Japanese Stockmarket Enjoys a Suga Rush As PM Steps Down

The Japanese stock market has hit a 30-year high following the resignation of prime minister Yoshihide Suga.

Japanese stocks have hit a 30-year high following the resignation of prime minister Yoshihide Suga. Suga, who has only been in office for a year, had become widely unpopular as his government failed to get on top of a surge in Covid-19 infections. A slow vaccine rollout and the controversial decision to go ahead with hosting the Olympics despite the pandemic also sapped his support. He will step down before a general election scheduled for later this year. 

Japan’s Topix index reacted to the news by hitting its highest level since April 1991, says Bloomberg. Investors had once had high hopes for Suga, who vowed to accelerate Japan’s digital shift (see also page 28). In February this year the Nikkei 225 index hit the symbolic 30,000-level for the first time since 1990. Yet it fell back as Covid-19 came to dominate his premiership: “Suga had created an atmosphere of uncertainty… there was a perception that Japan was ‘in a mess’”, says Richard Kaye of Comgest Asset Management Japan.  The Topix has gained 6.5% during the past month alone.

In most countries investors dislike the uncertainty of an upcoming election, says Takeshi Kawasaki for Nikkei Asia. Not in Japan. “Looking at the ten early elections held since 1990, stocks rose nearly every time between the day of the lower house being dissolved and the election date”. 

What seems to happen is that headlines about Japanese politics grab the attention of foreign money managers. They decide they like what they see and buy. “Typically at the mercy of trends in US equities” thanks to Wall Street’s tendency to set the tone for world markets, Japanese stocks are likely to go their own way over the coming months.

By: Alex Rankine

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Critics:

The Tokyo Stock Exchange (東京証券取引所, とうきょうしょうけんとりひきじょ), abbreviated as Tosho (東証) or TSE/TYO, is a stock exchange located in Tokyo, Japan. It is the third largest stock exchange in the world by aggregate market capitalization of its listed companies, and the largest in Asia. It had 2,292 listed companies with a combined market capitalization of US$5.67 trillion as of February 2019.

The exchange is owned by the Japan Exchange Group (JPX), a holding company that it also lists (TYO: 8697). JPX was formed from its merger with the Osaka Exchange; the merger process begins in July 2012, when said merger was approved by the Japan Fair Trade Commission.[2] JPX itself was launched on January 1, 2013.

The TSE is incorporated as a kabushiki gaisha with nine directors, four auditors and eight executive officers. Its headquarters are located at 2-1 NihonbashiKabutochō, Chūō, Tokyo which is the largest financial district in Japan. Its operating hours are from 8:00 to 11:30 a.m., and from 12:30 to 5:00 p.m. From April 24, 2006, the afternoon trading session started at its usual time of 12:30 p.m..

Stocks listed on the TSE are separated into the First Section for large companies, the Second Section for mid-sized companies, and the Mothers section for high-growth startup companies, and the TOKYO PRO Market section for more flexible alternative investment. As of October 31, 2010, there are 1,675 First Section companies, 437 Second Section companies and 182 Mothers companies.

The main indices tracking the TSE are the Nikkei 225 index of companies selected by the Nihon Keizai Shimbun (Japan’s largest business newspaper), the TOPIX index based on the share prices of First Section companies, and the J30 index of large industrial companies maintained by Japan’s major broadsheet newspapers.

Ninety-four domestic and 10 foreign securities companies participate in TSE trading. See: Members of the Tokyo Stock Exchange

Other TSE-related institutions include:

  • The exchange’s press club, called the Kabuto Club (兜倶楽部, Kabuto kurabu), which meets on the third floor of the TSE building. Most Kabuto Club members are affiliated with the Nihon Keizai Shimbun, Kyodo News, Jiji Press, or business television broadcasters such as Bloomberg LP and CNBC. The Kabuto Club is generally busiest during April and May, when public companies release their annual accounts.

Market Movers

Constituents of the Nikkei 225 with the highest percent gain over one day.

ListingLastChangeVolume
Shinsei Bank Ltd8303:TYO1,968.00
JPY
+228.00
+13.10%
9.68m
Toho Zinc Co Ltd5707:TYO2,841.00
JPY
+130.00
+4.80%
805.10k
Isetan Mitsukoshi Holdings Ltd3099:TYO808.00
JPY
+35.00
+4.53%
2.68m
Hitachi Zosen Corp7004:TYO947.00
JPY
+32.00
+3.50%
3.45m
DeNA Co Ltd2432:TYO2,167.00
JPY
+72.00
+3.44%
709.60k
Kawasaki Kisen Kaisha Ltd9107:TYO6,380.00
JPY
+190.00
+3.07%
5.45m
Mitsubishi Chemical Holdings Corp4188:TYO1,040.50
JPY
+26.50
+2.61%
5.67m
Meiji Holdings Co Ltd2269:TYO7,260.00
JPY
+170.00
+2.40%
537.60k
Pacific Metals Co Ltd5541:TYO2,094.00
JPY
+44.00
+2.15%
596.40k
Mitsui Mining and Smelting Co Ltd5706:TYO3,590.00
JPY
+75.00
+2.13%
587.70k

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Asian Stocks Mixed as Data Show Delta Sapped China: Markets Wrap

Asian stocks were mixed Tuesday as weaker economic activity in China and the latest escalation in Beijing’s crackdown on private industries overshadowed another record close on Wall Street.

