May 7, 2023

Stock Traders Hunt for Winners in Asia as Fed’s Policy Turns Buffett Reaffirms Abel as Heir, Blames Bank Leaders for Failures Senate Republicans Say They’d Block Clean Debt-Limit Increase Ukraine Latest: Leaked Files Said to Show Extent of Wagner Rift Berkshire Won’t Make Offer to Control Occidental, Buffett Says Fed’s Progress on Inflation Set for Latest Test Debt Ceiling in Focus as Banking Turmoil Persists: Credit Weekly Bond Traders Bet on Biggest Fed Shift in Decades on Credit Risks Debt-Ceiling Standoff Hurts Economy Even Without Default: Q&A Lula Slams Brazil’s Interest Rates Saying They Hold Nation Back Berkshire Hathaway Boosts Pace of Share Buybacks to $4.4 Billion Wall Street Is in No Mood to Celebrate the Fed’s Last Rate Hike Iraq to Reap Up to 4.5 Million Tons of Local Wheat This Year Oil Crash Sends Speculators Fleeing at Fastest Pace in Six Weeks India Working to Bring Down Inflation, Finance Minister Says Turkey Fines JPMorgan Citing Disruptive Equity Transactions Charting the Global Economy: Fed, ECB Policies May Diverge South Africa’s Ramaphosa Sends Army to Protect Eskom Stations Credit Suisse Demise Isn’t Deterring Hedge Funds From European Bank Bonds Vedanta Resources Repays $800 Million Loans to StanChart Owe money to the CRA this tax season? Here are some repayment options PSAC: Will Canada's tax deadline be moved due to the strike? How claiming income from side gigs can lower your tax bill Paper filing is dying but free income tax software lives on: Dale Jackson Tax deadline: Strike not a major issue for most Canadians, expert says 'Give yourself time and space': How to manage your finances during times of grief Experts explain how to cope with money stress Experts share effective ways to tackle student debt As thousands flock to day trading during lockdown, experts urge caution Dual income, no kids: Why some young Canadians are choosing this lifestyle 'Ask a lot of questions' before deciding what to do with your tax refund: experts As Canadians miss out on benefits, Ottawa promises automatic tax filing is on the way Here's a list February inflation rates for Canadian provinces Is your retirement portfolio ready for what's to come? Women more likely to bag $100,000 jobs despite fewer applications Quitting your job? Experts say it's best to have a plan before you do Household debt-to-income ratio edges lower as interest payments expand Canadians making fewer trips to the grocery store as inflation pinches: RBC report With airfares rising, here's how to find a travel deal this year Bond Traders Bet on Biggest Fed Shift in Decades on Credit Risks World Trade Data Begin to Show Early Signs of ‘Reglobalization’ Charting the Global Economy: Fed, ECB Policies May Diverge US Bank Lending Rises for Fourth Week, Led by Small Institutions Have Canadian real estate prices bottomed out? Job Gains Top Forecasts in Canada; Unemployment Holds at 5% Ireland Weighs Mortgage Relief to Help Ease Pain from Rate Hikes More Chinese Banks Cut Deposit Rates as Margins Shrink China’s Weaker Builders Plunge on Regulatory Warning About Risks Courier Giant SF Picks Banks for $3 Billion Hong Kong Listing Rio Tinto Cautions Against Takeover Fever After Lithium's Dramatic Price Slump Hong Kong Should Reduce Fiscal Deficit Gradually, IMF Says Chipotle CEO Says Doing Business in California Is Getting Harder Trump’s Lawyer in New York Hush-Money Case Wants to Move Trial to Federal Court Real Estate Stocks Are Saviors for Traders Fleeing Bank Risks Fed Rate Hikes Are Weighing on the Housing Market. That’s Bad News for Construction Jobs Billionaire Stephen Ross Bets on New Offices, Sees Havoc for Old Towers Irish Residential Faces AGM Revolt as Investors Push for Sale Montreal home sales down 26% from last April: Quebec real estate association Buffett Reaffirms Abel as Heir, Blames Bank Leaders for Failures Ukraine Latest: Leaked Files Said to Show Extent of Wagner Rift Berkshire Won’t Make Offer to Control Occidental, Buffett Says Fed’s Progress on Inflation Set for Latest Test Debt