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Fixed Income

Invesco - US Housing Market Slows, But Risks To Broader Economy Seem Limited - By Aaron Kemp & Ray Janssen


Reduced affordability and moderating economic growth are key.

The US housing market’s recovery since the global financial crisis is finally showing signs of deceleration. House price appreciation, which has outpaced income growth for several years, has slowed over the last several months and the recent pace of sales in the new and existing markets has failed to keep up with 2017 levels. We believe housing market conditions have downshifted, and factors related to affordability, supply, and the economy may steer housing fundamentals this year. While we see challenges to any reacceleration in housing market activity, we nevertheless believe we are entering a period of housing market moderation that is unlikely to drag significantly on the broader economy.

 

US economic conditions appear supportive of housing

The economic environment remains generally supportive of housing. Low unemployment, accelerating wage growth, and strong household balance sheets are contributing to demand for shelter. These factors also reinforce our view that gains in household formation and the transition from renting to home ownership are likely to continue. We also recognize that economic fundamentals may be reaching an inflection point and could become less supportive of housing going forward.

However, the financial health of mortgage borrowers, measured by household leverage and the dramatic improvement in credit scores suggest that today’s borrower base has much greater financial capacity and creditworthiness to withstand normal economic fluctuations. This improved resiliency reinforces our view that deterioration in borrower credit performance is unlikely to pose a material risk to the general economy if we enter a recessionary period.

 

Affordability concerns on the rise

Affordability, as measured by payment-to-income ratios, has shifted from a positive driver of housing to a headwind as strong price gains and increases in mortgage rates have pushed payments higher. Despite sustained price appreciation since 2012, housing has been historically affordable, helped until recently by income gains and low mortgage rates. However, the increase in mortgage rates of over 75 basis points since the summer of 2017 has pushed affordability on a national basis back to long-term averages (Figure 1). Cities that have realized above-average house price appreciation, including Seattle, San Jose, Denver and Nashville, now have payment-to-income ratios well above their long-term averages.

 

Figure 1: Payment-to-income ratio versus mortgage rates

 

Source: CoreLogic, Bureau of Economic Analysis (BEA), Bloomberg L.P., data from Jan. 1, 1990 to Oct. 1, 2018.

Past levers used to maintain borrower affordability have been greatly curtailed during this housing market cycle. For example, lending products designed to lower a borrower’s monthly payment, prevalent during the mid-2000s, now represent only a small fraction of the current origination mix due to post-crisis legislation. As a result, we think price appreciation will continue to slow as income growth becomes a stronger influence on the prices that buyers are willing or able to pay. Cities where house prices have risen more than incomes are likely to experience more dramatic deceleration in price appreciation.

 

Housing supply likely contained

The risk of faster-than-expected price deceleration due to increased supply seems contained, in our view. We believe the two primary drivers of existing home inventory – owner sales and foreclosures – likely have limited room to expand. While the supply of existing homes has increased, inventories remain well below historical levels (Figures 2 and 3). Sales of existing homes will likely remain depressed as owners with historically low mortgage rates are disincentivized to forego their attractive mortgage rate through a voluntary move. While this should depress turnover, one beneficiary may be the home improvement industry, as the incremental cost of a move becomes less attractive versus renovation. Supply due to foreclosures, even in a macroeconomic downturn, is not a material concern, in our view, as conservative lending standards implemented post-crisis have resulted in a strong mortgage borrower base that will likely outperform past periods of housing market stress.

 

Figure 2: Months supply of existing homes has picked up  

 

Source: National Association of Realtors, data from Jan. 2007 to Oct. 2018.

 

Figure 3: But inventories remain low

Source: National Association of Realtors, data from Jan. 2007 to Oct. 2018.

 

New construction may face challenges

Increased supply of new homes has been more dramatic compared to the existing home market, but we think this represents factors unique to new construction. Affordability in new construction is comparatively worse, with historically wide price premiums over existing homes. High input cost inflation related to land, labor, and materials has fed into new home pricing and incentivized builders to concentrate on high-end homes. This has resulted in a mismatch between higher-end supply and strong entry-level demand. While builders have recognized this dynamic, the supply shift toward entry-level homes will likely be slow as costs and inventories are addressed. Despite our positive long-term housing demand outlook, fueled by the continued entry of millennials to the market, we believe near-term challenges in new construction could lead to increased volatility in this area of the market.

