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2021-02-23

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Why Tesla is a dud in Japan

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16:13","market":"us","language":"en","title":"Why Tesla is a dud in Japan","url":"https://stock-news.laohu8.com/highlight/detail?id=1173374581","media":"MarketWatch","summary":"The automaker sold only 2,000 there last year\nTesla is the dominant electric car brand in most globa","content":"<p>The automaker sold only 2,000 there last year</p>\n<p>Tesla&nbsp;is the dominant electric car brand in most global markets, but not Japan. Despite the kind of density that would be friendly to electric vehicles and a generally eco-conscious population, Teslas have never caught on in the island nation.</p>\n<p>The automaker sold fewer than 2,000 cars in Japan last year, a tiny slice of the nearly half-million it delivered globally. Overall, automakers sold around 3.4 million cars in Japan last year, even as figures were down considerably due to the coronavirus pandemic.</p>\n<p>To boost sales there, Tesla has sliced asking prices on its Model 3 sedan by around 20%. The cheapest Model 3 is now 4.29 million yen (about $40,600), down from 5.11 million yen.</p>\n<p>Those prices are higher than in the U.S. market, though Tesla pays import duties to sell its cars in Japan. Tesla has also begun shipping cars to Japan from its new assembly plant in China, and the relative proximity of that facility compared with its factory in California reduces the cost of transport considerably.</p>\n<p><b>Electric car competition</b></p>\n<p>Tesla faces new, homegrown competition in Japan from the upcoming&nbsp;Nissan Ariya. The shapely SUV uses similar running gear to the Nissan&nbsp;Leaf, and its price point is likely to undercut Tesla.</p>\n<p>Additionally, Japan is not a big electric car market. Fewer than 1% of new-vehicle registrations in 2019 were for electrified cars including plug-in hybrids, about half of the U.S. and well under the roughly 12.3% in the European Union.</p>\n<p>Tesla has also trimmed prices in the U.S. on its&nbsp;Model 3&nbsp;and its&nbsp;Model Y&nbsp;SUV by $1,000 and $2,000, respectively. The Model 3 now starts at $36,990, while the Model Y costs $3,000 more.</p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Tesla is a dud in Japan</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Tesla is a dud in Japan\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-23 16:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-tesla-is-a-dud-in-japan-11613754088?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The automaker sold only 2,000 there last year\nTesla is the dominant electric car brand in most global markets, but not Japan. Despite the kind of density that would be friendly to electric vehicles ...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-tesla-is-a-dud-in-japan-11613754088?mod=home-page\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/why-tesla-is-a-dud-in-japan-11613754088?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1173374581","content_text":"The automaker sold only 2,000 there last year\nTesla is the dominant electric car brand in most global markets, but not Japan. Despite the kind of density that would be friendly to electric vehicles and a generally eco-conscious population, Teslas have never caught on in the island nation.\nThe automaker sold fewer than 2,000 cars in Japan last year, a tiny slice of the nearly half-million it delivered globally. Overall, automakers sold around 3.4 million cars in Japan last year, even as figures were down considerably due to the coronavirus pandemic.\nTo boost sales there, Tesla has sliced asking prices on its Model 3 sedan by around 20%. The cheapest Model 3 is now 4.29 million yen (about $40,600), down from 5.11 million yen.\nThose prices are higher than in the U.S. market, though Tesla pays import duties to sell its cars in Japan. Tesla has also begun shipping cars to Japan from its new assembly plant in China, and the relative proximity of that facility compared with its factory in California reduces the cost of transport considerably.\nElectric car competition\nTesla faces new, homegrown competition in Japan from the upcoming Nissan Ariya. The shapely SUV uses similar running gear to the Nissan Leaf, and its price point is likely to undercut Tesla.\nAdditionally, Japan is not a big electric car market. Fewer than 1% of new-vehicle registrations in 2019 were for electrified cars including plug-in hybrids, about half of the U.S. and well under the roughly 12.3% in the European Union.\nTesla has also trimmed prices in the U.S. on its Model 3 and its Model Y SUV by $1,000 and $2,000, respectively. The Model 3 now starts at $36,990, while the Model Y costs $3,000 more.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369163368,"gmtCreate":1614008752454,"gmtModify":1704886923242,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/369163368","repostId":"1106666176","repostType":4,"isVote":1,"tweetType":1,"viewCount":1706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385779225,"gmtCreate":1613578938567,"gmtModify":1704882411214,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385779225","repostId":"1146053060","repostType":4,"repost":{"id":"1146053060","kind":"news","pubTimestamp":1613540252,"share":"https://ttm.financial/m/news/1146053060?lang=en_US&edition=fundamental","pubTime":"2021-02-17 13:37","market":"fut","language":"en","title":"Is This Oil Rally The Start Of Something Much Bigger?","url":"https://stock-news.laohu8.com/highlight/detail?id=1146053060","media":"Oilprice","summary":"Commodities have rallied in recent months, outperforming equity indexes amid expectations of an econ","content":"<p>Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.</p>\n<p>The commodity bull run across the board—spearheaded by a 50-percent jump in oil prices over the past three months—isn’t finished running, analysts and investment banks say. Some of the biggest investment banks have even started to call the start of a new commodities supercycle, which by definition, lasts years—typically about a decade.</p>\n<p>Yet, not all investment banks and analysts are as convinced that we are in for a commodities supercycle across the board, warning that the term<i>supercycle</i>is too optimistic for a bull run that could fizzle out within a year or two and could still fall victim to negative COVID-related impacts.</p>\n<p><b><i>Commodity Rally</i></b></p>\n<p>As early as in October 2020, a few weeks before the first announcement of an&nbsp;effective vaccine candidate, Goldman Sachs&nbsp;said&nbsp;that commodities were headed toward a bull run in 2021. Hedges against expectations of rising inflation, a weakening U.S. dollar in which most commodities are traded, and signals of “very easy” monetary policy from central banks would be the key drivers of rallying commodities, Goldman Sachs said back then.</p>\n<p>Goldman expected the S&amp;P Goldman Sachs Commodity Index (GSCI) to return 42.6 percent for energy over a 12-month period, and 17.9 percent for precious metals.</p>\n<p>Over the past three months, the&nbsp;S&amp;P GSCI has outperformed&nbsp;the S&amp;P 500 index, with the commodity index rising by 25 percent, compared to (just) a 9-percent increase in the S&amp;P 500.</p>\n<p>Over the same period, oil prices have rallied from the low $40s to above $60 a barrel, driven by vaccine rollouts, OPEC+ production cuts, and expectations of a tight market and rising oil demand later this year when economies return to growth, helped by large stimulus packages.</p>\n<p><b><i>Some Drivers Of A New Supercycle Are Here…</i></b></p>\n<p>According to JPMorgan, there are reasons to believe that a new commodity supercycle may have just started.</p>\n<p>“We believe that the new commodity upswing, and in particular oil up cycle, has started,” JPMorgan analysts led by Marko Kolanovic said in a note last week, as carried by&nbsp;Bloomberg.</p>\n<p>The latest commodity supercycle ended in 2008 after a 12-year run, boosted by the super-spending and economic surge in China.</p>\n<p>JPMorgan now sees several&nbsp;potential factors&nbsp;underpinning a new supercycle: post-pandemic global economic growth, “ultra loose” monetary policies, increased and tolerated inflation, weakening U.S. dollar, financial inflows to hedge inflation, metals for energy transition markets such as batteries and electric vehicles (EVs), and underinvestment in new oil supply.</p>\n<p>The International Energy Agency (IEA)&nbsp;warned&nbsp;last year that if investment in oil were to stay at the 2020 levels over the next five years, it would reduce the previously expected level of oil supply in 2025 by nearly 9 million barrels per day (bpd).</p>\n<p>This year, global upstream investments will stay low, just like they were in 2020, Wood Mackenzie&nbsp;said&nbsp;in December, expecting upstream oil and gas investment at a 15-year low of just US$300 billion, down by 30 percent from the pre-crisis level of investment in 2019.</p>\n<p>“The world may be sleepwalking into a supply crunch, albeit beyond 2021. A recovery in oil demand back to over 100 million b/d by late 2022 increases risk of a material supply gap later this decade, triggering an upward spike in price,” said Simon Flowers, Chairman and Chief Analyst at WoodMac.</p>\n<p>Then, “very easy monetary policy” and reflation trade could push oil pricesas high as $100 a barrel&nbsp;next year, Amrita Sen, chief oil analyst at Energy Aspects, told Bloomberg earlier this month.</p>\n<p>In the week to February 9, hedge funds increased bullish bets on 24 major commodity futures by 5 percent to a fresh high of 2.7 million lots, representing a nominal value of $143.7 billion, Ole Hansen, Head of Commodity Strategy at Saxo Bank,said, commenting on the latest Commitments of Traders report.