Price Controls Arrive: South Korea, Taiwan Impose Fuel Price Cap It’s a bloodbath across Asian markets this morning with Asia being the world’s largest oil-importing region. Based on a Goldman analysis of the impact of higher oil on real GDP growth (chart below), China is the most insulated from supply-driven oil price increases compared to other emerging Asian economies, with $15/bbl higher crude...
Price Controls Arrive: South Korea, Taiwan Impose Fuel Price Cap It’s a bloodbath across Asian markets this morning with Asia being the world’s largest oil-importing region. Based on a Goldman analysis of the impact of higher oil on real GDP growth (chart below), China is the most insulated from supply-driven oil price increases compared to other emerging Asian economies, with $15/bbl higher crude oil prices leading to 0-0.1pp lower GDP growth and 0.1-0.2pp higher headline CPI inflation. This resilience is partly due to the country's economic structure and the potential for government intervention to dampen the pass-through of global price increases to consumers. Increased oil stockpiling last year - some estimates put China's strategic oil resere at 1.5 billion barrels - and very low inflation over the past few years also make China less vulnerable to rising energy prices. Conversely, Singapore, followed by Taiwan and Korea, will bear the brunt of it with a -1.6% hit to GDP growth and this is only assuming $85 oil. Brent has now crossed the $100 handle with risks to the upside. Seen in this light, it is probably not a big surprise that South Korean President Lee Jae Myung said on Monday that authorities would cap domestic fuel prices for the first time in nearly 30 years to contain a spike in prices after the conflict in the Middle East sent global crude prices sharply higher. Speaking at an emergency cabinet meeting, Lee said in the government would "swifly implement and boldly impement" a maximum price system on petroleum products. The current crisis "is a significant burden on our economy, which is highly dependent on global trade and energy imports from the Middle East," Lee said in opening remarks. He added that South Korea will also look for sources of energy beyond supplies shipped via the Strait of Hormuz. Having emerged as the most cartoonish "market" in the world - whether it is stocks, crypto, or oil, and where even the smallest do...
shapecharge/E+ via Getty Images By Mark Garfinkel Private credit has grown meaningfully over the past decade, evolving from a niche allocation to a core component of many income-oriented portfolios. As the asset class has expanded, so too has the level of scrutiny around underwriting standards, liquidity management, and portfolio construction. Periods of increased attention are healthy for any mar...
shapecharge/E+ via Getty Images By Mark Garfinkel Private credit has grown meaningfully over the past decade, evolving from a niche allocation to a core component of many income-oriented portfolios. As the asset class has expanded, so too has the level of scrutiny around underwriting standards, liquidity management, and portfolio construction. Periods of increased attention are healthy for any market. They prompt investors and advisors to examine where capital is flowing, how risk is being managed, and whether structural protections remain intact. It is important to recognize, however, that private credit is not monolithic. The risk profile of a large, sponsor-driven direct lending portfolio can differ materially from that of a diversified portfolio of niche, asset-backed strategies operating in underbanked markets. Similarly, the structure through which private credit is accessed can significantly influence liquidity dynamics and portfolio resilience. Understanding these distinctions is essential. Capital Concentration and Competitive Dynamics A substantial portion of industry capital has flowed toward large, private equity-sponsored borrowers. These transactions often involve widely syndicated loans with multiple institutional participants competing for allocation. As competition increases, spreads may compress. Structural protections can weaken. Covenant flexibility may expand. Leverage levels may rise. These outcomes are not inherent to private credit itself, but rather to segments of the market where capital is abundant and transactions are heavily intermediated. By contrast, smaller and structurally complex lending opportunities - particularly within specialty finance, asset-based lending, consumer finance, and certain real estate credit segments - frequently remain underbanked. These markets often require specialized underwriting expertise and operational capabilities that limit participation. For illustrative purposes only. The graphic is a conceptual depict...
Any investors in the Schwab U.S. Dividend Equity ETF (SCHD 0.42%) who were able to ride out the rough years from 2023 to 2025 are finally being rewarded. This ETF has grown to become the second largest dividend exchange-traded fund (ETF) in the world with assets of more than $85 billion. It got to that point on the heels of eight consecutive years of performing in the top one-third of Morningstar'...
