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Выбор редакции
25 мая, 19:06

Forex circling like a shadow-boxer

A stronger euro, a weaker dollar, a nervous pound - currencies sparred with each other but none looked capable of delivering a knockout blow. Tim Graf of State Street tells Roger Blitz why the market is in a circumspect, defensive mood

24 мая, 13:42

Overview of MassMutual Select Mid Cap Growth Administrative Fund (MMELX)

MassMutual Select Mid Cap Growth Administrative (MMELX) a Zacks Rank #1 (Strong Buy) seeks growth of capital over the long-term.

Выбор редакции
22 мая, 07:34

Ethereum Enterprise Alliance Adds 86 New Members Including DTCC, State Street And Infosys

An initiative to build a business version of the Ethereum network that launched in February brings in a slew of new members across a variety of industries including health, financial services, music, government and more.

Выбор редакции
18 мая, 21:02

U.S. ETF Industry Grew 32% In The Last Year, But Also Got More Concentrated

The five largest exchange-traded fund providers – BlackRock, Vanguard, State Street, Invesco and Charles Schwab – now manage more than 89% of all ETF assets in the U.S., and will very likely be able to increase their combined market share to over 90% by the end of the year.

11 мая, 17:08

Earnings Trade Replaces Trump Bump: 5 Top Gainers

Company fundamentals have replaced Trump's stimulus policies in driving equities higher

11 мая, 16:13

3 компании, контролирующие корпоративную Америку

Москва, 11 мая - "Вести.Экономика" Фундаментальные изменения происходят в инвестиционных схемах на фондовом рынке, и побочные эффекты готовы резко повлиять на корпоративную Америку.

11 мая, 15:23

3 компании, контролирующие корпоративную Америку

Фундаментальные изменения происходят в инвестиционных схемах на фондовом рынке, и побочные эффекты готовы резко повлиять на корпоративную Америку.

11 мая, 15:23

Три компании, контролирующие корпоративную Америку

Фундаментальные изменения происходят в инвестиционных схемах на фондовом рынке, и побочные эффекты готовы резко повлиять на корпоративную Америку.

10 мая, 14:53

These Three Firms Own Corporate America

Jan Fichtner, University of Amsterdam; Eelke Heemskerk, University of Amsterdam, and Javier Garcia-Bernardo, University of Amsterdam A fundamental change is underway in stock market investing, and the spin-off effects are poised to dramatically impact corporate America. In the past, individuals and large institutions mostly invested in actively managed mutual funds, such as Fidelity, in which fund managers pick stocks with the aim of beating the market. But since the financial crisis of 2008, investors have shifted to index funds, which replicate established stock indices, such as the S&P 500. The magnitude of the change is astounding: from 2007 to 2016, actively managed funds have recorded outflows of roughly US$1,200 billion, while index funds had inflows of over US$1,400 billion. In the first quarter of 2017, index funds brought in more than US$200 billion – the highest quarterly value on record. Democratising the market? This shift, arguably the biggest investment swing in history, is due in large part to index funds’ much lower costs. Actively managed funds analyse the market, and their managers are well paid for their labour. But the vast majority are not able to consistently beat the index. So why pay 1% to 2% in fees every year for active funds when index funds cost a tenth of that and deliver the same performance? Some observers have lauded this development as the “democratisation of investing”, because it has significantly lowered investor expenses. But other impacts of this seismic shift are far from democratising. One crucial difference between the active fund and the index fund industries is that the former is fragmented, consisting of hundreds of different asset managers both small and large. The fast-growing index sector, on the other hand, is highly concentrated. It is dominated by just three giant American asset managers: BlackRock, Vanguard and State Street – what we call the Big Three. Lower fees aside, the rise of index funds has entailed a massive concentration of corporate ownership. Together, BlackRock, Vanguard and State Street have nearly US$11 trillion in assets under management. That’s more than all sovereign wealth funds combined and over three times the global hedge fund industry. In a recently published paper, our CORPNET research project comprehensively mapped the ownership of the Big Three. We found that the Big Three, taken together, have become the largest shareholder in 40% of all publicly listed firms in the United States. Figure 1: Network of ownership by the Big Three in listed US firms. (See our paper for explanation of colours). Fichtner, Heemskerk & Garcia-Bernardo (2017) In 2015, these 1,600 American firms had combined revenues of about US$9.1 trillion, a market capitalisation of more than US$17 trillion, and employed more than 23.5 million people. In the S&P 500 – the benchmark index of America’s largest corporations – the situation is even more extreme. Together, the Big Three are the largest single shareholder in almost 90% of S&P 500 firms, including Apple, Microsoft, ExxonMobil, General Electric and Coca-Cola. This is the index in which most people invest. Figure 2: Statistics about the ownership of the Big Three in listed US firms. Fichtner, Heemskerk & Garcia-Bernardo (2017) The power of passive investors With corporate ownership comes shareholder power. BlackRock recently argued that legally it was not the “owner” of the shares it holds but rather acts as a kind of custodian for their investors. That’s a technicality for lawyers to sort. What is undeniable is that the Big Three do exert the voting rights attached to these shares. Therefore, they have to be perceived as de facto owners by corporate executives. These companies have, in fact, publicly declared that they seek to exert influence. William McNabb, chairman and CEO of Vanguard, said in 2015 that, “In the past, some have mistakenly assumed that our predominantly passive management style suggests a passive attitude with respect to corporate governance. Nothing could be further from the truth.” When we analysed the voting behaviour of the Big Three, we found that they coordinate it through centralised corporate governance departments. This requires significant efforts because technically the shares are held by many different individual funds. Hence, just three companies wield an enormous potential power over corporate America. Interestingly, though, we found that the Big Three vote for management in about 90% of all votes at annual general meetings, while mostly voting against proposals sponsored by shareholders (such as calls for independent board chairmen). One interpretation is that BlackRock, Vanguard and State Street are reluctant to exert their power over corporate America. Others question whether the Big Three really want this voting power, as they primarily seek to minimise costs. Corporate American monopoly What are the future consequences of the Big Three’s unprecedented common ownership position? Research is still nascent, but some economists are already arguing that this concentration of shareholder power could have negative effects on competition. Over the past decade, numerous US industries have become dominated by only a handful of companies, from aviation to banking. The Big Three – seen together – are virtually always the largest shareholder in the few competitors that remain in these sectors. This is the case for American Airlines, Delta, and United Continental, as it is for the banks JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup. All of these corporations are part of the S&P 500, the index in which most people invest. Their CEOs are likely well aware that the Big Three are their firm’s dominant shareholder and would take that into account when making decisions. So, arguably, airlines have less incentive to lower prices because doing so would reduce overall returns for the Big Three, their common owner. In this way, the Big Three may be exerting a kind of emergent “structural power” over much of corporate America. Whether or not they sought to, the Big Three have accumulated extraordinary shareholder power, and they continue to do so. Index funds are a business of scale, which means that at this point competitors will find it very difficult to gain market shares. In many respects, the index fund boom is turning BlackRock, Vanguard and State Street into something resembling low-cost public utilities with a quasi-monopolistic position. Facing such a concentration of ownership and thus potential power, we can expect demands for increased regulatory scrutiny of corporate America’s new “de facto permanent governing board” to increase in coming years. Jan Fichtner, Postdoctoral Researcher in Political Science, University of Amsterdam; Eelke Heemskerk, Associate Professor Political Science , University of Amsterdam, and Javier Garcia-Bernardo, PhD Candidate, University of Amsterdam This article was originally published on The Conversation. Read the original article. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

10 мая, 14:11

What’s The Deal With Low Stock Market Volatility?

