BLK - BlackRock, Inc.

NYSE - NYSE Delayed Price. Currency in USD
+8.21 (+1.89%)
At close: 4:02PM EDT
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Previous Close434.75
Bid442.46 x 1000
Ask442.82 x 900
Day's Range437.07 - 444.79
52 Week Range360.79 - 492.00
Avg. Volume559,493
Market Cap68.898B
Beta (3Y Monthly)1.45
PE Ratio (TTM)16.84
EPS (TTM)26.30
Earnings DateOct 14, 2019 - Oct 18, 2019
Forward Dividend & Yield13.20 (3.04%)
Ex-Dividend Date2019-09-04
1y Target Est523.62
Trade prices are not sourced from all markets
  • Financial Times

    BlackRock and Amundi win Nest private credit mandates

    BlackRock and Amundi have beaten competition from more than 30 rival investment managers to win the first two private credit mandates awarded by Nest, the UK state-backed pension scheme.  BlackRock will ...

  • Moody's

    Crockett Cogeneration, LP -- Moody's has upgraded Crockett Cogeneration, LP's senior secured notes to Caa1 from Caa3, outlook revised to positive from negative

    Moody's Investors Service ("Moody's") has upgraded Crockett Cogeneration, LP's (Crockett or the Project) senior secured notes to Caa1 from Caa3. The upgrade to Caa1 and the outlook revision to positive reflects Pacific Gas & Electric Company's (PG&E) proposed plan of reorganization that incorporates PG&E assuming its power purchase agreements (PPA). PG&E's bankruptcy and the risk of PPA rejection in bankruptcy has been the primary risk constraining Crockett's credit quality since the project derives most of its operating cash flow from its PPA with PG&E and the proposed plan would ensure that PG&E honors its obligation to the project.

