China State Funds Start Selling in Warning Sign for Stock Rally

(Bloomberg) — China acted to cool the speculative frenzy in its $9.5 trillion stock market, ending a euphoric eight-day surge that had fueled worries of a new bubble in the making.

Signs of Beijing’s unease over the rally’s speed emerged late Thursday, when a pair of government-owned funds announced plans to trim holdings of stocks that soared this week. On Friday the state-run China Economic Times warned about the dangers of a “crazy” bull market, while Caixin reported that regulators had asked mutual fund companies to cap the size of new products.

Traders said the moves amounted to a warning from Chinese officialdom that the country’s world-beating equity boom has gone too far, too fast. While cheerleading from state-run media helped ignite gains at the end of last month, authorities appear keen to engineer a steady bull market rather than a repeat of the bubble that ended in a $5

Read More

5 Stocks Set to Rally

The coronavirus-led lockdown fueled a number of trends, one of those being the rapid shift to online shopping as brick-and-mortar stores remained shut during lockdowns.

Staying Indoors Boosts Online Shopping

The coronavirus pandemic compelled many retailers to shut down stores through March, April and May, driving the crowd to online platforms. Even though the economy is reopening, consumers continue to shop through online retail channels. This is because the lockdown measures may be easing but signs of resurgence of coronavirus and unavailability of a proper vaccine have been keeping people at home.

Moreover, e-commerce offers a lot many advantages over traditional retail. All items, from grocery, home furnishing to exotic meals, can be delivered to one’s doorstep. In fact, online channels offer greater convenience during thepandemic. Consumers do not need to worry about social distancing and avoid hassles like wearing a mask,which has been made a compulsion in brick-and-mortar stores.

Read More

Online disruption of Trump rally highlights K-pop’s political hustle

New York (AFP) – Legions of K-pop fans and TikTok users are taking credit for upending Donald Trump’s weekend rally after block-reserving tickets with no intention to attend an event that was beset by an embarrassingly low turnout.

Prior to the event in Tulsa, Oklahoma — hyped as a major relaunch ahead of the November election — Trump’s campaign chairman tweeted that more than a million tickets had been requested.

But according to the local fire department, just 6,200 people attended.

Viral posts on TikTok and Twitter revealed that plans to reserve tickets en masse had been circulating for days, racking up hundreds of thousands of views.

One video urged fans of the South Korean “K-pop” sensation BTS — one of the world’s most popular bands, with more than 21 million Twitter followers — to participate in the plot.

“Oh no, I signed up for a Trump rally, and I

Read More