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Follow this list to discover and track stocks have the highest Environmental scores as rated by Sustainalytics Research. This list is generated daily and limited to the top 30 stocks that meet the criteria.
JPMorgan Chase & Co.
Johnson & Johnson
Verizon Communications Inc.
The Home Depot, Inc.
Wells Fargo & Company
Cisco Systems, Inc.
International BusineS Machines Corporation
The Toronto-Dominion Bank
The Goldman Sachs Group, Inc.
Edwards Lifesciences Corporation
UBS Group AG
Dell Technologies Inc.
Prudential Financial, Inc.
Eaton Corporation plc
Agilent Technologies, Inc.
Keysight Technologies, Inc.
CNH Industrial N.V.
Xerox Holdings Corporation
Dow Jones futures: The stock market is near new highs, but is it a long-term bull market? Also, leading stocks remain in flux as recent breakouts struggle.
FT subscribers can click here to receive Moral Money every Wednesday by email. We will be all over New York, covering the UN meetings and all the side events that come along with them (where the real action goes down).
Microsoft is going after the retail market, both online and offline, with a slew of announcements and updates to its Dynamics 365 enterprise platform.
When Silicon Valley startup Phantom Auto was formed in 2017, it was one of many software suppliers hitching their fortunes to self-driving cars, confident that fleets of robotaxis would be using their technology within a few years. Faced with the harsh reality that an autonomous future is further away than originally promised by global automakers and tech companies like General Motors Co , Uber Technologies Inc and many others, smaller companies in the self-driving ecosystem are now pivoting to alternate uses for their technology. Some are turning to delivery robots, while others are helping deploy autonomous vehicles for farms, construction sites or airports.
Apple Inc.’s new iPhones have great cameras and battery life, but the key question remains whether consumers will deem them worth an upgrade.
Khan, due to take up leadership of UBS's wealth management unit next month just three months after leaving Credit Suisse, filed a criminal complaint alleging threats and coercion in the Sept. 17 confrontation. Swiss newspaper SonntagsZeitung, without citing its sources, reported that Credit Suisse had hired three detectives to investigate whether Khan was seeking to lure its employees to UBS.
(Bloomberg) -- Bitcoin is growing up.Monday marks the debut of futures contracts offered by Intercontinental Exchange Inc. that can result in delivery of the digital currency, a new chapter in Bitcoin’s tumultuous 10-year history. The first federally regulated market to buy and sell Bitcoin could entice conservative investors who have so far stayed on the sidelines to begin adding the digital asset to their portfolios, according to industry analysts. It also furthers efforts to create a market structure for financial professionals to take the digital asset seriously.“The move to centralize and create a scalable infrastructure for crypto asset investment” is “a positive step,” said James Putra, head of product strategy at TradeStation Crypto. Because the ICE contracts will deliver actual Bitcoin, an investor can potentially profit first from the rise in the futures price and then take possession of the coins, he said. “I can capture both pieces and continue to ride that upward.”Bitcoin has risen 177% this year, better than any other asset globally. The start of cash-settled futures contracts at CME Group Inc. in December 2017 helped send Bitcoin up 9% and coincided with its record price of $19,511.It hasn’t been all smooth sailing for the ICE contract. The company faced a months-long delay after running into opposition from the Commodity Futures Trading Commission over how it proposed to store clients’ tokens to safeguard them from theft and manipulation, people familiar with the matter said earlier this year. To remedy this, the company sought a license from New York financial regulators permitting its Bakkt custody unit to hold customer tokens. That unit began operating earlier this month to give users a chance to become familiar with how it works.