Morgan Stanley plans to launch a full range of wealth management services in the land of poutine, ice hockey, and maple syrup. The U.S. wirehouse announced it is partnering on the initiative with Toronto-based Canaccord Genuity. Morgan Stanley Wealth Management Canada will offer full-service financial advisors, “virtual” advisors, a discount brokerage, and online investment management.
Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.
Coronavirus Widens Retail Divide, Leaving Macy’s and Victoria’s Secret Behind: The coronavirus pandemic is widening the divide between retailers that are drawing shoppers and those that are losing business, accelerating a split that had been playing out before the health crisis forced some chains to temporarily close stores.
PLANNING & INVESTING
Wishful Thinking Makes This a Tough Market to Beat: Investors are just as prone to wishful thinking as anyone else, but this week’s wild stock swings showed that even unwarranted hope can be applied entirely rationally.
From Dow Jones Newswires
Women are significantly more vulnerable to losing their jobs during the current health and economic crisis than men, with female layoffs having the potential to trim $1 trillion off global GDP, says Citi. Of 44 million workers in vulnerable sectors, about 31 million female workers face potential job cuts due to Covid-19 compared to 13 million men. “Roughly $1 trillion of global GDP could be lost” if 31 million women out of 200 million working in six key sectors lost their jobs, Citi estimates. Preliminary data suggest that women are already bearing brunt of layoffs, it says.(email@example.com; @lorena_rbal)
Only 19% of the U.S. debt downgraded to junk makes it ways back to investment-grade, while a similar proportion, or 12%, defaults, Deutsche Bank research shows. “Over history only a marginally higher amount of debt gets upgraded versus defaults,” it says. By comparison, more European fallen angel gets upgraded back to high grade, around 21%, and only 5% end up in some kind of default or restructuring event, says the German bank. A standstill in economic activity as lockdowns keep businesses shut have led to a wave of rating downgrades and increased expectations of a large debt-rating migration from investment-grade to junk.(firstname.lastname@example.org; @lorena_rbal)
BUSINESS & PRACTICE
Large Tech Companies Prepare for Acquisition Spree: After pushing the pause button during the coronavirus pandemic, big enterprise-technology companies later this year are expected to go on a shopping spree for smaller tech firms, industry analysts say.
Amazon Plans Five New Solar Projects: Amazon.com said it plans five solar projects in China, Australia and the U.S. that could help it reach its aim of 100% renewable energy five years ahead of the 2030 target.
Americans Are Cooking More Seafood, but Fishermen Are Struggling: The coronavirus crisis is hitting seafood businesses even harder than the meat industry, prompting fishermen and processors to overhaul their operations and look for new customers.
TRAVEL & LIFESTYLE
Heading Back to the Drive-In: After decades of closures, the pandemic is introducing a new generation to the fun of 1950s-style outdoor moviegoing.
– Texas Institutional Real Estate Investor Forum/ Sept. 3/ Austin, TX
– Alliance of Comprehensive Planners/ Oct. 27-30/ Atlanta, GA
– Private Wealth California Forum/ Oct. 15/ Los Angeles, CA
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SOURCE: MoneyBeat – Read entire story here.