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Pietrangelo visits Golden Knights

Pietrangelo visits Golden Knights

It seemed certain that Alex Pietrangelo would hold up the free-agent market until the moment he decided on his playing future. This is one of the most valuable assets to reach unrestricted free agency in recent history, and the type of player that almost every championship contender seems to need.

Even in these highly disadvantageous times for NHL franchises, and more specifically the owners that have had their business impacted by the COVID-19 pandemic, the situation still seemed quite favourable for Pietrangelo. His current team, the St. Louis Blues, wasn’t bending at the knee, clearly, but also had every reason to provide market value in the face of public pressure to retain one of the most important players in the club’s history. Pietrangelo also had his hometown team and the club that belongs to the loudest hockey market in the world, the Toronto Maple Leafs, showing interest with a clear and obvious need, in addition to the Vegas Golden Knights, who in their three-year history in the league have emerged as one of the most coveted destinations for players.

Everything Pietrangelo needed, it seemed, to preserve and maximize his earning potential in spite of the situation was there.

Until suddenly it wasn’t.

Call it a proper read on the tea leaves or call it a premature decision to settle for something less, but over the space of about an hour in the evening on the opening day of free agency, Pietrangelo’s options seem to vanish in a flash. Toronto did its part by signing T.J. Brodie, filling its hole on the right side of the blue line with a cheaper and lesser option. Then the Blues seemed to slam the door shut on Pietrangelo entirely by signing the other marquee free agent on defense, Torey Krug, to a huge seven-year

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Domestic travel over Golden Week boosts China’s economic recovery

Domestic travel over Golden Week boosts China’s economic recovery

Hundreds of millions of domestic tourists have boosted China’s economic recovery over its Golden Week national holiday, even as concerns linger over consumer spending.

There were 637m trips in China over the eight-day holiday this year, which drew to an end on Thursday, generating revenue of Rmb466.6bn ($69.5bn), data from the Ministry of Culture and Tourism showed.

The holiday is seen as an important barometer for consumer spending in the world’s second-largest economy. China’s third-quarter gross domestic product data, which will be released this month, will also be closely examined for signs of how other economies might recover from the pandemic.

While the figures reflected notably high volumes of internal travel at a time when other countries are struggling to tackle coronavirus, they remain well below last year’s total of 782m trips over a seven-day period.

Tourism revenue was also 30 per cent lower than over the same period last year, but the fall was much lower than over recent holidays in China, such as the Dragon Boat festival in June.

“It’s still way away from normal and it does underscore especially what people call social consumption, the kind of spending by households that requires them to go out . . . It’s by far the weakest link in the Chinese economy still,” said Louis Kuijs, head of Asia economics at Oxford Economics. 

China’s emergence from the pandemic has benefited from strong industrial growth and state support, but consumer activity has painted a mixed picture of the world’s most prominent economic recovery.

The wider economy returned to growth in the second quarter after a historic contraction at the start of the year. But data on retail sales of goods only edged back into growth territory in August after seven straight months of year-on-year decline.

Golden Week data nonetheless represented

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Growth Stocks Lead Hong Kong Higher, Over 400 Million Travel Domestically For Golden Week

Growth Stocks Lead Hong Kong Higher, Over 400 Million Travel Domestically For Golden Week

For a reflection on the evolution of Emerging Markets investing over the past ten years, check out my recent article.

Key News

Asian equities opened lower on failed US stimulus talks though rallied over the course of the day. Hong Kong had a strong day despite growing concerns surrounding increased social distancing measures as growth stocks led the market higher. Hong Kong volume leaders were Alibaba HK, which rose +2.93% after Goldman Sachs
GS
raised their price target for the share class, Tencent, which rose +1.42%, Meituan Dianping, which gained +3.8%, biotech firm JHBP CY Holdings, which rose +16.46% after selling $371mm in shares in its IPO, Xiaomi, which rose +1.4%, and Ping An, which fell -0.25%. NetEase HK was off -0.22% on an analyst price target cut. Apple
AAPL
suppliers AAC Technologies
CACI
gained +3.33% and Sunny Optical gained +5.1% on news of Apple’s product release. It was fairly quiet overnight as China is still on holiday and volumes have been off as a consequence.

It is being reported that over 400 million Chinese are vacationing domestically during the Golden Week holiday. Thus, it is no surprise that consumption plays are performing well this week. How do investors know what’s happening in China? Our mobile phones are a treasure chest of tasty data that is available for a price. Chinese credit/ATM payment processor UnionPay announced that transactions over their network actually increased 15% year over year. Hedge funds will pay to know which restaurants, hotels, airlines etc. those transactions are taking place in. However, we don’t need that depth of analysis to know that domestic consumption is alive and well in China. Overnight, an analyst downgraded a Chinese retailer as their app downloads were falling relative

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