  • The 10 Best Index Funds to Buy and Hold

    The 10 Best Index Funds to Buy and Hold

    [Editor's note: "The 10 Best Index Funds to Buy and Hold" was previously published in August 2019. It has since been updated to include the most relevant information available.]Index funds are responsible for saving investors like you and me untold billions of dollars in fees over the past couple of decades. They've also spared us countless headaches. (I don't know about you, but I'm glad I don't have to pick specific stocks to buy to get exposure to utilities or play the growth in India's middle class.) And the best index funds … well, they've made us a lot of money, which is the point of it all.But index funds are also contributing to an issue that could blow up in our faces.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe push into index funds has intensified to the point that some experts believe it's not only driving the market higher, but it's causing a valuation bubble. In short, if you buy into any fund (index or not), the fund must invest that money into more stocks -- and all that buying is distorting valuations. The danger, then, is that when that bubble pops, many supposedly safe index funds will feel the pain worse than other parts of the market.The lesson here is that the best index funds to buy for the foreseeable future aren't all going to look the same. * Millennials Drive Big Investing Trends Some top index fund picks will be so buy-and-hold-oriented that you won't need to worry about the bubble popping in a year or two or three because you plan on holding for 20 years, maybe 30. Some of the best picks for next year will only be worth buying into for tactical trades of a week or two at a time.So the following is a list of the best index funds for everyone -- from long-term retirement-minded investors to click-happy day traders. And this includes a few funds that I either hold currently or have traded in the past.In no particular order … iShares Core S&P 500 ETF (IVV)Type: Large-Cap Equity Expenses: 0.04%, or $4 annually for every $10,000 invested.Every year, I take a look at the best index funds for investors, and the Vanguard S&P 500 ETF (NYSEARCA:VOO) is always at the top of my list.The argument is typically the same, and consists of two parts: * The S&P 500 Index is one of the best chances you have at solid investment performance. That's because most equity funds fail to beat the market, most hedge funds fail to beat the market, and, to quote Innovative Advisory Group, "individual investors as a group have no idea what they are doing." So if beating the market is so darned hard, just invest "in the market" and get the market's actual return. The VOO and two other exchange-traded funds allow you to do that. * The VOO is the cheapest way to invest in the S&P 500.But that second point has changed.In trying to position itself for advisers who may want to suggest the lowest-cost offerings, iShares parent BlackRock, Inc. (NYSE:BLK) lowered the fees on 15 of its Core-branded ETFs, including the S&P 500-tracking iShares Core S&P 500 ETF (NYSEARCA:IVV).Previously, the IVV charged seven basis points. It's better than the SPDR S&P 500 ETF's (NYSEARCA:SPY) 0.09%, but still above VOO's 0.03%. Now, though, IVV falls closest to the cellar at just 0.04% in annual fees. Thus, the recommendation stands. Buy the market for as cheap as you can, and right now, that's the IVV.And that note of caution? If the valuation bubble does pop, the S&P 500 and its components very well could be hit harder than many other blue-chip stocks outside the index. If you only have a few years left in your investment horizon, you should acknowledge this and invest (and monitor) accordingly. If your investment horizon is measured in decades, buy and never look back.Learn more about iShares' IVV here iShares Core S&P Mid-Cap ETF (IJH)Type: Mid-Cap Equity Expenses: 0.07%As I just said, it's difficult to beat the market. But the iShares Core S&P Mid-Cap ETF (NYSEARCA:IJH) is awfully, awfully darn good at it. From a total performance perspective, the IJH has beaten the IVV over a 15-year period.Source: Rachel Kramer via FlickrAnd yet, very few people talk about the IJH, just as very few people talk about the companies that make it tick, such as veterinary supplier Idexx Laboratories, Inc. (NASDAQ:IDXX).So … what's the deal?Mid-cap companies are frequently referred to as the market's "sweet spot." That's because, as Hennessy Funds describes in a whitepaper (PDF), they typically feature much more robust long-term growth potential than their large-cap brethren, but more financial stability, access to capital and managerial experience than their small-cap counterparts. * Millennials Drive Big Investing Trends The result:"Using standard deviation as a statistical measure of historical volatility, investors in mid-cap stocks have consistently been rewarded with lower risk relative to small-cap investors over the 1, 3, 5, 10, 15 and 20 years ended December 31, 2015. While mid-caps have historically exhibited higher standard deviation than large-caps, investors were compensated for this higher volatility with higher returns for the 10, 15 and 20 year periods."Ben Johnson, CFA, director of global ETF research for Morningstar, points out that "an investment in a dedicated mid-cap fund reduces the likelihood of overlap with existing large-cap allocations and stands to improve overall portfolio diversification."In other words, IJH is an outstanding fund, but don't consider it an S&P 500 replacement -- consider it an S&P 500 complement.Invest in both.Learn more about IJH here SPDR S&P Bank ETF (KBE)Type: Industry (Banking) Expenses: 0.35%Bank stocks have done very, very well in 2019, with solid year-to-date performances in stocks like Bank of America (NYSE:BAC) and Citigroup (NYSE:C) (up 19% and 32% respectively) leading the broad Financial Select Sector SPDR Fund (NYSEARCA:XLF) to a 17% gain since the start of 2019. This makes the SPDR S&P Bank ETF (NYSEARCA:KBE) especially attractive.Source: Mike Mozart