Equities slipped in China, where data signaled that an outbreak of the delta virus variant led to a service-sector contraction for the first time since February last year. Hong Kong slid as Beijing’s stepped-up curbs on video-gaming firms weighed on Chinese technology stocks.

U.S. futures edged up after the S&P 500 hit its 12th all-time high in August and the Nasdaq 100 rose. Treasuries held gains made following Federal Reserve Chair Jerome Powell’s measured comments about a possible reduction in stimulus and any future interest-rate hikes. The dollar dipped.

Oil declined, with traders assessing the prospect of additional OPEC+ production. Aluminum and nickel advanced as Goldman Sachs Group Inc. raise target prices. In cryptocurrencies, Bitcoin fell to about $47,000.

Global stocks overall are set for a seventh monthly advance on strong company profits, expanding vaccinations to underpin economic reopening and supportive Fed policies. At the same time, the decline in Treasury yields from a March peak may partly reflect concerns of a slower recovery ahead on risks such as the impact of the delta strain.

“The bond market is getting a little nervous about the economic outlook,” Priya Misra, head of global interest rate strategy at TD Securities, said on Bloomberg Television. But she added the U.S. economy is “strong” and that “by year end, if the economy holds up, which we forecast it will, that’s when we expect rates — especially in the long end — to start to edge higher.”

In the latest U.S. data, pending home sales fell in July. Traders are awaiting key payrolls figures Friday for further guidance on the economy’s strength.

Here are some key events to watch this week:

OPEC+ meeting on output WednesdayEuro zone manufacturing PMI WednesdayU.S. jobs report Friday

Some of the main moves in markets:

Stocks

S&P 500 futures climbed 0.2% as of 1:42 p.m. in Tokyo. The S&P 500 rose 0.4%Nasdaq 100 futures increased 0.1%. The Nasdaq 100 rose 1.1%Japan’s Topix index rose 0.7%Australia’s S&P/ASX 200 index rose 0.6%South Korea’s Kospi added 0.8%Hong Kong’s Hang Seng index fell 1.4%China’s Shanghai Composite index retreated 0.8%

Currencies

The Bloomberg Dollar Spot Index shed 0.1%The euro was at $1.1818The Japanese yen was at 109.88 per dollarThe offshore yuan was at 6.4660 per dollar

Bonds

The yield on 10-year Treasuries held at 1.28%

Commodities

West Texas Intermediate crude was at $68.90 a barrel, down 0.5%Gold was at $1,815.12 an ounce, up 0.3%

By:

Source: Stock Market Today: Dow, S&P Live Updates for Aug. 31, 2021 – Bloomberg

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U.S.-Listed Chinese Stocks Have Lost Another $150 Billion In Market Value This Week As Beijing Targets ‘Excessive’ Wealth

Shares of Chinese tech giants trading in the United States struggled to pare losses Friday amid intensifying concerns over China’s efforts to impose sweeping new regulations on its publicly traded companies over the next several years, yielding market value losses of more than $150 billion for the 10 largest U.S.-listed Chinese stocks this week alone.

Key Facts

As of 2:45 p.m. EDT, shares of e-commerce juggernaut Alibaba, the largest Chinese company listed in the U.S., were among the hardest hit, down more than 15% on the New York Stock Exchange over the past week to $157, deflating its market capitalization to $424 billion.

Fellow online retailers JD.com and Pinduoduo, posted similarly staggering losses, wiping out about $20 billion and $10 billion in market value this week, respectively, despite ticking up about 2% Friday.

“China remains a huge source of global concern,” market analyst Adam Crisafulli of Vital Knowledge Media wrote in a Friday email, pointing to the nation’s strengthening regulatory campaign against corporations and actions that last month included demanding online education companies end their for-profit business models.

This week, shares of Chinese stocks have crashed steadily since Tuesday, when President Xi Jinping vowed to redistribute wealth in the nation by regulating “excessively high incomes”—spurring a sell-off that crushed shares of European luxury companies that do big business in China, like LVMH and Gucci-parent Kering.

U.S.-listed shares of online-gaming company NetEase, electric carmaker NIO and Internet firm Baidu plunged 11%, 10% and 10%, respectively, this week.

All told, the 10 largest Chinese companies trading in the United States have lost about $153 billion in market value since last week—more than 15% of their combined market value of roughly $940 billion.

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Key Background

In a matter of weeks, China has introduced harsh regulations targeting wide swaths of its economy and showing investors how risky investing in its market can be, Tom Essaye, author of the Sevens Report, wrote in a recent note. “Yes, there’s a huge market and lots of growth potential, but obviously there are regulatory risks that seem to be growing larger with every passing month,” said Essaye.

Last week, officials released a sweeping five-year blueprint for the crackdown, covering virtually every sector in its market. Then on Wednesday, China’s market regulators published a long list of draft rules targeting tech companies, barring them from using data to influence consumer choices and “traffic hijacking activities,” among other things.

Crucial Quote

“This is all a stark reminder that the current regulatory crackdown from Beijing is not going to let up,” Wedbush analyst Dan Ives said in a Thursday note, forecasting U.S. tech stocks, which are outperforming the broader market Friday, should benefit from the tech-focused crackdown in China over the next year. “The fear with more regulation in China around the corner is a major worry that is hard for investors to digest, and it will ultimately cause more of a rotation from the China tech sector to U.S. tech.”

Surprising Fact

The Nasdaq Golden Dragon China index, which tracks Chinese businesses trading in the United States, is down 9% this week and has crashed 51% from a February all-time high.

