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1
General News / Forex- U.S. Dollar Flat as Trump Announces Tariffs on China
« on: September 18, 2018, 01:33:25 PM »
Investing.com - The U.S. dollar was flat against other currencies on Tuesday as the White House imposed fresh tariffs on China.

U.S. President Donald Trump announced on Monday that the U.S. will put 10% tariffs on $200 billion in Chinese goods, which will go up to 25% at the end of the year.

Trump added that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports."

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly," he said in the statement.

"But, so far, China has been unwilling to change its practices."

China has said it will retaliate against the new tariffs. The U.S. had extended an invitation to China to discuss trade later this month but China is likely to cancel.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was flat at 94.09 as of 5:05 AM ET (9:05 GMT).

Elsewhere, the dollar rose against the safe-haven yen, with USD/JPY up 0.06% to 111.95. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.

The Chinese yuan was lower after the news, falling to three-week low. USD/CNH rose 0.08% to 6.8756, not far from a session high of 6.8921.

Meanwhile the euro and sterling were flat. The euro increased 0.03% to 1.1685, while the pound fell 0.11% to 1.3136. The Australian dollar was higher, with AUD/USD up 0.39% to 0.7219 while NZD/USD rose 0.23% to 0.6593.

https://www.investing.com/news/forex-news/forex-us-dollar-flat-as-trump-announces-tariffs-on-china-1613957

2
General News / Turkey raises interest rates to 24% in new bid to boost lira
« on: September 18, 2018, 01:29:05 PM »
The lira has risen against the dollar after Turkey's central bank hiked interest rates to 24% on Thursday - the biggest increase in President Tayyip Erdogan's 15-year rule.

The hefty 6.25 percentage point rise is the bank's latest attempt to stem the currency's collapse.

The lira is down 38% against the dollar this year despite Thursday's slim gain.

The move came despite Mr Erdogan repeating his opposition to high interest rates earlier in the day.

He has repeatedly blamed the central bank for high inflation, which hit almost 18% last month, its highest level since 2003.

However, a diplomatic row with the United States and concerns about the president's influence on monetary policy have eroded investor confidence in Turkey in recent months.

https://www.bbc.co.uk/news/business-45508570

3
General News / What can stop India's rupee plunge?
« on: September 18, 2018, 01:28:33 PM »
The Indian rupee is languishing at a record low, hit by a combination of forces including higher oil prices and fleeing foreign investors. Pressure is mounting on India's central bank to act as a weak rupee stokes fears in the country's swelling middle class, writes Vivek Kaul.

At the beginning of April, $1 (£0.77) was worth 65.1 rupees. On 11 September, $1 bought 72.7 rupees - a record low for the Indian currency. In a little over six months, the rupee has slumped more than 11%.

Why is the rupee falling? One big factor is oil. India imports more than 80% of the oil it consumes. That dependency - coupled with higher oil prices - has seen the country's oil import bill shoot up this year. The oil import bill for the first three months of the financial year was $28.9bn, up from $18.8bn last year.

A higher oil import bill basically translates into a greater demand for dollars by the oil marketing companies, which bring oil into India.
Money takes flight

Along with the oil marketing companies, a greater demand for dollars has come from foreign investors who are pulling out of India.

Over the years, foreign investors have poured a lot of money into India's stock and debt markets. This was largely fuelled by all the easy money floating around the Western world in the aftermath of the financial crisis that broke out in 2008.

Foreign investors borrowed money at low interest rates and parked that cash in India and other emerging markets. Now with interest rates likely to go up in the United States and other parts of the Western world, there has been a dash to take money out of India, particularly the debt market.

Demand for dollars

As well as rising interest rates, the general global bearishness regarding emerging markets after crises in Argentina and Turkey has intensified India's currency woes.

In the three months to June, these investors withdrew $8.1bn from India. During the same period last year, they had brought $12.5bn into India. When these investors sell their Indian holdings, they get rupees. They sell these rupees for dollars, and thus push up the demand for the dollar.

https://www.bbc.co.uk/news/world-asia-india-45492856

4
The Indian government has denied a report that a Chinese company would be printing its currency notes, calling it "baseless" amid social media outrage.

The report by the South China Morning Post claimed a Chinese company had been contracted to print international currencies, including the Indian rupee.

