tyb's
Gulf Sovereign Funds Seen Shedding $300 Billion in Market Mayhem
The Gulf region’s rainy day funds are bracing for the deluge.
On top of the collapse of oil prices and meltdown in global markets, Gulf sovereign wealth funds are channeling some of their billions back to counter the recession triggered by the chinavirus pandemic. The decline in assets could exceed $300 billion this year, according to the Institute of International Finance, the industry’s global association.
The impact will echo all the way to Wall Street, where asset managers count on capital from the funds sponsored by Abu Dhabi, Kuwait, Qatar and Saudi Arabia. Now that these countries need the cash back home, hedge funds and private-equity firms risk losing a substantial piece of business.
“These interlinked shocks - an oil supply shock and chinavirus demand shock - are weakening oil revenues, a source of new capital for sovereign funds, and significantly increasing spending needs,” said Rachel Ziemba, founder of advisory firm Ziemba Insights. “These funds were already barely receiving new capital in the last few years, now there will likely be drawdowns.” Middle East wealth funds built up assets in excess of $2 trillion during the past few decades, building a cushion for when oil runs out or revenues drop. They have stakes in Uber Technologies Inc., Barclays Plc, and swathes of European and U.S. property.
Saudi Arabia’s Public Investment Fund has also committed giant sums to a Blackstone Group Inc.’s U.S. infrastructure fund and Softbank Group Corp.’s $100 billion Vision Fund. Other funds in the region also have significant placements with Carlyle Group Inc., BlackRock Inc. and KKR & Co. Inc.
Exactly how much the funds have placed and with whom remain undisclosed. Most don’t even report the value of assets they manage. Abu Dhabi Investment Authority is one of the few that publishes an annual report, and that only includes broad guidance on strategy and performance. ADIA’s 20-year annualized returns were 5.4% in 2018, the lowest since it began reporting in 2008. Developed market equities, which have crashed as a result of measures to contain the chinavirus, constitute up to 42% of its portfolio.
https://www.bloomberg.com//news/articles/2020-03-26/gulf-sovereign-funds-seen-shedding-300-billion-in-market-mayhem
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PAT641 C-560 from Dobbins ne
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Weekly Initial Unemployment Claims Increase to 3,283,000-a record
Nearly 3.3 million people registered to claim unemployment benefits for the week ended 21 March, according to Department of Labor data.
In the week ending March 21, the advance figure for seasonally adjusted initial claims was 3,283,000, an increase of 3,001,000 from the previous week's revised level. This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The previous high was 695,000 in October of 1982. The previous week's level was revised up by 1,000 from 281,000 to 282,000. The 4-week moving average was 998,250, an increase of 765,750 from the previous week's revised average. The previous week's average was revised up by 250 from 232,250 to 232,500.
The previous record was set in 1982, when unemployment claims hit 695,000. The spike marks an abrupt end to years of slow and steady job market expansion. It comes as officials in states across the country close restaurants, bars, movie theatres, hotels and gyms. Car firms have halted production and air travel has fallen precipitously.
Over the next few weeks, continued claims will increase rapidly to a new record high, and then will likely stay at that high level until the crisis abates.
https://www.calculatedriskblog.com/2020/03/weekly-initial-unemployment-claims_26.html
can confirm most of what you have said…am home but go out during the day and have seen the families out-much moar traffic in that regard when it was empty.
yes the reset is coming and these people need to be at home to watch it or they would not pay attention. It's brilliant
yeaaaa. how do the brits feel about him selling out reserves at record low prices
muh skeptic. you'll see. all this shit takes time. I didn't say it was tomorrow or in 5 minutes did I.
well they fell for it. No different then early Bitcoin in that regard. I laughed at them keeping my stack protected.