Further Reading

U.S., European Investment Banks May Have Lost Some $12 Billion As Chinese Education Firms Crashed (Forbes)

China’s Internet Tycoons Suffer $13.6 Billion Wealth Drop As Regulatory Crackdown Triggers Market Sell-Off (Forbes)

Follow me on Twitter. Send me a secure tip.

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism

Source: U.S.-Listed Chinese Stocks Have Lost Another $150 Billion In Market Value This Week As Beijing Targets ‘Excessive’ Wealth

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Market News

1h Does the US economy need another $480 billion in stimulus? – CNN Business
2h Top Wall Street analysts say these stocks are long-term buys – CNBC
22h Gold fails at $1,800, another selloff might be on its way – Kitco
1d Fed To Taper This Year – What Are the Odds? – Benzinga
1d Half a trillion dollars erased from China markets in a week – New York Post
1d US Indexes Close Higher Friday – GuruFocus
1d Taking Stock of Small-Cap Earnings – Zacks Investment Research
1d Fed’s Jackson Hole symposium to take place virtually due to Covid risk – CNBC
1d Fed’s Jackson Hole conference to take place virtually – Reuters
1d U.S. dollar net long bets slip in latest week -CFTC, Reuters data – Reuters
1d China Evergrande’s Bailout Hopes Continue to Fade – GuruFocus
1d Fed ‘actively working’ on US digital currency, official says – New York Post
1d Fed Minutes, Retail Data Weighed on Wall Street This Week – Schaeffers Research
1d Wall Street Week Ahead: Investors stick to stocks, but gear up for bumpier ride – Reuters
1d Looking to Cash In on a Stronger U.S. Dollar? – ETF Trends
1d U.S.-Listed Chinese Stocks Have Lost Another $150 Billion In Market Value This W… – Forbes
1d Biden Freezes Student Loan Interest Rates For 47,000 Service Members – Forbes
1d Read This Before Your Next Trade – Zacks Investment Research
1d Fed officials will seek to avoid a tantrum as they keep ‘taper talk’ going at Ja… – CNBC
1d ‘Flash recession’ could hit markets by the fall – Fox Business

Why Big Investors Are Quitting Chinese Stocks – Bloomberg Wealth

Chinese companies once ticked a lot of boxes for investors trying to follow the market’s old adages.

Diversify, they say. Well then, why not look beyond the world’s largest economy to its second? Maybe you’ve got Facebook, Amazon and Google in your portfolio already. Shouldn’t you also be thinking about Tencent, Alibaba and Baidu? You can buy them on Robinhood, after all.

Check your politics at the door, they say. So in an era when China is a bipartisan flashpoint, why not tune out the rhetoric and focus purely on returns?

That all sounds promising in a theoretical world. But in the practical one we inhabit, investing in China has become riskier, particularly this summer. In this excellent breakdown, Matt Levine of Bloomberg Opinion explains in terms you will actually understand how opaque it is to own U.S.-listed China stocks.

When you buy shares of a Chinese company listed outside of China, what you are actually buying is “an empty shell that has certain contractual relationships with the Chinese company,” Levine explains.

Sound tenuous? SEC Chair Gary Gensler thinks so. The commissioner worries that Americans just don’t know enough about Chinese companies listed on U.S. exchanges. A few weeks ago, he blocked initial public offerings of certain firms until they boost disclosures of risks posed to shareholders.

This is all coming in the context of some serious developments in China. There are mounting concerns about human rights abuses in Xinjiang and the crackdown in Hong Kong. Both have led to negative views of the country globally and pose ethical and financial dilemmas for investors increasingly thinking about the moral side of investing.

And a Chinese clampdown on capitalism has spooked investors. At its most extreme, it erased $1.5 trillion from Chinese stocks. It has hit Chinese tech companies hard. It’s prompted superstar fund manager Cathie Wood to pare her China exposure. Wood’s ARKK ETF is now sitting with no exposure to shares of companies in the world’s second-biggest economy. Other high profile investors have taken similar steps, including George Soros and Paul Marshall, co-founder of one of the world’s largest hedge funds.

And it’s not just tech. In mid-June, Chinese President Xi Jinping indicated that private tutoring — a huge expense for middle-class Chinese families — should not be such a burden. The country went on to ban for-profit tutoring, a huge deal in the $100 billion education tech sector.

Yet with proof that there is an adage for almost any angle, I offer you another: Buck the consensus view. HSBC Chairman Mark Tucker says investment opportunities in China are “too big to ignore.” And while he wouldn’t recommend Chinese equities in general, one market expert in our latest “Where to Invest” series says he would recommend two ETFs that have exposure to Chinese solar and battery technology.

Where do these adages lead us? Probably to another: Trust yourself, not some old saying. — Charlie Wells

By:

Source: Chinese Stocks: Should You Invest in the World’s Second-Largest Economy? – Bloomberg

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Bankruptcy Cases In Singapore At 5-Year Low Amid Covid-19 Relief Measures

SINGAPORE – Even as the Covid-19 pandemic ravages the economy, the number of people who were made bankrupt last year sank to the lowest in five years.

Bankruptcy orders tumbled more than 40 per cent to 965 from 1,645 in 2019. Figures from the Law Ministry’s Insolvency Office website showed more than 1,600 bankruptcy orders were made annually between 2016 and 2018.