</p>\n<p>The combined net long position—the difference between bullish and bearish bets—in Brent and WTI has now increased to the highest in 28 months, while the net long in the grain sector in agriculture is not far from the record set in August 2012, Hansen noted.</p>\n<p>Post-pandemic growth, tightening supply, and continued demand for reflation hedges pushed the Bloomberg Commodity index to a 27-month high, Hansen said.</p>\n<p><b><i>But Is This The Start Of The Next Commodities Supercycle?</i></b></p>\n<p>Although crude oil and other commodities have rallied and signals have emerged to support the call for a new supercycle, some analysts are cautious and say it is a little early to proclaim the beginning of the next commodity supercycle.</p>\n<p>What we see in oil and commodities right now is a cyclical recovery, but a supercycle could be “two to three years away,” George Cheveley, portfolio manager at asset management company Ninety One, told&nbsp;Financial Times’ Natural Resources Editor Neil Hume.</p>\n<p>This bull run is unlikely to turn into a supercycle for commodities, because while investment may be depressed, “the material is abundant” for many commodities, including crude oil, Ed Morse, managing director and global head of commodities research at Citigroup, told the&nbsp;Financial Post&nbsp;in an interview last week.</p>\n<p>Commodities have certainly benefited from the optimism that post-COVID growth and stimulus packages will boost demand and prices, but it may be a little premature to trumpet the next decade-long across-the-board commodities supercycle.</p>","source":"lsy1606109400967","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is This Oil Rally The Start Of Something Much Bigger?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs This Oil Rally The Start Of Something Much Bigger?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 13:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html><strong>Oilprice</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.\nThe commodity bull run across the board—...</p>\n\n<a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146053060","content_text":"Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.\nThe commodity bull run across the board—spearheaded by a 50-percent jump in oil prices over the past three months—isn’t finished running, analysts and investment banks say. Some of the biggest investment banks have even started to call the start of a new commodities supercycle, which by definition, lasts years—typically about a decade.\nYet, not all investment banks and analysts are as convinced that we are in for a commodities supercycle across the board, warning that the termsupercycleis too optimistic for a bull run that could fizzle out within a year or two and could still fall victim to negative COVID-related impacts.\nCommodity Rally\nAs early as in October 2020, a few weeks before the first announcement of an effective vaccine candidate, Goldman Sachs said that commodities were headed toward a bull run in 2021. Hedges against expectations of rising inflation, a weakening U.S. dollar in which most commodities are traded, and signals of “very easy” monetary policy from central banks would be the key drivers of rallying commodities, Goldman Sachs said back then.\nGoldman expected the S&P Goldman Sachs Commodity Index (GSCI) to return 42.6 percent for energy over a 12-month period, and 17.9 percent for precious metals.\nOver the past three months, the S&P GSCI has outperformed the S&P 500 index, with the commodity index rising by 25 percent, compared to (just) a 9-percent increase in the S&P 500.\nOver the same period, oil prices have rallied from the low $40s to above $60 a barrel, driven by vaccine rollouts, OPEC+ production cuts, and expectations of a tight market and rising oil demand later this year when economies return to growth, helped by large stimulus packages.\nSome Drivers Of A New Supercycle Are Here…\nAccording to JPMorgan, there are reasons to believe that a new commodity supercycle may have just started.\n“We believe that the new commodity upswing, and in particular oil up cycle, has started,” JPMorgan analysts led by Marko Kolanovic said in a note last week, as carried by Bloomberg.\nThe latest commodity supercycle ended in 2008 after a 12-year run, boosted by the super-spending and economic surge in China.\nJPMorgan now sees several potential factors underpinning a new supercycle: post-pandemic global economic growth, “ultra loose” monetary policies, increased and tolerated inflation, weakening U.S. dollar, financial inflows to hedge inflation, metals for energy transition markets such as batteries and electric vehicles (EVs), and underinvestment in new oil supply.\nThe International Energy Agency (IEA) warned last year that if investment in oil were to stay at the 2020 levels over the next five years, it would reduce the previously expected level of oil supply in 2025 by nearly 9 million barrels per day (bpd).\nThis year, global upstream investments will stay low, just like they were in 2020, Wood Mackenzie said in December, expecting upstream oil and gas investment at a 15-year low of just US$300 billion, down by 30 percent from the pre-crisis level of investment in 2019.\n“The world may be sleepwalking into a supply crunch, albeit beyond 2021. A recovery in oil demand back to over 100 million b/d by late 2022 increases risk of a material supply gap later this decade, triggering an upward spike in price,” said Simon Flowers, Chairman and Chief Analyst at WoodMac.\nThen, “very easy monetary policy” and reflation trade could push oil pricesas high as $100 a barrel next year, Amrita Sen, chief oil analyst at Energy Aspects, told Bloomberg earlier this month.\nIn the week to February 9, hedge funds increased bullish bets on 24 major commodity futures by 5 percent to a fresh high of 2.7 million lots, representing a nominal value of $143.7 billion, Ole Hansen, Head of Commodity Strategy at Saxo Bank,said, commenting on the latest Commitments of Traders report.\nThe combined net long position—the difference between bullish and bearish bets—in Brent and WTI has now increased to the highest in 28 months, while the net long in the grain sector in agriculture is not far from the record set in August 2012, Hansen noted.\nPost-pandemic growth, tightening supply, and continued demand for reflation hedges pushed the Bloomberg Commodity index to a 27-month high, Hansen said.\nBut Is This The Start Of The Next Commodities Supercycle?\nAlthough crude oil and other commodities have rallied and signals have emerged to support the call for a new supercycle, some analysts are cautious and say it is a little early to proclaim the beginning of the next commodity supercycle.\nWhat we see in oil and commodities right now is a cyclical recovery, but a supercycle could be “two to three years away,” George Cheveley, portfolio manager at asset management company Ninety One, told Financial Times’ Natural Resources Editor Neil Hume.\nThis bull run is unlikely to turn into a supercycle for commodities, because while investment may be depressed, “the material is abundant” for many commodities, including crude oil, Ed Morse, managing director and global head of commodities research at Citigroup, told the Financial Post in an interview last week.\nCommodities have certainly benefited from the optimism that post-COVID growth and stimulus packages will boost demand and prices, but it may be a little premature to trumpet the next decade-long across-the-board commodities supercycle.","news_type":1,"symbols_score_info":{"CLmain":0.9,"BZmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385779113,"gmtCreate":1613578916632,"gmtModify":1704882410728,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385779113","repostId":"1120526689","repostType":4,"repost":{"id":"1120526689","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1613542946,"share":"https://ttm.financial/m/news/1120526689?lang=en_US&edition=fundamental","pubTime":"2021-02-17 14:22","market":"us","language":"en","title":"Europe braces for pandemic reality to hit banks","url":"https://stock-news.laohu8.com/highlight/detail?id=1120526689","media":"Reuters","summary":"Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-star","content":"<p>Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.</p>\n<p>Reflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.</p>\n<p>“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”</p>\n<p>All three French lenders saw profits shrink last year and profits at Spain’s Santander and Dutch bank ING also dipped.</p>\n<p>While executives voice confidence, European officials worry the banks’ problems have barely begun.</p>\n<p>They fear more borrowers will default when government support, including billions of euros of loan guarantees in France, Spain and elsewhere, is unwound.</p>\n<p>Officials spelt out their concerns in a report presented to euro zone finance ministers who met on Monday, warning of “wide-scale corporate distress”.</p>\n<p>In the document, they highlighted the extent to which banks rely on governments to help borrowers.</p>\n<p>Were it not for government support, they estimated roughly a quarter of EU firms could have been in trouble at the end of last year and cautioned that banks’ provisions for such losses did not reflect the “underlying deterioration”.</p>\n<p>Roughly 587 billion euros ($712 billion) of loans were under moratoria and 289 billion euros of credit had been given on the back of public guarantees, they said, from a tally late last year.</p>\n<p>“We have to avoid a sharp rise in insolvencies,” Paolo Gentiloni, the European Union’s economy commissioner, told journalists after the ministers’ gathering.