The so-called fear gauge of the US equity market – the VIX Index — fell to a two-decade low this week. Analysts are divided on what it means. By some accounts, it’s the calm before the storm. But others say it’s a sign that the good times will roll on, at least for a while. […]

10 мая, 13:57

Global Markets Thrown For A Loop After Comey's Shocking Sacking

Just as the reflation trade appeared to be finding its latest wind, after a modest rise in oil prices over the past 24 hours (now that Andurand has finished liquidating his book) and a halt to the commodity rout in China, Trump threw the markets for a loop again with his firing of James Comey, which has implications on everything from Trump's tax policy (most likely delayed due to more infighting between, and within, the two parties) to US geopolitics (will Trump launch another attack, this time against N. Korea to deflect from this scandal?) “There is no doubt that Trump is dominating proceedings this morning after the sacking of Comey. This is a political story rather than a market story, but yet again it creates uncertainty in the market, which leaves everything the president does with a cloud floating over it," said James Hughes, chief markets analyst at GKFX in London, quoted by Reuters. "The Comey news is being treated as a risk-off event, and the headlines were sparking the dollar's move down," said Bart Wakabayashi, branch manager for State Street Bank and Trust in Tokyo. As a result it has been a chaotic, mostly "risk-off" overnight session, in which S&P futures, some Asian markets and European stocks (which yesterday hit the highest level since August 2015) declined on the latest spike in political uncertainty after Trump's abrupt firing of Comey. The USD weakened vs G-10 peers; in Japan JGBs sold off across the curve after BOJ’s Kuroda acknowledged that QE purchases have become smaller. The USD/JPY fell in response to the latest belligerent North Korean rhetoric in which a North Korean ambassador told SkyNews his country will conduct a 6th nuclear test, the only question is when. In the other Korea, the Kospi opened higher, rising to new records after Moon Jae-in won the South Korean presidential vote, but then erased early gains as the won weakens. In Europe, continued reaction to U.S. political fallout: Eurodollar and UST curves bull flatten; bunds also supported by dovish ECB paper on labor market slack. GBP/USD whipsaws after re-approaching 1.30 level, GBP crosses drive price action amid little news; crude futures hold gains after bullish API data overnight, energy stocks support. In China the PBOC resumed open market operations after three-day pause, at the same time weakening the yuan fixing to lowest since March 21, however disappointment over the latest China inflation data sent the Shanghai Composite to the lowest since October 17. Crude oil has been little changed; iron ore gains 1%. Australian government bonds rise for first time in five days after Tuesday’s federal budget is seen supporting AAA credit rating; “All in all, this does not support the view that the U.S. Trumpflation trade faces an easy road ahead of it,” Michael Every, head of financial markets research at Rabobank Group in Hong Kong, wrote in a note. “It underlines that real surprises can pop up out of the box at any time right now.” As a reminder, all this taxes place with the VIX in single digits, as the market has effectively assumed central banks have eliminated all risks. While we have a more extensive list of overnight headlines below, these are the 6 main headlines that traders are focusing overnight on the BBG Terminal: Key Headlines: Trump fires FBI director James Comey, citing need to restore ’trust and confidence’ Pentagon urges North Korea to ’refrain from provocative actions and rhetoric’ ECB Analysis Paper: labor-market slack might be closer to 15%; this is likely to continue to contain wage dynamics France March Industrial Prod. y/y: +2.0% vs +0.6% est.; Italy +2.8% vs +2.5% est. BOJ’s Kuroda: annual JGB purchase rate is now approximately JPY60t China April CPI 1.2% vs 1.1% estimate; PPI 6.4% vs 6.7% estimate Kuroda: Watching effect of FX changes very carefully; weak yen boosts corporate profits The dollar headed for the first drop in three days in the wake of Trump’s move, and after Federal Reserve Bank of Dallas President Robert Kaplan cast doubt on the pace of rate hikes in the world’s biggest economy. Treasuries advanced, while gold ended the longest run of losses since October. Roche Holding AG was the biggest drag on Europe’s Stoxx 600 Index after a cancer drug failed in a late-stage clinical trial. Oil climbed after the API reported a steep drop in US stockpiles, now extending for a fifth week. Today's DOE report will be closely watched for confirmation. The weakness across most markets comes in the wake of gains that sent global stocks to a record. Trump’s dismissal of Comey may threaten to undermine his administration as it attempts to move tax and spending plans through Congress, just as political risks ease in Europe and corporate earnings suggest the global economy is on the mend. The European STOXX 600 index fell 0.2 percent, led down by construction and materials stocks, having hit its highest since August 2015 on Tuesday. Asian shares, excluding China, edged fractionally higher for a third consecutive day. MSCI's main index of Asia-Pacific shares, excluding Japan rising 0.1 percent, having earlier matched a two-year high hit last week. The forward 12 month EPS for the index is at its highest level in more than three years. Tokyo shares hit a 17-month high, up 0.3 percent on the day as a relatively weak yen outweighed concerns triggered by Trump's sacking of Comey. In the red column, South Korean stocks led losers as investors took profits after liberal leader Moon Jae-in was elected president, while Chinese shares closed lower after factory gate prices ion the world's second-biggest economy cooled more than expected in April. The dollar fell 0.1 percent against a basket of major currencies after slipping on the view that political uncertainty could derail Trump's tax reform plans, the prospect of which has helped lift riskier assets. The yen, often sought in times of market uncertainty, was last 0.1 percent higher at 113.83 to the dollar. The euro was flat at $1.0870. Falling U.S. Treasury yields also weighed on the dollar. Ten-year yields were down 3.1 basis points at 2.38 percent after retreating from five-week highs touched on Tuesday as investors made room in their portfolios for new issuance of government and corporate debt. The most eye-catching move in euro zone government bond markets was a fall in Greek 10-year government yields to their lowest since its debt was restructured in 2012. Athens and its creditors reached a deal this month on reforms that could trigger the release of more rescue funds. "There is a relief that Greece will get its disbursements to get through the summer, and that is the main driver of the bond rally," ING's senior rates strategist Martin van Vliet said. Oil prices rose after Saudi Arabia said it would cut supplies to Asia and U.S. inventories fell more than expected. Brent crude was last up 51 cents at $49.24 a barrel. Gold rose 0.1 percent to $1,222 an ounce. U.S. inventories fell 5.8mm bbl in API data ahead of more definitive EIA statistics Wednesday. OPEC secondary sources said to see group’s output falling to 31.7m b/d in April. Forties pipeline flow restrictions said lifted. Shell discusses including Russian oil in Brent benchmark. U.S. inventory data due.  