Experts said the drop in numbers could be due to the Covid-19 (Temporary Measures) Act and government support schemes which provided temporary relief for financially distressed individuals.

Lawyer Chia Boon Teck of Chia Wong Chambers said: “Pre-Covid-19, the law allows a debtor 21 days to pay up on a statutory demand. However, the Covid-19 (Temporary Measures) Act 2020 extends the 21 days to six months. This in effect puts a five-month moratorium on outstanding debts.”

The Covid-19 law also raised the minimal debt from $15,000 to $60,000 so debtors owing less than $60,000 are not exposed to threats of bankruptcy, he added.

Last year, bankruptcy applications fell to 2,833 from 3,473 in 2019, reversing an upward trend since 2014.”The twin measures probably account for the drastic drop in bankruptcy applications,” said Mr Chia.

Maybank Kim Eng senior economist Chua Hak Bin said bankruptcies could have been far worse if not for the fiscal support and relief measures that also saw “the freezing of creditors’ rights to commence legal action for default until late 2020”.

Figures from the Insolvency Office website also showed corporate insolvency numbers fell, with 206 applications filed for winding up between January and November last year, down from 368 in the same period in 2019.

Said Dr Chua: “We expect the number of bankruptcies to increase in 2021 as the fiscal support and temporary relief measures are wound down.”

He added that such measures can help only firms suffering from a temporary liquidity crunch, “but cannot save firms which are no longer viable in this new normal”.

Among the high-profile bankruptcy proceedings last year was a bankruptcy bid filed against local hardware chain Home-Fix’s founder Low Cheong Kee and his younger brother by paint manufacturer Nippon Paint (Singapore) over a debt of $500,000.

Political party Peoples Voice’s leader Lim Tean also faced bankruptcy claims totalling about $1.45 million.

Mr Nelson Loh, who was behind an audacious bid to buy English Premier League football club Newcastle United last year, was adjudged a bankrupt by the Singapore High Court in December. He had failed to pay an outstanding debt of over $14 million to DBS Bank.

His cousin Terence Loh is also facing bankruptcy proceedings filed by Maybank over a $3 million debt.

George (not his real name), a 50-year-old bankrupt, said: “The government relief measures only helped to delay the proceedings. Financially distressed individuals would still be struggling to raise enough money to pay their debts amid the pandemic.”

He said he filed for bankruptcy as he was unable to pay his debts of over $100,000 to various banks.

“Some people may think I had chosen the easy way out, but it’s not. It was a difficult decision to make. Many companies will not hire me because I am a bankrupt. And I also can’t manage a business or act as director of a company.”

As at Dec 31, there were 10,269 undischarged bankrupts.

A bankrupt may try to have his bankruptcy status annulled after paying off all outstanding debts. He can also apply to the High Court to grant him a discharge or the court-assigned administrator may discharge him after at least three years of good conduct, provided his debts do not exceed $500,000 and his creditors do not object.

By: Joyce Lim Senior Correspondent

More on this topic

Asia defies dire predictions of huge spike in bankruptcies, thanks to government help

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Bankruptcies filed in Singapore have skyrocketed to more than 460 in March. Latest official figures show that is the highest in more than 15 years. Lawyers CNA spoke to said they have also seen more enquiries about loan obligations. Subscribe to our channel here: https://cna.asia/youtubesub Subscribe to our news service on Telegram: https://cna.asia/telegram Follow us: CNA: https://cna.asia CNA Lifestyle: http://www.cnalifestyle.com Facebook: https://www.facebook.com/channelnewsasia Instagram: https://www.instagram.com/channelnews… Twitter: https://www.twitter.com/channelnewsasia

Top Dividend Stocks for January 2021

Dividend stocks are companies that pay out a portion of their earnings to a class of shareholders on a regular basis. These companies usually are well established, with stable earnings and a long track record of distributing some of those earnings back to shareholders. These distributions are known as dividends, and may be paid out in the form of cash or as additional stock. Most dividends are paid out on a quarterly basis, but some are paid out monthly, annually, or even once in the form of a special dividend. While dividend stocks are known for the regularity of their dividend payments, in difficult economic times even those dividends may be cut in order to preserve cash.

One useful measure for investors to gauge the sustainability of a company’s dividend payments is the dividend payout ratio. The ratio is a measure of total dividends divided by net income, which tells investors how much of the company’s net income is being returned to shareholders in the form of dividends versus how much the company is retaining to invest in further growth. If the ratio exceeds 100% or is negative (meaning net income is negative), this indicates the company may be borrowing to pay dividends. In these two cases, the dividends are at a relatively greater risk of being cut.

Below, we look at the top 5 dividend stocks in the Russell 1000 by forward dividend yield, excluding companies with payout ratios that are either negative or in excess of 100%. Each of the dividend stocks listed below significantly underperformed the Russell 1000’s total return over the past 12 months of 19.7%, as of December 21, 2020.1 All data below is as of December 22, 2020.

Lumen Technologies Inc. (LUMN)

  • Forward Dividend Yield: 10.08%
  • Payout Ratio: 86.56%
  • Price: $9.92
  • Market Cap: $10.9 billion
  • 1-Year Total Return: -17.7%1

Lumen Technologies, formerly known as CenturyLink, is an integrated communications company that offers services including local and long-distance voice, broadband, Ethernet, colocation, hosting, data integration, video, network, information technology, and more.