“This contract is squarely designed for institutional participants,” said Adam White, chief operating officer of Bakkt. The combination of regulated trading with custody is what sets the ICE approach apart, he said. “That is of the utmost importance to institutions.”How They WorkThe company is offering a daily contract as well as a 30-day future. The daily contract will be available for investors to buy or sell for 70 days into the future, while the monthly will be listed for 12 months out, he said. Both contracts can be rolled upon expiration, he said.As for the delay ICE faced, White said “That was time well spent” because the company needed to address customer concerns about how their Bitcoin would be stored. “To us, it was not a race for speed but to get the right product out.” It’s rare in the futures industry for a market to act as an exchange for trading, a clearinghouse for settlement and a custodian for delivery. The last component is what necessitated Bakkt receiving the New York state trust license.Damon Leavell, an ICE spokesman, declined to name the banks supporting ICE’s Bitcoin futures contract. Bank units known as futures commission merchants stand between customers and the clearinghouse to facilitate trade.Completing the regulated custody “does add another layer of legitimacy to the market,” said Richard Johnson, an analyst at Greenwich Associates who specializes in blockchain technology. Bitcoin custody is risky because private keys are needed to move coins from one address to another. If a thief obtains that key he now controls that Bitcoin, Johnson said. There’s also the risk of losing the keys, he added.Retail DeliveryThe main competitor to the ICE Bitcoin futures will be the CME Group contracts. CME Group earlier this month said it will boost the number of contracts users can hold in the spot month and last week said it would begin options on its Bitcoin futures contracts in the first quarter next year, pending regulatory review.“There’s room for both” CME and ICE contracts, TradeStation Crypto’s Putra said. A key for ICE will be devising a way for retail customers to easily buy and sell the futures, he said. Many retail brokerages aren’t set up to handle delivery of corn or cattle from a futures trade, so don’t allow those contracts on their systems, he said.“People make mistakes,” he said. “It’s not easy to have a truckload of cattle to get to a customer.” The ICE daily contract could help firms that make short-term loans of Bitcoin, he said. Now they can hedge those loans, which tend to be one day in duration due to the wild volatility seen in Bitcoin’s price.Starbucks, MicrosoftWhen ICE unveiled its Bitcoin futures plan in August 2018, it highlighted it in part as a way for merchants to adopt cryptocurrencies as a payment method. Its corporate partners include Starbucks Inc. and Microsoft Corp. Yet retail adoption of Bitcoin may still be a ways off, Putra said.“It lays the groundwork to make it easier for other participants to adopt this,” he said of the ICE plan. Yet “it’s a lofty goal” to get corporations to begin changing Bitcoin into U.S. dollars. “It’s a bit of a leap to think Starbucks is going to manage its position through futures,” Putra said. “If I’m not managing my dollar or yen exposure with a futures contract, I’m not going to manage my Bitcoin exposure with a futures contract.”White said the first hurdle for the company was to get enough traders using its Bitcoin futures. If they can pull that off, next year ICE plans to offer a product aimed at merchants, he said.(Adds ICE comment in the 9th paragraph.)To contact the reporter on this story: Matthew Leising in Los Angeles at email@example.comTo contact the editors responsible for this story: Michael J. Moore at firstname.lastname@example.org, Dave Liedtka, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Shares of Roku Inc. plunged Friday, to suffer their worst-ever weekly performance, as investors continued to express concern over increasing competition and an extreme valuation.
Cathy Bessant, chief operations and technology officer at Bank of America, shared her thoughts as the keynote speaker at the 2019 Charlotte CIO of the Year ORBIE Awards held at The Westin Charlotte on Friday morning.
At least four insurance companies are now offering plans under the state's new paid family and medical leave law. Some of them offer substantial savings over the government version.