Ceiling in Focus as Banking Turmoil Persists: Credit Weekly Bond Traders Bet on Biggest Fed Shift in Decades on Credit Risks Buffett Says Executives Must Be Accountable for Failed Banks Russian Pro-War Novelist Zakhar Prilepin Injured in Car Bombing Berkshire Hathaway Boosts Pace of Share Buybacks to $4.4 Billion Wall Street Is in No Mood to Celebrate the Fed’s Last Rate Hike Iraq to Reap Up to 4.5 Million Tons of Local Wheat This Year France’s CGT Union Agrees to Meet With Macron’s Government Chief Korea, Japan Presidents to Drink ‘Bomb Shot’ as They Talk Security Berlusconi Suits Up in Milan Hospital to Address Party Faithful Charles to Finally Get His Crown as World Tunes In to Coronation World Trade Data Begin to Show Early Signs of ‘Reglobalization’ Your Saturday UK Briefing: Long Live the King! Turkey Fines JPMorgan Citing Disruptive Equity Transactions Iflytek Unveils ChatGPT Rival Amid China Oversight Ukraine Latest: Leaked Files Said to Show Extent of Wagner Rift Berkshire Won’t Make Offer to Control Occidental, Buffett Says Venezuela Issues NGL Export Permit to Eni, Repsol in Cardon IV Iraq to Reap Up to 4.5 Million Tons of Local Wheat This Year Korea, Japan Presidents to Drink ‘Bomb Shot’ as They Talk Security Oil Crash Sends Speculators Fleeing at Fastest Pace in Six Weeks Charles to Finally Get His Crown as World Tunes In to Coronation World Trade Data Begin to Show Early Signs of ‘Reglobalization’ Charting the Global Economy: Fed, ECB Policies May Diverge South Africa’s Ramaphosa Sends Army to Protect Eskom Stations Vedanta Resources Repays $800 Million Loans to StanChart Germany Seeks Power Price Cut in €30 Billion Aid to Industry Ukraine Latest: Russian Oil Refinery Hit by Drone for Second Day Why Airlines Keep Folding in India’s Booming Aviation Market Six Injured After Fire at Shell Chemical Plant Near Houston Philippine City Shortens School Hours Due to Extreme Heat Adnoc, Apollo Offer $7.6 Billion for Brazil’s Braskem Binance Faces US Probe of Possible Russian Sanctions Violations Canadian Dollar Having Its Best Day This Year on Job Growth, Oil Bank of Canada might have to rethink rate pause: economists TSX recap: Index finishes 1.5% higher amid gains in energy, technology Canada added 41,000 jobs in April, crushing estimates The Daily Chase: Canada added 41,400 jobs in April; Magna beats analyst expectations Pilots decry industry push for solo flying Bank drama rages on; Apple climbs in late trading Bank of Canada governor says global bank stress may alter rate path The Daily Chase: TD, First Horizon terminate takeover; Shopify cuts jobs U.S. Federal Reserve raises key rate but hints it may pause amid bank turmoil The Daily Chase: Waiting on the Fed; Loblaw reports earnings Public employees' remote work agreement just the beginning: labour expert Is returning to school worth it for advancing your career? Experts weigh in The Daily Chase: Restaurant Brands beats analyst expectations; Blackberry considers breakup Canadians targeted 'more aggressively' by fraud calls than Americans, study suggests Wage increases secured by striking workers shouldn't be seen as 'fat cat': experts Vancouver port traffic dips in 2022, hinting at economic slowdown to come ​What's the difference between a CRA tax review and audit? 'Godfather of AI' quits Google to talk more openly about the technology's 'dangers' Most Canada government workers end strike after deal on wages Senate Republicans Say They’d Block Clean Debt-Limit Increase Ukraine Latest: Leaked Files Said to Show Extent of Wagner Rift Lula Slams Brazil’s Interest Rates Saying They Hold Nation Back France’s CGT Union Agrees to Meet With Macron’s Government Chief Korea, Japan Presidents to Drink ‘Bomb Shot’ as They Talk Security Berlusconi Suits Up in Milan Hospital to Address Party Faithful Charles to Finally Get His Crown as World Tunes In to Coronation Your Saturday UK Briefing: Long Live the King! Iran Hangs Swedish-Iranian Man Over Role in Parade Attack Labour Makes Big Gains Early in UK Local Election Counting Vietnam