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CNBC Pro: Fidelity’s China fund beats the crowd.how do you plan to continue
Fidelity Fund, which invests billions in China-related strategies, has outperformed the fund for the second year in a row this year, according to Morningstar.
“Being underweight China is very trendy or even desirable, but there’s just too much negative news,” said Catherine Yong, equity investment director at Hong Kong-based Fidelity International. I think it’s priced in and the sentiment is too bearish.”
She told CNBC that it generally took about 15 months for people in various parts of the world to fully recover from the coronavirus lockdown.
“China just reopened in January,” she said.
CNBC Pro subscribers can read more here.
Friday, September 1, 2023 8:36 EDT
Unemployment rises to 3.8% in August, average hourly wage gains slower than expected
The U.S. Department of Labor said Friday that the unemployment rate rose to 3.8% in August, but wage gains were lower than expected and there were signs that the economy was slowing and price pressures were easing.
The unemployment rate is expected to hit 3.5%, the same level as last month, according to a Dow Jones survey of economists. The average hourly wage increased by 0.24% in the same month and by 4.29% from the same month last year. That fell short of economists’ expectations of a 4.4% increase.
Nonfarm payrolls increased by 187,000 seasonally adjusted jobs in the month, beating the 170,000 forecast of economists polled by Dow Jones. However, the originally announced June and July employment figures were revised downward by a total of 110,000.
— Samantha Soobin
Friday, September 1, 2023 9:18 EDT
Traders increasingly believe the Fed has completed rate hikes
Traders are more confident that the U.S. Federal Reserve could raise interest rates later this year after August’s unemployment rate signaled a cooling labor market.
The market priced in a 93% chance that the Fed would keep rates unchanged for September on Friday morning, the newspaper said. CME FedWatch Tool. The odds rose from 88% on Thursday.
Meanwhile, the odds of the central bank not raising rates in November rose to 65%. That was up from 58.9% the day before.
— Sara Min
Friday, September 1 2023 1:04 PM EDT
The much-anticipated Arm IPO could come to fruition at the end of this month
The much-anticipated IPO of SoftBank-backed Arm could materialize this month, a major test for market sentiment, according to Wall Street firm Ross MKM.
“We believe ARM could begin its IPO roadshow as early as next week, with the first trading day likely to be before September 20,” Ross MKM said in a memo.
The Cambridge, UK-based technology giant touts the advanced chip designs found in nearly every smartphone in the world. Roth-MKM said Arm is benefiting from long-term tailwinds from AI demand and the proliferation of non-smartphone semiconductors.
Its debut will be a big signal whether the IPO market is ready to recover from the drought caused by rising interest rates.
— Yun Lee
Friday, September 1 2023 2:08 PM EDT
VinFast’s Explosive Rise Fades Fast
Vietnamese EV maker VinFast failed to establish itself as a meme stock after its spectacular rise quickly faded. VinFast is down 60% this week after a headache-inducing six-day winning streak, cutting its gains since its market debut to about 170%.
According to Vanda Research, retail participation in VinFast is still far below that of other popular Asian automakers at the height of their popularity.