</p>\n<p>The same unease is felt at the European Central Bank, which supervises lenders.</p>\n<p>In January, it said banks were setting aside less for bad loans than rivals in the United States and it suspected some were not taking sufficient measures, skewing the calculation of risk to convey brighter prospects for the future.</p>\n<p>Both continents have unleashed billions to stem the economic fallout from the pandemic, although in Europe, a patchwork of independent states, the type of assistance, whether grant or guarantee, depends on which country is giving it.</p>\n<p>France, Italy and Spain have issued billions of guarantees on loans, while Germany made generous grants.</p>\n<p>Jerome Legras of Axiom Alternative Investments said the upbeat message of bankers jarred with that of regulators: “The message from the supervisor is almost the exact opposite.”</p>\n<p>The rosy picture painted by some executives is also at odds with data collected by the European Datawarehouse, which has analysed half a trillion euros of European mortgage loans.</p>\n<p>Its survey last December calculated that one fifth of loans in the United Kingdom had required a payment break, followed closely by Portugal as well as Italy, with more than 12%, and Ireland with around 10%.</p>\n<p>One euro zone official, speaking on condition of anonymity, said that while banks were largely robust, “some ... may run into problems or have to be wound up”.</p>\n<p>Despite the concern of European officials, deep divisions remain over how to respond.</p>\n<p>Although the 19-country euro zone bloc agreed to put the central bank in charge of supervising lenders after the financial crash more than a decade ago, they remain at odds on what to do if lenders run into trouble.</p>\n<p>Wealthy countries, such as Germany, are reluctant to help poorer ones, such as Italy or Greece, by establishing a joint rescue net.</p>\n<p>Klaus Regling, head of the European Stability Mechanism, told journalists on Monday that the ESM fund, set up during the great financial crash to help countries in trouble, could be used in winding up banks from next year.</p>\n<p>“We have created a strong second line of defence,” he said, pointing to the knock-on impact of rising insolvencies on banks and governments.</p>\n<p>Deciding on joint action such as resorting to the ESM, however, is highly political. Efforts by the European Central Bank, for example, to set up a pan-euro-zone bad bank to help lenders warehouse and sell off troubled loans have made scant progress.</p>\n<p>In the meantime, many bankers hope for the best.</p>\n<p>“There will be light at the end of the tunnel,” said Steven van Rijswijk, CEO of ING. “Where the tunnel ends we do not know.”</p>\n<p>($1 = 0.8226 euros)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Europe braces for pandemic reality to hit banks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEurope braces for pandemic reality to hit banks\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-17 14:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.</p>\n<p>Reflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.</p>\n<p>“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”</p>\n<p>All three French lenders saw profits shrink last year and profits at Spain’s Santander and Dutch bank ING also dipped.</p>\n<p>While executives voice confidence, European officials worry the banks’ problems have barely begun.</p>\n<p>They fear more borrowers will default when government support, including billions of euros of loan guarantees in France, Spain and elsewhere, is unwound.</p>\n<p>Officials spelt out their concerns in a report presented to euro zone finance ministers who met on Monday, warning of “wide-scale corporate distress”.</p>\n<p>In the document, they highlighted the extent to which banks rely on governments to help borrowers.</p>\n<p>Were it not for government support, they estimated roughly a quarter of EU firms could have been in trouble at the end of last year and cautioned that banks’ provisions for such losses did not reflect the “underlying deterioration”.</p>\n<p>Roughly 587 billion euros ($712 billion) of loans were under moratoria and 289 billion euros of credit had been given on the back of public guarantees, they said, from a tally late last year.</p>\n<p>“We have to avoid a sharp rise in insolvencies,” Paolo Gentiloni, the European Union’s economy commissioner, told journalists after the ministers’ gathering.</p>\n<p>The same unease is felt at the European Central Bank, which supervises lenders.</p>\n<p>In January, it said banks were setting aside less for bad loans than rivals in the United States and it suspected some were not taking sufficient measures, skewing the calculation of risk to convey brighter prospects for the future.</p>\n<p>Both continents have unleashed billions to stem the economic fallout from the pandemic, although in Europe, a patchwork of independent states, the type of assistance, whether grant or guarantee, depends on which country is giving it.</p>\n<p>France, Italy and Spain have issued billions of guarantees on loans, while Germany made generous grants.</p>\n<p>Jerome Legras of Axiom Alternative Investments said the upbeat message of bankers jarred with that of regulators: “The message from the supervisor is almost the exact opposite.”</p>\n<p>The rosy picture painted by some executives is also at odds with data collected by the European Datawarehouse, which has analysed half a trillion euros of European mortgage loans.</p>\n<p>Its survey last December calculated that one fifth of loans in the United Kingdom had required a payment break, followed closely by Portugal as well as Italy, with more than 12%, and Ireland with around 10%.</p>\n<p>One euro zone official, speaking on condition of anonymity, said that while banks were largely robust, “some ... may run into problems or have to be wound up”.</p>\n<p>Despite the concern of European officials, deep divisions remain over how to respond.</p>\n<p>Although the 19-country euro zone bloc agreed to put the central bank in charge of supervising lenders after the financial crash more than a decade ago, they remain at odds on what to do if lenders run into trouble.</p>\n<p>Wealthy countries, such as Germany, are reluctant to help poorer ones, such as Italy or Greece, by establishing a joint rescue net.</p>\n<p>Klaus Regling, head of the European Stability Mechanism, told journalists on Monday that the ESM fund, set up during the great financial crash to help countries in trouble, could be used in winding up banks from next year.</p>\n<p>“We have created a strong second line of defence,” he said, pointing to the knock-on impact of rising insolvencies on banks and governments.</p>\n<p>Deciding on joint action such as resorting to the ESM, however, is highly political. Efforts by the European Central Bank, for example, to set up a pan-euro-zone bad bank to help lenders warehouse and sell off troubled loans have made scant progress.</p>\n<p>In the meantime, many bankers hope for the best.</p>\n<p>“There will be light at the end of the tunnel,” said Steven van Rijswijk, CEO of ING. “Where the tunnel ends we do not know.”</p>\n<p>($1 = 0.8226 euros)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"0J6Y.UK":"法国兴业银行","0H7D.UK":"德意志银行","0HB5.UK":"法国巴黎银行","DB":"德意志银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120526689","content_text":"Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.\nReflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.\n“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”\nAll three French lenders saw profits shrink last year and profits at Spain’s Santander and Dutch bank ING also dipped.\nWhile executives voice confidence, European officials worry the banks’ problems have barely begun.\nThey fear more borrowers will default when government support, including billions of euros of loan guarantees in France, Spain and elsewhere, is unwound.\nOfficials spelt out their concerns in a report presented to euro zone finance ministers who met on Monday, warning of “wide-scale corporate distress”.\nIn the document, they highlighted the extent to which banks rely on governments to help borrowers.\nWere it not for government support, they estimated roughly a quarter of EU firms could have been in trouble at the end of last year and cautioned that banks’ provisions for such losses did not reflect the “underlying deterioration”.\nRoughly 587 billion euros ($712 billion) of loans were under moratoria and 289 billion euros of credit had been given on the back of public guarantees, they said, from a tally late last year.\n“We have to avoid a sharp rise in insolvencies,” Paolo Gentiloni, the European Union’s economy commissioner, told journalists after the ministers’ gathering.\nThe same unease is felt at the European Central Bank, which supervises lenders.\nIn January, it said banks were setting aside less for bad loans than rivals in the United States and it suspected some were not taking sufficient measures, skewing the calculation of risk to convey brighter prospects for the future.\nBoth continents have unleashed billions to stem the economic fallout from the pandemic, although in Europe, a patchwork of independent states, the type of assistance, whether grant or guarantee, depends on which country is giving it.\nFrance, Italy and Spain have issued billions of guarantees on loans, while Germany made generous grants.\nJerome Legras of Axiom Alternative Investments said the upbeat message of bankers jarred with that of regulators: “The message from the supervisor is almost the exact opposite.”\nThe rosy picture painted by some executives is also at odds with data collected by the European Datawarehouse, which has analysed half a trillion euros of European mortgage loans.