中东战事颠覆了通胀预期，宏观对冲基金在3月陷入困境，行业内多家大型机构出现巨额亏损。 据投资者信函显示，Said Haidar旗下的Jupiter Fund在3月亏损约12%，季度收益收窄至13.4%。据知情人士透露，Brevan Howard Master Fund下跌6.6%，创下其二十余年历史上最严重的单月亏损，这些人士因未获授权谈论相关收益情况要求匿名。 另有消息称，Diego Megia...
中东战事颠覆了通胀预期，宏观对冲基金在3月陷入困境，行业内多家大型机构出现巨额亏损。 据投资者信函显示，Said Haidar旗下的Jupiter Fund在3月亏损约12%，季度收益收窄至13.4%。据知情人士透露，Brevan Howard Master Fund下跌6.6%，创下其二十余年历史上最严重的单月亏损，这些人士因未获授权谈论相关收益情况要求匿名。 另有消息称，Diego Megia旗下的Taula Capital Management亏损8.6%，今年以来累计亏损扩大至7.6%；Edouardde Langlade旗下的EDL Global Opportunities Master Fund在3月下跌11%。 Haidar Capital Management、Brevan Howard Asset Management、Taula及EDL Capital的发言人皆拒绝置评。 押注宏观经济趋势的对冲基金今年年初表现强劲，通胀与利率持续下行。但这一态势在2月底骤然终结——伊朗对美国和以色列袭击的反击导致中东油气运输严重受阻，通胀与利率预期大幅飙升。 3月欧洲利率市场出现历史性波动，在冲突持续时间与规模信号相互矛盾的情况下，交易员难以评估能源价格暴涨的影响及其对经济增长的潜在冲击。 目前尚不清楚Said Haidar旗下基金3月亏损的具体原因。据投资者信函，截至2月末，这只高风险、高杠杆基金在大宗商品和股票市场持仓较重，外汇敞口较小。Said Haidar当时似乎已预判到市场动荡，称公司观点是“各国央行将把控制通胀置于刺激增长之上”，这将引发“全球增长放缓，且美国以外地区受到的冲击最为严重”。 相比之下，量化对冲基金成为罕见的亮点。另有消息称，法国量化机构Capital Fund Management旗下两只最大基金当月获利6%，Renaissance Technologies旗下两只基金也勉强实现盈利。 D. E. Shaw&Co.上月同样实现盈利。其旗舰多策略Composite基金上涨2.2%，专注宏观策略的Oculus基金上涨3.9%，今年以来收益分别升至4.9%和7%。 责任编辑：李肇孚
Myles Bradshaw, head of global aggregate strategies at JPMorgan Asset Management, discusses the outlook for inflation, central bank policy and bond markets after the US and Iran agreed a two-week ceasefire. "As you're seeing the energy shock diminish, the risk of second round effects comes down," Bradshaw tells Bloomberg Television. (Source: Bloomberg)
Myles Bradshaw, head of global aggregate strategies at JPMorgan Asset Management, discusses the outlook for inflation, central bank policy and bond markets after the US and Iran agreed a two-week ceasefire. "As you're seeing the energy shock diminish, the risk of second round effects comes down," Bradshaw tells Bloomberg Television. (Source: Bloomberg)
This article was first published on April 8, 1986. Billion dollar brilliance by Staff Reporters The new $5.2 billion headquarters of the Hongkong and Shanghai Banking Corpn was formally opened last night (April 7, 1986) when the Governor, Sir Edward Youde, snipped a simple ribbon. The building, every light ablaze, was a symbol of the bank’s faith in the future of Hongkong, said the bank’s chairman...
This article was first published on April 8, 1986. Billion dollar brilliance by Staff Reporters The new $5.2 billion headquarters of the Hongkong and Shanghai Banking Corpn was formally opened last night (April 7, 1986) when the Governor, Sir Edward Youde, snipped a simple ribbon. The building, every light ablaze, was a symbol of the bank’s faith in the future of Hongkong, said the bank’s chairman, Mr Michael Sandberg. Many also saw it as a vindication of Mr Sandberg’s own commitment in his...
China has implemented a new regulation on supply chain security that hands officials the power to punish any entities deemed to threaten the country’s access to vital resources and the free flow of goods, as Beijing confronts an increasingly turbulent global outlook. The 18-point regulation – which was passed and became effective on March 31, but the full text of which was only published on Tuesda...
China has implemented a new regulation on supply chain security that hands officials the power to punish any entities deemed to threaten the country’s access to vital resources and the free flow of goods, as Beijing confronts an increasingly turbulent global outlook. The 18-point regulation – which was passed and became effective on March 31, but the full text of which was only published on Tuesday – elevates safeguarding China’s industrial and supply chains to a national security issue. The new...
Banning crypto firms from offering customers yield on stablecoins would not have a meaningful effect on community banks, White House economists said in a report on Wednesday — marking the latest development in a fierce conflict between the two industries that has stalled legislation in Congress. Prohibiting such rewards would only boost traditional lending marginally — by 0.02%, or $2.1 billion — ...
Banning crypto firms from offering customers yield on stablecoins would not have a meaningful effect on community banks, White House economists said in a report on Wednesday — marking the latest development in a fierce conflict between the two industries that has stalled legislation in Congress. Prohibiting such rewards would only boost traditional lending marginally — by 0.02%, or $2.1 billion — most of which would come from large banks rather than community lenders, according to the report by the Council of Economic Advisers . “The conditions for finding a positive welfare effect from prohibiting yield are simply implausible,” the report states. “In short, a yield prohibition would do very little to protect bank lending, while forgoing the consumer benefits of competitive returns on stablecoin holdings.” The report contradicts findings by the Independent Community Bankers of America , a trade group, which has said that small banks are at risk of potentially losing $1.3 trillion in deposits and $850 billion in loans if legislation is passed that explicitly allows certain interest payments on stablecoins, which can offer juicier rewards. Read More: FDIC Lays Out Guidelines for Institutions Issuing Stablecoins CEA is expected to provide objective advice on domestic and international economic policy issues. But it sits within the White House’s executive office at a time when President Donald Trump has been supportive of the crypto industry and actively engaged in getting Congress to move stablecoin legislation along. The tokens are designed to maintain a constant price and are often pegged one-for-one to the value of the US dollar. In July, Trump signed a landmark framework for stablecoin issuers, which prohibits them from offering any form of interest or yield. However, the law does not ban distribution partners from offering rewards tied to stablecoin balances. Coinbase Global Inc. , for example, offers 3.5% on certain customers’ balances of USDC, a stablecoin issue...
New CEO hails ‘Axe the Tax’ revolt in previous battle Dunshea surprised by RSPCA comments on welfare The chief executive of the British Horseracing Authority, Brant Dunshea, has revealed that the sport will consider more direct action protests as they continue to battle against government plans to introduce affordability tests for punters. A one-day strike last September that led to four scheduled...
New CEO hails ‘Axe the Tax’ revolt in previous battle Dunshea surprised by RSPCA comments on welfare The chief executive of the British Horseracing Authority, Brant Dunshea, has revealed that the sport will consider more direct action protests as they continue to battle against government plans to introduce affordability tests for punters. A one-day strike last September that led to four scheduled meetings being cancelled played a pivotal role in the government abandoning plans to increase the tax on betting from 15% to 21%, which the BHA estimated would have cost £330m to the industry. Continue reading...