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宏观分析

Calculating the Impact of Tax Reform


Weekly Market Compass: Will the benefits outweigh the concerns?

In a number of places around the world, it’s an exciting time to be a taxpayer — or tax attorney. That’s because a variety of countries have brought or are bringing tax cuts to fruition.

At the end of 2017, the US saw the passage of a tax reform bill with many elements to it, ranging from household tax cuts to corporate tax cuts. In France, tax cuts, including a business tax cut, were implemented. The Netherlands and Belgium both enacted tax cuts in 2017. In December, Japan enacted new corporate tax cuts, including ones tied to incentives. And other countries are pondering corporate tax cuts in order to remain competitive with those countries that have already lowered taxes on their businesses.

Not all tax cuts have the same impact

There can be an assumption on the part of investors that all tax cuts are a positive for the economy and markets. For example, the US Treasury Department thinks that the Trump administration’s entire tax reform package will be very economically impactful, increasing gross domestic product growth by 0.7% on average per year over the next decade. However, that tax package is comprised of a variety of different tax cuts. And while tax cuts have historically stimulated their respective economies, not all tax cuts are created equal. The Congressional Budget Office has analyzed the impact of various tax cuts in the US, indicating that tax cuts for lower- and middle-income individuals historically have produced a greater multiplier effect than tax cuts for higher-income individuals and corporations. But that, of course, is a gross generalization. My colleague Kevin Holt, Chief Investment Officer of Invesco US Value Equities, wrote in his 2018 outlook that he believes the repatriation tax cut will be a one-time jolt, not an ongoing benefit. However, he believes the real economic benefit will come from the drop in the corporate tax rate — from 35% to 21%. Kevin also noted that this tax cut could result in wage inflation, which in turn could place upward pressure on the 10-year Treasury yield — a potentially positive development for value stocks and active management.

I agree with Kevin that US corporate tax cuts could have a significantly positive impact on the economy, which in turn is likely to favor more cyclical stocks. All else being equal, earnings will improve for most companies whose effective tax rates are lowered, which is likely to place upward pressure on stock prices. In addition, corporate tax cuts incentivize capital spending, which should provide a return on investment in years to come.

The potential consequences of tax reform

It’s important to recognize that taxes are a way for governments to not only collect revenue, but to incentivize certain behaviors. As I mentioned, the new US tax legislation encourages business investment by offering tax benefits for capex spending. Japan’s recent corporate tax reform legislation does something very similar: It offers lower tax rates to companies that raise employee wages and/or spend on capex — two behaviors that the Japanese government clearly wants to encourage. Historically, US home ownership has been rewarded with generous tax deductions. And since the 1990s, saving for college has been incentivized through the tax deferrals offered by 529 college savings plans in the US. (The new US tax law expanded that incentive to include certain federal tax benefits for families saving for K-12 private school as well.)

However, new tax laws can alter or eradicate incentives as well. The 2017 Tax Cuts and Jobs Act has changed some incentives that could have a significant impact on the US economy. For example, the deduction that households can take for mortgage interest was capped going forward, as was the deduction that households can take on property taxes. This of course reduces the tax advantages of homeownership in general. In particular, it disadvantages states with high taxes and states with high home prices, which are for the most part one and the same. As my colleagues at Invesco Real Estate explained:

“Most economists agree that the passage of tax reform legislation should result in a modest uplift to near-term US economic growth, driven by a reduction in the corporate tax rate, a lowering of personal tax rates for most Americans, and other stimulative measures. However, upcoming changes regarding the deductibility of state and local income taxes and mortgage interest may have far-reaching implications with a direct impact on commercial real estate fundamentals. These changes will likely have a negative impact on higher-tax jurisdictions, such as New York, New Jersey and California. More specifically, the changes may result in a lower propensity for home ownership and may accelerate the ongoing demographic shift to lower-tax states. Additionally, lower disposable income in higher-tax markets might negatively impact consumer spending, thereby impacting the retail, storage, multifamily and seniors housing sectors. While lower-tax states may benefit from these trends, the generally low barrier for new real estate orientation of these markets may serve as a modest offset to increased demand for real estate.”