 

Outlook risks

Risks to our view of housing are centered around the evolution of interest rates, the economy, and housing supply. Rising interest rates have eroded affordability over the past 12 months, but have recently taken a pause, which could potentially motivate buyers in the short-term. However, a dramatic move higher in rates would likely further erode affordability and pressure prices and sales. If the recent interest rate reversal is a sign of a deteriorating economy, a negative shift in employment could also become a headwind.

We believe the factors discussed above – declining affordability, higher mortgage rates and moderating economic growth impulses – suggest that the housing market is unlikely to continue posting above-trend price increases going forward. However, we also believe that several indicators suggest we are on a path to an orderly normalization and not a damaging unwind. We remain focused on the evolution of housing during this shift and continue to integrate information on the factors highlighted above as we adjust our outlook in the months ahead.

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Investments in real estate related instruments may be affected by economic, legal, or environmental factors that affect property values, rents or occupancies of real estate.

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This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial advisor/financial consultant before making any investment decisions. Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for information concerning their individual situation. The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.

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All data provided by Invesco unless otherwise noted.

Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products and collective trust funds. Invesco Advisers, Inc. and other affiliated investment advisers mentioned provide investment advisory services and do not sell securities. Invesco Unit Investment Trusts are distributed by the sponsor, Invesco Capital Markets, Inc., and broker-dealers including Invesco Distributors, Inc. Each entity is an indirect, wholly owned subsidiary of Invesco Ltd. PowerShares® is a registered trademark of Invesco Ltd., used by the investment adviser, Invesco PowerShares Capital Management LLC (PowerShares) under license. PowerShares and Invesco Distributors, Inc., ETF distributor, are indirect, wholly owned subsidiaries of Invesco Ltd.

©2018 Invesco Ltd. All rights reserved.

Before investing, carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. 

US Housing Market Slows, But Risks To Broader Economy Seem Limited by Invesco US

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Invesco and is being posted with Invesco’s permission. The views expressed in this material are solely those of the author and/or Invesco and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22408




acciones

The Fly - #SocialStocks: Snap Executives Vanishing, Youtube Bans Dangerous Viral Pranks - By George Damanis


Welcome to "#SocialStocks," The Fly's weekly recap of Wall Street's reactions to social media stock news.

EXECUTIVES VANISHING AT SNAP: On Thursday, January 17, Business Insider reported that Snap Inc. (SNAP) has lost 20 senior executives since it went public almost two years ago. In that time, it has lost two CFOs, multiple HR execs, and most of CEO Evan Spiegel's top lieutenants. The latest departure is CFO Tim Stone, who stepped down earlier this week after just eight months on the job. On Wednesday, January 16, The Financial Times reported, citing people close to the company, that Tim Stone’s departure was due to a "personality clash" with CEO Evan Spiegel, who bristled at Stone's more aggressive approach to his job. Also on Wednesday, January 16, Cheddar reporter Alex Heath tweeted that he can confirm, citing a person familiar with the matter, that Stone left due to clashes with CEO Spiegel. These reports contradict the company’s regulatory filing regarding Stone’s departure on January 15 which stated, “On January 15, 2019, Tim Stone, our Chief Financial Officer and principal financial officer, notified us of his intention to resign to pursue other opportunities. Mr. Stone has confirmed that this transition is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise).”  

Wall Street's reaction to Tim Stone leaving was very negative, with RBC Capital analyst Mark Mahaney downgrading Snap to Sector Perform from Outperform and saying the resignation is a "material negative" that adds to his concerns over the company's management execution. Additionally, Wedbush analyst Michael Pachter said he believes the departure of Tim Stone as Snap CFO is a "clear loss" for the company and its investors, and Jefferies analyst Brent Thill called the departure a "clear negative" as two CFOs have now left the company within one year of each other without meaningful financial progress. For the week, Snap shares are down around 6% to $6.05.

