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The fully customizable Cascade mechanical keyboard with 98% layout features a full-size number pad for improved typing accuracy and productivity
(Bloomberg) – With Chinese markets prone to sharp turning points followed by long and strong trends, the timing of the purchase is almost as important as the buying decision.
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Investors who jumped into Chinese stocks on Nov. 11, as Beijing eased Covid-19 quarantine periods and rolled back testing, have participated in a rally that added nearly $370 billion to stocks in the MSCI China Index Has.
Others are still waiting for clearer signals after Wall Street was so wrong this time last year. Goldman Sachs Group Inc., JPMorgan Chase & Co. and BlackRock Inc. were among those who recommended getting into the market at the time, only to see more than $4 trillion in value destroyed in the 10 months to October.
“Chinese politics is like a giant freight train going down the tracks,” said John Lin, fund manager for Chinese equities at AllianceBernstein in Singapore. “What you do first is get out of the way. Don’t get left behind! Then get on the train as soon as you can.”
China’s benchmark CSI 300 index is up about 8% from a yearly low hit in late October, despite a rise in the number of Covid cases. Daily infections rose above 30,000 for the first time on Thursday as officials struggle to contain outbreaks that have sparked fresh restrictions in some of the country’s biggest cities.
Ahead of the curve
Abrdn Plc is among those already seeing opportunities in the country’s corporate bonds following Covid policy changes and a comprehensive package of measures to support the property sector.
Investors can also position themselves immediately to take advantage of a likely steepening of the Chinese government bond yield curve as the Covid economy reopens, according to Ray Sharma-Ong, a multi-asset and investment solutions fund manager at abrdn.
“Call the front end of the curve while shorting the back end,” Sharma-Ong said. Better growth prospects would push back-end rates higher, while China’s supportive monetary policy will contain front-end rates, he said.
Dollar-denominated Chinese corporate bonds already offer opportunities with yields around 8%, he said. Investing in local-currency corporate bonds comes with a bonus of 2% positive carry after investors hedged the yuan against the dollar, according to Sharma-Ong, who expects the yuan to continue gaining strength.
M&G Investments (Singapore) Pte and Eastspring Investments Singapore Ltd. buy Chinese stocks in the market. Eastspring says they can’t get much cheaper, while M&G favors domestic consumer brands, original equipment manufacturers for electric and traditional vehicles, and factory automation.
“We’re very close to valuation bottoms and also very, very close to bottom assumptions on earnings,” said Bill Maldonado, chief investment officer at Eastspring, which has $222 billion under management. “They would buy now and expect things to bounce back on a three to six month basis.”
Catherine Yeung, investment director at Fidelity International, said that so much negative news has already fed into Chinese stock prices that the worst for investors is likely to be over.
For those still on the fringes, an early December Politburo meeting followed by the annual Central Economic Work Conference could provide useful signals.
Jason Liu of the international private bank Deutsche Bank AG plans to keep an eye on state media around this time. News from the closed working conference, which will bring together policymakers to review the economy this year and set targets and tasks for 2023, could be a catalyst for trade to reopen further.
“We may be seeing some signals from top leadership,” said Liu, who expects near-term volatility in Chinese assets and a “very gradual” move away from Covid Zero over the next few quarters.
Liu recommends looking beyond the likely swing and taking a broad position in Chinese stocks, including the technology sector, to benefit from a gradual turnaround in sentiment.
He also sees the yuan as attractive given its likely appreciation in the first half of next year. Liu does not currently recommend lending as the real estate market may take longer to recover.
spring pivot point
Morgan Stanley is among those with high hopes of accelerating China’s economic opening in the spring, when the weather brightens, vaccinations may increase and March’s National People’s Congress looms as a key event for market-moving developments.
According to Andrew Sheets, Morgan Stanley’s chief cross-asset strategist, investors who were underweight Chinese assets could switch to neutral around this time.
According to the investment bank, China’s domestically-focused consumer goods companies will benefit.
“When investors are presented with a paused reopening of the Fed and China and stronger growth in the second half of 2023, I think they will see that as a positive backdrop for many different emerging market assets,” Sheets said.
According to Bloomberg macro strategist Simon Flint, the reopening of the Covid economy in 2023 could result in a positive surge in inflows into China’s equities equivalent to 1% of gross domestic product. This, in turn, will boost the yuan, he said.
