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NYSE invites companies to test direct listing process
October 15, 2020--The New York Stock Exchange said on Thursday it has invited companies to test the direct listing process in an effort to promote the use of the budding initial public offering (IPO) alternative.
The goal of the test, scheduled for Oct. 17, is to highlight to companies looking to go public how a direct listing will function when new shares are sold and money is raised.
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Source: reuters.com
Former Alerian Leadership Team Launches Emles Advisors
October 15, 2020--Gabriel Hammond and Dave Saxena rejoin to provide retail and institutional investors access to new asset classes and strategies
Emles Advisors ("Emles"), an asset management firm built to solve the unique challenges of today's markets, announced its launch today.
The firm will invest in public and private markets, focused on providing investors of all sizes access to non-traditional asset classes and strategies designed to generate uncorrelated returns.
Emles is founded by Gabriel Hammond, CEO, and Dave Saxena, CFO, formerly of Alerian, the leading energy infrastructure data and analytics company. Both have a proven track record of financial ingenuity and specific experience in sourcing and creating new asset classes that were previously inaccessible by most investors. In addition to founding Alerian, Mr. Hammond also founded SteelPath, an investment firm exclusively focused on energy infrastructure.
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Source: Emles Advisors LLC
CBO's Current Revenue Forecast
October 15, 2020--Summary
Federal revenues are projected to fall from 16.3 percent of GDP in 2019 to 15.5 percent in 2021, primarily because of the economic disruption caused by the pandemic and the federal government's response.
Revenues rise after 2021, reaching almost 18 percent in 2030, as a result of the expiration of temporary provisions enacted in response to the pandemic, scheduled increases in taxes, and other factors.
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Source: CBO (Congressional Budget Office)
BlackRock assets climb to record $7.8tn in third quarter
October 14, 2020--Fund manager bolstered by buoyant markets and net inflows of $129bn
BlackRock's assets under management swelled to a record $7.8tn in the third quarter as the stock market rally that began in March helped the fund manager beat revenue and profit forecasts.
The world's biggest fund manager said revenue jumped 18 per cent compared with 2019 to $4.37bn, while net income climbed more than a fifth...view more
Source: FT.com
ETFGI reports net inflows into ETFs and ETPs listed in the US at the end of Q3 are US$299.86 billion significantly more than the US$196.54 billion gathered at the end of Q3 2019
October 14, 2020-- ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs/ETPs ecosystem, reported today that ETFs and ETPs listed in US gained net inflows of US$35.54 billion during September, bringing year-to-date net inflows through the end of Q3 to US$299.86 billion which is significantly more than the US$196.54 billion net inflows gathered at the end of Q3 2019.
Assets invested in the US ETFs/ETPs industry have decreased by 2.5%, from US$4.85 trillion at the end of August, to US$4.73 trillion, according to ETFGI's September 2020 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
During September 2020, ETFs and ETPs listed in US attracted $35.54 billion in net inflows with Equity products being the most attractive among all asset classes.
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Source: ETFGI
CBO-An Overview of The 2020 Long-Term Budget Outlook
October 13, 2020--Summary
By the end of 2020, federal debt held by the public is projected to equal 98 percent of gross domestic product (GDP)-its highest level since shortly after World War II. If current laws governing taxes and spending generally remained unchanged, debt would first exceed 100 percent of GDP in 2021 and would reach 107 percent of GDP, its highest level in the nation's history, by 2023, CBO projects.
Debt would continue to increase in most years thereafter, reaching 195 percent of GDP by 2050.
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Source: CBO (Congressional Budget Office)
BlackRock kicks off earnings for fund management industry in tumult
October 12, 2020--BlackRock will this week kick off third-quarter earnings season for a fund administration business the place the widening hole between its winners and losers has unleashed a wave of consolidation.
Asset supervisor Eaton Vance was final week offered to Morgan Stanley in a $7bn deal, underlining how midsized fund managers are scrambling to be absorbed by bigger teams or combining with friends in an effort to safe the size required to compete with the likes of BlackRock and Vanguard.
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Source: electronicsward.com
CBO-Monthly Budget Review for September 2020
October 8, 2020--The federal government ran a budget deficit of $3.1 trillion in fiscal year 2020, CBO estimates, more than triple the shortfall recorded in 2019. The Treasury Department will report the actual deficit for the year later this month.
The federal budget deficit was $3.1 trillion in fiscal year 2020, the Congressional Budget Office estimates. CBO's estimate is based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the actual deficit for fiscal year 2020 later this month.
Relative to the size of the economy, the deficit-at an estimated 15.2 percent of gross domestic product (GDP)-was the largest since 1945, and 2020 was the fifth consecutive year in which the deficit increased as a percentage of GDP. The estimated deficit is more than triple the shortfall recorded in fiscal year 2019.
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Source: CBO (Congressional Budget Office)
BlackRock Launches Industry's First BB Rated Corporate Bond ETF (HYBB)
October 8, 2020--BlackRock today announced the launch of the iShares BB Rated Corporate Bond ETF (NYSE:HYBB). The fund will seek to track the investment results of the ICE Bank of America BB US High Yield Constrained Index (HUC1)and is the first ETFto offer this exposure to investors in the United States.
As of September 30, 2020, BB rated bonds accounted for 55% of the total U.S. fixed income high yield universe, up from 47% at the end of 2019. The growth of the BB universe has largely been the result of bond downgrades from investment grade to high yield. Reflecting this shift, the ICE BAML High Yield BB index is made up of 1,022 bonds,an increase from 830 bonds atthe end of 2019.2
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Source: BlackRock
The growing momentum towards curbing Big Tech
October 7, 2020--Landmark report provides a road map for future legislative action
For America's big technology companies, 2020 has been the best and worst of times. The coronavirus pandemic has played to their strengths, as millions have relied on them for online shopping, entertainment and business and social contact. Their ability to prosper through lockdown has propelled their market values to new highs.
But this year may also go down as the moment when momentum towards US legislative action to curb their power became unstoppable.
This week's landmark, 449-page report from the House antitrust subcommittee into Amazon, Apple, Google and Facebook is uncompromising. All four, it alleges, wield monopoly or substantial power, and have abused it.
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Source: FT.com