YOUTUBE ENDING AUTOMATIC POSTING TO TWITTER, GOOGLE+: A Google (GOOG, GOOGL) employee on the YouTube team posted an answer to the YouTube Help FAQ page on Thursday, January 10 with an update on Friday, January 11 explaining the removal of automatic posting of public YouTube activity on Twitter (TWTR) and Google+. “Many years ago, we introduced the option to automatically post your public YouTube activity with your social media followers on both Twitter and Google+. Since then, we’ve found that social sharing works better when the message is more customized and takes advantage of social media features, such as @mentions. Overall, this provides a better experience for both you and your followers vs automatically generated posts. After January 31st, the ability to automatically post your YouTube Activity on Twitter and Google+ will no longer be available. You can still share videos on social networks directly from YouTube via the Share button. Creators will also see an option to Share on social networks/platforms right after they successfully upload a new video. The options in YouTube Settings > Connected apps > “Share your public activity to Twitter” will be going away. This only affects sharing of public activity going forward, items already shared will remain on Twitter. You’ll also no longer see the option to automatically share your video on Google+ and Twitter via the upload flow in Creator Studio.”

FACEBOOK REMOVES 471 “INAUTHENTIC” PAGES: On Thursday, January 17, Facebook (FB) announced in a blog post that it removed "multiple Pages, groups and accounts that engaged in coordinated inauthentic behavior on Facebook and Instagram. The two operations we found originated in Russia, and one was active in a variety of countries while the other was specific to Ukraine. We didn't find any links between these operations, but they used similar tactics by creating networks of accounts to mislead others about who they were and what they were doing." It added: "Today we removed 364 Facebook Pages and accounts for engaging in coordinated inauthentic behavior as part of a network that originated in Russia and operated in the Baltics, Central Asia, the Caucasus, and Central and Eastern European countries. Presence on Facebook: 289 Pages and 75 Facebook accounts. We did not find associated accounts on Instagram. Followers: About 790,000 accounts followed one or more of these Pages. Separately, based on an initial tip from US law enforcement, we also removed 107 Facebook Pages, Groups, and accounts, as well as 41 Instagram accounts, for engaging in coordinated inauthentic behavior as part of a network that originated in Russia and operated in Ukraine."  

YOUTUBE BANNING ‘DANGEROUS CHALLENGES AND PRANKS’: In response to a recent dangerous viral challenge, prompted by Netflix’s (NFLX) “Birdbox,” where people blindfold themselves, Google's YouTube made a change to its policies. In an update to their YouTube Help FAQ page, YouTube updated their external guidelines to make it clear that challenges like the Tide pod challenge or the Fire challenge, that can cause death and/or have caused death in some instances, have no place on YouTube. In reply to the FAQ "What exactly are you clarifying related to pranks?" YouTube's answer is "We've made it clear that our policies prohibiting harmful and dangerous content also extend to pranks with a perceived danger of serious physical injury. We don't allow pranks that make victims believe they're in serious physical danger - for example, a home invasion prank or a drive-by shooting prank. We also don't allow pranks that cause children to experience severe emotional distress, meaning something so bad that it could leave the child traumatized for life."

--

Originally Posted on January 18, 2019

The Fly is a leading digital publisher of real-time financial news. Our exclusive live streaming subscription service breaks the material information moving stocks. Our financial market experts understand that news impacting stock prices can originate from anywhere, at any time. The Fly team scours all sources of company news, from mainstream to cutting-edge, then filters out the noise to deliver short-form stories consisting of only market moving content. The Fly is your filter to the often complex world of stock news.

Take a free 14-day trial and get all our breaking stock news and exclusive insights

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from The Fly and is being posted with The Fly’s permission. The views expressed in this material are solely those of the author and/or The Fly and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22407




Technical Analysis

FIBOCALL - The Morning FIBOCALL for 1/22/19


SPX-cash

Closed above the 50 DMA @ 2625.45

Closed inside our LT selling zone @ 2643.75-2713.88
Our First support @ 2597.85 and holding is quite bullish
A close below and we will advise key support levels below.

 

IWM
Our LT selling zone @ 149.60-155.22 is still above.

The 50 DMA @ 143.91 is below
Our first support @ 142.70 and holding is quite bullish

A close below and we will advise key support levels below.

 

CRUDE
Our LT selling zone @ 59.63-63.71 is still our LT upside target

Our next short term upside level @ 55.55 (.382)

Our first support @ 51.44
The 50 DMA @ 51.33 is below
A close below and we will advise key support levels below

XLF
Closed inside our LT selling zone @ 25.56-26.39.