Libyan output rose above 800Kbpd. Market Snapshot S&P 500 futures down 0.2% to 2,388.75 STOXX Europe 600 down 0.2% to 394.96 MXAP up 0.3% to 150.23 MXAPJ up 0.1% to 490.00 Nikkei up 0.3% to 19,900.09 Topix up 0.2% to 1,585.19 Hang Seng Index up 0.5% to 25,015.42 Shanghai Composite down 0.9% to 3,052.79 Sensex up 0.8% to 30,179.51 Australia S&P/ASX 200 up 0.6% to 5,875.44 Kospi down 1% to 2,270.12 German 10Y yield fell 1.3 bps to 0.417% Euro up 0.1% to 1.0886 per US$ Brent Futures up 0.8% to $49.14/bbl Italian 10Y yield rose 3.7 bps to 1.986% Spanish 10Y yield fell 1.0 bps to 1.611% Brent Futures up 0.8% to $49.14/bbl Gold spot up 0.2% to $1,223.49 U.S. Dollar Index down 0.2% to 99.43 Top Overnight News from Bloomberg President Donald Trump fired FBI Director James Comey amid the agency’s investigation of Russian interference in last year’s election, saying the bureau needed new leadership to restore “public trust and confidence” Qatar’s royal family asked Germany’s financial regulator for approval to boost its stake in Deutsche Bank AG to more than 10 percent, a signal it may be seeking greater control of Europe’s largest investment bank Exxon Mobil Corp. and Petrobras have held talks on a strategic partnership that could involve multiple assets in Brazil and overseas in different segments of the industry, similar to the $2.2 billion deal signed with Total SA in December West Corp. agreed to be acquired by Apollo Global Management LP in a deal valued at $5.1 billion including debt Three interest rate hikes this year seeming more likely with market at ~80% odds of June boost, 40% for September Comey Ouster Threatens to Backfire on Troubled Trump White House Toyota Predicts Profit Drop on Stronger Yen, Plans Buyback Axa Plans IPO in the U.S., May Return Money to Investors Pret A Manger Said to Plan U.S. IPO as Owner Hires Banks Exxon, Petrobras Said to Have Discussed Strategic Partnership SoftBank Said Near Closing Technology Fund With $95 Billion Goldman Sachs Executive Compensation Plan Targeted in Lawsuit Credit Suisse Adding Jobs in N. Carolina as It Gets Tax Break Disney CEO Says ESPN Looking at Program Changes, Mobile Growth Apple Buys Sleep Monitoring Startup Beddit; No Terms Disclosed Senate Schedules Vote to Roll Back Obama Methane Regulation Asia equity markets slightly higher as the region shrugged off the indecisive lead from US, where stocks were pressured in late trade amid geopolitical concerns after provocative rhetoric from North Korea. ASX 200 (+0.5%) was choppy in early trade after the budget release as large banks suffered from the announcement of a AUD 6.2bIn levy. However, the financial sector then recovered as smaller banks welcomed exemptions from the levy which would only impact banks with liabilities of over AUD 100bIn. Nikkei 225 (+0.26%) benefitted from a weaker currency after USD/JPY briefly reclaimed 114.00 during US hours. KOSPI (-0.7%) initially extended on record highs on post-election euphoria, before the honeymoon period was abruptly cut short on profit-taking and as participants mulled the impact of the leftist win on the conglomerates. Shanghai Comp. (-0.9%) was initially kept afloat after the PBoC injected CNY. 110bIn through reverse repos and CNY 47.6bIn via its Pledged Supplementary Lending facility. 10yr JGBs were marginally lower amid the positive risk sentiment in the region, although losses were stemmed by the BoJ's presence in the market for a total JPY 1.03trl in JGBs. BoJ Summary of Opinions for April 26th-27th meeting stated that Japan's economy has been turning to a moderate expansion and is likely to maintain growth above potential mainly through fiscal 2018. BoJ also stated that CPI is likely to increase towards 2% and although prices are sluggish recently, they are likely to start increasing as the economy maintains its moderate expansion. Top Asian News China Sells Five-Year Government Debt at Highest Cost Since 2014 China Factory Price Gains Ease as Commodity Market Surge Abates Moon Vows to Seek Peace With North Korea, Take On Companies Kuroda Concedes Pace of JGB Buying Is Well Below BOJ Guideline Regulatory Restrictions Loom Over 17 Indian Banks, Moody’s Says Silk Road Lure Stokes Chinese Demand for Sri Lanka’s Bonds TSMC Posts Lowest Monthly Sales Since 2014 Ahead of New iPhone Hong Kong Stocks Rise to 2015 High as Shanghai Extends Losses Japan Tobacco Falls Further Behind in Race for E-Cigarettes European equities trade mostly lower (Eurostoxx -0.5%) in a continuation of some of the downbeat sentiment seen late in the US session which was initiated via inflammatory rhetoric from the North Korean Ambassador. Furthermore, markets are also placing some focus on President Trump's decision to remove FBI director Comey and the potential political backlash given Comey's involvement in the ongoing Russian investigation. In terms of sector specifics, losses are relatively broad-based with the only sign of green in Europe coming from the energy sector as WTI reclaimed USD 46.00 in the wake of last night's API release with OPEC-related rhetoric relatively light thus far. From a fixed income perspective, markets have broadly benefitted from the general risk-aversion in the market place. Elsewhere, some desk have noted the recent FR/GE spread tightening and suggest that Asian investors have been capitalising on this front by selling shorter-dated French paper. Peripheral markets trade modestly tighter to the German benchmark with this largely attributed to a slight reversal of yesterday's widening. Top European News ECB Says Slow-Declining Labor-Market Slack Poses Wage Hurdle EON’s Disposal of Remaining Uniper Stake to Happen ‘Soon’: CEO Italian Industrial Output Rises in Boost for Economic Recovery EDF to Ask Macron for Helpful Rules for French Nuclear Fleet Eni Generates Most Cash in 7 Quarters as Projects Prepared ING’s Growth Push Away From Home Helps First-Quarter Profit Jump Compass Group Investors Set for 1 Billion-Pound Cash Windfall Pandora Extends Decline; Danske Says Transparency Has Weakened TalkTalk Slides After Dividend Cut, Weaker Earnings Outlook In currencies, the Bloomberg Dollar Spot Index lost 0.1 percent after climbing 0.4 percent Tuesday. The euro was little changed at $1.0869, while the pound gained 0.1 percent. A choppy morning in FX as traders push for some key levels in GBP; notably Cable into 1.3000, but as many have anticipated, some very strong offers up here, not least of all from option traders who have decent leverage up there. We have pulled back into the mid 1.2900's since, but EUR/GBP is also under pressure, with M&A related flow also adding to the GBP bid this morning. Speculation that Unilever is to sell its spreads division has permeated through the market after some financing activity in the debt markets. Elsewhere, USD/JPY has had another look above 114.00, but fails to maintain a foothold as US Treasury yield tails off a little. Buyers have come back in from circa 113.75-80 as a rate path expectation have turned a little hawkish again. EUR/USD is still testing the 1.0850-80 support zone as USD bulls look to reinforce the upper hand. Some of the pressure looks to be coming through EUR/GBP as mentioned above. In commodities, West Texas oil climbed 1 percent to $46.32 a barrel, resuming gains after dropping 1.2 percent on Tuesday. Copper erased earlier gains to trade 0.2 percent down at $5,501.50 a ton on the London Metal Exchange. Geopolitical concerns rear their ugly head again, with North Korea saying they will continue with their missile testing, whilst threatening to 'turn' US strategic assets to 'ashes'. It is a modest reaction into the safe haven precious metals, which are taking a stronger lead from the USD, which is clearly on the front foot. Elsewhere, Oil prices are resisting selling interest, getting some temporary reprieve from the API report last night reporting a 5.8mln draw down in Crude. If DoE's add some weight to these numbers, then we could see a little more than the modest upside seen since. Base metals continues to meander towards the recent lows, with Copper struggling below USD2.50. Looking at the day ahead, we are due to get the April import price index reading (expected to print at +0.1% mom) and April monthly budget statement. Away from the data the Fed’s Rosengren is once again scheduled to speak, this time at 12pm ET while Kashkari speaks again at 1.20pm. ECB President