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WisdomTree

May 30, 2019

Platform Businesses: What They Are and Why Own Them

On last week’s episode of the “Behind the Markets” podcast, I was joined by Alex Moazed, Founder and CEO of Applico, and Rafi Aviav, head of WisdomTree Europe’s Product Development team, for a discussion on platform businesses. Moazed described platforms as companies that do not own the means of production but rather the means of connection.

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Finimize

May 30, 2019

Are You Still Watching?

Italian big spending found friends in Europe for a change on Wednesday: Mediaset, Italy’s largest broadcaster, announced it had bought a 10% stake in Germany’s ProSiebenSat.1.

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The Hammerstone Group

May 30, 2019

Early Look: Thursday, May 30, 2019

U.S. stock-index futures are tracking higher, looking to rebound along with the bounce in European equities as markets look to steady ahead of key economic data today. The yield on the benchmark 10-year Treasury held near the lowest level since 2017 (now up around 2.26% after falling to 2.21% yesterday), while the dollar edges higher.

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Edison

May 30, 2019

UK sparks: FirstGroup Unveils Break-Up Plan

Transport operator FirstGroup plans to break itself up, selling its Greyhound coach business in the US and separating off its First Bus operations as part of a new strategy aimed at reviving the group and driving growth. The plans were announced in a strategy update issued alongside results showing full-year losses narrowing from £327m to £97.9m on revenues up 11.4% at £7.1bn. FirstGroup plans to focus on North America where its First Student and First Transit contracting businesses generate 60% of its operating profits. It says these two US businesses have the “greatest potential to generate sustainable value and growth over time”.

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Edison

May 30, 2019

CMA Launches Competition Inquiry Into Provident Financial Takeover

The Competition and Markets Authority has launched a competition inquiry into the hostile £1.1bn takeover bid for Provident Financial by rival Non-Standard Finance. The regulator says it has begun a “phase one” investigation and will decide by July 23 whether to move to a full “phase two” inquiry, where it would issue formal recommendations. In particular, it says it wants to examine Non-Standard’s proposal to spin off its home credit business Loans at Home as part of the deal.

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Edison

May 30, 2019

UK Sparks: Bovis Homes and Galliford Try Call Off £950m Deal

A potential £950m takeover of major parts of construction company Galliford Try by housebuilder Bovis Homes Group has fallen through. The talks concerned a potential all-shares acquisition by Bovis of Galliford’s Linden Homes and Partnerships & Regeneration divisions, with Galliford remaining an independent UK-listed group focused on construction.

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PIMCO

May 29, 2019

Key Takeaways From PIMCO’s Secular Outlook: Dealing With Disruption

Our base case for the global economy over the secular three- to five-year horizon sounds relatively benign – at least at first sight. We foresee a continuation of lackluster economic growth on average. We expect low inflation to persist and central banks to keep interest rates at or below New Neutral levels.

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KraneShares Advisors

May 29, 2019

China Last Night – Quiet Night, Baozun/YY Earnings, the Power of Passive-notice BABA at Yesterday’s Close?

It was a fairly quiet night as insurance companies outperformed on an expansion of expenses eligible for tax deduction. US weakness led to a sea of red across Asian equity markets as global bonds are rallying while the lack of trade talks weighs on sentiment. The escalation of the trade war has had a negative impact on global equities in the last month as global bond markets are appearing to price in a global recession or worse.

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Briefing.com

May 29, 2019

Yielding to Growth Concerns

Yesterday’s selling is going to persist at the start of trading. The S&P futures are down 19 points and are trading 0.6% below fair value. The Nasdaq 100 futures are down 64 points and are trading 0.7% below fair value. The Dow Jones Industrial Average futures are down 187 points and are trading 0.7% below fair value.

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Invesco US

May 28, 2019

Small-Cap Stocks: Why Patience Matters

The payment sector has been the darling of Wall Street the last few years and has continued to be an active space with several mega-mergers. Only four months into 2019, the payment sector already reached $85 billion of merger and acquisition announcements — almost doubling the full-year record of $49 billion in 2018.1 I expect the trend to continue.

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Validea

May 28, 2019

Differences in Value

As an investor, understanding why there can be such big differences between value portfolios can be a very important question to answer. To get at that answer, at least partially, I thought I’d look across the spectrum of value models run on Validea to see how value stock selection strategies can differ and what investors may be able to learn from this.

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Finimize

May 28, 2019

May Day

UK retail sales data out on Friday showed shoots of growth – but the resignation of the country’s prime minister may leave the value of the British pound at risk. Better-off Brits have been splashing the cash: retail sales increased 1.8% in the three months to April compared to the three months before that.

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