Brookfield Property REIT Inc. (BPYU)

  • Forward Dividend Yield: 8.86%
  • Payout Ratio: 63.63%
  • Price: $15.01
  • Market Cap: $587.3 million
  • 1-Year Total Return: -10.0%1

Brookfield Property is a real estate investment trust (REIT) that owns, develops, builds, manages, and leases various commercial properties. Among the company’s portfolio of properties are restaurants, malls, entertainment facilities, and parking areas. On November 6, the board of directors declared a quarterly dividend of $0.3325 per share on its Class A Stock payable on December 31, 2020, and a quarterly dividend on the 6.375% Series A Cumulative Redeemable Preferred Stock of $0.39844 per share payable on January 1, 2021.2

New York Community Bancorp Inc. (NYCB)

  • Forward Dividend Yield: 6.65%
  • Payout Ratio: 82.59%
  • Price: $10.22
  • Market Cap: $4.7 billion
  • 1-Year Total Return: -8.3%1

New York Community Bancorp is a holding company with multiple banking subsidiaries, including Queens County Savings Bank, Roosevelt Savings Bank, Atlantic Bank, and others. Through these subsidiaries, New York Community Bancorp offers a full range of banking products and services to businesses and consumers. The company primarily serves customers in the New York City metropolitan area.

Brandywine Realty Trust (BDN)

  • Forward Dividend Yield: 6.50%
  • Payout Ratio: 43.84%
  • Price: $11.69
  • Market Cap: $2.0 billion
  • 1-Year Total Return: -20.2%1

Brandywine Realty Trust is a REIT that owns, manages, leases, acquires, and develops urban, downtown, and suburban office properties primarily on the East Coast and in Texas. Its services include asset management, development and construction, investment, marketing and leasing, and property management. On December 8, the board declared a quarterly cash dividend of $0.19 per common share and OP Unit payable on January 20, 2021. The quarterly dividend is equivalent to an annual rate of $0.76 per share.3 

TFS Financial Corp. (TFSL)

  • Forward Dividend Yield: 6.41%
  • Payout Ratio: 66.57%
  • Price: $17.47
  • Market Cap: $4.9 billion
  • 1-Year Total Return: -6.8%1

TFS Financial is a holding company engaged in retail consumer banking, mortgage lending, and similar services through its subsidiaries. The company’s businesses include originating and servicing residential real estate mortgage loans and attracting retail deposits. Its main business is retail consumer banking.

The comments, opinions and analyses expressed herein are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. While we believe the information provided herein is reliable, we do not warrant its accuracy or completeness. The views and strategies described on our content may not be suitable for all investors.

Because market and economic conditions are subject to rapid change, all comments, opinions, and analyses contained within our content are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment, or strategy.

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Top 10 Dividend Stocks – January 2021! In this video I show the top 10 stocks in January of 2021 that the thousands of dividend investors on my discord server (https://discord.gg/kkSr5FY) had the opportunity to vote for that they were buying or planning to buy. Then I’ll end this video with a powerful life story that is worth hearing and reflecting on, so I recommend you watch this entire video. Referral Link to M1 ➜ https://m1.finance/AUzJllYh-gGh To get access to my Spreadsheet 2.0 then please sign up as a Patreon Aristocrat or King (and double check my Patreon site to ensure I’m still offering access, as I only have limited seats available). You also get other perks for signing up including the ability to watch my videos on my Discord before I release them to the public, and the ability to vote on what thumbnail I’ll use in some of my future videos, and you gain direct access to me.

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How Determining the Dividend Rate Pays off for Investors The dividend is the percentage of a security’s price paid out as dividend income to investors. more

Special Dividend A special dividend is a non-recurring distribution of company assets, usually in the form of cash, to shareholders. more

Dividend Yield Definition The dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price. more

Dividend Payout Ratio Definition The dividend payout ratio is the measure of dividends paid out to shareholders relative to the company’s net income. more

Dividend Clientele Dividend clientele refers to a group of shareholders that have a common preference for a company’s dividend policy. more

Dividend Definition A dividend is the distribution of some of a company’s earnings to a class of its shareholders, as determined by the company’s board of directors. more

Credit Suisse Bullish On Stocks In 2021 Because It’s Bullish On 2022

NEW YORK, NEW YORK – JULY 23: People walk along Broadway as they pass the Wall Street Charging Bull statue on July 23, 2020 in New York City. On Wednesday July 22, the market had its best day in 6 weeks. (Photo by Michael M. Santiago/Getty Images)

Credit Suisse analyst Jonathan Golub introduced his 2021 price target for the S&P 500 (^GSPC) of 4,050, implying 12.2% upside from Tuesday’s closing levels. Underpinning this upbeat call is his assumption that two years from now, the post-virus economic recovery will have already hit a peak.

“Our 2021 forecasts are designed to answer a simple question: what will the future (2022) look like in the future (end of 2021),” Golub said in a new note Wednesday. “From this perspective, we are forced to de-emphasize the near-term, focusing instead on the return to a more normal world.”

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“As we look toward 2022, the virus will be a fading memory, the economy robust, but decelerating, the yield curve steeper and volatility lower, and the rotation into cyclicals largely behind us,” he added.

Based on Golub’s analysis, economic activity as measured by GDP growth will renormalize at levels slightly above trend, or with quarterly annualized growth rates just over 3%, starting in the second half of 2021.

And the labor market — which as of October was still 10 million payrolls short of pre-pandemic levels — will likely reach “full employment” by the second half of 2022, Golub added.