Draghi is also due to address Dutch parliament at noon so worth keeping an eye on that. Away from this, US Secretary of State Rex Tillerson is due to meet with Russia Foreign Minister Sergei Lavrov today. The EU’s leader in the Brexit negotiations, Michal Barnier, is also due to answer questions on Brexit from Spanish lawmakers this afternoon. US Event Calendar 7am: MBA Mortgage Applications, prior -0.1% 8:30am: Import Price Index MoM, est. 0.1%, prior -0.2% Import Price Index ex Petroleum MoM, est. 0.1%, prior 0.2% Import Price Index YoY, est. 3.6%, prior 4.2% Export Price Index MoM, est. 0.2%, prior 0.2% Export Price Index YoY, prior 3.6% 2pm: Monthly Budget Statement, est. $179.0b, prior $176.2b deficit Fed Speakers 12pm: Fed’s Rosengren to Speak on Economy at Vermont Business Group 1:20pm: Fed’s Kashkari Holds Q&A at Minnesota Business Ethics Awards DB's Jim Reid concludes the overnight wrap I was casually flicking through the channels last night and was unlucky enough to stumble on the first semi-final of the Eurovision Song Contest. However in the brief moment I tuned in I was fortunate enough to see the act from Montenegro. It was a guy with what looked like a receding hairline but with a meter long plait on top of his head that was swung around aggressively during his performance. I really hope he made it through and if he did I am pretty sure he'll beat the UK's entrant on what is our first taste of the European public opinion on us Brits post the Brexit vote. I'm expecting a big backlash, if so. If Montenegro was the excitement overnight, equity markets were the boredom. The S&P 500 (-0.10%) managed yet another sub +\- 0.20% close - the ninth in the last ten trading days. By our estimates this has only ever happened on 3 other occasions based on the history of S&P 500 returns back to 1928, all of which came in 1961. To best illustrate the lack of excitement yesterday the intraday range on the S&P 500 until the last hour of trading was an incredibly small 0.32%. Some North Korea headlines on Sky News at the close suggesting that a sixth nuclear test is imminent saw the index dip lower into the closing bell although the full story was a bit less clear as the details emerged. Unsurprisingly given the above, measures of volatility continue to hover at or near historically low levels. After closing at 9.77 on Monday and the lowest since December 1993 (when it closed at 9.31), the index touched an intraday low of 9.56 yesterday before rising a bit into the close to finish at 9.96. Still, that is only the second sub-10 close of in 2017 and in fact as we noted yesterday you’d have to go all the way back to November 2006 to find the last time we had a sub-10 close. Yesterday was also the 11th day in a row that the VIX has closed below 11. That is a new record long streak for the index (with data going back to 1990). The previous record run was 10 days set back in 2006 while there have been 3 separate occasions where it’s managed this 9 times in a row. Over in Europe the VSTOXX closed down at 14.09 (-2.13%) and is slowly edging back towards its YTD lows in March. Equity markets in Europe were generally positive after rebounding from Monday’s post French election profit taking. The Stoxx 600 (+0.45%) closed at a 21-month high, while the CAC returned +0.28%. There was one exciting milestone in equity markets yesterday however. Apple closed with a market cap of over $800bn ($803bn to be precise), the first US company to achieve such a feat. This time last year Apple’s market cap was ‘only’ $508bn. To put it in perspective, Alphabet (Google parent company) has the second largest market cap of any US company at $653m. Amazingly Apple’s market cap alone is about the same as the sum of the smallest 103 S&P 500 companies’ market caps. Elsewhere, in bond markets yesterday European govies were under pressure with yields in the periphery 3-4bps higher. 10y Bund yields also edged up 1.4bps to 0.427% with the price action appearing to reflect a combination of the stronger day for risk and comments from Germany’s Finance Minister Schaeuble who suggested that normalization of ECB policy will start “shortly”. Treasury yields followed the move in Bunds (10y +1.1bps to 2.399%). Interestingly these moves came in the context of another leg lower for Oil with WTI closing below $46/bbl (-1.18%) again, although it has recovered somewhat this morning. Over in Asia bourses are for the most part firmer this morning. The Nikkei (+0.30%), Hang Seng (+0.67%). Shanghai Comp (+0.15%) and ASX (+0.45%) are all up. The Kospi (-0.69%) is weaker although that partly reflects some strengthening in the South Korean Won after the country’s new president was sworn in earlier today. Meanwhile the latest inflation data was released in China this morning. Headline CPI in April has risen to +1.2% yoy (vs. +1.1% expected) from +0.9% in March, boosted by rising non-food prices. Meanwhile PPI has fallen back to a still elevated +6.4% yoy (vs. +6.6% expected) from +7.6%. That is  actually the slowest pace since December but still marks eight consecutive months of rising prices after 54 months of factory price deflation. The other breaking news to report overnight is that of President Trump announcing that he has dismissed FBI Director James Comey. This comes in the midst of an investigation into contact between Russian officials and Trump’s presidential campaign. Trump confirmed that the bureau needs new leadership in order to restore “public trust and confidence”. One implication of this for markets could be that it distracts from some of the more market-focused reform progress that we’re still waiting for. Moving on. There was another decent round of Fedspeak for investors to dig through yesterday, most of which was focused on the balance sheet debate. Rosengren said that the balance sheet normalization process won’t be disruptive and that the process itself should be “highly tapered”. The Boston Fed President did cite some concerns about the commercial real estate market however, saying that there could be a “potential and significant shock” should government-sponsored enterprises be required to reduce holdings of multifamily loans in the future. Meanwhile the Fed’s George reiterated her call for the Fed to begin shrinking reinvestments later this year, saying specifically that the process can start with reducing MBS and USTs then leaving runoff on “autopilot”. Late last night the Fed’s Kaplan said that he still views 3 rate hikes this year as appropriate. In terms of the macro data yesterday, in the US the NFIB small business optimism reading printed at 104.5 in April (vs. 104.0 expected), albeit still at high levels relative to recent years. JOLTS job openings for March showed the number of vacancies as nudging higher and the quits rate holding steady at 2.1%. Finally wholesale inventories rose +0.2% mom in March which was an upward revision relative to the initial flash release. In Germany we learned that industrial production declined -0.4% mom in March which has lowered YoY growth to +1.9%. Over in France the Bank of France business sentiment reading was slightly higher in April at 104 from 103. Looking at the day ahead, this morning in Europe it looks set to be fairly quiet with the only data of note being trade data and industrial production data in France. In the US this afternoon we are due to get the April import price index reading (expected to print at +0.1% mom) and April monthly budget statement. Away from the data the Fed’s Rosengren is once again scheduled to speak, this time at 5pm BST this evening, while Kashkari speaks again at 6.20pm BST. ECB President Draghi is also due to address Dutch parliament at noon so worth keeping an eye on that. Away from this, US Secretary of State Rex Tillerson is due to meet with Russia Foreign Minister Sergei Lavrov today. The EU’s leader in the Brexit negotiations, Michal Barnier, is also due to answer questions on Brexit from Spanish lawmakers this afternoon.