The 50 DMA @ 25.24 is below with the 200 DMA @ 27.01 is above.
First ST support @ 25.09 and holding is quite bullish
A close below and we will advise key support levels below
20 DMA @ 24.15

QQQ
Ticked inside our LT selling zone @ 165.49-170.70 on 1/18/19.
50 DMA @ 161.67

First support @ 160.69 and holding is quite bullish.

A close below and we will advise key support levels below
20 DMA @ 156.51 is below

 

10 - year note yields
Rates have the 20 DMA @ 2.718 below

with the 50 DMA @ 2.883 and
Our selling zone @ 2.896-2.977 above

with the 200 DMA @ 2.945 inside the zone.

IBB
Trading inside our LT selling zone @ 105.99-110 the past few days.
Closed above the 200 DMA @ 110.10

First support @ 105.55 and holding is quite bullish.
A close below and we will advise key support levels below

 

FIBOCRYPTOCALL

XBTUSD (Bitcoin)
Bitcoin has struggled to clear the falling 50 DMA @ 3892
Trading back below the 20 DMA @ 3730
.764 level @ 3395 with the 12/14/18 low @ 3136.04 are below

 

SPX-cash daily chart

--

TRADING IN BITCOIN FUTURES IS ESPECIALLY RISKY AND IS ONLY FOR CLIENTS WITH A HIGH RISK TOLERANCE AND THE FINANCIAL ABILITY TO SUSTAIN LOSSES. More information about the risk of trading Bitcoin products can be found on the IBKR website. If you’re new to bitcoin, or futures in general, download The Beginners Guide to Bitcoin Futures.

A member of the Market Technicians Association since 1987, Gary Berman provides institutional clients Technical Analysis Research. He is also an author for the REAL MONEY PRO section of TheStreet.com and TalkMarkets.

At THE FIBOCALL we focus on bringing you ACTIONABLE technical analysis research on a daily basis. Everyone should use THE FIBOCALL as a complementary tool to fundamental analysis – a cross check if you will. Our research can be applied on a macro or micro basis. THE FIBOCALL LLC provides custom technical analysis research on equities, ETFs, fixed income and commodities daily. In the electronic world it’s not enough to know the fundamental story on individual equities. You need to know when technicals confirm what the fundamentals say.

Please feel free to ask any questions you may have regarding THE FIBOCALL LLC. We offer a 2 week free trial offer so you can determine just how value added THE FIBOCALL can be to you.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from THE FIBOCALL and is being posted with THE FIBOCALL’s permission. The views expressed in this material are solely those of the author and/or THE FIBOCALL and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22411




Macro

Briefing.com - Growth Concerns In The Headline Mix


"Growth concerns" are dominating the headlines when it comes to excuses for why the futures market is weak this morning.  It's understandable in the sense that the growth issues being discussed have provided a little reality check on the unbridled rally that has transpired for four straight weeks, resulting in a 13.6% gain for the S&P 500 since the December 24 low.

It is necessary to talk about how far the market has come in such a short time, because it exposes the fact that the futures might have been weak this morning regardless of the headlines.

It is overbought and due for a pullback.  Where have you heard that before, only to see the market keep pressing higher? 

Regular readers know they have heard that before right here, which is to say they have heard us crying wolf.  Cry wolf long enough, though, and you'll eventually see a wolf.

There will be a sighting this morning. 

The S&P futures are down 18 points and are trading 0.7% below fair value.  The Nasdaq 100 futures are down 52 points and are trading 0.8% below fair value.  The Dow Jones Industrial Average futures are down 159 points and are 0.6% below fair value.

That's not exactly howling at the moon after such a big gain, yet it sets the stage for a lower start for the cash market.

The "growth concerns" referenced above stem from China reporting a 6.6% GDP growth rate for 2018 that was the lowest since 1990 and the IMF cutting its 2019 and 2020 global growth forecasts to 3.5% and 3.6%, respectively, from its October forecast of 3.7% for both years.

For good measure, worries about Brexit, the ongoing government shutdown here, trade tension with China, and more cautious-minded commentary out of the World Economic Forum in Davos have also factored into this morning's headline mix regarding growth concerns.

The macro matters have overshadowed this morning's earnings reporting, which has featured Dow component Johnson & Johnson (JNJ) beating estimates and guiding FY19 EPS in-line, and fellow Dow component Travelers (TRV) coming up shy of fourth quarter estimates.