via FlickrSince the end of Oct. 2016, the KBE has gained over 25% on the belief Trump will tear down Wall Street regulations, creating an environment that's much more conducive to bank profits.That was confirmed in late 2016, when Trump confirmed Steve Mnuchin as his pick for Treasury Department secretary, and Mnuchin was quick to say that "(stripping) back parts of Dodd-Frank that prevent banks from lending" was top on his list of priorities.Mnuchin said something else telling -- namely, that regional banks were the "engine of growth to small- and medium-sized businesses." I got a call from Chris Johnson of JRG Investment Group after that, and he quipped, "It's like he stared into the camera and winked at every regional bank and said, 'You're going to make money again.'"While XLF does hold banks, it also holds insurers and other types of financials. KBE is a more focused collection of dozens of banks, including national brands like Bank of America and smaller regionals like Montana-based Glacier Bancorp, Inc. (NASDAQ:GBCI), which is less than $3.5 billion by market cap. These stocks will not only benefit from any anti-regulation action but also future interest rate hikes.Learn more about SPDR's KBE here PowerShares Aerospace & Defense Portfolio (PPA)Type: Sector (Defense) Expenses: 0.60%The PowerShares Aerospace & Defense Portfolio (NYSEARCA:PPA) is one of two ideal ways to play the defense space broadly. The other is the iShares U.S. Aerospace & Defense ETF (NYSEARCA:ITA), and frankly, I think it's a toss-up between the pair. It just depends on what you're looking for.Source: Shutterstock Both are heavy in many of the same stocks, such as Boeing Co (NYSE:BA) and United Technologies Corporation (NYSE:UTX). The price advantage goes to the iShares fund, which is cheaper by 0.2 percentage points. However, PPA is a better choice if you're looking for more diversification. * Millennials Drive Big Investing Trends Defense stocks are clobbering the market, including more than doubling the S&P 500 since Trump got elected. This isn't a hidden trade. Frankly, I think new money should consider waiting for the next sizable market dip to knock some of the froth off before buying either of these ETFs.But defense will rule for the foreseeable future. Thus, PPA and ITA will, too.Learn more about PowerShares' PPA here. Global X SuperDividend Emerging Markets ETF (SDEM)Type: Emerging-Market Dividend Expenses: 0.65%The next four funds are dedicated yield plays, and we're starting with a pretty young (and aggressive) ETF -- the Global X SuperDividend Emerging Markets ETF (NYSEARCA:SDEM). But there are a few sound theories that could make this one of the best international plays.Source: Shutterstock Trump is widely considered to be a net negative for emerging markets because of his anti-trade, pro-U.S. rhetoric. But as Paul J. Lim and Carolyn Bigda at Fortune point out, the recent reactionary drought in EM stocks has brought their price-to-earnings ratios below their long-term average.The duo points out a number of other drivers, including … * Stimulated U.S. economic growth would benefit emerging markets who export to the West. * Commodity price pressure has eased, helping the many materials plays in EMs. * Higher oil prices should reduce the number of loan defaults in oil and gas, which will lift some of the worries about emerging markets' financial companies.All of that stands to benefit the SDEM, which has 23% of its holdings i nenergy and basic materials ) as its two heaviest sectors and invests heavily in commodity-focused markets including Brazil and Russia.SDEM does pose a bit of risk by intentionally investing in some of the highest yielders across a number of emerging markets -- as we all know, dividends can suggest financial stability, but excessively high dividends can be a symptom of troubled companies.But Global X views the high dividends as another factor of value (the reason yields are high is because the stocks are underappreciated), and it does mitigate this risk by equally weighting its 50 holdings upon every rebalancing.SDEM's monthly dividend yields 6.58%. That's still excellent for an emerging-markets fund, and the icing on the cake if the potential for an EM rebound is realized.Learn more about SDEM here PowerShares S&P 500 High Dividend Low Volatility Portfolio (SPHD)Type: U.S. Dividend Expenses: 0.3%If you're looking for dividend stocks without quite so much risk, the PowerShares S&P 500 High Dividend Low Volatility Portfolio (NYSEARCA:SPHD) is literally designed to provide you with just that.Source: Shutterstock The SPHD has a portfolio that seeks out dividends, not in risky emerging markets, but in the most stable high-yield blue chips the S&P 500 has to offer. To do this, the index takes the 75 highest-yielding constituents of the index, with a maximum of 10 stocks in any one particular sector, then takes the 51 stocks with the lowest 12-month volatility from the group.The result is a mostly boring group of stocks that are heavy in utilities (14%), energy (14%) and real estate (24%). * Millennials Drive Big Investing Trends The fund also uses a modified market cap-weighting scheme that provides a ton of balance. Even top holdings Iron Mountain (NYSE:IRM) and Macerich (NYSE:MAC) are just 3% of the fund apiece.The main purpose of a fund like SPHD is to create even returns and strong income -- something more in line of protection against a down market. But it has even managed to clobber SPY (and numerous dividend ETFs) in the past.SPHD is young, but it looks like one of the best index funds on the market.Learn more about SPHD here SPDR Bloomberg Barclays High Yield Bond ETF (JNK)Type: Junk Bond Expenses: 0.4%In late 2014, I picked the SPDR Bloomberg Barclays High-Yield Bond ETF (NYSEARCA:JNK) as one of the best index funds to buy for 2015, and JNK responded by dropping 13% that year and recovering to "only" a 9.8% decline in 2016. But this year, however, JNK is actually up 9%.That reflects the general idea behind buying JNK -- even in difficult times for