Ashmore Group Q2 AUM Rises Sequentially

Ashmore Group Plc (ASHM.L), an asset manager focused on emerging markets, said in a trading update for the quarter to December 31, 2022 that its assets under management have gone up with modest easing of global macro concerns, which supported emerging markets to deliver strong returns over the quarter.

For the December quarter, the assets under management have increased to $57.2 billion, from the immediately preceding quarter’s $56 billion, comprising positive investment performance of $3.8 billion and net outflows of $2.6 billion.

Mark Coombs, CEO of Ashmore Group, said: “Emerging Markets’ strong performance over the past three months reflects a positive shift in investor sentiment against a backdrop of light positioning and highly attractive valuations. Some of the headwinds of 2022, such as the Fed’s aggressive policy tightening, are receding, China re-opening its economy will stimulate activity more broadly, and a number of emerging countries are starting to see deflation as a consequence of effective monetary policy action over the past two years.

Assura Says Market Position, Growth Opportunities Strong

Assura Group (AGR.L), a primary care property investor and developer, said in a trading update for the third quarter to December 31, 2022, that it has posted a good progress with a strong market position.

For the three-month period, the firm recorded portfolio of 607 properties with an annualized rent roll of 141.6 million pounds.

Jonathan Murphy, CEO, said: “…Three developments and three asset enhancement projects reached practical completion, providing high-quality new or improved premises for nearly 100,000 patients. Our on-site activities progressed well, with a further 11 developments and seven asset enhancement projects on track to complete in the coming months. This includes initiating our first forward-funding deal in Ireland.”

Farm Bureau, Deere & Co. Sign MoU Giving Farmers Right To Repair Their Equipment

The American Farm Bureau Federation (AFBF) and Deere & Co., one of the world’s largest manufacturers of farming equipment, signed a Memorandum of Understanding (MoU) that will allow farmers to repair their own farm equipment.

David Gilmore, a senior vice president at Deere & Co., says the MoU will help farmers get equipment back in the field quickly following a breakdown.

He added that as a result of the partnership, farmers can repair their equipment and have access to the diagnostic tools and product guides so that they can find the problems and find solutions for them.

Previously, farmers did not have the freedom to repair their equipment where they wanted to, and were only allowed to use authorized parts and service facilities rather than cheaper independent repair options.

In an executive order that he signed in 2021, President Joe Biden had urged the Federal Trade Commission to draft a federal policy giving permission to customers to repair their own products, especially in the technology and farming sectors.

The MoU was announced at the 2023 American Farm Bureau Federation Convention in San Juan, Puerto Rico.

The MoU, which provides big relief for farmers and ranchers in the United States, comes after several years of discussions.

AFBF President Zippy Duvall said this was an issue that has been a priority for the organization for several years and has taken a lot of work to get to this point.

UMC Q4 Profit Rises With Strong Revenue Growth – Quick Facts

United Microelectronics Corp. (UMC), a Taiwanese semiconductor firm, reported Monday that its fourth-quarter net income attributable to the shareholders of the parent was NT$19.1 billion or NT$1.54 per share, up 19.6 percent from NT$15.95 billion or NT$1.30 per share a year ago.

Earnings per ADS were $0.251, up from $0.212 a year ago.

Fourth-quarter consolidated revenue was NT$67.84 billion, a growth of 14.8 percent from NT$59.10 billion last year. Sequentially, revenues decreased 10 percent.

Looking ahead, Jason Wang, co-president of UMC, said, “Given the soft global economic outlook for 2023, we expect the current challenging environment to persist through the first quarter as customers’ days of inventory are still higher than normal while order visibility remains low. To manage this period of weakness, the Company is implementing strict cost control measures and deferring certain
capital expenditures where possible.”

Gold Drops From Nine-month High In Thin Trade

Gold prices were moving lower on Monday but held near a nine-month high amid signs of easing inflationary pressures in the United States and expectations for smaller interest-rate hikes.

Spot gold slipped 0.2 percent to $1,915.93 per ounce, while U.S. gold futures were down 0.2 percent at $1,918.60.

The dollar index rebounded from a seven-month low and bond yields across Europe climbed, denting bullion’s appeal and triggering some profit booking after recent strong gains. Meanwhile, a holiday in U.S. markets made for thin trading.

U.S. gold futures have risen 5 percent since 2023 began as a result of falling yields and a weakening dollar.

A survey by the University of Michigan on Friday indicated the U.S. consumer sentiment was improving while one-year inflation forecast fell to the lowest level in January since early 2021.

Investors keenly await cues from a key Bank of Japan (BOJ) policy meeting this week amid speculation that the Bank of Japan might shift away from its ultra-easy monetary policy.

Oil Prices Slip After Recent Strong Gains

Oil prices were moving lower on Monday, after having jumped around 8 percent last week on optimism about improved demand from China and expectations that the Federal Reserve may ease its aggressive rate hikes.

Benchmark Brent crude futures declined 0.6 percent to $84.81 a barrel, while West Texas Intermediate crude futures were down 0.8 percent at $79.44 amid thin trading due to a public holiday in the United States.

The downturn comes amid profit taking and concerns that rising numbers of COVID-19 cases in China, the world’s top crude importer, ahead of the Lunar New year holiday might create hurdles in ways of returning to normalcy.

The World Health Organization has appealed to China to keep releasing information about its wave of COVID infections after the government announced nearly 60,000 deaths since early December.

The announcement on Saturday was the first official death toll since the ruling Communist Party abruptly dropped anti-virus restrictions in December.

Looking ahead, investors await monthly reports from the Organization of the Petroleum Exporting Countries and the International Energy Agency this week for clarity on global demand and supply outlook.