Hedge Funds Go All In on Dollar, First Time in Over a Year (2 min read)
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Hedge funds are betting on the US dollar's longest streak of weekly declines in three years to reverse, despite many investors pricing in extreme rate cuts by the Fed. While overall investors remained bearish on the US dollar, the optimism among hedged funds came from the belief in the Fed’s willingness to battle inflation. A Fed Governor recently said he favors more rate hikes and it sent the dollar up for the second straight day on Monday. Data such as initial jobless claims will be closely watched by many this week as they seek to gauge the Fed’s next move.

China to Be Top World Growth Source in Next Five Years, IMF Says (2 min read)

China will become the biggest driver of global growth over the next five years, according to the International Monetary Fund (IMF). Based on their recent economic outlook, China's slice of global GDP expansion will be at 22.6%, India's will be 12.9%, and the US will add 11.3%. The IMF also expects growth contributions from Brazil, Russia, India, and China (BRIC) to outpace the G7 nations. However, the overall global growth anticipation is only about 3% over the next five years due to heightened recession risks and it is the weakest outlook in over 30 years.

Apple launches its savings account with 4.15% interest rate (2 min read)

Apple launched an Apple Card savings account with a 4.15% annual percentage yield (APY) and requires no minimum deposit or balance. Users can set up an account directly from the Wallet app on their iPhones. Daily Cash, which is the Apple Card reward program, will automatically be deposited to the savings account unless changed by the users. Apple’s new savings account is offered through Goldman Sachs. The average APY on savings accounts in the US is 0.35%, so Apple’s 4.15% APY is very high in comparison.

State Street tumbles as it loses key deposits (4 min read)
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State Street’s stock fell more than 10% after reporting a drop in net interest income, deposits and fee revenue during the first quarter. This is the latest sign of unease among investors as they examine how banks performed during a tumultuous period for the industry. The concern is that banks will have to pay more for deposits as interest rates rise and competition for customers intensifies, thereby reducing their margins. State Street’s net interest income was down 3% and its deposits fell by 5% compared to the fourth quarter of 2022.

New Global X ETF Targets Property Tech (2 min read)
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Global X has launched the first-of-its-kind thematic ETF that invests in property technology. The Global X PropTech ETF (PTEC) invests in companies that use technology to facilitate various aspects of property, from construction to management. The holdings are selected from both developed and emerging markets and each must have at least 50% of their revenue from property management, the real estate marketplace and platforms, and research and analytics. PTEC’s current largest holdings include KE Holdings, Costar Group, and Black Knight.

Leading Oil ETFs Post Longest Run of Weekly Outflows Since July (1 min read)
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The largest US-listed oil ETFs have experienced their longest run of outflows since mid-2022. The funds have lost $211 million collectively in net assets in the last four weeks. During the same period, oil prices have been rising after OPEC+ announced a surprise production cut. Some analysts say the withdrawals are due to profit-taking, while others point to macroeconomic worries and the rise of recession risks.

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Thomas

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