(Bloomberg Opinion) -- “Don’t Call It QE.”With that four-word title, JPMorgan Chase & Co.’s chief U.S. economist, Michael Feroli, effectively summed up Wall Street’s reaction to the weeklong stress in funding markets and Federal Reserve Chair Jerome Powell’s comments about how he and other policy makers would deal with it. At his press conference last week after the central bank’s rate decision, Powell said it’s “certainly possible that we’ll need to resume the organic growth of the balance sheet earlier than we thought.” Among the most likely solutions to rein in short-term rates that briefly spiraled out of control is some sort of permanent open-market operations. Naturally, hearing “growth of the balance sheet” sounds to some like a return to quantitative easing — the post-crisis measure of purchasing Treasuries or other securities to inject liquidity into the financial system. The phrase “QE-infinity” is often tossed around as a swipe against meddling by central banks and their permanent role in propping up financial markets. Fed critics seized on Powell’s words as confirmation that such infinite QE is around the corner.Strategists at Wall Street’s biggest banks sought to head off that sort of framing almost immediately.The key difference in “organic growth” of the Fed’s balance sheet versus QE-style expansion, they say, is that the former comes about because of increased demand for the central bank’s liabilities — mainly, those Federal Reserve Notes in your wallets. Feroli estimates that demand for U.S. currency has been growing by $100 billion a year recently. The Fed will most likely move to offset this heightened demand by adding assets, he said, but that’s hardly QE. After all, the central bank did precisely the same thing for most years between 1914 and 2007.Bank of America Corp. strategists predict the Fed will be even more aggressive. “It is important to make the distinction: this is not a return to quantitative easing,” they said in prefacing their estimates. They say the central bank will need to purchase about $150 billion of assets a year because of the demand for its liabilities. On top of that, “to avoid a repeat of recent funding pressures and a return to an ‘abundant’ reserve level plus a buffer, we think the Fed most likely will need to purchase an additional $250 billion.”This is not some Wall Street ploy to play down the significance of the Fed resuming balance-sheet growth. The Fed is clear on its website about how it needs to engage in open-market operations to counter the growth in its liabilities: The quantity of Federal Reserve notes held by the public has grown over time. Absent any additional action by the Federal Reserve, the increase in Federal Reserve notes would reduce the quantity of reserve balances held by depository institutions and push the federal funds rate above the target set by the Federal Open Market Committee (FOMC). To prevent that outcome, the Federal Reserve engages in open market operations to offset the reduction in reserve balances.That’s exactly what happened last week, when the effective fed funds rate rose to 2.3%, higher than the stated 2.25% upper bound. The Fed’s go-to preventive measure, as it always has been, is precisely the sort of asset purchases that Powell was describing.Former New York Fed President Bill Dudley, writing for Bloomberg Opinion, said the Fed could focus on adding short-term obligations like Treasury bills to make abundantly clear that its plan is different from post-crisis QE. Joseph Abate at Barclays Plc sees similar benefits to buying bills — it would serve to “avoid any confusion with QE and to emphasize that these purchases are ‘reserve management operations,’” he wrote.At NatWest Markets, strategists went even further, differentiating between buying assets to offset currency growth and a sort of “QE-lite” program. Organic growth “seems to suggest offsetting currency growth, and not using the balance sheet to relieve stress in funding markets,” they wrote in a Sept. 20 note. “It’s possible a QE-lite style program could exist in the future, but we do not think the Fed is ready to commit to anything like that at this time. Given the recent funding pressures, we see the Fed as being content with coming in and conducting temporary repo operations.”For now, that’s exactly what the New York Fed plans to do, committing late last week to a series of overnight and term repurchase agreements through Oct. 10. That’s some pretty serious firepower. As I wrote after the recent FOMC decision, this seemed like the most obvious stopgap measure to deal with any lingering quarter-end stress while policy makers consider their more permanent approach and how they’ll communicate the shift to markets.Should they go with permanent open-market operations, it “will inevitably be referred to by some in the media as ‘QE,’” JPMorgan’s Feroli lamented. “This would be unfortunate.”Aside from a general lack of nuance, though, it’s unclear what harm would be done if some investors simplistically equated routine purchases to QE. Maybe risky assets would rally more than they should. Maybe Treasury yields and gold prices would jump higher on expectations of accelerating inflation. Neither of those outcomes would truly be so bad. If anything, if markets misinterpret bond buying as a form of easing monetary policy, it could provide breathing room for the Fed to pause on any more interest-rate cuts, as its dot plot suggests.Regardless, Wall Street strategists have staked out their position and appear intent to spread the word, providing a welcome assist to Powell. The Fed chair’s communication record, after all, has been spotty at best. Still, even he wouldn’t dare call any open-market operations a return to QE. Markets shouldn’t, either.To contact the author of this story: Brian Chappatta at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis 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 bloomberg.com/opinion©2019 Bloomberg L.P.