Since the stock market discounts future events, each of these prospects for further improvement down the line should translate into a higher S&P 500 as investors price in these events.

Analysts have already begun to account for an anticipated improvement in corporate profits, as S&P 500 earnings per share (EPS) have on aggregate sharply topped consensus expectations so far for each of second and third quarter results this year.

“We expect 2020 estimates to rise, 2021 to remain stable and 2022 to moderate,” Golub said.

His 2021 S&P 500 price target of 4,050 is based on earnings per share of $168 next year, for an improvement of 20% over the expected aggregate EPS this year. He expects EPS will then rise to $190 in 2022.

Sector leadership

On a sector basis, Golub rates technology stocks as Overweight for 2021, given their “faster sales growth, superior margins, robust FCF [free cash flow], and low leverage. He also rated financials, one of the laggard sectors so far for the year-to-date, as Overweight, given their propensity to lead during recoveries.

“Consistent with a typical recovery, banks should benefit from improving credit conditions, increasing transaction volumes, and a steepening yield curve,” Golub said. “The group is adequately reserved, likely. resulting in a greater return of capital.”

Golub designated cyclicals with a Neutral rating for next year, saying he is “positively inclined toward economically-sensitive groups and believe[s] their momentum should persist over the near-term.” But he added that he thinks the largest quarter-over-quarter improvements in economic activity have already come and gone, leaving more tepid further upside potential for stocks with profits closely tethered to economic growth.

He rated non-cylicals like consumer staples as underweight, while giving health care specifically an Overweight rating.

“Non-cylicals should lag in an improving economy as falling volatility supports higher P/Es (price-earnings multiples) for riskier assets, and rising rates make their high dividend yields less appealing,” he said. “The one exception is health care, which should outperform given a more robust earnings trend.”

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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Credit Suisse’s Mandy Xu warns that investors are piling into value stocks at their own peril. With CNBC’s Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Steve Grasso. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC#CNBC#CNBC TV

Stock Market Sell-Off: Dow Falls Over 600 Points As Tech Shares Plunge Again

The market moved sharply lower on Tuesday—and the Nasdaq hit correction territory—as the widespread sell-off in tech stocks continued, following the sector’s worst drop since March last week.

The Dow Jones Industrial Average was down 2.3%, over 600 points, on Tuesday, while the S&P 500 fell 2.8% and the tech-heavy Nasdaq Composite lost 4.1%.

The Nasdaq officially entered correction territory, falling 10% in just the last three days of trading.

The tech sell-off continued on Tuesday, dragging the market lower as investors once again rotated out of hot Nasdaq stocks: Shares of Facebook, Amazon, Netflix and Google-parent Alphabet fell more than 3%, while Apple dropped over 6%.

Semiconductor and chip stocks—including Nvidia, Micron and Advanced Micro Devices—plunged after the U.S. Department of Defense over the weekend floated the idea of blacklisting China’s largest chipmaker, SMIC.

Shares of Tesla tanked 21%—the stock’s largest one-day drop in history—after the S&P Dow Jones Indices decided not to add it to the S&P 500 index last Friday, instead choosing Etsy, Teradyne and Catalent.

Electric truck maker and Tesla rival Nikola, meanwhile, surged by up to 53% on Tuesday after General Motors announced an 11% stake—worth $2 billion—in the company.

SoftBank’s stock also fell 7% after it was identified that the investment juggernaut had bought billions of dollars in call options in Big Tech names including Tesla, Amazon, Microsoft and Netflix, potentially driving up valuations.

Crucial quote

With tech stocks leading the market higher in recent months, the ongoing sell-off is just a correction, says Mark Haefele, chief investment officer at UBS Global Wealth Management, in a recent note. “The sector is expensive, but not in a bubble,” he said, adding that a correction “need not signal the end of the rally.” While the U.S. tech sector has climbed to surging valuations, they are still “well below levels seen at the height of the dotcom bubble of the late 1990s levels, when the index forward P/E rose above 70x.”

Key background

Tuesday’s losses follow a big reversal in major tech stocks last week. On Friday, stocks snapped a five-week winning streak, with the tech sector suffering its worst week since March 20. The Dow plunged by up to 600 points before paring back losses late in the afternoon. That followed a sharp sell-off on Wall Street on Thursday: The market posted its worst day since June as stocks retreated from record highs and tech shares plunged.

The Dow slid 2.8%—more than 800 points, while the S&P fell 3.5% and the Nasdaq dropped 5%. Shares of Big Tech companies, which have been instrumental in leading the market’s rebound over the past few months, dragged the market lower on Thursday and Friday. Before last week’s sell-off, stocks had made a strong start to September, despite it being a historically bad month for markets.

Further reading

Stock Market Sell-Off: Dow Falls 150 Points Despite Late Rally (Forbes)

Stock Market Sell-Off: Dow Plunges 800 Points, S&P 500 Falls 3.5% (Forbes)

JPMorgan Investigating Employees For Misuse Of Coronavirus Stimulus Funds (Forbes)

Virgin Galactic Stock Could Surge By More Than 50% This Year, Says UBS (Forbes) Follow me on Twitter or LinkedIn

Sergei Klebnikov

Sergei Klebnikov

I am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics. Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2015 and 2016. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter @skleb1234 or email me at sklebnikov@forbes.com

Guide To Dividend Funds For Retirees: 36 Best Buys

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You could live off dividends. Although stocks on average yield only 1.7%, it is quite feasible to assemble a collection of blue chips that are paying out 3% of their purchase price. That means a $1 million pot could produce $2,500 of monthly income, with reasonable prospects for seeing that income keep up with inflation over the next several decades.

