Category Archives: Uncategorized

Hope is fading for a significant change in U.S.-China relations under President-elect Joe Biden, Alicia Garcia-Herrero, Natixis’ chief economist for Asia-Pacific, said on Thursday. Relations between the U.S. and China have spiraled downward under President Donald Trump’s administration in the last four years. Ahead of the election, Natixis economists had hoped the two countries could return to better terms under new leadership in the White House. “Frankly speaking, the first words we’ve heard from Biden aren’t very appealing,” Garcia-Herrero said on a call with reporters. Over the last four years, Trump’s administration has used tariffs, sanctions and strongly worded statements against Beijing. The tough approach sought to address longstanding complaints about unfair business practices such as forced technology transfers and intellectual property theft. But Trump’s “America First” platform and tendency toward abrupt announcements on Twitter disturbed many U.S. allies. The uncertainty and tariffs also hurt many businesses, both American and Chinese. No reset…

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Sports card collecting is having a moment not seen since the 1970s and 1980s. This year saw sales of sports cards at public auction reach all-time highs. Over ten cards sold for $500,000 or more. Two basketball cards sold for $1.8 million each, a Lebron James rookie card and a Giannis Antetokounmpo rookie card. 2020 also saw a 2009 Mike Trout baseball card sell at auction for a record-breaking $3.84 million. Interest in collecting and values have seen a steady uptick for the last decade with prices really starting to rise at quicker rate somewhere around 2016 or 2017. With the onset of the pandemic at the beginning of this year, card collecting reached new heights. Largely driven by those in their 30s and 40s, who collected when they were young, these individuals found themselves at home revisiting their card collections. Then came ESPN’s release of the Michael Jordan documentary…

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Israeli Prime Minister Benjamin Netanyahu on Sunday said it would be a mistake “to go back to business as usual with Iran,” signaling Israeli resistance to an expected push by President-elect Joe Biden to revive the international nuclear deal with Iran. Netanyahu spoke at a press conference with Robert O’Brien, President Donald Trump’s national security adviser. But his comments appeared to be aimed at Biden, who has said the U.S. will rejoin the nuclear deal if Iran agrees to strict adherence. The deal, which lifted sanctions on Iran in exchange for curbs on its nuclear program, has unraveled since Trump withdrew from it in 2018. Netanyahu led an unsuccessful fight against the deal when it was negotiated by then-President Barack Obama in 2015 and welcomed Trump’s withdrawal three years later. Netanyahu says the deal will not prevent Iran from developing a nuclear weapon and fails to address other belligerent Iranian…

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CNBC’s Jim Cramer on Thursday presented a year-end list of what he calls “up stocks” that investors can buy to bet on a market rally through the end of the year. “We call them up stocks, the ones that go up all the time and barely ever go down,” the “Mad Money” host said. The comments come one day after the Dow Jones Industrial Average and S&P 500 slid for two straight sessions, pulling back from fresh highs they set earlier this week. Both indexes climbed 0.15% and 0.39%, respectively, higher on Thursday while the tech-heavy Nasdaq Composite advanced 0.87%. All three averages finished well off their session lows. “On the rare occasion when there’s a market-wide pullback, like we had this morning before the averages rebounded,” Cramer said, “you have to buy these up stocks hand over fist.” Cramer recommended 10 stocks that he would be a buyer of…

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Wall Street forecaster James Bianco warns the new economic lockdowns will hurt the holiday rush. According to Bianco, the fallout from surging coronavirus infections is starting to put consumers on alert due to job market uncertainty — particularly for those who can’t work from home. “Roughly around 30% of the jobs in the American workforce can be effectively done at home. Seventy percent of them can’t,” the Bianco Research president told CNBC’s “Trading Nation” on Thursday. “Think surgeon to waitress. They can’t do that at home.” It appears the latest weekly jobless claims numbers are already reflecting reopening reversals. Last week, 742,000 unemployed workers filed for first-time benefits versus the 710,000 consensus. Bianco notes the impact will also widen the wealth gap. “The people who can effectively work at home are at the higher end of the spectrum,” he said. “They won’t be hurt as much by another work-from-home wave…

