Last week, more than 6.6 million new workers filed for unemployment benefits. This week, the figure topped 5.2 million, bringing the total number of Americans unemployed to 22 million. We have formally wiped out all job gains since the end of the Great Recession.
This morning, markets continue their rebound from last week’s brutal selloff. However, this appears to be a “technical” bounce back driven heavily by futures trading. It’s clear from the data that not many believe last week to be the last of the selloff. Markets anticipate an aggressive response to coronavirus by central banks around the globe. President Donald Trump has reportedly asked the Fed for a large cut in the wake of Australia’s 25-basis point cut on Tuesday.
A new Preqin report shows that the alternative assets industry has reached “14 figures.” Total AUM surpassed $10 trillion for the first time in 2019. The industry added at least $700 billion to that figure during the first six months of the year. The combination of long-term performance at funds, increasing asset prices, and expected returns helped bolster private asset management.
Today, the DailyAlts Playbook talks about short strategies for Tesla and Apple, where Ken Griffin was on Wednesday, Kyle Bass’ Hong Kong worries, and the GAO’s statement on Donald Trump.
Tribune Publishing buyouts are coming. And it didn’t take long for newsroom jitters to become a reality. Just two months after Alden purchased a 32% stake in the publisher, it has offered buyouts to Tribune employees. The hedge fund is notorious for reducing employee headcounts and expenses at the publications it purchases.