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Wall Street’s record rally lifts global stocks

While markets in Asia were relatively flat yesterday, European indices opened positively as investors’ signalled optimism following the S&P 500’s fresh all-time high in the previous session. London’s FTSE 100 also joined its European peers in the green for the day, as US indices extended yesterday’s day of gains.

Fund managers turn most bullish since February

A Bank of America survey has found fund managers overseeing $489bn to be the most bullish they have been since the coronavirus pandemic. Most (79%) expect to see a stronger economy, the most upbeat forecast since 2009, with 46% describing equities as being in a bull market – up from 40% in July.

Intel’s pain is AMD’s gain

The two chipmakers have had contrasting fortunes so far this year, as shares in AMD outperform its rival by 79% YTD through 17 August. The divergence between the two companies could likely grow too, as Intel struggles to manufacture its 7nm chips amid AMD’s rising demand for its own version of the CPUs.

Miller Tabak bear says to “raise cash now”

Matthew Maley, a strategist at the firm, believes the recent rally could see a correction in the near-term, suggesting a fall between 10% and 15%, according to MarketWatch. He says investors should look to take advantage of the next downturn by raising capital now, echoing his recommendation from earlier this year.

Amazon takes a bite out of Deliveroo

The retail giant’s long-delayed 16% investment in the UK food delivery firm has been a major driver of the stock’s recent rally. Since the UK competition watchdog approved the investment on 6 August, Amazon’s share price has rose 2.37% to close at $3,299.68 yesterday.

Diverging currencies

After recovering 15% from its March low, the pound has finally joined the other G-10 currencies in erasing its year-to-date losses. The rally, however, has mostly been driven by the underperformance in the dollar – which hit a 27-month low on Tuesday. For Larry Williams, a renowned trader, the dollar could be bottoming, CNBC reports. He believes it could start rallying again as a result.

Allianz Global Investors strategist’s four “hybrid” plays

Mona Mahajan, who oversees $550bn, recently told CNBC about four sector picks that she believes will produce profits whether the market moves higher or lower in the third quarter. These include equities in the ESG (including clean energy), housing, mobile payments and medical technology spaces.

Epic Games’ battle royale with Apple

The gaming publisher filed a motion for an injunction against the tech giant on Monday, after it was notified that its developer accounts would be cut off next week. The move is the latest escalation against Apple and Google, which have both removed Fortnite from their respective app stores.

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