You could do this yourself, buying a lot of dividend-rich stocks on your own. Or you could have the work done for you by owning a fund. This guide will steer you to 36 excellent choices—8 open-end funds and 28 exchange-traded ones—that yield 3% or better.

These funds are cost-efficient. The open-end (that is, traditional mutual) funds on this list are no-loads running up expenses no higher than 0.25% of assets annually. The ETFs cost no more than 0.15% annually.

Example: the iShares Core High Dividend ETF, whose $5.6 billion is invested in AT&T T +0.9%, Exxon Mobil XOM -0.6% and 73 other stocks. Expenses are a very reasonable 0.08%, or $8 annually per $10,000 invested.

Pay attention to expense ratios. If you are not careful, you can send a lot of money down a drainhole. This principle will be illustrated below.

Here are the winning funds:

By historical standards, a 3% yield from stocks isn’t terrific; the average payout rate over the past century is considerably higher. But you take what you can get. For a retiree aiming to live off a portfolio without eating it away, blue chips are a lot more plausible than bonds these days. U.S. Treasuries due in 2040 yield only 1%, and they are guaranteed to fail at keeping up with the cost of living.

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Stocks, unlike those Treasuries, are risky. They periodically crash. You can perhaps withstand that uncertainty. You could put some of your money in low-yielding bonds and plan on selling bonds, not stocks, if and when you need extra spending money during a bear market.

There’s more to reflect on than the risk. Here are five other things to think about before making a big commitment to high-dividend stocks as a source of retirement income.

1. You’re making a trade-off. Growth and yield are two different ways to get a total return. More of one means less of the other.

You can choose the mix. Young savers might prefer growth, owning companies like Netflix NFLX 0.0% and Amazon AMZN -0.7%, which pay out nothing but are fast-growing. Retirees might prefer AT&T and Exxon, which pay rich dividends but are on a plateau.

The average stock falls between these extremes. The Vanguard Total Stock Market index fund yields 1.7% and owns companies that collectively grow at a moderate pace, faster than Exxon but slower than Amazon.

It is delusional to think that you can have high yields without sacrificing growth. If stocks yielding 3% had as much growth as the average stock, then their total return would be 1.3% higher than the total return on the market. And if that were true, we could all become arbitrage billionaires by owning the high yielders while shorting the market. This is not going to happen.

Accept the reality. To get a high yield, you have to give something up.

2. Dividends aren’t the only way to draw income. If you need to spend 3% of your portfolio every year, you are not compelled to buy stocks like AT&T. There’s a second method to obtaining cash. You could invest in stocks with lower dividends and sell some shares periodically.

You could, for example, buy that Vanguard fund covering the whole market (its ticker is VTI), pocket the 1.7% in dividends, and then supplement the income with the sale every year of 1.3% of your fund shares.

Go with the high-dividend funds if you prefer. There is something appealing in that arrangement to people who were trained by the grandparents to never “dip into capital.”

The truth, though, is that the sustainability of your capital is not determined by its current yield, or by the number of shares you sell off. It is instead determined by your total return. Don’t assume that your capital will last any longer with a high-dividend fund than it would with VTI.

3. You can wind up with a lopsided portfolio. Aim for the very highest yields and you’ll probably have an overdose of oil companies, real estate investment trusts and European stocks. These might do very well for the next decade, but they might do horribly. Pay attention to diversification. In selecting from the high-yield list, don’t overdo the sector and global funds.

4. There will be cuts. Derivatives speculators in Chicago are betting that the dividend on the S&P 500 index will fall from $58 in 2019 to $56 in 2020 and $51 in 2021 before beginning a slow recovery. Allow for this. The yields you see in the table sare for a trailing 12-month interval. They somewhat overstate what you’re likely to collect in the near future.

Cuts are especially likely among the energy funds with double-digit yields.

5. Costs matter. The funds on our Best Buy list are cost-efficient. A lot of what brokers sell is not.

Paying more costs than you have to can do serious damage. An incremental percentage point of cost compounds, over 30 years, to a 26% slice out of a static account (one without contributions or withdrawals).

Some investors are incapable of conceptualizing this. To illustrate, I will cite one curious fund that is much sought after by yield seekers: Gabelli Equity Trust.

This closed-end uses borrowed money to buy more stocks, which means that it should have outsized returns in bull markets and very bad results in bear markets. How has it done? Not well. Despite the leverage, it hasn’t kept up with the bull market over the past decade.

Given that disappointment and the fund’s savage 1.3% expense ratio, you’d expect that shares would trade at a hefty discount to the portfolio value. Instead, they trade at a 3% premium.

What is the appeal of this fund? It pays an enormous dividend, equal to 12.6% of the portfolio annually. Evidently the buyers haven’t been informed about the fund’s lagging total return. They are gullible enough to think that it’s easier to retire on a fund with a high payout.

It’s okay to seek dividends. It isn’t okay to be naive.

Follow me on Twitter.

I aim to help you save on taxes and money management costs. I graduated from Harvard in 1973, have been a journalist for 45 years, and was editor of Forbes magazine from 1999 to 2010. Tax law is a frequent subject in my articles. I have been an Enrolled Agent since 1979. Email me at williambaldwinfinance — at — gmail — dot — com.

