One in six asset management groups to disappear by 2027, says Pwc
16% of existing asset and wealth managers will either be out of business or acquired by larger companies by 2027 according to PwC. The asset management industry faces dramatic consolidation over the next four years as one in six companies could disappear because of a mix of market volatility, high interest rates and pressure on fees. Source: FT, Barchart
Astrazeneca trying to hold support zone 10’186-10’280
Astrazeneca (AZN LN) remains under pressure. If support zone 10’186-10’280 doesn’t hold, next support zone will be 9’500-9’600. Source : Bloomberg
Germany is being hit by a heat wave and another drought.
Economically important waterway Rhine has lower & lower water levels. The depth of the Rhine at the gauge tower at Kaub has sunk to 1.06. Source: HolgerZ, Bloomberg
China's Inflation Rate Eases to Zero
Deflation in China? China's Consumer Price Index (CPI) year-on-year growth rate in June dropped to 0% (prev. 0.2%). Producer Price Index (PPI) year-on-year growth rate dropped to -5.4% (prev. -4.6%). Source: Bloomberg
S&P 500 Concentration Now Tops the Tech Bubble
The return spread between the seven largest S&P500 stocks compared to the rest of the index is now higher than when the Dot Com Bubble Burst. Source: Barchart, Bloomberg
Novartis back on the top of the triangle
Novartis (NOVN SW) is back on the triangle. Bad news of company losing patent ruling related to Entresto drug, has sent the stock down more than 3% in the last 30 min of trading. Keep an eye at this level.
Vinci back on major breakout level
Vinci (DG FP) is back again on major breakout level. Will we see a rebound from here ? Source : Bloomberg
Binance chief strategy officer says departure is ‘on good terms’
Binance chief strategy officer Patrick Hillmann has confirmed his departure from the embattled crypto exchange. Hillman’s response on social media appears to address reports which said he, along with two other Binance executives, were leaving due to CEO Changpeng Zhao’s response to ongoing investigations by the US Department of Justice (DOJ).“I continue to respect and support [Binance CEO Changpeng Zhao] and am grateful for having had the incredible opportunity to work under his leadership,” Hillmann tweeted.
Source: Blockworks