Lawyers for Huawei Chief Financial Officer Meng Wanzhou will be in a Canadian courtroom on Monday to press for details surrounding her arrest at Vancouver's airport nearly 10 months ago. Meng, 47, was detained on Dec. 1 at the request of the United States, where she is charged with bank fraud and accused of misleading HSBC Holdings Plc about Huawei Technologies Co Ltd's business in Iran. Meng, who is expected in court, has said she is innocent and is fighting extradition.
(Bloomberg Opinion) -- As the operation to fly home stranded Thomas Cook Group Plc passengers begins — and the blame game gets going over why the 178-year-old travel agent collapsed — another parallel process is underway: Seeing what can be salvaged from the ruins.Even before the company entered liquidation, there was never going to be much left for shareholders. They would probably have been wiped out by the failed rescue attempt: A 900 million pound ($1.1 billion) debt-for-equity swap led by China’s Fosun Tourism Group.Bondholders face a similar fate. Under the rescue plan they would have taken a big writedown on the value of their holdings, but they would have been left part of a group that owned 25% of Thomas Cook’s tour operating business and 75% of its airline. The company’s 750 million euros of 6.25% bonds maturing in 2022 fell as much as 70% on Monday.Thomas Cook has some assets that may be worth something. Its British and German airlines have slots at Frankfurt, Dusseldorf, Gatwick and Manchester airports (the German airline is still operating).There’s an aircraft fleet too. Although the average age of the 100 jets is a fairly old 15 years, according to Citigroup Inc., there might be appetite from emerging market buyers.The big question is whether there will be anything to gain from snapping up the tour operating arm. Fosun, Thomas Cook’s biggest shareholder, had planned to inject 450 million pounds in the failed rescue deal. It could try now to acquire what is left, which would at least secure the future of its Chinese joint venture with the British company.Fosun would pick up the historic Thomas Cook name for much less than 450 million pounds. But the collapse, and the emergency repatriation of hundreds of thousands of vacationers, will have done irreparable damage to the famous old travel brand. Would holidaymakers in Britain ever book a Thomas Cook break again? That is the question any potential new owner will be grappling with.Whatever value can be obtained, it won’t come anywhere near meeting Thomas Cook Plc’s liabilities, which have spiraled over the past year. Net debt stood at 1.25 billion pounds at the end of March. There are also almost 500 million pounds of pension obligations. No wonder its rivals were looking pleased on Monday. Shares in Germany’s Tui AG rose as much as 10%, while Dart Group Plc, owner of the tour operator Jet2, rose a similar amount. Thomas Cook’s collapse will take capacity out of the holiday market. That’s good news for an industry that has suffered from the shift toward internet booking and slumping consumer confidence as Brexit approaches. Indeed, those factors hastened the company’s demise.Any positive news for the sector is of no comfort for Thomas Cook’s creditors, of course. The holiday is over for them.To contact the author of this story: Andrea Felsted at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Egyptian stocks extended losses and dollar bonds fell after small but rare anti-government protests over the weekend.The EGX 30 dropped as much as 0.9% on Monday, before paring its loss to 0.3% as of 11:21 a.m. in Cairo. That extended its biggest drop since 2016 on Sunday after rallies in several cities evoked memories of the instability that followed the 2011 uprising and ouster of former President Hosni Mubarak.The country’s $1.75 billion of bonds due 2029 headed for the biggest decline since they were sold in February, while 12-month non-deliverable forward contracts for the Egyptian pound rose the most most since March 2017, a sign that pressure on the currency may be rising.Read more: Rare Egypt Protests Give New Resonance to Actor’s Viral VideosBefore Sunday’s slump, the equities gauge had been one of the top four performing indexes among major peers tracked by Bloomberg globally this year in