junk bonds, a heavy yield can do a lot to offset capital losses, and then some.Invesco released a report showing that high-yield bonds like those held in JNK actually perform well in rising-rate environments (PDF). It starts:"Since 1987, there have been 16 quarters where yields on the 5-year Treasury note rose by 70 basis points or more. During 11 of those quarters high yield bonds demonstrated positive returns; during the five quarters where high yield bond returns were not positive, the asset class rebounded the following quarter."There's a number of reasons for this, such as an expanding economy normally being a boon for corporate debt service (lowering default rates), a lower relative duration rate of junk bonds and the boosting of returns via prepayment penalties by companies anxious to reduce or eliminate their debt before rates increase.Meanwhile, near-zero rates have helped keep down the rates on junk bonds, so right now JNK is yielding nearly 5.6% despite offering some of its lowest nominal payouts since inception in late 2007. Expect that to rise along with interest rates in coming years, which will provide outstanding annual returns from income alone to anyone with a long investment horizon.Learn more about SPDR's JNK here VanEck Vectors Preferred Securities ex Financials ETF (PFXF)Type: Preferred Stock Expenses: 0.4%*Another less-ballyhooed asset geared toward high income is preferred stocks. They're called "preferred" because the dividends on them actually take preference over common stock dividends.Source: Shutterstock Preferreds must be paid before commons are, and in the case of a suspension, many preferred stocks demand that the company pay all missed dividends in arrears before resuming dividends to common shares.And the "stocks" part of the moniker is a little misleading too, because they actually have a lot in common with bonds: * While preferred stock technically is equity, it typically doesn't include voting rights (like bonds). * Also, rather than a dividend that may fluctuate from payout to payout like a stock, preferreds have one fixed, usually high, payout amount that's assigned when the stock is issued (like bonds). * While common stock technically can register capital gains and losses, they tend to trade close to the par value assigned at issuance, which often is $25. So they might trade at a little discount or a little premium, but they don't fluctuate a lot. In other words: They have low volatility. * Millennials Drive Big Investing Trends While I have long been (and still am) invested in the iShares U.S. Preferred Stock ETF (NYSEARCA:PFF), my recommendation is the VanEck Vectors Preferred Securities ex Financials ETF (NYSEARCA:PFXF).The real draw of PFXF is its low 0.4% expense ratio, low volatility and 5.4% yield -- the best combination of the three in the space.*Includes an 8-basis-point fee waiverLearn more about VanEck's PFXF here Direxion Daily S&P Biotech Bull 3x Shares (LABU)Type: Leveraged Industry (Biotech) Expenses: 1.13%*While I'm long both pharmaceuticals via the Health Care Select Sector SPDR Fund (NYSEARCA:XLV) and biotechs via the SPDR S&P Biotech ETF (NYSEARCA:XBI), I think the best healthcare opportunity will be found by traders who tango with the Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU).Source: Shutterstock The LABU is a 3x leveraged index fund that aims to provide triple the daily returns of the S&P Biotechnology Select Industry Index -- the same index upon which XBI is based. Note the term "daily returns" -- the longer you hold onto leveraged funds, the more your returns can skew from the movement of the index.I think biotechs could still be in for a bumpy ride, as popular outcry over sky-high drug pricing isn't going away. Moreover, there's still the issue of pharmacy benefits managers (PBMs) increasingly siphoning pharmaceutical and biotechs' profits. But aggressive traders will get the most bang for their buck trying to play dips with tools like LABU, while fiscal hermit crabs like myself are content to sit in XBI and enjoy the uneven crawl higher.*Includes 12-basis-point fee waiver.Learn more about Direxion's LABU here Direxion Daily Gold Miners Index Bull and Bear 3x Shares (NUGT/DUST)Type: Leveraged Industry (Gold Mining) Expenses: 0.94%/1.04%*The last of the best index funds are actually a pair of funds that you can use to trade gold. (Sort of.)Source: Shutterstock The Direxion Daily Gold Miners Index Bull 3x Shares (NYSEARCA:NUGT) and Direxion Daily Gold Miners Index Bear 3x Shares (NYSEARCA:DUST) are actually leveraged plays on the NYSE Arca Gold Miners Index -- an index of gold mining companies that powers the VanEck Vectors Gold Miners ETF (NYSEARCA:GDX).Why gold miners?Gold miners have certain all-in costs of mining gold, and so they move heavily based on the price of the commodity. In fact, they tend to be more volatile than gold itself. Just take the first half of 2016, in which the SPDR Gold Trust (ETF) (NYSEARCA:GLD) returned a robust 25%. GDX doubled in that same time frame. And NUGT? NUGT returned 420% -- so, more than quadruple the GDX. * Millennials Drive Big Investing Trends But if you timed the play wrong, you were sunk. If you bought NUGT in May and held through the end of the month, you were down 40% to GDX's 14%.I have no doubt that 2019 will continue to provide a number of big drivers (in either direction) for gold, from U.S. dollar movements to interest rate moves to renewed Brexit fears. NUGT and DUST are two lucrative ways to profit off those trends.Just handle with care.*Includes a 9-basis-point fee waiver for NUGT and a 2-basis-point fee waiver for DUST.Learn more about NUGT & DUST hereAs of this writing, Kyle Woodley did not hold a position in any of the aforementioned securities. Follow him on Twitter at @KyleWoodley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Sell in Market-Cursed September * 7 of the Worst IPO Stocks in 2019 * 7 Best Stocks That Crushed It This Earnings Season The post The 10 Best Index Funds to Buy and Hold appeared first on InvestorPlace.