Decries Australia Coins With Defeated South Regime Flag Ukraine Latest: Russian Oil Refinery Hit by Drone for Second Day A New Bill to Protect Indonesia’s Domestic Workers Leaves Two Million Staff Exposed North Korea May Be Modernizing Satellite Launch Site: 38 North Eight Trump Electors in Georgia Have Immunity Deals, Lawyer Says Ecuador President Shouldn’t Be Impeached, Committee Draft Finds UK Commits $100 Million to Brazil’s Amazon Fund, Joining US US Sees a New Era of Nuclear Risk Dawning in China-Russia Cooperation Watch Trump’s Deposition in the Lawsuit Accusing Him of Rape Buffett Reaffirms Abel as Heir, Blames Bank Leaders for Failures Ukraine Latest: Leaked Files Said to Show Extent of Wagner Rift Debt Ceiling in Focus as Banking Turmoil Persists: Credit Weekly Iflytek Unveils ChatGPT Rival Amid China Oversight China’s Hozon to Make EVs in Thailand for Southeast Asian Market Ukraine Latest: Russian Oil Refinery Hit by Drone for Second Day DBS Says Digital Banking Systems Back to Normal After Disruption Apple Quietly Taps Korean Web Comics to Revive its Books App Black-Owned Firm Claims Discrimination by AT&T Over $4.6 Billion Cricket Bid Underground Tangle of German Wires Drags $1 Trillion Green Push House GOP Spending Cuts Would ‘Wreak Havoc’ on US Air System, FAA Says Shaquille O’Neal, 50 Cent Consider Bid for BET Media, WSJ Says Binance Faces US Probe of Possible Russian Sanctions Violations Western Digital Customer Data, Credit Cards Accessed in Hack Booking, Expedia Results Show Travel Demand Remains Strong Bitcoin Regains Momentum Toward $30,000; Memecoins Bolster Ether New York AG Proposes Landmark Crypto Law, Citing ‘Dysfunction’ US Sees a New Era of Nuclear Risk Dawning in China-Russia Cooperation AI Is the Hot Topic on Earnings Calls This Quarter The U.S. Fed is failing in four ways: Mohamed A. El-Erian Apple, JPMorgan turn to pay now grow later Remote Working Boom Is Huge for College Towns Like Knoxville Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Millennials are finally spending like grown-ups Dismal U.S. GDP report raises the odds of recession this year: Gary Shilling Musk is wrong for Twitter even if deal math works out Chocolate bunnies can teach us to save our food supply The Fed has made a U.S. recession inevitable America's oil reserve weapon risks misfiring Four-day workweeks can burn you out U.S. Fed expects a soft landing. Don't count on it Markets are pushing Fed into developing-economy territory Commodity traders go from bonanza to bailout plea Putin's war shows West must clean up dirty money Salary transparency is good for everyone Microsoft's US$69B Activision deal could be a blunder What if the oil market bulls are wrong and this lonely bear is right? Canada's trucker protest may spread from Ottawa to U.S. ‘No One Wants to Be Short’ Into Weekend Is Mantra Driving Bank Rally Short Sellers Flocking to US Banks Are Risking a Painful Squeeze PacWest Says in Discussion With Several Potential Investors Regional Banks Sink as PacWest Weighs Strategic Options US Regional Banks Slump as Rout Deepens on First Republic Flop U.S. stocks drop as Powell signals no Fed cuts for now Turkey’s $1 Billion ETF Maneuver Can’t End Stock Bear Market Morgan Stanley, UBS Pick Bonds Over Stocks on Recession Risk Shorts of China-Heavy Emerging-Market ETF Rise Above $1 Billion Wall Street Rattled by Selloff, Trading Halts at Two Small Banks Bid to Launch ETFs That Aim to Double Tesla’s Famous Volatility Filed With SEC Short Sellers Tightened Grip on Regional Banks in Runup to Rout Trader ‘Exhaustion’ Drags April ETF Volume to Lowest Since 2020 This Week in China: ETFs Lure $6.5 Billion as Retail Traders Buy Regional Bank Stocks Stabilize as Contagion Fears Ease, for Now China and the Fed Keep Investors Swinging Between Oil and Gold Retail Investors Bearish on Japan Stocks as Foreigners Pile In JPMorgan Overthrows JPMorgan for Crown of Largest Actively Managed ETF Hedge Funds, Buybacks Drive $2.3 Billion Into Stocks, Bank of America Says BCE You are now being redirected