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Dow Jones Deutschland – While hedge funds suffer from redemptions and closures amid volatile markets, some firms are taking advantage of falling valuations and market dislocations to launch new funds.
Mark Fuchs, chief executive of Singapore-based Fuchs Capital Partners, said in an interview with Dow Jones Newswires that he is launching a hedge fund focused on trading blue-chip, large-capitalized Southeast Asian stocks in the region in two months.
Fuchs, the former head of Credit Suisse Group’s (CS) Southeast Asia equities division, has teamed up with two other Southeast Asian veterans: Winston Loke, who was previously Credit Suisse’s Chief Operating Officer for Asia-Pacific ex-Japan, Australia equities and Mark Maroongroge, most recently a portfolio manager with London-based hedge fund HBK Capital Management. He declined to elaborate on the size of the fund, however, other than to say it will start off "modest" in size but would eventually be "significant."
Reuters – U.S. President Barack Obama‘s $825 billion stimulus plan cleared its first Congressional hurdle as the Federal Reserve eyed more extreme measures to ease credit market strains, boosting Asian stocks despite deep skepticism that a global slowdown can be reversed quickly.
Signs of corporate distress were still obvious regardless of the passage of Obama’s bill through the House of Representatives, the first big legislative success of his new presidency.
Sony Corp followed fellow Japanese electronics maker Canon Inc with a dismal quarterly profit report on Thursday as the fallout grows from a global crisis which has already cost trillions of dollars and threatens millions of jobs.
Reuters – Asian stocks rose to a two-month high on Monday, with expectations for a global economic recovery later this year on the back of massive government spending prompting investors to wade back into riskier assets.
Regional equities have risen for six consecutive days, bolstered by expectations big government stimulus spending packages in coming weeks will revive growth and banks will eventually lend to each other again.
Major European stocks were expected to open as much as 0.4 percent higher, according to financial bookmakers, on hopes companies will benefit from the collective efforts of central banks and other policymakers.