dollar terms. Investors cheered reforms that spurred the economy, while the inflation rate fell to the lowest level since 2013 in August. Carry traders buying the Egyptian pound benefited from some of the highest yields in the world.The market turmoil comes days before that central bank is scheduled to decide on monetary policy. Economists predict a 125 basis-point cut to the deposit rate.While Goldman Sachs sees the negative impact on assets being sustained if political uncertainty rises, Naeem Brokerage suggests looking at banking stocks and the shares of the local tobacco producer.Here’s what analysts are saying:Goldman Sachs, Farouk Soussa“Should political uncertainties rise, the negative impact on Egyptian risk assets could be more sustained. In such an environment, we believe the central bank may see cause to hold rates on Thursday”Goldman is currently forecasting a 100 basis points rate cut this week; its “base case” is that protests are likely to fizzle out soonWhile “external and domestic bond markets may come under some pressure in the coming days,” Goldman says it’s “sanguine” over the impact of unrest on Egypt’s currencyNaeem Brokerage, Allen SandeepSunday’s slump “took the analyst community by surprise, no one looked at those protests that seriously.”Selling pressure was sparked initially by Arab investors, which led to margin calls to be triggered, “and then locals also had to join. So you had a whole herd of investors selling.”The market could be weak again Monday “because foreigners could also express their concern and sell, so we are not advising clients to take any fresh position today. But probably by tomorrow or day after, when things become clear.”Prefers defensive stocks, mainly banks, such as Commercial International Bank Egypt SAE and Credit Agricole Egypt SAE and domestic tobacco producer, Eastern Company SAE.FXTM, Jameel AhmadSunday’s performance was “really strange”, since country was seen until then “as a bright spark in 2019 for the region.”Since Egypt stocks have outperformed regional peers this year, protests could be leading investors to take profits.Abu Dhabi Commercial Bank, Monica MalikExpects the Central Bank of Egypt to lower benchmark interest rates by 100 basis points at a meeting on Thursday, following a 150 basis points cut in August.“The disinflation backdrop and the global monetary easing provide space for the CBE to cut.”Expect Egypt to continue attracting foreign capital inflows, “as its real interest rates are still high compared to the developed and EM economies.”Century Financial, Arun Leslie John“Investors hate uncertainty, and they have rushed for the exit and this has resulted in EGX 30” decline, with basic resources, chemicals and real estate as the most impacted sectors.“Nonetheless, it should be still kept in mind that EGX 30 is one of the global outperformers‘’ for the year, and “the reason for the outperformance being strong structural reforms undertaken by the government.”\--With assistance from Paul Wallace, Yousef Gamal El-Din, Farah Elbahrawy, Netty Ismail and Paul Abelsky.To contact the reporter on this story: Filipe Pacheco in Dubai at email@example.comTo contact the editors responsible for this story: Celeste Perri at firstname.lastname@example.org, Paul Wallace, Dana El BaltajiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A rigid system of eligibility set by the World Health Organization means far too few people at risk of Ebola are being vaccinated in an outbreak in Democratic Republic of Congo, the aid group MSF said on Monday. The medical charity Medecins Sans Frontieres (MSF) said its efforts to get more people to be given the vaccine - developed by the U.S. drugmaker Merck and being used in emergency plans in the Congo epidemic - were being frustrated by "tight controls on supply and eligibility criteria imposed by the WHO". "Time is of essence in an outbreak: medical teams should be able to rapidly provide treatments or vaccines based on what they see on the ground," MSF's emergency coordinator Natalie Roberts said in a statement.
In the short-term, the 5G tech revolution will be underwhelming. But in the long-term, it has the potential to radically change networks and transform economies for the better— and, if we’re not careful, the worse.