to the BCE.ca website (Bell Canada Enterprises), where you can view our Accessibility plan, and submit your feedback using our Accessibility webform. Ishika Mookerjee, Bloomberg News , (Bloomberg) -- The growing likelihood of a US recession and a pause in the Federal Reserve’s rate hikes is reshaping the global landscape, and prompting Asia’s stock pickers to recalibrate their bets. Value is seen in consumer discretionary and tech services shares, with investors likely to gravitate toward markets that rely on local or regional demand. On the other hand, financial stocks, along with equities in South Korea and Taiwan, are seen by strategists as the most susceptible to a US downturn. Money managers are on the hunt for the next big trade after spending most of the year scooping up technology, chip and selected Chinese shares. The outlook for the dollar and China’s economy are among the biggest wild cards as Asian equities look to recover from their biggest annual drop in over a decade. “The overall economic trends of US deceleration, China acceleration and the Asian domestic demand story” are in place, said Tai Hui, chief Asia market strategist at JPMorgan Asset Management. “If there’s any risk aversion, it’s not translating into a stronger dollar and that helps Asian and emerging market assets.” READ: JPMorgan Sees Investors Moving to Gold, Tech Amid Recession Risk South Korean and Taiwanese equities are at risk of falling behind after outperforming most of their Asian peers so far this year. That’s because the US — the biggest market for their heavyweights Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. — is facing slowing growth, a banking turmoil and a debt-ceiling standoff. That’s even as tech shares stand to benefit from lower interest rates. Taiwan and the information technology sector are more sensitive to US financial conditions and economic growth than most other parts of Asia Pacific excluding Japan, according to Goldman Sachs Group Inc. *Source: Goldman Sachs report Exporters linked to the auto, smartphone and television supply chain are looking vulnerable, said Herald van der Linde, head of Asia-Pacific equity strategy at HSBC Holdings Plc. “We think there’s a rotation out of Korea and Taiwan going into India,” he said. Global funds have bought a net about $2.5 billion of Indian shares this quarter while offloading roughly the same amount of Taiwan stocks, according to data compiled by Bloomberg. India’s stock benchmark is up more than 4% during the period, beating all major Asian peers, and its economy is forecast to grow almost 7% in the fiscal year 2023. Sell Financials, Buy Consumption At the other end of the spectrum, lenders such as National Australia Bank Ltd. and DBS Group Holdings Ltd. are facing growing margin pressures as the Fed nears the end of its tightening cycle. This may end two years of outperformance for the financial sector versus consumer stocks and most other industries in the region. Among sectoral picks, funds are leaning toward consumer shares amid expectations of resilient local demand and a recovery in China. Invesco’s David Chao said staples are a good bet to ride out the volatility until the Fed calls time on its rate hikes. READ: ANZ Group Drops on Margin Pressure, Higher Costs: Street Wrap After that, Asia “should lead the world in terms of cyclical recovery,” the global market strategist said, and discretionary stocks particularly tourism ones in Southeast Asia and Japan are among his top picks. For JPMorgan’s Hui, Asia’s tech services stocks such as internet and e-commerce names are in a better position than hardware plays given their reliance on domestic or regional demand. Within Southeast Asia, “we are overweight on Indonesia. We see earnings growth of 17% which is pretty robust at this point. We like banks and technology,” said Evelyn Yeo, head of Asia investments at Pictet Wealth Management. “China and India are the two growth engines for Asia, and it seems to be on a good track in terms of growth momentum.” ©2023 Bloomberg L.P.