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2021-08-09

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2021-09-14

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2021-08-03

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2021-08-04

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2021-08-01

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2021-08-05

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2021-08-01

Hu

Home prices could cool when the Fed tapers its bond-buying program. But a crisis? Unlikely.

2021-08-01

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2021-09-20

Huhih

The Hong Kong version of the "Investment Blind Box" game is here! M&A targets are in line with IPOs! Can the stars still play?

2021-09-20

Hi

Reminder: The Mid-Autumn Festival market closure arrangement is here! Hong Kong stocks closed on the 22nd

Go to Tiger App to see more news

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15:10","market":"hk","language":"zh","title":"The Hong Kong version of the \"Investment Blind Box\" game is here! M&A targets are in line with IPOs! Can the stars still play?","url":"https://stock-news.laohu8.com/highlight/detail?id=1156524086","media":"券商中国","summary":"港交所计划推出监管更为严格的SPAC上市机制。\n近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。\nSPAC模式去年以来","content":"<p>The Hong Kong Stock Exchange plans to launch a more strictly regulated SPAC listing mechanism.</p><p><b>Recently, the Hong Kong Stock Exchange issued a consultation document to solicit market opinions on the implementation of the \"special purpose acquisition company\" (SPAC) listing mechanism. It is understood that the consultation period is 45 days, and October 31 is the deadline.</b></p><p>The SPAC model has prevailed on Wall Street since last year, but it is also controversial. Industry insiders believe that SPAC is an \"investment blind box\" game of drumming and spreading flowers, reflecting problems such as the possible low quality of merger and acquisition targets, exaggerated investment returns, and strong speculative atmosphere.</p><p>Judging from the consultation documents, the Hong Kong Stock Exchange is committed to maintaining a high-quality market reputation and tightening supervision of SPAC listing applicants and merger and acquisition targets to ensure that SPAC sponsors have rich experience and good reputation, and that high-quality SPAC mergers and acquisitions are the target.</p><p><b>Aims to attract companies from Greater China and Southeast Asia to go public</b></p><p>Since last year, the U.S. stock SPAC listing boom has attracted the attention of global capital markets. It is understood that the SPAC model is generally to initiate the listing of artificial shells and raise funds from market investors. It plans to find targets and complete the acquisition within 2 years. If the merger is not completed within the specified time, investors can get back the principal and A certain amount of interest. For the target enterprise, this is another listing method different from the traditional IPO and backdoor listing.</p><p><b>Data show that in the first quarter of this year, both the number of SPAC IPOs and the total amount of funds raised in the U.S. stock market have exceeded that of the whole of last year, and the popularity of listings has hit a ten-year high.</b></p><p>Many local exchanges are attracted by this and plan to introduce or revise the SPAC listing mechanism to enhance the attractiveness of the local capital market.</p><p>The Hong Kong Stock Exchange had been brewing early this year. On September 17, the Hong Kong Stock Exchange officially solicited market opinions on the SPAC listing mechanism. The consultation document mentioned that the introduction of the SPAC listing system has many benefits to the Hong Kong market.</p><p><b>The first is to strive for SPACs to be listed in Hong Kong.</b>The Hong Kong Stock Exchange stated that as of July 13, 2021, 25 SPACs headquartered in Greater China were listed in the United States, with a total proceeds from initial public offerings of approximately US $4.2 billion (HK $33.1 billion), of which 20 are headquartered in Hong Kong, 5 are headquartered in mainland China. In addition, there are several SPACs whose headquarters are not located in these locations, but their business focus is on Greater China.</p><p>In the view of the Hong Kong Stock Exchange, if SPACs focusing on identifying Greater China targets can be listed in Hong Kong, it may help ensure that these target companies choose to list in Hong Kong instead of the United States.</p><p><b>The second is to strive for companies from Greater China and Southeast Asia to list in Hong Kong.</b>Data shows that in the past three years, 2 companies from Hong Kong, China, 8 from mainland China and 2 from Singapore have been listed in the United States through SPAC mergers and acquisitions. As of July 13, 2021, the total market value of these 12 companies is approximately HK $26 billion.</p><p>During preliminary discussions between the Hong Kong Stock Exchange and the market, it was learned that many listing applicants actually want to go public in a \"dual-track\" way, that is, on the one hand, through traditional IPOs, and on the other hand, through SPACs. If the Hong Kong market can also provide this \"dual-track\" scheme, it may help win Greater Chinese companies to list in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6f2a687ce2b56c1f40130146887aae60\" tg-width=\"1080\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p>Chen Yiting, head of listing of the Hong Kong Stock Exchange, said, \"We firmly believe that the introduction of the SPAC listing system in Hong Kong can provide the market with another channel besides traditional initial public offerings, attracting more companies from Greater China, Southeast Asia and even around the world to list in Hong Kong.\"</p><p><b>Emphasize the professionalism of SPAC sponsors</b></p><p>Due to the unprecedented popularity of the SPAC market, in addition to professional investment institutions, sports stars and music singers in the United States have also participated in the launch of SPACs, such as basketball star O 'Neill and rapper Jay-Z. The U.S. Securities and Exchange Commission reminds investors that it is never a good idea to follow suit and buy just because a celebrity participated in launching a certain SPAC, invested in a certain SPAC, or thinks the investment is good.</p><p>Regarding the professionalism of SPAC sponsors, the Hong Kong Stock Exchange also put forward requirements in this consultation document.</p><p><b>The Hong Kong Stock Exchange stated that since SPACs have no operating track record, the difference between different SPACs mainly lies in the experience and reputation of the sponsors, and investors mainly use this as a basis when deciding to invest in SPACs. If the SPAC sponsor has experience, he will have a greater chance of finding suitable M&A targets and negotiating M&A transaction terms that are more beneficial to investors.</b></p><p>The HKEx proposal stipulates that at the time of listing of a SPAC and until the completion of the SPAC merger and acquisition transaction, the HKEx must satisfy the HKEx with the personality, experience and integrity of each SPAC sponsor and trust that it has sufficient talents to perform its position.</p><p>The Hong Kong Stock Exchange aims to list some SPACs managed by SPAC sponsors with above-average capabilities and experience. The recommended guidance will state that it is more beneficial for SPAC sponsors to demonstrate that they have one of the following experiences:</p><p>1. Managing assets with an aggregate average value of at least HK $8 billion for three consecutive financial years or more;</p><p>2. Hold a senior executive position (e.g. chief executive or chief operating officer) in an issuer that is or was a constituent stock of the Hang Seng Index or equivalent flagship index.</p><p>In addition, in order to ensure that the quality of SPAC sponsors is high and more consistent with the interests of other SPAC investors, the Hong Kong Stock Exchange recommends that at least one SPAC sponsor should continue to hold at the time of listing and throughout its duration: Type 6 (advising on institutional finance) and/or Type 9 (providing asset management) licenses issued by the Hong Kong Securities and Futures Commission, and at least 10% of the sponsor's shares.</p><p><b>Regarding the issue pricing, the Hong Kong Stock Exchange recommends that the issue price of SPAC shares issued by SPACs be HK $10 or more.</b></p><p>In terms of the scale of funds raised, the Hong Kong Stock Exchange recommends that the SPAC expects to raise at least HK $1 billion from the initial offering when it goes public, which will help ensure that the SPAC has sufficient funds to identify high-quality merger and acquisition targets with relatively high transaction value. It is understood that the U.S. exchange does not stipulate the minimum size of SPAC initial public offering funds.</p><p><b>Raising the threshold for investors</b></p><p><b>Previously, SPAC was criticized by some market participants because the concept was heated up, there was a valuation bubble, and retail investors paid the bill.</b></p><p>A Hong Kong brokerage person once told a brokerage Chinese reporter that according to its statistics, in the early days of the listing of US stock SPACs, retail investors accounted for a very small proportion, mainly institutional investors and professional investors; However, when the SPAC announces the planned restructuring target, the retail investors of some SPAC companies will surge. (For details, see \"Is it Jia Yueting's\" life-saving straw \"?! What is the charm of FF's listing through SPAC? The IPO in January exceeded the whole year of 2019, and the listing fever reached a new high\")</p><p>A market research report on Korean-listed SPACs pointed out that the stock price fluctuations of local SPACs are due to the fact that the Korean market is dominated by retail investors. The study pointed out that retail speculation often pushes the stock price of SPACs above the initial public offering price, weakening the protection role of SPACs in providing investors with share redemption rights, because SPAC units can only be sold at the offer price (rather than retail investors). The high price when investors bought it) redemption. The study also pointed out that since institutional investors will use retail speculation to realize their investment income, speculation will cause a larger portion of SPAC units to fall into the hands of retail investors.</p><p><b>According to the consultation document of the Hong Kong Stock Exchange, most SPACs listed in the United States have stock price fluctuations similar to those of bonds before SPAC mergers and acquisitions, with small volatility and stock prices only hovering around the initial public offering price.</b></p><p>Despite this, individual SPACs have also been affected by market rumors, pushing stock prices beyond redemption prices. In December 2020, after similar news broke, the stock price of one SPAC rose above $13, and two weeks later, after the proposed SPAC merger target confirmed the news, the stock price of the SPAC climbed further to a record high of $17.22 (72% higher than the $10 issue price). As the merger rumors subsided, the SPAC's stock price fell to a low of $10.50 (39.6% lower than the highest price in history) until April 2021, when another merger rumor spread in the market, the stock price resumed its upward trend. It rose 12.7% in a single day. Investors who buy shares when the SPAC stock price is higher than $10 may suffer heavy losses if they exercise their share redemption rights because they can only redeem their shares at $10.</p><p>Generally speaking, SPAC returns fluctuate most when a SPAC merger and acquisition transaction is completed, or during the final stage near completion. The stock price performance of the 55 SPACs that completed acquisitions in 2020 within one month from the merger announcement, relative to the S&P 500 index, has a standard deviation (volatility) of their excess returns as high as 40%, while the monthly volatility of the S&P 500 index in the same year is only 9.6%.</p><p>It is understood that neither the United States nor the United Kingdom restrict professional investors from subscribing for and buying and selling SPAC securities, and allow all investors (including retail investors) to buy and sell these securities. SGX also does not restrict professional investors in Singapore to subscribe and trade SPAC securities.</p><p><b>In this consultation document, the Hong Kong Stock Exchange made it clear that before conducting SPAC mergers and acquisitions, it is recommended that only professional investors subscribe for and buy and sell SPAC securities, including institutional professional investors and individual professional investors. All SPAC exchange participants must be approved by the HKEx before they can enter orders for SPAC securities or conduct relevant transactions on the HKEx trading system.</b></p><p><b>M&A targets must comply with new listing regulations</b></p><p><b>Previously, some market participants believed that SPAC is an \"investment blind box game\" that beats the drums and passes the flowers, mainly because the sponsors of SPAC have a strong will to promote M&A transactions. Under this motivation, the quality of the target is uncertain, and the operating conditions of the target enterprise Actually, the situation may not necessarily support high valuations.</b></p><p>Another brokerage person once told a brokerage Chinese reporter that companies interested in SPACs generally have a small performance scale, but have a concept to attract investors, which makes people suspect that they are regulatory arbitrage. (For details, see \"It's crazy! SPAC listings are soaring, international investment banks are making huge profits, and celebrities from all walks of life are competing to participate! Industry: When will the drumming and passing flowers end?\")</p><p>Regarding the issue of \"successor companies\" (that is, listed entities after completing M&A transactions), the Hong Kong Stock Exchange clearly stated in its consultation document that it is recommended to adopt new listing regulations for SPAC M&A transactions, that is, successor companies must comply with all new listing regulations, including minimum market value regulations and financial qualification tests.</p><p>The Hong Kong Stock Exchange believes that this can address the risk that SPACs may be used to avoid quantitative and qualitative standards for new listings. Allowing such circumvention may result in substandard businesses and/or assets being listed. This will damage the overall quality and reputation of the Hong Kong market.</p><p>At present, the Listing Rules of the Hong Kong Stock Exchange stipulate that the target of anti-takeover action must pass the financial qualification test of new listings. In addition, companies arising from anti-takeover actions must meet all new listing requirements (except financial eligibility tests). This approach ensures that the subject can pass the financial qualification test alone and is not affected positively or negatively by the financial track record of the listed issuer joining the transaction.</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>The Hong Kong version of the \"Investment Blind Box\" game is here! M&A targets are in line with IPOs! Can the stars still play?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nThe Hong Kong version of the \"Investment Blind Box\" game is here! M&A targets are in line with IPOs! Can the stars still play?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-09-20 15:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Hong Kong Stock Exchange plans to launch a more strictly regulated SPAC listing mechanism.</p><p><b>Recently, the Hong Kong Stock Exchange issued a consultation document to solicit market opinions on the implementation of the \"special purpose acquisition company\" (SPAC) listing mechanism. It is understood that the consultation period is 45 days, and October 31 is the deadline.</b></p><p>The SPAC model has prevailed on Wall Street since last year, but it is also controversial. Industry insiders believe that SPAC is an \"investment blind box\" game of drumming and spreading flowers, reflecting problems such as the possible low quality of merger and acquisition targets, exaggerated investment returns, and strong speculative atmosphere.</p><p>Judging from the consultation documents, the Hong Kong Stock Exchange is committed to maintaining a high-quality market reputation and tightening supervision of SPAC listing applicants and merger and acquisition targets to ensure that SPAC sponsors have rich experience and good reputation, and that high-quality SPAC mergers and acquisitions are the target.</p><p><b>Aims to attract companies from Greater China and Southeast Asia to go public</b></p><p>Since last year, the U.S. stock SPAC listing boom has attracted the attention of global capital markets. It is understood that the SPAC model is generally to initiate the listing of artificial shells and raise funds from market investors. It plans to find targets and complete the acquisition within 2 years. If the merger is not completed within the specified time, investors can get back the principal and A certain amount of interest. For the target enterprise, this is another listing method different from the traditional IPO and backdoor listing.</p><p><b>Data show that in the first quarter of this year, both the number of SPAC IPOs and the total amount of funds raised in the U.S. stock market have exceeded that of the whole of last year, and the popularity of listings has hit a ten-year high.</b></p><p>Many local exchanges are attracted by this and plan to introduce or revise the SPAC listing mechanism to enhance the attractiveness of the local capital market.</p><p>The Hong Kong Stock Exchange had been brewing early this year. On September 17, the Hong Kong Stock Exchange officially solicited market opinions on the SPAC listing mechanism. The consultation document mentioned that the introduction of the SPAC listing system has many benefits to the Hong Kong market.</p><p><b>The first is to strive for SPACs to be listed in Hong Kong.</b>The Hong Kong Stock Exchange stated that as of July 13, 2021, 25 SPACs headquartered in Greater China were listed in the United States, with a total proceeds from initial public offerings of approximately US $4.2 billion (HK $33.1 billion), of which 20 are headquartered in Hong Kong, 5 are headquartered in mainland China. In addition, there are several SPACs whose headquarters are not located in these locations, but their business focus is on Greater China.</p><p>In the view of the Hong Kong Stock Exchange, if SPACs focusing on identifying Greater China targets can be listed in Hong Kong, it may help ensure that these target companies choose to list in Hong Kong instead of the United States.</p><p><b>The second is to strive for companies from Greater China and Southeast Asia to list in Hong Kong.</b>Data shows that in the past three years, 2 companies from Hong Kong, China, 8 from mainland China and 2 from Singapore have been listed in the United States through SPAC mergers and acquisitions. As of July 13, 2021, the total market value of these 12 companies is approximately HK $26 billion.</p><p>During preliminary discussions between the Hong Kong Stock Exchange and the market, it was learned that many listing applicants actually want to go public in a \"dual-track\" way, that is, on the one hand, through traditional IPOs, and on the other hand, through SPACs. If the Hong Kong market can also provide this \"dual-track\" scheme, it may help win Greater Chinese companies to list in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6f2a687ce2b56c1f40130146887aae60\" tg-width=\"1080\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p>Chen Yiting, head of listing of the Hong Kong Stock Exchange, said, \"We firmly believe that the introduction of the SPAC listing system in Hong Kong can provide the market with another channel besides traditional initial public offerings, attracting more companies from Greater China, Southeast Asia and even around the world to list in Hong Kong.\"</p><p><b>Emphasize the professionalism of SPAC sponsors</b></p><p>Due to the unprecedented popularity of the SPAC market, in addition to professional investment institutions, sports stars and music singers in the United States have also participated in the launch of SPACs, such as basketball star O 'Neill and rapper Jay-Z. The U.S. Securities and Exchange Commission reminds investors that it is never a good idea to follow suit and buy just because a celebrity participated in launching a certain SPAC, invested in a certain SPAC, or thinks the investment is good.</p><p>Regarding the professionalism of SPAC sponsors, the Hong Kong Stock Exchange also put forward requirements in this consultation document.