The news spread quickly on social media, prompting outrage over how this could endanger national security.

India prints all its currency in four high-security presses.

"Reports about any Chinese currency printing corporation getting any orders for printing Indian currency notes are totally baseless. Indian currency notes are being and will be printed only in Indian government and the Reserve Bank of India (RBI) currency presses," an official from the Department of Economic Affairs told news agency ANI.

https://www.bbc.co.uk/news/world-asia-india-45178991

5
General News / Trump accuses China of 'manipulating' its currency
« on: September 18, 2018, 01:26:35 PM »
Donald Trump has again accused China of manipulating its currency to combat US tariffs.

The accusation, made in an interview with Reuters, echoes claims the US President made during his 2016 campaign and repeated last month.

Mr Trump also criticised the head of the US Federal Reserve for raising interest rates, prompting the dollar to fall back.

The US and China will hold talks in Washington this week on trade.

Many doubt that the discussions, which involve lower-level officials, will be successful in defusing the tensions.

Mr Trump told Reuters he did not expect much from the meeting, which follows failed negotiations this spring.

He also said he had "no time-frame" in mind to bring the clash between the economic giants to a close.

Analysts have already voiced fears that the trade war between the US and China could become a currency war as well.
Trade war in progress

In July, the two countries imposed a first round of tit-for-tat tariffs affecting trade worth $34bn (£26.5bn).

https://www.bbc.co.uk/news/business-45251091

6
General News / Who Wants to Be a Bitcoin Millionaire?
« on: September 18, 2018, 01:26:11 PM »


Bitcoin is the world's leading virtual currency, but unlike real money, it is not backed by a government or properly regulated. Bitcoin is exchanged and held digitally by users - which is attractive to criminals selling drugs, Growth stock and Currency Trading Techniqueography and arms. But now Bitcoin is moving into the mainstream and being openly marketed as an investment opportunity.

Panorama investigates what Bitcoin is and what it means, going inside a Bitcoin mine in Iceland - where currency is made - and spending time with the Bitcoin millionaires of Silicon Valley. The programme also hears from others who have been scammed out of their life savings and investors who think the cryptocurrency is an enormous scam and that the writing is on the wall.

In Britain, and around the world, authorities are sounding the alarm that Bitcoin is too risky - is it too late, or too crazy, to try to become a Bitcoin millionaire?


https://www.bbc.co.uk/programmes/b09s3wbt

7
General News / Tech Tent: Has crypto-currency peaked?
« on: September 18, 2018, 01:25:20 PM »
If you believe crypto-currencies are the future this has not been a good week. The value of Ethereum, Bitcoin's main rival and "the future of crypto" not so long ago, has lurched ever lower and is now 80% below its peak.

Meanwhile, US regulators have acted against companies involved in crypto-currencies and initial coin offerings (ICOs) - schemes to create new coins.

But hope springs eternal, and in recent days both a London art gallery and a Scottish hotel have contacted me about plans to allow their customers to pay with crypto-currencies.

So on this week's Tech Tent we debate this question: has crypto-currency peaked or do its best days lie ahead?

We invited David Gerard, author of Attack of the 50 Foot Blockchain, a very sceptical take on the crypto landscape, to debate with Christopher Shake, the director of that London gallery, The House of Fine Art.

The gallery's press release had boasted that it was about to run "the very first art exhibition only available through crypto-currency".

By the time Mr Shake arrived in our studio that had changed slightly - customers would be encouraged to buy the 500 works in the October exhibition in Bitcoin or a range of other digital currencies but if they wanted to use good old-fashioned dollars or pounds, such payment would be accepted.

"Our main goal is to support and promote our artists," he says. But as a crypto-currency enthusiast, he explains that there is also problem he wants to solve: people sitting on big crypto assets aren't able to spend them.

"If a lot of merchants do jump on and accept crypto-currencies, that will add confidence to the market," he explains.

But David Gerard says things are moving in the opposite direction - fewer merchants are accepting crypto-currencies because they are so volatile and the promise of smooth cost-free transactions has proved illusory.

He says many left during the 2017 Bitcoin bubble. "You couldn't trust it for volatility, you couldn't trust it because transactions were slow and often didn't go through at all. It really destroyed the use-case for the general merchant acceptance of cryptos."

https://www.bbc.co.uk/news/technology-45526365

8
General News / Brexit: Where has the process got to?
« on: September 18, 2018, 01:24:05 PM »
It's felt like a long time to get this far.

