Morgan Stanley sees room for the yuan to climb further, but disagrees with more bullish views that the currency is significantly undervalued. The Chinese yuan may advance to 6.70 against the dollar in the near term, supported by stronger growth and improving risk sentiment, according to the bank’s latest forecasts. It also raised its year-end expectations to 6.75 from 7 previously, bringing it mor...
Morgan Stanley sees room for the yuan to climb further, but disagrees with more bullish views that the currency is significantly undervalued. The Chinese yuan may advance to 6.70 against the dollar in the near term, supported by stronger growth and improving risk sentiment, according to the bank’s latest forecasts. It also raised its year-end expectations to 6.75 from 7 previously, bringing it more in line with the Bloomberg consensus. Still, the bank argues that much of the rally may already have played out. The CFETS index — which tracks the yuan against a basket of trading partners — has returned to levels in line with recent years, suggesting the “catch-up” phase after earlier weakness is over, according to chief China economist Robin Xing . “Significant proactive appreciation against the basket is unlikely,” Xing said in emailed comments to Bloomberg News on Wednesday. “I believe the yuan is not significantly undervalued.” That view contrasts with a more bullish camp including Goldman Sachs Group Inc. , which estimates the yuan is more than 20% undervalued and expects it to strengthen to around 6.5 over the coming year. Others forecasting further gains include JPMorgan Asset Management , Eurizon SLJ Capital’s chief investment officer Stephen Jen , and Hao Hong , chief investment officer at hedge fund Lotus Asset Management. The onshore yuan was little changed at 6.7923 Wednesday. The Chinese currency has risen almost 6% against the dollar in the past year, making it one of Asia’s best-performing currencies. Both onshore and offshore rates climbed past the closely watched 6.8 per dollar level this week to their strongest since early 2023. The gains come ahead of a summit between Presidents Donald Trump and Xi Jinping in Beijing this week, which traders say could help sustain the trade detente supporting stocks and the yuan. The differing views come down to how investors interpret China’s policy priorities. Bulls highlight strong exports, persistent trade surplus...
SusanneB/E+ via Getty Images This article is part of a series that provides an ongoing analysis of the changes made to ARK Invest 's 13F portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 05/12/2026. ARK Invest was founded by Cathie Wood in 2014. They manage several actively managed ETFs, index ETFs, and certain other international products. Assets Under Management h...
SusanneB/E+ via Getty Images This article is part of a series that provides an ongoing analysis of the changes made to ARK Invest 's 13F portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 05/12/2026. ARK Invest was founded by Cathie Wood in 2014. They manage several actively managed ETFs, index ETFs, and certain other international products. Assets Under Management have come down from over $50B at the peak to ~$13B now. They invest in what they term "disruptive innovation." The actively managed ETFs are ARK Innovation ETF ( ARKK ), ARK Autonomous Technology & Robotics ETF ( ARKQ ), ARK Next Generation Internet ETF ( ARKW ), ARK Genomic Revolution ETF ( ARKG ), ARK Blockchain & Fintech Innovation ETF ( ARKF ), ARK Space & Defense Innovation ETF ( ARKX ), and ARK 21Shares Bitcoin ETF ( ARKB ). This quarter, ARK Invest 's 13F portfolio value decreased from ~$15.07B to ~$12.86B. The number of holdings decreased from 197 to 182. There are 36 securities that are significantly large, and they are the focus of this article. The top three holdings are at ~17% while the top five are at ~24% of the 13F assets: Tesla, Advanced Micro Devices, CRISPR Therapeutics, Shopify, and Palantir. Please visit our previous update for the fund 's moves during Q4 2025. Note 1: Unlike other investment management businesses, ARK is pioneering an open-source model of investment research through a couple of initiatives: a) Valuation models on businesses are being made available to the public through GitHub (somewhat out-of-date at the moment), and b) daily trades are available to anyone who signs up for it. Note 2: The 13F data on which this article is based is as of 03/31/2026. Updated daily holdings data for each of their ETFs is publicly available . Note 3: Although as a percentage of the overall portfolio the positions are very small, it is significant that they have sizable ownership stakes in the following businesses: 908 Devices ( MASS ), Absci Corporation ( ...
Hong Kong will halve tolls for all commercial vehicles using public tunnels for two months from Sunday, in the government’s latest effort to ease business costs amid surging fuel prices driven by the war in the Middle East. Buses, goods vehicles, light buses and taxis registered with the Transport Department will benefit from the measure, while private cars and motorcycles are excluded, according ...
Hong Kong will halve tolls for all commercial vehicles using public tunnels for two months from Sunday, in the government’s latest effort to ease business costs amid surging fuel prices driven by the war in the Middle East. Buses, goods vehicles, light buses and taxis registered with the Transport Department will benefit from the measure, while private cars and motorcycles are excluded, according to a government announcement on Wednesday. The temporary 50 per cent discount will apply at all...
Altman Fires Back At Musk During OpenAI Trial Testimony OpenAI CEO Sam Altman spent roughly four hours on the witness stand Tuesday defending the company’s shift from a nonprofit to a for-profit model, directly rebutting Elon Musk’s claims that he and co-founder Greg Brockman “stole a charity” when they restructured the artificial intelligence lab. "I think it’s wonderful that through the hard wor...
Altman Fires Back At Musk During OpenAI Trial Testimony OpenAI CEO Sam Altman spent roughly four hours on the witness stand Tuesday defending the company’s shift from a nonprofit to a for-profit model, directly rebutting Elon Musk’s claims that he and co-founder Greg Brockman “stole a charity” when they restructured the artificial intelligence lab. "I think it’s wonderful that through the hard work of thousands of people … we’ve been able to create one of largest nonprofits in the world, [and] that it has this role to protect the technology and the impact on the world," Altman told the court. The testimony came during the third week of Musk’s federal lawsuit against Altman, Brockman, and OpenAI in U.S. District Court in Oakland, California. Musk, who helped found OpenAI in 2015 but left its board in 2018, accuses the pair of betraying the original mission to develop safe AI for humanity after he provided tens of millions in early funding. He is seeking Altman’s and Brockman’s removal from leadership, more than $150 billion in damages, and the unwinding of OpenAI’s 2019 conversion to a for-profit structure now backed heavily by Microsoft. Musk has accused the pair of bilking him out of $38 million in donations , then restructuring the nonprofit lab they coufounded by exclusively licensing their flagship product to Microsoft. This, Musk's team argues, betrayed OpenAI's founding mission to operate an open-source charity that would counter the existential risks of profit-driven AI. Altman told the jury that Musk had pushed for significant personal control from the outset, including an early proposal that he receive 90 percent equity in the company - an idea Altman said made him “extremely uncomfortable.” He also rejected Musk’s suggestion of a merger with Tesla, saying it would have compromised OpenAI’s independence because “Tesla needs to serve its customers and sell cars.” On the central issue of the for-profit conversion, Altman testified that Musk either supported t...
(RTTNews) - Recordati (REC.MI) reported that its first quarter net income grew 22.4% to 153.06 million euros from 125.04 million euros, prior year. Earnings per share rose to 0.732 euros from 0.598 euros, up 22.4%. Adjusted net income was 188.14 million euros, up 7.2%.
(RTTNews) - Recordati (REC.MI) reported that its first quarter net income grew 22.4% to 153.06 million euros from 125.04 million euros, prior year. Earnings per share rose to 0.732 euros from 0.598 euros, up 22.4%. Adjusted net income was 188.14 million euros, up 7.2%.