\nIts survey last December calculated that one fifth of loans in the United Kingdom had required a payment break, followed closely by Portugal as well as Italy, with more than 12%, and Ireland with around 10%.\nOne euro zone official, speaking on condition of anonymity, said that while banks were largely robust, “some ... may run into problems or have to be wound up”.\nDespite the concern of European officials, deep divisions remain over how to respond.\nAlthough the 19-country euro zone bloc agreed to put the central bank in charge of supervising lenders after the financial crash more than a decade ago, they remain at odds on what to do if lenders run into trouble.\nWealthy countries, such as Germany, are reluctant to help poorer ones, such as Italy or Greece, by establishing a joint rescue net.\nKlaus Regling, head of the European Stability Mechanism, told journalists on Monday that the ESM fund, set up during the great financial crash to help countries in trouble, could be used in winding up banks from next year.\n“We have created a strong second line of defence,” he said, pointing to the knock-on impact of rising insolvencies on banks and governments.\nDeciding on joint action such as resorting to the ESM, however, is highly political. Efforts by the European Central Bank, for example, to set up a pan-euro-zone bad bank to help lenders warehouse and sell off troubled loans have made scant progress.\nIn the meantime, many bankers hope for the best.\n“There will be light at the end of the tunnel,” said Steven van Rijswijk, CEO of ING. “Where the tunnel ends we do not know.”\n($1 = 0.8226 euros)","news_type":1,"symbols_score_info":{"0HB5.UK":0.9,"0J6Y.UK":0.9,"DB":0.9,"0H7D.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":1454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382686395,"gmtCreate":1613441607717,"gmtModify":1704880479249,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":"Wah","listText":"Wah","text":"Wah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382686395","repostId":"2110026963","repostType":4,"repost":{"id":"2110026963","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1613109422,"share":"https://ttm.financial/m/news/2110026963?lang=en_US&edition=fundamental","pubTime":"2021-02-12 13:57","market":"us","language":"en","title":"Here's the formula for spotting genuinely undervalued companies, claims this investment house","url":"https://stock-news.laohu8.com/highlight/detail?id=2110026963","media":"Dow Jones","summary":"The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis. For most of 2020, investors poured money into names like online retailer Amazon $$, electric-car maker Tesla $$, and e-commerce platform Shopify -- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.But when news broke in early November 2020 that drug company Pfizer $$ and its partner BioNTech $$ had developed an effective vaccine against COVID-19, something pro","content":"<p>MW Here's the formula for spotting genuinely undervalued companies, claims this investment house</p>\n<p>The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis</p>\n<p>For most of 2020, investors poured money into names like online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.</p>\n<p>But when news broke in early November 2020 that drug company Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and its partner BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> had developed an effective vaccine against COVID-19, something profound happened in financial markets.</p>\n<p>Investors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.</p>\n<p>This rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.</p>\n<p>And it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.</p>\n<p>The apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.</p>\n<p>\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.</p>\n<p>\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"</p>\n<p>Analysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.</p>\n<p>The value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.</p>\n<p>In reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.</p>\n<p>Stocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.</p>\n<p>To have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's the formula for spotting genuinely undervalued companies, claims this investment house</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's the formula for spotting genuinely undervalued companies, claims this investment house\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-02-12 13:57</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>MW Here's the formula for spotting genuinely undervalued companies, claims this investment house</p>\n<p>The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis</p>\n<p>For most of 2020, investors poured money into names like online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.</p>\n<p>But when news broke in early November 2020 that drug company Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and its partner BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> had developed an effective vaccine against COVID-19, something profound happened in financial markets.</p>\n<p>Investors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.</p>\n<p>This rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.</p>\n<p>And it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.</p>\n<p>The apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.</p>\n<p>\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.</p>\n<p>\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"</p>\n<p>Analysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.</p>\n<p>The value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.</p>\n<p>In reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.</p>\n<p>Stocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.</p>\n<p>To have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"AMZN":"亚马逊","PFE":"辉瑞","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2110026963","content_text":"MW Here's the formula for spotting genuinely undervalued companies, claims this investment house\nThe growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis\nFor most of 2020, investors poured money into names like online retailer Amazon $(AMZN)$, electric-car maker Tesla $(TSLA)$, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.\nBut when news broke in early November 2020 that drug company Pfizer $(PFE)$ and its partner BioNTech $(BNTX)$ had developed an effective vaccine against COVID-19, something profound happened in financial markets.\nInvestors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.\nThis rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.\nAnd it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.\nThe apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.\n\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.\n\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"\nAnalysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.\nThe value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.\nIn reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.\nStocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.\nTo have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.","news_type":1,"symbols_score_info":{"TSLA":0.9,"PFE":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389468448,"gmtCreate":1612795416184,"gmtModify":1704874326883,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":"Go","listText":"Go","text":"Go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/389468448","repostId":"1185714346","repostType":4,"isVote":1,"tweetType":1,"viewCount":1889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389461817,"gmtCreate":1612795359739,"gmtModify":1704874325267,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/389461817","repostId":"1193450954","repostType":4,"isVote":1,"tweetType":1,"viewCount":1728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312994079,"gmtCreate":1611986888591,"gmtModify":1704866821377,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":"。","listText":"。","text":"。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/312994079","repostId":"1130139919","repostType":4,"isVote":1,"tweetType":1,"viewCount":2164,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3527667803686145","idStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":369163368,"gmtCreate":1614008752454,"gmtModify":1704886923242,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/369163368","repostId":"1106666176","repostType":4,"isVote":1,"tweetType":1,"viewCount":1706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389468448,"gmtCreate":1612795416184,"gmtModify":1704874326883,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":"Go","listText":"Go","text":"Go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/389468448","repostId":"1185714346","repostType":4,"isVote":1,"tweetType":1,"viewCount":1889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312994079,"gmtCreate":1611986888591,"gmtModify":1704866821377,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":"。","listText":"。","text":"。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/312994079","repostId":"1130139919","repostType":4,"isVote":1,"tweetType":1,"viewCount":2164,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3527667803686145","idStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":369761167,"gmtCreate":1614076572359,"gmtModify":1704887728904,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/369761167","repostId":"1173374581","repostType":4,"repost":{"id":"1173374581","kind":"news","pubTimestamp":1614068035,"share":"https://ttm.financial/m/news/1173374581?lang=en_US&edition=fundamental","pubTime":"2021-02-23 16:13","market":"us","language":"en","title":"Why Tesla is a dud in Japan","url":"https://stock-news.laohu8.com/highlight/detail?id=1173374581","media":"MarketWatch","summary":"The automaker sold only 2,000 there last year\nTesla is the dominant electric car brand in most globa","content":"<p>The automaker sold only 2,000 there last year</p>\n<p>Tesla&nbsp;is the dominant electric car brand in most global markets, but not Japan. Despite the kind of density that would be friendly to electric vehicles and a generally eco-conscious population, Teslas have never caught on in the island nation.