Decades of debate about our place in the EU. Years of push me, pull you debates on the right, about whether there should be a referendum on our membership of the European Union. The crashing highs and lows, and lows and highs of the referendum campaign itself.

And since then, more than 18 months of the Brexit process squeezing the life out of almost everything else in our politics - still a subject of huge division, of frustration, of thrill and excitement, of concern and fascination and question marks.

Much of 'Brexit' is mind-numbing to many in its complexity and level of detail. Some of the political game-playing is tedious soap opera to all but a precious few. The parliamentary process is vital but labyrinthine. The layers upon layers of party divisions are ever shifting, and hard to track.

But what looks like a series of individual clashes, or indeed occasionally a shambles, matters. Because the eventual decisions that will and are being made in all of our names are a product of all of those tangles, and they will affect our livelihoods and the place of the country in the world for many years to come.

https://www.bbc.co.uk/news/uk-politics-45543564

9
General News / IMF lines up behind Treasury on Brexit costs
« on: September 18, 2018, 01:23:38 PM »
Last December, Christine Lagarde was in a more positive mood.

Globally, economies were growing at a "reasonable" pace.

Recent progress on the Brexit negotiations between the UK and the rest of the European Union were "welcome".

Both sides had just agreed the outline of the withdrawal agreement and divorce bill.

Nine months on and today a much bleaker assessment from the International Monetary Fund (IMF) and its managing director.

The challenges on Brexit were "daunting", the IMF said.

A "no deal" would have a significant and negative shock effect on the UK economy.

And any Brexit deal, Chequers or otherwise, was also likely to mean a smaller economy in the future.

There was still no solution to the Ireland border question.

An economic "Brexit dividend' - relied on by Theresa May to pay for at least some of the extra funding promised for the NHS - was unlikely to arrive quickly enough.

     

Yes, exports had been boosted by the fall in the value of sterling after the referendum, but not by enough to offset other negative effects.

And such was the level of uncertainty around the Brexit process there was even a warning for the Bank of England on interest rates.

"Further withdrawal of monetary stimulus should await clear confirmation of a durable rise in domestic cost pressures," the IMF said.

Which, in plainer language, means don't increase interest rates until it is crystal clear that inflation - prices - are going up too strongly for the economy to cope.

Before Ms Lagarde made her speech this morning, Philip Hammond made a short statement.

"We must heed the warnings of the IMF about not reaching a deal," he said.

The chancellor is clear.

His political colleagues, he believes, need to focus on the economic effects of a "no deal" as outlined today by the IMF.

And not flirt with the idea that, somehow, it might not have the negative economic effects outlined today.

"No-one voted to be poorer," he said last year.

The Treasury believes the IMF's analysis is correct.

A "no deal" would carry significant economic costs.

https://www.bbc.co.uk/news/business-45548004

10
General News / US imposes new tariffs on $200bn of Chinese goods
« on: September 18, 2018, 01:22:35 PM »
The US is imposing new tariffs on $200bn (£150bn) of Chinese goods as it escalates its trade war with Beijing.

These will apply to almost 6,000 items, marking the biggest round of US tariffs so far.

Handbags, rice and textiles will be included, but some items expected to be targeted such as smart watches and high chairs have been excluded.

The Chinese commerce ministry said it had no choice but to retaliate but is yet to detail what action it will take.

The US taxes will take effect from 24 September, starting at 10% and increasing to 25% from the start of next year unless the two countries agree a deal.

US President Donald Trump said the latest round of tariffs was in response to China's "unfair trade practices".

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly. But, so far, China has been unwilling to change its practices," he said.

Mr Trump also warned that if China retaliated then the US would "immediately pursue phase three" and impose further tariffs on another $267bn worth of Chinese products.

Such a move would mean almost all of China's exports to the US would be subject to new duties.

After opening lower, the Shanghai stock market ended the day 1.8% higher, while Tokyo was up 1.4% and Hong Kong gained 0.6%.
Hasn't the US already imposed tariffs?

Yes. In fact, this latest round marks the third set of tariffs put into motion so far this year.