</p><p><b>The Hong Kong Stock Exchange stated that since SPACs have no operating track record, the difference between different SPACs mainly lies in the experience and reputation of the sponsors, and investors mainly use this as a basis when deciding to invest in SPACs. If the SPAC sponsor has experience, he will have a greater chance of finding suitable M&A targets and negotiating M&A transaction terms that are more beneficial to investors.</b></p><p>The HKEx proposal stipulates that at the time of listing of a SPAC and until the completion of the SPAC merger and acquisition transaction, the HKEx must satisfy the HKEx with the personality, experience and integrity of each SPAC sponsor and trust that it has sufficient talents to perform its position.</p><p>The Hong Kong Stock Exchange aims to list some SPACs managed by SPAC sponsors with above-average capabilities and experience. The recommended guidance will state that it is more beneficial for SPAC sponsors to demonstrate that they have one of the following experiences:</p><p>1. Managing assets with an aggregate average value of at least HK $8 billion for three consecutive financial years or more;</p><p>2. Hold a senior executive position (e.g. chief executive or chief operating officer) in an issuer that is or was a constituent stock of the Hang Seng Index or equivalent flagship index.</p><p>In addition, in order to ensure that the quality of SPAC sponsors is high and more consistent with the interests of other SPAC investors, the Hong Kong Stock Exchange recommends that at least one SPAC sponsor should continue to hold at the time of listing and throughout its duration: Type 6 (advising on institutional finance) and/or Type 9 (providing asset management) licenses issued by the Hong Kong Securities and Futures Commission, and at least 10% of the sponsor's shares.</p><p><b>Regarding the issue pricing, the Hong Kong Stock Exchange recommends that the issue price of SPAC shares issued by SPACs be HK $10 or more.</b></p><p>In terms of the scale of funds raised, the Hong Kong Stock Exchange recommends that the SPAC expects to raise at least HK $1 billion from the initial offering when it goes public, which will help ensure that the SPAC has sufficient funds to identify high-quality merger and acquisition targets with relatively high transaction value. It is understood that the U.S. exchange does not stipulate the minimum size of SPAC initial public offering funds.</p><p><b>Raising the threshold for investors</b></p><p><b>Previously, SPAC was criticized by some market participants because the concept was heated up, there was a valuation bubble, and retail investors paid the bill.</b></p><p>A Hong Kong brokerage person once told a brokerage Chinese reporter that according to its statistics, in the early days of the listing of US stock SPACs, retail investors accounted for a very small proportion, mainly institutional investors and professional investors; However, when the SPAC announces the planned restructuring target, the retail investors of some SPAC companies will surge. (For details, see \"Is it Jia Yueting's\" life-saving straw \"?! What is the charm of FF's listing through SPAC? The IPO in January exceeded the whole year of 2019, and the listing fever reached a new high\")</p><p>A market research report on Korean-listed SPACs pointed out that the stock price fluctuations of local SPACs are due to the fact that the Korean market is dominated by retail investors. The study pointed out that retail speculation often pushes the stock price of SPACs above the initial public offering price, weakening the protection role of SPACs in providing investors with share redemption rights, because SPAC units can only be sold at the offer price (rather than retail investors). The high price when investors bought it) redemption. The study also pointed out that since institutional investors will use retail speculation to realize their investment income, speculation will cause a larger portion of SPAC units to fall into the hands of retail investors.</p><p><b>According to the consultation document of the Hong Kong Stock Exchange, most SPACs listed in the United States have stock price fluctuations similar to those of bonds before SPAC mergers and acquisitions, with small volatility and stock prices only hovering around the initial public offering price.</b></p><p>Despite this, individual SPACs have also been affected by market rumors, pushing stock prices beyond redemption prices. In December 2020, after similar news broke, the stock price of one SPAC rose above $13, and two weeks later, after the proposed SPAC merger target confirmed the news, the stock price of the SPAC climbed further to a record high of $17.22 (72% higher than the $10 issue price). As the merger rumors subsided, the SPAC's stock price fell to a low of $10.50 (39.6% lower than the highest price in history) until April 2021, when another merger rumor spread in the market, the stock price resumed its upward trend. It rose 12.7% in a single day. Investors who buy shares when the SPAC stock price is higher than $10 may suffer heavy losses if they exercise their share redemption rights because they can only redeem their shares at $10.</p><p>Generally speaking, SPAC returns fluctuate most when a SPAC merger and acquisition transaction is completed, or during the final stage near completion. The stock price performance of the 55 SPACs that completed acquisitions in 2020 within one month from the merger announcement, relative to the S&P 500 index, has a standard deviation (volatility) of their excess returns as high as 40%, while the monthly volatility of the S&P 500 index in the same year is only 9.6%.</p><p>It is understood that neither the United States nor the United Kingdom restrict professional investors from subscribing for and buying and selling SPAC securities, and allow all investors (including retail investors) to buy and sell these securities. SGX also does not restrict professional investors in Singapore to subscribe and trade SPAC securities.</p><p><b>In this consultation document, the Hong Kong Stock Exchange made it clear that before conducting SPAC mergers and acquisitions, it is recommended that only professional investors subscribe for and buy and sell SPAC securities, including institutional professional investors and individual professional investors. All SPAC exchange participants must be approved by the HKEx before they can enter orders for SPAC securities or conduct relevant transactions on the HKEx trading system.</b></p><p><b>M&A targets must comply with new listing regulations</b></p><p><b>Previously, some market participants believed that SPAC is an \"investment blind box game\" that beats the drums and passes the flowers, mainly because the sponsors of SPAC have a strong will to promote M&A transactions. Under this motivation, the quality of the target is uncertain, and the operating conditions of the target enterprise Actually, the situation may not necessarily support high valuations.</b></p><p>Another brokerage person once told a brokerage Chinese reporter that companies interested in SPACs generally have a small performance scale, but have a concept to attract investors, which makes people suspect that they are regulatory arbitrage. (For details, see \"It's crazy! SPAC listings are soaring, international investment banks are making huge profits, and celebrities from all walks of life are competing to participate! Industry: When will the drumming and passing flowers end?\")</p><p>Regarding the issue of \"successor companies\" (that is, listed entities after completing M&A transactions), the Hong Kong Stock Exchange clearly stated in its consultation document that it is recommended to adopt new listing regulations for SPAC M&A transactions, that is, successor companies must comply with all new listing regulations, including minimum market value regulations and financial qualification tests.</p><p>The Hong Kong Stock Exchange believes that this can address the risk that SPACs may be used to avoid quantitative and qualitative standards for new listings. Allowing such circumvention may result in substandard businesses and/or assets being listed. This will damage the overall quality and reputation of the Hong Kong market.</p><p>At present, the Listing Rules of the Hong Kong Stock Exchange stipulate that the target of anti-takeover action must pass the financial qualification test of new listings. In addition, companies arising from anti-takeover actions must meet all new listing requirements (except financial eligibility tests). This approach ensures that the subject can pass the financial qualification test alone and is not affected positively or negatively by the financial track record of the listed issuer joining the transaction.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f7c16a58f492e7b566d5e6182a80f721","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156524086","content_text":"港交所计划推出监管更为严格的SPAC上市机制。\n近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。\nSPAC模式去年以来在华尔街盛行，但也备受争议。业内人士认为，SPAC是一场击鼓传花的“投资盲盒”游戏，反映出并购标的质量有可能不高、投资回报被夸大、投机氛围浓厚等问题。\n从咨询文件来看，港交所致力于维持高质素市场声誉，对SPAC上市申请人以及并购标的收紧监管，以确保SPAC发起人具备丰富的经验及良好的声誉，并且以优质SPAC并购为目标。\n旨在吸引大中华区、东南亚企业上市\n去年以来，美股SPAC上市热潮吸引全球资本市场的目光。据了解，SPAC模式通常而言，是发起人造壳上市并向市场投资者募集资金，计划在2年内寻找标的并完成收购，若规定时间内未完成并购，那么投资者能拿回本金及一定利息。对于标的企业而言，这是区别于传统IPO和借壳上市的另一种上市方式。\n数据显示，美股今年一季度SPAC的IPO无论是数量亦或募资总额均已超过去年全年，上市热度创下十年新高。\n多地交易所受此吸引，计划引入或修订SPAC上市机制以提升当地资本市场的吸引力。\n港交所在今年年初早有酝酿。9月17日港交所正式对SPAC上市机制征求市场意见。咨询文件提到，引入SPAC上市制度对香港市场有多项益处。\n一是争取SPAC来港上市。港交所表示，截至2021年7月13日，有25家总部位于大中华区的SPAC在美国上市，首次公开发售所得款项共约42亿美元（331亿港元)，当中有20家的总部设于香港，5家总部设于中国内地。此外，也有数家总部不在这些地点的SPAC，却是以大中华区为业务重心。\n在港交所看来，以物色大中华目标为重心的SPAC若能来港上市，可能有助于确保这些目标公司选择在香港而非美国上市。\n二是争取大中华与东南亚公司来港上市。数据显示，过去三年来，先后有2家中国香港、8家中国内地及2家新加坡公司通过SPAC并购交易在美国上市。截至2021年7月13日，这12家公司的市值合共约260亿港元。\n港交所与市场进行初步讨论时了解到，不少上市申请人实际上想以“双轨”方式上市，即一方面透过传统IPO上市，另一方面也计划通过SPAC上市。若香港市场也可提供这种“双轨”方案，或有助争取大中华公司来香港上市。\n\n港交所上市主管陈翊庭表示，“我们深信，香港引入SPAC上市制度可为市场提供传统首次公开招股以外的另一渠道，吸引更多来自大中华区、东南亚以至世界各地的公司来港上市。”\n强调SPAC发起人专业素养\n由于SPAC市场空前火爆，除了专业投资机构外，美国有体育明星、乐坛歌星也参与SPAC的发起，比如有篮球明星奥尼尔，说唱歌手Jay-Z等。美国证券交易委员提醒投资者：仅仅由于某个名人参与发起某个SPAC、投资了某个SPAC或认为这项投资很好，就跟风买入，从来都不是一个好想法。\n对于SPAC发起人的专业素养，港交所在此次咨询文件中也提出要求。\n港交所表示，由于SPAC都无经营往绩记录，不同SPAC的区别主要在于发起人的经验和声誉，投资者在决定投资SPAC时也主要以此为依据。如果SPAC发起人有经验，便有较大机会找到合适的并购标的，并协商较有利于投资者的并购交易条款。\n港交所建议规定，SPAC在上市时和直至SPAC并购交易完成之前，都须令港交所满意每名SPAC发起人的个性、经验及诚信以及信任其具备足够的才干胜任其职务。\n港交所旨在让一些由能力及经验高于平均标准的SPAC发起人所管理的SPAC上市。建议指引将指出，如能证明SPAC发起人具有以下经验之一，则对SPAC发起人较有利：\n1. 连续三个财政年度或以上管理平均合共价值至少80亿港元的资产；\n2. 于目前或曾经为恒生指数或同等旗舰指数成份股的发行人担任高级行政职务(例如行政总裁或营运总监)。\n另外，为了确保SPAC发起人质素高，并与其他SPAC投资者的利益更一致，港交所建议，SPAC在上市时及在其整个存续期中，都至少要有一名SPAC发起人持续持有：香港证监会发出的第6类(就机构融资提供意见)及/或第9类(提供资产管理)牌照，以及发起人股份的至少10%。\n对于发行定价，港交所建议，SPAC发行SPAC股份的发行价为10港元或以上。\n在募集资金规模方面，港交所建议，SPAC预期上市时从首次发售筹集到的资金至少为10亿港元，有助于确保SPAC有足够资金物色高质素且交易价值相对较高的并购标的。据了解，美国交易所并没有规定SPAC首次公开发售集资的最低规模。\n提高投资者门槛\n此前SPAC被部分市场人士诟病，在于概念被热炒，存在估值泡沫，散户埋单。\n一名香港券商人士曾告诉券商中国记者，根据其统计，在美股SPAC上市初期，散户占比极小，主要以机构投资者和专业投资者为主；但当SPAC公告拟重组对象时，部分SPAC公司的散户会激增。（详见《它是贾跃亭\"救命稻草\"？！FF通过SPAC上市，有啥魅力？1月IPO超2019年全年，上市热创新高》）\n一份针对韩国上市SPAC的市场研究报告指出，当地SPAC的股价波动是因为韩国市场以散户为主。研究指出，散户的投机活动往往将SPAC的股价推高至首次公开发售价格以上，削弱了SPAC向投资者提供股份赎回权的保障作用，因为SPAC单位只能以发售价(而不是散户投资者购买时的高价)赎回。该研究也指出，由于机构投资者会利用散户投机活动将自身的投资收益变现，投机活动会因此导致更大部分的SPAC单位落入散户手中。\n根据港交所咨询文件披露，大部分在美国上市的SPAC，在进行SPAC并购交易前的股价波动与债券类似，波幅小而股价只徘徊于首次公开发售价。\n尽管如此，个别SPAC也有受市场谣言影响，推动股价超出赎回价。2020年12月，类似消息传出后，一家SPAC的股价上涨至13美元以上，两周后在建议的SPAC并购目标确认该消息后，该家SPAC的股价进一步攀升至17.22美元的历史新高(较10美元的发行价高出72%)。随着合并传言平息，该家SPAC的股价跌至10.50美元的低位(较历来最高价低出39.6%)，直至2021年4月，市场传出另一宗合并传言时，股价重拾升势，单日升了12.7%。在SPAC股价高于10美元时购入股份的投资者，由于只能以10美元赎回股份，若行使股份赎回权便可能会承受重大损失。\n一般而言，在完成SPAC并购交易时，或在临近完成前的最后阶段期间，SPAC的回报波动最大。2020年完成收购的55家SPAC于合并公告发布起计一个月内的股价表现，相对于标普500指数而言，其超额回报的标准差(波幅)高达40%，而同年标普500指数的每月波幅只有9.6%。\n据了解，美国和英国均没有限定专业投资者才可认购和买卖SPAC证券，并容许所有投资者(包括散户)买卖这些证券。新交所亦不限新加坡的专业投资者认购和买卖SPAC证券。\n而在本次咨询文件中，港交所明确表示，在进行SPAC并购交易前，建议仅限专业投资者认购和买卖SPAC证券，即包括机构专业投资者和个人专业投资者。所有SPAC交易所参与者均须经港交所批准，才可于港交所交易系统输入SPAC证券的买卖盘或进行有关交易。\n并购标的须符合新上市规定\n此前有市场人士认为，SPAC是一场击鼓传花的“投资盲盒游戏”，主要因为由于SPAC的发起人有强烈意愿促成并购交易，在这种动机下，标的质量好坏不确定，标的企业经营状况实际上不一定能支撑得起高估值。\n另有券商人士曾向券商中国记者表示，对SPAC感兴趣的企业一般而言是，业绩规模不大，但有概念吸引投资者，令人怀疑是进行监管套利。（详见《太疯狂！SPAC方式上市飙增，国际投行暴赚，各界名流竞相参与！业内：击鼓传花何时结束？》）\n对于“继承公司”（即完成了并购交易后的上市主体）问题，港交所在咨询文件中明确提出，建议对SPAC并购交易採用新上市规定，即继承公司须符合所有新上市规定，包括最低市值规定及财务资格测试。\n港交所认为，这可解决SPAC可能会被利用来规避新上市的定量及定性准则的风险。容许这种规避行为可能会导致不符合标准的业务及/或资产上市。这会使香港市场整体的质素和声誉受损。\n目前，港交所《上市规则》规定反收购行动的目标须通过新上市的财务资格测试。另外，因反收购行动而产生的公司须符合所有新上市规定(财务资格测试除外)。这种做法可确保有关目标独自亦能通过财务资格测试，而不受加入进行交易的上市发行人的财务往绩纪录所产生的正面或负面影响。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860920634,"gmtCreate":1632124296928,"gmtModify":1676530705469,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hhhhhhhhh","listText":"Hhhhhhhhh","text":"Hhhhhhhhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/860920634","repostId":"1126176538","repostType":4,"repost":{"id":"1126176538","kind":"news","pubTimestamp":1632123201,"share":"https://ttm.financial/m/news/1126176538?lang=en_US&edition=fundamental","pubTime":"2021-09-20 15:33","market":"us","language":"zh","title":"U.S. stocks may fall further! The \"fiscal version\" reduction really makes the US economy miserable","url":"https://stock-news.laohu8.com/highlight/detail?id=1126176538","media":"汇通网","summary":"9月19日，市场分析师Rich Miller撰文称，美联储“减码年”即将到来，但真正让经济痛楚的却会是财政支持的收缩。美联储尚未公布的减码计划一直是美国金融市场热议话题，这掩盖了一件重要的事情：联邦政","content":"<p>On September 19, market analyst Rich Miller wrote that the Federal Reserve's \"tapering year\" is coming, but what will really hurt the economy will be the contraction of fiscal support. The Federal Reserve's unannounced tapering plan has been a hot topic in U.S. financial markets, which conceals an important thing: the federal government is already cutting budget support, and this may have a much greater impact on economic growth next year.</p><p><img src=\"https://static.tigerbbs.com/584572a2c309b1fb840f8edea36aeea2\" tg-width=\"640\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p><p>Contraction in fiscal support hits U.S. economy</p><p>U.S. economic growth is poised to slow sharply in the second half of 2022, as the economic support measures implemented by the government during the epidemic-from cash checks to households to no-cost financing for small companies-are gradually withdrawing.</p><p>Even if U.S. President Joe Biden manages to win congressional approval for a $3.5 trillion economic reconstruction plan, the situation will not change. Because this is a long-term spending plan, the impact on 2022 is limited. In addition, at least part of the funding source of the plan is tax increase, which will drag down rather than promote the economic growth of the United States.</p><p>The U.S. government spent record sums of money to support the U.S. economy during the pandemic, and a reversal would lead to a huge fiscal cliff. The blue bar in the chart represents the contribution of fiscal policy to U.S. GDP, while the red bar represents the forecast of a drag on the economy in 2022</p><p><img src=\"https://static.tigerbbs.com/84c3a2042aa56ba3b9e392928449bd93\" tg-width=\"526\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p><p>\"The U.S. economy is not growing\"</p><p>Wendy Edelberg, director of the Hamilton Program at the Brookings Institution, said that the economic growth rate of the United States is expected to be very low in late 2022 and into 2023. She wouldn't be surprised even if the economy basically didn't grow in some quarters.</p><p>She is not alone in predicting a sharp slowdown in the U.S. economy.<b><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief economist Jan Hatzius predicts that the U.S. economy will grow at a rate of 1.5% by the end of 2022, down from the 5.7% growth rate in 2021.</b></p><p>The economic slowdown is bad news for investors who pushed U.S. stocks to record highs.</p><p>A slowdown in the U.S. economy could also cause trouble for Biden and Democrats in Congress, especially if unemployment is also rising, as they seek to retain a narrow majority in the November 2022 midterm elections. However, most economists don't expect the unemployment rate in the United States to rise.</p><p>There is one potential benefit to the economic slowdown: lower inflation. Since the beginning of this year, affected by supply chain bottlenecks and the recovery of consumer demand, price levels have risen sharply. Edelberg said: \"We need to cool down because the rapid rebound in the United States will push the labor market and economy to the limit by the middle of next year.\"</p><p>Fiscal policy headwinds</p><p>Federal Reserve Chairman Jerome Powell has said that the Federal Reserve may begin to shrink its bond purchases this year. The entire bond purchase program may not end until sometime in 2022, until then the Fed will continue to support the economy and financial markets.</p><p>Otherwise, fiscal policy has begun to drag down the American economy.<b>According to estimates by the Hutchins Center of the Brookings Institution, the economic impact of federal, state and local government tax spending policies has turned negative in the second quarter, and this situation will continue into 2023.</b></p><p>As shown in the chart below, the next fiscal tapering will be the largest in American history</p><p><img src=\"https://static.tigerbbs.com/3044289cfd275999b160e8323f67340f\" tg-width=\"500\" tg-height=\"313\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/MCO\">Moody's</a>Chief economist Mark Zandi said: \"Fiscal policy has begun to change from a tailwind to a headwind, and this headwind will become very severe by next spring. Without any additional fiscal support, the economy will feel somewhat fragile before election day in 2022.\"</p><p><b>Investors are beginning to worry about an impending economic slowdown.<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The latest survey of global fund managers shows that their optimism about the outlook for the US economy has dropped significantly.</b></p><p>Huitong.com reminded that the market expects the Federal Reserve to release a signal to reduce bond purchases this week and take action in November or December. However, based on the above information, it can be seen that the reduction of fiscal support by the U.S. government will really hit the U.S. economy, especially as the epidemic continues. Under such circumstances, this may hit record U.S. stocks and face the risk of a sharp correction in the future. Investors need to remain vigilant.</p><p><img src=\"https://static.tigerbbs.com/52aadd728673a22a44349727b9b3cca2\" tg-width=\"1250\" tg-height=\"594\" referrerpolicy=\"no-referrer\"></p><p>(S&P 500 Index Daily Chart)</p>","source":"HTW","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>U.S. stocks may fall further! The \"fiscal version\" reduction really makes the US economy miserable</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nU.S. stocks may fall further! The \"fiscal version\" reduction really makes the US economy miserable\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">汇通网</strong><span class=\"h-time small\">2021-09-20 15:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On September 19, market analyst Rich Miller wrote that the Federal Reserve's \"tapering year\" is coming, but what will really hurt the economy will be the contraction of fiscal support. The Federal Reserve's unannounced tapering plan has been a hot topic in U.S. financial markets, which conceals an important thing: the federal government is already cutting budget support, and this may have a much greater impact on economic growth next year.</p><p><img src=\"https://static.tigerbbs.com/584572a2c309b1fb840f8edea36aeea2\" tg-width=\"640\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p><p>Contraction in fiscal support hits U.S. economy</p><p>U.S. economic growth is poised to slow sharply in the second half of 2022, as the economic support measures implemented by the government during the epidemic-from cash checks to households to no-cost financing for small companies-are gradually withdrawing.</p><p>Even if U.S. President Joe Biden manages to win congressional approval for a $3.5 trillion economic reconstruction plan, the situation will not change. Because this is a long-term spending plan, the impact on 2022 is limited. In addition, at least part of the funding source of the plan is tax increase, which will drag down rather than promote the economic growth of the United States.</p><p>The U.S. government spent record sums of money to support the U.S. economy during the pandemic, and a reversal would lead to a huge fiscal cliff. The blue bar in the chart represents the contribution of fiscal policy to U.S. GDP, while the red bar represents the forecast of a drag on the economy in 2022</p><p><img src=\"https://static.tigerbbs.com/84c3a2042aa56ba3b9e392928449bd93\" tg-width=\"526\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p><p>\"The U.S. economy is not growing\"</p><p>Wendy Edelberg, director of the Hamilton Program at the Brookings Institution, said that the economic growth rate of the United States is expected to be very low in late 2022 and into 2023. She wouldn't be surprised even if the economy basically didn't grow in some quarters.</p><p>She is not alone in predicting a sharp slowdown in the U.S. economy.<b><a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Chief economist Jan Hatzius predicts that the U.S. economy will grow at a rate of 1.5% by the end of 2022, down from the 5.7% growth rate in 2021.</b></p><p>The economic slowdown is bad news for investors who pushed U.S. stocks to record highs.