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2021-10-25

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SEC's Gensler: Meme stock trading restrictions 'not good' for retail investors

2021-11-13

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Altamira Therapeutics soared nearly 100% in morning trading

2021-10-11

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3 Stocks Wall Street Thinks Will Soar 44% to 122% That You'll Want to Check Out

2021-12-06

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Digital Core Reit jumps 14% to US$1 in SGX mainboard debut

2021-11-23

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Markets Have Overreacted Wildly to the Fed Leadership Drama

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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>Digital Core Reit jumps 14% to US$1 in SGX mainboard debut</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\">\nDigital Core Reit jumps 14% to US$1 in SGX mainboard debut\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-06 15:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businesstimes.com.sg/companies-markets/digital-core-reit-jumps-14-to-us1-in-sgx-mainboard-debut><strong>Businesstimes</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>DIGITAL Core Reit opened at US$1 on its trading debut on the mainboard of the Singapore Exchange (SGX), some 13.6 per cent higher than initial public offering (IPO) price of US$0.88.\nTrading in units ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/digital-core-reit-jumps-14-to-us1-in-sgx-mainboard-debut\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.businesstimes.com.sg/companies-markets/digital-core-reit-jumps-14-to-us1-in-sgx-mainboard-debut","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104854885","content_text":"DIGITAL Core Reit opened at US$1 on its trading debut on the mainboard of the Singapore Exchange (SGX), some 13.6 per cent higher than initial public offering (IPO) price of US$0.88.\nTrading in units of the pure play data centre real estate investment trust (Reit) commenced after the lunch break at 2pm.\nAs at 2.10pm, the counter rose to as high as US$1.01 with 24 million units traded.\nDigital Core Reit's IPO of 267 million units, comprising a placement tranche and a public offer, was 19.4 times subscribed, the Reit manager said on Dec 3.\nIts offer of 13.4 million units to Singapore retail investors under the IPO was around 16.1 times subscribed, with 10,736 valid applications for 214.8 million units.\nThe international placement tranche of 253.7 million units was about 19.6 times subscribed.\nIn addition, cornerstone investors have each entered into separate subscription agreements at the offering price for a total of nearly 414.8 million units. Among the 26 cornerstone investors are AEW Asia, Affin Hwang Asset Management, AIA Investment Management, AMP Capital Investors, Blackrock, Cohen & Steers Asia, DBS, DWS Investments Australia, FIL Investment Management Hong Kong, Fullerton Fund Management Company, Lion Global Investors, Nikko Asset Management Asia and Value Partners Hong Kong.\nSeparately, sponsor Digital Realty Trust has agreed to subscribe for over 428.8 million units at the offering price of US$0.88 apiece through a wholly-owned subsidiary. New York Stock Exchange-listed Digital Realty is one of the top 10 largest US-listed Reits and the largest owner and operator of data centre providers in the world.\nDigital Core Reit's initial portfolio comprises 10 freehold data centres in the US and Canada with a total appraised valuation of US$1.4 billion.\nThe initial portfolio has a total net lettable area (NLA) of 1.2 million square feet, with 4 of the data centres located in the Silicon Valley, another 3 in Northern Virginia, 2 in Los Angeles and 1 in Toronto.\nPortfolio occupancy is at 100 per cent, with weighted average lease expiry of the portfolio at 6.2 years based on base rental income for the month of June or 7.7 years by NLA as at end-June.\nThe Reit will have right of first refusal from its sponsor to a potential pipeline of over US$15 billion of data centres, both existing and under construction.\nThe Reit manager had forecast a distribution yield of 4.75 per cent for 2022 and projected a distribution yield of 5 per cent for 2023.","news_type":1},"isVote":1,"tweetType":1,"viewCount":331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875657249,"gmtCreate":1637648782317,"gmtModify":1637648782317,"author":{"id":"3576665118703921","authorId":"3576665118703921","name":"283f4d0e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875657249","repostId":"1190077312","repostType":4,"repost":{"id":"1190077312","pubTimestamp":1637647250,"share":"https://www.laohu8.com/m/news/1190077312?lang=&edition=full","pubTime":"2021-11-23 14:00","market":"us","language":"en","title":"Markets Have Overreacted Wildly to the Fed Leadership Drama","url":"https://stock-news.laohu8.com/highlight/detail?id=1190077312","media":"Bloomberg","summary":"There’s no reason to believe that Jerome Powell will be more hawkish than Lael Brainard would have b","content":"<p>There’s no reason to believe that Jerome Powell will be more hawkish than Lael Brainard would have been.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/71558efd21e8f5e97bee82b9cdb2831f\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Peas in a pod? Photographer: Zach Gibson/Bloomberg</span></p>\n<p><b>Jerome? O.K., Jerome</b></p>\n<p>So now we know.President Biden has chosen&nbsp;Jerome Powell&nbsp;for another four-year term as chair&nbsp;of the Federal Reserve, while Lael Brainard will be nominated to serve as his vice chair. Somewhat surprisingly, she wasn’t given a souped-up version of the post to include responsibility for banking supervision, and that role remains to be filled.</p>\n<p>What did the markets make of it? They plainly think that Powell will be far more hawkish than Brainard would have been, for reasons that elude me. The following chart shows the number of hikes priced in by the fed funds futures market for each meeting of the Federal Open Market&nbsp;Committee between now and February 2023. The bars show market expectations on Sept. 1, before the current inflation scare took hold;&nbsp;Nov. 9, the day when news that Brainard had been interviewed for the top job came out;&nbsp;last Friday;&nbsp;and this Monday. Compared to “Brainard Day,”&nbsp;less than two weeks ago, the market has priced in one whole extra hike by February&nbsp;2023. It was ready for two hikes when Brainard was in contention, and is now prepared for three:</p>\n<p><img src=\"https://static.tigerbbs.com/a9f6b686bc4b684ecd11dc6d911ae1ba\" tg-width=\"957\" tg-height=\"535\" width=\"100%\" height=\"auto\"></p>\n<p>This strikes me as a wild&nbsp;overreaction. Unlike Powell, Brainard is a card-carrying Democrat, but she had gone along with the majority in every FOMC vote since joining the committee seven years ago. With inflation-fighting now an imperative, and with the market likely to test any new chair, this looks like a mispricing.</p>\n<p>However, it does at least suggest that Brainard may have been part of the explanation for the remarkably low real yields of late. This is how 10-year real yields have moved over the last month. I ringed the publication of the Brainard interview news, the release of the shocking October CPI numbers, and news of the Powell nomination. Somehow, real yields have risen 25 basis points&nbsp;since the initial shock at the inflation numbers:</p>\n<p><img src=\"https://static.tigerbbs.com/c5be0f2c4d69ebebc9a89292a0c1baf1\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"></p>\n<p>Will the Fed really have to hike three times over the next year? That at present looks like something of a worst-case scenario. Supply-chain pressures should ease by the end of next year, and commodity price base effects will help move inflation lower. As I’ve been arguing, the labor market and the progress of rents will probably determine whether inflation is still elevated or rising 12 months from now. Three hikes does seem unduly aggressive. Next month we will get a new adjustment of “dots” to see where Fed governors think base rates will go, and quite possibly an announcement that bond purchases will be tapered&nbsp;more quickly than the current schedule to allow hikes to happen earlier. Until we have that evidence, the newly found hawkishness of the Powell Fed has been amply priced in.</p>\n<p>There is plenty of great&nbsp;commentary&nbsp;on the Fed elsewhere on this site, and also&nbsp;elsewhere&nbsp;around&nbsp;the&nbsp;internet. The significance of the decision can be&nbsp;overstated, and it’s fair to say that Biden made the&nbsp;safer&nbsp;choice. That was probably sensible. This is a dangerous situation, the chance of a policy error or market accident is high, and it was doubtful that it was worth adding the risk of a new chair having a miscommunication with the market (which always seems to happen in the first year of a new Fed head). Given the situation, Biden looks to have made the right choice.Much reporting suggests&nbsp;that re-nominating Powell was necessary&nbsp;to ensure support from Democratic centrists like Senator Joe Manchin of West Virginia, so this was politically as well as economically less risky. Brainard might not have won confirmation.</p>\n<p>You can find my own post-Powell column&nbsp;here. My greatest concern is that the Fed is now without any question the most powerful economic entity on the planet, the decisions it makes&nbsp;on inflation are of vast importance to everyone, and therefore it needs far greater democratic or political legitimacy than it currently has. And yet the actual question of what the Fed should do about inflation seems to have been close to irrelevant to the decision, much though it matters to the president’s political fortunes, and to voters. This just isn’t a good way to choose the leadership of such an important body.</p>\n<p>Central bankers themselves are worried that they lack the legitimacy needed to perform the role now required of them. I quote Sir Paul Tucker, a former deputy governor of the Bank of England, who started his post-Bank career by authoring a massive philosophical tome called&nbsp;<i>Unelected Power</i>. In it he suggested a series of principles for delegating power to bodies, like central banks, that would then of necessity have wide freedom of action. Without impinging on central bank independence, the president and Congress could set the Fed a set of ranked priorities or clear targets. You can hear an interview I did with him back in 2018 for my old employers&nbsp;here.</p>\n<p>Distrust in vital institutions is reaching frightening levels. The University of Michigan’s latest consumer sentiment report included an update on&nbsp;the Fed, which it asks about periodically. The chart, produced by BCA Research Inc., shows that confidence is slipping:</p>\n<p><img src=\"https://static.tigerbbs.com/7d31a91845e0ebe6ddb4e4ada86dd68e\" tg-width=\"523\" tg-height=\"334\" width=\"100%\" height=\"auto\"></p>\n<p>As ever, political polarization has a lot to do with this. The Michigan report states:</p>\n<blockquote>\n <i>partisan identification was a significant correlate of consumer assessments of the Federal Reserve, treating the Fed as part of the administration rather than an independent body. Less trust in the Fed was reported in 2021 more frequently by Republicans than Democrats (67% versus 27%), while in the first year of the Trump administration, less trust in the Fed was reported by Democrats than Republicans (41% versus 30%).</i>\n</blockquote>\n<p>Bear in mind that Republican trust in the Fed has dropped this year even though it is still led by a man appointed by President Trump. Democrats’ faith in the Fed fell in 2017 even though it was still being run by Obama-appointee Janet Yellen. Further, there is a correlation between confidence in the Fed and general consumer confidence. That’s not surprising, but the gap has widened:</p>\n<p><img src=\"https://static.tigerbbs.com/3b0a032885e49ae88b82e724437190a5\" tg-width=\"545\" tg-height=\"325\" width=\"100%\" height=\"auto\"></p>\n<p>Meanwhile, as you might expect, searches for the word “inflation” have reached a high for the year, both in the U.S. and in the world as a whole. Powell’s job is an intimidatingly difficult and important one:</p>\n<p><img src=\"https://static.tigerbbs.com/500ab9d237206c3ed88318b73ae2839c\" tg-width=\"964\" tg-height=\"535\" width=\"100%\" height=\"auto\"></p>\n<p>Looking back to the dawn of the Google Trends service in 2004, it appears the world is more concerned about rising prices now than at any time this century:</p>\n<p><img src=\"https://static.tigerbbs.com/17a7fda3f7a2fb79716fb1cb346d3bb1\" tg-width=\"953\" tg-height=\"535\" width=\"100%\" height=\"auto\"></p>\n<p>There are reasons why politicians haven’t paused to re-examine the role of central banks in the last year. There have been many other things to do. But the democratic legitimacy of central banks is tenuous enough as it is. For a generation they have succeeded in the core task of keeping inflation under wraps. It’s not pleasant to think about the consequences should that cease to be the case over the next few years.