In the US, interest on corporate debt, which had heretofore been fully deductible, is now capped at 30% as a result of the 2017 legislation. This will likely decrease the amount of debt that corporations rely on for financing, since there are not as many tax advantages to issuing debt. This is particularly so given that the corporate tax rate has been reduced; this also lowers the value of the deduction. In addition, my colleague Matt Brill of Invesco Fixed Income wrote in a recent blog that the new legislation, which creates a repatriation tax of 15.5% on liquid assets and 8% on illiquid assets, should encourage companies to bring back their own overseas cash rather than borrow funds through bond issuance in order to fund dividends and stock buybacks. Matt estimates that the net result would be additional corporate deleveraging and a significant drop in the supply of bonds going forward as companies issue less debt. Overall, he believes US tax reform is “overwhelmingly positive” for the US investment grade bond market.

Will the benefits of tax cuts outweigh the concerns?

In short, tax cuts in the US and around the world have the potential to be a source of positive stimulus for their respective economies — and have an impact on financial markets. However, we must hope that the benefits of the tax cuts offset the disadvantages. For example, tax cuts typically result in lower tax revenues and higher sovereign debt levels, as they often don’t pay for themselves because their respective multiplier effects are not high enough.

In addition, there is legitimate concern that implementing tax cuts at a time when the global economy is accelerating could cause the economy to overheat. For example, the US Federal Open Market Committee contemplated the impact of tax legislation on the economy in December, as was indicated in the group’s meeting minutes. Concerns about the economy overheating could cause the US Federal Reserve (Fed) and other central banks to pre-emptively tighten monetary policy, or tighten too quickly. Last week, Federal Reserve Bank of New York President William Dudley warned about this possibility, suggesting that the Fed may have to “press harder on the brakes” in the next several years if the economy accelerates, which increases the possibility of a hard landing for the economy. Even more concerning is that these tax cuts are occurring in the midst of a global economic growth cycle. If tax cuts — an arguably potent form of fiscal stimulus — are occurring now, with a global growth acceleration in the works, then we have to worry about what dry powder we will have available when the economy next goes into recession, whenever that occurs.

In summary, there are many implications of tax reform around the world. I hope to return to this topic in future commentaries in order to more fully explore implications in different countries.

Calculating the impact of tax reform by Invesco US

Important information

The multiplier effect measures how much a change in fiscal policy affects income levels in the country due to the new policy’s effect on spending, consumption and investment levels in the economy.

Capital spending (or capital expenditures, or capex) is the use of company funds to acquire or upgrade physical assets such as property, industrial buildings or equipment.

The opinions referenced above are those of Kristina Hooper as of Jan. 16, 2018. These comments should not be construed as recommendations, but as an illustration of broader themes. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties and assumptions; there can be no assurance that actual results will not differ materially from expectations.

Be the first to know! Subscribe to the Invesco US Blog and get expert investment views as they post.

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.

NOT FDIC INSURED

 MAY LOSE VALUE

 NO BANK GUARANTEE

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. 

This article is from Invesco and is being posted with Invesco’s permission. The views expressed in this article are solely those of the author and/or Invesco and IB is not endorsing or recommending any investment or trading discussed in the article. 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 IB 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.


16054




股票

Shutdown Looms


A looming government shutdown hasn't prompted much fear on Wall Street this morning, although equity futures have come down from their overnight highs. The S&P 500 futures trade two points, or 0.1%, below fair value after being up five points earlier. For the week, the S&P 500 is up 0.4%, looking to post its third consecutive week of gains.

The House of Representatives passed a one-month spending measure on Thursday evening, but that bill doesn't appear to have enough support to pass in the Senate, where it would need to secure at least 60 votes. If an agreement cannot be reached by midnight, the government will partially shut down.

