(PROSY), a spin-off by South African media and internet investment firm Naspers, sold a 2% stake in Tencent, the Chinese tech giant said in a Hong Kong Stock Exchange filing on Thursday.Ī worker waters the flowers around an installation reading "Follow Our Party Start Your Business" in front of the Tencent Holdings Ltd. Tencent’s biggest shareholder has sold $14.7 billion worth of shares in the Chinese social media and gaming giant, creating a massive war chest to invest in other ventures. Yet the pace needs to increase now that that the virus variant first identified in the United Kingdom - known to be more transmissible and believed to be more deadly - is the country’s most common strain. The United States is vaccinating people quickly, with just over 33% of the population, or more than 109 million people, having received at least one dose. “It’s almost a race between getting people vaccinated and this surge that seems to want to increase,” Fauci said. Anthony Fauci, the top US infectious disease expert, told CNN’s Anderson Cooper that the number of new Covid-19 cases has plateaued at a “disturbingly high level,” and that the country could face yet another spike in infections. He’s not the only one suggesting caution. “Indeed, all developments are perceived as positive news,” Levkovich said. He worries that investors are overlooking the risk that the Federal Reserve could change course and take some stimulus measures off the table, as well as the impact of “plausible tax increases being proposed by the Biden administration.” “There’s a 1999 perspective being noted with pressure for fund managers to participate in rising share prices even if there’s also a recognition that it could end badly,” Levkovich wrote, referring to the dot-com bubble that popped at the turn of the millennium. equity strategist, warned that the fear of missing out appears to be dominating. In a recent note to clients, Tobias Levkovich, Citigroup’s chief U.S. But investors aren’t throwing caution to the wind. CNN Business’ Fear & Greed Index shows that market sentiment is in “greedy” territory, up from a neutral reading one week ago. This data has helped keep US stocks near record highs.
“There is clearly a big surge in activity underway,” said Paul Ashworth, chief US economist at Capital Economics. The group’s services index for March jumped to 63.7, the highest level ever recorded. This week, the Institute for Supply Management published its monthly report on the US services sector, which accounts for 88% of America’s gross domestic product. That would be the fastest annual growth rate in the United States since 1984 under President Ronald Reagan.Įconomic data continues to support rosy predictions. What’s happening: “It is possible that we will have a Goldilocks moment - fast and sustained growth, inflation that moves up gently (but not too much) and interest rates that rise (but not too much),” JPMorgan Chase CEO Jamie Dimon said in his widely-read annual letter to shareholders this week.ĭimon’s optimism comes after the International Monetary Fund said that President Joe Biden’s $1.9 trillion stimulus package will boost the US economy to 6.4% growth this year. But higher prices and the coronavirus pandemic still present risks. America’s economy could be heading for a golden era of growth.
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