월스트리트저널 읽기 - Pay Gap, Amazon, Treasury Yields etc.

TUESDAY, SEPTEMBER 26, 2023

 

◈ Pay Gap at Detroit's Big Three Outpaces Other Big Companies(디트로이트의 빅3가 다른 큰 회사들을 앞지르는 임금 격차)

 

 

The three chief executives at Detroit’s Big Three automakers earned last year about 300 times what a typical employee earned, a wider gap than most large companies nationwide.

 

United Auto Workers President Shawn Fain has criticized the automakers for the raises given to their CEOs in the past few years, saying wage gains for rank-and-file employees haven’t kept pace.

 

By one measure—the ratio of the CEO’s pay to the median worker’s—automakers have a wider pay gap than most large companies. And over the past four years, the gap at the three has widened.

 

◈ Climate-Fund Plan Poses Wealth of Risks(기후 기금 계획은 많은 위험을 야기한다)

 

 

PARIS—A tsunami of cash is headed for developing countries to address climate change—and with it growing worries that the money will overwhelm the poorer economies it is meant to help.

 

Wealthy nations are preparing a plan to send more than a trillion dollars each year to the developing world by 2030, a flood of foreign investment that would be unprecedented in modern history. Much of it would come from the rich world’s big institutional investors: pension funds, insurance companies, asset managers, private-equity firms and others. The goal is to provide financing on a massive scale for renewable-energy projects in developing countries and infrastructure to protect poor nations from rising seas, drought and other impacts of global warming.

 

But capital flows of that magnitude risk sowing economic instability, economists and global-finance officials say, particularly for smaller, poor countries that lack the financial institutions to channel the money into productive investment. A string of financial cri-ses in the developing world has shown that foreign investment surging into these countries often leaves a mess. Debts balloon, currencies become overvalued and economies face a painful reckoning when foreign investors get spooked.

 

◈ Amazon to Invest Up to $4 Billion In AI Startup(아마존, AI 스타트업에 최대 40억 달러 투자)

 

 

Amazon.com said it has agreed to invest up to $4 billion in artificial-intelligence company Anthropic , the latest big startup investment by tech giants jockeying for an edge in the AI arms race.

 

Amazon said that, as part of the deal, Anthropic would be using its custom chips to build and deploy its AI software. Amazon also agreed to incorporate Anthropic’s technology into products across its business.

 

People familiar with the deal said Amazon has committed to an initial $1.25 billion investment in two-year-old Anthropic, a number that could grow to $4 billion over time depending on certain conditions. As part of the agreement, Anthropic has agreed to spend a certain amount of the capital on Amazon’s cloud infrastructure business, Amazon Web Services, one of the people said. The specifics of that arrangement couldn’t be learned.

 

Tech giants and venture capitalists have been investing heavily into AI startups this year, following the breakout success of the ChatGPT bot, which can produce humanlike writing and computer code. In January, Microsoft invested $10 billion in the chatbot’s maker, OpenAI , taking a 49% stake as part of an extensive partnership. Alphabet’s Google invested more than $300 million in Anthropic in May. Salesforce has also invested in a series of AI startups, including Anthropic and OpenAI rival Cohere.

 

◈ Relentless Climb in Treasury Yields Reverses Rally in Technology Stocks(국채수익률의 끊임없는 상승으로 기술주의 랠리가 역전되었습니다)

 

 

The summer slide in U.S. government-bond prices has intensified since Labor Day, rattling some of the hottest parts of the stock market.

 

Many investors had hoped for some autumn relief to nearly two years of declines that have repeatedly pushed Treasury yields above Wall Street’s expectations. Now, yields on 10-year notes—a key benchmark for borrowing costs on everything from mortgages to corporate loans—have hit 16-year highs above 4.5%. At the same time, yields on shorter-term Treasurys have also jumped, with the two-year yield above 5.1%.

 

The bond-market ructions have jarred other markets. Surging Treasury yields have punished stocks in a variety of ways, including reducing their appeal relative to bonds and increasing borrowing costs for companies.

 

 

◈ Stocks, Treasury Yields March Higher(주식, 국채 수익률 3월 상승)

 

 

Bond yields continued upward, with the yield on the benchmark 10-year Treasury settling at the highest level since 2007.

 

Stock markets edged higher after major indexes had their worst weekly performance since March. The S& P 500 rose 0.4%, while the tech-heavy Nasdaq Composite gained 0.5%. The blue-chip Dow Jones Industrial Average rose 0.1%, or 43 points.

 

The 10-year Treasury yield settled at 4.541%, up from 4.438% on Friday. The yield has risen and prices have declined in 15 of the past 20 weeks, according to Dow Jones Market Data.

 

Investors watch movements in the 10-year carefully because the yield is a benchmark for household and borrowing costs. Higher yields on safe assets like government bonds make riskier assets like stocks look less attractive.

 

◈  China Restricts Insider Stock Sales In Attempt to Arrest Market Slump(중국, 시장 침체를 막기 위해 내부자 주식 판매 제한)

 

 

Chinese regulators have taken a novel approach to prop up the country’s faltering stock market by banning many companies’ biggest shareholders from selling.

 

The country’s $11 trillion domestic stock market has slumped this year after a post-Covid rally, hurt by a weak economy, an outflow of foreign money and a rising sense of nervousness among small investors. The CSI 300 index of the country’s largest listed companies is down 4.1% in the year to date following losses in the previous two calendar years. Authorities in China have taken several steps to boost the market recently, including cutting a tax on stock trading and slowing the pace of new listings to help balance supply and demand.

 

The country’s securities regulator also has curbed share sales from controlling shareholders of listed companies that haven’t paid dividends in the past three years, or whose shares are trading below their IPO prices or net asset values.

 

The new rules effectively placed share-sale restrictions on about half of the 5,000plus companies that trade in Shanghai or Shenzhen, according to Wind, a provider of financial data.

 

◈  Oil at $100 Is Too High, Even for Energy Companies(100달러의 석유는 에너지 회사들에게도 너무 높다)

 

 

Rising oil prices are, generally speaking, wonderful for companies that pump it out of the ground. But only up to a point.

 

Crude near $100 a barrel might be an unattractive price for everyone involved. After spending most of this year below the $90-a-barrel mark, the global benchmark Brent price edged above that threshold in early September after Saudi Arabia and Russia said they would extend voluntary oil production cuts through the end of the year.

 

Now even some bearish analysts are forecasting that it could hit triple digits, at least briefly.

 

오늘도 경제신문으로 세상을 봅니다.

 

2023.09.25 - [경제신문 읽기] - 월스트리트저널 읽기 - IPO Market, Real - Estate, Japanese Stocks etc.

월스트리트저널 읽기 - IPO Market, Real - Estate, Japanese Stocks etc.