China made a point on its credit versus the US, says @johnauthers, and emerging markets are enjoying it (via @opinion) https://t.co/HKay9Zxbrc ...

5 November 2025 | 12:06PM HKT Economics Research China: Unofficial services PMI edged down in October; October inflation and credit preview Bottom line: The headline RatingDog China Services PMI (formerly the Caixin services PMI) edged down to 52.6 in October from 52.9 in September, suggesting services sector activity continued to expand but at a slightly slower pace. Key numbers: S&P Global services PMI: 52.6 in October (Bloomberg consensus: 52.5), vs. 52.9 in September. Main points: 1. The RatingDog China ...

First Horizon Corporation Conference Call Summary Company Overview - **Company**: First Horizon Corporation (NYSE:FHN) - **Assets**: $83 billion - **Branches**: Over 400 across the Southeast - **Headquarters**: Memphis, Tennessee - **Segments**: Regional banking, specialty banking, and corporate [1][3] Core Insights and Arguments Customer Sentiment and Loan Growth - Customers in the Southeast are optimistic and resilient despite past challenges like COVID and rising rates [4][5] - Loan growth is slower than previously anticipated, with expectations of high single-digit growth not materializing [5][6] - The mortgage warehouse business has been a bright spot for loan growth [5][8] Loan and Deposit Strategy - Focus on building long-term customer relationships rather than just selling products [7][8] - Emphasis on decentralized decision-making in local markets for deposit pricing [8][9] M&A Activity - Increased M&A activity in the Southeast with several competitors involved in mergers [10][11] - First Horizon has recently completed significant mergers and is now focused on organic growth [12][14] - The company is positioned to capitalize on opportunities arising from competitors' M&A disruptions [12][14] Interest Rate Environment and Asset Sensitivity - The company is optimistic about its countercyclical businesses, particularly FHN Financial, in a falling interest rate environment [17][18] - Mortgage warehouse business is expected to benefit from potential refinancing waves as rates decrease [20][26] Expense Management and Technology Investments - Commitment to keeping expenses flat while investing in technology and efficiency improvements [27][29] - Significant technology investments have been made to clear tech debt and enhance operational efficiency [31][32] - AI is being utilized to reduce costs and improve speed in developing new digital platforms [33][36] Credit Quality and Risk Management - Strong credit culture with a focus on client relationships and decentralized credit analysis [39][40] - Best-in-class charge-off rates, with a proactive approach to monitoring credit quality [41][45] - Increased vigilance regarding fraud and operational controls in response to industry challenges [49][50] ROTCE Target and Capital Management - Achieved a 15% ROTCE in Q4, with a goal to sustain and exceed this level [52][53] - Plans to return capital to shareholders primarily through loan growth, with share buybacks as a secondary option [59][60] - Maintaining a capital ratio of 11% with a long-term target of 10% [57][58] M&A Strategy - M&A is not a near-term priority; focus remains on organic growth and achieving top-tier returns [61][62] - The company is open to opportunities but prioritizes shareholder value and operational efficiency [64] Additional Important Points - The competitive deposit environment has quieted down, with clients aware of rate changes [66][68] - Technology expenses are being managed effectively, with a focus on client-facing projects [70][74] This summary encapsulates the key points discussed during the First Horizon Corporation conference call, highlighting the company's strategic focus, market conditions, and operational insights.

I sat down with @MarediaShehzan to discuss how wealthy Bitcoiners are using innovative lending and credit solutions to buy homes, cars, and experiences — all while keeping their Bitcoin.Shahzad shares real stories, insights, and the broader vision behind enabling financial freedom without liquidation.Enjoy!YouTube: https://t.co/GKukweAOKCApple: https://t.co/51IsdFMZPrSpotify: https://t.co/nWMXPfQyC1TIMESTAMPS:0:00 - Intro2:36 - Who are high-net-worth bitcoiners?8:24 – “Buy, borrow, die” wealth strategy12:35 ...