Microsoft announced a slew of updates to Dynamics 365, its enterprise application suite, with a particular eye on the retail and commerce industries.
Investing.com - U.S. futures were flat on Monday, after Chinese officials cut their U.S. trip short and speculation remained on whether or not the two largest economies in the world will reach a trade deal in the coming months.
(Bloomberg) -- India’s key stock gauges’ earnings estimates have been raised by as much as 10% by analysts after Finance Minister Nirmala Sitharaman delivered a $20 billion tax break in her latest attempt to boost economic growth from a six-year low.The surprise reduction in corporate tax drove a 5.3% surge in the S&P BSE Sensex Index to 38,014.62 on Friday, its biggest gain since May 2009. The government’s move may improve earnings, margins and help initiate capacity expansion before a potential improvement in consumer demand in the festival season starting next month, according to analysts and fund managers. The NSE Nifty 50 Index also climbed 5.3% Friday, to 11,274.2.“Consensus for EPS impact purely on account of the tax change is 7-10%” analysts at Axis Mutual Fund wrote in a note last week. “A demand recovery during the upcoming festival season will further improve corporate earnings over the next few quarters,” the note added.The tax cuts have also prompted Morgan Stanley to raise its June-2020 target for Sensex back to 45,000 after slashing it to 40,000 just two weeks ago.Here is what analysts are saying:Bank of AmericaCalculations suggest the Nifty index’s 1-year forward consensus earnings estimate for FY20 could rise by 7%Capital expenditure may only pick up with some lagPrefers bank stocks on hopes of improved businessesCitigroupCut in the corporate tax rate could increase earnings of companies under coverage by as much as 8-9% from FY20Investors “will likely expect more big-ticket announcements”Raises March 2020 Sensex index target to 40,500 from 39,000Increases overweight on financial services and underweight on consumer, IT and utilities stocksICICI SecuritiesAnalysis of Nifty earnings suggest an EPS upgrade of 6% each for FY20, FY21Expects Nifty EPS to grow at a CAGR of 20.3% in FY19-21 from 16.9% before the cutBanking and consumer stocks likely to grow at CAGR of 48.2% and 18%, respectivelySoftware exporters, pharma not expected to see any upgrades due to existing lower tax ratesNifty target based on FY21 EPS is 13,150, Sensex 43,000Credit SuisseOf the total revenue foregone, 58% of will be borne by the federal government while 42% will be a loss for statesAmong consumer stocks, large tax-cut gains for Avenue Supermarts, Colgate, Nestle, Page Industries, Asian Paints, Crompton, Jubilant Foodworks, Britannia, Hindustan UnileverLower gains seen for Marico, Titan, Dabur, Emami, Godrej ConsumerExpects most consumer companies to retain gains, at best spread over two yearsIndustrial companies with shorter production cycles, like ABB, Siemens, Cummins to benefit in near term; L&T and those with longer cycles to benefit over longer termAuto companies may ask ancillary companies to pass on benefits to customers in current weak demand environmentBanks to see 10%-12% earnings impact, RoEs to improve by 100-200 bpsPrefers better capitalized banks to capture pick-up in growthKotak Institutional EquitiesExpects profit for Nifty 50 Index to grow 25% for FY20 and 19% for FY21Automobiles, banks, capital goods, staples, diversified financial and energy sector to be key beneficiariesElectric utilities, software exporters and pharma to see little or no impactFY20 EPS for Nifty 50 Index will increase by 10% from previous estimatePhilip CapitalExpects some benefits to be passed on to consumers and some getting reinvested in business expansionExpects exports to receive a meaningful boost in the long-runUpped Nifty EPS estimate for FY20/21 by 7% each; retain long-held target of 11,300-11,700(Updates to add comment from Morgan Stanley and a chart on earnings estimates.)To contact the reporters on this story: Nupur Acharya in MUMBAI at email@example.com;Abhishek Vishnoi in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Lianting Tu at email@example.com, Margo TowieFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.