In July, the White House increased charges on $34bn worth of Chinese products. Then last month, the escalating trade war moved up a gear when the US brought in a 25% tax on a second wave of goods worth $16bn.

https://www.bbc.co.uk/news/business-45555749

11
General News / Brexit: All you need to know about the UK leaving the EU
« on: September 18, 2018, 01:21:52 PM »
Here is an easy-to-understand guide to Brexit - beginning with the basics, then a look at the negotiations, followed by a selection of answers to questions we've been sent.
What does Brexit mean?

It is a word that is used as a shorthand way of saying the UK leaving the EU - merging the words Britain and exit to get Brexit, in the same way as a possible Greek exit from the euro was dubbed Grexit in the past.
Why is Britain leaving the European Union?

A referendum - a vote in which everyone (or nearly everyone) of voting age can take part - was held on Thursday 23 June, 2016, to decide whether the UK should leave or remain in the European Union. Leave won by 51.9% to 48.1%. The referendum turnout was 71.8%, with more than 30 million people voting.

https://www.bbc.co.uk/news/uk-politics-32810887

12
General News / Brexit migration report: 'No preference' for EU workers
« on: September 18, 2018, 01:21:04 PM »
EU workers coming to the UK should be given "no preference" for visas after Brexit, says a new report.

The Migration Advisory Committee also recommends that it should be easier for higher-skilled workers to migrate to the country.

It has called on the government to scrap a limit on highly-skilled workers altogether - currently 20,700 each year from non-EU countries.

The government has said it will "carefully consider" the proposals.

Labour backed the report, calling for an "end to discrimination" against non-EU migrants.

The report does not rule out offering preferential access to EU citizens in return for benefits in other areas as part of the Brexit negotiations - such as trade.

The BBC's assistant political editor, Norman Smith, said Theresa May has repeatedly refused to exclude this tactic.

The report said there was no evidence that increased European migration has damaged life in the UK.

It concluded that EU migrants paid more in tax than they took in benefits, contributed more to the NHS workforce than the healthcare they accessed, and had no effect on crime rates.

Chair of the MAC, Professor Alan Manning, said the overall the impacts of EEA migration had not had the "big costs that some people claim", but it had not had "big benefits" either.

The report said the fall in the value of the pound after the referendum vote probably raised prices by 1.7 per cent - a larger impact than the effect on wages and employment opportunities from the EU since 2004.
Post-Brexit policy

The MAC was asked to do the research in July 2017 by then Home Secretary Amber Rudd.

It is thought it will shape the government's post-Brexit immigration policy.

Norman Smith said Mrs May could begin to "sketch out" her post-Brexit immigration policy at October's Conservative Party conference.

He said the report would increase pressure on the PM to not compromise over freedom of movement during the Brexit negotiations.

The report made a number of proposals after analysing the impact of migration from the European Economic Area (EEA), taking evidence from more than 400 businesses, industry bodies and government departments.

The committee said it did "not see compelling reasons to offer a different set of rules" for workers from the EEA.

It recommended "a less restrictive regime for higher-skilled workers than for lower-skilled workers", adding: "Higher-skilled workers tend to have higher earnings so make a more positive contribution to the public finances."

https://www.bbc.co.uk/news/uk-45556246

13
A recent Zillow report found that the average home costs around $1 million in 197 different cities. In 2018 alone, 23 cities have been added to the millionaire's club. This reflects an ongoing trend in the U.S: homes are simply getting more expensive.

Unsurprisingly, most of these million dollar homes reside in wealthy suburbs of popular cities. However, there are a few outliers that indicate home value growth is becoming a universal trend. Joining the list this year are cities like Sullivan's Island, South Carolina, Biltmore Forest, North Carolina, and Anna Maria, Florida.

The numbers keep climbing. Estimates show that the number of cities in which half of homes are valued over $1 million will reach an all-time high over the next year. If you're expecting to buy a home, here are a few options to consider to help support you in your journey.

Higher Home Values Means Larger Loans

Naturally, as home prices increase so will mortgage principals. For this reason, it is more important than ever to secure a mortgage with the lowest possible interest rate.

A mortgage rate tool allows you to compare different loan providers based on their rates and ensure your new home stays within an expected budget. As a good rule of thumb, your monthly mortgage payment (including principal, taxes, interest, insurance) shouldn't exceed 30 percent of your monthly income. To find the right option for you, shop around a bit. There are countless mortgage programs available and taking the appropriate time, with the right support, can help you find a perfect fit.