</p>\n<p><b>On the Subject of Inflation…</b></p>\n<p>The latest Inflation Indicators are out, and they suggest there is a challenge ahead for Powell, Brainard and their colleagues. You can find them&nbsp;here. There is little change since the last update, but one intriguing move is the latest rally in&nbsp;lumber futures. I included these in the original indicators because they appeared an obvious example of a transitory pandemic effect. The hope was that lumber prices would recede before other prices began to pick up. They did, but now they are rising again:</p>\n<p><img src=\"https://static.tigerbbs.com/07569b299031bfcba30b8f7b1470af7a\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"></p>\n<p>There’s nothing much that the Fed can do to contain gyrations like this, but the discomfiting fact is that the pandemic’s transitory effects don’t seem to be over. Lumber prices are still up 22% over 12 months, and have doubled since the beginning of 2020&nbsp;—&nbsp;even if they are still less than half the manic spike from earlier this year that helped to ignite concerns about inflation in the first place.</p>\n<p><b>Meanwhile….</b></p>\n<p>If anything has more power over the world economy than the Fed, it might just be our old friend the coronavirus. Real-time indicators suggest the global economy has sprung back to life nicely in the last few weeks. However, the MSCI World index of hotels, restaurants and leisure stocks has just dropped to a 16-month low relative to the broader MSCI World. The leisure sector has barely made up any of the ground&nbsp;lost during the Covid-19 shutdown in spring last year:</p>\n<p><img src=\"https://static.tigerbbs.com/5942ca5ec1a96b1abb0ff47bbc92fbbd\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"></p>\n<p>We can all at this point guess that the coronavirus has something to do with it. The fact that European countries are resorting to lockdowns again, something politicians surely didn’t want, is hard to ignore. There’s room for&nbsp;argument about whether lockdowns are necessary or wise, and there are plenty of other places to discuss that; what we can agree on is that in the short term, lockdowns are bad for the economy.</p>\n<p>Looking at the official count of EU&nbsp;versus U.S.&nbsp;cases, you can see that this latest wave is a big one —&nbsp;at least in terms of infections. The chart that follows is of new infections per five days. I multiplied the U.S. number by 1.37 to give the number of cases there would have been if it had the same population as the EU. The basic message is clear enough:</p>\n<p><img src=\"https://static.tigerbbs.com/e1afb39a79ecdd334b9d42788c372b0a\" tg-width=\"963\" tg-height=\"546\" width=\"100%\" height=\"auto\"></p>\n<p>Somehow, the EU is now in its worst wave of the pandemic, which is approaching the severity of the winter wave in the U.S. Meanwhile, infections in the U.S. appear to have begun rising&nbsp;again.</p>\n<p>There will doubtless be an argument over whether this means that everyone should now be vaccinated, or that there was no point vaccinating anyone in the first place. And it’s also critical to see whether widespread vaccination has indeed reduced the disease’s lethality as hoped. But for now it’s very worrying, and it amply explains why money is rushing into the U.S. and the dollar. Remarkably, European stocks have hit a new low for the Covid era relative to the S&amp;P 500:</p>\n<p><img src=\"https://static.tigerbbs.com/eff5a716b79b446b382ba2bcae3c34af\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"></p>\n<p>Flows out of the Europe and into the U.S. help to strengthen the dollar and act as a de facto tightening of liquidity for much of the world. So there is a gruesome sense in which the virus is now helping to tighten financial conditions. That could change if the lockdowns spread, and economic problems prompt central banks to slow down plans for attempting to return to normal. Not good.</p>\n<p><b>Survival Tips</b></p>\n<p>I’m going to outsource this tip to Boris Johnson, the U.K.’s prime minister, who suggests that everyone should go to&nbsp;Peppa Pig World, a theme park in England’s New Forest devoted to the children’s cartoon. New branches are soon coming&nbsp;to the U.S.He made this tip in the middle of a speech to the Confederation of British Industry, the country’s biggest organization for employers. You can see clips&nbsp;here.&nbsp; It’s beyond parody, and very amusing.</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>Markets Have Overreacted Wildly to the Fed Leadership Drama</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\">\nMarkets Have Overreacted Wildly to the Fed Leadership Drama\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-23 14:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2021-11-23/markets-have-overreacted-wildly-to-the-powell-brainard-fed-drama?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>There’s no reason to believe that Jerome Powell will be more hawkish than Lael Brainard would have been.\nPeas in a pod? Photographer: Zach Gibson/Bloomberg\nJerome? O.K., Jerome\nSo now we know....</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-11-23/markets-have-overreacted-wildly-to-the-powell-brainard-fed-drama?srnd=premium-asia\">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/opinion/articles/2021-11-23/markets-have-overreacted-wildly-to-the-powell-brainard-fed-drama?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190077312","content_text":"There’s no reason to believe that Jerome Powell will be more hawkish than Lael Brainard would have been.\nPeas in a pod? Photographer: Zach Gibson/Bloomberg\nJerome? O.K., Jerome\nSo now we know.President Biden has chosen Jerome Powell for another four-year term as chair of the Federal Reserve, while Lael Brainard will be nominated to serve as his vice chair. Somewhat surprisingly, she wasn’t given a souped-up version of the post to include responsibility for banking supervision, and that role remains to be filled.\nWhat did the markets make of it? They plainly think that Powell will be far more hawkish than Brainard would have been, for reasons that elude me. The following chart shows the number of hikes priced in by the fed funds futures market for each meeting of the Federal Open Market Committee between now and February 2023. The bars show market expectations on Sept. 1, before the current inflation scare took hold; Nov. 9, the day when news that Brainard had been interviewed for the top job came out; last Friday; and this Monday. Compared to “Brainard Day,” less than two weeks ago, the market has priced in one whole extra hike by February 2023. It was ready for two hikes when Brainard was in contention, and is now prepared for three:\n\nThis strikes me as a wild overreaction. Unlike Powell, Brainard is a card-carrying Democrat, but she had gone along with the majority in every FOMC vote since joining the committee seven years ago. With inflation-fighting now an imperative, and with the market likely to test any new chair, this looks like a mispricing.\nHowever, it does at least suggest that Brainard may have been part of the explanation for the remarkably low real yields of late. This is how 10-year real yields have moved over the last month. I ringed the publication of the Brainard interview news, the release of the shocking October CPI numbers, and news of the Powell nomination. Somehow, real yields have risen 25 basis points since the initial shock at the inflation numbers:\n\nWill the Fed really have to hike three times over the next year? That at present looks like something of a worst-case scenario. Supply-chain pressures should ease by the end of next year, and commodity price base effects will help move inflation lower. As I’ve been arguing, the labor market and the progress of rents will probably determine whether inflation is still elevated or rising 12 months from now. Three hikes does seem unduly aggressive. Next month we will get a new adjustment of “dots” to see where Fed governors think base rates will go, and quite possibly an announcement that bond purchases will be tapered more quickly than the current schedule to allow hikes to happen earlier. Until we have that evidence, the newly found hawkishness of the Powell Fed has been amply priced in.\nThere is plenty of great commentary on the Fed elsewhere on this site, and also elsewhere around the internet. The significance of the decision can be overstated, and it’s fair to say that Biden made the safer choice. That was probably sensible. This is a dangerous situation, the chance of a policy error or market accident is high, and it was doubtful that it was worth adding the risk of a new chair having a miscommunication with the market (which always seems to happen in the first year of a new Fed head). Given the situation, Biden looks to have made the right choice.Much reporting suggests that re-nominating Powell was necessary to ensure support from Democratic centrists like Senator Joe Manchin of West Virginia, so this was politically as well as economically less risky. Brainard might not have won confirmation.\nYou can find my own post-Powell column here. My greatest concern is that the Fed is now without any question the most powerful economic entity on the planet, the decisions it makes on inflation are of vast importance to everyone, and therefore it needs far greater democratic or political legitimacy than it currently has. And yet the actual question of what the Fed should do about inflation seems to have been close to irrelevant to the decision, much though it matters to the president’s political fortunes, and to voters. This just isn’t a good way to choose the leadership of such an important body.\nCentral bankers themselves are worried that they lack the legitimacy needed to perform the role now required of them. I quote Sir Paul Tucker, a former deputy governor of the Bank of England, who started his post-Bank career by authoring a massive philosophical tome called Unelected Power. In it he suggested a series of principles for delegating power to bodies, like central banks, that would then of necessity have wide freedom of action. Without impinging on central bank independence, the president and Congress could set the Fed a set of ranked priorities or clear targets. You can hear an interview I did with him back in 2018 for my old employers here.\nDistrust in vital institutions is reaching frightening levels. The University of Michigan’s latest consumer sentiment report included an update on the Fed, which it asks about periodically. The chart, produced by BCA Research Inc., shows that confidence is slipping:\n\nAs ever, political polarization has a lot to do with this. The Michigan report states:\n\npartisan identification was a significant correlate of consumer assessments of the Federal Reserve, treating the Fed as part of the administration rather than an independent body. Less trust in the Fed was reported in 2021 more frequently by Republicans than Democrats (67% versus 27%), while in the first year of the Trump administration, less trust in the Fed was reported by Democrats than Republicans (41% versus 30%).\n\nBear in mind that Republican trust in the Fed has dropped this year even though it is still led by a man appointed by President Trump. Democrats’ faith in the Fed fell in 2017 even though it was still being run by Obama-appointee Janet Yellen. Further, there is a correlation between confidence in the Fed and general consumer confidence. That’s not surprising, but the gap has widened:\n\nMeanwhile, as you might expect, searches for the word “inflation” have reached a high for the year, both in the U.S. and in the world as a whole. Powell’s job is an intimidatingly difficult and important one:\n\nLooking back to the dawn of the Google Trends service in 2004, it appears the world is more concerned about rising prices now than at any time this century:\n\nThere are reasons why politicians haven’t paused to re-examine the role of central banks in the last year. There have been many other things to do. But the democratic legitimacy of central banks is tenuous enough as it is. For a generation they have succeeded in the core task of keeping inflation under wraps. It’s not pleasant to think about the consequences should that cease to be the case over the next few years.