</p><p>A slowdown in the U.S. economy could also cause trouble for Biden and Democrats in Congress, especially if unemployment is also rising, as they seek to retain a narrow majority in the November 2022 midterm elections. However, most economists don't expect the unemployment rate in the United States to rise.</p><p>There is one potential benefit to the economic slowdown: lower inflation. Since the beginning of this year, affected by supply chain bottlenecks and the recovery of consumer demand, price levels have risen sharply. Edelberg said: \"We need to cool down because the rapid rebound in the United States will push the labor market and economy to the limit by the middle of next year.\"</p><p>Fiscal policy headwinds</p><p>Federal Reserve Chairman Jerome Powell has said that the Federal Reserve may begin to shrink its bond purchases this year. The entire bond purchase program may not end until sometime in 2022, until then the Fed will continue to support the economy and financial markets.</p><p>Otherwise, fiscal policy has begun to drag down the American economy.<b>According to estimates by the Hutchins Center of the Brookings Institution, the economic impact of federal, state and local government tax spending policies has turned negative in the second quarter, and this situation will continue into 2023.</b></p><p>As shown in the chart below, the next fiscal tapering will be the largest in American history</p><p><img src=\"https://static.tigerbbs.com/3044289cfd275999b160e8323f67340f\" tg-width=\"500\" tg-height=\"313\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/MCO\">Moody's</a>Chief economist Mark Zandi said: \"Fiscal policy has begun to change from a tailwind to a headwind, and this headwind will become very severe by next spring. Without any additional fiscal support, the economy will feel somewhat fragile before election day in 2022.\"</p><p><b>Investors are beginning to worry about an impending economic slowdown.<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The latest survey of global fund managers shows that their optimism about the outlook for the US economy has dropped significantly.</b></p><p>Huitong.com reminded that the market expects the Federal Reserve to release a signal to reduce bond purchases this week and take action in November or December. However, based on the above information, it can be seen that the reduction of fiscal support by the U.S. government will really hit the U.S. economy, especially as the epidemic continues. Under such circumstances, this may hit record U.S. stocks and face the risk of a sharp correction in the future. Investors need to remain vigilant.</p><p><img src=\"https://static.tigerbbs.com/52aadd728673a22a44349727b9b3cca2\" tg-width=\"1250\" tg-height=\"594\" referrerpolicy=\"no-referrer\"></p><p>(S&P 500 Index Daily Chart)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.fx678.com/C/20210920/202109201343162079.html\">汇通网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.fx678.com/C/20210920/202109201343162079.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126176538","content_text":"9月19日，市场分析师Rich Miller撰文称，美联储“减码年”即将到来，但真正让经济痛楚的却会是财政支持的收缩。美联储尚未公布的减码计划一直是美国金融市场热议话题，这掩盖了一件重要的事情：联邦政府已经在削减预算支持，而这对明年经济增长的影响恐怕会大得多。\n\n财政支持的收缩打击美国经济\n美国经济增速势将在2022年下半年大幅放缓，因为政府在疫情期间实施的经济支持措施--从发放给家庭现金支票，到提供给小公司无成本融资，正在渐渐撤出。\n即使美国总统拜登设法赢得了国会对3.5万亿美元经济重建计划的批准，情况也不会得到改变。因为这是一项长期支出计划，对2022年影响是有限的。另外，该计划至少部分资金来源是加税，会拖累而非推动美国的经济增长。\n美国政府花费创纪录的资金支撑疫情期间的美国经济，撤销的话将导致巨大的财政悬崖。图中蓝色柱代表财政政策对美国GDP的贡献，而红色柱代表预测2022年将对经济造成拖累\n\n“美国经济不见增长”\n布鲁金斯学会(Brookings Institution)汉密尔顿项目主任Wendy Edelberg称，预计2022年末和进入2023年，美国的经济增长率会非常低。即便有些季度经济基本上不见增长，她也不会惊讶。\n预测美国经济急剧放缓的不只有她一个。高盛首席经济学家Jan Hatzius预测，到2022年年底美国经济将以1.5%的速度增长，低于2021年5.7%的增速。\n经济减速对将美股推上纪录高位的投资者而言可谓噩耗。\n美国经济减速也可能给拜登和国会民主党议员带来麻烦，特别是同时失业率还上升的话，因为他们寻求在2022年11月中期选举中保住微弱多数席位。不过，多数经济学家预计美国的失业率不会上升。\n经济减速有一个潜在好处：降低通胀。今年以来受供应链瓶颈和消费需求回暖影响，价格水平大幅上升。Edelberg称：“我们需要降降温，因为美国的快速反弹到明年年中将把劳动力市场和经济推向极限。”\n财政政策逆风\n美联储主席鲍威尔曾表示，美联储可能今年开始收缩购债规模。整个购债计划可能到2022年某个时候才会结束，在此之前美联储将继续支持经济和金融市场。\n财政政策不然，它已经开始对美国经济构成拖累。据布鲁金斯学会Hutchins中心估算，联邦、州和地方政府税收支出政策的经济影响已经在第二季度变为负值，这种情况将持续到2023年。\n如下图所示，接下来的财政减码程度将是美国历史上最大的\n\n穆迪首席经济学家Mark Zandi表示：“财政政策已经开始从顺风变成逆风，到明年春这股逆风会变得非常严重。如果没有任何额外的财政支持，2022年选举日前经济会感觉有些脆弱。”\n投资者开始担心经济即将放缓。美国银行最新的全球基金经理调查显示，他们对美国经济前景看法的乐观程度明显下降。\n汇通网提醒， 市场预期美联储本周将释放削减购债的信号，11月或者12月采取行动，但综合以上信息可以看到，美国政府缩减财政支持将真正打击美国的经济，特别是在疫情持续的情况下，这可能打击创纪录的美股，未来面临大幅回调的风险，投资者需保持警惕。\n\n(标普500指数日线图）","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860920153,"gmtCreate":1632124274772,"gmtModify":1676530705469,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/860920153","repostId":"1100031374","repostType":4,"repost":{"id":"1100031374","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631587259,"share":"https://ttm.financial/m/news/1100031374?lang=en_US&edition=fundamental","pubTime":"2021-09-14 10:40","market":"uk","language":"zh","title":"Reminder: The Mid-Autumn Festival market closure arrangement is here! Hong Kong stocks closed on the 22nd","url":"https://stock-news.laohu8.com/highlight/detail?id=1100031374","media":"老虎资讯综合","summary":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n\n\n9月22日（周三）休市。9月23日（周四）起照常开市。\n\n\nA股：\n\n\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n\n\n美股、英股、澳股、新加坡股市照常交易。\n\n\n沪股通和深股通：\n\n\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n\n\n港股通：\n\n\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","content":"<p>The 2021 Mid-Autumn Festival holiday is upon us! The closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>Hong Kong stocks:</b></p><p>The market is closed on Wednesday, September 22. The market will open as usual from September 23rd (Thursday).</p><p><b>A shares:</b></p><p>Closed from Monday, September 20th to Tuesday, September 21st. The market will open as usual from September 22nd (Wednesday).</p><p><b>U.S. stocks, British stocks, Australian stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed Friday, September 17-Wednesday, September 22. It will be open as usual from September 23rd (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed Thursday, September 16-Wednesday, September 22. It will be open as usual from September 23rd (Thursday).</p><p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></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>Reminder: The Mid-Autumn Festival market closure arrangement is here! Hong Kong stocks closed on the 22nd</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nReminder: The Mid-Autumn Festival market closure arrangement is here! Hong Kong stocks closed on the 22nd\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-09-14 10:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The 2021 Mid-Autumn Festival holiday is upon us! The closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>Hong Kong stocks:</b></p><p>The market is closed on Wednesday, September 22. The market will open as usual from September 23rd (Thursday).</p><p><b>A shares:</b></p><p>Closed from Monday, September 20th to Tuesday, September 21st. The market will open as usual from September 22nd (Wednesday).</p><p><b>U.S. stocks, British stocks, Australian stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed Friday, September 17-Wednesday, September 22. It will be open as usual from September 23rd (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed Thursday, September 16-Wednesday, September 22. It will be open as usual from September 23rd (Thursday).</p><p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100031374","content_text":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n9月22日（周三）休市。9月23日（周四）起照常开市。\nA股：\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n美股、英股、澳股、新加坡股市照常交易。\n沪股通和深股通：\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n港股通：\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886370186,"gmtCreate":1631571411845,"gmtModify":1676530575688,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/886370186","repostId":"1146713993","repostType":4,"isVote":1,"tweetType":1,"viewCount":3463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":817093796,"gmtCreate":1630889100815,"gmtModify":1676530411819,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hhhhhh","listText":"Hhhhhh","text":"Hhhhhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/817093796","isVote":1,"tweetType":1,"viewCount":3326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814526350,"gmtCreate":1630848068670,"gmtModify":1676530405250,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"title":"hello","htmlText":"Hhhhhhhhhhhhhbhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh","listText":"Hhhhhhhhhhhhhbhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh","text":"Hhhhhhhhhhhhhbhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/814526350","isVote":1,"tweetType":1,"viewCount":2887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814528520,"gmtCreate":1630848022860,"gmtModify":1676530405241,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hello 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ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/890277885","repostId":"1116621163","repostType":4,"isVote":1,"tweetType":1,"viewCount":1305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890037303,"gmtCreate":1628065653502,"gmtModify":1703500561988,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890037303","repostId":"146135203","repostType":1,"repost":{"id":146135203,"gmtCreate":1626057999999,"gmtModify":1703752520422,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/44a4f89726b3f6319d06a0075bf9ff76","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"【老虎財報季】寫財報分析，贏取老虎限量商務套裝","htmlText":"參與《老虎財報季》贏取老虎限量商務套裝，免傭卡，還有虎友們最最最喜歡的限量保溫杯。Q2財報季即將拉開序幕，美國六大銀行將在本週率先公佈財報，隨後將迎來大家最關心的科技股財報。小虎君想邀請虎友們，分享你最看好的財報是哪家？說說爲什麼？你持有它嗎？解讀其最新業績，發表你對公司的看法，就有機會贏取老虎限量商務套裝，免傭卡，還有虎友們最最最喜歡的限量保溫杯。【參與方式】 在“<a href=\"https://laohu8.com/RN?name=RNTheme&amp;page=/theme/special/discussion&amp;rndata={&quot;themeId&quot;:&quot;fa946d497d894de8863f2348305e2a7e&quot;}\" target=\"_blank\">老虎財報季</a>”主題下發帖，或者題目中包含“老虎財報季”等關鍵字分享你最看好的財報是哪家？說說爲什麼？你持有它嗎？解讀其最新業績，發表你對公司的看法，字數不少於300字。並<a target=\"_blank\" href=\"https://laohu8.com/U/36984908995200\">@小虎活動</a>、<a target=\"_blank\" href=\"https://laohu8.com/U/20722186463466\">@愛發紅包的虎妞</a> 或者<a target=\"_blank\" href=\"https://laohu8.com/U/3514329116425907\">@小虎AV</a> 寫什麼？虎友們可以自由發揮！如果沒有現成的idea，也可以參考以下模版： 關注公司的財報業績（營收，淨利潤，主營業務表現，關鍵指標增長等） 公司基本面分析（包括主營業務分析、所屬行業競爭優劣勢、未來發展點等） 財報前後你是否有調整倉位？未來是否會繼續投資？","listText":"參與《老虎財報季》贏取老虎限量商務套裝，免傭卡，還有虎友們最最最喜歡的限量保溫杯。Q2財報季即將拉開序幕，美國六大銀行將在本週率先公佈財報，隨後將迎來大家最關心的科技股財報。小虎君想邀請虎友們，分享你最看好的財報是哪家？說說爲什麼？你持有它嗎？解讀其最新業績，發表你對公司的看法，就有機會贏取老虎限量商務套裝，免傭卡，還有虎友們最最最喜歡的限量保溫杯。【參與方式】 在“<a href=\"https://laohu8.com/RN?name=RNTheme&amp;page=/theme/special/discussion&amp;rndata={&quot;themeId&quot;:&quot;fa946d497d894de8863f2348305e2a7e&quot;}\" target=\"_blank\">老虎財報季</a>”主題下發帖，或者題目中包含“老虎財報季”等關鍵字分享你最看好的財報是哪家？說說爲什麼？你持有它嗎？解讀其最新業績，發表你對公司的看法，字數不少於300字。並<a target=\"_blank\" href=\"https://laohu8.com/U/36984908995200\">@小虎活動</a>、<a target=\"_blank\" href=\"https://laohu8.com/U/20722186463466\">@愛發紅包的虎妞</a> 或者<a target=\"_blank\" href=\"https://laohu8.com/U/3514329116425907\">@小虎AV</a> 寫什麼？虎友們可以自由發揮！如果沒有現成的idea，也可以參考以下模版： 關注公司的財報業績（營收，淨利潤，主營業務表現，關鍵指標增長等） 公司基本面分析（包括主營業務分析、所屬行業競爭優劣勢、未來發展點等） 財報前後你是否有調整倉位？未來是否會繼續投資？","text":"參與《老虎財報季》贏取老虎限量商務套裝，免傭卡，還有虎友們最最最喜歡的限量保溫杯。Q2財報季即將拉開序幕，美國六大銀行將在本週率先公佈財報，隨後將迎來大家最關心的科技股財報。小虎君想邀請虎友們，分享你最看好的財報是哪家？說說爲什麼？你持有它嗎？解讀其最新業績，發表你對公司的看法，就有機會贏取老虎限量商務套裝，免傭卡，還有虎友們最最最喜歡的限量保溫杯。【參與方式】 在“老虎財報季”主題下發帖，或者題目中包含“老虎財報季”等關鍵字分享你最看好的財報是哪家？說說爲什麼？你持有它嗎？解讀其最新業績，發表你對公司的看法，字數不少於300字。並@小虎活動、@愛發紅包的虎妞 或者@小虎AV 寫什麼？虎友們可以自由發揮！如果沒有現成的idea，也可以參考以下模版： 關注公司的財報業績（營收，淨利潤，主營業務表現，關鍵指標增長等） 公司基本面分析（包括主營業務分析、所屬行業競爭優劣勢、未來發展點等） 財報前後你是否有調整倉位？未來是否會繼續投資？","images":[{"img":"https://static.tigerbbs.com/18f14b2fa2c5e868274e699566b71f54","width":"840","height":"540"},{"img":"https://static.tigerbbs.com/ac10aad89763946afd17f38ae564756a","width":"1084","height":"1086"},{"img":"https://static.tigerbbs.com/82e19e2adebbf2c25108f6926818deea","width":"1080","height":"648"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146135203","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807465241,"gmtCreate":1628051293783,"gmtModify":1703500309225,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807465241","repostId":"1124524228","repostType":4,"isVote":1,"tweetType":1,"viewCount":1170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804189189,"gmtCreate":1627945492541,"gmtModify":1703498167053,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/804189189","repostId":"1172231827","repostType":4,"repost":{"id":"1172231827","kind":"news","pubTimestamp":1627910581,"share":"https://ttm.financial/m/news/1172231827?lang=en_US&edition=fundamental","pubTime":"2021-08-02 21:23","market":"us","language":"en","title":"Moderna, Pfizer Hike Vaccine Prices By Up To 25%","url":"https://stock-news.laohu8.com/highlight/detail?id=1172231827","media":"zerohedge","summary":"Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as lo","content":"<p><a href=\"https://laohu8.com/S/PFE\">Pfizer</a> and <a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a> have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in public money to effectively subsidize their development. And now that jabs from <a href=\"https://laohu8.com/S/CAAS\">China</a> and Russia are facing newfound skepticism across Europe and the emerging world, Big Pharma is showing its true colors, and demanding a massive premium from all buyers of its jabs as Pfizer rolls out its first 'booster jabs'.</p>\n<p>It's interesting that they're raising prices, considering thatthe Pfizer jabhasn't exactlyheld up to the original promise of its efficacy.</p>\n<p>Despite their original promises not to profit off the vaccines until the pandemic had ended, both companies are now seizing the opportunity to hike prices charged to governments like those in the EU.</p>\n<p>According to the latest EU supply contracts seen by the FT, Pfizer raised the price of its COVID vaccine by more than 25% and Moderna raised its price by more than 10%. Both companies are expected to generate tens of billions of dollars in revenue this year as they sign new deals with countries anxious to secure supplies for potential booster shots.</p>\n<p>Perthe FT,the companies are raising prices now that Phase 3 trial data has showed that their mRNA jabs are more effective than the AstraZeneca and JNJ jabs. But let's not forget another important factor: that both the AstraZeneca and JNJ jabs have been linked to rare yet sometimes fatal blood clots that have made millions of people wary of taking the jabs. In Australia, for example, the AstraZeneca jab is much more available than the Pfizer jabs...but most patients would prefer to wait, despite the intense lockdowns imposed on the population.</p>\n<p>The new price for a Pfizer shot was €19.50 ($23) vs. €15.50 ($18) previously, according to the contracts seen by the FT.</p>\n<p>The insider who leaked the data to the FT said the pharmaceutical companies argued they deserved more money because their jabs offered increased \"value\" vs. competing vaccines.</p>\n<p>In reality, Big Pharma is just trying to do right by its shareholders as sales are expected to boom.</p>\n<p><img src=\"https://static.tigerbbs.com/cb20962b05dd2a1a50089742b71bd99c\" tg-width=\"1280\" tg-height=\"889\" referrerpolicy=\"no-referrer\">As the FT points out, the EU supply deal was struck at a difficult time for the EU. The AstraZeneca jab that public health leaders had hoped would be the workhorse of the global rollout had been damaged by scandal. The big pharma firms effectively had their government customers over a barrel. What's more, EU members were grousing about \"unfair\" distribution of shots that left some countries short on jabs.</p>\n<p><a href=\"https://laohu8.com/S/JE\">Just</a> last week, Pfizer last week raised its guidance for annual vaccine revenue by nearly <a href=\"https://laohu8.com/S/AONE.U\">one</a>-third to $33.5 billion, after sales of the shot helped almost double sales in the second quarter.</p>\n<p><img src=\"https://static.tigerbbs.com/5b4fabb71aac47f3f630bde49b1c1c8b\" tg-width=\"1280\" tg-height=\"937\" referrerpolicy=\"no-referrer\"></p>\n<p>Fortunately for shareholders, sales to high-income countries likely won't be slowing any time soon as governments prepare to start inoculating minors, and booster shots are being doled out already in Israel.</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>Moderna, Pfizer Hike Vaccine Prices By Up To 25%</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\">\nModerna, Pfizer Hike Vaccine Prices By Up To 25%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-02 21:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in ...</p>\n\n<a href=\"https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","MRNA":"Moderna, Inc."},"source_url":"https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172231827","content_text":"Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in public money to effectively subsidize their development. And now that jabs from China and Russia are facing newfound skepticism across Europe and the emerging world, Big Pharma is showing its true colors, and demanding a massive premium from all buyers of its jabs as Pfizer rolls out its first 'booster jabs'.\nIt's interesting that they're raising prices, considering thatthe Pfizer jabhasn't exactlyheld up to the original promise of its efficacy.\nDespite their original promises not to profit off the vaccines until the pandemic had ended, both companies are now seizing the opportunity to hike prices charged to governments like those in the EU.\nAccording to the latest EU supply contracts seen by the FT, Pfizer raised the price of its COVID vaccine by more than 25% and Moderna raised its price by more than 10%. Both companies are expected to generate tens of billions of dollars in revenue this year as they sign new deals with countries anxious to secure supplies for potential booster shots.\nPerthe FT,the companies are raising prices now that Phase 3 trial data has showed that their mRNA jabs are more effective than the AstraZeneca and JNJ jabs. But let's not forget another important factor: that both the AstraZeneca and JNJ jabs have been linked to rare yet sometimes fatal blood clots that have made millions of people wary of taking the jabs. In Australia, for example, the AstraZeneca jab is much more available than the Pfizer jabs...but most patients would prefer to wait, despite the intense lockdowns imposed on the population.\nThe new price for a Pfizer shot was €19.50 ($23) vs. €15.50 ($18) previously, according to the contracts seen by the FT.\nThe insider who leaked the data to the FT said the pharmaceutical companies argued they deserved more money because their jabs offered increased \"value\" vs. competing vaccines.\nIn reality, Big Pharma is just trying to do right by its shareholders as sales are expected to boom.\nAs the FT points out, the EU supply deal was struck at a difficult time for the EU. The AstraZeneca jab that public health leaders had hoped would be the workhorse of the global rollout had been damaged by scandal. The big pharma firms effectively had their government customers over a barrel. What's more, EU members were grousing about \"unfair\" distribution of shots that left some countries short on jabs.\nJust last week, Pfizer last week raised its guidance for annual vaccine revenue by nearly one-third to $33.5 billion, after sales of the shot helped almost double sales in the second quarter.\n\nFortunately for shareholders, sales to high-income countries likely won't be slowing any time soon as governments prepare to start inoculating minors, and booster shots are being doled out already in Israel.","news_type":1,"symbols_score_info":{"MRNA":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":1221,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804189068,"gmtCreate":1627945485954,"gmtModify":1703498166387,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/804189068","repostId":"1172231827","repostType":4,"repost":{"id":"1172231827","kind":"news","pubTimestamp":1627910581,"share":"https://ttm.financial/m/news/1172231827?lang=en_US&edition=fundamental","pubTime":"2021-08-02 21:23","market":"us","language":"en","title":"Moderna, Pfizer Hike Vaccine Prices By Up To 25%","url":"https://stock-news.laohu8.com/highlight/detail?id=1172231827","media":"zerohedge","summary":"Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as lo","content":"<p><a href=\"https://laohu8.com/S/PFE\">Pfizer</a> and <a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a> have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in public money to effectively subsidize their development. And now that jabs from <a href=\"https://laohu8.com/S/CAAS\">China</a> and Russia are facing newfound skepticism across Europe and the emerging world, Big Pharma is showing its true colors, and demanding a massive premium from all buyers of its jabs as Pfizer rolls out its first 'booster jabs'.</p>\n<p>It's interesting that they're raising prices, considering thatthe Pfizer jabhasn't exactlyheld up to the original promise of its efficacy.</p>\n<p>Despite their original promises not to profit off the vaccines until the pandemic had ended, both companies are now seizing the opportunity to hike prices charged to governments like those in the EU.