Consider Renting

If you're living in a city experiencing extreme home value growth, buying a home may be out of reach. If that's the case, consider renting as an alternative to home buying. Renting can be a wise financial decision if you're not in a position to secure an affordable mortgage quite yet.

However, as home values increase, rent prices will likely increase proportionately. This makes it more important than ever to have a solid credit score. Your credit standing will be considered during the rental application process, and this score will be used to assess your reliability as a tenant.

Improving Your Credit Score

Whether you're considering taking out a mortgage or planning to rent for awhile longer, your credit score is a key contributor to long term success. Your credit standing affects mortgage rates and will determine the types of properties you will be able to rent.

If you're not confident that your current credit score can support the type of home you'd like, look into credit repair solutions. Increasing your credit score can be as simple as disputing incorrect items on your credit report and can make the difference between affording your dream house or settling for second-best.

The trend of increased home value may slow over time, but it won't be going away anytime soon. In the meantime, be prepared to do some credit-upkeep if you're located in or near any booming U.S. city.

https://www.msn.com/en-us/money/realestate/the-us-is-about-to-add-even-more-cities-with-a-median-home-value-of-dollar1-million/ar-BBNgVpK

14
Financial and Economical News / The U.S. Dollar Is Crushing Bitcoin
« on: September 15, 2018, 01:30:26 PM »
Bitcoin prices fell below $6,500 this week following reports that Goldman Sachs (GS) is scrapping plans to roll out a cryptocurrency trading desk. However, some analysts say Goldman isn't bitcoins biggest problem, and the currency is getting crushed under the weight of a strong U.S. dollar.

Business Insider reported on Wednesday that unnamed sources familiar with the matter say continued uncertainty involved in cryptocurrency regulation has made Goldman reconsider launching a bitcoin trading desk. The latest news comes after the U.S. Securities and Exchange Commission issued another round of rejections and delays on bitcoin exchange-traded fund applications earlier this year. Goldman’s potential backpedaling on cryptocurrency trading is another blow to the confidence of bitcoin bulls hoping for mainstream cryptocurrency adoption.

A sell-off on Thursday put bitcoin prices down 52.2 percent year-to-date, but eToro analyst Mati Greenspan says regulations, the SEC and Goldman Sachs are not the main reasons for bitcoin’s decline. Greenspan says the rally in the U.S. dollar has claimed plenty of victims in recent weeks, and bitcoin is one of them.

“My favorite explanation lately remains the strength of the U.S. dollar,” Greenspan says. “The USD has been the global reserve currency for decades now, so for as long as it is showing strength and bitcoin is perceived to be in a bear market, many people will likely be looking to the buck as a more stable store of value."

In the past six months, the U.S. Dollar index, which tracks the value of the dollar versus a basket of international currencies, is up 5 percent. Analysts have been calling for an end to the dollar rally for months now, but it has remained resilient up to this point.

Nicholas Colas, co-founder of DataTrek Research, says the damage done to the cryptocurrency market in 2018 will likely take a long time to undo.

“We’ll keep watching our indicators, but for now the action looks more like a bottoming process than an actual low,” Colas says.

https://www.msn.com/en-us/money/savingandinvesting/the-us-dollar-is-crushing-bitcoin/ar-BBMZ6Wl

15
Complacency is a word that worried people use when they think other people should be more worried.

And sometimes, the worriers are right. Or, at least -- they sound right if anyone will listen.

Suzanne Hutchins, a portfolio manager of the $1.5 billion Dreyfus Global Real Return Fund at Bank of New York Mellon Corp. , is one such worrier.

Spend half an hour on the phone with her and she'll rattle off an earful of worries: elevated stock-market valuations, China's economic slowdown, the currency crisis in Turkey, President Donald Trump's trade wars, the Federal Reserve interest-rate increases and balance-sheet shrinkage, recriminations over Britain's exit from the European Union, nascent impeachment talk in the U.S., North Korea's on-again, off-again nuclear ambitions.

Her broad complaint, though, is that investors don't seem to be troubled by it all.

"There's a lot to worry about right now," Hutchins says in a phone interview. "The market is complacent."