\nOn the Subject of Inflation…\nThe latest Inflation Indicators are out, and they suggest there is a challenge ahead for Powell, Brainard and their colleagues. You can find them here. There is little change since the last update, but one intriguing move is the latest rally in lumber futures. I included these in the original indicators because they appeared an obvious example of a transitory pandemic effect. The hope was that lumber prices would recede before other prices began to pick up. They did, but now they are rising again:\n\nThere’s nothing much that the Fed can do to contain gyrations like this, but the discomfiting fact is that the pandemic’s transitory effects don’t seem to be over. Lumber prices are still up 22% over 12 months, and have doubled since the beginning of 2020 — even if they are still less than half the manic spike from earlier this year that helped to ignite concerns about inflation in the first place.\nMeanwhile….\nIf anything has more power over the world economy than the Fed, it might just be our old friend the coronavirus. Real-time indicators suggest the global economy has sprung back to life nicely in the last few weeks. However, the MSCI World index of hotels, restaurants and leisure stocks has just dropped to a 16-month low relative to the broader MSCI World. The leisure sector has barely made up any of the ground lost during the Covid-19 shutdown in spring last year:\n\nWe can all at this point guess that the coronavirus has something to do with it. The fact that European countries are resorting to lockdowns again, something politicians surely didn’t want, is hard to ignore. There’s room for argument about whether lockdowns are necessary or wise, and there are plenty of other places to discuss that; what we can agree on is that in the short term, lockdowns are bad for the economy.\nLooking at the official count of EU versus U.S. cases, you can see that this latest wave is a big one — at least in terms of infections. The chart that follows is of new infections per five days. I multiplied the U.S. number by 1.37 to give the number of cases there would have been if it had the same population as the EU. The basic message is clear enough:\n\nSomehow, the EU is now in its worst wave of the pandemic, which is approaching the severity of the winter wave in the U.S. Meanwhile, infections in the U.S. appear to have begun rising again.\nThere will doubtless be an argument over whether this means that everyone should now be vaccinated, or that there was no point vaccinating anyone in the first place. And it’s also critical to see whether widespread vaccination has indeed reduced the disease’s lethality as hoped. But for now it’s very worrying, and it amply explains why money is rushing into the U.S. and the dollar. Remarkably, European stocks have hit a new low for the Covid era relative to the S&P 500:\n\nFlows out of the Europe and into the U.S. help to strengthen the dollar and act as a de facto tightening of liquidity for much of the world. So there is a gruesome sense in which the virus is now helping to tighten financial conditions. That could change if the lockdowns spread, and economic problems prompt central banks to slow down plans for attempting to return to normal. Not good.\nSurvival Tips\nI’m going to outsource this tip to Boris Johnson, the U.K.’s prime minister, who suggests that everyone should go to Peppa Pig World, a theme park in England’s New Forest devoted to the children’s cartoon. New branches are soon coming to the U.S.He made this tip in the middle of a speech to the Confederation of British Industry, the country’s biggest organization for employers. You can see clips here.  It’s beyond parody, and very amusing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879515877,"gmtCreate":1636736985550,"gmtModify":1636736985550,"author":{"id":"3576665118703921","authorId":"3576665118703921","name":"283f4d0e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/879515877","repostId":"1148576456","repostType":4,"repost":{"id":"1148576456","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":1636728443,"share":"https://www.laohu8.com/m/news/1148576456?lang=&edition=full","pubTime":"2021-11-12 22:47","market":"us","language":"en","title":"Altamira Therapeutics soared nearly 100% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1148576456","media":"Tiger Newspress","summary":"Altamira Therapeutics soared nearly 100% in morning trading.Altamira Therapeutics Ltd., a company de","content":"<p>Altamira&nbsp;Therapeutics&nbsp;soared&nbsp;nearly&nbsp;100%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/f18f319e1b206770d5639548e9a07877\" tg-width=\"881\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Altamira Therapeutics Ltd., a company dedicated to addressing unmet medical needs through RNA therapeutics, allergy and viral infection protection, and inner ear therapeutics, announced today positive efficacy data from testing its Bentrio™ nasal spray in vitro against the Delta variant of the SARS-CoV-2 virus.</p>\n<p>Bentrio™ is a drug-free nasal spray for protection against airborne viruses and allergens, which has previously shown positive outcomes in a test against the Alpha variant of the virus.</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>Altamira Therapeutics soared nearly 100% 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\">\nAltamira Therapeutics soared nearly 100% 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\">2021-11-12 22:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Altamira&nbsp;Therapeutics&nbsp;soared&nbsp;nearly&nbsp;100%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/f18f319e1b206770d5639548e9a07877\" tg-width=\"881\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Altamira Therapeutics Ltd., a company dedicated to addressing unmet medical needs through RNA therapeutics, allergy and viral infection protection, and inner ear therapeutics, announced today positive efficacy data from testing its Bentrio™ nasal spray in vitro against the Delta variant of the SARS-CoV-2 virus.</p>\n<p>Bentrio™ is a drug-free nasal spray for protection against airborne viruses and allergens, which has previously shown positive outcomes in a test against the Alpha variant of the virus.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CYTO":"Altamira Therapeutics Ltd."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148576456","content_text":"Altamira Therapeutics soared nearly 100% in morning trading.Altamira Therapeutics Ltd., a company dedicated to addressing unmet medical needs through RNA therapeutics, allergy and viral infection protection, and inner ear therapeutics, announced today positive efficacy data from testing its Bentrio™ nasal spray in vitro against the Delta variant of the SARS-CoV-2 virus.\nBentrio™ is a drug-free nasal spray for protection against airborne viruses and allergens, which has previously shown positive outcomes in a test against the Alpha variant of the virus.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1729,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856651151,"gmtCreate":1635175304483,"gmtModify":1635175304617,"author":{"id":"3576665118703921","authorId":"3576665118703921","name":"283f4d0e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/856651151","repostId":"2178276654","repostType":4,"repost":{"id":"2178276654","pubTimestamp":1635174679,"share":"https://www.laohu8.com/m/news/2178276654?lang=&edition=full","pubTime":"2021-10-25 23:11","market":"us","language":"en","title":"SEC's Gensler: Meme stock trading restrictions 'not good' for retail investors","url":"https://stock-news.laohu8.com/highlight/detail?id=2178276654","media":"Yahoo Finance","summary":"The U.S. Securities and Exchange Commission (SEC) is still weighing its response to the frenzy over ","content":"<p>The U.S. Securities and Exchange Commission (SEC) is still weighing its response to the frenzy over meme stocks, but its leader acknowledged that investors were among the losers when brokerages abruptly restricted trading in late January.</p>\n<p>“Restrictions on trading that fateful Friday in January was not good for the retail investors that wanted access to the markets,” said SEC Chair Gary Gensler during Yahoo Finance's All Markets Summit.</p>\n<p>That “fateful Friday” was Jan. 29, when several brokerages restricted trading in GameStop and other meme stocks that were getting attention on the WallStreetBets reddit thread.</p>\n<p>Retail investors barred from buying more securities were baffled by the fact that they could still sell or close those positions, fueling theories that hedge funds and wholesale market-makers were coercing brokerages into stopping the meteoric rise in meme stock share prices.</p>\n<p>The SEC, however, released a report last week attempting to debunk that narrative. The report notes that restrictions were largely the result of a spike in margin requirements that clearinghouses (who actually settle trades themselves) required the brokerages to hold given the massive volatility in those stocks.</p>\n<p>The report suggested that shorter settlement times could reduce the likelihood of unexpected margin requirements — and thus the need to restrict trading — in the future. But the report detailed no specific policy actions going forward.</p>\n<h2><b>Banning payment for order flow</b></h2>\n<p>Gensler told Yahoo Finance that among other policy considerations, banning the practice of payment for order flow remains an option.</p>\n<p>The model, which has enabled zero-commission trades popularized by Robinhood, relies on routing orders through wholesale market-makers like Citadel Securities and Virtu Financial. Those middlemen firms try to execute trades at better prices than the customer asked for, splitting the cost savings among itself and the brokerage that routed the order.</p>\n<p>Gensler said \"inherent conflicts\" may incentivize brokerages to gamify stock betting to increase the volume of trading.</p>\n<p>“When you have efficiency, it’s lower cost in the middle, that’s better for companies raising money and it’s better for the investor,” said Gensler, referring to possible changes to the payment for order flow model. “It may mean there’s a little less economic rent for folks in the middle.”</p>\n<p>Gensler said that the SEC broadly supports retail investing, noting that families should be enabled to use stock market bets if they want to build a nest egg for retirement, among other reasons.</p>\n<p>“Retail being part of the [investing] mix — and a growing part of the mix — can be good as long as there’s a real cop on the beat looking at the rules in place,” Gensler said.</p>","source":"yahoofinance","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's Gensler: Meme stock trading restrictions 'not good' for retail investors</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\">\nSEC's Gensler: Meme stock trading restrictions 'not good' for retail investors\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-25 23:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/sec-gensler-meme-stock-trading-restrictions-not-good-for-retail-investors-145149614.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The U.S. Securities and Exchange Commission (SEC) is still weighing its response to the frenzy over meme stocks, but its leader acknowledged that investors were among the losers when brokerages ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sec-gensler-meme-stock-trading-restrictions-not-good-for-retail-investors-145149614.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MS":"摩根士丹利","AMC":"AMC院线","IBKR":"盈透证券","SCHW":"嘉信理财"},"source_url":"https://finance.yahoo.com/news/sec-gensler-meme-stock-trading-restrictions-not-good-for-retail-investors-145149614.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2178276654","content_text":"The U.S. Securities and Exchange Commission (SEC) is still weighing its response to the frenzy over meme stocks, but its leader acknowledged that investors were among the losers when brokerages abruptly restricted trading in late January.\n“Restrictions on trading that fateful Friday in January was not good for the retail investors that wanted access to the markets,” said SEC Chair Gary Gensler during Yahoo Finance's All Markets Summit.\nThat “fateful Friday” was Jan. 29, when several brokerages restricted trading in GameStop and other meme stocks that were getting attention on the WallStreetBets reddit thread.\nRetail investors barred from buying more securities were baffled by the fact that they could still sell or close those positions, fueling theories that hedge funds and wholesale market-makers were coercing brokerages into stopping the meteoric rise in meme stock share prices.\nThe SEC, however, released a report last week attempting to debunk that narrative. The report notes that restrictions were largely the result of a spike in margin requirements that clearinghouses (who actually settle trades themselves) required the brokerages to hold given the massive volatility in those stocks.