James Leung, Head of Multi-Asset for Asia Pacific at Barings, recommends aligning Chinese equity portfolios with government policy priorities by investing in the electric vehicle sector, renewable energy and the hardware technology supply chain.
AllianceBernstein sees energy and technology security stocks as low-hanging fruit for investors as long as the companies are aligned with government targets.
The market has changed since the pre-pandemic era and regulator crackdown, when investors hunted for the latest tech and biotech darlings “and then watched the money grow tenfold, hundreds of times,” AllianceBernstein’s Lin said. “You can still find growth now, but it has to be a policy-sensitive way of looking.”
–Assisted by Ruth Carson, Sofia Horta e Costa, Ishika Mookerjee and Abhishek Vishnoi.
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The disgraced founder of crypto exchange FTX, which went bust aCentre County Reporter looting client funds, says he’s not particularly focused on criminal risks he may be facing at the moment. His remarks came during a widely watched interview at a New York Times DealBook conference.
“There will be a time and a place to reflect on myself and my own future. But I don’t think it is. Look, I’ve had a bad month,” Sam Bankman-Fried responded to a question from host Andrew Ross Sorkin about whether he was concerned about criminal liability for his actions.
The comments sparked laughter from audiences and raised eyebrows on social media, where many were surprised Bankman-Fried even agreed to the live interview. Those at the center of potentially criminal scandals usually heed lawyers’ advice to remain calm lest they provide compromising information to prosecutors.
“They’re not at all,” Bankman-Fried replied when asked if attorneys were telling him to speak out. “I have a duty to explain what happened … I don’t see what is achieved by just sitting cooped up in a room and pretending the outside world doesn’t exist.”
Legal observers have suggested that Bankman-Fried’s conduct at FTX could amount to wire fraud, a federal law that can carry a 20-year prison sentence. For the time being, he has not been charged with any criminal charges and is presumed innocent.
Sam Bankman-Fried, dressed in a black t-shirt and appearing practically from the Bahamas, apologized for FTX’s collapse, which has leCentre County Report it owing money to more than a million customers and creditors. But he denied attempting to commit fraud.
“[I] not even knowingly mixed. I was frankly surprised at how big Alameda’s position was, which indicates another failure on my part. I wasn’t trying to mix funds,” he said, referring to his hedge fund, which drew funds from the FTX exchange when it ran into financial difficulties earlier in the year.
On several occasions during the interview, Bankman-Fried apologized to investors for the FTX debacle but didn’t seem to acknowledge that he had done anything morally wrong.
“Ultimately, I had a duty to investors, to the world. I didn’t do that well. I made a lot of mistakes. There are things I would give anything to do again. I wasn’t trying to cheat on anyone … There are things I wish I had done differently,” he said.
Our new weekly Impact Report newsletter will examine how ESG news and trends are shaping the roles and responsibilities of today’s leaders – and how best to address these challenges. Subscribe here.
The deal UMG sees acquire a 49% stake in which [PIAS] Group for an undisclosed sum, following the formation of a strategic global alliance between the two companies in June 2021.
In a letter to [PIAS]’s Partners on Tuesday (November 29), a day before the deal was announced, the indie company’s founders, Kenny Gates and Michel Lambot, outlined the background and reasons behind their decision to close the deal with UMG.
In the note MBW has now received, Gates and Lambot wrote that they did “established a productive and mutually trusting working relationship with UMG” oin the last 18 months since they formed their global alliance in June last year.
UMG has “shown us clearly that they understand and appreciate the importance of [PIAS] in the marketplace as an autonomous global music company serving independent labels and artists,” added Gates and Lambot.
“With this in mind, we recently approached UMG to make an investment [PIAS] that would allow us to retain majority control of the company.”
The duo said they felt it was “a reasonable option in the context of an increasingly challenging economy and an uncertain geopolitical environment.”
“We recently approached UMG to make an investment [PIAS] this would allow us to retain majority control of the company. We felt this was a viable option in the context of an increasingly challenging economy and an uncertain geopolitical environment.”
Kenny Gates and Michel Lambot, [PIAS]
Keep commenting on the reasons for the deal, [PIAS]”We are also aware that the fronts have been redrawn in our industry,” write the founders of .
They continued, “Today we compete with tech and financial giants who don’t value the cultural significance of the artists and labels we work so hard for, but see music only as an ‘asset class’ to be ruthlessly exploited a speedy return,” they added in their letter.
According to the press release issued on Wednesday (November 30), as per their new agreement, “[PIAS] will remain fully independent and its founders, Kenny Gates and Michel Lambot, will retain majority control of the company.”
