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Fri12152017

Last updateSat, 29 Jul 2017 12am

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Japan Topix at six-year high

Japan’s Topix index is at six-year high, the highest since June 2008.  The Nikkei 225 Stock Average increased 2.7% to 16,862.47 after earlier rising above 17,000 for the first time since 2007.  But the Yen against Dollar is seven year low, at 113.35 per dollar.

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1st Interest rate hike expected to be in September 2015

According to CME Group’s FedWatch Tool, there is a 57% chance of a first Federal Reserve rate hike in September 2015.  There is an 18% chance of first hike in June and a 36% chance of first hike in July.

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US Junk Yield at terrifying lows

As of 2014-06-20, the yield on Moody’s composite speculative-grade bond index fell to a record low 4.93%, an area, Moody’s economist John Lonski calls “terra incognita”.  The spread between speculative-grade bonds and US Treasuries fell to 3.21 percentage points – the thinnest since 2007-07-12.

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Event Driven Hedge Funds–Best Performing for 2014 1H

According to HSBC’s Alternative Investment Group, Pershing Square International, an event-driven fund – which make bets around corporate events such as mergers and acquisitions, with 23.3% return till end of June, is the best-performing hedge funds.  Other similar event-driven funds such as Tyrus Capital Opportunities Fund, the Trishield Special Situations Fund and Mudrick Distressed Opportunity Fund, registered 18.1%, 15.3% and 15% respectively.  The wider hedge fund is up 1.6%, according to Hedge Fund Research.

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Norway’s Oil Fund Sold Equities in Q4 2013

Norway’s oil fund, the world’s largest sovereign wealth fund with AUM of $840 bn, cut its exposure to equities significantly in the last three months of 2013 from 63.6% to 61.7%.  The fund delivered 15.9% last year, where its equities portfolio generated 26.3%.  The overall performance is second only to 2009 since the fund was launched 18 years ago.

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