</p>\n<p>According to the latest EU supply contracts seen by the FT, Pfizer raised the price of its COVID vaccine by more than 25% and Moderna raised its price by more than 10%. Both companies are expected to generate tens of billions of dollars in revenue this year as they sign new deals with countries anxious to secure supplies for potential booster shots.</p>\n<p>Perthe FT,the companies are raising prices now that Phase 3 trial data has showed that their mRNA jabs are more effective than the AstraZeneca and JNJ jabs. But let's not forget another important factor: that both the AstraZeneca and JNJ jabs have been linked to rare yet sometimes fatal blood clots that have made millions of people wary of taking the jabs. In Australia, for example, the AstraZeneca jab is much more available than the Pfizer jabs...but most patients would prefer to wait, despite the intense lockdowns imposed on the population.</p>\n<p>The new price for a Pfizer shot was €19.50 ($23) vs. €15.50 ($18) previously, according to the contracts seen by the FT.</p>\n<p>The insider who leaked the data to the FT said the pharmaceutical companies argued they deserved more money because their jabs offered increased \"value\" vs. competing vaccines.</p>\n<p>In reality, Big Pharma is just trying to do right by its shareholders as sales are expected to boom.</p>\n<p><img src=\"https://static.tigerbbs.com/cb20962b05dd2a1a50089742b71bd99c\" tg-width=\"1280\" tg-height=\"889\" referrerpolicy=\"no-referrer\">As the FT points out, the EU supply deal was struck at a difficult time for the EU. The AstraZeneca jab that public health leaders had hoped would be the workhorse of the global rollout had been damaged by scandal. The big pharma firms effectively had their government customers over a barrel. What's more, EU members were grousing about \"unfair\" distribution of shots that left some countries short on jabs.</p>\n<p><a href=\"https://laohu8.com/S/JE\">Just</a> last week, Pfizer last week raised its guidance for annual vaccine revenue by nearly <a href=\"https://laohu8.com/S/AONE.U\">one</a>-third to $33.5 billion, after sales of the shot helped almost double sales in the second quarter.</p>\n<p><img src=\"https://static.tigerbbs.com/5b4fabb71aac47f3f630bde49b1c1c8b\" tg-width=\"1280\" tg-height=\"937\" referrerpolicy=\"no-referrer\"></p>\n<p>Fortunately for shareholders, sales to high-income countries likely won't be slowing any time soon as governments prepare to start inoculating minors, and booster shots are being doled out already in Israel.</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>Moderna, Pfizer Hike Vaccine Prices By Up To 25%</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\">\nModerna, Pfizer Hike Vaccine Prices By Up To 25%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-02 21:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in ...</p>\n\n<a href=\"https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","MRNA":"Moderna, Inc."},"source_url":"https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172231827","content_text":"Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in public money to effectively subsidize their development. And now that jabs from China and Russia are facing newfound skepticism across Europe and the emerging world, Big Pharma is showing its true colors, and demanding a massive premium from all buyers of its jabs as Pfizer rolls out its first 'booster jabs'.\nIt's interesting that they're raising prices, considering thatthe Pfizer jabhasn't exactlyheld up to the original promise of its efficacy.\nDespite their original promises not to profit off the vaccines until the pandemic had ended, both companies are now seizing the opportunity to hike prices charged to governments like those in the EU.\nAccording to the latest EU supply contracts seen by the FT, Pfizer raised the price of its COVID vaccine by more than 25% and Moderna raised its price by more than 10%. Both companies are expected to generate tens of billions of dollars in revenue this year as they sign new deals with countries anxious to secure supplies for potential booster shots.\nPerthe FT,the companies are raising prices now that Phase 3 trial data has showed that their mRNA jabs are more effective than the AstraZeneca and JNJ jabs. But let's not forget another important factor: that both the AstraZeneca and JNJ jabs have been linked to rare yet sometimes fatal blood clots that have made millions of people wary of taking the jabs. In Australia, for example, the AstraZeneca jab is much more available than the Pfizer jabs...but most patients would prefer to wait, despite the intense lockdowns imposed on the population.\nThe new price for a Pfizer shot was €19.50 ($23) vs. €15.50 ($18) previously, according to the contracts seen by the FT.\nThe insider who leaked the data to the FT said the pharmaceutical companies argued they deserved more money because their jabs offered increased \"value\" vs. competing vaccines.\nIn reality, Big Pharma is just trying to do right by its shareholders as sales are expected to boom.\nAs the FT points out, the EU supply deal was struck at a difficult time for the EU. The AstraZeneca jab that public health leaders had hoped would be the workhorse of the global rollout had been damaged by scandal. The big pharma firms effectively had their government customers over a barrel. What's more, EU members were grousing about \"unfair\" distribution of shots that left some countries short on jabs.\nJust last week, Pfizer last week raised its guidance for annual vaccine revenue by nearly one-third to $33.5 billion, after sales of the shot helped almost double sales in the second quarter.\n\nFortunately for shareholders, sales to high-income countries likely won't be slowing any time soon as governments prepare to start inoculating minors, and booster shots are being doled out already in Israel.","news_type":1,"symbols_score_info":{"MRNA":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":1665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804180516,"gmtCreate":1627945464235,"gmtModify":1703498165391,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hello&nbsp;","listText":"Hello&nbsp;","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/804180516","repostId":"2156116807","repostType":4,"repost":{"id":"2156116807","kind":"highlight","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":1627915046,"share":"https://ttm.financial/m/news/2156116807?lang=en_US&edition=fundamental","pubTime":"2021-08-02 22:37","market":"us","language":"en","title":"Wall Street avoids delta anxiety to push stocks near record highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2156116807","media":"Reuters","summary":"BOSTON, Aug 2 (Reuters) - U.S. stocks rose in early trading Monday morning on optimism over governme","content":"<p>BOSTON, Aug 2 (Reuters) - U.S. stocks rose in early trading Monday morning on optimism over government infrastructure spending and strong corporate earnings, even as oil prices fell on broader macroeconomic fear and the spread of the delta variant of the coronavirus continued.</p>\n<p>U.S. senators on Sunday unveiled a bipartisan plan to invest around $1 trillion in roads, bridges, ports, high-speed internet and other infrastructure, with some predicting the spending bill, the largest in decades, could pass as early as this week.</p>\n<p>A rebound in corporate profits and the recent drop in bond yields are also bolstering the case for owning stocks, even as markets stand near records and economic growth is expected to slow.</p>\n<p>Those factors helped push the S&amp;P 500 index to a near all-time high on Monday, up 20.77 points, or 0.47%, to 4,416.03.</p>\n<p>The Dow Jones Industrial Average rose 238.94 points, or 0.68%, to 35,174.41, and the Nasdaq Composite added 20.90 points, or 0.14%, to 14,693.58.</p>\n<p>The MSCI world equity index , which tracks shares in 49 countries, gained 0.65%.</p>\n<p>At the same time, oil prices fell on Monday as worries over China's economy resurfaced after a survey showing growth in factory activity slipped sharply in the world's second-largest oil consumer, with concerns compounded by higher crude output from OPEC producers.</p>\n<p>U.S. crude recently fell 0.96% to $73.24 per barrel and Brent was at $74.77, down 0.85% on the day.</p>\n<p>Market attention now turns to U.S. manufacturing activity data for July, as well as the Reserve Bank of Australia meeting on Tuesday, the Bank of England meeting on Thursday, and U.S. payrolls data on Friday.</p>\n<p>Factories across the world are suffering from supply bottlenecks, which sent prices skyrocketing in July, while a new wave of coronavirus infections in Asia demonstrated the fragile nature of the global recovery.</p>\n<p>The 10-year U.S. Treasury yield was at 1.2172%, little changed on the day but having seen a gradual decline since April.</p>\n<p>Negatively interpreting lower Treasury yields could be a mistake, according to <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> strategist Guneet Dhingra.</p>\n<p>\"Investors are fitting a narrative of excessive pessimism to lower yields,\" Dhingra wrote in a note Sunday.</p>\n<p>\"Many of these narratives don’t stand up to scrutiny,\" Dhingra said, noting low hospitalizations in the UK from the Delta variant as a model for the United States, \"suggesting overstated downside risks from COVID-19.\"</p>\n<p>The dollar fell back towards the <a href=\"https://laohu8.com/S/AONE.U\">one</a>-month lows hit last week when it became clear the Fed was in no hurry to tighten policy.</p>\n<p>As of mid-morning Monday, the dollar index was down 0.142%, with the euro up 0.1% at $1.1882.</p>\n<p>(Reporting by Lawrence Delevingne and Elizabeth Howcroft; Editing by Steve Orlofsky)</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>Wall Street avoids delta anxiety to push stocks near record highs</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\">\nWall Street avoids delta anxiety to push stocks near record highs\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\">2021-08-02 22:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BOSTON, Aug 2 (Reuters) - U.S. stocks rose in early trading Monday morning on optimism over government infrastructure spending and strong corporate earnings, even as oil prices fell on broader macroeconomic fear and the spread of the delta variant of the coronavirus continued.</p>\n<p>U.S. senators on Sunday unveiled a bipartisan plan to invest around $1 trillion in roads, bridges, ports, high-speed internet and other infrastructure, with some predicting the spending bill, the largest in decades, could pass as early as this week.</p>\n<p>A rebound in corporate profits and the recent drop in bond yields are also bolstering the case for owning stocks, even as markets stand near records and economic growth is expected to slow.</p>\n<p>Those factors helped push the S&amp;P 500 index to a near all-time high on Monday, up 20.77 points, or 0.47%, to 4,416.03.</p>\n<p>The Dow Jones Industrial Average rose 238.94 points, or 0.68%, to 35,174.41, and the Nasdaq Composite added 20.90 points, or 0.14%, to 14,693.58.</p>\n<p>The MSCI world equity index , which tracks shares in 49 countries, gained 0.65%.</p>\n<p>At the same time, oil prices fell on Monday as worries over China's economy resurfaced after a survey showing growth in factory activity slipped sharply in the world's second-largest oil consumer, with concerns compounded by higher crude output from OPEC producers.</p>\n<p>U.S. crude recently fell 0.96% to $73.24 per barrel and Brent was at $74.77, down 0.85% on the day.</p>\n<p>Market attention now turns to U.S. manufacturing activity data for July, as well as the Reserve Bank of Australia meeting on Tuesday, the Bank of England meeting on Thursday, and U.S. payrolls data on Friday.</p>\n<p>Factories across the world are suffering from supply bottlenecks, which sent prices skyrocketing in July, while a new wave of coronavirus infections in Asia demonstrated the fragile nature of the global recovery.</p>\n<p>The 10-year U.S. Treasury yield was at 1.2172%, little changed on the day but having seen a gradual decline since April.</p>\n<p>Negatively interpreting lower Treasury yields could be a mistake, according to <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> strategist Guneet Dhingra.</p>\n<p>\"Investors are fitting a narrative of excessive pessimism to lower yields,\" Dhingra wrote in a note Sunday.</p>\n<p>\"Many of these narratives don’t stand up to scrutiny,\" Dhingra said, noting low hospitalizations in the UK from the Delta variant as a model for the United States, \"suggesting overstated downside risks from COVID-19.\"</p>\n<p>The dollar fell back towards the <a href=\"https://laohu8.com/S/AONE.U\">one</a>-month lows hit last week when it became clear the Fed was in no hurry to tighten policy.</p>\n<p>As of mid-morning Monday, the dollar index was down 0.142%, with the euro up 0.1% at $1.1882.</p>\n<p>(Reporting by Lawrence Delevingne and Elizabeth Howcroft; Editing by Steve Orlofsky)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DUG":"二倍做空石油与天然气ETF(ProShares)","DDG":"ProShares做空石油与天然气ETF","USO":"美国原油ETF","SQQQ":"纳指三倍做空ETF","SDOW":"三倍做空道指30ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares",".IXIC":"NASDAQ Composite","DJX":"1/100道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares","TQQQ":"纳指三倍做多ETF",".SPX":"S&P 500 Index","DWT":"三倍做空原油ETN",".DJI":"道琼斯","DXD":"两倍做空道琼30指数ETF-ProShares","QQQ":"纳指100ETF","DOG":"道指ETF-ProShares做空","UDOW":"三倍做多道指30ETF-ProShares","SCO":"二倍做空彭博原油指数ETF","UCO":"二倍做多彭博原油ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2156116807","content_text":"BOSTON, Aug 2 (Reuters) - U.S. stocks rose in early trading Monday morning on optimism over government infrastructure spending and strong corporate earnings, even as oil prices fell on broader macroeconomic fear and the spread of the delta variant of the coronavirus continued.\nU.S. senators on Sunday unveiled a bipartisan plan to invest around $1 trillion in roads, bridges, ports, high-speed internet and other infrastructure, with some predicting the spending bill, the largest in decades, could pass as early as this week.\nA rebound in corporate profits and the recent drop in bond yields are also bolstering the case for owning stocks, even as markets stand near records and economic growth is expected to slow.\nThose factors helped push the S&P 500 index to a near all-time high on Monday, up 20.77 points, or 0.47%, to 4,416.03.\nThe Dow Jones Industrial Average rose 238.94 points, or 0.68%, to 35,174.41, and the Nasdaq Composite added 20.90 points, or 0.14%, to 14,693.58.\nThe MSCI world equity index , which tracks shares in 49 countries, gained 0.65%.\nAt the same time, oil prices fell on Monday as worries over China's economy resurfaced after a survey showing growth in factory activity slipped sharply in the world's second-largest oil consumer, with concerns compounded by higher crude output from OPEC producers.\nU.S. crude recently fell 0.96% to $73.24 per barrel and Brent was at $74.77, down 0.85% on the day.\nMarket attention now turns to U.S. manufacturing activity data for July, as well as the Reserve Bank of Australia meeting on Tuesday, the Bank of England meeting on Thursday, and U.S. payrolls data on Friday.\nFactories across the world are suffering from supply bottlenecks, which sent prices skyrocketing in July, while a new wave of coronavirus infections in Asia demonstrated the fragile nature of the global recovery.\nThe 10-year U.S. Treasury yield was at 1.2172%, little changed on the day but having seen a gradual decline since April.\nNegatively interpreting lower Treasury yields could be a mistake, according to Morgan Stanley strategist Guneet Dhingra.\n\"Investors are fitting a narrative of excessive pessimism to lower yields,\" Dhingra wrote in a note Sunday.\n\"Many of these narratives don’t stand up to scrutiny,\" Dhingra said, noting low hospitalizations in the UK from the Delta variant as a model for the United States, \"suggesting overstated downside risks from COVID-19.\"\nThe dollar fell back towards the one-month lows hit last week when it became clear the Fed was in no hurry to tighten policy.\nAs of mid-morning Monday, the dollar index was down 0.142%, with the euro up 0.1% at $1.1882.\n(Reporting by Lawrence Delevingne and Elizabeth Howcroft; Editing by Steve Orlofsky)","news_type":1,"symbols_score_info":{"CLmain":0.9,"UDOW":0.9,"NQmain":0.9,"QID":0.9,"QQQ":0.9,".IXIC":0.9,"TQQQ":0.9,"PSQ":0.9,"UCO":0.9,"DDM":0.9,".SPX":0.9,"QLD":0.9,"DXD":0.9,"DDG":0.9,"SDOW":0.9,"QMmain":0.9,"USO":0.9,"BZmain":0.9,"DOG":0.9,"SQQQ":0.9,"DJX":0.9,"MNQmain":0.9,"DWT":0.9,"SCO":0.9,".DJI":0.9,"DUG":0.9}},"isVote":1,"tweetType":1,"viewCount":1294,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804180096,"gmtCreate":1627945442615,"gmtModify":1703498165558,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/804180096","repostId":"1107596279","repostType":4,"isVote":1,"tweetType":1,"viewCount":1041,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804117163,"gmtCreate":1627945416752,"gmtModify":1703498163891,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hihu","listText":"Hihu","text":"Hihu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/804117163","repostId":"1107596279","repostType":4,"isVote":1,"tweetType":1,"viewCount":1528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802527407,"gmtCreate":1627790203009,"gmtModify":1703495918562,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hu","listText":"Hu","text":"Hu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/802527407","repostId":"2156165727","repostType":4,"repost":{"id":"2156165727","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":1627771020,"share":"https://ttm.financial/m/news/2156165727?lang=en_US&edition=fundamental","pubTime":"2021-08-01 06:37","market":"us","language":"en","title":"Home prices could cool when the Fed tapers its bond-buying program. But a crisis? Unlikely.","url":"https://stock-news.laohu8.com/highlight/detail?id=2156165727","media":"Dow Jones","summary":"'I think the Fed will work very, very hard to create a soft landing in house prices,' says mortgage ","content":"<blockquote>\n 'I think the Fed will work very, very hard to create a soft landing in house prices,' says mortgage market veteran.\n</blockquote>\n<p>U.S. home prices have been rising at a record annual pace , the absence of properties for sale, and the scramble by households for more space as families have fled to the suburbs during the pandemic.</p>\n<p>Can the good times last when the Federal Reserve finally cuts back on buying mortgage and Treasury bonds? Here's how mortgage rates and a less gargantuan central bank footprint could impact the heated U.S. housing market.</p>\n<p>\"The Fed is certainly talking and thinking about it,\" said Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, on the subject of how the Federal Reserve could scale back the central bank's $120 billion a month bond-buying program.</p>\n<p>But Jones also thinks tighter credit conditions, likely via higher borrowing rates as the Fed tapers its bond buying program, might end up being a saving grace for today's housing market.</p>\n<p>\"Housing prices could certainly pull back, after accelerating so fast,\" she said, pointing to households fighting over the few properties available to buy, while navigating work from home. \"At some point,\" she said, mortgage payments on high-priced homes \"become unsustainable with people's incomes.\"</p>\n<p>\"But I don't see a big housing debacle.\"</p>\n<p>How to pump the brakes on housing</p>\n<p>The central bank has maintained a large footprint in the mortgage market for more than a decade, but the worsening affordability crisis in the U.S. housing market led Fed officials to walk a tightrope recently when trying to explain its ongoing large-scale asset purchases during the pandemic recovery.</p>\n<p>Fed officials in recent weeks have expressed a fair bit of disagreement around the timing and pace of any scaling back of its large-scale asset purchases.</p>\n<p>St. Louis Fed President James Bullard said Friday the central bank should start to slow down its bond purchases this fall and finish by March , saying he thought financial markets \"are very well prepared\" for the reduction in purchases.</p>\n<p>During a midweek press briefing, Chairman Jerome Powell said tapering likely would start with agency mortgage-backed securities (MBS) and Treasury bonds at the same time, but also \"the idea of reducing\" mortgage exposure \"at a somewhat faster pace does have some traction with some people\".</p>\n<p>The blue line in the chart below traces the central bank's balance sheet</p>\n<p>As of July 29, the Fed was holding about 31% of the roughly $7.8 trillion agency MBS market, or housing bonds with government backing.</p>\n<p>\"You could make the case that the Fed owns almost <a href=\"https://laohu8.com/S/AONE.U\">one</a>-third of the agency mortgage bond market, and that it might make sense to loosen its grip,\" Jones said, particularly as Powell has played down a direct link between its MBS purchases and climbing home prices.</p>\n<p>It may now seem like a distant memory, but before the pandemic upheaval, that was precisely what the Fed was trying to do.