04 мая, 09:16

Рынки Азии снижаются после заседания ФРС

Азиатские фондовые рынки отступили в четверг, доллар укрепился благодаря "ястребиной" позиции ФРС США по итогам двухдневного заседания, сообщает Reuters.

04 мая, 09:16

Рынки Азии снижаются после заседания ФРС

Азиатские фондовые рынки отступили в четверг, доллар укрепился благодаря "ястребиной" позиции ФРС США по итогам двухдневного заседания, сообщает Reuters.

01 мая, 22:42

Top Research Reports for May 1, 2017

Top Research Reports for May 1, 2017

26 апреля, 17:04

State Street (STT) Beats Q1 Earnings as Fee Income Rises

Improved fee revenues drove State Street's (STT) first-quarter 2017 operating earnings of $1.21 per share, which easily surpassed the Zacks Consensus Estimate of $1.10.

26 апреля, 15:18

State Street (STT) Beats on Q1 Earnings, Revenue Lags

Rise in revenues primarily drove the earnings beat at State Street (STT).

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24 апреля, 21:05

What's in the Cards for State Street (STT) in Q1 Earnings?

According to our proven model, it is less likely that State Street Corporation (STT) will be able to beat the Zacks Consensus Estimate this time around.

21 апреля, 17:56

Market Absurdity Squared: There Is Now An ETF ETF

By now everyone is familiar with the charts showing the tremendous growth of passive investing in general, and ETFs in particular, shown most recently in our discussion of how ETFs make markets dumber.   To be sure, everyone is also quite familiar with the mutant permutations of the above assets, such as inverse and 2x or 3x levered ETFs, whose only function is to fleece retail investors with unprecedented theta, including ETFs on VIX, essentially making them the modern day equivalent of Synthetic CDOs so familiar from the peak of the last financial crisis. Yet while the exponential growth in ETF AUM continues, a landmark event took place yesterday, one which, at least according to Bank of America, may signal that we have hit a top. The bank points out that after $2.9 trillion of inflows to passive funds, and $1.3 trillion redemptions from active funds past 10 years, an ETF ETF has launched.  That's right: the ETF Industry Exposure & Financial Services ETF (NYSE Arca: TETF) began trading overnight, composed of stocks of the companies driving the growth of the Exchange Traded Funds industry. And since ETFs are effectively derivative products, something which will become abundantly clear when the liquidity mismatch chasm is exposed following the next violent market selloff, any similarity between ETF ETFs and CDO-squareds - whether synthetic or otherwise - which marked the top of the last credit bubble, is surely purely accidental. So what is the ETF ETF, or TETF? Here is the explanation from the press release: ETF Industry Exposure & Financial Services ETF (TETF) Launches April 20th, Providing Access to Full Range of Companies Driving ETF Industry Growth The ETF Industry Exposure & Financial Services ETF (NYSE Arca: TETF), will begin trading today, April 20, 2017, providing investors with a single point of access to the companies driving and participating in the growth of the Exchange Traded Funds industry. ETF will seek to track, before fees and expenses, the price and yield performance of the Toroso ETF Industry Index (the Index), which is designed to provide exposure to the publicly traded companies that derive revenue from the ETF industry. This includes ETF sponsors, index and data companies, trading and custody providers, liquidity providers, and exchanges. ETFs and the industry have experienced significant growth over the past five years, as their assets have grown in the U.S. from $1.2 trillion to $2.7 trillion; the number of U.S. ETF sponsors has increased from 45 to 78; and the average ownership of U.S. equities by ETFs has more than tripled. 1 The Index is overseen by an Index Committee made up of industry veterans, including Mike Venuto, CIO of Toroso Investments; Guillermo Trias, CEO of Toroso Investments; Linda Zhang, Founder of Purview Investments; Kris Monaco, Founder of Level ETF Ventures; and Kevin Carter, Founder of Big Tree Capital. This group has decades of ETF industry experience covering a range of functions including index creation, ETF portfolio construction, investment management, distribution, research, trading and more. “Not only are we seeking to capture the performance of the industry, but we’re also looking to bring together many of its leaders to leverage their authority as we monitor, research, and benchmark the category’s potential future growth,” said Trias, who created the concept and the idea behind the ETF. “We have deep roots in the ETF ecosystem and have created an Index that captures the dynamism of ETFs and the disruptive innovation they have brought to the financial services industry,” said Venuto. “Clearly, investors and advisors now understand the benefits of the ETF structure, including improved liquidity, tax efficiency, and increased transparency. But while they’ve been able to incorporate those benefits into their portfolios, they have not had opportunities to participate in the growth of the ETF industry itself. That is an issue we’ve solved with the launch of the Toroso ETF Industry Index and TETF,” Venuto said. The Index, maintained by Solactive AG, is designed with four tiers of constituents: Tier 1, 50% of the Index’s exposure, is made up of companies with substantial participation in the ETF industry, providing direct financial impact to shareholders, including BlackRock, Charles Schwab, Invesco, State Street, WisdomTree, and more. Tier 2, 25% of the index’s exposure, is made up of companies with substantial participation in the ETF industry, providing indirect financial impact to shareholders, including KCG Holdings, NASDAQ, Intercontinental Exchange, Inc., and more. Tier 3, 15% of the Index’s exposure, is made up of those companies with moderate levels of participation in industry, including Bank of New York Mellon, US Bancorp, FactSet, Ameriprise Financial, and more. Tier 4, approximately 10% of the Index’s exposure, includes companies that are new or participating in a smaller way in the ETF industry relative to their overall focus, and includes such names as Morningstar, Eaton Vance, Goldman Sachs, Legg Mason, Citigroup, and more. “The ETF industry is more than just a list of fund sponsors, and this Index is designed to include the full range of participants,” continued Venuto. “It is also aimed toward capturing not only the established leaders in each area, but also those firms that might be new to the space but which are bringing exciting approaches that could resonate with investors and drive further growth of the industry itself.” The Toroso ETF Industry Index has been licensed to Exchange Traded Concepts, the advisor to TETF. The fund begins trading on April 20th on the NYSE and will be the first ETF to provide this type of targeted exposure to the universe of companies participating in the growth of the Exchange Traded Fund category. * * * So is this all becoming just a little too self-reflexive? And how long until liquidity problems force the creation of an ETF ETF ETF, and so on ad absudrium?  For the answer keep an eye on the assets contained in TETF: if it took sees a surge in assets under management, the current generation's CDO2 will be officially born.