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This is the 14th U.S. presidential election in which I’ve been eligible to vote. In the middle of a pandemic, it’s certainly different from the first 13. But one way it’s similar is that people always ask me if they should change their investment strategy depending on whether the Democrats or Republicans win. My quick answer is: Vote with your ballot, not your life savings.  I’m not changing my investment strategy based on the presidential election outcome. That’s one of the great perks about being a long-term investor who thinks in decades and not days. How did I come to this conclusion? It all starts with the data. The firm I co-founded, Dimensional Fund Advisors, looked at the last 95 years of stock returns (all the way back to President Calvin Coolidge). The data show that capturing the long-term returns of the capital markets has not depended on which party controls the…

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Investors seeking protection against an uncertain U.S. election could park their money in the Japanese yen, an analyst from Goldman Sachs said on Tuesday. Markets have increasingly warmed up to a “blue wave” in the U.S. elections this week. That’s an outcome where Joe Biden defeats Donald Trump in the presidential race, and Democrats win a majority in both chambers of Congress. But some investors are concerned that the election result may not be what’s expected, and the outcome of the presidential race could be contested if there’s no clear winner — developments that would cause greater volatility in markets. “We think that the Japanese yen probably will continue to be the preferred expression to hedge more uncertain election outcomes or a delayed count,” said Zach Pandl, co-head of global foreign exchange, rates and emerging markets strategy at Goldman Sachs. He told CNBC’s “Street Signs Asia” that the yen —…

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The number of workers receiving and applying for unemployment benefits declined significantly last week, according to Labor Department figures issued Thursday. That’s good news for workers and the U.S. economy — thousands of people are returning to work and coming off unemployment rolls. But the headline numbers don’t give the full picture. Some labor-market dynamics mask concerning trends under the surface. “It’s absolutely true the job market and economy are strengthening,” said Heidi Shierholz, director of policy at think tank the Economic Policy Institute and former chief economist at the Labor Department during the Obama administration. “But these numbers represent an enormous amount of suffering,” she added. “The levels are devastating.” Unemployment claims There was a drop of more than 1 million people who filed a continuing claim for state unemployment insurance during the week ended Oct. 10, according to the Labor Department. Continuing claims are a rough measure of…

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China’s Huawei Technologies Co Ltd reported a 9.9% rise in nine-month revenue on Friday, as U.S. export restrictions and the global COVID-19 pandemic weakened sales growth in products such as smartphones and telecoms equipment. Revenue reached 671.3 billion yuan ($100.44 billion) over January-September, it said in a statement, without providing a segment breakdown. Revenue grew 13% in the January-June period. Net profit margin for the nine months was 8.0%, versus 8.7% over the same period a year earlier. Consumer Business Group Chief Executive Richard Yu earlier this year said Huawei would soon stop making high-end Kirin chips as U.S. restrictions on supplying the firm take effect. Analysts expect its stockpile of the chips to run out next year. Domestically, consumers have rushed to buy Huawei smartphones on concerns over the availability of newer models. Overseas, however, Huawei has faced sluggish sales, due in part to its lack of access to…

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Jakarta. Indonesia officially launches its first Esports Association on Saturday to nurture professional gamers and introduce regulations for a potential domestic league.  The newly-established board of executives is chaired by National Intelligence Agency head Budi Gunawan, who immediately expressed his goal to set up a world-class training center. “We have a lot of works to do, one of them is to build an esports training center conforming to the international standard,” Budi said after the inauguration of the board of executives in Jakarta. The governing body will soon meet to draft esports regulations and guidelines that will help local players and teams compete at the international level, he said. The 2018 Asian Games in Jakarta saw the inaugural esports competition. A year later, esports became a medal event at the Southeast Asian (SEA) Games in Manila, where Indonesian players managed to bring home two silver medals. Budi said esports will…

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