</p>\n<p>\"Who would have thought,\" said Paul Jablansky, head of fixed income at Guardian Life Insurance, that the U.S. would be in the midst of \"one of the frothiest housing markets in history,\" following last year's extreme pandemic shutdowns that closed businesses, workplaces and national borders.</p>\n<p>\"Occasionally people ask, are we at the peak?\" said Jablansky, a 30-year veteran of the mortgage, and asset-backed and broader bond market. \"We are outside the balance of our experience, so it's very difficult to say we are at the peak,\" he told MarketWatch.</p>\n<p>\"I do think house price inflation will have to slow down dramatically. But maybe the biggest question is, can we see housing prices go negative? I think the Fed will work very, very hard to create a soft landing in house prices.\"</p>\n<p>Schwab's forecast has been for the Fed to kick things off by reducing its monthly asset purchases by $15 billion to $105 billion. That would mean cutting $10 billion from its current $80 billion monthly pace of Treasury purchases and $5 billion from its $40 billion monthly pace of MBS.</p>\n<p>\"So far, we haven't changed that,\" Jones told MarketWatch.</p>\n<p>While the Fed doesn't set long-term interest rates, its mass buying of Treasurys aims to keep a lid on borrowing costs. Treasury yields also inform the interest rate component of 30-year fixed-rate mortgages. So perhaps, scaling back both at once makes sense, Jones said.</p>\n<p>Misremembering the 2013 taper</p>\n<p>Fed Chair Powell said on Wednesday that the central bank's \"substantial further progress\" standard for unemployment and inflation in particular hasn't been met yet, while stressing that he'd like to see more progress in the jobs market before easing its monetary policy support for the economy.</p>\n<p>Powell also frequently has talked of lessons learned from the market upheaval of 2013, the so-called \"taper tantrum\" that rattled markets after the central bank began talking about taking away the punch bowl, as the economy healed from the Great Recession of 2008.</p>\n<p>\"What we need to remember,\" Jablansky said, is that markets sold off in anticipation of tapering, not the actual pull back in asset purchases. \"Later in the year, the period [former Fed Chair Ben] Bernanke was talking about, the Fed actually continued to buy assets, and the amount of accommodation it provided to the economy actually went up.\"</p>\n<p>Historically, the only stretch where the Fed has actively withdrawn its support occurred between 2017 and 2019, following its controversial, first foray into large-scale asset purchases to unfreeze credit markets post 2008.</p>\n<p>\"It's very difficult to draw a lot of conclusions from that real short period,\" Jablansky said. \"For us, the conclusion is that 2013 may be instructive, but the circumstances are really different.\"</p>\n<p>The message from Powell consistently has been about preserving \"maximum flexibility, but to go very slowly,\" said George Catrambone, head of Americas trading at asset manager <a href=\"https://laohu8.com/S/DWS.AU\">DWS</a> Group.</p>\n<p>Catrambone thinks that may be the right strategy, given the uncertain outlook on inflation, evidenced by, the recent spike in the cost of living , but also because of how significantly many of our lives have changed because of the pandemic.</p>\n<p>\"We know that a used car won't cost more than a new car forever,\" Catrambone said. \"Do I think the housing market slows down? It could. But you really need the supply, demand imbalance to abate. That could take a while.\"</p>\n<p>Extreme wildfires, drought and other shocks of climate change have been tied to $30 billion in property losses in the first half of 2021, while putting more patches of land and U.S. homes in the path of danger. While these were less frequent housing market topics in 2013, the pandemic also changed the whole notion of \"what is safe\" for many families.</p>\n<p>\"Migratory patterns tend to be sticky,\" Catrambone said, of the flight out of urban centers to suburbia.</p>\n<p>What's more, the delta variant fueling a new wave of COVID-19 cases and others, but also delayed plans by many big companies to return staff to offices buildings.</p>\n<p>\"This probably doesn't help occupancy rates for commercial real estate, with more people likely staying closer to home,\" Catrambone said, but it likely adds to the already high \"psychological value placed on housing.\"</p>\n<p>After touching record highs, the S&amp;P 500 index , Dow Jones Industrial Average and Nasdaq Composite Index closed Friday and the week lower, but booked monthly gains .</p>\n<p>On the U.S. economic data front, August kicks off with manufacturing and construction spending data, followed by motor vehicles sales, ADP employment and jobless claims, but the main focus of the week will be the monthly nonfarm payrolls report on Friday.</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>Home prices could cool when the Fed tapers its bond-buying program. But a crisis? Unlikely.</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\">\nHome prices could cool when the Fed tapers its bond-buying program. But a crisis? Unlikely.\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\">2021-08-01 06:37</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n 'I think the Fed will work very, very hard to create a soft landing in house prices,' says mortgage market veteran.\n</blockquote>\n<p>U.S. home prices have been rising at a record annual pace , the absence of properties for sale, and the scramble by households for more space as families have fled to the suburbs during the pandemic.</p>\n<p>Can the good times last when the Federal Reserve finally cuts back on buying mortgage and Treasury bonds? Here's how mortgage rates and a less gargantuan central bank footprint could impact the heated U.S. housing market.</p>\n<p>\"The Fed is certainly talking and thinking about it,\" said Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, on the subject of how the Federal Reserve could scale back the central bank's $120 billion a month bond-buying program.</p>\n<p>But Jones also thinks tighter credit conditions, likely via higher borrowing rates as the Fed tapers its bond buying program, might end up being a saving grace for today's housing market.</p>\n<p>\"Housing prices could certainly pull back, after accelerating so fast,\" she said, pointing to households fighting over the few properties available to buy, while navigating work from home. \"At some point,\" she said, mortgage payments on high-priced homes \"become unsustainable with people's incomes.\"</p>\n<p>\"But I don't see a big housing debacle.\"</p>\n<p>How to pump the brakes on housing</p>\n<p>The central bank has maintained a large footprint in the mortgage market for more than a decade, but the worsening affordability crisis in the U.S. housing market led Fed officials to walk a tightrope recently when trying to explain its ongoing large-scale asset purchases during the pandemic recovery.</p>\n<p>Fed officials in recent weeks have expressed a fair bit of disagreement around the timing and pace of any scaling back of its large-scale asset purchases.</p>\n<p>St. Louis Fed President James Bullard said Friday the central bank should start to slow down its bond purchases this fall and finish by March , saying he thought financial markets \"are very well prepared\" for the reduction in purchases.</p>\n<p>During a midweek press briefing, Chairman Jerome Powell said tapering likely would start with agency mortgage-backed securities (MBS) and Treasury bonds at the same time, but also \"the idea of reducing\" mortgage exposure \"at a somewhat faster pace does have some traction with some people\".</p>\n<p>The blue line in the chart below traces the central bank's balance sheet</p>\n<p>As of July 29, the Fed was holding about 31% of the roughly $7.8 trillion agency MBS market, or housing bonds with government backing.</p>\n<p>\"You could make the case that the Fed owns almost <a href=\"https://laohu8.com/S/AONE.U\">one</a>-third of the agency mortgage bond market, and that it might make sense to loosen its grip,\" Jones said, particularly as Powell has played down a direct link between its MBS purchases and climbing home prices.</p>\n<p>It may now seem like a distant memory, but before the pandemic upheaval, that was precisely what the Fed was trying to do.</p>\n<p>\"Who would have thought,\" said Paul Jablansky, head of fixed income at Guardian Life Insurance, that the U.S. would be in the midst of \"one of the frothiest housing markets in history,\" following last year's extreme pandemic shutdowns that closed businesses, workplaces and national borders.</p>\n<p>\"Occasionally people ask, are we at the peak?\" said Jablansky, a 30-year veteran of the mortgage, and asset-backed and broader bond market. \"We are outside the balance of our experience, so it's very difficult to say we are at the peak,\" he told MarketWatch.</p>\n<p>\"I do think house price inflation will have to slow down dramatically. But maybe the biggest question is, can we see housing prices go negative? I think the Fed will work very, very hard to create a soft landing in house prices.\"</p>\n<p>Schwab's forecast has been for the Fed to kick things off by reducing its monthly asset purchases by $15 billion to $105 billion. That would mean cutting $10 billion from its current $80 billion monthly pace of Treasury purchases and $5 billion from its $40 billion monthly pace of MBS.</p>\n<p>\"So far, we haven't changed that,\" Jones told MarketWatch.</p>\n<p>While the Fed doesn't set long-term interest rates, its mass buying of Treasurys aims to keep a lid on borrowing costs. Treasury yields also inform the interest rate component of 30-year fixed-rate mortgages. So perhaps, scaling back both at once makes sense, Jones said.</p>\n<p>Misremembering the 2013 taper</p>\n<p>Fed Chair Powell said on Wednesday that the central bank's \"substantial further progress\" standard for unemployment and inflation in particular hasn't been met yet, while stressing that he'd like to see more progress in the jobs market before easing its monetary policy support for the economy.</p>\n<p>Powell also frequently has talked of lessons learned from the market upheaval of 2013, the so-called \"taper tantrum\" that rattled markets after the central bank began talking about taking away the punch bowl, as the economy healed from the Great Recession of 2008.</p>\n<p>\"What we need to remember,\" Jablansky said, is that markets sold off in anticipation of tapering, not the actual pull back in asset purchases. \"Later in the year, the period [former Fed Chair Ben] Bernanke was talking about, the Fed actually continued to buy assets, and the amount of accommodation it provided to the economy actually went up.\"</p>\n<p>Historically, the only stretch where the Fed has actively withdrawn its support occurred between 2017 and 2019, following its controversial, first foray into large-scale asset purchases to unfreeze credit markets post 2008.</p>\n<p>\"It's very difficult to draw a lot of conclusions from that real short period,\" Jablansky said. \"For us, the conclusion is that 2013 may be instructive, but the circumstances are really different.\"</p>\n<p>The message from Powell consistently has been about preserving \"maximum flexibility, but to go very slowly,\" said George Catrambone, head of Americas trading at asset manager <a href=\"https://laohu8.com/S/DWS.AU\">DWS</a> Group.</p>\n<p>Catrambone thinks that may be the right strategy, given the uncertain outlook on inflation, evidenced by, the recent spike in the cost of living , but also because of how significantly many of our lives have changed because of the pandemic.</p>\n<p>\"We know that a used car won't cost more than a new car forever,\" Catrambone said. \"Do I think the housing market slows down? It could. But you really need the supply, demand imbalance to abate. That could take a while.\"</p>\n<p>Extreme wildfires, drought and other shocks of climate change have been tied to $30 billion in property losses in the first half of 2021, while putting more patches of land and U.S. homes in the path of danger. While these were less frequent housing market topics in 2013, the pandemic also changed the whole notion of \"what is safe\" for many families.</p>\n<p>\"Migratory patterns tend to be sticky,\" Catrambone said, of the flight out of urban centers to suburbia.</p>\n<p>What's more, the delta variant fueling a new wave of COVID-19 cases and others, but also delayed plans by many big companies to return staff to offices buildings.</p>\n<p>\"This probably doesn't help occupancy rates for commercial real estate, with more people likely staying closer to home,\" Catrambone said, but it likely adds to the already high \"psychological value placed on housing.\"</p>\n<p>After touching record highs, the S&amp;P 500 index , Dow Jones Industrial Average and Nasdaq Composite Index closed Friday and the week lower, but booked monthly gains .</p>\n<p>On the U.S. economic data front, August kicks off with manufacturing and construction spending data, followed by motor vehicles sales, ADP employment and jobless claims, but the main focus of the week will be the monthly nonfarm payrolls report on Friday.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","HBCP":"Home Bancorp Inc","GOOGL":"谷歌A","MBB":"美国按揭抵押债券ETF-iShares","FB":"ProShares S&P 500 Dynamic Buffer ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2156165727","content_text":"'I think the Fed will work very, very hard to create a soft landing in house prices,' says mortgage market veteran.\n\nU.S. home prices have been rising at a record annual pace , the absence of properties for sale, and the scramble by households for more space as families have fled to the suburbs during the pandemic.\nCan the good times last when the Federal Reserve finally cuts back on buying mortgage and Treasury bonds? Here's how mortgage rates and a less gargantuan central bank footprint could impact the heated U.S. housing market.\n\"The Fed is certainly talking and thinking about it,\" said Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, on the subject of how the Federal Reserve could scale back the central bank's $120 billion a month bond-buying program.\nBut Jones also thinks tighter credit conditions, likely via higher borrowing rates as the Fed tapers its bond buying program, might end up being a saving grace for today's housing market.\n\"Housing prices could certainly pull back, after accelerating so fast,\" she said, pointing to households fighting over the few properties available to buy, while navigating work from home. \"At some point,\" she said, mortgage payments on high-priced homes \"become unsustainable with people's incomes.\"\n\"But I don't see a big housing debacle.\"\nHow to pump the brakes on housing\nThe central bank has maintained a large footprint in the mortgage market for more than a decade, but the worsening affordability crisis in the U.S. housing market led Fed officials to walk a tightrope recently when trying to explain its ongoing large-scale asset purchases during the pandemic recovery.\nFed officials in recent weeks have expressed a fair bit of disagreement around the timing and pace of any scaling back of its large-scale asset purchases.\nSt. Louis Fed President James Bullard said Friday the central bank should start to slow down its bond purchases this fall and finish by March , saying he thought financial markets \"are very well prepared\" for the reduction in purchases.\nDuring a midweek press briefing, Chairman Jerome Powell said tapering likely would start with agency mortgage-backed securities (MBS) and Treasury bonds at the same time, but also \"the idea of reducing\" mortgage exposure \"at a somewhat faster pace does have some traction with some people\".\nThe blue line in the chart below traces the central bank's balance sheet\nAs of July 29, the Fed was holding about 31% of the roughly $7.8 trillion agency MBS market, or housing bonds with government backing.\n\"You could make the case that the Fed owns almost one-third of the agency mortgage bond market, and that it might make sense to loosen its grip,\" Jones said, particularly as Powell has played down a direct link between its MBS purchases and climbing home prices.\nIt may now seem like a distant memory, but before the pandemic upheaval, that was precisely what the Fed was trying to do.\n\"Who would have thought,\" said Paul Jablansky, head of fixed income at Guardian Life Insurance, that the U.S. would be in the midst of \"one of the frothiest housing markets in history,\" following last year's extreme pandemic shutdowns that closed businesses, workplaces and national borders.\n\"Occasionally people ask, are we at the peak?\" said Jablansky, a 30-year veteran of the mortgage, and asset-backed and broader bond market. \"We are outside the balance of our experience, so it's very difficult to say we are at the peak,\" he told MarketWatch.\n\"I do think house price inflation will have to slow down dramatically. But maybe the biggest question is, can we see housing prices go negative? I think the Fed will work very, very hard to create a soft landing in house prices.\"\nSchwab's forecast has been for the Fed to kick things off by reducing its monthly asset purchases by $15 billion to $105 billion. That would mean cutting $10 billion from its current $80 billion monthly pace of Treasury purchases and $5 billion from its $40 billion monthly pace of MBS.\n\"So far, we haven't changed that,\" Jones told MarketWatch.\nWhile the Fed doesn't set long-term interest rates, its mass buying of Treasurys aims to keep a lid on borrowing costs. Treasury yields also inform the interest rate component of 30-year fixed-rate mortgages. So perhaps, scaling back both at once makes sense, Jones said.\nMisremembering the 2013 taper\nFed Chair Powell said on Wednesday that the central bank's \"substantial further progress\" standard for unemployment and inflation in particular hasn't been met yet, while stressing that he'd like to see more progress in the jobs market before easing its monetary policy support for the economy.\nPowell also frequently has talked of lessons learned from the market upheaval of 2013, the so-called \"taper tantrum\" that rattled markets after the central bank began talking about taking away the punch bowl, as the economy healed from the Great Recession of 2008.\n\"What we need to remember,\" Jablansky said, is that markets sold off in anticipation of tapering, not the actual pull back in asset purchases. \"Later in the year, the period [former Fed Chair Ben] Bernanke was talking about, the Fed actually continued to buy assets, and the amount of accommodation it provided to the economy actually went up.\"\nHistorically, the only stretch where the Fed has actively withdrawn its support occurred between 2017 and 2019, following its controversial, first foray into large-scale asset purchases to unfreeze credit markets post 2008.\n\"It's very difficult to draw a lot of conclusions from that real short period,\" Jablansky said. \"For us, the conclusion is that 2013 may be instructive, but the circumstances are really different.\"\nThe message from Powell consistently has been about preserving \"maximum flexibility, but to go very slowly,\" said George Catrambone, head of Americas trading at asset manager DWS Group.\nCatrambone thinks that may be the right strategy, given the uncertain outlook on inflation, evidenced by, the recent spike in the cost of living , but also because of how significantly many of our lives have changed because of the pandemic.\n\"We know that a used car won't cost more than a new car forever,\" Catrambone said. \"Do I think the housing market slows down? It could. But you really need the supply, demand imbalance to abate. That could take a while.\"\nExtreme wildfires, drought and other shocks of climate change have been tied to $30 billion in property losses in the first half of 2021, while putting more patches of land and U.S. homes in the path of danger. While these were less frequent housing market topics in 2013, the pandemic also changed the whole notion of \"what is safe\" for many families.\n\"Migratory patterns tend to be sticky,\" Catrambone said, of the flight out of urban centers to suburbia.\nWhat's more, the delta variant fueling a new wave of COVID-19 cases and others, but also delayed plans by many big companies to return staff to offices buildings.\n\"This probably doesn't help occupancy rates for commercial real estate, with more people likely staying closer to home,\" Catrambone said, but it likely adds to the already high \"psychological value placed on housing.\"\nAfter touching record highs, the S&P 500 index , Dow Jones Industrial Average and Nasdaq Composite Index closed Friday and the week lower, but booked monthly gains .