</p>\n<p>The automaker sold fewer than 2,000 cars in Japan last year, a tiny slice of the nearly half-million it delivered globally. Overall, automakers sold around 3.4 million cars in Japan last year, even as figures were down considerably due to the coronavirus pandemic.</p>\n<p>To boost sales there, Tesla has sliced asking prices on its Model 3 sedan by around 20%. The cheapest Model 3 is now 4.29 million yen (about $40,600), down from 5.11 million yen.</p>\n<p>Those prices are higher than in the U.S. market, though Tesla pays import duties to sell its cars in Japan. Tesla has also begun shipping cars to Japan from its new assembly plant in China, and the relative proximity of that facility compared with its factory in California reduces the cost of transport considerably.</p>\n<p><b>Electric car competition</b></p>\n<p>Tesla faces new, homegrown competition in Japan from the upcoming&nbsp;Nissan Ariya. The shapely SUV uses similar running gear to the Nissan&nbsp;Leaf, and its price point is likely to undercut Tesla.</p>\n<p>Additionally, Japan is not a big electric car market. Fewer than 1% of new-vehicle registrations in 2019 were for electrified cars including plug-in hybrids, about half of the U.S. and well under the roughly 12.3% in the European Union.</p>\n<p>Tesla has also trimmed prices in the U.S. on its&nbsp;Model 3&nbsp;and its&nbsp;Model Y&nbsp;SUV by $1,000 and $2,000, respectively. The Model 3 now starts at $36,990, while the Model Y costs $3,000 more.</p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Tesla is a dud in Japan</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Tesla is a dud in Japan\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-23 16:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/why-tesla-is-a-dud-in-japan-11613754088?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The automaker sold only 2,000 there last year\nTesla is the dominant electric car brand in most global markets, but not Japan. Despite the kind of density that would be friendly to electric vehicles ...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-tesla-is-a-dud-in-japan-11613754088?mod=home-page\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/why-tesla-is-a-dud-in-japan-11613754088?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1173374581","content_text":"The automaker sold only 2,000 there last year\nTesla is the dominant electric car brand in most global markets, but not Japan. Despite the kind of density that would be friendly to electric vehicles and a generally eco-conscious population, Teslas have never caught on in the island nation.\nThe automaker sold fewer than 2,000 cars in Japan last year, a tiny slice of the nearly half-million it delivered globally. Overall, automakers sold around 3.4 million cars in Japan last year, even as figures were down considerably due to the coronavirus pandemic.\nTo boost sales there, Tesla has sliced asking prices on its Model 3 sedan by around 20%. The cheapest Model 3 is now 4.29 million yen (about $40,600), down from 5.11 million yen.\nThose prices are higher than in the U.S. market, though Tesla pays import duties to sell its cars in Japan. Tesla has also begun shipping cars to Japan from its new assembly plant in China, and the relative proximity of that facility compared with its factory in California reduces the cost of transport considerably.\nElectric car competition\nTesla faces new, homegrown competition in Japan from the upcoming Nissan Ariya. The shapely SUV uses similar running gear to the Nissan Leaf, and its price point is likely to undercut Tesla.\nAdditionally, Japan is not a big electric car market. Fewer than 1% of new-vehicle registrations in 2019 were for electrified cars including plug-in hybrids, about half of the U.S. and well under the roughly 12.3% in the European Union.\nTesla has also trimmed prices in the U.S. on its Model 3 and its Model Y SUV by $1,000 and $2,000, respectively. The Model 3 now starts at $36,990, while the Model Y costs $3,000 more.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1578,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385779225,"gmtCreate":1613578938567,"gmtModify":1704882411214,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385779225","repostId":"1146053060","repostType":4,"repost":{"id":"1146053060","kind":"news","pubTimestamp":1613540252,"share":"https://ttm.financial/m/news/1146053060?lang=en_US&edition=fundamental","pubTime":"2021-02-17 13:37","market":"fut","language":"en","title":"Is This Oil Rally The Start Of Something Much Bigger?","url":"https://stock-news.laohu8.com/highlight/detail?id=1146053060","media":"Oilprice","summary":"Commodities have rallied in recent months, outperforming equity indexes amid expectations of an econ","content":"<p>Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.</p>\n<p>The commodity bull run across the board—spearheaded by a 50-percent jump in oil prices over the past three months—isn’t finished running, analysts and investment banks say. Some of the biggest investment banks have even started to call the start of a new commodities supercycle, which by definition, lasts years—typically about a decade.</p>\n<p>Yet, not all investment banks and analysts are as convinced that we are in for a commodities supercycle across the board, warning that the term<i>supercycle</i>is too optimistic for a bull run that could fizzle out within a year or two and could still fall victim to negative COVID-related impacts.</p>\n<p><b><i>Commodity Rally</i></b></p>\n<p>As early as in October 2020, a few weeks before the first announcement of an&nbsp;effective vaccine candidate, Goldman Sachs&nbsp;said&nbsp;that commodities were headed toward a bull run in 2021. Hedges against expectations of rising inflation, a weakening U.S. dollar in which most commodities are traded, and signals of “very easy” monetary policy from central banks would be the key drivers of rallying commodities, Goldman Sachs said back then.</p>\n<p>Goldman expected the S&amp;P Goldman Sachs Commodity Index (GSCI) to return 42.6 percent for energy over a 12-month period, and 17.9 percent for precious metals.</p>\n<p>Over the past three months, the&nbsp;S&amp;P GSCI has outperformed&nbsp;the S&amp;P 500 index, with the commodity index rising by 25 percent, compared to (just) a 9-percent increase in the S&amp;P 500.</p>\n<p>Over the same period, oil prices have rallied from the low $40s to above $60 a barrel, driven by vaccine rollouts, OPEC+ production cuts, and expectations of a tight market and rising oil demand later this year when economies return to growth, helped by large stimulus packages.</p>\n<p><b><i>Some Drivers Of A New Supercycle Are Here…</i></b></p>\n<p>According to JPMorgan, there are reasons to believe that a new commodity supercycle may have just started.</p>\n<p>“We believe that the new commodity upswing, and in particular oil up cycle, has started,” JPMorgan analysts led by Marko Kolanovic said in a note last week, as carried by&nbsp;Bloomberg.</p>\n<p>The latest commodity supercycle ended in 2008 after a 12-year run, boosted by the super-spending and economic surge in China.</p>\n<p>JPMorgan now sees several&nbsp;potential factors&nbsp;underpinning a new supercycle: post-pandemic global economic growth, “ultra loose” monetary policies, increased and tolerated inflation, weakening U.S. dollar, financial inflows to hedge inflation, metals for energy transition markets such as batteries and electric vehicles (EVs), and underinvestment in new oil supply.</p>\n<p>The International Energy Agency (IEA)&nbsp;warned&nbsp;last year that if investment in oil were to stay at the 2020 levels over the next five years, it would reduce the previously expected level of oil supply in 2025 by nearly 9 million barrels per day (bpd).</p>\n<p>This year, global upstream investments will stay low, just like they were in 2020, Wood Mackenzie&nbsp;said&nbsp;in December, expecting upstream oil and gas investment at a 15-year low of just US$300 billion, down by 30 percent from the pre-crisis level of investment in 2019.</p>\n<p>“The world may be sleepwalking into a supply crunch, albeit beyond 2021. A recovery in oil demand back to over 100 million b/d by late 2022 increases risk of a material supply gap later this decade, triggering an upward spike in price,” said Simon Flowers, Chairman and Chief Analyst at WoodMac.</p>\n<p>Then, “very easy monetary policy” and reflation trade could push oil pricesas high as $100 a barrel&nbsp;next year, Amrita Sen, chief oil analyst at Energy Aspects, told Bloomberg earlier this month.</p>\n<p>In the week to February 9, hedge funds increased bullish bets on 24 major commodity futures by 5 percent to a fresh high of 2.7 million lots, representing a nominal value of $143.7 billion, Ole Hansen, Head of Commodity Strategy at Saxo Bank,said, commenting on the latest Commitments of Traders report.</p>\n<p>The combined net long position—the difference between bullish and bearish bets—in Brent and WTI has now increased to the highest in 28 months, while the net long in the grain sector in agriculture is not far from the record set in August 2012, Hansen noted.</p>\n<p>Post-pandemic growth, tightening supply, and continued demand for reflation hedges pushed the Bloomberg Commodity index to a 27-month high, Hansen said.