The publication confirmed that “UMG will have no seats on the company’s board of directors.”
You can read her letter [PIAS]’s full-length partner below.
Tomorrow morning we will announce that Universal Music Group has invested in a minority stake in [PIAS] Group.
We wanted to make sure that you, as our partner, were informed before the announcement went live. We also wanted to take this opportunity to share some background and arguments for our decision to include UMG as a minority shareholder.
As you were informed last June, we initially agreed a strategic partnership with UMG which gave us access to finance and allowed UMG to use our international distribution network for part of their own repertoire.
Over the past 18 months we have developed a productive and mutually trusting working relationship with UMG which has clearly shown us that they understand and value the importance of [PIAS] on the market as an autonomous global music company serving independent labels and artists.
With that in mind, we recently approached UMG to make an investment [PIAS] this would allow us to retain majority control of the company. We thought this was a reasonable option in the context of an increasingly challenging economy and an uncertain geopolitical environment.
We are also aware that the fronts in our industry have been redrawn. Today we compete with tech and financial giants who don’t value the cultural significance of the artists and labels we work so hard for, but only see music as an “asset class” to be ruthlessly exploited in exchange for a quick return on investment.
We are therefore pleased to confirm that UMG are now our partners and investors and that [PIAS] will remain fully independent, with Kenny and Michel retaining majority control of the company.
In addition, it is important to clarify that the UMG has no seats in the [PIAS] Blackboard.
This investment by UMG means we can continue to expand our offering and offer our partners an even better service in what is still a challenging, aggressive and acquisitive market. As one of the few remaining, globally operating and privately held music companies in this industry, we strive to provide independent labels and artists with the best possible service through our unrivaled international network, led by passionate and experienced music lovers.
We will continue to strive to be a trusted and valued partner to you and all the other great labels, artists and their managers that we are privileged to work with through our two distribution companies [Integral] and the [PIAS] label group.
Nothing changes – business as usual remains the same [PIAS].
If you have any questions about this announcement or our plans for the foreseeable future, please do not hesitate to contact us.
We would like to thank you very much for your trust and look forward to continuing our long-standing partnership.
Kenny, Michel and the [PIAS] Leadership team music business worldwide
The fully customizable Cascade mechanical keyboard with 98% layout features a full-size number pad for improved typing accuracy and productivity
LOS ANGELES, Nov. 30, 2022 (GLOBE NEWSWIRE) — AZIO, the company that developed the popular Cascade 75% keyboard line, today announced the launch of Cascade 98% on Kickstarter. Last March, AZIO successfully funded the Cascade 75 keyboard series and reached its funding goal within the first week. As a successor, the Cascade 98 offers a full-size number pad and is available in standard and slim profiles. This gives users the ability to remain unobtrusive, which is trending among keyboard enthusiasts.
With customization options, users can expect to customize their choice of keyswitches, keycaps, and even the aluminum top plate. The Cascade keyboard is now available in a 98% layout that is a blend of form and function for users who prefer a full-featured keyboard in a compact form.
The Cascade and Cascade Slim come in two basic keycap themes, Galaxy and Forest, with laser-etched lettering for a backlit effect. Four sets of PBT keycaps can be purchased separately, more designs are in the pipeline.
Most notably, the mechanical keyboard is equipped with a hot-swappable switch mechanism that allows users to choose their preferred mechanical switch. Options on the Kickstarter include four different Gateron G-Pro switches: blue, brown, yellow, or red, and three different low-profile Gateron switches: blue, brown, or red. The Cascade keyboard is compatible with all MX switches compatible, allowing users to swap out and use their own favorite switches.
Other features of the Cascade 98% are:
The Cascade 98 is available now kickstarters. Backers can take advantage of the early bird special starting at $99 on any base model.
About AZIO Corporation
Founded in Los Angeles in 2009, AZIO was created as an answer to the stagnant aesthetic of workplace accessories. Our design goal is to develop innovative products that are intuitively easy to use, offer maximum comfort and leave a minimal ecological footprint. Bypassing traditional materials, form and function, we disrupt conventional design to create your dream workspace. Our aim is to spark creativity and improve the way you work through a unique narrative that is efficient yet beautiful. Let us help revolutionize the way you work.
AZIO Cascade 98 Mechanical keyboard with slim bronze body and Forest Light keycaps.
This content was published by the News release distribution service at Newswire.com.
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