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21 апреля, 16:30

'Fearless Girl': State Street Global Advisors' CMO On The Rationale, The Controversy And What's Next

Stephen Tisdalle, CMO of State Street Global Advisors, explains the "Fearless Girl" marketing initiative, the backstory behind it, and how he has handled the positive and negative fallout from the move.

03 декабря 2015, 09:40

S&P снизило рейтинг восьми крупнейших банков США

Американское рейтинговое агентство Standard & Poor's объявило о понижении кредитного рейтинга восьми крупнейших банков США, среди которых JPMorgan Chase & Co., Bank of America Corp. и Citigroup Inc., сообщает Bloomberg.

29 июля 2015, 07:06

Кто владеет Apple? Скрытые хозяева мира

"Инвестор и основной акционер компании Apple Карл Айкан оценил стоимость одной акции этой компании в $216, что на $91 выше их текущей стоимости. По мнению Айкана, капитализация Apple должна составлять около $1,3 трлн" (РБК) Оставим вопрос о справедливости такой фантастической стоимости акций, и  примем за факт, что Apple - крупнейшая мировая компания. Зададим простой, но щекотливый вопрос, кто владеет этой компанией, по стоимости равной бюджетам нескольких европейских стран вместе взятых? Казалось бы, в цитате от РБК четко и ясно указано , что основной акционер некий Карл Айкан, эксцентричный милииардер, циничная акула бизнеса, известный рейдер и вымогатель, скандалист и многое другое. Собственно, именно он чаще всего и упоминается в СМИ как главный акционер и ньюсмейкер. Есть ещё Тим Кук - генеральный директор Apple (тот, что официальный гей), но он фигура назначаемая акционерами, то есть владельцем не является никак.  Однако, внимательно изучив ситуацию, мы обнаруживаем удивительный факт - миллиардер Карл Айкан владеет всего 1(одним) процентом акций Apple. Конечно, стоимость даже одного процента - сумма огромная, но это же всего одна сотая часть! Где остальное? Вопрос не то, чтобы скрытый, но на примере того же РБК  не только замалчиваемый, но и открыто фальсифицируемый в СМИ.

13 мая 2015, 04:23

По конспироложествуем об очередных кандидатах в члены мирового правительства?