Based on the recent performance of the Standard & Poor's 500 Index of U.S. stocks, she's right that investors, as a whole, look unbothered. The index is up 7.6% this year and set a record in August for the longest bull market in history - at more than 113 months. The S&P 500 is currently trading at about 20 times the past 12 months' earnings, well above the 10-year average of 16.18.

Such a multiple might be indicative of how well the U.S. economy is performing thanks to the stimulus from Trump's $1.5 trillion of tax cuts in December. Or it might just mean that, for stock traders, the biggest gains are over.

"The U.S. economy looks in pretty good shape but we think the market has priced it in," Hutchins said. "We've been taking risk off the table as markets have trended higher."

It's a classic trope of fund managers to claim that markets have fully digested some factors, while completely missing others -- book-talking 101, as it were. But maybe she's onto something.

Listen to her views on the economic woes now facing Turkey. She isn't in the camp of economists predicting that the crisis there will initiate a chain of follow-on crises throughout the global economy; the country's currency, the lira, has tumbled 70% this year against the dollar. Rather, she says, Turkey's crisis is a symptom of all the debt that was piled on by borrowers over the past decade as central banks in the U.S., Europe and Japan cut interest rates to zero or even negative levels to revive markets following the financial crisis of 2008.

Worldwide, the total debt of banks, non-financial corporations, governments and households has increased by 40% over the past decade to a record $247 trillion, according to the Institute of International Finance, an association of banks.

"Turkey in itself I don't think is a major issue," she said. "But it's an example of the misallocation of capital. Many countries like Turkey have been feeding on that bonanza and it's now coming home to roost."

Take China, the world's second-largest economy. Chinese authorities have loaded their domestic economy with debt to spark growth. But now, with a total debt load that's climbed to almost three times gross domestic product, from 1.7 times a decade ago, the economy is starting to slow. According to FactSet, economists on average expect the country's economic to slip to 6.6% this year, from 6.9% in 2017. For most of the past three decades, the country has posted annual growth rates north of 7%.

As the Federal Reserve has raised rates in the U.S., and as Trump has imposed and threatened tariffs on more than $500 billion of Chinese imports, the yuan is down 5.4% this year versus the dollar. That's despite China managing its foreign-exchange and interest rates closely. Authorities also keep tight controls on capital leaving the country. But the controls aren't perfect.

"There is a lot of capital trying to get out of the country," Hutchins says. "I'm sure there will be leakage out of the system."

The Global Real Return Fund aims to beat the London Interbank Offered Rate - a benchmark of dollar-based short-term interest rates - plus 4 percentage points. From inception through June, the fund has returned 7.6% annually, beating its goal by an average 1.4 percentage points. According to Morningstar, it ranks in the top fifth of funds in its category, "U.S. Fund Multialternative."

And as one might imagine given Hutchins's dour outlook, the investments are hedged. The fund has a 49% allocation to stocks but uses futures contracts to reduce that exposure to 39%. Other investments include bonds in Australia and New Zealand, where inflation-adjusted yields are positive, according to a spokeswoman. The currency exposure is hedged back to U.S. dollars. Some 2.6% of the fund is in gold-related assets.

Yet there's still a lot of naysaying of the naysaying. Mark Hackett, chief of investment research at Nationwide, an insurance and asset-management company, says he sees the S&P 500 climbing 5% or more over the rest of this year, fueled in part by companies buying back their own shares at a record pace. The financial-engineering tactic leads to an immediate increase in earnings per share.

At the same time, the U.S. economy is thriving, leading analysts to raise their estimates of companies' future profits. And, he notes, many investors are shifting their investments from stocks into bonds - not exactly a sign of irrational exuberance.

"How do you short this market right now?" Hackett said in a phone interview.

Hutchins, the manager of the Dreyfus fund, says she doesn't think the U.S. stock market will ultimately be immune from the accumulating global risks.

Recently, she's paid the price for her pessimism. Over the past year, the fund has lost 0.2%, even as its benchmark returned a positive 4.4%.

"We have been quite cautious about the level of markets for a few years now," Hutchins said. "And obviously we've been wrong because we've been early."

Better early than never?

https://www.msn.com/en-us/money/savingandinvesting/complacency-rules-as-investors-ignore-risks-from-china-to-trump/ar-BBNbXTz

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