Dow components IBM (IBM 164.00, -5.12) and American Express (AXP 96.65, -3.24) reported their fourth quarter results following yesterday's closing bell. Both companies beat earnings and revenue estimates, with IBM reporting revenue growth for the first time in over five years, but IBM shares and AXP shares are lower in pre-market trading, down 3.1% and 3.2%, respectively.

In the bond market, U.S. Treasuries are under pressure, sending yields higher across the curve. The yield on the benchmark 10-yr Treasury note is up one basis point at 2.62%--its best level since March 2017--while the 2-yr yield is also higher by one basis point at 2.04%.

Investors will receive just one piece of economic data today--the preliminary reading of the University of Michigan Consumer Sentiment Index for January (Briefing.com consensus 97.0). The report will be released at 10:00 AM ET.

Elsewhere, equity indices in the Asia-Pacific region ended Friday on a higher note, with India's Sensex (+0.7%) setting the pace, while the Euro Stoxx 50 is up 0.7%.

This article is from Briefing.com and is being posted with Briefing.com's permission. The views expressed in this article are solely those of the author and/or Briefing.com and IB is not endorsing or recommending any investment or trading discussed in the article. 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 IB 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.

 


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技术分析

Which alternative strategy is right for you?


Connecting your investment objectives to specific alternative investments

In my previous blog, I made the case for why now might be a good time to invest in alternatives. Specifically, I suggested alternatives now make sense for three reasons:

  1. I don’t believe that the current high return/low risk environment for equities will last forever. Ultimately, I believe stocks will revert toward long-term historical averages (e.g., lower returns and higher risk).
  2. Over the past 20 years, a portfolio holding a diversified set of alternatives (48% stock/32% bond/20% alternatives) has tended to outperform a traditional 60% stock/40% bond portfolio by generating higher returns with lower volatility and lower maximum decline.See chart 1 in my previous blog — Is now the time to invest in alternatives?
  3. Alternatives have room to rise. One of the most common mistakes investors make in allocating to alternatives is investing “after the fact” — after the group has significantly increased in price. That hasn’t happened yet. Those who invest today could potentially benefit if the equity bull market ends and alternatives begin to outperform.

Given this backdrop, some investors are likely considering an investment in alternatives in 2018. The next step is very important — which alternatives are most appropriate considering individual return expectations, risk objectives and general market outlook?

In my experience, one of the biggest challenges for investors is deciding which alternatives to add to their portfolios. Hopefully the explanations below will help with this challenge.

 

One option to potentially limit downside exposure in a rising stock market 

Investors with this concern may want to talk to their advisors about long/short equity funds. These combine both long and short equity positions in a portfolio, while typically maintaining long exposure to equities. What does this mean? The long exposures allow for investors to potentially benefit when stocks rise. However, the short positions have the potential to limit downside exposure during periods of stock market decline. 

 

A strategy to help preserve principal and minimize losses 

This goal may be met with market neutral funds. These trade related equities on a long and short basis — the goal is to maintain an approximately equal balance in different investments within the same market sectors, thus limiting the effect of the benchmark being followed. As such, the strategy seeks to have the fund maintain a close-to-zero beta and close-to-zero net market exposure. In market neutral funds, the key to generating a positive return is security selection. A fund’s ability to generate positive returns will depend on whether, in a rising market, its long positions increase in value more than its short positions and, in a declining market, whether its short positions decrease in value more than its long positions. 

 

An opportunistic way that could take advantage of higher volatility

Global macro and/or managed futures funds invest opportunistically on a long and short basis across the global equity, fixed income, currency and commodity markets, and they can select what markets they want and don’t want to participate in. In addition, by investing on both a long and short basis, these have the potential to achieve profits over a full economic and market cycle. Furthermore, both global macro and managed futures funds allow portfolio managers considerable latitude in making investments during periods of heightened market volatility.  