\nThe report suggested that shorter settlement times could reduce the likelihood of unexpected margin requirements — and thus the need to restrict trading — in the future. But the report detailed no specific policy actions going forward.\nBanning payment for order flow\nGensler told Yahoo Finance that among other policy considerations, banning the practice of payment for order flow remains an option.\nThe model, which has enabled zero-commission trades popularized by Robinhood, relies on routing orders through wholesale market-makers like Citadel Securities and Virtu Financial. Those middlemen firms try to execute trades at better prices than the customer asked for, splitting the cost savings among itself and the brokerage that routed the order.\nGensler said \"inherent conflicts\" may incentivize brokerages to gamify stock betting to increase the volume of trading.\n“When you have efficiency, it’s lower cost in the middle, that’s better for companies raising money and it’s better for the investor,” said Gensler, referring to possible changes to the payment for order flow model. “It may mean there’s a little less economic rent for folks in the middle.”\nGensler said that the SEC broadly supports retail investing, noting that families should be enabled to use stock market bets if they want to build a nest egg for retirement, among other reasons.\n“Retail being part of the [investing] mix — and a growing part of the mix — can be good as long as there’s a real cop on the beat looking at the rules in place,” Gensler said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828401364,"gmtCreate":1633930512886,"gmtModify":1633930512886,"author":{"id":"3576665118703921","authorId":"3576665118703921","name":"283f4d0e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828401364","repostId":"2174979104","repostType":4,"repost":{"id":"2174979104","pubTimestamp":1633922580,"share":"https://www.laohu8.com/m/news/2174979104?lang=&edition=full","pubTime":"2021-10-11 11:23","market":"us","language":"en","title":"3 Stocks Wall Street Thinks Will Soar 44% to 122% That You'll Want to Check Out","url":"https://stock-news.laohu8.com/highlight/detail?id=2174979104","media":"Motley Fool","summary":"These stocks are down but not out.","content":"<p>Imagine that you have a team of highly paid, highly educated analysts whose sole job is to evaluate stocks. Your analysts even do their best to project what price those stocks could attain over the next 12 months.</p>\n<p>Some of your analysts will be more optimistic than others. However, you get to look at an average of their price targets to help you pick stocks that could deliver especially attractive returns over the next year.</p>\n<p>The good news is that you don't have to use your imagination at all. Wall Street consensus price targets are readily available for many stocks. Here are three stocks Wall Street thinks will soar 44% to 121% that you'll definitely want to check out.</p>\n<h2>1. <a href=\"https://laohu8.com/S/TRUP\">Trupanion</a></h2>\n<p>The average analyst's 12-month price target for <b>Trupanion</b> (NASDAQ:TRUP) reflects a 44% premium to the current share price. And the stock has proven already that it can reach that target level over the last 52 weeks.</p>\n<p>Trupanion ranks as the leading provider of medical insurance for cats and dogs in the U.S. and Canada. Its stock hasn't performed very well in recent months, mainly because the company didn't hit Wall Street's earnings estimates and its CEO sold some shares in September.</p>\n<p>Investors really don't have anything to worry about on either front, though. Trupanion continues to deliver strong growth, with revenue soaring 43% year over year in the second quarter. And while CEO Darryl Rawlings sold 8,000 shares last month, the sales were made under a previously scheduled Rule 10b5-1 trading plan. Rawlings still owns nearly 1 million shares of Trupanion.</p>\n<p>The company's long-term growth prospects remain as strong as ever. Only around 1% of all pets in the U.S. and 2% in Canada are covered by medical insurance. Trupanion doesn't have to increase that market penetration rate by much for its stock to be a huge winner for investors.</p>\n<h2>2. Novocure</h2>\n<p>Wall Street is even more bullish about&nbsp;<b>Novocure</b> (NASDAQ:NVCR). The consensus price target represents a potential upside of 56% for the healthcare stock.</p>\n<p>Novocure was flying high until July. Investors were disappointed with the company's results from a phase 2 study of its Tumor Treating Fields (TTFields) combined with sorafenib (chemotherapy) in treating advanced liver cancer. They also didn't think much of Novocure's Q2 results announced later in the month.</p>\n<p>But the company has plenty of other opportunities with TTFields, which are electric fields that can disrupt tumor cell division. The therapy has already been approved by the U.S. Food and Drug Administration (FDA) in treating brain cancer and mesothelioma. Novocure is evaluating TTFields in late-stage clinical studies targeting several types of cancer, including pancreatic cancer and non-small cell lung cancer -- two huge potential markets.</p>\n<h2>3. Skillz</h2>\n<p>Analysts have especially lofty sights for&nbsp;<b>Skillz</b> (NYSE:SKLZ). The average 12-month price target is 122% higher than the current share price. The most pessimistic of the analysts surveyed by Refinitiv think that Skillz stock could jump 52% higher.</p>\n<p>Like Trupanion and Novocure, Skillz has delivered a dismal stock performance so far this year. But its shares have fallen a lot more than the other two and are now down close to 80% below the highs set in February.</p>\n<p>The main problem for Skillz is that its monthly active users count is no longer growing. At the same time, advertising costs are rising, making it more expensive to attract new users. However, the company's recent acquisition of Aarki, which operates a demand-side advertising platform, could help on this front.</p>\n<p>Skillz also has other potential near-term growth drivers. It launched a mobile version of the popular old-school arcade game <i>Big Buck Hunter: Marksman</i>. The company is also working with the NFL to pick the winners in a competition to identify new NFL-branded mobile games.</p>\n<h2>What if the analysts are wrong?</h2>\n<p>Wall Street analysts can be -- and often are -- wrong. It's possible that none of these three stocks will hit their price targets. That's why you don't want to depend solely on analysts' estimates in choosing which stocks to buy.</p>\n<p>Of the three, my view is that Trupanion has the best chance of success. The company's software, which enables quick claim payments for veterinarians, gives it a significant competitive advantage.</p>\n<p>However, like Wall Street analysts, I could be wrong, too. There's no substitute for doing your own research before you buy any stock.</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>3 Stocks Wall Street Thinks Will Soar 44% to 122% That You'll Want to Check Out</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\">\n3 Stocks Wall Street Thinks Will Soar 44% to 122% That You'll Want to Check Out\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-11 11:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/10/10/3-stocks-wall-street-thinks-will-soar-44-to-122-th/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Imagine that you have a team of highly paid, highly educated analysts whose sole job is to evaluate stocks. Your analysts even do their best to project what price those stocks could attain over the ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/10/10/3-stocks-wall-street-thinks-will-soar-44-to-122-th/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SKLZ":"Skillz Inc","NVCR":"NovoCure Limited","TRUP":"Trupanion"},"source_url":"https://www.fool.com/investing/2021/10/10/3-stocks-wall-street-thinks-will-soar-44-to-122-th/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2174979104","content_text":"Imagine that you have a team of highly paid, highly educated analysts whose sole job is to evaluate stocks. Your analysts even do their best to project what price those stocks could attain over the next 12 months.\nSome of your analysts will be more optimistic than others. However, you get to look at an average of their price targets to help you pick stocks that could deliver especially attractive returns over the next year.\nThe good news is that you don't have to use your imagination at all. Wall Street consensus price targets are readily available for many stocks. Here are three stocks Wall Street thinks will soar 44% to 121% that you'll definitely want to check out.\n1. Trupanion\nThe average analyst's 12-month price target for Trupanion (NASDAQ:TRUP) reflects a 44% premium to the current share price. And the stock has proven already that it can reach that target level over the last 52 weeks.\nTrupanion ranks as the leading provider of medical insurance for cats and dogs in the U.S. and Canada. Its stock hasn't performed very well in recent months, mainly because the company didn't hit Wall Street's earnings estimates and its CEO sold some shares in September.\nInvestors really don't have anything to worry about on either front, though. Trupanion continues to deliver strong growth, with revenue soaring 43% year over year in the second quarter. And while CEO Darryl Rawlings sold 8,000 shares last month, the sales were made under a previously scheduled Rule 10b5-1 trading plan. Rawlings still owns nearly 1 million shares of Trupanion.\nThe company's long-term growth prospects remain as strong as ever. Only around 1% of all pets in the U.S. and 2% in Canada are covered by medical insurance. Trupanion doesn't have to increase that market penetration rate by much for its stock to be a huge winner for investors.\n2. Novocure\nWall Street is even more bullish about Novocure (NASDAQ:NVCR). The consensus price target represents a potential upside of 56% for the healthcare stock.\nNovocure was flying high until July. Investors were disappointed with the company's results from a phase 2 study of its Tumor Treating Fields (TTFields) combined with sorafenib (chemotherapy) in treating advanced liver cancer. They also didn't think much of Novocure's Q2 results announced later in the month.\nBut the company has plenty of other opportunities with TTFields, which are electric fields that can disrupt tumor cell division. The therapy has already been approved by the U.S. Food and Drug Administration (FDA) in treating brain cancer and mesothelioma. Novocure is evaluating TTFields in late-stage clinical studies targeting several types of cancer, including pancreatic cancer and non-small cell lung cancer -- two huge potential markets.\n3. Skillz\nAnalysts have especially lofty sights for Skillz (NYSE:SKLZ). The average 12-month price target is 122% higher than the current share price. The most pessimistic of the analysts surveyed by Refinitiv think that Skillz stock could jump 52% higher.\nLike Trupanion and Novocure, Skillz has delivered a dismal stock performance so far this year. But its shares have fallen a lot more than the other two and are now down close to 80% below the highs set in February.\nThe main problem for Skillz is that its monthly active users count is no longer growing. At the same time, advertising costs are rising, making it more expensive to attract new users. However, the company's recent acquisition of Aarki, which operates a demand-side advertising platform, could help on this front.\nSkillz also has other potential near-term growth drivers. It launched a mobile version of the popular old-school arcade game Big Buck Hunter: Marksman. The company is also working with the NFL to pick the winners in a competition to identify new NFL-branded mobile games.\nWhat if the analysts are wrong?\nWall Street analysts can be -- and often are -- wrong. It's possible that none of these three stocks will hit their price targets. That's why you don't want to depend solely on analysts' estimates in choosing which stocks to buy.\nOf the three, my view is that Trupanion has the best chance of success. The company's software, which enables quick claim payments for veterinarians, gives it a significant competitive advantage.