\nOn the U.S. economic data front, August kicks off with manufacturing and construction spending data, followed by motor vehicles sales, ADP employment and jobless claims, but the main focus of the week will be the monthly nonfarm payrolls report on Friday.","news_type":1,"symbols_score_info":{"MBB":0.9,"GOOG":0.9,"HBCP":0.9,"GOOGL":0.9,"FB":0.9}},"isVote":1,"tweetType":1,"viewCount":1061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":898629063,"gmtCreate":1628494657352,"gmtModify":1703507024210,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/898629063","repostId":"1184000657","repostType":4,"isVote":1,"tweetType":1,"viewCount":2967,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886370186,"gmtCreate":1631571411845,"gmtModify":1676530575688,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/886370186","repostId":"1146713993","repostType":4,"isVote":1,"tweetType":1,"viewCount":3463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804180096,"gmtCreate":1627945442615,"gmtModify":1703498165558,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/804180096","repostId":"1107596279","repostType":4,"isVote":1,"tweetType":1,"viewCount":1041,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807465241,"gmtCreate":1628051293783,"gmtModify":1703500309225,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807465241","repostId":"1124524228","repostType":4,"isVote":1,"tweetType":1,"viewCount":1170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802527675,"gmtCreate":1627790185897,"gmtModify":1703495919215,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hihihi","listText":"Hihihi","text":"Hihihi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/802527675","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":1029,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890500486,"gmtCreate":1628122318745,"gmtModify":1703501520914,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890500486","repostId":"2157483930","repostType":4,"isVote":1,"tweetType":1,"viewCount":1691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802527407,"gmtCreate":1627790203009,"gmtModify":1703495918562,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hu","listText":"Hu","te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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":1627771020,"share":"https://ttm.financial/m/news/2156165727?lang=en_US&edition=fundamental","pubTime":"2021-08-01 06:37","market":"us","language":"en","title":"Home prices could cool when the Fed tapers its bond-buying program. But a crisis? Unlikely.","url":"https://stock-news.laohu8.com/highlight/detail?id=2156165727","media":"Dow Jones","summary":"'I think the Fed will work very, very hard to create a soft landing in house prices,' says mortgage ","content":"<blockquote>\n 'I think the Fed will work very, very hard to create a soft landing in house prices,' says mortgage market veteran.\n</blockquote>\n<p>U.S. home prices have been rising at a record annual pace , the absence of properties for sale, and the scramble by households for more space as families have fled to the suburbs during the pandemic.</p>\n<p>Can the good times last when the Federal Reserve finally cuts back on buying mortgage and Treasury bonds? Here's how mortgage rates and a less gargantuan central bank footprint could impact the heated U.S. housing market.</p>\n<p>\"The Fed is certainly talking and thinking about it,\" said Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, on the subject of how the Federal Reserve could scale back the central bank's $120 billion a month bond-buying program.</p>\n<p>But Jones also thinks tighter credit conditions, likely via higher borrowing rates as the Fed tapers its bond buying program, might end up being a saving grace for today's housing market.</p>\n<p>\"Housing prices could certainly pull back, after accelerating so fast,\" she said, pointing to households fighting over the few properties available to buy, while navigating work from home. \"At some point,\" she said, mortgage payments on high-priced homes \"become unsustainable with people's incomes.\"</p>\n<p>\"But I don't see a big housing debacle.\"</p>\n<p>How to pump the brakes on housing</p>\n<p>The central bank has maintained a large footprint in the mortgage market for more than a decade, but the worsening affordability crisis in the U.S. housing market led Fed officials to walk a tightrope recently when trying to explain its ongoing large-scale asset purchases during the pandemic recovery.</p>\n<p>Fed officials in recent weeks have expressed a fair bit of disagreement around the timing and pace of any scaling back of its large-scale asset purchases.</p>\n<p>St. Louis Fed President James Bullard said Friday the central bank should start to slow down its bond purchases this fall and finish by March , saying he thought financial markets \"are very well prepared\" for the reduction in purchases.</p>\n<p>During a midweek press briefing, Chairman Jerome Powell said tapering likely would start with agency mortgage-backed securities (MBS) and Treasury bonds at the same time, but also \"the idea of reducing\" mortgage exposure \"at a somewhat faster pace does have some traction with some people\".</p>\n<p>The blue line in the chart below traces the central bank's balance sheet</p>\n<p>As of July 29, the Fed was holding about 31% of the roughly $7.8 trillion agency MBS market, or housing bonds with government backing.</p>\n<p>\"You could make the case that the Fed owns almost <a href=\"https://laohu8.com/S/AONE.U\">one</a>-third of the agency mortgage bond market, and that it might make sense to loosen its grip,\" Jones said, particularly as Powell has played down a direct link between its MBS purchases and climbing home prices.</p>\n<p>It may now seem like a distant memory, but before the pandemic upheaval, that was precisely what the Fed was trying to do.</p>\n<p>\"Who would have thought,\" said Paul Jablansky, head of fixed income at Guardian Life Insurance, that the U.S. would be in the midst of \"one of the frothiest housing markets in history,\" following last year's extreme pandemic shutdowns that closed businesses, workplaces and national borders.</p>\n<p>\"Occasionally people ask, are we at the peak?\" said Jablansky, a 30-year veteran of the mortgage, and asset-backed and broader bond market. \"We are outside the balance of our experience, so it's very difficult to say we are at the peak,\" he told MarketWatch.</p>\n<p>\"I do think house price inflation will have to slow down dramatically. But maybe the biggest question is, can we see housing prices go negative? I think the Fed will work very, very hard to create a soft landing in house prices.\"</p>\n<p>Schwab's forecast has been for the Fed to kick things off by reducing its monthly asset purchases by $15 billion to $105 billion. That would mean cutting $10 billion from its current $80 billion monthly pace of Treasury purchases and $5 billion from its $40 billion monthly pace of MBS.</p>\n<p>\"So far, we haven't changed that,\" Jones told MarketWatch.</p>\n<p>While the Fed doesn't set long-term interest rates, its mass buying of Treasurys aims to keep a lid on borrowing costs. Treasury yields also inform the interest rate component of 30-year fixed-rate mortgages. So perhaps, scaling back both at once makes sense, Jones said.</p>\n<p>Misremembering the 2013 taper</p>\n<p>Fed Chair Powell said on Wednesday that the central bank's \"substantial further progress\" standard for unemployment and inflation in particular hasn't been met yet, while stressing that he'd like to see more progress in the jobs market before easing its monetary policy support for the economy.</p>\n<p>Powell also frequently has talked of lessons learned from the market upheaval of 2013, the so-called \"taper tantrum\" that rattled markets after the central bank began talking about taking away the punch bowl, as the economy healed from the Great Recession of 2008.</p>\n<p>\"What we need to remember,\" Jablansky said, is that markets sold off in anticipation of tapering, not the actual pull back in asset purchases. \"Later in the year, the period [former Fed Chair Ben] Bernanke was talking about, the Fed actually continued to buy assets, and the amount of accommodation it provided to the economy actually went up.\"</p>\n<p>Historically, the only stretch where the Fed has actively withdrawn its support occurred between 2017 and 2019, following its controversial, first foray into large-scale asset purchases to unfreeze credit markets post 2008.</p>\n<p>\"It's very difficult to draw a lot of conclusions from that real short period,\" Jablansky said. \"For us, the conclusion is that 2013 may be instructive, but the circumstances are really different.\"</p>\n<p>The message from Powell consistently has been about preserving \"maximum flexibility, but to go very slowly,\" said George Catrambone, head of Americas trading at asset manager <a href=\"https://laohu8.com/S/DWS.AU\">DWS</a> Group.</p>\n<p>Catrambone thinks that may be the right strategy, given the uncertain outlook on inflation, evidenced by, the recent spike in the cost of living , but also because of how significantly many of our lives have changed because of the pandemic.</p>\n<p>\"We know that a used car won't cost more than a new car forever,\" Catrambone said. \"Do I think the housing market slows down? It could. But you really need the supply, demand imbalance to abate. That could take a while.\"</p>\n<p>Extreme wildfires, drought and other shocks of climate change have been tied to $30 billion in property losses in the first half of 2021, while putting more patches of land and U.S. homes in the path of danger. While these were less frequent housing market topics in 2013, the pandemic also changed the whole notion of \"what is safe\" for many families.</p>\n<p>\"Migratory patterns tend to be sticky,\" Catrambone said, of the flight out of urban centers to suburbia.</p>\n<p>What's more, the delta variant fueling a new wave of COVID-19 cases and others, but also delayed plans by many big companies to return staff to offices buildings.</p>\n<p>\"This probably doesn't help occupancy rates for commercial real estate, with more people likely staying closer to home,\" Catrambone said, but it likely adds to the already high \"psychological value placed on housing.\"</p>\n<p>After touching record highs, the S&amp;P 500 index , Dow Jones Industrial Average and Nasdaq Composite Index closed Friday and the week lower, but booked monthly gains .</p>\n<p>On the U.S. economic data front, August kicks off with manufacturing and construction spending data, followed by motor vehicles sales, ADP employment and jobless claims, but the main focus of the week will be the monthly nonfarm payrolls report on Friday.</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>Home prices could cool when the Fed tapers its bond-buying program. But a crisis? Unlikely.</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\">\nHome prices could cool when the Fed tapers its bond-buying program. But a crisis? Unlikely.\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\">2021-08-01 06:37</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n 'I think the Fed will work very, very hard to create a soft landing in house prices,' says mortgage market veteran.\n</blockquote>\n<p>U.S. home prices have been rising at a record annual pace , the absence of properties for sale, and the scramble by households for more space as families have fled to the suburbs during the pandemic.</p>\n<p>Can the good times last when the Federal Reserve finally cuts back on buying mortgage and Treasury bonds? Here's how mortgage rates and a less gargantuan central bank footprint could impact the heated U.S. housing market.</p>\n<p>\"The Fed is certainly talking and thinking about it,\" said Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, on the subject of how the Federal Reserve could scale back the central bank's $120 billion a month bond-buying program.</p>\n<p>But Jones also thinks tighter credit conditions, likely via higher borrowing rates as the Fed tapers its bond buying program, might end up being a saving grace for today's housing market.</p>\n<p>\"Housing prices could certainly pull back, after accelerating so fast,\" she said, pointing to households fighting over the few properties available to buy, while navigating work from home. \"At some point,\" she said, mortgage payments on high-priced homes \"become unsustainable with people's incomes.\"</p>\n<p>\"But I don't see a big housing debacle.\"</p>\n<p>How to pump the brakes on housing</p>\n<p>The central bank has maintained a large footprint in the mortgage market for more than a decade, but the worsening affordability crisis in the U.S. housing market led Fed officials to walk a tightrope recently when trying to explain its ongoing large-scale asset purchases during the pandemic recovery.</p>\n<p>Fed officials in recent weeks have expressed a fair bit of disagreement around the timing and pace of any scaling back of its large-scale asset purchases.</p>\n<p>St. Louis Fed President James Bullard said Friday the central bank should start to slow down its bond purchases this fall and finish by March , saying he thought financial markets \"are very well prepared\" for the reduction in purchases.</p>\n<p>During a midweek press briefing, Chairman Jerome Powell said tapering likely would start with agency mortgage-backed securities (MBS) and Treasury bonds at the same time, but also \"the idea of reducing\" mortgage exposure \"at a somewhat faster pace does have some traction with some people\".</p>\n<p>The blue line in the chart below traces the central bank's balance sheet</p>\n<p>As of July 29, the Fed was holding about 31% of the roughly $7.8 trillion agency MBS market, or housing bonds with government backing.</p>\n<p>\"You could make the case that the Fed owns almost <a href=\"https://laohu8.com/S/AONE.U\">one</a>-third of the agency mortgage bond market, and that it might make sense to loosen its grip,\" Jones said, particularly as Powell has played down a direct link between its MBS purchases and climbing home prices.</p>\n<p>It may now seem like a distant memory, but before the pandemic upheaval, that was precisely what the Fed was trying to do.</p>\n<p>\"Who would have thought,\" said Paul Jablansky, head of fixed income at Guardian Life Insurance, that the U.S. would be in the midst of \"one of the frothiest housing markets in history,\" following last year's extreme pandemic shutdowns that closed businesses, workplaces and national borders.</p>\n<p>\"Occasionally people ask, are we at the peak?\" said Jablansky, a 30-year veteran of the mortgage, and asset-backed and broader bond market. \"We are outside the balance of our experience, so it's very difficult to say we are at the peak,\" he told MarketWatch.</p>\n<p>\"I do think house price inflation will have to slow down dramatically. But maybe the biggest question is, can we see housing prices go negative? I think the Fed will work very, very hard to create a soft landing in house prices.\"</p>\n<p>Schwab's forecast has been for the Fed to kick things off by reducing its monthly asset purchases by $15 billion to $105 billion. That would mean cutting $10 billion from its current $80 billion monthly pace of Treasury purchases and $5 billion from its $40 billion monthly pace of MBS.</p>\n<p>\"So far, we haven't changed that,\" Jones told MarketWatch.</p>\n<p>While the Fed doesn't set long-term interest rates, its mass buying of Treasurys aims to keep a lid on borrowing costs. Treasury yields also inform the interest rate component of 30-year fixed-rate mortgages. So perhaps, scaling back both at once makes sense, Jones said.</p>\n<p>Misremembering the 2013 taper</p>\n<p>Fed Chair Powell said on Wednesday that the central bank's \"substantial further progress\" standard for unemployment and inflation in particular hasn't been met yet, while stressing that he'd like to see more progress in the jobs market before easing its monetary policy support for the economy.</p>\n<p>Powell also frequently has talked of lessons learned from the market upheaval of 2013, the so-called \"taper tantrum\" that rattled markets after the central bank began talking about taking away the punch bowl, as the economy healed from the Great Recession of 2008.</p>\n<p>\"What we need to remember,\" Jablansky said, is that markets sold off in anticipation of tapering, not the actual pull back in asset purchases. \"Later in the year, the period [former Fed Chair Ben] Bernanke was talking about, the Fed actually continued to buy assets, and the amount of accommodation it provided to the economy actually went up.\"</p>\n<p>Historically, the only stretch where the Fed has actively withdrawn its support occurred between 2017 and 2019, following its controversial, first foray into large-scale asset purchases to unfreeze credit markets post 2008.</p>\n<p>\"It's very difficult to draw a lot of conclusions from that real short period,\" Jablansky said. \"For us, the conclusion is that 2013 may be instructive, but the circumstances are really different.\"</p>\n<p>The message from Powell consistently has been about preserving \"maximum flexibility, but to go very slowly,\" said George Catrambone, head of Americas trading at asset manager <a href=\"https://laohu8.com/S/DWS.AU\">DWS</a> Group.</p>\n<p>Catrambone thinks that may be the right strategy, given the uncertain outlook on inflation, evidenced by, the recent spike in the cost of living , but also because of how significantly many of our lives have changed because of the pandemic.</p>\n<p>\"We know that a used car won't cost more than a new car forever,\" Catrambone said. \"Do I think the housing market slows down? It could. But you really need the supply, demand imbalance to abate. That could take a while.\"</p>\n<p>Extreme wildfires, drought and other shocks of climate change have been tied to $30 billion in property losses in the first half of 2021, while putting more patches of land and U.S. homes in the path of danger. While these were less frequent housing market topics in 2013, the pandemic also changed the whole notion of \"what is safe\" for many families.</p>\n<p>\"Migratory patterns tend to be sticky,\" Catrambone said, of the flight out of urban centers to suburbia.</p>\n<p>What's more, the delta variant fueling a new wave of COVID-19 cases and others, but also delayed plans by many big companies to return staff to offices buildings.</p>\n<p>\"This probably doesn't help occupancy rates for commercial real estate, with more people likely staying closer to home,\" Catrambone said, but it likely adds to the already high \"psychological value placed on housing.\"</p>\n<p>After touching record highs, the S&amp;P 500 index , Dow Jones Industrial Average and Nasdaq Composite Index closed Friday and the week lower, but booked monthly gains .</p>\n<p>On the U.S. economic data front, August kicks off with manufacturing and construction spending data, followed by motor vehicles sales, ADP employment and jobless claims, but the main focus of the week will be the monthly nonfarm payrolls report on Friday.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","HBCP":"Home Bancorp Inc","GOOGL":"谷歌A","MBB":"美国按揭抵押债券ETF-iShares","FB":"ProShares S&P 500 Dynamic Buffer ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2156165727","content_text":"'I think the Fed will work very, very hard to create a soft landing in house prices,' says mortgage market veteran.\n\nU.S. home prices have been rising at a record annual pace , the absence of properties for sale, and the scramble by households for more space as families have fled to the suburbs during the pandemic.\nCan the good times last when the Federal Reserve finally cuts back on buying mortgage and Treasury bonds? Here's how mortgage rates and a less gargantuan central bank footprint could impact the heated U.S. housing market.\n\"The Fed is certainly talking and thinking about it,\" said Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, on the subject of how the Federal Reserve could scale back the central bank's $120 billion a month bond-buying program.\nBut Jones also thinks tighter credit conditions, likely via higher borrowing rates as the Fed tapers its bond buying program, might end up being a saving grace for today's housing market.\n\"Housing prices could certainly pull back, after accelerating so fast,\" she said, pointing to households fighting over the few properties available to buy, while navigating work from home. \"At some point,\" she said, mortgage payments on high-priced homes \"become unsustainable with people's incomes.\"\n\"But I don't see a big housing debacle.\"\nHow to pump the brakes on housing\nThe central bank has maintained a large footprint in the mortgage market for more than a decade, but the worsening affordability crisis in the U.S. housing market led Fed officials to walk a tightrope recently when trying to explain its ongoing large-scale asset purchases during the pandemic recovery.\nFed officials in recent weeks have expressed a fair bit of disagreement around the timing and pace of any scaling back of its large-scale asset purchases.\nSt. Louis Fed President James Bullard said Friday the central bank should start to slow down its bond purchases this fall and finish by March , saying he thought financial markets \"are very well prepared\" for the reduction in purchases.\nDuring a midweek press briefing, Chairman Jerome Powell said tapering likely would start with agency mortgage-backed securities (MBS) and Treasury bonds at the same time, but also \"the idea of reducing\" mortgage exposure \"at a somewhat faster pace does have some traction with some people\".