Sticking with the Dow, Nike (NKE) was upgraded to Outperform from Market Perform at Cowen.

Nike is indicated modestly higher, yet that isn't making much of a difference in the grand futures trading scheme this morning.

Separately, Arconic (ARNC) is standing out as a story stock after the company said its Board has decided not to pursue a sale of the company since it did not receive a proposal for a full-company transaction.  Shares of ARNC are down 25% in pre-market trading with the speculative takeover bid quickly being drained from the stock price.

How much is drained from the stock market today remains to be seen, if anything ultimately ends up being drained. 

The propensity to buy intraday weakness has been strong this year, so it certainly can't be ruled out as a possibility today, even with the wolves circling the wagon ahead of the open.

--Patrick J. O'Hare, Briefing.com

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Briefing In Play offers live market-moving analysis, earnings and news coverage, broker ratings changes, as well as comprehensive economic coverage and commentary. Briefing in Play Plus includes everything in Briefing In Play, and features investment idea generation and in-depth analysis. Briefing Trader includes everything in Briefing In Play Plus, and features live trading ideas with specific entry/exit points as well as access to the new streaming audio feature, Trader Audio.

Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Briefing.com and is being posted with Briefing.com's permission. The views expressed in this material are solely those of the author and/or Briefing.com and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22406




acciones

Finimize - $5 Billion? No Thanks


What's going on?

Shares of Scout24 – Germany’s answer to listings sites like Autotrader and Zillow – rose on Monday after the company rejected a $5 billion takeover offer.

 

What does this mean?

Private equity investors Hellman & Friedman and Blackstone originally bought Scout24 in 2014, listing its shares on the German stock market a year later. But now they fancy another turn at the tiller. A joint takeover offer late last week valued Scout24 at just 8% more than its share price – which the company rejected as inadequate. Potential buyers usually have to offer a nice premium to entice existing investors to sell, and it looks like 8% wasn’t enough.

 

Why should I care?

For markets: I Scout a bidding war.

Hellman and Blackstone may well now return with a higher offer. Or else other suitors – perhaps Silver Lake, which bought Zoopla (the UK version of Zillow) last year – could jump in and spark a bidding war, which would be good news for Scout24’s shareholders. The platform is attractive to investors for a number of reasons: it has low, stable costs, and the buyers and sellers of its houses and cars supply their own listings, not to mention the goods themselves (meaning Scout24 doesn’t have to maintain any sort of inventory). Once it becomes the leading platform in a region, and the first place buyers and sellers look, Scout24’s owners can look forward to a high profit margin and a steady flow of cash.

The bigger picture: Brisk business for platformers.

Food delivery service Just Eat announced on Monday that its anticipated sales and profit for 2018 were both ahead of what investors were expecting. The company also chopped its CEO after just 16 months – he’d come under pressure for not delivering enough. But the takeout trade is a competitive game, and Just Eat’s battling the likes of Deliveroo and Uber Eats for hungry customers.

--

Originally Posted on January 21, 2019

Finimize is the daily email that everyone in finance secretly reads. It's the perfect 3-minute cheat sheet on what happened in the financial news: it's free and without any jargon or as Forbes puts it “Super digestible and well-written. A+”. All content is created by the Finimize team, formerly @Goldman Sachs, Barclays, etc. Join more than 200,000 daily readers.

Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.

This material is from Finimize and is being posted with Finimize's permission. The views expressed in this material are solely those of the author and/or Finimize and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


22405




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Avisos legales

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El material (incluidos artículos y comentarios) proporcionado en IB Traders' Insight se ofrece solo a efectos informativos. El material publicado NO es una recomendación por parte de Interactive Brokers (IB) para que usted o sus clientes contraten los servicios o inviertan con ninguno de los asesores independiente o fondos de cobertura y otros que puedan publicar en los IB Traders' Insight o invertir con cualquier asesor o fondo de cobertura. Los asesores, fondos de cobertura y otros analistas que puedan publicar en los IB Traders' Insight son independientes de IB y IB no representa ni garantiza el rendimiento pasado o futuro de estos asesores, fondos de cobertura u otros o la exactitud de la información que proporcionan. Interactive Brokers no realiza una "revisión de adecuación" para asegurar que la negociación de cualquier asesor o fondo de cobertura u otra parte sea adecuada para usted.

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