(Bloomberg) -- All the legendary Wall Street investors complaining about how expensive stocks have become can’t have been talking about Europe.Valued near a record low relative to the S&P 500 on an estimated price-to-book basis, the Stoxx Europe 600 Index has lagged behind in the equity market’s recent rally, adding 18% since the March trough compared with a gain of about 30% in the U.S. benchmark.“European equities have massively underperformed the U.S. year-to-date,” said Alberto Tocchio, chief investment officer at Swiss wealth-management firm Colombo Wealth SA. “We are getting increasingly less bearish on European value sectors -- autos, financials -- mainly due to due to light investor positioning and fundamental valuations.”Tocchio’s comments provide a contrast with those of high-profile investors Stan Druckenmiller and David Tepper, who this month became the latest to weigh in after a historic market rebound, saying the risk-reward of holding shares is the worst they’ve encountered in...
President Barack Obama, Lebron James, Malala and others celebrated the high school senior class of 2020 in the virtual webcast Graduate Together: America Honors The High School Class Of 2020. Photo Courtesy of EIF and XQ...
Canadian Prime Minister Justin Trudeau said on Saturday he would look at possible ways to help airlines further, but laid out no new measures after the country's biggest airline announced mass layoffs due to the coronavirus pandemic. Air Canada said on Friday it would cut its workforce by up to 60% as the airline tries to save cash amid the COVID-19 pandemic and adjust to a lower level of traffic. "This pandemic has hit extremely hard on travel industries and on the airlines particularly," Trudeau said in a briefing in Ottawa....
(Bloomberg) -- More than $8 trillion has been thrown at the Covid-19 crisis by governments around the globe and hundreds of billions more by central banks from Washington to Wellington. And that means investors are finding a swath of opportunities from investment-grade bonds to emerging-market equities.Looking where central banks themselves are buying, even if it’s been well flagged, still has merits, according to portfolio managers at Western Asset Management Co. and JPMorgan Asset Management. Areas of China’s vast bond market, including junk-rated company debt, are yet to benefit and have room to catch up with more highly-rated peers as authorities keep pumping in stimulus, says M&G Investments.Here’s a look at some key areas and topics for money managers as authorities take more steps to tame the pandemic’s impact.CreditJPMorgan Asset Management’s Patrik Schowitz says investment-grade credit is well supported by central banks and offers a good way to add risk assets to...