 

An option to consider if the recent tax cut legislation raises concerns about inflation

Inflation has been surprisingly well-contained for years in spite of unprecedented and unconventional monetary policies across the globe. However, will the new tax reform package be the spark that finally ignites prices? Historically, many investors have turned to real assets such as real estate, commodities, leveraged loans, master limited partnerships (MLPs) and infrastructure funds during periods of inflation. All of these have the potential to appreciate during periods of inflation. For example, real estate appreciation has outpaced inflation (as measured by the consumer price index) 69% of the time, and leveraged loans beat inflation 79% of the time.3 

 

Investments that could help defend portfolios against the corrosive effects of rising interest rates

Investments that might help mitigate the effects of rising interest rates include senior loans and market neutral funds. Senior loans are made by banks to non-investment grade companies, generally to fund leveraged buyouts, mergers and acquisitions. The loans are called “senior” because they are contractually senior to other debt and equity, and are typically secured by collateral. Because the loans are to non-investment grade companies, the yields tend to be higher than those paid by investment grade corporate bonds. Also, senior loans pay floating interest rates that typically reset every 30 to 90 days. In a rising interest rate environment, investors (bondholders) will generally receive increased payments from the borrower in accordance with the terms of the issue.4 Of course, floating rate bonds have risks as well, including the uncertainty of the future income stream and the possibility that the interest payments will adjust downward. Market neutral funds might also make sense — by seeking an equal balance in different investments within the same market sectors, these fund strategies seek to have a beta of near zero and close-to-zero net market exposure. And because a market neutral fund’s ability to generate positive returns depends on security selection (not interest rate direction), there is little exposure to interest rate risk.

 

Strategies for producing income

Income-producing real asset investments such as infrastructure, MLPs and certain types of real estate have the potential to deliver attractive levels of current income. In addition, senior loans also tend to produce attractive yields for the reasons discussed in the preceding paragraph.

 

Ways to seek outperformance of public stock and bond markets

Private market investments such as private equity, venture capital, direct real estate, direct infrastructure, private credit and natural resources have the potential for outperforming public markets. Unlike the previous investments mentioned, private market investments are typically available only to high net worth and institutional investors. Over the past few years, however, these investments have become more widely available. The defining characteristic of private market investments is they invest in private companies rather than publicly traded companies. Private markets are inherently less efficient than public markets, so investors have the opportunity to generate excess returns by exploiting these inefficiencies. However, with the potential for excess returns comes increased volatility and reduced liquidity as well, so investors should use caution and seek guidance from a qualified financial advisor.

The Invesco alternatives framework below neatly summarizes much of the above discussion.

Framework applies to liquid alternatives and nonaccredited, retail investors. There is no guarantee the strategies will be successful.

To learn more about Invesco and our alternative investment options, please visit invesco.com/alternatives.

Read more blogs about alternatives.

1 Source: StyleADVISOR. Alternatives are represented by a portfolio comprising equal allocations to alternative assets, represented by FTSE NAREIT All Equity REIT Index and Bloomberg Commodity Index; relative value strategies, represented by BarclayHedge Equity Market Neutral Index; global investing and trading strategies, represented by BarclayHedge Global Macro Index, BarclayHedge Multi Strategy Index and BarclayHedge Currency Traders Index; alternative equity strategies, represented by BarclayHedge Long/Short Index; and alternative fixed income strategies, represented by Credit Suisse Leveraged Loan Index, HFN Fixed Income Arbitrage Index and BarclayHedge Fixed Income Arbitrage Index. The performance of individual alternative investments will differ from that of the index. Equities are represented by the S&P 500 Index. Fixed income is represented by the Bloomberg Barclays U.S. Aggregate Bond Index. The traditional 60/40 portfolio represented by 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index. An investment cannot be made directly in an index. The period represented is January 1997 through June 2017. (Most recent data available.) Past performance is not a guarantee of future results.

2 Source: StyleADVISOR. Market neutral represented by BarclayHedge Equity Market Neutral Index.

3 Source: Investmentnews.com, “How nine asset classes fare against inflation,” Jason Kephart; based on annual data from 1973 through 2012

4 Senior loans are usually priced relative to three-month Libor, with the lender receiving a fixed spread above the Libor rate. Therefore, as Libor rises, the amount paid by the borrower increases. Most loans have a provision that establishes a minimum, or floor, for Libor. The floor rate is typically around 1.00%. As of Dec. 19, the three-month Libor rate is approximately 1.64%. (Source: Bloomberg L.P.)