\nHowever, like Wall Street analysts, I could be wrong, too. There's no substitute for doing your own research before you buy any stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":856651151,"gmtCreate":1635175304483,"gmtModify":1635175304617,"author":{"id":"3576665118703921","authorId":"3576665118703921","name":"283f4d0e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/856651151","repostId":"2178276654","repostType":4,"repost":{"id":"2178276654","pubTimestamp":1635174679,"share":"https://www.laohu8.com/m/news/2178276654?lang=&edition=full","pubTime":"2021-10-25 23:11","market":"us","language":"en","title":"SEC's Gensler: Meme stock trading restrictions 'not good' for retail investors","url":"https://stock-news.laohu8.com/highlight/detail?id=2178276654","media":"Yahoo Finance","summary":"The U.S. Securities and Exchange Commission (SEC) is still weighing its response to the frenzy over ","content":"<p>The U.S. Securities and Exchange Commission (SEC) is still weighing its response to the frenzy over meme stocks, but its leader acknowledged that investors were among the losers when brokerages abruptly restricted trading in late January.</p>\n<p>“Restrictions on trading that fateful Friday in January was not good for the retail investors that wanted access to the markets,” said SEC Chair Gary Gensler during Yahoo Finance's All Markets Summit.</p>\n<p>That “fateful Friday” was Jan. 29, when several brokerages restricted trading in GameStop and other meme stocks that were getting attention on the WallStreetBets reddit thread.</p>\n<p>Retail investors barred from buying more securities were baffled by the fact that they could still sell or close those positions, fueling theories that hedge funds and wholesale market-makers were coercing brokerages into stopping the meteoric rise in meme stock share prices.</p>\n<p>The SEC, however, released a report last week attempting to debunk that narrative. The report notes that restrictions were largely the result of a spike in margin requirements that clearinghouses (who actually settle trades themselves) required the brokerages to hold given the massive volatility in those stocks.</p>\n<p>The report suggested that shorter settlement times could reduce the likelihood of unexpected margin requirements — and thus the need to restrict trading — in the future. But the report detailed no specific policy actions going forward.</p>\n<h2><b>Banning payment for order flow</b></h2>\n<p>Gensler told Yahoo Finance that among other policy considerations, banning the practice of payment for order flow remains an option.</p>\n<p>The model, which has enabled zero-commission trades popularized by Robinhood, relies on routing orders through wholesale market-makers like Citadel Securities and Virtu Financial. Those middlemen firms try to execute trades at better prices than the customer asked for, splitting the cost savings among itself and the brokerage that routed the order.</p>\n<p>Gensler said \"inherent conflicts\" may incentivize brokerages to gamify stock betting to increase the volume of trading.</p>\n<p>“When you have efficiency, it’s lower cost in the middle, that’s better for companies raising money and it’s better for the investor,” said Gensler, referring to possible changes to the payment for order flow model. “It may mean there’s a little less economic rent for folks in the middle.”</p>\n<p>Gensler said that the SEC broadly supports retail investing, noting that families should be enabled to use stock market bets if they want to build a nest egg for retirement, among other reasons.</p>\n<p>“Retail being part of the [investing] mix — and a growing part of the mix — can be good as long as there’s a real cop on the beat looking at the rules in place,” Gensler said.</p>","source":"yahoofinance","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's Gensler: Meme stock trading restrictions 'not good' for retail investors</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's Gensler: Meme stock trading restrictions 'not good' for retail investors\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-25 23:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/sec-gensler-meme-stock-trading-restrictions-not-good-for-retail-investors-145149614.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The U.S. Securities and Exchange Commission (SEC) is still weighing its response to the frenzy over meme stocks, but its leader acknowledged that investors were among the losers when brokerages ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sec-gensler-meme-stock-trading-restrictions-not-good-for-retail-investors-145149614.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MS":"摩根士丹利","AMC":"AMC院线","IBKR":"盈透证券","SCHW":"嘉信理财"},"source_url":"https://finance.yahoo.com/news/sec-gensler-meme-stock-trading-restrictions-not-good-for-retail-investors-145149614.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2178276654","content_text":"The U.S. Securities and Exchange Commission (SEC) is still weighing its response to the frenzy over meme stocks, but its leader acknowledged that investors were among the losers when brokerages abruptly restricted trading in late January.\n“Restrictions on trading that fateful Friday in January was not good for the retail investors that wanted access to the markets,” said SEC Chair Gary Gensler during Yahoo Finance's All Markets Summit.\nThat “fateful Friday” was Jan. 29, when several brokerages restricted trading in GameStop and other meme stocks that were getting attention on the WallStreetBets reddit thread.\nRetail investors barred from buying more securities were baffled by the fact that they could still sell or close those positions, fueling theories that hedge funds and wholesale market-makers were coercing brokerages into stopping the meteoric rise in meme stock share prices.\nThe SEC, however, released a report last week attempting to debunk that narrative. The report notes that restrictions were largely the result of a spike in margin requirements that clearinghouses (who actually settle trades themselves) required the brokerages to hold given the massive volatility in those stocks.\nThe report suggested that shorter settlement times could reduce the likelihood of unexpected margin requirements — and thus the need to restrict trading — in the future. But the report detailed no specific policy actions going forward.\nBanning payment for order flow\nGensler told Yahoo Finance that among other policy considerations, banning the practice of payment for order flow remains an option.\nThe model, which has enabled zero-commission trades popularized by Robinhood, relies on routing orders through wholesale market-makers like Citadel Securities and Virtu Financial. Those middlemen firms try to execute trades at better prices than the customer asked for, splitting the cost savings among itself and the brokerage that routed the order.\nGensler said \"inherent conflicts\" may incentivize brokerages to gamify stock betting to increase the volume of trading.\n“When you have efficiency, it’s lower cost in the middle, that’s better for companies raising money and it’s better for the investor,” said Gensler, referring to possible changes to the payment for order flow model. “It may mean there’s a little less economic rent for folks in the middle.”\nGensler said that the SEC broadly supports retail investing, noting that families should be enabled to use stock market bets if they want to build a nest egg for retirement, among other reasons.\n“Retail being part of the [investing] mix — and a growing part of the mix — can be good as long as there’s a real cop on the beat looking at the rules in place,” Gensler said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":280,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":879515877,"gmtCreate":1636736985550,"gmtModify":1636736985550,"author":{"id":"3576665118703921","authorId":"3576665118703921","name":"283f4d0e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/879515877","repostId":"1148576456","repostType":4,"repost":{"id":"1148576456","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":1636728443,"share":"https://www.laohu8.com/m/news/1148576456?lang=&edition=full","pubTime":"2021-11-12 22:47","market":"us","language":"en","title":"Altamira Therapeutics soared nearly 100% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1148576456","media":"Tiger Newspress","summary":"Altamira Therapeutics soared nearly 100% in morning trading.Altamira Therapeutics Ltd., a company de","content":"<p>Altamira&nbsp;Therapeutics&nbsp;soared&nbsp;nearly&nbsp;100%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/f18f319e1b206770d5639548e9a07877\" tg-width=\"881\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Altamira Therapeutics Ltd., a company dedicated to addressing unmet medical needs through RNA therapeutics, allergy and viral infection protection, and inner ear therapeutics, announced today positive efficacy data from testing its Bentrio™ nasal spray in vitro against the Delta variant of the SARS-CoV-2 virus.</p>\n<p>Bentrio™ is a drug-free nasal spray for protection against airborne viruses and allergens, which has previously shown positive outcomes in a test against the Alpha variant of the virus.</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>Altamira Therapeutics soared nearly 100% 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\">\nAltamira Therapeutics soared nearly 100% 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\">2021-11-12 22:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Altamira&nbsp;Therapeutics&nbsp;soared&nbsp;nearly&nbsp;100%&nbsp;in&nbsp;morning&nbsp;trading.<img src=\"https://static.tigerbbs.com/f18f319e1b206770d5639548e9a07877\" tg-width=\"881\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Altamira Therapeutics Ltd., a company dedicated to addressing unmet medical needs through RNA therapeutics, allergy and viral infection protection, and inner ear therapeutics, announced today positive efficacy data from testing its Bentrio™ nasal spray in vitro against the Delta variant of the SARS-CoV-2 virus.</p>\n<p>Bentrio™ is a drug-free nasal spray for protection against airborne viruses and allergens, which has previously shown positive outcomes in a test against the Alpha variant of the virus.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CYTO":"Altamira Therapeutics Ltd."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148576456","content_text":"Altamira Therapeutics soared nearly 100% in morning trading.Altamira Therapeutics Ltd., a company dedicated to addressing unmet medical needs through RNA therapeutics, allergy and viral infection protection, and inner ear therapeutics, announced today positive efficacy data from testing its Bentrio™ nasal spray in vitro against the Delta variant of the SARS-CoV-2 virus.\nBentrio™ is a drug-free nasal spray for protection against airborne viruses and allergens, which has previously shown positive outcomes in a test against the Alpha variant of the virus.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1729,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":828401364,"gmtCreate":1633930512886,"gmtModify":1633930512886,"author":{"id":"3576665118703921","authorId":"3576665118703921","name":"283f4d0e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/828401364","repostId":"2174979104","repostType":4,"repost":{"id":"2174979104","pubTimestamp":1633922580,"share":"https://www.laohu8.com/m/news/2174979104?lang=&edition=full","pubTime":"2021-10-11 11:23","market":"us","language":"en","title":"3 Stocks Wall Street Thinks Will Soar 44% to 122% That You'll Want to Check Out","url":"https://stock-news.laohu8.com/highlight/detail?id=2174979104","media":"Motley Fool","summary":"These stocks are down but not out.","content":"<p>Imagine that you have a team of highly paid, highly educated analysts whose sole job is to evaluate stocks. Your analysts even do their best to project what price those stocks could attain over the next 12 months.</p>\n<p>Some of your analysts will be more optimistic than others. However, you get to look at an average of their price targets to help you pick stocks that could deliver especially attractive returns over the next year.</p>\n<p>The good news is that you don't have to use your imagination at all. Wall Street consensus price targets are readily available for many stocks. Here are three stocks Wall Street thinks will soar 44% to 121% that you'll definitely want to check out.</p>\n<h2>1. <a href=\"https://laohu8.com/S/TRUP\">Trupanion</a></h2>\n<p>The average analyst's 12-month price target for <b>Trupanion</b> (NASDAQ:TRUP) reflects a 44% premium to the current share price. And the stock has proven already that it can reach that target level over the last 52 weeks.</p>\n<p>Trupanion ranks as the leading provider of medical insurance for cats and dogs in the U.S. and Canada. Its stock hasn't performed very well in recent months, mainly because the company didn't hit Wall Street's earnings estimates and its CEO sold some shares in September.</p>\n<p>Investors really don't have anything to worry about on either front, though. Trupanion continues to deliver strong growth, with revenue soaring 43% year over year in the second quarter. And while CEO Darryl Rawlings sold 8,000 shares last month, the sales were made under a previously scheduled Rule 10b5-1 trading plan. Rawlings still owns nearly 1 million shares of Trupanion.