</p>\n<p><b><i>But Is This The Start Of The Next Commodities Supercycle?</i></b></p>\n<p>Although crude oil and other commodities have rallied and signals have emerged to support the call for a new supercycle, some analysts are cautious and say it is a little early to proclaim the beginning of the next commodity supercycle.</p>\n<p>What we see in oil and commodities right now is a cyclical recovery, but a supercycle could be “two to three years away,” George Cheveley, portfolio manager at asset management company Ninety One, told&nbsp;Financial Times’ Natural Resources Editor Neil Hume.</p>\n<p>This bull run is unlikely to turn into a supercycle for commodities, because while investment may be depressed, “the material is abundant” for many commodities, including crude oil, Ed Morse, managing director and global head of commodities research at Citigroup, told the&nbsp;Financial Post&nbsp;in an interview last week.</p>\n<p>Commodities have certainly benefited from the optimism that post-COVID growth and stimulus packages will boost demand and prices, but it may be a little premature to trumpet the next decade-long across-the-board commodities supercycle.</p>","source":"lsy1606109400967","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is This Oil Rally The Start Of Something Much Bigger?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs This Oil Rally The Start Of Something Much Bigger?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 13:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html><strong>Oilprice</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.\nThe commodity bull run across the board—...</p>\n\n<a href=\"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://oilprice.com/Energy/Oil-Prices/Is-This-Oil-Rally-The-Start-Of-Something-Much-Bigger.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146053060","content_text":"Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.\nThe commodity bull run across the board—spearheaded by a 50-percent jump in oil prices over the past three months—isn’t finished running, analysts and investment banks say. Some of the biggest investment banks have even started to call the start of a new commodities supercycle, which by definition, lasts years—typically about a decade.\nYet, not all investment banks and analysts are as convinced that we are in for a commodities supercycle across the board, warning that the termsupercycleis too optimistic for a bull run that could fizzle out within a year or two and could still fall victim to negative COVID-related impacts.\nCommodity Rally\nAs early as in October 2020, a few weeks before the first announcement of an effective vaccine candidate, Goldman Sachs said that commodities were headed toward a bull run in 2021. Hedges against expectations of rising inflation, a weakening U.S. dollar in which most commodities are traded, and signals of “very easy” monetary policy from central banks would be the key drivers of rallying commodities, Goldman Sachs said back then.\nGoldman expected the S&P Goldman Sachs Commodity Index (GSCI) to return 42.6 percent for energy over a 12-month period, and 17.9 percent for precious metals.\nOver the past three months, the S&P GSCI has outperformed the S&P 500 index, with the commodity index rising by 25 percent, compared to (just) a 9-percent increase in the S&P 500.\nOver the same period, oil prices have rallied from the low $40s to above $60 a barrel, driven by vaccine rollouts, OPEC+ production cuts, and expectations of a tight market and rising oil demand later this year when economies return to growth, helped by large stimulus packages.\nSome Drivers Of A New Supercycle Are Here…\nAccording to JPMorgan, there are reasons to believe that a new commodity supercycle may have just started.\n“We believe that the new commodity upswing, and in particular oil up cycle, has started,” JPMorgan analysts led by Marko Kolanovic said in a note last week, as carried by Bloomberg.\nThe latest commodity supercycle ended in 2008 after a 12-year run, boosted by the super-spending and economic surge in China.\nJPMorgan now sees several potential factors underpinning a new supercycle: post-pandemic global economic growth, “ultra loose” monetary policies, increased and tolerated inflation, weakening U.S. dollar, financial inflows to hedge inflation, metals for energy transition markets such as batteries and electric vehicles (EVs), and underinvestment in new oil supply.\nThe International Energy Agency (IEA) warned last year that if investment in oil were to stay at the 2020 levels over the next five years, it would reduce the previously expected level of oil supply in 2025 by nearly 9 million barrels per day (bpd).\nThis year, global upstream investments will stay low, just like they were in 2020, Wood Mackenzie said in December, expecting upstream oil and gas investment at a 15-year low of just US$300 billion, down by 30 percent from the pre-crisis level of investment in 2019.\n“The world may be sleepwalking into a supply crunch, albeit beyond 2021. A recovery in oil demand back to over 100 million b/d by late 2022 increases risk of a material supply gap later this decade, triggering an upward spike in price,” said Simon Flowers, Chairman and Chief Analyst at WoodMac.\nThen, “very easy monetary policy” and reflation trade could push oil pricesas high as $100 a barrel next year, Amrita Sen, chief oil analyst at Energy Aspects, told Bloomberg earlier this month.\nIn the week to February 9, hedge funds increased bullish bets on 24 major commodity futures by 5 percent to a fresh high of 2.7 million lots, representing a nominal value of $143.7 billion, Ole Hansen, Head of Commodity Strategy at Saxo Bank,said, commenting on the latest Commitments of Traders report.\nThe combined net long position—the difference between bullish and bearish bets—in Brent and WTI has now increased to the highest in 28 months, while the net long in the grain sector in agriculture is not far from the record set in August 2012, Hansen noted.\nPost-pandemic growth, tightening supply, and continued demand for reflation hedges pushed the Bloomberg Commodity index to a 27-month high, Hansen said.\nBut Is This The Start Of The Next Commodities Supercycle?\nAlthough crude oil and other commodities have rallied and signals have emerged to support the call for a new supercycle, some analysts are cautious and say it is a little early to proclaim the beginning of the next commodity supercycle.\nWhat we see in oil and commodities right now is a cyclical recovery, but a supercycle could be “two to three years away,” George Cheveley, portfolio manager at asset management company Ninety One, told Financial Times’ Natural Resources Editor Neil Hume.\nThis bull run is unlikely to turn into a supercycle for commodities, because while investment may be depressed, “the material is abundant” for many commodities, including crude oil, Ed Morse, managing director and global head of commodities research at Citigroup, told the Financial Post in an interview last week.\nCommodities have certainly benefited from the optimism that post-COVID growth and stimulus packages will boost demand and prices, but it may be a little premature to trumpet the next decade-long across-the-board commodities supercycle.","news_type":1,"symbols_score_info":{"CLmain":0.9,"BZmain":0.9}},"isVote":1,"tweetType":1,"viewCount":1450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":385779113,"gmtCreate":1613578916632,"gmtModify":1704882410728,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385779113","repostId":"1120526689","repostType":4,"repost":{"id":"1120526689","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1613542946,"share":"https://ttm.financial/m/news/1120526689?lang=en_US&edition=fundamental","pubTime":"2021-02-17 14:22","market":"us","language":"en","title":"Europe braces for pandemic reality to hit banks","url":"https://stock-news.laohu8.com/highlight/detail?id=1120526689","media":"Reuters","summary":"Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-star","content":"<p>Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.</p>\n<p>Reflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.</p>\n<p>“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”</p>\n<p>All three French lenders saw profits shrink last year and profits at Spain’s Santander and Dutch bank ING also dipped.</p>\n<p>While executives voice confidence, European officials worry the banks’ problems have barely begun.</p>\n<p>They fear more borrowers will default when government support, including billions of euros of loan guarantees in France, Spain and elsewhere, is unwound.</p>\n<p>Officials spelt out their concerns in a report presented to euro zone finance ministers who met on Monday, warning of “wide-scale corporate distress”.</p>\n<p>In the document, they highlighted the extent to which banks rely on governments to help borrowers.</p>\n<p>Were it not for government support, they estimated roughly a quarter of EU firms could have been in trouble at the end of last year and cautioned that banks’ provisions for such losses did not reflect the “underlying deterioration”.</p>\n<p>Roughly 587 billion euros ($712 billion) of loans were under moratoria and 289 billion euros of credit had been given on the back of public guarantees, they said, from a tally late last year.</p>\n<p>“We have to avoid a sharp rise in insolvencies,” Paolo Gentiloni, the European Union’s economy commissioner, told journalists after the ministers’ gathering.</p>\n<p>The same unease is felt at the European Central Bank, which supervises lenders.</p>\n<p>In January, it said banks were setting aside less for bad loans than rivals in the United States and it suspected some were not taking sufficient measures, skewing the calculation of risk to convey brighter prospects for the future.