\nThe blue line in the chart below traces the central bank's balance sheet\nAs of July 29, the Fed was holding about 31% of the roughly $7.8 trillion agency MBS market, or housing bonds with government backing.\n\"You could make the case that the Fed owns almost one-third of the agency mortgage bond market, and that it might make sense to loosen its grip,\" Jones said, particularly as Powell has played down a direct link between its MBS purchases and climbing home prices.\nIt may now seem like a distant memory, but before the pandemic upheaval, that was precisely what the Fed was trying to do.\n\"Who would have thought,\" said Paul Jablansky, head of fixed income at Guardian Life Insurance, that the U.S. would be in the midst of \"one of the frothiest housing markets in history,\" following last year's extreme pandemic shutdowns that closed businesses, workplaces and national borders.\n\"Occasionally people ask, are we at the peak?\" said Jablansky, a 30-year veteran of the mortgage, and asset-backed and broader bond market. \"We are outside the balance of our experience, so it's very difficult to say we are at the peak,\" he told MarketWatch.\n\"I do think house price inflation will have to slow down dramatically. But maybe the biggest question is, can we see housing prices go negative? I think the Fed will work very, very hard to create a soft landing in house prices.\"\nSchwab's forecast has been for the Fed to kick things off by reducing its monthly asset purchases by $15 billion to $105 billion. That would mean cutting $10 billion from its current $80 billion monthly pace of Treasury purchases and $5 billion from its $40 billion monthly pace of MBS.\n\"So far, we haven't changed that,\" Jones told MarketWatch.\nWhile the Fed doesn't set long-term interest rates, its mass buying of Treasurys aims to keep a lid on borrowing costs. Treasury yields also inform the interest rate component of 30-year fixed-rate mortgages. So perhaps, scaling back both at once makes sense, Jones said.\nMisremembering the 2013 taper\nFed Chair Powell said on Wednesday that the central bank's \"substantial further progress\" standard for unemployment and inflation in particular hasn't been met yet, while stressing that he'd like to see more progress in the jobs market before easing its monetary policy support for the economy.\nPowell also frequently has talked of lessons learned from the market upheaval of 2013, the so-called \"taper tantrum\" that rattled markets after the central bank began talking about taking away the punch bowl, as the economy healed from the Great Recession of 2008.\n\"What we need to remember,\" Jablansky said, is that markets sold off in anticipation of tapering, not the actual pull back in asset purchases. \"Later in the year, the period [former Fed Chair Ben] Bernanke was talking about, the Fed actually continued to buy assets, and the amount of accommodation it provided to the economy actually went up.\"\nHistorically, the only stretch where the Fed has actively withdrawn its support occurred between 2017 and 2019, following its controversial, first foray into large-scale asset purchases to unfreeze credit markets post 2008.\n\"It's very difficult to draw a lot of conclusions from that real short period,\" Jablansky said. \"For us, the conclusion is that 2013 may be instructive, but the circumstances are really different.\"\nThe message from Powell consistently has been about preserving \"maximum flexibility, but to go very slowly,\" said George Catrambone, head of Americas trading at asset manager DWS Group.\nCatrambone thinks that may be the right strategy, given the uncertain outlook on inflation, evidenced by, the recent spike in the cost of living , but also because of how significantly many of our lives have changed because of the pandemic.\n\"We know that a used car won't cost more than a new car forever,\" Catrambone said. \"Do I think the housing market slows down? It could. But you really need the supply, demand imbalance to abate. That could take a while.\"\nExtreme wildfires, drought and other shocks of climate change have been tied to $30 billion in property losses in the first half of 2021, while putting more patches of land and U.S. homes in the path of danger. While these were less frequent housing market topics in 2013, the pandemic also changed the whole notion of \"what is safe\" for many families.\n\"Migratory patterns tend to be sticky,\" Catrambone said, of the flight out of urban centers to suburbia.\nWhat's more, the delta variant fueling a new wave of COVID-19 cases and others, but also delayed plans by many big companies to return staff to offices buildings.\n\"This probably doesn't help occupancy rates for commercial real estate, with more people likely staying closer to home,\" Catrambone said, but it likely adds to the already high \"psychological value placed on housing.\"\nAfter touching record highs, the S&P 500 index , Dow Jones Industrial Average and Nasdaq Composite Index closed Friday and the week lower, but booked monthly gains .\nOn the U.S. economic data front, August kicks off with manufacturing and construction spending data, followed by motor vehicles sales, ADP employment and jobless claims, but the main focus of the week will be the monthly nonfarm payrolls report on Friday.","news_type":1,"symbols_score_info":{"MBB":0.9,"GOOG":0.9,"HBCP":0.9,"GOOGL":0.9,"FB":0.9}},"isVote":1,"tweetType":1,"viewCount":1061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802527328,"gmtCreate":1627790154064,"gmtModify":1703495917915,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/802527328","repostId":"1147877145","repostType":4,"isVote":1,"tweetType":1,"viewCount":800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860920221,"gmtCreate":1632124381563,"gmtModify":1676530705478,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Huhih","listText":"Huhih","text":"Huhih","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/860920221","repostId":"1156524086","repostType":4,"repost":{"id":"1156524086","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1632121857,"share":"https://ttm.financial/m/news/1156524086?lang=en_US&edition=fundamental","pubTime":"2021-09-20 15:10","market":"hk","language":"zh","title":"The Hong Kong version of the \"Investment Blind Box\" game is here! M&A targets are in line with IPOs! Can the stars still play?","url":"https://stock-news.laohu8.com/highlight/detail?id=1156524086","media":"券商中国","summary":"港交所计划推出监管更为严格的SPAC上市机制。\n近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。\nSPAC模式去年以来","content":"<p>The Hong Kong Stock Exchange plans to launch a more strictly regulated SPAC listing mechanism.</p><p><b>Recently, the Hong Kong Stock Exchange issued a consultation document to solicit market opinions on the implementation of the \"special purpose acquisition company\" (SPAC) listing mechanism. It is understood that the consultation period is 45 days, and October 31 is the deadline.</b></p><p>The SPAC model has prevailed on Wall Street since last year, but it is also controversial. Industry insiders believe that SPAC is an \"investment blind box\" game of drumming and spreading flowers, reflecting problems such as the possible low quality of merger and acquisition targets, exaggerated investment returns, and strong speculative atmosphere.</p><p>Judging from the consultation documents, the Hong Kong Stock Exchange is committed to maintaining a high-quality market reputation and tightening supervision of SPAC listing applicants and merger and acquisition targets to ensure that SPAC sponsors have rich experience and good reputation, and that high-quality SPAC mergers and acquisitions are the target.</p><p><b>Aims to attract companies from Greater China and Southeast Asia to go public</b></p><p>Since last year, the U.S. stock SPAC listing boom has attracted the attention of global capital markets. It is understood that the SPAC model is generally to initiate the listing of artificial shells and raise funds from market investors. It plans to find targets and complete the acquisition within 2 years. If the merger is not completed within the specified time, investors can get back the principal and A certain amount of interest. For the target enterprise, this is another listing method different from the traditional IPO and backdoor listing.</p><p><b>Data show that in the first quarter of this year, both the number of SPAC IPOs and the total amount of funds raised in the U.S. stock market have exceeded that of the whole of last year, and the popularity of listings has hit a ten-year high.</b></p><p>Many local exchanges are attracted by this and plan to introduce or revise the SPAC listing mechanism to enhance the attractiveness of the local capital market.</p><p>The Hong Kong Stock Exchange had been brewing early this year. On September 17, the Hong Kong Stock Exchange officially solicited market opinions on the SPAC listing mechanism. The consultation document mentioned that the introduction of the SPAC listing system has many benefits to the Hong Kong market.</p><p><b>The first is to strive for SPACs to be listed in Hong Kong.</b>The Hong Kong Stock Exchange stated that as of July 13, 2021, 25 SPACs headquartered in Greater China were listed in the United States, with a total proceeds from initial public offerings of approximately US $4.2 billion (HK $33.1 billion), of which 20 are headquartered in Hong Kong, 5 are headquartered in mainland China. In addition, there are several SPACs whose headquarters are not located in these locations, but their business focus is on Greater China.</p><p>In the view of the Hong Kong Stock Exchange, if SPACs focusing on identifying Greater China targets can be listed in Hong Kong, it may help ensure that these target companies choose to list in Hong Kong instead of the United States.</p><p><b>The second is to strive for companies from Greater China and Southeast Asia to list in Hong Kong.</b>Data shows that in the past three years, 2 companies from Hong Kong, China, 8 from mainland China and 2 from Singapore have been listed in the United States through SPAC mergers and acquisitions. As of July 13, 2021, the total market value of these 12 companies is approximately HK $26 billion.</p><p>During preliminary discussions between the Hong Kong Stock Exchange and the market, it was learned that many listing applicants actually want to go public in a \"dual-track\" way, that is, on the one hand, through traditional IPOs, and on the other hand, through SPACs. If the Hong Kong market can also provide this \"dual-track\" scheme, it may help win Greater Chinese companies to list in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6f2a687ce2b56c1f40130146887aae60\" tg-width=\"1080\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p>Chen Yiting, head of listing of the Hong Kong Stock Exchange, said, \"We firmly believe that the introduction of the SPAC listing system in Hong Kong can provide the market with another channel besides traditional initial public offerings, attracting more companies from Greater China, Southeast Asia and even around the world to list in Hong Kong.\"</p><p><b>Emphasize the professionalism of SPAC sponsors</b></p><p>Due to the unprecedented popularity of the SPAC market, in addition to professional investment institutions, sports stars and music singers in the United States have also participated in the launch of SPACs, such as basketball star O 'Neill and rapper Jay-Z. The U.S. Securities and Exchange Commission reminds investors that it is never a good idea to follow suit and buy just because a celebrity participated in launching a certain SPAC, invested in a certain SPAC, or thinks the investment is good.</p><p>Regarding the professionalism of SPAC sponsors, the Hong Kong Stock Exchange also put forward requirements in this consultation document.</p><p><b>The Hong Kong Stock Exchange stated that since SPACs have no operating track record, the difference between different SPACs mainly lies in the experience and reputation of the sponsors, and investors mainly use this as a basis when deciding to invest in SPACs. If the SPAC sponsor has experience, he will have a greater chance of finding suitable M&A targets and negotiating M&A transaction terms that are more beneficial to investors.</b></p><p>The HKEx proposal stipulates that at the time of listing of a SPAC and until the completion of the SPAC merger and acquisition transaction, the HKEx must satisfy the HKEx with the personality, experience and integrity of each SPAC sponsor and trust that it has sufficient talents to perform its position.</p><p>The Hong Kong Stock Exchange aims to list some SPACs managed by SPAC sponsors with above-average capabilities and experience. The recommended guidance will state that it is more beneficial for SPAC sponsors to demonstrate that they have one of the following experiences:</p><p>1. Managing assets with an aggregate average value of at least HK $8 billion for three consecutive financial years or more;</p><p>2. Hold a senior executive position (e.g. chief executive or chief operating officer) in an issuer that is or was a constituent stock of the Hang Seng Index or equivalent flagship index.</p><p>In addition, in order to ensure that the quality of SPAC sponsors is high and more consistent with the interests of other SPAC investors, the Hong Kong Stock Exchange recommends that at least one SPAC sponsor should continue to hold at the time of listing and throughout its duration: Type 6 (advising on institutional finance) and/or Type 9 (providing asset management) licenses issued by the Hong Kong Securities and Futures Commission, and at least 10% of the sponsor's shares.</p><p><b>Regarding the issue pricing, the Hong Kong Stock Exchange recommends that the issue price of SPAC shares issued by SPACs be HK $10 or more.</b></p><p>In terms of the scale of funds raised, the Hong Kong Stock Exchange recommends that the SPAC expects to raise at least HK $1 billion from the initial offering when it goes public, which will help ensure that the SPAC has sufficient funds to identify high-quality merger and acquisition targets with relatively high transaction value. It is understood that the U.S. exchange does not stipulate the minimum size of SPAC initial public offering funds.</p><p><b>Raising the threshold for investors</b></p><p><b>Previously, SPAC was criticized by some market participants because the concept was heated up, there was a valuation bubble, and retail investors paid the bill.</b></p><p>A Hong Kong brokerage person once told a brokerage Chinese reporter that according to its statistics, in the early days of the listing of US stock SPACs, retail investors accounted for a very small proportion, mainly institutional investors and professional investors; However, when the SPAC announces the planned restructuring target, the retail investors of some SPAC companies will surge. (For details, see \"Is it Jia Yueting's\" life-saving straw \"?! What is the charm of FF's listing through SPAC? The IPO in January exceeded the whole year of 2019, and the listing fever reached a new high\")</p><p>A market research report on Korean-listed SPACs pointed out that the stock price fluctuations of local SPACs are due to the fact that the Korean market is dominated by retail investors. The study pointed out that retail speculation often pushes the stock price of SPACs above the initial public offering price, weakening the protection role of SPACs in providing investors with share redemption rights, because SPAC units can only be sold at the offer price (rather than retail investors). The high price when investors bought it) redemption. The study also pointed out that since institutional investors will use retail speculation to realize their investment income, speculation will cause a larger portion of SPAC units to fall into the hands of retail investors.</p><p><b>According to the consultation document of the Hong Kong Stock Exchange, most SPACs listed in the United States have stock price fluctuations similar to those of bonds before SPAC mergers and acquisitions, with small volatility and stock prices only hovering around the initial public offering price.</b></p><p>Despite this, individual SPACs have also been affected by market rumors, pushing stock prices beyond redemption prices. In December 2020, after similar news broke, the stock price of one SPAC rose above $13, and two weeks later, after the proposed SPAC merger target confirmed the news, the stock price of the SPAC climbed further to a record high of $17.22 (72% higher than the $10 issue price). As the merger rumors subsided, the SPAC's stock price fell to a low of $10.50 (39.6% lower than the highest price in history) until April 2021, when another merger rumor spread in the market, the stock price resumed its upward trend. It rose 12.7% in a single day. Investors who buy shares when the SPAC stock price is higher than $10 may suffer heavy losses if they exercise their share redemption rights because they can only redeem their shares at $10.</p><p>Generally speaking, SPAC returns fluctuate most when a SPAC merger and acquisition transaction is completed, or during the final stage near completion. The stock price performance of the 55 SPACs that completed acquisitions in 2020 within one month from the merger announcement, relative to the S&P 500 index, has a standard deviation (volatility) of their excess returns as high as 40%, while the monthly volatility of the S&P 500 index in the same year is only 9.6%.</p><p>It is understood that neither the United States nor the United Kingdom restrict professional investors from subscribing for and buying and selling SPAC securities, and allow all investors (including retail investors) to buy and sell these securities. SGX also does not restrict professional investors in Singapore to subscribe and trade SPAC securities.</p><p><b>In this consultation document, the Hong Kong Stock Exchange made it clear that before conducting SPAC mergers and acquisitions, it is recommended that only professional investors subscribe for and buy and sell SPAC securities, including institutional professional investors and individual professional investors. All SPAC exchange participants must be approved by the HKEx before they can enter orders for SPAC securities or conduct relevant transactions on the HKEx trading system.</b></p><p><b>M&A targets must comply with new listing regulations</b></p><p><b>Previously, some market participants believed that SPAC is an \"investment blind box game\" that beats the drums and passes the flowers, mainly because the sponsors of SPAC have a strong will to promote M&A transactions. Under this motivation, the quality of the target is uncertain, and the operating conditions of the target enterprise Actually, the situation may not necessarily support high valuations.</b></p><p>Another brokerage person once told a brokerage Chinese reporter that companies interested in SPACs generally have a small performance scale, but have a concept to attract investors, which makes people suspect that they are regulatory arbitrage. (For details, see \"It's crazy! SPAC listings are soaring, international investment banks are making huge profits, and celebrities from all walks of life are competing to participate! Industry: When will the drumming and passing flowers end?\")</p><p>Regarding the issue of \"successor companies\" (that is, listed entities after completing M&A transactions), the Hong Kong Stock Exchange clearly stated in its consultation document that it is recommended to adopt new listing regulations for SPAC M&A transactions, that is, successor companies must comply with all new listing regulations, including minimum market value regulations and financial qualification tests.</p><p>The Hong Kong Stock Exchange believes that this can address the risk that SPACs may be used to avoid quantitative and qualitative standards for new listings. Allowing such circumvention may result in substandard businesses and/or assets being listed. This will damage the overall quality and reputation of the Hong Kong market.</p><p>At present, the Listing Rules of the Hong Kong Stock Exchange stipulate that the target of anti-takeover action must pass the financial qualification test of new listings. In addition, companies arising from anti-takeover actions must meet all new listing requirements (except financial eligibility tests). This approach ensures that the subject can pass the financial qualification test alone and is not affected positively or negatively by the financial track record of the listed issuer joining the transaction.</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>The Hong Kong version of the \"Investment Blind Box\" game is here! M&A targets are in line with IPOs! Can the stars still play?</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nThe Hong Kong version of the \"Investment Blind Box\" game is here! M&A targets are in line with IPOs! Can the stars still play?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time smaller\">2021-09-20 15:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Hong Kong Stock Exchange plans to launch a more strictly regulated SPAC listing mechanism.