  • MoneyShow

    Banking Bets from a Leading Value Manager

    We think stocks are extraordinarily attractive today as investor sentiment is quite bearish, corporate balance sheets and income statements are in good shape, valuations are more reasonable and a 1.5% 10-year Treasury yield is no match for the current 2% yield of the S&P; 500, notes John Buckingham, a value-oriented money manager and editor of The Prudent Speculator.

  • GlobeNewswire

    RBC iShares Expands its Smart Beta Lineup with the addition of Five Single Factor ETFs

    TORONTO, Sept. 10, 2019 -- Today, RBC iShares expanded its Smart Beta lineup with the launch of five U.S. single factor exchange traded funds (“ETF”); each ETF offers exposure.

  • Bond Bonanza Gives Traders a Chance to Tidy Up

    Bond Bonanza Gives Traders a Chance to Tidy Up

    (Bloomberg Opinion) -- The U.S. bond market is having a September to remember as far as debt sales are concerned. Investors ought to use this borrowing binge to their advantage.Investment-grade companies issued some $74 billion of debt last week, a record for any comparable period since at least 1972, and it looks as if an additional $35 billion is on the way in the coming days. More than $11 billion of asset-backed securities and commercial- and residential-mortgage debt is being pitched to investors, Bloomberg News’s Adam Tempkin reported. The leveraged-loan market has 12 bank meetings lined up, and a high-yield deal or two seems likely.Much of the focus of this borrowing spree has been on the companies themselves, and rightly so. After all, it’s not every day that a company like Deere & Co. can set a record for the lowest-yielding 30-year investment-grade corporate debt, or Apple Inc. issues long bonds despite holding more than $200 billion of cash and investment securities. As I’ve written before, companies’ decision-making is fairly simple: They see low yields, and they sell bonds. However, this should also be a time for investors to get introspective. Even with the wide swing in benchmark U.S. yields, spreads in corporate credit markets have remained remarkably steady. Since the start of August, yields have declined about 50 basis points on the 30-year Treasury and 40 points on the 10-year. Yet during that same period, the average investment-grade spread is up only 10 basis points. It’s roughly the same in the high-yield market, where spreads are below their 2019 average. Leveraged-loan prices have barely budged in recent weeks.In other words, there’s still time to clean up bond portfolios heading into the final months of 2019. I imagine it can be hard for investors to deviate from their strategies, considering the staggering total-return figures across debt markets this year. But looking at the gains in the context of recent history starts to paint a clearer picture:U.S. investment-grade corporate bonds: 13.7% (on pace for highest since 2009) U.S. high-yield bonds: 11.3% (highest since 2016) U.S. Treasuries: 8.4% (highest since 2011) U.S. leveraged loans: 6.4% (highest since 2016) U.S. mortgage-backed securities: 5.5% (highest since 2014) U.S. asset-backed securities: 4.3% (highest since 2011)Clearly, speculative-grade securities aren’t flying quite as high as they might initially appear. By contrast, the fact that the asset-backed securities index, stuffed with triple-A rated obligations, is quietly having its best year in recent memory indicates investors’ preference for higher-quality bonds.Of course, the blistering rally in investment-grade corporate bonds can’t be separated from the huge increase in negative-yielding debt worldwide. Its proliferation has created a conundrum for investors in Europe and Japan because even 10-year Treasuries yield less than zero after hedging for currency risk. But in both regions, the yield turns positive by picking up an average U.S. corporate bond. Tetsuo Ishihara, a U.S. macro strategist at Mizuho Securities USA who has his finger on the pulse of the Japanese markets, said in a recent report that he had heard “retail consensus in Japan is that the US 30y is heading to 0%” over the next several years. As a result, “US IG is also a target for both retail and wholesale.”Back in the U.S., some big money managers are advocating the “up in quality” trade (or, at least, voicing concerns about riskier securities). In a Financial Times Q&A about negative-yielding debt — with questions like “Is there a bubble in the bond market?” and “Will there be a damaging crash?” — JPMorgan Asset Management’s Bob Michele stressed that “Investors should improve the credit quality of their holdings and concentrate primarily on positive yielding investment grade rated bonds.” BlackRock Inc.’s Rick Rieder said the riskiest areas and those offering the least value are “loan markets, especially in sectors where credit quality and covenants are weak.” Daniel Ivascyn, group chief investment officer at Pacific Investment Management Co., answered the same question by pointing to parts of the credit markets with deteriorating fundamentals and investor protections.None of this is to say that riskier debt will deliver imminent losses. In fact, high-quality sovereign debt was the big loser on Monday, with yields rising on Treasuries and German bunds ahead of a potentially hawkish European Central Bank meeting and amid speculation that Germany is considering a “shadow budget” to bolster public investments, providing a much-needed fiscal boost to its economy.The slow-but-steady economic growth since the financial crisis, combined with ever-accommodating central banks, has made reaching for yield the obvious trade. Sure, some energy companies crashed and burned along the way, and retailers have floundered, with discount merchandise chain Fred’s filing for Chapter 11 bankruptcy protection on Monday and Forever 21 Inc. perhaps up next. Yet by and large, companies have endured during the longest expansion on record, aided by low interest rates. Fixed-income investors have been rewarded handsomely along the way. The reasons to believe that trend can’t last are beginning to pile up. There’s the yield curve, of course, which has been inverted for just about all of the past three months. But notably, as Shawn Donnan wrote for Bloomberg Businessweek, recession is becoming a reality in at least some corners of America, like manufacturing and agriculture. U.S. consumers have been a resilient part of the recovery, but as Komal Sri-Kumar noted in a Bloomberg Opinion column last week, their spending habits are hardly a leading indicator. And their outlook for the economy is slumping.Bond investors, who clearly fear nothing more than a liquidity crunch during a rush to the exits, probably shouldn’t wait to see whether recession fears were overblown or warranted. This month’s supply offers a convenient opportunity for them to tidy up their holdings and position for a time when making money in fixed income isn’t quite so easy. To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at©2019 Bloomberg L.P.

