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July 3, traders are paying close attention to the upcoming US non-farm payrolls data for June. Economists generally expect 110,000 new non-farm payrolls, up from 139,000 in the previous month, and the unemployment rate may rise slightly from 4.2% to 4.3%. Jay Hatfield, CEO of Infrastructure Capital Advisors, pointed out that if the non-farm data is lower than expected, funds may shift from high-valuation technology stocks to value stocks. He said, "There may be uncertainty in the market. In the game between the decline of technology stocks and the rise of value stocks, since technology stocks account for 40% of the market value, it often leads to an overall decline in the market." But he added that weak data may also prompt the Federal Reserve to cut interest rates in July ahead of schedule.July 3, Google Vice President Sapna Chadha said Southeast Asia is becoming a global artificial intelligence center. In the "polarized world" of geopolitics, the region is developing a framework around artificial intelligence ethics and coming together to discuss to drive innovation faster than other parts of the world. Chadha said that the company does not take sides in the region, which makes it a unique opportunity space. According to Googles research, about 70% of companies in the region can see a return on their artificial intelligence investment in less than 6 months, and the speed of innovation is one of the reasons why Google has invested heavily in infrastructure in the region.The Hang Seng Index in Hong Kong closed at 24,069.94 points on July 3 (Thursday), down 151.47 points, or 0.63%. The Hang Seng Tech Index in Hong Kong closed at 5,233.71 points on July 3 (Thursday), down 35.4 points, or 0.67%. The CSI 300 Index closed at 8,648.44 points on July 3 (Thursday), down 76.46 points, or 0.88%. The H-share Index closed at 4,097.46 points on July 3 (Thursday), up 5.17 points, or 0.13%.U.S. chip design software stocks rose in premarket trading, with Synopsys Technologies up 5.7% and Cadence Design Systems up 5.5%.Futures News July 3, Singapore Enterprise Development Board (ESG): Singapores middle distillate oil inventories fell by 470,000 barrels to a four-week low of 9.893 million barrels in the week ending July 2.

The Australian Authority Suspends Orders For Two Permanent Investment Funds

Charlie Brooks

Nov 25, 2022 14:27

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Friday, the Australian securities regulator ordered a unit of asset management firm Perpetual Ltd to temporarily halt promoting or delivering two products to individual investors due to elevated market risks.


Perpetual is aiming to conclude a deal with EQT-owned Barings Private Equity Asia (BPEA) and Regal Partners, while being compelled by the court to launch its own takeover proposal for rival Pendal Group.


The Australian Securities & Investments Commission (ASIC) has ordered Perpetual Investment Management's Perpetual Pure Microcap Fund and Perpetual Geared Australian Share Fund to halt distributing interest and giving advice to retail investors for 21 days.


According to the regulator, the portfolios of the funds are exposed to extreme market volatility and carry substantial risks, increasing the potential that investors would sustain enormous losses.


"ASIC issued the interim measures to protect retail investors from engaging in funds that may not be appropriate for their financial objectives, circumstances, or needs," the regulator noted.


"The Australian Securities and Investments Commission is concerned that Perpetual did not appropriately consider these features and risks when choosing the wide target markets for the products."


The government expects Perpetual to take "immediate measures" to ensure compliance.


Reuters requested a response from Perpetual but did not receive a prompt reply.