Meta testing new subscription service for verified accounts (2 min read)
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Meta announced a new subscription service for Facebook and Instagram that grants users a verified account for a monthly fee, similar to the service Twitter released late last year. It will cost $11.99 a month on the web and $14.99 a month on iOS, and will be tested in New Zealand and Australia before rolling out to other countries. The subscription revenue may provide a new income stream for Meta as its online advertising business continues to slow, which has already caused its revenue to decline for three consecutive months.

"Big Three" passive fund giants now own more of Tesla than Elon Musk (2 min read)
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A recent report shows that Vanguard, BlackRock, and State Street combined have a 13.58% stake in Tesla, surpassing the 13% equity that Elon Musk holds. Vanguard owns 6.85% of Tesla, making it the second largest shareholder, while BlackRock and State Street have a 3.6% and 3.13% stake, respectively. Tesla shares have surged more than 69% this year, bringing hopes to many Tesla investors. However, the stock is still currently far below its peak price reached in November 2021.

Goldman Sachs sees China stocks surging as much as 24% by end of 2023 (2 min read)
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Goldman Sachs strategists predict that Chinese stocks could increase by up to 24% due to a shift from reopening to recovery in the economy. The MSCI China index is close to a correction territory after losing about 8% since reaching its peak at the end of January. The strategists expect growth to come from the consumer economy, as Chinese households have excess savings of over $400 billion this year. Professional speculators have also shown a greater appetite for Chinese stocks, according to Goldman’s brokerage data.

Oil rises 1% on China demand hopes and supply concerns (3 min read)
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The price of oil rose over 1% on Monday after sliding about 4% last week as the US reported higher crude and gasoline inventories. The gains on Monday were mostly driven by optimism over Chinese demand, with analysts expecting China's oil imports to hit a record high in 2023 as the country reopens. China remains the largest crude importer in the world. With OPEC and Russia recently cutting their oil output, analysts believe the increased demand from China will likely cause supply shortages that can drive prices to $100 a barrel by year-end.

Hedge Fund Launches Dip to the Lowest Level in Over a Decade (3 min read)
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There were only 938 hedge funds launched last year, the lowest number since 2010. The volume was significantly less than the peak years of 2020 and 2021, when new hedge funds reached 2377 and 2504, respectively. Most of the strategies of the new funds were long-short equity, despite poor performances last year. A possible explanation for the fall in launches is because of the asset shifts to larger, established firms due to recent market volatility, which made it harder for new hedge fund managers to raise seed money.

What Is a Growth ETF? (4 min read)
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Growth ETFs invest in rapidly growing companies with strong sales and high valuations. These ETFs have the potential for above-average returns but also carry above-average short-term market risk. The best growth ETFs for a portfolio depend on the investor's goals, time horizon, and risk tolerance. This article discusses the pros and cons of growth ETFs and highlighted the 10 best growth ETFs by AUM, expenses, and long-term performance.

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Thanks,
Thomas

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