  • Citigroup Says Gold May Top Record

    Citigroup Says Gold May Top Record

    (Bloomberg) -- Gold prices may rally to a record above $2,000 an ounce in the next two years, according to Citigroup Inc., which gave a laundry list of positive drivers including rising risks of a global recession and the likelihood that the Federal Reserve will reduce U.S. interest rates to zero.“We expect spot gold prices to trade stronger for longer, possibly breaching $2,000 an ounce and posting new cyclical highs at some point in the next year or two,” analysts including Aakash Doshi said in a note received Sept. 10. That would exceed the record of $1,921.17 set in 2011.Low or lower-for-longer nominal and real interest rates; global recession risks -- exacerbated by U.S.-China trade tensions; and heightened geopolitical rifts are “combining to buttress a bullish gold market environment,” the bank said. Also, “in affinity to our U.S. rates research colleagues, we believe the Fed will ultimately end up cutting rates all the way to zero,” the analysts wrote.Gold hit a six-year high this month as central banks ease policy to address the slowdown in growth amid the trade war. This week, investors expect the European Central Bank to unleash more stimulus, while next week the Fed is seen cutting rates again. That’s helped to drive flows into bullion-backed exchange-traded funds as investors track the trajectory of the U.S. economy.Market Signals“For now, the U.S. consumer and potential growth story is holding up,” Citi said in the note. However, “we remain more concerned about market signals -- three-month to 10-year yield curve inversion -- and leading indicators that are weakening at the fastest pace since the Great Recession,” it said.Spot gold traded at $1,491.34 an ounce on Tuesday, up 16% this year after rising for the past four months. Citi said that it had upgraded its baseline forecasts for gold on the Comex by $125 to $1,575 an ounce for the fourth quarter, and by about 14% to $1,675 for 2020.In July, U.S. monetary policy makers reduced borrowing costs for the first time in more than a decade, and they are widely expected to do so again at their Sept. 17-18 meeting. BNP Paribas SA, which is also bullish on the outlook for bullion, said it expects four quarter-point reductions over the coming year.Citi’s outlook did come with caveats, including a hawkish turn from the Fed or a breakthrough in trade talks, although that’s not its base case. “A surprise trade deal coupled with a sharp upturn in global manufacturing data would probably suggest a peak for gold at the $1,550 an ounce level for this cycle.”(Updates price in sixth paragraph)To contact the reporter on this story: Ranjeetha Pakiam in Singapore at rpakiam@bloomberg.netTo contact the editors responsible for this story: Phoebe Sedgman at, Jake Lloyd-SmithFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • BlackRock Gold ETF Assets Jump to Record in Bet on Metal’s Rally

    BlackRock Gold ETF Assets Jump to Record in Bet on Metal’s Rally

    (Bloomberg) -- Exchange-traded fund investors appear to have few doubts about the direction of gold.Holdings in BlackRock’s iShares Gold Trust, the second-largest bullion-backed ETF, rose to a record on Friday, even as prices of the metal posted a second straight weekly loss. The pile-in came as data showed U.S. payrolls grew at a slower pace in August, fueling haven demand and expectations for monetary easing. Lower rates are a boon for gold, which doesn’t offer a yield.While gold prices have wavered after four straight monthly gains as investors await fresh catalysts, forecasts for the Federal Reserve to resume rate cuts as soon as this month are underpinning the longer-term outlook for the metal, according to Bob Haberkorn at RJ O’Brien & Associates LLC. Investors poured $96.1 million into the iShares fund last week for a 13th straight weekly increase, the longest such streak since February 2013.“It’s showing you the broader sentiment of the market, where gold’s going higher, people are looking for rates to get closer to zero, and that’s where you get more flow into ETFs,” Haberkorn, a senior market strategist, said by phone from Chicago. “Overall, whether they’re institutional, they’re retail, individual investors, there is a lot of looking-for-safety out here.”The Fed will lower rates by a full percentage point between now and January to counter a steep slowdown in the U.S. economy, Deutsche Bank AG economists said in a note Friday. A majority of traders and analysts surveyed by Bloomberg remained bullish on the metal, and money managers boosted their net-bullish positioning to a record, according to U.S. government data released on Sept. 6.Spot gold slipped 0.5% to $1,499.13 an ounce on Monday.To contact the reporter on this story: Justina Vasquez in New York at jvasquez57@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at, Joe RichterFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • Institutional Holdings in MPC, VLO, PSX, and HFC
    Market Realist

    Institutional Holdings in MPC, VLO, PSX, and HFC

    Institutional holdings in Valero Energy, Marathon Petroleum, Phillips 66, and HollyFrontier stand above 70%. HollyFrontier has the highest holding of 89%.

  • Why BlackRock (BLK) is a Great Dividend Stock Right Now

    Why BlackRock (BLK) is a Great Dividend Stock Right Now

    Dividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does BlackRock (BLK) have what it takes? Let's find out.