</p>\n<p>Both continents have unleashed billions to stem the economic fallout from the pandemic, although in Europe, a patchwork of independent states, the type of assistance, whether grant or guarantee, depends on which country is giving it.</p>\n<p>France, Italy and Spain have issued billions of guarantees on loans, while Germany made generous grants.</p>\n<p>Jerome Legras of Axiom Alternative Investments said the upbeat message of bankers jarred with that of regulators: “The message from the supervisor is almost the exact opposite.”</p>\n<p>The rosy picture painted by some executives is also at odds with data collected by the European Datawarehouse, which has analysed half a trillion euros of European mortgage loans.</p>\n<p>Its survey last December calculated that one fifth of loans in the United Kingdom had required a payment break, followed closely by Portugal as well as Italy, with more than 12%, and Ireland with around 10%.</p>\n<p>One euro zone official, speaking on condition of anonymity, said that while banks were largely robust, “some ... may run into problems or have to be wound up”.</p>\n<p>Despite the concern of European officials, deep divisions remain over how to respond.</p>\n<p>Although the 19-country euro zone bloc agreed to put the central bank in charge of supervising lenders after the financial crash more than a decade ago, they remain at odds on what to do if lenders run into trouble.</p>\n<p>Wealthy countries, such as Germany, are reluctant to help poorer ones, such as Italy or Greece, by establishing a joint rescue net.</p>\n<p>Klaus Regling, head of the European Stability Mechanism, told journalists on Monday that the ESM fund, set up during the great financial crash to help countries in trouble, could be used in winding up banks from next year.</p>\n<p>“We have created a strong second line of defence,” he said, pointing to the knock-on impact of rising insolvencies on banks and governments.</p>\n<p>Deciding on joint action such as resorting to the ESM, however, is highly political. Efforts by the European Central Bank, for example, to set up a pan-euro-zone bad bank to help lenders warehouse and sell off troubled loans have made scant progress.</p>\n<p>In the meantime, many bankers hope for the best.</p>\n<p>“There will be light at the end of the tunnel,” said Steven van Rijswijk, CEO of ING. “Where the tunnel ends we do not know.”</p>\n<p>($1 = 0.8226 euros)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Europe braces for pandemic reality to hit banks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEurope braces for pandemic reality to hit banks\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-02-17 14:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.</p>\n<p>Reflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.</p>\n<p>“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”</p>\n<p>All three French lenders saw profits shrink last year and profits at Spain’s Santander and Dutch bank ING also dipped.</p>\n<p>While executives voice confidence, European officials worry the banks’ problems have barely begun.</p>\n<p>They fear more borrowers will default when government support, including billions of euros of loan guarantees in France, Spain and elsewhere, is unwound.</p>\n<p>Officials spelt out their concerns in a report presented to euro zone finance ministers who met on Monday, warning of “wide-scale corporate distress”.</p>\n<p>In the document, they highlighted the extent to which banks rely on governments to help borrowers.</p>\n<p>Were it not for government support, they estimated roughly a quarter of EU firms could have been in trouble at the end of last year and cautioned that banks’ provisions for such losses did not reflect the “underlying deterioration”.</p>\n<p>Roughly 587 billion euros ($712 billion) of loans were under moratoria and 289 billion euros of credit had been given on the back of public guarantees, they said, from a tally late last year.</p>\n<p>“We have to avoid a sharp rise in insolvencies,” Paolo Gentiloni, the European Union’s economy commissioner, told journalists after the ministers’ gathering.</p>\n<p>The same unease is felt at the European Central Bank, which supervises lenders.</p>\n<p>In January, it said banks were setting aside less for bad loans than rivals in the United States and it suspected some were not taking sufficient measures, skewing the calculation of risk to convey brighter prospects for the future.</p>\n<p>Both continents have unleashed billions to stem the economic fallout from the pandemic, although in Europe, a patchwork of independent states, the type of assistance, whether grant or guarantee, depends on which country is giving it.</p>\n<p>France, Italy and Spain have issued billions of guarantees on loans, while Germany made generous grants.</p>\n<p>Jerome Legras of Axiom Alternative Investments said the upbeat message of bankers jarred with that of regulators: “The message from the supervisor is almost the exact opposite.”</p>\n<p>The rosy picture painted by some executives is also at odds with data collected by the European Datawarehouse, which has analysed half a trillion euros of European mortgage loans.</p>\n<p>Its survey last December calculated that one fifth of loans in the United Kingdom had required a payment break, followed closely by Portugal as well as Italy, with more than 12%, and Ireland with around 10%.</p>\n<p>One euro zone official, speaking on condition of anonymity, said that while banks were largely robust, “some ... may run into problems or have to be wound up”.</p>\n<p>Despite the concern of European officials, deep divisions remain over how to respond.</p>\n<p>Although the 19-country euro zone bloc agreed to put the central bank in charge of supervising lenders after the financial crash more than a decade ago, they remain at odds on what to do if lenders run into trouble.</p>\n<p>Wealthy countries, such as Germany, are reluctant to help poorer ones, such as Italy or Greece, by establishing a joint rescue net.</p>\n<p>Klaus Regling, head of the European Stability Mechanism, told journalists on Monday that the ESM fund, set up during the great financial crash to help countries in trouble, could be used in winding up banks from next year.</p>\n<p>“We have created a strong second line of defence,” he said, pointing to the knock-on impact of rising insolvencies on banks and governments.</p>\n<p>Deciding on joint action such as resorting to the ESM, however, is highly political. Efforts by the European Central Bank, for example, to set up a pan-euro-zone bad bank to help lenders warehouse and sell off troubled loans have made scant progress.</p>\n<p>In the meantime, many bankers hope for the best.</p>\n<p>“There will be light at the end of the tunnel,” said Steven van Rijswijk, CEO of ING. “Where the tunnel ends we do not know.”</p>\n<p>($1 = 0.8226 euros)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"0J6Y.UK":"法国兴业银行","0H7D.UK":"德意志银行","0HB5.UK":"法国巴黎银行","DB":"德意志银行"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120526689","content_text":"Unpaid debt from pandemic-stricken borrowers has ravaged profits at Europe’s big banks and kick-started a debate among politicians about whether they may ultimately need state help.\nReflecting on the pandemic impact, many bank executives say the worst is behind them, with Societe Generale CEO Frederic Oudea and BNP Paribas CEO Jean-Laurent Bonnafe predicting an imminent rebound.\n“Optimism is ... a weapon of war,” Philippe Brassac, chief executive of Credit Agricole said in January, decrying “doom-mongers”. “And this war, we can win.”\nAll three French lenders saw profits shrink last year and profits at Spain’s Santander and Dutch bank ING also dipped.\nWhile executives voice confidence, European officials worry the banks’ problems have barely begun.\nThey fear more borrowers will default when government support, including billions of euros of loan guarantees in France, Spain and elsewhere, is unwound.\nOfficials spelt out their concerns in a report presented to euro zone finance ministers who met on Monday, warning of “wide-scale corporate distress”.\nIn the document, they highlighted the extent to which banks rely on governments to help borrowers.\nWere it not for government support, they estimated roughly a quarter of EU firms could have been in trouble at the end of last year and cautioned that banks’ provisions for such losses did not reflect the “underlying deterioration”.\nRoughly 587 billion euros ($712 billion) of loans were under moratoria and 289 billion euros of credit had been given on the back of public guarantees, they said, from a tally late last year.\n“We have to avoid a sharp rise in insolvencies,” Paolo Gentiloni, the European Union’s economy commissioner, told journalists after the ministers’ gathering.\nThe same unease is felt at the European Central Bank, which supervises lenders.\nIn January, it said banks were setting aside less for bad loans than rivals in the United States and it suspected some were not taking sufficient measures, skewing the calculation of risk to convey brighter prospects for the future.\nBoth continents have unleashed billions to stem the economic fallout from the pandemic, although in Europe, a patchwork of independent states, the type of assistance, whether grant or guarantee, depends on which country is giving it.\nFrance, Italy and Spain have issued billions of guarantees on loans, while Germany made generous grants.\nJerome Legras of Axiom Alternative Investments said the upbeat message of bankers jarred with that of regulators: “The message from the supervisor is almost the exact opposite.”\nThe rosy picture painted by some executives is also at odds with data collected by the European Datawarehouse, which has analysed half a trillion euros of European mortgage loans.