June 4, 2024
United States:
Stock Pickers Defy Wall Street Norm to Risk It All on a Few Bets
For active managers who spread out their bets across the world’s largest stock market, these are harsh times on Wall Street.
A historically small number of Big Tech firms keep driving equity indexes to new highs — in an era when cheap passive funds are grabbing billions of dollars in fresh capital and netting big gains by simply tracking the benchmark.
Europe:
German Unemployment Up More Than Expected, Damping Rebound Hopes
German unemployment rose more than anticipated — underscoring expectations that Europe’s biggest economy will recover only gradually this year.
Joblessness rose by a seasonally adjusted 25,000 in May, while economists polled by Bloomberg had expected a gain of just 7,000. The unemployment rate held at 5.9%, the Federal Labor Agency said Tuesday.
Asia:
South Korea’s Inflation Cools Further as Policy Pivot Hopes Rise
South Korea’s inflation eased more than expected in May, nudging the central bank an inch closer to joining global peers embarking on a path to a policy easing.
Consumer prices advanced 2.7% from a year earlier, decelerating from a 2.9% clip in April, the statistics office reported Tuesday. Economists surveyed by Bloomberg had forecast the pace of price growth would moderate to 2.8%.
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