Important information

Blog header image: Arina P Habich/Shutterstock.com

Past performance is not a guarantee of future results. An investment cannot be made directly in an index.

BarclayHedge indexes reflect performance of hedge funds, not of retail investment strategies, and are used for illustrative purposes only solely as points of reference in evaluating alternative investment strategies.

The BarclayHedge Currency Traders Index is an equal-weighted composite of managed programs that trade currency futures and/or cash forwards in the interbank market.

The BarclayHedge Equity Market Neutral Index includes funds that attempt to exploit equity market inefficiencies and usually involves being simultaneously long and short matched equity portfolios of the same size within a country.

The BarclayHedge Fixed Income Arbitrage Index includes funds that aim to profit from price anomalies between related interest rate securities.

The BarclayHedge Global Macro Index includes funds that carry long and short positions in any of the world’s major capital or derivative markets.

The BarclayHedge Long/Short Index includes funds that employ a directional strategy involving equity-oriented investing on both the long and short sides of the market.

The BarclayHedge Multi Strategy Index includes funds that are characterized by their ability to dynamically allocate capital among strategies falling within several traditional hedge fund disciplines.

The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the US investment grade, fixed-rate bond market.

The Bloomberg Commodity Index is a broadly diversified commodity price index.

The Credit Suisse Leveraged Loan Index represents tradable, senior-secured, US dollar-denominated, non-investment grade loans.

The FTSE NAREIT All Equity REIT Index is an unmanaged index considered representative of US REITs.

The HFN Fixed Income Arbitrage Index includes funds that attempt to exploit pricing inefficiencies between credit-sensitive instruments, which may include government or corporate debt, structured securities and their related derivatives.

A long position is the buying of a security with the expectation that the asset will rise in value.

A short position is a directional strategy in which shares of borrowed stock are sold on the open market. The expectation is that the price of the stock will decrease over time, at which point the new shares are purchased in the open market and the borrowed shares are returned.

Stocks are related if they are driven by the same fundamental factors. (For example, two stocks from the same industry would be related.)

Beta is a measure of risk representing how a security is expected to respond to general market movements.

Net market exposure is the percentage difference between a fund’s long and short exposure.

Correlation is the degree to which two investments have historically moved in relation to each other.

Non-investment grade bonds (or companies) are considered of low quality and therefore speculative because the issuer is at greater risk of default. These bonds offer higher yields to compensate for the increased risk.

Private market investments tend to be illiquid and typically require investors to hold the investment over a period of several years.

Alternative investments can be less liquid and more volatile than traditional investments such as stocks and bonds, and often lack longer-term track records.

Interest rate risk is the risk that an investment’s value will change due to a change in the absolute level of interest rates, in the spread between two rates, in the shape of the yield curve or in any other interest rate relationship.

Alternative products typically hold more nontraditional investments and employ more complex trading strategies, including hedging and leveraging through derivatives, short selling and opportunistic strategies that change with market conditions. Investors considering alternatives should be aware of their unique characteristics and additional risks from the strategies they use. Like all investments, performance will fluctuate. You can lose money.

Commodities may subject an investor to greater volatility than traditional securities such as stocks and bonds and can fluctuate significantly based on weather, political, tax, and other regulatory and market developments.

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. Real estate companies, including REITs or similar structures, tend to be small- and mid-cap companies, and their shares may be more volatile and less liquid.

Most senior loans are made to corporations with below-investment-grade credit ratings and are subject to significant credit, valuation and liquidity risk. The value of the collateral securing a loan may not be sufficient to cover the amount owed, may be found invalid or may be used to pay other outstanding obligations of the borrower under applicable law. There is also the risk that the collateral may be difficult to liquidate, or that a majority of the collateral may be illiquid.

