China, the dozing dragon
General view of the financial district of Lujiazui in Pudong district in Shanghai on April 12, 2023.
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Blinken unexpectedly meets Xi
U.S. Secretary of State Antony Blinken ended his China visit by meeting with Xi Jinping, the country's president. The meeting was initially unconfirmed, suggesting that it's a small step in repairing frayed U.S.-China ties. Blinken's meeting could pave the way for U.S. President Joe Biden to meet Xi in November.
Falling in tandem
U.S. markets were closed Monday to commemorate Juneteenth, the day when slavery in America ended, but stock futures slipped slightly. European stocks traded lower yesterday. In a worrying sign, both stocks and bonds simultaneously fell in the U.K. The FTSE 100 lost 0.71% even as the yield on the country's 2-year government bond hit a 15-year high of 5.077%.
Buffett bets on the house(s)
Warren Buffett's Berkshire Hathaway increased its stake in five Japanese trading houses. The company now owns more than 8.5%, on average, of Itochu, Marubeni, Mitsubishi, Mitsui and Sumitomo. Berkshire really believes in Japan: Those stocks, in aggregate, are the most valuable Berkshire holds in any country outside the U.S.
UK mortgage meltdown
Two-year fixed mortgage rates in the U.K. spiked to 6.01%, the highest since November 2008 — discounting an anomalous jump in December just months after the U.K. government announced its disastrous "mini-budget." The country's mortgage market's so volatile that HSBC temporarily stopped offering some home loans earlier this month.
[PRO] Riding the Asian wave
The MSCI Asia Pacific equities index has risen more than 25% from its low last October amid investor enthusiasm in the region. Morgan Stanley picks five of its favorite Asian stocks and thinks all could rise by at least 50% over the next 12 months — with one having a 67% upside.
Source: CNBC