  • Morningstar

    8 Upgrades Highlight August Ratings Changes

    Morningstar rated 149 strategies overall in August. Amid the updates, manager research analysts affirmed the Morningstar Analyst Ratings of 134 strategies, upgraded eight, and downgraded four. Eddie Yoon, the strategy's manager since October 2008, is a proven healthcare investor with over 15 years of industry experience.

  • Financial Times

    Business schools shift to a more sustainable future

    In a kitchen at the Rotterdam School of Management, a dozen students are huddled around a stove, learning to cook imaginative vegetarian meals. This is the school’s Sustainability Hub, where Eva Rood, director of its “Positive Change Initiative”, says her mission is “to make thinking about the Sustainable Development Goals mainstream.” She is referring to the 17 global priorities for 2030 agreed by the United Nations in 2015. The SDGs include education, the environment and reduced inequality.

  • 5 Questions to Consider When Digitizing Board Management and Meetings

    5 Questions to Consider When Digitizing Board Management and Meetings

    Digitizing board management can take board productivity to the next level. Answering these important questions will help you select the right technology to support your boardroom. Download the checklist from Nasdaq, Inc.

  • BlackRock Rises 3%

    BlackRock Rises 3% - BlackRock (NYSE:BLK) rose by 3.05% to trade at $428.31 by 10:12 (14:12 GMT) on Thursday on the NYSE exchange.

  • BlackRock Says the Key Gauge of Muni Bond Prices May Be Broken

    BlackRock Says the Key Gauge of Muni Bond Prices May Be Broken

    (Bloomberg) -- The world’s largest money manager says one of the most meaningful measures in the municipal-bond market is starting to mean a lot less.That’s because a steady influx of cash earlier this year pushed some state and local government debt yields to record lows relative to U.S. Treasuries. In normal times, the decline of that ratio -- which is closely watched by professional investors -- would signal that the securities had become significantly overpriced.But Sean Carney, the head of municipal strategy at BlackRock Inc., which oversees nearly $7 trillion in assets, said in an interview that the buy-and-hold investors who dominate the municipal market are more interested in the tax breaks and the protection the securities offer from stock market swings. That may help explain why retail buyers have poured more than $43 billion into municipal-bond mutual funds even as prices hit record highs against Treasuries this year.“There’s less predictive power to muni-Treasury ratios today,” said Carney, who like others on Wall Street still watches it.Corporations like banks and insurance companies do pay attention to the gauge, Carney said. But those companies aren’t driving the municipal-bond market rally right now. Some have even slashed their holdings because the 2017 tax overhaul that reduced corporate tax rates, which makes tax-exempt debt less attractive compared with other securities.“Everybody likes to get caught up in muni-Treasury ratios,” Carney said. “They mean a lot when you’re looking for a non-traditional buyer to buy munis. When it’s retail that’s driving it -- and it’s retail driving this rally -- they tend not to care as much about ratios.”This may mean that tax-exempt bonds have more room to run regardless of whether municipals are considered cheap or expensive, Carney said. Tax-exempt debt has returned about 7.7% this year, according to the Bloomberg Barclays index. While that’s less than Treasuries or corporate bonds, it’s still the biggest gain since 2014.For those who do still care about the gauge, the ratio of 10-year municipal yields to Treasuries is hovering around 86%, up from as little as 72% in May.Maybe that means they’re cheap. Or maybe not.\--With assistance from Danielle Moran.To contact the reporter on this story: Amanda Albright in New York at aalbright4@bloomberg.netTo contact the editors responsible for this story: Elizabeth Campbell at, William Selway, Michael B. MaroisFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • WeWork Adds Harvard's Frei to All-Male Board After Criticism

    WeWork Adds Harvard's Frei to All-Male Board After Criticism

    (Bloomberg) -- WeWork Cos. is adding a woman to its all-male board of directors as it seeks to burnish its image before becoming a public company.The New York-based office-rental startup, which could begin a roadshow for its initial public offering as early as next week, people familiar with the matter told Bloomberg, will add Harvard Business School professor Frances Frei to its board, according to a filing made public Wednesday. The company said that within a year of its IPO, it aims to add an additional director, “with a commitment to increasing the board’s gender and ethnic diversity.”Frei previously was senior vice president at Uber Technologies Inc., where she served on the management committee that ran the company as it searched for a new chief executive officer.WeWork also disclosed in the filing that CEO Adam Neumann returned $5.9 million worth of partnership interests initially granted to him as compensation for trademarks used in the company’s rebranding.The WeWork Competitor Building a Female-Focused Coworking Space Investors like BlackRock, State Street Global and TIAA are increasingly putting pressure on companies to ensure women are present at the highest levels of corporate governance. The last all-male board in the S&P 500 added a woman in July, and investors are now pushing smaller companies to add women as well. About 8% of companies in the Russell 3000 still lack even one female director, according to Bloomberg data.In a study of 100 IPO boards from 2014 to 2017, about half went public without a single female director, according to data compiled by advocacy group 2020 Women on Boards. In public offerings since April, women have only occupied about 19% of the new spots, according to New York-based executive recruiter G. Fleck / Board Services.At least two other technology companies on the cusp of listing their shares, Peloton Interactive Inc. and Cloudfare Inc., both included women directors in their IPO filings.(Updates with pressure to add women to boards starting in the third paragraph.)To contact the reporters on this story: Patrick Clark in New York at;Jeff Green in Southfield, Michigan at jgreen16@bloomberg.netTo contact the editors responsible for this story: Rob Urban at, Janet Paskin, Liana BakerFor more articles like this, please visit us at©2019 Bloomberg L.P.