Банки правят миром. А кто правит банками? Сегодня уже не надо доказывать, что пресловутая гегемония США зиждется на монополии печатного станка Федеральной резервной системы (ФРС). Более или менее понятно также, что акционерами ФРС выступают банки мирового калибра. В их число входят не только банки США (банки Уолл-стрит), но и европейские банки Европы (банки Лондонского Сити и некоторых стран континентальной Европы). В период мирового финансового кризиса 2007-2009 гг. ФРС, действуя без огласки, раздала разным банкам кредитов (почти беспроцентных) на сумму свыше 16 трлн. долл. Хозяева денег раздавали кредиты самим себе, то есть тем банкам, которые и являются главными акционерами Федерального резерва. В начале текущего десятилетия под сильным нажимом Конгресса США был проведен частичный аудит ФРС, и летом 2011 года его результаты были обнародованы. Список получателей кредитов и есть список главных акционеров ФРС. Вот они (в скобках указаны суммы полученных кредитов ФРС в миллиардах долларов): Citigroup (2500); Morgan Staley (2004); Merril Lynch (1949); Bank of America (1344); Barclays PLC (868); Bear Sterns (853); Goldman Sachs (814); Royal Bank of Scotland (541); JP Morgan (391); Deutsche Bank (354); Credit Swiss (262); UBS (287); Leman Brothers (183); Bank of Scotland (181); BNP Paribas (175). Примечательно, что целый ряд получателей кредитов ФРС - не американские, а иностранные банки: английские (Barclays PLC, Royal Bank of Scotland, Bank of Scotland); швейцарские (Credit Swiss, UBS); немецкий Deutsche Bank; французский BNP Paribas. Указанные банки получили от Федерального резерва около 2,5 триллиона долларов. Не ошибёмся, если предположим, что это – иностранные акционеры ФРС. Однако если состав главных акционеров Федрезерва более или менее понятен, то этого не скажешь в отношении акционеров тех банков, которые, собственно, и владеют печатным станком ФРС. Кто же является акционерами акционеров Федерального резерва? Прежде всего, рассмотрим ведущие банки США. На сегодняшний день ядро банковской системы США представлено шестью банками. «Большая шестерка» включает Bank of America, JP Morgan Chase, Morgan Stanley, Goldman Sachs, Wells Fargo, Citigroup. Они занимают первые строчки американских банковских рейтингов по таким показателям, как величина капитала, контролируемых активов, привлеченных депозитов, капитализация, прибыль. Если ранжировать банки по показателю активов, то на первом месте оказывается JP Morgan Chase (2.075 млрд. долл. в конце 2014 г.). По показателю капитализации первое место занимает Wells Fargo (261,7 млрд. долл. осенью 2014 года). Кстати, по этому показателю Wells Fargo вышел на первое место не только в Америке, но и в мире (хотя по активам в США он занимает лишь четвертое место, а в мире даже не входит в первую двадцатку). На официальных сайтах этих банков имеется кое-какая информация об акционерах. Основная часть капитала «большой шёстерки» американских банков находится в руках так называемых институциональных акционеров – разного рода финансовых компаний. Среди них есть и банки, то есть имеет место перекрестное участие в капитале. Количество институциональных инвесторов на начало 2015 года в отдельных банках было следующим: Bank of America – 1410; JP Morgan Chase – 1795; Morgan Stanley – 826; Goldman Sachs – 1018; Wells Fargo – 1729; Citigroup – 1247. В каждом из названных банков достаточно четко выделяется группа крупных инвесторов (акционеров). Это те инвесторы (акционеры), которые имеют более 1 процента капитала каждый. Таких акционеров насчитывается, как правило, от 10 до 20. Бросается в глаза, что во всех банках в группе крупных инвесторов фигурируют одни и те же компании и организации. В табл. 1 приведем список таких крупнейших институциональных инвесторов (акционеров). Табл. 1. Источник: http://finance.yahoo.com/q/mh?s=GS+Major+Holders   Кроме обозначенных в таблице институциональных инвесторов в списках акционеров ведущих американских банков присутствуют следующие организации: Capital World Investors, Massachusetts Financial Services, Price (T. Rowe) Associates Inc., Mitsubishi UFJ Financial Group, Inc., Berkshire Hathaway Inc., Dodge & Cox Inc., Invesco Ltd., Franklin Resources, Inc., Bank of New York Mellon Corporation и некоторые другие. Я называю лишь те, которые фигурируют в качестве акционеров хотя бы в двух из шести ведущих банков США. Фигурирующие в финансовой отчетности ведущих американских банков институциональные акционеры – это различные финансовые компании и банки. Отдельный учет ведется в отношении таких акционеров, как физические лица и взаимные фонды. В целом ряде банков Уолл-стрит заметная доля акций принадлежит работникам этих банков. Разумеется, это не рядовые сотрудники, а ведущие менеджеры (впрочем, некоторое символическое количество акций могут иметь и рядовые банковские служащие). Что касается взаимных фондов (mutual funds) (1), то многие из них находятся в сфере влияния все тех же институциональных акционеров, которые названы выше. В качестве примера можно привести список наиболее крупных акционеров американского банка Goldman Sachs, относящихся к категории взаимных фондов (табл. 2). Табл. 2. Источник: finance.yahoo.com По крайней мере три фонда из приведенных в таблице 2 находятся в сфере влияния финансовой корпорации Vanguard Group. Это Vanguard Total Stock Market Index Fund, Vanguard 500 Index Fund, Vanguard Institutional Index Fund-Institutional Index Fund. Доля Vanguard Group в акционерном капитале Goldman Sachs – 4,90%. А три взаимных фонда, находящихся в системе этого финансового холдинга, дают дополнительно еще 3,59%. Таким образом, фактически позиции Vanguard Group в банке Goldman Sachs определяются долей не 4,90%, а 8,49%. В ряде банков Уолл-стрит имеется категория индивидуальных акционеров – физических лиц. Как правило, это высшие руководители данного банка, как действующие, так и ушедшие на пенсию. Приведем справку об индивидуальных акционерах банка Goldman Sachs (табл. 3). Табл. 3. Источник: finance.yahoo.com В совокупности указанные в табл. 3 пять физических лиц имеют на руках более 5,5 млн. акций банка Goldman Sachs, что составляет примерно 1,3% всего акционерного капитала банка. Это столько же, сколько акций у такого институционального акционера, как Northern Trust. Кто эти люди? Высшие менеджеры Goldman Sachs. Ллойд Бланкфейн, например, - председатель совета директоров и главный исполнительный директор Goldman Sachs с 31 мая 2006 года. Джон Вайнберг – вице-президент Goldman Sachs с того же времени, одновременно член управляющего комитета и сопредседатель подразделения инвестиционного банкинга (последний пост он оставил в декабре 2014 года). Три других индивидуальных акционера также относятся к категории высшего менеджмента банка Goldman Sachs, причем все являются действующими сотрудниками данного банка. Достаточно ли нескольких процентов участия в акционерном капитале для того, чтобы эффективно управлять банком? Тут следует учесть, по крайней мере, три момента. Во-первых, в ведущих банках США давно уже нет очень крупных акционеров. Формально в этих банках нет ни одного акционера, доля которого была бы выше 10%. Общее число институциональных акционеров (инвесторов) в американских банках колеблется в пределах одной тысячи. Получается, что в среднем на одного институционального акционера приходится примерно 0,1 процента капитала. На самом деле - меньше, поскольку кроме них есть еще взаимные фонды (учитываемые отдельно), а также многие тысячи физических лиц. В ряде банков акциями владеют служащие. В случае банка Goldman Sachs в руках физических лиц находится около 7% акционерного капитала. Наконец, часть акций находятся в свободном обращении на фондовом рынке. С учетом распыления акционерного капитала среди десятков тысяч держателей бумаг владение даже 1 процентом акций банка Уолл-стрит – это очень мощная позиция. Во-вторых, за несколькими (или многими) формально самостоятельными акционерами может стоять один и тот же хозяин - конечный бенефициар. Скажем, хозяева финансового холдинга Vanguard Group участвуют в капитале банка Goldman Sachs и напрямую, и через взаимные фонды, находящиеся в сфере влияния указанного холдинга. Скорее всего, доля Vanguard Group в капитале Goldman Sachs не 4,90% (доля материнской компании) и не 8,49% (доля с учетом трех подконтрольных взаимных фондов), а больше. Нельзя сбрасывать со счетов и акционеров – физических лиц, чей удельный вес намного выше, чем их доля в акционерном капитале, поскольку это высшие менеджеры, поставленные на руководящие должности теми, кого называют «конечными бенефициарами». В-третьих, есть такие акционеры, влияние которых на политику банка превышает их долю в акционерном капитале по той причине, что они владеют так называемыми голосующими акциями. В то же время другие акционеры владеют так называемыми