\nIts survey last December calculated that one fifth of loans in the United Kingdom had required a payment break, followed closely by Portugal as well as Italy, with more than 12%, and Ireland with around 10%.\nOne euro zone official, speaking on condition of anonymity, said that while banks were largely robust, “some ... may run into problems or have to be wound up”.\nDespite the concern of European officials, deep divisions remain over how to respond.\nAlthough the 19-country euro zone bloc agreed to put the central bank in charge of supervising lenders after the financial crash more than a decade ago, they remain at odds on what to do if lenders run into trouble.\nWealthy countries, such as Germany, are reluctant to help poorer ones, such as Italy or Greece, by establishing a joint rescue net.\nKlaus Regling, head of the European Stability Mechanism, told journalists on Monday that the ESM fund, set up during the great financial crash to help countries in trouble, could be used in winding up banks from next year.\n“We have created a strong second line of defence,” he said, pointing to the knock-on impact of rising insolvencies on banks and governments.\nDeciding on joint action such as resorting to the ESM, however, is highly political. Efforts by the European Central Bank, for example, to set up a pan-euro-zone bad bank to help lenders warehouse and sell off troubled loans have made scant progress.\nIn the meantime, many bankers hope for the best.\n“There will be light at the end of the tunnel,” said Steven van Rijswijk, CEO of ING. “Where the tunnel ends we do not know.”\n($1 = 0.8226 euros)","news_type":1,"symbols_score_info":{"0HB5.UK":0.9,"0J6Y.UK":0.9,"DB":0.9,"0H7D.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":1454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382686395,"gmtCreate":1613441607717,"gmtModify":1704880479249,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":"Wah","listText":"Wah","text":"Wah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382686395","repostId":"2110026963","repostType":4,"repost":{"id":"2110026963","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1613109422,"share":"https://ttm.financial/m/news/2110026963?lang=en_US&edition=fundamental","pubTime":"2021-02-12 13:57","market":"us","language":"en","title":"Here's the formula for spotting genuinely undervalued companies, claims this investment house","url":"https://stock-news.laohu8.com/highlight/detail?id=2110026963","media":"Dow Jones","summary":"The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis. For most of 2020, investors poured money into names like online retailer Amazon $$, electric-car maker Tesla $$, and e-commerce platform Shopify -- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.But when news broke in early November 2020 that drug company Pfizer $$ and its partner BioNTech $$ had developed an effective vaccine against COVID-19, something pro","content":"<p>MW Here's the formula for spotting genuinely undervalued companies, claims this investment house</p>\n<p>The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis</p>\n<p>For most of 2020, investors poured money into names like online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.</p>\n<p>But when news broke in early November 2020 that drug company Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and its partner BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> had developed an effective vaccine against COVID-19, something profound happened in financial markets.</p>\n<p>Investors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.</p>\n<p>This rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.</p>\n<p>And it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.</p>\n<p>The apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.</p>\n<p>\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.</p>\n<p>\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"</p>\n<p>Analysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.</p>\n<p>The value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.</p>\n<p>In reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.</p>\n<p>Stocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.</p>\n<p>To have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here's the formula for spotting genuinely undervalued companies, claims this investment house</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere's the formula for spotting genuinely undervalued companies, claims this investment house\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-02-12 13:57</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>MW Here's the formula for spotting genuinely undervalued companies, claims this investment house</p>\n<p>The growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis</p>\n<p>For most of 2020, investors poured money into names like online retailer Amazon <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, electric-car maker Tesla <a href=\"https://laohu8.com/S/TSLA\">$(TSLA)$</a>, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.</p>\n<p>But when news broke in early November 2020 that drug company Pfizer <a href=\"https://laohu8.com/S/PFE\">$(PFE)$</a> and its partner BioNTech <a href=\"https://laohu8.com/S/BNTX\">$(BNTX)$</a> had developed an effective vaccine against COVID-19, something profound happened in financial markets.</p>\n<p>Investors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.</p>\n<p>This rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.</p>\n<p>And it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.</p>\n<p>The apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.</p>\n<p>\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.</p>\n<p>\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"</p>\n<p>Analysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.</p>\n<p>The value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.</p>\n<p>In reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.</p>\n<p>Stocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.</p>\n<p>To have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/15e20574f8fb568333181d61bb200086","relate_stocks":{"AMZN":"亚马逊","PFE":"辉瑞","TSLA":"特斯拉"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2110026963","content_text":"MW Here's the formula for spotting genuinely undervalued companies, claims this investment house\nThe growth stock vs. value stock dichotomy doesn't make sense, says ValuAnalysis\nFor most of 2020, investors poured money into names like online retailer Amazon $(AMZN)$, electric-car maker Tesla $(TSLA)$, and e-commerce platform Shopify (SHOP.T)-- \"growth\" stocks that kept indexes afloat in a turbulent year that hammered share prices across the board.\nBut when news broke in early November 2020 that drug company Pfizer $(PFE)$ and its partner BioNTech $(BNTX)$ had developed an effective vaccine against COVID-19, something profound happened in financial markets.\nInvestors rotated out of these investments in favor of \"value\" stocks hammered by the COVID-19 pandemic, like airlines.\nThis rotation was based on an essential concept in investing: There are some stocks that are clearly undervalued based on standard metrics.\nAnd it is completely flawed, according to research from ValuAnalysis, a London-based fund manager and equity investment boutique, which specializes in valuation.\nThe apparent difference between growth stocks and value stocks is that the former is overvalued based on fundamental metrics while the latter is undervalued.\n\"Everyone knows that this thing doesn't make any sense because growth is not the opposite of value,\" Pascal Costantini, who led the research at ValuAnalysis, tells MarketWatch.\n\"It should be high-growth and low-growth, and I can imagine that, somewhere in an office, some guy said 'well this is not catchy enough, so how about growth and value?'\"\nAnalysts and investors use metrics like the price-to-earnings ratio, or price multiple, to value stocks. ValuAnalysis uses price as a multiple of normalized net free cash flow as its benchmark, and identifies the imaginary dividing line between value and growth stocks at 35x, which is the market median.\nThe value vs. growth divide would suggest that a company trading at a 17x earnings multiple is undervalued. In reality, ValuAnalysis says it is likely a company that won't grow.\nIn reality, a stock's value is based on the company's ability to grow free cash flow in an environment where the cost of capital is 5% to 6%. So if a company isn't outpacing that by improving revenue and margins, the multiple won't increase and the stock price is unlikely to rise.\nStocks that are actually undervalued will trade between 25x and 35x free cash flow, Costantini says, outpacing the cost of capital but not breaking past the market median.\nTo have potential, a company's accumulation of assets or revenue growth must outpace increases in global gross domestic product, and ideally show signs of accelerating. There must also be an increase in operational leverage through revenue or margins. A decrease in the risk premium, such as through advances in controlling carbon emissions, helps.","news_type":1,"symbols_score_info":{"TSLA":0.9,"PFE":0.9,"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1451,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389461817,"gmtCreate":1612795359739,"gmtModify":1704874325267,"author":{"id":"3573552298295815","authorId":"3573552298295815","name":"李ELPS","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573552298295815","idStr":"3573552298295815"},"themes":[],"htmlText":".","listText":".","text":".","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/389461817","repostId":"1193450954","repostType":4,"isVote":1,"tweetType":1,"viewCount":1728,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}