Any investors in the Schwab U.S. Dividend Equity ETF (SCHD 0.42%) who were able to ride out the rough years from 2023 to 2025 are finally being rewarded. This ETF has grown to become the second largest dividend exchange-traded fund (ETF) in the world with assets of more than $85 billion. It got to that point on the heels of eight consecutive years of performing in the top one-third of Morningstar's Large Value category. It even managed to keep pace with the S&P 500, a rarity for dividend ETFs in a tech-driven market. Over the past few years, however, it all fell apart. Megacap tech and artificial intelligence (AI) stocks drove the major indexes higher, but the Schwab U.S. Dividend Equity ETF underperformed badly even within its peer group. Overweights to lagging sectors, especially energy and consumer staples, led to three straight years of bottom-quartile performance, including performing in the bottom 2% in 2025. In 2026, however, it made a huge comeback. This year, it's in the top 1% of its Morningstar category and is the top-performing U.S. dividend ETF in the entire marketplace. How has the fund done it? Let's break down the portfolio to see what's driving performance. Nearly 40% of the fund is in energy, consumer staples If you look at the Schwab U.S. Dividend Equity ETF's positioning in 2026, it's about as perfect a match for what's working in the market right now as you'll find. Case in point, the fund's two biggest sector allocations are energy (20%) and consumer staples (19%). Of more than 100 U.S. dividend ETFs, only four have a higher allocation to energy. Only a dozen or so have more invested in consumer staples. Almost no ETF in this universe has a larger combined allocation to these two sectors. Energy is up about 27% this year, while consumer staples have gained 15%. These sectors have easily been the biggest drivers of returns for this fund. Expand NYSEMKT : SCHD Schwab U.S. Dividend Equity ETF Today's Change ( -0.42 %) $ -0.13 Current Price $ 31.13...
In this article USB XOM CVX Follow your favorite stocks CREATE FREE ACCOUNT Smoke rises from the site of airstrikes in a central area of the Iranian capital Tehran on March 6, 2026. Atta Kenare | Afp | Getty Images The U.S. government ordered non-emergency government employees to leave Saudi Arabia as the war engulfing Iran widened across the Middle East, pushing oil prices above $110 per barrel a...
In this article USB XOM CVX Follow your favorite stocks CREATE FREE ACCOUNT Smoke rises from the site of airstrikes in a central area of the Iranian capital Tehran on March 6, 2026. Atta Kenare | Afp | Getty Images The U.S. government ordered non-emergency government employees to leave Saudi Arabia as the war engulfing Iran widened across the Middle East, pushing oil prices above $110 per barrel and triggering a market sell-off in Asia. The U.S. embassy in Riyadh said Monday that non-emergency American government employees and their family members were ordered to leave the Kingdom, citing heightened risks from armed conflict, terrorism and missile and drone attacks from Yemen and Iran. That marked the first such departure order issued by Washington in Saudi Arabia since the war began. The move came as Iranian officials named Mojtaba Khamenei, son of the late supreme leader Ayatollah Ali Khamenei, as the country's new religious and political authority, consolidating control over the Iranian Revolutionary Guard and other hardline groups. Israel warned previously that any successor to Khamenei would be a potential target, while U.S. President Donald Trump threatened that a new leader in Tehran would be short-lived if the decision was made without his approval. Trump is also reportedly weighing deploying special forces on the ground to seize Tehran's near-bomb-grade uranium, Bloomberg reported, as officials sought to verify the location of the stockpile of highly enriched material. Oil markets reacted sharply. Crude prices spiked above $110 per barrel Monday morning after several Middle East energy producers announced plans to cut output. West Texas Intermediate jumped about 30%, or $27, to $117 per barrel. Global benchmark Brent advanced over 25% to $118. The last time oil prices breached $110 per barrel was after Russia invaded Ukraine in 2022. Stock Chart Icon Stock chart icon ICE Brent Crude The surge followed days of disruptions in the Strait of Hormuz, one of the ...
李慧琼：已口頭提醒陳家珮注意 重申監察委員會正處理 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】立法會主席李慧琼表示曾以主席身份口頭提醒陳家珮，要注意自己的行為，以符合公眾期望，重申監察委員會正處理這個案。 李...
李慧琼：已口頭提醒陳家珮注意 重申監察委員會正處理 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】立法會主席李慧琼表示曾以主席身份口頭提醒陳家珮，要注意自己的行為，以符合公眾期望，重申監察委員會正處理這個案。 李慧琼：「這個口頭提醒，其實是我作為立法會主席去作出，與監委會調查和處理是兩件事。簡單而言，是提醒所有議員要遵守議員守則，亦要注意自己的行為，以符合公眾期望。（記者：未來會否召開調查委員會？）稍後進一步，上次的講法，我們監委會正在處理。」