привилегированными акциями. Последние дают их владельцам такую привилегию, как получение фиксированного дивиденда, но при этом лишают их владельца права голосования на собраниях акционеров. Скажем, акционер может иметь долю в капитале банка, равную 5%, но при этом его доля в общем количестве голосов может быть 10, 20 или даже 50%. А привилегия решающего голоса для банков Уолл-стрит может иметь гораздо большее значение, чем привилегия получения гарантированного дохода. Вернемся к табл. 1 в первой части статьи. Она показывает, что почти во всех американских банках главными акционерами являются финансовые холдинги. При этом если названия ведущих банков Уолл-стрит сегодня известны всем, то названия финансовых холдингов, владеющих большими пакетами акций этих банков, говорят о чем-то лишь очень узкому кругу финансистов. А ведь речь идет о тех, кто в конечном счете контролирует банковскую систему США и Федеральную резервную систему. Например, в последнее время довольно часто упоминался инвестиционный фонд Franklin Templeton Investments, который скупил долговые бумаги Украины на 7-8 млрд. долл. и активно участвует в экономическом удушении этой стран. Между тем указанный фонд – дочерняя структура финансового холдинга Franklin Resources Inc., который является акционером банка Citigroup (доля 1,24%) и банка Morgan Stanley (1,40%). Такие финансовые холдинги, как Vanguard Group, State Street Corporation, FMR (Fidelity), Black Rock, Northern Trust, Capital World Investors, Massachusetts Financial Services, Price (T. Rowe) Associates Inc., Dodge & Cox Inc.; Invesco Ltd., Franklin Resources, Inc., АХА, Capital Group Companies, Pacific Investment Management Co. (PIMCO) и еще несколько других не просто участвуют в капитале американских банков, а владеют преимущественно голосующими акциями. Именно эти финансовые компании и осуществляют реальный контроль над банковской системой США. Некоторые аналитики полагают, что акционерное ядро банков Уолл-стрит составляют всего четыре финансовые компании. Другие компании-акционеры либо не относятся к категории ключевых акционеров, либо прямо или через цепочку посредников контролируются все той же «большой четвёркой». В табл. 4 представлена сводная информация о главных акционерах ведущих банков США. Табл. 4. Оценки величины активов, находящихся в управлении финансовых компаний, являющихся акционерами главных банков США, достаточно условны и периодически пересматриваются. В некоторых случаях оценки включают лишь собственные активы компаний, в других случаях – ещё и активы, передаваемые компаниям в трастовое управление. В любом случае величина контролируемых ими активов впечатляет. Осенью 2013 года в списке мировых банков, ранжированных по величине активов, на первом месте находился китайский банк Industrial and Commercial Bank of China (ICBC) с активами 3,1 трлн. долл. Максимальные активы в банковской системе США на тот момент имел банк Bank of America (2,1 трлн. долл.). За ним следовали такие американские банки, как Citigroup (1,9 трлн. долл.) и Wells Fargo (1,5 трлн. долл.). Примечательно, что триллионными активами финансовые холдинги «большой четвёрки» ворочают при использовании достаточно скромного числа сотрудников. При совокупных активах, равных примерно 15 трлн. долл., персонал «большой четвёрки» не дотягивает до 100 тыс. человек. Для сравнения: численность сотрудников лишь в банке Citigroup составляет около 250 тыс. человек, в Wells Fargo – 280 тыс. человек. В сравнении с финансовыми холдингами «большой четвёрки» банки Уолл-стрит выглядят рабочими лошадками. По показателю контролируемых активов финансовые компании «большой четвёрки» находятся в более тяжелой весовой категории, чем американские банки «большой шестёрки». «Большая четвёрка» финансовых холдингов простирает свои щупальца не только на банковскую систему США, но и на компании других секторов американской и зарубежной экономики. Тут можно вспомнить исследование специалистов Швейцарского технологического института (Цюрих), целью которого было выявить управляющее ядро мировой экономической и финансовой системы. В 2011 году швейцарцы причислили к ядру мировых финансов 1218 компаний и банков по состоянию на начало финансового кризиса (2007 год). Внутри этого конгломерата было выявлено еще более плотное ядро из 147 компаний. По оценкам авторов исследования, это малое ядро контролировало 40% всех корпоративных активов в мире. Компании ядра были швейцарскими исследователями ранжированы. Воспроизведем первую десятку этого рейтинга: 1. Barclays plc 2. Capital Group Companies Inc 3. FMR Corporation 4. AXA 5. State Street Corporation 6. JP Morgan Chase & Co 7. Legal & General Group plc 8. Vanguard Group Inc 9. UBS AG 10. Merrill Lynch & Co Inc. Важное обстоятельство: все 10 строчек швейцарского списка занимают организации финансового сектора. Из них четыре – банки, названия которых у всех на слуху (одного из них – Merrill Lynch – уже не существует). Особо отметим американский банк JP Morgan Chase & Co. Это не просто банк, а банковский холдинг, участвующий в капиталах многих других американских банков. Как видно из табл. 1, JP Morgan Chase участвует в капитале всех других банков «большой шестёрки» за исключением банка Goldman Sachs. В банковском мире США есть еще один примечательный банк, который формально не входит в «большую шестёрку», но который невидимо контролирует некоторые из банков «большой шестёрки». Речь идет о банке The Bank of New York Mellon Corporation. Указанный банк являлся держателем акций в Citigroup (доля 1,24%), JP Morgan Chase (1,48%), Bank of America (1,25%). А вот шесть строчек швейцарского списка принадлежат финансовых компаниям, редко фигурирующим в открытой печати. Это финансовые холдинги, которые специализируются на приобретении по всему миру пакетов акций компаний разных отраслей экономики. Многие из них учреждают различные инвестиционные, в том числе взаимные, фонды, осуществляют управление активами клиентов на основе договоров траста и т.д. В этом списке мы видим три финансовые компании из «большой четвёрки», отображенной в табл. 4: Vanguard Group Inc, FMR Corporation (Fidelity) и State Street Corporation. Эти финансовые холдинги, а также компания Black Rock (сильно укрепившая свои позиции с 2007 года) и образуют ядро банковской системы США. Примечательно, что «большая четвёрка» очень хорошо представлена и в банковском холдинге JP Morgan Chase: Vanguard Group – 5,46%; State Street Corporation – 4,71%; FMR Corporation (Fidelity) – 3,48%; Black Rock – 2,75%. Другой из названных выше банковских холдингов – The Bank of New York Mellon Corporation – контролируется тремя финансовыми компаниями «большой четвёрки»: Vanguard Group – 5,15%; State Street Corporation – 4,72%; FMR Corporation (Fidelity) Black Rock – 2,62%. После того как мы выявили управляющее ядро банковской системы США, состоящее из небольшого количества финансовых холдингов, возникает ряд новых вопросов. Кто является владельцами и конечными бенефициарами этих финансовых холдингов? Как далеко распространяется влияние этих финансовых холдингов в отраслевом и географическом отношениях? Можно ли утверждать, что подход к объяснению происходящего в сфере мировых финансов на основе концепции «борьбы кланов Ротшильдов и Рокфеллеров» устарел? Однако это уже тема другого разговора. (1) Взаимный фонд (ВФ), или фонд взаимных инвестиций  - это портфель акций, приобретённых профессиональными финансистами на вложения многих тысяч мелких вкладчиков. К началу XXI века в США действовало несколько тысяч взаимных фонов. К 2000 году в рамках взаимных фондов было открыто 164, 1 млн. счетов, то есть около двух на семью.

07 марта 2013, 13:57

На рынке "мусорных" бондов зреет обвал

Портфельные менеджеры делают ставку на снижение "мусорных" облигаций. Денежные потоки в последнее время активно поступают в фонды ETF, которые шортят высокодоходные облигации.Сейчас ставки против высокодоходных облигаций достигли максимума за последние 5 лет, а значит, вполне возможно, что на этом сегменте рынка назревают серьезные распродажи, пишет Financial Times.Короткие позиции по ETF от BlackRock и State Street, инвестирующие в "мусорные облигации", за последние несколько недель росли стремительными темпами и достигли самого высокого уровня с октября 2007 года.За последние несколько лет инвесторы привыкли брать на себя риск инвестиций в наименее надежные облигации, причем предпочитают делать это через ETF, так как в этом варианте издержки минимальны. Немаловажная причина выбора "мусорных" облигаций - доходность. В условиях нулевых процентных ставок вложения в надежные активы не приносят желаемого дохода.Спрос на такого рода инструменты привел к снижению доходностей по ним до исторических минимумов. Впрочем, спред с американскими казначейскими облигациями, по историческим меркам, не показал такого сужения.