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Federated Hermes, Inc. is an investment management firm that operates solely in investment management. It offers a range of investment products, including Federated Hermes Funds and separate accounts, while also providing property management services to various companies. The firm advises approximately 180 funds, targeting institutional clients, banks, and brokers to meet diverse investment needs.
StepStone Group Inc. is a private markets investment firm that specializes in customized investment solutions across private equity, infrastructure, private debt, and real estate. The company collaborates with clients to create tailored portfolios, employing various strategies such as fund commitments and direct investments. Additionally, it offers advisory, data, and administrative services, including portfolio construction support and due diligence.
The recent upgrade was attributed to a decrease in inflation rates alongside a reduction in interest rates. This shift in economic indicators has prompted a reassessment of financial conditions, signaling potential improvements in market stability.
US Treasuries are under pressure as concerns over rising global public debt and increased odds of a Trump presidency impact yields, with the 10-year yield climbing to 4.20%. Despite this volatility, the macroeconomic outlook remains favorable for fixed income, with expectations of further Federal Reserve rate cuts in 2024 and 2025, supported by solid investment-grade corporate bond fundamentals. Investors are advised to shift excess cash into quality fixed income to enhance portfolio income as the rate-cutting cycle progresses.
The International Monetary Fund has raised its 2024 growth forecast for the UK to 1.1%, up from 0.7%, citing lower inflation and interest rates as key factors boosting domestic demand. Inflation fell to 1.7% in September, down from 11.1% a year prior, prompting expectations of quicker interest rate cuts by the Bank of England. As the Labour Party prepares to unveil its first budget in 14 years, Prime Minister Keir Starmer warns of "tough" decisions to address a claimed £22 billion financing shortfall.
The IMF reports that the global fight against inflation is nearly complete, with a projected decline to 3.5% by the end of 2025, down from 5.8% in 2024. However, rising geopolitical risks, market volatility, and weaker long-term growth prospects pose significant challenges, particularly for lower-income countries. The IMF warns that while inflation expectations remain stable, vigilance is essential as financial market turbulence and geopolitical tensions could threaten economic stability.
Solar wafer manufacturing projects in the US are set to benefit from a new Treasury rule that grants a 25% tax credit, aimed at boosting domestic production of crystalline silicon wafers for solar panels. This extension of the investment tax credit, originally part of the US Chips and Science Act, also includes semiconductor manufacturing, potentially unlocking significant investment in both sectors.
Zambia is exploring a debt-for-nature swap to alleviate its overseas debt obligations, according to Finance Minister Situmbeko Musokotwane. This approach aims to refinance government debt while directing savings towards environmentally sustainable projects, following a recent restructuring of $3 billion in eurobonds. Musokotwane indicated that the government is closely considering this option but has not yet finalized a plan.
Panic is escalating in the alumina market as prices surge over 20% this month, nearing the record high of $707.75 set in 2018. The spike is driven by supply concerns following an export disruption in Guinea, the leading producer, impacting the market in China.
WillScot Holdings Corporation has appointed Worthing Jackman, an industry veteran with extensive experience from Waste Connections and Quanta Services, to its board of directors to enhance its growth strategy and financial performance. Jackman's background includes significant roles in finance and operations, which are expected to bolster WillScot's governance and stakeholder value. Quanta Services, where Jackman has served as a director since 2005, is projected to show strong financial results, reflecting its robust market position and growth potential.
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