</p>\n<p>The company's long-term growth prospects remain as strong as ever. Only around 1% of all pets in the U.S. and 2% in Canada are covered by medical insurance. Trupanion doesn't have to increase that market penetration rate by much for its stock to be a huge winner for investors.</p>\n<h2>2. Novocure</h2>\n<p>Wall Street is even more bullish about&nbsp;<b>Novocure</b> (NASDAQ:NVCR). The consensus price target represents a potential upside of 56% for the healthcare stock.</p>\n<p>Novocure was flying high until July. Investors were disappointed with the company's results from a phase 2 study of its Tumor Treating Fields (TTFields) combined with sorafenib (chemotherapy) in treating advanced liver cancer. They also didn't think much of Novocure's Q2 results announced later in the month.</p>\n<p>But the company has plenty of other opportunities with TTFields, which are electric fields that can disrupt tumor cell division. The therapy has already been approved by the U.S. Food and Drug Administration (FDA) in treating brain cancer and mesothelioma. Novocure is evaluating TTFields in late-stage clinical studies targeting several types of cancer, including pancreatic cancer and non-small cell lung cancer -- two huge potential markets.</p>\n<h2>3. Skillz</h2>\n<p>Analysts have especially lofty sights for&nbsp;<b>Skillz</b> (NYSE:SKLZ). The average 12-month price target is 122% higher than the current share price. The most pessimistic of the analysts surveyed by Refinitiv think that Skillz stock could jump 52% higher.</p>\n<p>Like Trupanion and Novocure, Skillz has delivered a dismal stock performance so far this year. But its shares have fallen a lot more than the other two and are now down close to 80% below the highs set in February.</p>\n<p>The main problem for Skillz is that its monthly active users count is no longer growing. At the same time, advertising costs are rising, making it more expensive to attract new users. However, the company's recent acquisition of Aarki, which operates a demand-side advertising platform, could help on this front.</p>\n<p>Skillz also has other potential near-term growth drivers. It launched a mobile version of the popular old-school arcade game <i>Big Buck Hunter: Marksman</i>. The company is also working with the NFL to pick the winners in a competition to identify new NFL-branded mobile games.</p>\n<h2>What if the analysts are wrong?</h2>\n<p>Wall Street analysts can be -- and often are -- wrong. It's possible that none of these three stocks will hit their price targets. That's why you don't want to depend solely on analysts' estimates in choosing which stocks to buy.</p>\n<p>Of the three, my view is that Trupanion has the best chance of success. The company's software, which enables quick claim payments for veterinarians, gives it a significant competitive advantage.</p>\n<p>However, like Wall Street analysts, I could be wrong, too. There's no substitute for doing your own research before you buy any stock.</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>3 Stocks Wall Street Thinks Will Soar 44% to 122% That You'll Want to Check Out</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\">\n3 Stocks Wall Street Thinks Will Soar 44% to 122% That You'll Want to Check Out\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-11 11:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/10/10/3-stocks-wall-street-thinks-will-soar-44-to-122-th/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Imagine that you have a team of highly paid, highly educated analysts whose sole job is to evaluate stocks. Your analysts even do their best to project what price those stocks could attain over the ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/10/10/3-stocks-wall-street-thinks-will-soar-44-to-122-th/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SKLZ":"Skillz Inc","NVCR":"NovoCure Limited","TRUP":"Trupanion"},"source_url":"https://www.fool.com/investing/2021/10/10/3-stocks-wall-street-thinks-will-soar-44-to-122-th/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2174979104","content_text":"Imagine that you have a team of highly paid, highly educated analysts whose sole job is to evaluate stocks. Your analysts even do their best to project what price those stocks could attain over the next 12 months.\nSome of your analysts will be more optimistic than others. However, you get to look at an average of their price targets to help you pick stocks that could deliver especially attractive returns over the next year.\nThe good news is that you don't have to use your imagination at all. Wall Street consensus price targets are readily available for many stocks. Here are three stocks Wall Street thinks will soar 44% to 121% that you'll definitely want to check out.\n1. Trupanion\nThe average analyst's 12-month price target for Trupanion (NASDAQ:TRUP) reflects a 44% premium to the current share price. And the stock has proven already that it can reach that target level over the last 52 weeks.\nTrupanion ranks as the leading provider of medical insurance for cats and dogs in the U.S. and Canada. Its stock hasn't performed very well in recent months, mainly because the company didn't hit Wall Street's earnings estimates and its CEO sold some shares in September.\nInvestors really don't have anything to worry about on either front, though. Trupanion continues to deliver strong growth, with revenue soaring 43% year over year in the second quarter. And while CEO Darryl Rawlings sold 8,000 shares last month, the sales were made under a previously scheduled Rule 10b5-1 trading plan. Rawlings still owns nearly 1 million shares of Trupanion.\nThe company's long-term growth prospects remain as strong as ever. Only around 1% of all pets in the U.S. and 2% in Canada are covered by medical insurance. Trupanion doesn't have to increase that market penetration rate by much for its stock to be a huge winner for investors.\n2. Novocure\nWall Street is even more bullish about Novocure (NASDAQ:NVCR). The consensus price target represents a potential upside of 56% for the healthcare stock.\nNovocure was flying high until July. Investors were disappointed with the company's results from a phase 2 study of its Tumor Treating Fields (TTFields) combined with sorafenib (chemotherapy) in treating advanced liver cancer. They also didn't think much of Novocure's Q2 results announced later in the month.\nBut the company has plenty of other opportunities with TTFields, which are electric fields that can disrupt tumor cell division. The therapy has already been approved by the U.S. Food and Drug Administration (FDA) in treating brain cancer and mesothelioma. Novocure is evaluating TTFields in late-stage clinical studies targeting several types of cancer, including pancreatic cancer and non-small cell lung cancer -- two huge potential markets.\n3. Skillz\nAnalysts have especially lofty sights for Skillz (NYSE:SKLZ). The average 12-month price target is 122% higher than the current share price. The most pessimistic of the analysts surveyed by Refinitiv think that Skillz stock could jump 52% higher.\nLike Trupanion and Novocure, Skillz has delivered a dismal stock performance so far this year. But its shares have fallen a lot more than the other two and are now down close to 80% below the highs set in February.\nThe main problem for Skillz is that its monthly active users count is no longer growing. At the same time, advertising costs are rising, making it more expensive to attract new users. However, the company's recent acquisition of Aarki, which operates a demand-side advertising platform, could help on this front.\nSkillz also has other potential near-term growth drivers. It launched a mobile version of the popular old-school arcade game Big Buck Hunter: Marksman. The company is also working with the NFL to pick the winners in a competition to identify new NFL-branded mobile games.\nWhat if the analysts are wrong?\nWall Street analysts can be -- and often are -- wrong. It's possible that none of these three stocks will hit their price targets. That's why you don't want to depend solely on analysts' estimates in choosing which stocks to buy.\nOf the three, my view is that Trupanion has the best chance of success. The company's software, which enables quick claim payments for veterinarians, gives it a significant competitive advantage.\nHowever, like Wall Street analysts, I could be wrong, too. There's no substitute for doing your own research before you buy any stock.","news_type":1},"isVote":1,"tweetType":1,"viewCount":486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608410494,"gmtCreate":1638775112654,"gmtModify":1638775112654,"author":{"id":"3576665118703921","authorId":"3576665118703921","name":"283f4d0e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/608410494","repostId":"1104854885","repostType":4,"repost":{"id":"1104854885","pubTimestamp":1638774756,"share":"https://www.laohu8.com/m/news/1104854885?lang=&edition=full","pubTime":"2021-12-06 15:12","market":"sg","language":"en","title":"Digital Core Reit jumps 14% to US$1 in SGX mainboard debut","url":"https://stock-news.laohu8.com/highlight/detail?id=1104854885","media":"Businesstimes","summary":"DIGITAL Core Reit opened at US$1 on its trading debut on the mainboard of the Singapore Exchange (SG","content":"<div>\n<p>DIGITAL Core Reit opened at US$1 on its trading debut on the mainboard of the Singapore Exchange (SGX), some 13.6 per cent higher than initial public offering (IPO) price of US$0.88.\nTrading in units ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/digital-core-reit-jumps-14-to-us1-in-sgx-mainboard-debut\">Web Link</a>\n\n</div>\n","source":"lsy1607307803821","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>Digital Core Reit jumps 14% to US$1 in SGX mainboard debut</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\">\nDigital Core Reit jumps 14% to US$1 in SGX mainboard debut\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-06 15:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businesstimes.com.sg/companies-markets/digital-core-reit-jumps-14-to-us1-in-sgx-mainboard-debut><strong>Businesstimes</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>DIGITAL Core Reit opened at US$1 on its trading debut on the mainboard of the Singapore Exchange (SGX), some 13.6 per cent higher than initial public offering (IPO) price of US$0.88.\nTrading in units ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/digital-core-reit-jumps-14-to-us1-in-sgx-mainboard-debut\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.businesstimes.com.sg/companies-markets/digital-core-reit-jumps-14-to-us1-in-sgx-mainboard-debut","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104854885","content_text":"DIGITAL Core Reit opened at US$1 on its trading debut on the mainboard of the Singapore Exchange (SGX), some 13.6 per cent higher than initial public offering (IPO) price of US$0.88.\nTrading in units of the pure play data centre real estate investment trust (Reit) commenced after the lunch break at 2pm.\nAs at 2.10pm, the counter rose to as high as US$1.01 with 24 million units traded.\nDigital Core Reit's IPO of 267 million units, comprising a placement tranche and a public offer, was 19.4 times subscribed, the Reit manager said on Dec 3.\nIts offer of 13.4 million units to Singapore retail investors under the IPO was around 16.1 times subscribed, with 10,736 valid applications for 214.8 million units.\nThe international placement tranche of 253.7 million units was about 19.6 times subscribed.\nIn addition, cornerstone investors have each entered into separate subscription agreements at the offering price for a total of nearly 414.8 million units. Among the 26 cornerstone investors are AEW Asia, Affin Hwang Asset Management, AIA Investment Management, AMP Capital Investors, Blackrock, Cohen & Steers Asia, DBS, DWS Investments Australia, FIL Investment Management Hong Kong, Fullerton Fund Management Company, Lion Global Investors, Nikko Asset Management Asia and Value Partners Hong Kong.\nSeparately, sponsor Digital Realty Trust has agreed to subscribe for over 428.8 million units at the offering price of US$0.88 apiece through a wholly-owned subsidiary. New York Stock Exchange-listed Digital Realty is one of the top 10 largest US-listed Reits and the largest owner and operator of data centre providers in the world.\nDigital Core Reit's initial portfolio comprises 10 freehold data centres in the US and Canada with a total appraised valuation of US$1.4 billion.\nThe initial portfolio has a total net lettable area (NLA) of 1.2 million square feet, with 4 of the data centres located in the Silicon Valley, another 3 in Northern Virginia, 2 in Los Angeles and 1 in Toronto.