I sat down with @MarediaShehzan to discuss how wealthy Bitcoiners are using innovative lending and credit solutions to buy homes, cars, and experiences — all while keeping their Bitcoin.Shahzad shares real stories, insights, and the broader vision behind enabling financial freedom without liquidation.Enjoy!YouTube: https://t.co/GKukweAgV4Apple: https://t.co/51IsdFMrZTSpotify: https://t.co/nWMXPfQ0MtTIMESTAMPS:0:00 - Intro2:36 - Who are high-net-worth bitcoiners?8:24 – “Buy, borrow, die” wealth strategy12:35 ...

Economic Impact of Deleveraging - Lower incomes and increased unemployment reduce government tax revenue while simultaneously increasing the need for government spending on unemployment benefits [1] - Governments often implement stimulus plans and increase spending, leading to budget deficits as they spend more than they earn in taxes [2] - Governments may raise taxes on the wealthy to redistribute wealth, potentially causing resentment between different socioeconomic groups [3] - Continued economic depression can lead to social disorder and political instability, both within and between countries [4] Monetary Policy Response - Central banks, having lowered interest rates to near zero, may resort to printing money to stimulate the economy [5] - Central banks print money to buy financial assets and government bonds, as the Federal Reserve printed over $2 trillion during the 2008 crisis [6] - This action increases asset prices, benefiting those who own financial assets, but the central bank can only buy financial assets [7] - Central banks cooperate with the central government, which can buy goods and services, by buying government bonds, effectively lending money to fund stimulus programs [8] Risks and Policy Considerations - Policymakers must balance deflationary and inflationary measures to manage debt burdens and maintain stability during deleveraging [9]

Hey Andrew. Um, >> hey Ray. >> Man, I just read your book and I think it is fantastic.Um, >> thank you. >> It is um, you know, a thoroughly entertaining story and, uh, you know, to me it's informative, right. Um I I I think that the story is kind of what you're into, but uh at the same time, I think as uh you've written a book on 2008 and now 1929, uh I think that you must think that history rhymes.So I'm so interested in getting into the conversation of not only how it rhymes but what the cause effect rela ...

Core Insights - Apollo Global Management, Inc. (NYSE:APO) is identified as one of the best bargain stocks to buy in November, despite a recent price target reduction by Morgan Stanley from $154 to $151 while maintaining an "Equal Weight" rating [1] - The company is planning to sell its Hispanic grocery chain, Heritage Grocers Group, which could generate approximately $1.5 billion, amid declining consumer demand in Latino communities due to fears of immigration raids [2] - Baron Funds noted that shares of Apollo detracted in Q1 2025 due to a reversal in economic sentiment and capital market activity, although they continue to hold the stock due to Apollo's focus on credit and strong management [3] Group 1: Stock Performance and Analyst Ratings - Morgan Stanley reduced the price target on Apollo's stock to $151 from $154, citing updated price targets for Alternative Asset Managers in North America [1] - The performance of alternative asset manager stocks, including Apollo, has been affected by uncertainty and volatility surrounding economic policies, leading to a reversal of gains from the previous year [3] Group 2: Business Developments - Apollo Global Management is planning to divest its Heritage Grocers Group, potentially raising around $1.5 billion, as the grocery chain has faced challenges due to weak consumer spending [2] - The grocery chain's performance has been negatively impacted this year, particularly in Latino communities, due to concerns over immigration raids affecting consumer demand [2]

Crypto Economy & Credit - The cryptoeconomy fundamentally lacks credit, despite it being a foundation of major capitalist financial systems [1] - 3Jane is launching general-purpose uncollateralized lines of credit on Ethereum mainnet [1]

All right, first I want to start off with your quarter. Congrats on the quarter you beat. When it came to EPS, what was the driver of the beat.>> For us, really strong uh topline revenue growth. Net interest income was strong. We've had good loan growth. We've had almost $1.2% billion in loan growth, kind of a 10% annualized growth rate over the last six months.That was a big driver for us. And then on the fee revenue side, operating revenue was really strong for us. 123 billion of uh assets under managemen ...