  • Reuters

    Fund manager BlackRock opens office in Saudi Arabia

    BlackRock Inc, the world's largest fund manager, has opened an office in Saudi Arabia, pushing ahead with plans to capitalise on the government's ambitious reform agenda despite global criticism of its human rights record. A company spokeswoman said the Riyadh office had opened recently and is headed by Yazeed Almubarak, who previously worked at Morgan Stanley and Saudi bank Jadwa Investment, according to his LinkedIn page. Chief Executive Larry Fink last year said that BlackRock would not cut ties with the kingdom, which came under pressure over the murder of journalist Jamal Khashoggi.

  • Reuters

    UPDATE 3-Deutsche, Commerzbank CEOs warn of ECB rate cut side effects

    The CEOs of Germany's two largest listed banks on Wednesday warned that a further cut in interest rates by the European Central Bank would deal a blow to savers and the financial system while having only minimal effect on the economy. The stern message comes a week before an ECB policy meeting at which decision makers are expected to lean towards a stimulus package that includes a rate cut. Deutsche Bank CEO Christian Sewing told a banking conference that his company's customers had said they would not invest more if credit were 0.10 percentage points cheaper.

  • Financial Times

    Tinkering with European fiscal rules will not be enough

    The eurozone is in dire need of better fiscal policy, so a fresh look should be welcomed. yielded 7.8 per cent. Today, average eurozone debt is more than 80 per cent of GDP and the yield on the same Bund is well below zero. The fiscal rules are widely documented to have led, more often than not, to policies that add fuel to expansions and pain to recessions.


    Walmart’s Move on Ammunition Sales Could Aid Its ESG Ratings

    After two recent deadly shootings at the retailer’s stores, Walmart announced that it would stop selling ammunition for assault-style weapons, as well as for handguns.

  • Why this GE solar spinoff in Schenectady is planning for big growth after BlackRock investment
    American City Business Journals

    Why this GE solar spinoff in Schenectady is planning for big growth after BlackRock investment

    Distributed Solar Development spun off from GE's Schenectady campus in July after being based there for seven years. It announced in August that its headquarters will be at Schenectady's Mohawk Harbor.

  • Reuters

    MOVES-BlackRock Poaches AXA IM's Herzog as its French Operations Director

    BlackRock has named Sebastien Herzog, a senior official at French insurer AXA's investment management arm, as its operations director for France, Belgium and Luxembourg. Herzog worked for AXA IM for more than 20 years, most recently serving as chief financial officer and general secretary. "Sebastien brings on a deep knowledge of the industry and the local market which will be crucial to respond to the growth of the operating platform sustaining BlackRock's commercial development in the region," the firm said on Tuesday.

  • Financial Times

    Lyxor loses $7.3bn of ETF outflows in 2019 amid sale speculation

    Lyxor has been hit by large outflows from its $67.8bn exchange traded funds business amid speculation that the Paris-based asset manager could be sold by its parent Société Générale. Lyxor would provide ...

  • Best Stock Returns in August Came From ETFs Loved by Gold Bugs

    Best Stock Returns in August Came From ETFs Loved by Gold Bugs

    (Bloomberg) -- Investing in gold and silver miners paid off this month for investors in equity exchange-traded funds.BlackRock Inc.’s iShares MSCI Global Gold Miners ETF, known as RING, has returned almost 14% in August, more than any other unleveraged stock fund in the U.S., data compiled by Bloomberg show. Close behind, with gains approaching 13%, are two funds of silver miners, with strategies tracking ore extractors accounting for eight of the top 10 performers.With bond yields increasingly depressed, many investors that are taking off risk are heading into alternatives, like commodities. Just this week, gold prices rose to a six-year high and silver touched its strongest in two years, as concerns the U.S.-China trade war is weighing on global economic growth boosted the appeal of havens. Gold rallied nearly 7% in August, and silver climbed 13%.“Gold’s current price level hints at a potentially longer, sustained rally,” according to Joe Foster, a portfolio manager and strategist at VanEck. “We believe this, along with the steps gold miners have taken to reduce costs and capital expenditures, make gold stocks an attractive opportunity,” he wrote in an emailed note this week.To contact the reporter on this story: Justina Vasquez in New York at jvasquez57@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at, Rachel Evans, Rita NazarethFor more articles like this, please visit us at©2019 Bloomberg L.P.