\nPortfolio occupancy is at 100 per cent, with weighted average lease expiry of the portfolio at 6.2 years based on base rental income for the month of June or 7.7 years by NLA as at end-June.\nThe Reit will have right of first refusal from its sponsor to a potential pipeline of over US$15 billion of data centres, both existing and under construction.\nThe Reit manager had forecast a distribution yield of 4.75 per cent for 2022 and projected a distribution yield of 5 per cent for 2023.","news_type":1},"isVote":1,"tweetType":1,"viewCount":331,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":875657249,"gmtCreate":1637648782317,"gmtModify":1637648782317,"author":{"id":"3576665118703921","authorId":"3576665118703921","name":"283f4d0e","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/875657249","repostId":"1190077312","repostType":4,"repost":{"id":"1190077312","pubTimestamp":1637647250,"share":"https://www.laohu8.com/m/news/1190077312?lang=&edition=full","pubTime":"2021-11-23 14:00","market":"us","language":"en","title":"Markets Have Overreacted Wildly to the Fed Leadership Drama","url":"https://stock-news.laohu8.com/highlight/detail?id=1190077312","media":"Bloomberg","summary":"There’s no reason to believe that Jerome Powell will be more hawkish than Lael Brainard would have b","content":"<p>There’s no reason to believe that Jerome Powell will be more hawkish than Lael Brainard would have been.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/71558efd21e8f5e97bee82b9cdb2831f\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Peas in a pod? Photographer: Zach Gibson/Bloomberg</span></p>\n<p><b>Jerome? O.K., Jerome</b></p>\n<p>So now we know.President Biden has chosen&nbsp;Jerome Powell&nbsp;for another four-year term as chair&nbsp;of the Federal Reserve, while Lael Brainard will be nominated to serve as his vice chair. Somewhat surprisingly, she wasn’t given a souped-up version of the post to include responsibility for banking supervision, and that role remains to be filled.</p>\n<p>What did the markets make of it? They plainly think that Powell will be far more hawkish than Brainard would have been, for reasons that elude me. The following chart shows the number of hikes priced in by the fed funds futures market for each meeting of the Federal Open Market&nbsp;Committee between now and February 2023. The bars show market expectations on Sept. 1, before the current inflation scare took hold;&nbsp;Nov. 9, the day when news that Brainard had been interviewed for the top job came out;&nbsp;last Friday;&nbsp;and this Monday. Compared to “Brainard Day,”&nbsp;less than two weeks ago, the market has priced in one whole extra hike by February&nbsp;2023. It was ready for two hikes when Brainard was in contention, and is now prepared for three:</p>\n<p><img src=\"https://static.tigerbbs.com/a9f6b686bc4b684ecd11dc6d911ae1ba\" tg-width=\"957\" tg-height=\"535\" width=\"100%\" height=\"auto\"></p>\n<p>This strikes me as a wild&nbsp;overreaction. Unlike Powell, Brainard is a card-carrying Democrat, but she had gone along with the majority in every FOMC vote since joining the committee seven years ago. With inflation-fighting now an imperative, and with the market likely to test any new chair, this looks like a mispricing.</p>\n<p>However, it does at least suggest that Brainard may have been part of the explanation for the remarkably low real yields of late. This is how 10-year real yields have moved over the last month. I ringed the publication of the Brainard interview news, the release of the shocking October CPI numbers, and news of the Powell nomination. Somehow, real yields have risen 25 basis points&nbsp;since the initial shock at the inflation numbers:</p>\n<p><img src=\"https://static.tigerbbs.com/c5be0f2c4d69ebebc9a89292a0c1baf1\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"></p>\n<p>Will the Fed really have to hike three times over the next year? That at present looks like something of a worst-case scenario. Supply-chain pressures should ease by the end of next year, and commodity price base effects will help move inflation lower. As I’ve been arguing, the labor market and the progress of rents will probably determine whether inflation is still elevated or rising 12 months from now. Three hikes does seem unduly aggressive. Next month we will get a new adjustment of “dots” to see where Fed governors think base rates will go, and quite possibly an announcement that bond purchases will be tapered&nbsp;more quickly than the current schedule to allow hikes to happen earlier. Until we have that evidence, the newly found hawkishness of the Powell Fed has been amply priced in.</p>\n<p>There is plenty of great&nbsp;commentary&nbsp;on the Fed elsewhere on this site, and also&nbsp;elsewhere&nbsp;around&nbsp;the&nbsp;internet. The significance of the decision can be&nbsp;overstated, and it’s fair to say that Biden made the&nbsp;safer&nbsp;choice. That was probably sensible. This is a dangerous situation, the chance of a policy error or market accident is high, and it was doubtful that it was worth adding the risk of a new chair having a miscommunication with the market (which always seems to happen in the first year of a new Fed head). Given the situation, Biden looks to have made the right choice.Much reporting suggests&nbsp;that re-nominating Powell was necessary&nbsp;to ensure support from Democratic centrists like Senator Joe Manchin of West Virginia, so this was politically as well as economically less risky. Brainard might not have won confirmation.</p>\n<p>You can find my own post-Powell column&nbsp;here. My greatest concern is that the Fed is now without any question the most powerful economic entity on the planet, the decisions it makes&nbsp;on inflation are of vast importance to everyone, and therefore it needs far greater democratic or political legitimacy than it currently has. And yet the actual question of what the Fed should do about inflation seems to have been close to irrelevant to the decision, much though it matters to the president’s political fortunes, and to voters. This just isn’t a good way to choose the leadership of such an important body.</p>\n<p>Central bankers themselves are worried that they lack the legitimacy needed to perform the role now required of them. I quote Sir Paul Tucker, a former deputy governor of the Bank of England, who started his post-Bank career by authoring a massive philosophical tome called&nbsp;<i>Unelected Power</i>. In it he suggested a series of principles for delegating power to bodies, like central banks, that would then of necessity have wide freedom of action. Without impinging on central bank independence, the president and Congress could set the Fed a set of ranked priorities or clear targets. You can hear an interview I did with him back in 2018 for my old employers&nbsp;here.</p>\n<p>Distrust in vital institutions is reaching frightening levels. The University of Michigan’s latest consumer sentiment report included an update on&nbsp;the Fed, which it asks about periodically. The chart, produced by BCA Research Inc., shows that confidence is slipping:</p>\n<p><img src=\"https://static.tigerbbs.com/7d31a91845e0ebe6ddb4e4ada86dd68e\" tg-width=\"523\" tg-height=\"334\" width=\"100%\" height=\"auto\"></p>\n<p>As ever, political polarization has a lot to do with this. The Michigan report states:</p>\n<blockquote>\n <i>partisan identification was a significant correlate of consumer assessments of the Federal Reserve, treating the Fed as part of the administration rather than an independent body. Less trust in the Fed was reported in 2021 more frequently by Republicans than Democrats (67% versus 27%), while in the first year of the Trump administration, less trust in the Fed was reported by Democrats than Republicans (41% versus 30%).</i>\n</blockquote>\n<p>Bear in mind that Republican trust in the Fed has dropped this year even though it is still led by a man appointed by President Trump. Democrats’ faith in the Fed fell in 2017 even though it was still being run by Obama-appointee Janet Yellen. Further, there is a correlation between confidence in the Fed and general consumer confidence. That’s not surprising, but the gap has widened:</p>\n<p><img src=\"https://static.tigerbbs.com/3b0a032885e49ae88b82e724437190a5\" tg-width=\"545\" tg-height=\"325\" width=\"100%\" height=\"auto\"></p>\n<p>Meanwhile, as you might expect, searches for the word “inflation” have reached a high for the year, both in the U.S. and in the world as a whole. Powell’s job is an intimidatingly difficult and important one:</p>\n<p><img src=\"https://static.tigerbbs.com/500ab9d237206c3ed88318b73ae2839c\" tg-width=\"964\" tg-height=\"535\" width=\"100%\" height=\"auto\"></p>\n<p>Looking back to the dawn of the Google Trends service in 2004, it appears the world is more concerned about rising prices now than at any time this century:</p>\n<p><img src=\"https://static.tigerbbs.com/17a7fda3f7a2fb79716fb1cb346d3bb1\" tg-width=\"953\" tg-height=\"535\" width=\"100%\" height=\"auto\"></p>\n<p>There are reasons why politicians haven’t paused to re-examine the role of central banks in the last year. There have been many other things to do. But the democratic legitimacy of central banks is tenuous enough as it is. For a generation they have succeeded in the core task of keeping inflation under wraps. It’s not pleasant to think about the consequences should that cease to be the case over the next few years.</p>\n<p><b>On the Subject of Inflation…</b></p>\n<p>The latest Inflation Indicators are out, and they suggest there is a challenge ahead for Powell, Brainard and their colleagues. You can find them&nbsp;here. There is little change since the last update, but one intriguing move is the latest rally in&nbsp;lumber futures. I included these in the original indicators because they appeared an obvious example of a transitory pandemic effect. The hope was that lumber prices would recede before other prices began to pick up. They did, but now they are rising again:</p>\n<p><img src=\"https://static.tigerbbs.com/07569b299031bfcba30b8f7b1470af7a\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"></p>\n<p>There’s nothing much that the Fed can do to contain gyrations like this, but the discomfiting fact is that the pandemic’s transitory effects don’t seem to be over. Lumber prices are still up 22% over 12 months, and have doubled since the beginning of 2020&nbsp;—&nbsp;even if they are still less than half the manic spike from earlier this year that helped to ignite concerns about inflation in the first place.</p>\n<p><b>Meanwhile….</b></p>\n<p>If anything has more power over the world economy than the Fed, it might just be our old friend the coronavirus. Real-time indicators suggest the global economy has sprung back to life nicely in the last few weeks. However, the MSCI World index of hotels, restaurants and leisure stocks has just dropped to a 16-month low relative to the broader MSCI World. The leisure sector has barely made up any of the ground&nbsp;lost during the Covid-19 shutdown in spring last year:</p>\n<p><img src=\"https://static.tigerbbs.com/5942ca5ec1a96b1abb0ff47bbc92fbbd\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"></p>\n<p>We can all at this point guess that the coronavirus has something to do with it. The fact that European countries are resorting to lockdowns again, something politicians surely didn’t want, is hard to ignore. There’s room for&nbsp;argument about whether lockdowns are necessary or wise, and there are plenty of other places to discuss that; what we can agree on is that in the short term, lockdowns are bad for the economy.</p>\n<p>Looking at the official count of EU&nbsp;versus U.S.&nbsp;cases, you can see that this latest wave is a big one —&nbsp;at least in terms of infections. The chart that follows is of new infections per five days. I multiplied the U.S. number by 1.37 to give the number of cases there would have been if it had the same population as the EU. The basic message is clear enough:</p>\n<p><img src=\"https://static.tigerbbs.com/e1afb39a79ecdd334b9d42788c372b0a\" tg-width=\"963\" tg-height=\"546\" width=\"100%\" height=\"auto\"></p>\n<p>Somehow, the EU is now in its worst wave of the pandemic, which is approaching the severity of the winter wave in the U.S. Meanwhile, infections in the U.S. appear to have begun rising&nbsp;again.