</p><p><b>Recently, the Hong Kong Stock Exchange issued a consultation document to solicit market opinions on the implementation of the \"special purpose acquisition company\" (SPAC) listing mechanism. It is understood that the consultation period is 45 days, and October 31 is the deadline.</b></p><p>The SPAC model has prevailed on Wall Street since last year, but it is also controversial. Industry insiders believe that SPAC is an \"investment blind box\" game of drumming and spreading flowers, reflecting problems such as the possible low quality of merger and acquisition targets, exaggerated investment returns, and strong speculative atmosphere.</p><p>Judging from the consultation documents, the Hong Kong Stock Exchange is committed to maintaining a high-quality market reputation and tightening supervision of SPAC listing applicants and merger and acquisition targets to ensure that SPAC sponsors have rich experience and good reputation, and that high-quality SPAC mergers and acquisitions are the target.</p><p><b>Aims to attract companies from Greater China and Southeast Asia to go public</b></p><p>Since last year, the U.S. stock SPAC listing boom has attracted the attention of global capital markets. It is understood that the SPAC model is generally to initiate the listing of artificial shells and raise funds from market investors. It plans to find targets and complete the acquisition within 2 years. If the merger is not completed within the specified time, investors can get back the principal and A certain amount of interest. For the target enterprise, this is another listing method different from the traditional IPO and backdoor listing.</p><p><b>Data show that in the first quarter of this year, both the number of SPAC IPOs and the total amount of funds raised in the U.S. stock market have exceeded that of the whole of last year, and the popularity of listings has hit a ten-year high.</b></p><p>Many local exchanges are attracted by this and plan to introduce or revise the SPAC listing mechanism to enhance the attractiveness of the local capital market.</p><p>The Hong Kong Stock Exchange had been brewing early this year. On September 17, the Hong Kong Stock Exchange officially solicited market opinions on the SPAC listing mechanism. The consultation document mentioned that the introduction of the SPAC listing system has many benefits to the Hong Kong market.</p><p><b>The first is to strive for SPACs to be listed in Hong Kong.</b>The Hong Kong Stock Exchange stated that as of July 13, 2021, 25 SPACs headquartered in Greater China were listed in the United States, with a total proceeds from initial public offerings of approximately US $4.2 billion (HK $33.1 billion), of which 20 are headquartered in Hong Kong, 5 are headquartered in mainland China. In addition, there are several SPACs whose headquarters are not located in these locations, but their business focus is on Greater China.</p><p>In the view of the Hong Kong Stock Exchange, if SPACs focusing on identifying Greater China targets can be listed in Hong Kong, it may help ensure that these target companies choose to list in Hong Kong instead of the United States.</p><p><b>The second is to strive for companies from Greater China and Southeast Asia to list in Hong Kong.</b>Data shows that in the past three years, 2 companies from Hong Kong, China, 8 from mainland China and 2 from Singapore have been listed in the United States through SPAC mergers and acquisitions. As of July 13, 2021, the total market value of these 12 companies is approximately HK $26 billion.</p><p>During preliminary discussions between the Hong Kong Stock Exchange and the market, it was learned that many listing applicants actually want to go public in a \"dual-track\" way, that is, on the one hand, through traditional IPOs, and on the other hand, through SPACs. If the Hong Kong market can also provide this \"dual-track\" scheme, it may help win Greater Chinese companies to list in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6f2a687ce2b56c1f40130146887aae60\" tg-width=\"1080\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p><p>Chen Yiting, head of listing of the Hong Kong Stock Exchange, said, \"We firmly believe that the introduction of the SPAC listing system in Hong Kong can provide the market with another channel besides traditional initial public offerings, attracting more companies from Greater China, Southeast Asia and even around the world to list in Hong Kong.\"</p><p><b>Emphasize the professionalism of SPAC sponsors</b></p><p>Due to the unprecedented popularity of the SPAC market, in addition to professional investment institutions, sports stars and music singers in the United States have also participated in the launch of SPACs, such as basketball star O 'Neill and rapper Jay-Z. The U.S. Securities and Exchange Commission reminds investors that it is never a good idea to follow suit and buy just because a celebrity participated in launching a certain SPAC, invested in a certain SPAC, or thinks the investment is good.</p><p>Regarding the professionalism of SPAC sponsors, the Hong Kong Stock Exchange also put forward requirements in this consultation document.</p><p><b>The Hong Kong Stock Exchange stated that since SPACs have no operating track record, the difference between different SPACs mainly lies in the experience and reputation of the sponsors, and investors mainly use this as a basis when deciding to invest in SPACs. If the SPAC sponsor has experience, he will have a greater chance of finding suitable M&A targets and negotiating M&A transaction terms that are more beneficial to investors.</b></p><p>The HKEx proposal stipulates that at the time of listing of a SPAC and until the completion of the SPAC merger and acquisition transaction, the HKEx must satisfy the HKEx with the personality, experience and integrity of each SPAC sponsor and trust that it has sufficient talents to perform its position.</p><p>The Hong Kong Stock Exchange aims to list some SPACs managed by SPAC sponsors with above-average capabilities and experience. The recommended guidance will state that it is more beneficial for SPAC sponsors to demonstrate that they have one of the following experiences:</p><p>1. Managing assets with an aggregate average value of at least HK $8 billion for three consecutive financial years or more;</p><p>2. Hold a senior executive position (e.g. chief executive or chief operating officer) in an issuer that is or was a constituent stock of the Hang Seng Index or equivalent flagship index.</p><p>In addition, in order to ensure that the quality of SPAC sponsors is high and more consistent with the interests of other SPAC investors, the Hong Kong Stock Exchange recommends that at least one SPAC sponsor should continue to hold at the time of listing and throughout its duration: Type 6 (advising on institutional finance) and/or Type 9 (providing asset management) licenses issued by the Hong Kong Securities and Futures Commission, and at least 10% of the sponsor's shares.</p><p><b>Regarding the issue pricing, the Hong Kong Stock Exchange recommends that the issue price of SPAC shares issued by SPACs be HK $10 or more.</b></p><p>In terms of the scale of funds raised, the Hong Kong Stock Exchange recommends that the SPAC expects to raise at least HK $1 billion from the initial offering when it goes public, which will help ensure that the SPAC has sufficient funds to identify high-quality merger and acquisition targets with relatively high transaction value. It is understood that the U.S. exchange does not stipulate the minimum size of SPAC initial public offering funds.</p><p><b>Raising the threshold for investors</b></p><p><b>Previously, SPAC was criticized by some market participants because the concept was heated up, there was a valuation bubble, and retail investors paid the bill.</b></p><p>A Hong Kong brokerage person once told a brokerage Chinese reporter that according to its statistics, in the early days of the listing of US stock SPACs, retail investors accounted for a very small proportion, mainly institutional investors and professional investors; However, when the SPAC announces the planned restructuring target, the retail investors of some SPAC companies will surge. (For details, see \"Is it Jia Yueting's\" life-saving straw \"?! What is the charm of FF's listing through SPAC? The IPO in January exceeded the whole year of 2019, and the listing fever reached a new high\")</p><p>A market research report on Korean-listed SPACs pointed out that the stock price fluctuations of local SPACs are due to the fact that the Korean market is dominated by retail investors. The study pointed out that retail speculation often pushes the stock price of SPACs above the initial public offering price, weakening the protection role of SPACs in providing investors with share redemption rights, because SPAC units can only be sold at the offer price (rather than retail investors). The high price when investors bought it) redemption. The study also pointed out that since institutional investors will use retail speculation to realize their investment income, speculation will cause a larger portion of SPAC units to fall into the hands of retail investors.</p><p><b>According to the consultation document of the Hong Kong Stock Exchange, most SPACs listed in the United States have stock price fluctuations similar to those of bonds before SPAC mergers and acquisitions, with small volatility and stock prices only hovering around the initial public offering price.</b></p><p>Despite this, individual SPACs have also been affected by market rumors, pushing stock prices beyond redemption prices. In December 2020, after similar news broke, the stock price of one SPAC rose above $13, and two weeks later, after the proposed SPAC merger target confirmed the news, the stock price of the SPAC climbed further to a record high of $17.22 (72% higher than the $10 issue price). As the merger rumors subsided, the SPAC's stock price fell to a low of $10.50 (39.6% lower than the highest price in history) until April 2021, when another merger rumor spread in the market, the stock price resumed its upward trend. It rose 12.7% in a single day. Investors who buy shares when the SPAC stock price is higher than $10 may suffer heavy losses if they exercise their share redemption rights because they can only redeem their shares at $10.</p><p>Generally speaking, SPAC returns fluctuate most when a SPAC merger and acquisition transaction is completed, or during the final stage near completion. The stock price performance of the 55 SPACs that completed acquisitions in 2020 within one month from the merger announcement, relative to the S&P 500 index, has a standard deviation (volatility) of their excess returns as high as 40%, while the monthly volatility of the S&P 500 index in the same year is only 9.6%.</p><p>It is understood that neither the United States nor the United Kingdom restrict professional investors from subscribing for and buying and selling SPAC securities, and allow all investors (including retail investors) to buy and sell these securities. SGX also does not restrict professional investors in Singapore to subscribe and trade SPAC securities.</p><p><b>In this consultation document, the Hong Kong Stock Exchange made it clear that before conducting SPAC mergers and acquisitions, it is recommended that only professional investors subscribe for and buy and sell SPAC securities, including institutional professional investors and individual professional investors. All SPAC exchange participants must be approved by the HKEx before they can enter orders for SPAC securities or conduct relevant transactions on the HKEx trading system.</b></p><p><b>M&A targets must comply with new listing regulations</b></p><p><b>Previously, some market participants believed that SPAC is an \"investment blind box game\" that beats the drums and passes the flowers, mainly because the sponsors of SPAC have a strong will to promote M&A transactions. Under this motivation, the quality of the target is uncertain, and the operating conditions of the target enterprise Actually, the situation may not necessarily support high valuations.</b></p><p>Another brokerage person once told a brokerage Chinese reporter that companies interested in SPACs generally have a small performance scale, but have a concept to attract investors, which makes people suspect that they are regulatory arbitrage. (For details, see \"It's crazy! SPAC listings are soaring, international investment banks are making huge profits, and celebrities from all walks of life are competing to participate! Industry: When will the drumming and passing flowers end?\")</p><p>Regarding the issue of \"successor companies\" (that is, listed entities after completing M&A transactions), the Hong Kong Stock Exchange clearly stated in its consultation document that it is recommended to adopt new listing regulations for SPAC M&A transactions, that is, successor companies must comply with all new listing regulations, including minimum market value regulations and financial qualification tests.</p><p>The Hong Kong Stock Exchange believes that this can address the risk that SPACs may be used to avoid quantitative and qualitative standards for new listings. Allowing such circumvention may result in substandard businesses and/or assets being listed. This will damage the overall quality and reputation of the Hong Kong market.</p><p>At present, the Listing Rules of the Hong Kong Stock Exchange stipulate that the target of anti-takeover action must pass the financial qualification test of new listings. In addition, companies arising from anti-takeover actions must meet all new listing requirements (except financial eligibility tests). This approach ensures that the subject can pass the financial qualification test alone and is not affected positively or negatively by the financial track record of the listed issuer joining the transaction.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f7c16a58f492e7b566d5e6182a80f721","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156524086","content_text":"港交所计划推出监管更为严格的SPAC上市机制。\n近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。\nSPAC模式去年以来在华尔街盛行，但也备受争议。业内人士认为，SPAC是一场击鼓传花的“投资盲盒”游戏，反映出并购标的质量有可能不高、投资回报被夸大、投机氛围浓厚等问题。\n从咨询文件来看，港交所致力于维持高质素市场声誉，对SPAC上市申请人以及并购标的收紧监管，以确保SPAC发起人具备丰富的经验及良好的声誉，并且以优质SPAC并购为目标。\n旨在吸引大中华区、东南亚企业上市\n去年以来，美股SPAC上市热潮吸引全球资本市场的目光。据了解，SPAC模式通常而言，是发起人造壳上市并向市场投资者募集资金，计划在2年内寻找标的并完成收购，若规定时间内未完成并购，那么投资者能拿回本金及一定利息。对于标的企业而言，这是区别于传统IPO和借壳上市的另一种上市方式。\n数据显示，美股今年一季度SPAC的IPO无论是数量亦或募资总额均已超过去年全年，上市热度创下十年新高。\n多地交易所受此吸引，计划引入或修订SPAC上市机制以提升当地资本市场的吸引力。\n港交所在今年年初早有酝酿。9月17日港交所正式对SPAC上市机制征求市场意见。咨询文件提到，引入SPAC上市制度对香港市场有多项益处。\n一是争取SPAC来港上市。港交所表示，截至2021年7月13日，有25家总部位于大中华区的SPAC在美国上市，首次公开发售所得款项共约42亿美元（331亿港元)，当中有20家的总部设于香港，5家总部设于中国内地。此外，也有数家总部不在这些地点的SPAC，却是以大中华区为业务重心。\n在港交所看来，以物色大中华目标为重心的SPAC若能来港上市，可能有助于确保这些目标公司选择在香港而非美国上市。\n二是争取大中华与东南亚公司来港上市。数据显示，过去三年来，先后有2家中国香港、8家中国内地及2家新加坡公司通过SPAC并购交易在美国上市。截至2021年7月13日，这12家公司的市值合共约260亿港元。\n港交所与市场进行初步讨论时了解到，不少上市申请人实际上想以“双轨”方式上市，即一方面透过传统IPO上市，另一方面也计划通过SPAC上市。若香港市场也可提供这种“双轨”方案，或有助争取大中华公司来香港上市。\n\n港交所上市主管陈翊庭表示，“我们深信，香港引入SPAC上市制度可为市场提供传统首次公开招股以外的另一渠道，吸引更多来自大中华区、东南亚以至世界各地的公司来港上市。”\n强调SPAC发起人专业素养\n由于SPAC市场空前火爆，除了专业投资机构外，美国有体育明星、乐坛歌星也参与SPAC的发起，比如有篮球明星奥尼尔，说唱歌手Jay-Z等。美国证券交易委员提醒投资者：仅仅由于某个名人参与发起某个SPAC、投资了某个SPAC或认为这项投资很好，就跟风买入，从来都不是一个好想法。\n对于SPAC发起人的专业素养，港交所在此次咨询文件中也提出要求。\n港交所表示，由于SPAC都无经营往绩记录，不同SPAC的区别主要在于发起人的经验和声誉，投资者在决定投资SPAC时也主要以此为依据。如果SPAC发起人有经验，便有较大机会找到合适的并购标的，并协商较有利于投资者的并购交易条款。\n港交所建议规定，SPAC在上市时和直至SPAC并购交易完成之前，都须令港交所满意每名SPAC发起人的个性、经验及诚信以及信任其具备足够的才干胜任其职务。\n港交所旨在让一些由能力及经验高于平均标准的SPAC发起人所管理的SPAC上市。建议指引将指出，如能证明SPAC发起人具有以下经验之一，则对SPAC发起人较有利：\n1. 连续三个财政年度或以上管理平均合共价值至少80亿港元的资产；\n2. 于目前或曾经为恒生指数或同等旗舰指数成份股的发行人担任高级行政职务(例如行政总裁或营运总监)。\n另外，为了确保SPAC发起人质素高，并与其他SPAC投资者的利益更一致，港交所建议，SPAC在上市时及在其整个存续期中，都至少要有一名SPAC发起人持续持有：香港证监会发出的第6类(就机构融资提供意见)及/或第9类(提供资产管理)牌照，以及发起人股份的至少10%。\n对于发行定价，港交所建议，SPAC发行SPAC股份的发行价为10港元或以上。\n在募集资金规模方面，港交所建议，SPAC预期上市时从首次发售筹集到的资金至少为10亿港元，有助于确保SPAC有足够资金物色高质素且交易价值相对较高的并购标的。据了解，美国交易所并没有规定SPAC首次公开发售集资的最低规模。\n提高投资者门槛\n此前SPAC被部分市场人士诟病，在于概念被热炒，存在估值泡沫，散户埋单。\n一名香港券商人士曾告诉券商中国记者，根据其统计，在美股SPAC上市初期，散户占比极小，主要以机构投资者和专业投资者为主；但当SPAC公告拟重组对象时，部分SPAC公司的散户会激增。（详见《它是贾跃亭\"救命稻草\"？！FF通过SPAC上市，有啥魅力？1月IPO超2019年全年，上市热创新高》）\n一份针对韩国上市SPAC的市场研究报告指出，当地SPAC的股价波动是因为韩国市场以散户为主。研究指出，散户的投机活动往往将SPAC的股价推高至首次公开发售价格以上，削弱了SPAC向投资者提供股份赎回权的保障作用，因为SPAC单位只能以发售价(而不是散户投资者购买时的高价)赎回。该研究也指出，由于机构投资者会利用散户投机活动将自身的投资收益变现，投机活动会因此导致更大部分的SPAC单位落入散户手中。\n根据港交所咨询文件披露，大部分在美国上市的SPAC，在进行SPAC并购交易前的股价波动与债券类似，波幅小而股价只徘徊于首次公开发售价。\n尽管如此，个别SPAC也有受市场谣言影响，推动股价超出赎回价。2020年12月，类似消息传出后，一家SPAC的股价上涨至13美元以上，两周后在建议的SPAC并购目标确认该消息后，该家SPAC的股价进一步攀升至17.22美元的历史新高(较10美元的发行价高出72%)。随着合并传言平息，该家SPAC的股价跌至10.50美元的低位(较历来最高价低出39.6%)，直至2021年4月，市场传出另一宗合并传言时，股价重拾升势，单日升了12.7%。在SPAC股价高于10美元时购入股份的投资者，由于只能以10美元赎回股份，若行使股份赎回权便可能会承受重大损失。\n一般而言，在完成SPAC并购交易时，或在临近完成前的最后阶段期间，SPAC的回报波动最大。2020年完成收购的55家SPAC于合并公告发布起计一个月内的股价表现，相对于标普500指数而言，其超额回报的标准差(波幅)高达40%，而同年标普500指数的每月波幅只有9.6%。\n据了解，美国和英国均没有限定专业投资者才可认购和买卖SPAC证券，并容许所有投资者(包括散户)买卖这些证券。新交所亦不限新加坡的专业投资者认购和买卖SPAC证券。\n而在本次咨询文件中，港交所明确表示，在进行SPAC并购交易前，建议仅限专业投资者认购和买卖SPAC证券，即包括机构专业投资者和个人专业投资者。所有SPAC交易所参与者均须经港交所批准，才可于港交所交易系统输入SPAC证券的买卖盘或进行有关交易。\n并购标的须符合新上市规定\n此前有市场人士认为，SPAC是一场击鼓传花的“投资盲盒游戏”，主要因为由于SPAC的发起人有强烈意愿促成并购交易，在这种动机下，标的质量好坏不确定，标的企业经营状况实际上不一定能支撑得起高估值。\n另有券商人士曾向券商中国记者表示，对SPAC感兴趣的企业一般而言是，业绩规模不大，但有概念吸引投资者，令人怀疑是进行监管套利。（详见《太疯狂！SPAC方式上市飙增，国际投行暴赚，各界名流竞相参与！业内：击鼓传花何时结束？》）\n对于“继承公司”（即完成了并购交易后的上市主体）问题，港交所在咨询文件中明确提出，建议对SPAC并购交易採用新上市规定，即继承公司须符合所有新上市规定，包括最低市值规定及财务资格测试。\n港交所认为，这可解决SPAC可能会被利用来规避新上市的定量及定性准则的风险。容许这种规避行为可能会导致不符合标准的业务及/或资产上市。这会使香港市场整体的质素和声誉受损。\n目前，港交所《上市规则》规定反收购行动的目标须通过新上市的财务资格测试。另外，因反收购行动而产生的公司须符合所有新上市规定(财务资格测试除外)。这种做法可确保有关目标独自亦能通过财务资格测试，而不受加入进行交易的上市发行人的财务往绩纪录所产生的正面或负面影响。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3073,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":860920153,"gmtCreate":1632124274772,"gmtModify":1676530705469,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"ddddffff","avatar":"https://static.tigerbbs.com/7a934a4b44581b5915a2c43e36913a8a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/860920153","repostId":"1100031374","repostType":4,"repost":{"id":"1100031374","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631587259,"share":"https://ttm.financial/m/news/1100031374?lang=en_US&edition=fundamental","pubTime":"2021-09-14 10:40","market":"uk","language":"zh","title":"Reminder: The Mid-Autumn Festival market closure arrangement is here! Hong Kong stocks closed on the 22nd","url":"https://stock-news.laohu8.com/highlight/detail?id=1100031374","media":"老虎资讯综合","summary":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n\n\n9月22日（周三）休市。9月23日（周四）起照常开市。\n\n\nA股：\n\n\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n\n\n美股、英股、澳股、新加坡股市照常交易。\n\n\n沪股通和深股通：\n\n\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n\n\n港股通：\n\n\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","content":"<p>The 2021 Mid-Autumn Festival holiday is upon us! The closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>Hong Kong stocks:</b></p><p>The market is closed on Wednesday, September 22. The market will open as usual from September 23rd (Thursday).</p><p><b>A shares:</b></p><p>Closed from Monday, September 20th to Tuesday, September 21st. The market will open as usual from September 22nd (Wednesday).</p><p><b>U.S. stocks, British stocks, Australian stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed Friday, September 17-Wednesday, September 22. It will be open as usual from September 23rd (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed Thursday, September 16-Wednesday, September 22. It will be open as usual from September 23rd (Thursday).</p><p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></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>Reminder: The Mid-Autumn Festival market closure arrangement is here! Hong Kong stocks closed on the 22nd</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: 12.5px; color: #7E829C; margin: 0;}\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\">\nReminder: The Mid-Autumn Festival market closure arrangement is here! Hong Kong stocks closed on the 22nd\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-09-14 10:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The 2021 Mid-Autumn Festival holiday is upon us! The closing arrangements of major markets are as follows:<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>Hong Kong stocks:</b></p><p>The market is closed on Wednesday, September 22. The market will open as usual from September 23rd (Thursday).</p><p><b>A shares:</b></p><p>Closed from Monday, September 20th to Tuesday, September 21st. The market will open as usual from September 22nd (Wednesday).</p><p><b>U.S. stocks, British stocks, Australian stocks and Singapore stock markets traded as usual.</b></p><p><b>Shanghai Stock Connect and Shenzhen Stock Connect:</b></p><p>Closed Friday, September 17-Wednesday, September 22. It will be open as usual from September 23rd (Thursday).</p><p><b>Hong Kong Stock Connect:</b></p><p>Closed Thursday, September 16-Wednesday, September 22. It will be open as usual from September 23rd (Thursday).</p><p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100031374","content_text":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n9月22日（周三）休市。9月23日（周四）起照常开市。\nA股：\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n美股、英股、澳股、新加坡股市照常交易。\n沪股通和深股通：\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n港股通：\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3243,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}