following a jump for shares in Square, its US suitor.
The benchmark’s decline brought the index to 7474.5 points, down from the record high achieved on Monday, as energy stocks edged 1.4 per cent lower, followed by a 0.9 decline for the materials sector.
Tech shares added 4.4 per cent and were up 11.2 per cent over the past two days, the best two-session run since March 26 last year, during the sharp rally from the COVID-19 lows as central banks and governments around the world doused financial markets and their economies with stimulus.
Joint venture will develop a range of products for domestic investors
Goldman Sachs Asset Management (GSAM) has gained preliminary approval to form a wealth management joint venture with Industrial and Commercial Bank of China (ICBC).
The US firm will have a majority stake (51%) in the JV, with ICBC Wealth Management, a subsidiary of China’s biggest bank, ICBC, owning 49%, according to a statement by GSAM on 25 May.
The joint venture will develop a broad range of asset management products to domestic investors in China over time, including quantitative investment strategies, cross-border products and innovative solutions in alternatives, the US firm said.
Facebook dethrones Amazon as the stock most popular with hedge funds, according to Goldman data
Isabelle LeeMay 22, 2021, 02:23 IST
In this photo illustration, the stock market information of Goldman Sachs Group displayed on a smartphone in front of the Goldman Sachs logo.Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images
Facebook has overtaken
Amazon as the stock most commonly owned as a top-10 holding by hedge funds, according to new
Goldman Sachs data.
Facebook,
hedge fund VIP list.
Goldman analysts said hedge funds sharply rotated from growth to value in the previous quarter.
Facebook has overtaken Amazon as the stock most held as a top-10 position by hedge funds, according to new data from Goldman Sachs.
Financial Stability Review, May 2021
Foreword
This is the third issue of the Financial Stability Review (FSR) prepared in the context of the coronavirus COVID-19 pandemic, with many euro area countries having faced a third wave of infections. As a result, a vast number of firms – particularly those in the services, leisure and travel sectors – still cannot operate normally, and the economy is still reliant upon policy support to prevent widespread unemployment, corporate insolvencies and economic contraction. The human and economic costs of the pandemic continue to accrue.
That said, vaccination programmes are progressing and offering a route out of the pandemic. Financial markets have been driven by expectations of an upswing, exemplified by a striking rally in global equity markets. We are optimistic that financial and economic conditions will bounce back. There is, however, a reality that the pandemic will leave a legacy of higher debt and weaker balance sheets, which – i