</p>\n<p>There will doubtless be an argument over whether this means that everyone should now be vaccinated, or that there was no point vaccinating anyone in the first place. And it’s also critical to see whether widespread vaccination has indeed reduced the disease’s lethality as hoped. But for now it’s very worrying, and it amply explains why money is rushing into the U.S. and the dollar. Remarkably, European stocks have hit a new low for the Covid era relative to the S&amp;P 500:</p>\n<p><img src=\"https://static.tigerbbs.com/eff5a716b79b446b382ba2bcae3c34af\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"></p>\n<p>Flows out of the Europe and into the U.S. help to strengthen the dollar and act as a de facto tightening of liquidity for much of the world. So there is a gruesome sense in which the virus is now helping to tighten financial conditions. That could change if the lockdowns spread, and economic problems prompt central banks to slow down plans for attempting to return to normal. Not good.</p>\n<p><b>Survival Tips</b></p>\n<p>I’m going to outsource this tip to Boris Johnson, the U.K.’s prime minister, who suggests that everyone should go to&nbsp;Peppa Pig World, a theme park in England’s New Forest devoted to the children’s cartoon. New branches are soon coming&nbsp;to the U.S.He made this tip in the middle of a speech to the Confederation of British Industry, the country’s biggest organization for employers. You can see clips&nbsp;here.&nbsp; It’s beyond parody, and very amusing.</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>Markets Have Overreacted Wildly to the Fed Leadership Drama</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\">\nMarkets Have Overreacted Wildly to the Fed Leadership Drama\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-11-23 14:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/opinion/articles/2021-11-23/markets-have-overreacted-wildly-to-the-powell-brainard-fed-drama?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>There’s no reason to believe that Jerome Powell will be more hawkish than Lael Brainard would have been.\nPeas in a pod? Photographer: Zach Gibson/Bloomberg\nJerome? O.K., Jerome\nSo now we know....</p>\n\n<a href=\"https://www.bloomberg.com/opinion/articles/2021-11-23/markets-have-overreacted-wildly-to-the-powell-brainard-fed-drama?srnd=premium-asia\">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/opinion/articles/2021-11-23/markets-have-overreacted-wildly-to-the-powell-brainard-fed-drama?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190077312","content_text":"There’s no reason to believe that Jerome Powell will be more hawkish than Lael Brainard would have been.\nPeas in a pod? Photographer: Zach Gibson/Bloomberg\nJerome? O.K., Jerome\nSo now we know.President Biden has chosen Jerome Powell for another four-year term as chair of the Federal Reserve, while Lael Brainard will be nominated to serve as his vice chair. Somewhat surprisingly, she wasn’t given a souped-up version of the post to include responsibility for banking supervision, and that role remains to be filled.\nWhat did the markets make of it? They plainly think that Powell will be far more hawkish than Brainard would have been, for reasons that elude me. The following chart shows the number of hikes priced in by the fed funds futures market for each meeting of the Federal Open Market Committee between now and February 2023. The bars show market expectations on Sept. 1, before the current inflation scare took hold; Nov. 9, the day when news that Brainard had been interviewed for the top job came out; last Friday; and this Monday. Compared to “Brainard Day,” less than two weeks ago, the market has priced in one whole extra hike by February 2023. It was ready for two hikes when Brainard was in contention, and is now prepared for three:\n\nThis strikes me as a wild overreaction. Unlike Powell, Brainard is a card-carrying Democrat, but she had gone along with the majority in every FOMC vote since joining the committee seven years ago. With inflation-fighting now an imperative, and with the market likely to test any new chair, this looks like a mispricing.\nHowever, it does at least suggest that Brainard may have been part of the explanation for the remarkably low real yields of late. This is how 10-year real yields have moved over the last month. I ringed the publication of the Brainard interview news, the release of the shocking October CPI numbers, and news of the Powell nomination. Somehow, real yields have risen 25 basis points since the initial shock at the inflation numbers:\n\nWill the Fed really have to hike three times over the next year? That at present looks like something of a worst-case scenario. Supply-chain pressures should ease by the end of next year, and commodity price base effects will help move inflation lower. As I’ve been arguing, the labor market and the progress of rents will probably determine whether inflation is still elevated or rising 12 months from now. Three hikes does seem unduly aggressive. Next month we will get a new adjustment of “dots” to see where Fed governors think base rates will go, and quite possibly an announcement that bond purchases will be tapered more quickly than the current schedule to allow hikes to happen earlier. Until we have that evidence, the newly found hawkishness of the Powell Fed has been amply priced in.\nThere is plenty of great commentary on the Fed elsewhere on this site, and also elsewhere around the internet. The significance of the decision can be overstated, and it’s fair to say that Biden made the safer choice. That was probably sensible. This is a dangerous situation, the chance of a policy error or market accident is high, and it was doubtful that it was worth adding the risk of a new chair having a miscommunication with the market (which always seems to happen in the first year of a new Fed head). Given the situation, Biden looks to have made the right choice.Much reporting suggests that re-nominating Powell was necessary to ensure support from Democratic centrists like Senator Joe Manchin of West Virginia, so this was politically as well as economically less risky. Brainard might not have won confirmation.\nYou can find my own post-Powell column here. My greatest concern is that the Fed is now without any question the most powerful economic entity on the planet, the decisions it makes on inflation are of vast importance to everyone, and therefore it needs far greater democratic or political legitimacy than it currently has. And yet the actual question of what the Fed should do about inflation seems to have been close to irrelevant to the decision, much though it matters to the president’s political fortunes, and to voters. This just isn’t a good way to choose the leadership of such an important body.\nCentral bankers themselves are worried that they lack the legitimacy needed to perform the role now required of them. I quote Sir Paul Tucker, a former deputy governor of the Bank of England, who started his post-Bank career by authoring a massive philosophical tome called Unelected Power. In it he suggested a series of principles for delegating power to bodies, like central banks, that would then of necessity have wide freedom of action. Without impinging on central bank independence, the president and Congress could set the Fed a set of ranked priorities or clear targets. You can hear an interview I did with him back in 2018 for my old employers here.\nDistrust in vital institutions is reaching frightening levels. The University of Michigan’s latest consumer sentiment report included an update on the Fed, which it asks about periodically. The chart, produced by BCA Research Inc., shows that confidence is slipping:\n\nAs ever, political polarization has a lot to do with this. The Michigan report states:\n\npartisan identification was a significant correlate of consumer assessments of the Federal Reserve, treating the Fed as part of the administration rather than an independent body. Less trust in the Fed was reported in 2021 more frequently by Republicans than Democrats (67% versus 27%), while in the first year of the Trump administration, less trust in the Fed was reported by Democrats than Republicans (41% versus 30%).\n\nBear in mind that Republican trust in the Fed has dropped this year even though it is still led by a man appointed by President Trump. Democrats’ faith in the Fed fell in 2017 even though it was still being run by Obama-appointee Janet Yellen. Further, there is a correlation between confidence in the Fed and general consumer confidence. That’s not surprising, but the gap has widened:\n\nMeanwhile, as you might expect, searches for the word “inflation” have reached a high for the year, both in the U.S. and in the world as a whole. Powell’s job is an intimidatingly difficult and important one:\n\nLooking back to the dawn of the Google Trends service in 2004, it appears the world is more concerned about rising prices now than at any time this century:\n\nThere are reasons why politicians haven’t paused to re-examine the role of central banks in the last year. There have been many other things to do. But the democratic legitimacy of central banks is tenuous enough as it is. For a generation they have succeeded in the core task of keeping inflation under wraps. It’s not pleasant to think about the consequences should that cease to be the case over the next few years.\nOn the Subject of Inflation…\nThe latest Inflation Indicators are out, and they suggest there is a challenge ahead for Powell, Brainard and their colleagues. You can find them here. There is little change since the last update, but one intriguing move is the latest rally in lumber futures. I included these in the original indicators because they appeared an obvious example of a transitory pandemic effect. The hope was that lumber prices would recede before other prices began to pick up. They did, but now they are rising again:\n\nThere’s nothing much that the Fed can do to contain gyrations like this, but the discomfiting fact is that the pandemic’s transitory effects don’t seem to be over. Lumber prices are still up 22% over 12 months, and have doubled since the beginning of 2020 — even if they are still less than half the manic spike from earlier this year that helped to ignite concerns about inflation in the first place.\nMeanwhile….\nIf anything has more power over the world economy than the Fed, it might just be our old friend the coronavirus. Real-time indicators suggest the global economy has sprung back to life nicely in the last few weeks. However, the MSCI World index of hotels, restaurants and leisure stocks has just dropped to a 16-month low relative to the broader MSCI World. The leisure sector has barely made up any of the ground lost during the Covid-19 shutdown in spring last year:\n\nWe can all at this point guess that the coronavirus has something to do with it. The fact that European countries are resorting to lockdowns again, something politicians surely didn’t want, is hard to ignore. There’s room for argument about whether lockdowns are necessary or wise, and there are plenty of other places to discuss that; what we can agree on is that in the short term, lockdowns are bad for the economy.\nLooking at the official count of EU versus U.S. cases, you can see that this latest wave is a big one — at least in terms of infections. The chart that follows is of new infections per five days. I multiplied the U.S. number by 1.37 to give the number of cases there would have been if it had the same population as the EU. The basic message is clear enough:\n\nSomehow, the EU is now in its worst wave of the pandemic, which is approaching the severity of the winter wave in the U.S. Meanwhile, infections in the U.S. appear to have begun rising again.\nThere will doubtless be an argument over whether this means that everyone should now be vaccinated, or that there was no point vaccinating anyone in the first place. And it’s also critical to see whether widespread vaccination has indeed reduced the disease’s lethality as hoped. But for now it’s very worrying, and it amply explains why money is rushing into the U.S. and the dollar. Remarkably, European stocks have hit a new low for the Covid era relative to the S&P 500:\n\nFlows out of the Europe and into the U.S. help to strengthen the dollar and act as a de facto tightening of liquidity for much of the world. So there is a gruesome sense in which the virus is now helping to tighten financial conditions. That could change if the lockdowns spread, and economic problems prompt central banks to slow down plans for attempting to return to normal. Not good.\nSurvival Tips\nI’m going to outsource this tip to Boris Johnson, the U.K.’s prime minister, who suggests that everyone should go to Peppa Pig World, a theme park in England’s New Forest devoted to the children’s cartoon. New branches are soon coming to the U.S.He made this tip in the middle of a speech to the Confederation of British Industry, the country’s biggest organization for employers. You can see clips here.  It’s beyond parody, and very amusing.","news_type":1},"isVote":1,"tweetType":1,"viewCount":587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}