Investing in stock involves risks, including the loss of principal and changes in dividend policies of companies and the capital resources available for dividend payments. Although bonds generally present less short-term risk and volatility than stocks, investing in bonds involves interest rate risk; as interest rates rise, bond prices usually fall, and vice versa. Bonds also entail credit risk and the risk of default as well as greater inflation risk than stocks.

Short sales may cause an investor to repurchase a security at a higher price, causing a loss. As there is no limit on how much the price of the security can increase, exposure to potential loss is unlimited.

Most MLPs operate in the energy sector and are subject to the risks generally applicable to companies in that sector, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk. MLPs are also subject to the risk that regulatory or legislative changes could eliminate the tax benefits enjoyed by MLPs, which could have a negative impact on the after-tax income available for distribution by the MLPs and/or the value of the portfolio’s investments.

Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference is that MLPs may trade on a public exchange or in the over-the-counter market. Although this provides a certain amount of liquidity, MLP interests may be less liquid and subject to more abrupt or erratic price movements than conventional publicly traded securities. The risks of investing in an MLP are similar to those of investing in a partnership and include more flexible governance structures, which could result in less protection for investors than investments in a corporation. MLPs are generally considered interest-rate-sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.

Which alternative strategy is right for you? by Invesco US

Be the first to know! Subscribe to the Invesco US Blog and get expert investment views as they post.

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.

NOT FDIC INSURED

 MAY LOSE VALUE

 NO BANK GUARANTEE

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. 

This article is from Invesco and is being posted with Invesco’s permission. The views expressed in this article are solely those of the author and/or Invesco and IB is not endorsing or recommending any investment or trading discussed in the article. 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 IB 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.


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期货

Midday Market Minute


Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Visit our website at www.bluelinefutures.com to open an account and stay up to date with our research.

Bill Baruch is President and founder of Blue Line Futures. Bill has more than a decade of trading experience. Working with clients he focuses on developing trading strategies that present a clear objective for both long and short-term trading approaches. He believes that in order to properly execute a trading strategy, there must be a well-balanced approach to risk and reward.

Prior to Blue Line, Bill was the Chief Market Strategist at iiTRADER which followed running a trade desk at Lind Waldock and MF Global.

Bill is a featured expert on CNBC, Bloomberg and the Wall Street Journal as well as other top tier publications. 


16056




股票

Benzinga Pro's 6 Stocks To Watch Today


Overstock.com Inc OSTK gained more than 4 percent following an encouraging report. The New York Post said that grocer giant Kroger Co KR is "eyeing a deal" with Overstock, including a possible acquisition of the online company.

Applied Optoelectronics Inc AAOI gained more than 6 percent after the provider of fiber-optic networking products said it will report its fourth quarter results on Feb. 21. Some traders are working under the assumption that a negative pre-announcement won't be forthcoming as the company confirmed its earnings date.

Snap Inc SNAP was trading near-flat ahead of Friday's open despite a report from Cheddar's Alex Heath of the social media company laying off two dozen workers, mostly in Content.

ADT Corp NYSEADT will start trading on Friday. The home security provider priced its IPO at $14 per share, which is sharply below the expected $17 to $19 range.

Acorda Therapeutics Inc ACOR gained more than 13 percent amid M&A chatter. The biopharmaceutical company that focuses on improving the lives of people with neurological disorders is reportedly being targeted for an acquisition by Biogen Inc BIIB or Belgian-based UcB.

SPDR KBW Regional Banking (ETF) KRE stock was unchanged early Friday, but could see increased interest given earnings reports from SunTrust Banks, Inc. STIRegions Financial Corp RF, and Citizens Financial Group Inc CFG.

Benzinga is a fast-growing financial media outlet that empowers investors with market-moving content. The site also manages Benzinga Pro, a streaming platform with real-time headlines, data and actionable alerts. Sign up for a free trial and profit with faster news now.

This article is from Benzinga and is being posted with Benzinga's permission. The views expressed in this article are solely those of the author and/or Benzinga and IB is not endorsing or recommending any investment or trading discussed in the article. 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.


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1 2 3 4 5 2 764

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