Source: https://www.forbes.com

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Asia Stocks Up As China PMI, U.S. Data Cheer Markets Worried Over Coronavirus Surge

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MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.9%, while U.S. stock futures, the S&P 500 e-minis ESc1, advanced 0.23%.Sentiment in the region, which got a boost from overnight gains on Wall Street thanks to strong housing data, got a further lift from a survey in China showing a quickening in activity in its vast factory sector.

The stock market in Australia , which has crucial economic links with China, rose 1.59%, while shares in China .CSI300 gained 0.72%. Hong Kong stocks .HSI jumped 1.18%, undeterred by the Chinese parliament’s passage of a security law that will increase Beijing’s control over the former British colony.

The Nikkei .N225 rose 2%, shrugging off a larger-than-expected decline in Japanese industrial production. Overall, however, Asian shares are still on course for a 7% decline over the first half of this year, underscoring the severity of the pandemic-sparked losses and the challenges facing investors as global infections continue to rise in a blow to hopes of a quick recovery.

“Overnight moves in markets were not large but one does get the distinct impression that markets have got it both ways – with equities rallying on rebounding data and bonds rallying on dismal COVID-19 news,” said ANZ Research analyst Rahul Khare.

Indeed, for the second quarter Asia ex-Japan shares were on course for a 17.8% gain, which would be the biggest quarterly increase since the third quarter of 2009. Stocks appear to have received an added boost on Tuesday as some investors adjusted positions on the last trading day of the quarter. On Monday, the Dow Jones Industrial Average .DJI rose 2.32%, the S&P 500 .SPX gained 1.47% and the Nasdaq Composite .IXIC added 1.2%.

China’s official purchasing managers’ index (PMI) released Tuesday showed factory activity in the world’s second-largest economy grew for a fourth straight month in June. China’s services sector PMI also expanded at a faster pace compared to the previous month. A recent resurgence in coronavirus infections had led some investors to question the strength of a rebound in global economic activity.

The swing in sentiment between hopes and fears has kept markets on edge. The yield on benchmark 10-year Treasury notes US10YT=RR was little changed at 0.6348% in Asia as traders braced for U.S. non-farm payrolls data on Thursday, which is forecast to show an improving labour market.

U.S. Federal Reserve Chairman Jerome Powell on Monday said the outlook for the world’s biggest economy is “extraordinarily uncertain” and signalled more monetary stimulus may be necessary, which could limit gain in yields. Confirmed COVID-19 cases worldwide rose past 10 million and deaths surpassed 500,000 on over the weekend.

The bulk of new cases were reported in the United States and Latin America, stoking fears that the outbreak could stall economic recoveries just as lockdowns begin to ease. In currency markets, the dollar held onto gains against the yen JPY= and the Swiss franc CHF= as the recent increase in coronavirus infections supported safe-haven demand for the greenback. [FRX/]

In the onshore market, the yuan CNY=CFXS rose slightly to 7.0685 against the dollar. U.S. crude CLc1 fell 0.48% to $39.51 a barrel, while Brent crude LCOc1 slipped 0.31% to $41.58 per barrel, weighed by concerns about oversupply after Libya cited progress in resuming oil exports. [O/R] Additional reporting by Stanley White in Tokyo; Editing by Sam Holmes & Shri Navaratnam

 

On Monday, the Dow Jones Industrial Average .DJI rose 2.32%, the S&P 500 .SPX gained 1.47% and the Nasdaq Composite .IXIC added 1.2%. China’s official purchasing managers’ index (PMI) released Tuesday showed factory activity in the world’s second-largest economy grew for a fourth straight month in June. China’s services sector PMI also expanded at a faster pace compared to the previous month.

A recent resurgence in coronavirus infections had led some investors to question the strength of a rebound in global economic activity. The swing in sentiment between hopes and fears has kept markets on edge.The yield on benchmark 10-year Treasury notes US10YT=RR was little changed at 0.6348% in Asia as traders braced for U.S. non-farm payrolls data on Thursday, which is forecast to show an improving labour market.

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U.S. Federal Reserve Chairman Jerome Powell on Monday said the outlook for the world’s biggest economy is “extraordinarily uncertain” and signalled more monetary stimulus may be necessary, which could limit gain in yields.

Confirmed COVID-19 cases worldwide rose past 10 million and deaths surpassed 500,000 on over the weekend. The bulk of new cases were reported in the United States and Latin America, stoking fears that the outbreak could stall economic recoveries just as lockdowns begin to ease. In currency markets, the dollar held onto gains against the yen JPY= and the Swiss franc CHF= as the recent increase in coronavirus infections supported safe-haven demand for the greenback. [FRX/]

In the onshore market, the yuan CNY=CFXS rose slightly to 7.0685 against the dollar.U.S. crude CLc1 fell 0.48% to $39.51 a barrel, while Brent crude LCOc1 slipped 0.31% to $41.58 per barrel, weighed by concerns about oversupply after Libya cited progress in resuming oil exports. [O/R]

U.S. crude fell 0.48% to $39.51 a barrel, while Brent crude slipped 0.31% to $41.58 per barrel, weighed by concerns about oversupply after Libya cited progress in resuming oil exports. [O/R]

By Stanley White, Imani Moise

Mar.12 — Dan Fineman, co-head of APAC equity strategy at Credit Suisse, discusses the fall in Asian markets and what it will take to stop the rout. He speaks on “Bloomberg Markets: China Open.”

 

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