August 9, 2019

Meet the ‘SPY 11’ kids with $250 billion riding on their lives

By Rachel Evans, Vildana Hajric and Tracy Alloway The fate of the world’s largest exchange-traded fund rests on the health of a group of twenty-somethings. Thanks to a quirk in the legal structure used to set up the SPDR S&P 500 ETF Trust, known as SPY, more than $250 billion rests on the longevity of 11 ordinary kids born between May 1990 and January 1993. Those children are now carving out careers in public relations, restaurants and sales, spread around the country from Boston and Philadelphia to Alabama and Utah. But none of the eight spoken to by Bloomberg News was aware of their role in investing history. “Today was the first I heard about this,” said Alexander Most, 27, who’s about to start graduate school, studying education, policy and management. “Has it made me think about my mortality? Absolutely, in terms of projecting when this thing might end.” It all harks back to the arcane structure used to create SPY, the first U.S. ETF, in 1993. At the time, setting up the fund..
August 9, 2019

High-dividend stocks are starting to outperform as low rates become the new norm again

High-dividend stocks are starting to stand out as winners as bond yields continue to collapse. Since late July, the S&P Dividend ETF, which bundles high-dividend stocks, has started to outperform the S&P 500 ETF Trust, which mimics the performance of the entire S&P. Since last week, the dividend ETF is down 0.7%, while the S&P ETF is down 1.1%. "Driven by declining yields, high dividend yielding stocks have outperformed low dividend payers since late July," Dennis DeBusschere, senior managing director at Evercore ISI, said in a note. "Even after the rebound, the relative performance of high vs. low dividend payers remains depressed, suggesting further upside for dividend payers as nominal bond yields remain extremely low yield." Uncertainty fueled by the U.S.-China trade war has caused interest rates to tumble. Since the yield on the 10-year Treasury note fell to its lowest level in three years this week and the Federal Reserve cut interest rates for the first time since 2008, invest..
August 9, 2019

UK economy posts surprise contraction, worst quarter since 2012

VIDEO2:3302:33Brexit uncertainty raising risk of recession, economist saysStreet Signs EuropeThe British economy has shrunk for the first time since late 2012, after official data Friday showed second-quarter gross domestic product (GDP) contracted by 0.2%. A consensus of analyst forecasts had predicted the economy would flatline during the period. In reaction, the pound dipped below $1.21 versus the dollar but soon recovered ground. Against the euro, the pound also fell. The FTSE 100, which often reacts inversely to the fortunes of the pound, rose after the results but was still in negative territory on Friday morning. Manufacturing was the biggest contributor to the overall contraction, slipping 2.3% quarter-on-quarter in the three months to June. That figure was the biggest quarterly fall since the first three months of 2009. Simon Dawson | Bloomberg via Getty ImagesOn a month-to-month measure, June GDP came in at exactly zero, versus expectations of a 0.1% rise. A slowdown in U.K. ..
August 9, 2019

Uber says it’s not worried about new competition in its biggest market in Europe

Uber Technologies CEO Dara Khosrowshahi outside the New York Stock Exchange ahead of the company's IPO, May 10, 2019.Uber is facing growing competition in London in ride-hailing and food delivery, from scrappy start-ups to the deep pockets of Amazon. But Uber CEO Dara Khosrowshahi says he's not worried about new players entering the crucial European market. "The new competition that we're seeing in London are frankly competitors that we're familiar with," Khosrowshahi said on the company's second-quarter earnings call Thursday. "So far we're not seeing anything in London that's a surprise or unexpected that we're not seeing in, you know, 20 other cities around the world." Despite ongoing regulatory threats, including its license temporarily being revoked and extended, Uber has remained the dominant ride-hailing platform in London since it launched in the city in 2012. The city is a key market for Uber, home to 3.5 million of its users and about ..
August 9, 2019

A move in the peso is ‘unavoidable’: Markets brace for Argentina’s presidential primary

Argentina's presidential election is expected to go to a possible run-off between center-right incumbent President Mauricio Macri (pictured) and the opposition ticket of center-left Alberto Fernandez and populist ex-leader Cristina Fernandez de Kirchner.Federico Rotter | NurPhoto | Getty ImagesVoters in South America's second-largest country are preparing to go to the polls, with international investors bracing for a fresh bout of volatility in financial markets. Sunday's primary election ballot is seen as a key gauge for the first round of Argentina's presidential elections in late October. If no one candidate secures a big enough win in the first round on October 27, then the election is expected to go to a late November run-off between center-right incumbent President Mauricio Macri, and the opposition ticket of center-left Alberto Fernandez supported by populist ex-leader Cristina Fernandez de Kirchner. The leading candidates are seen contesting a tight race ov..
August 9, 2019

German plans to spend more shouldn’t be seen as major U-turn in policy

German Chancellor Angela Merkel speaks at the 100-years anniversary celebration of prosthesis maker Ottobock SE in Duderstadt, Germany, February 18, 2019.Ralph Orlowski | ReutersThe German government is reportedly looking at ways to increase its spending, but analysts are not expecting a fundamental change in a country where a balanced budget has become somewhat of a tradition. Berlin is considering financing part of its climate protection program with new debt, Reuters reported on Thursday, as part of its policy to help Germany meet its reduction goals for greenhouse gas emissions. This comes as the German government's borrowing costs have hit new lows and some experts predict a recession is on the horizon. "It is an interesting issue and shows that something is moving. However, in a very German way: very slowly," Carsten Breszki, chief economist at ING Germany, told CNBC via email about the government's plans. "Reactions from several parties and politicians showed that th..
August 9, 2019

Power mostly restored in London after outages disrupted train service earlier

Travellers watch the announcement boards in Euston rail station during the busy morning rush hour on August 09, 2019 in London, England. The train network was hit by major delays yesterday after all services out of London Euston were suspended due to a signal failure.Leon Neal | Getty ImagesMost power is restored after outages affected a large area of London and the South East due to an issue on the national transmission network, National Grid said via tweet on Friday. "By 18:30 all demand was restored by the Distribution Network Operators," the tweet said. "The system is operating normally." The update came after UK Power Networks said the power cuts were due to an issue on the national transmission network. The UK Power Network's tweet followed its original tweet notifying customers of the power cuts. "We believe this is due to a failure to National Grid's network, which is affecting our customers," the tweet said. "We may not be able to answer individual tweets at this t..
August 9, 2019

Weekly Briefing: The timing of the next general election looks likely to decide the course of Brexit

Weekly Briefing: The timing of the next general election looks likely to decide the course of BrexitThis is the second of a series of weekly briefings Open Europe will publish analysing key Brexit, UK and EU developments. The post Weekly Briefing: The timing of the next general election looks likely to decide the course of Brexit appeared first on Open Europe.
August 9, 2019

Parliament needs to face a binary choice on Brexit

Parliament needs to face a binary choice on BrexitSpeaking to Channel 4 News on 6 August, Open Europe's Stephen Booth argues that the UK Parliament seems to be running away from making a decision on Brexit. The post Parliament needs to face a binary choice on Brexit appeared first on Open Europe.

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