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The Jordanian military said it intercepted and shot down four missiles that entered its airspace from Iran.July 13 – As a $1.8 trillion rally that propelled Asian chipmakers to the ranks of the worlds largest companies begins to reverse, investors are cutting back on bets on Asian chip stocks, raising concerns about their excessive weighting in emerging market indices. Funds such as Fidelity International and BlackRock are expressing concern about the sustainability of the bull run in stocks like SK Hynix and Samsung Electronics. Over the past six months, the combined market capitalization of these three companies has nearly doubled, and their combined weighting in the MSCI Emerging Markets Index is now approximately 29%, exceeding the weighting of most single countries. Caroline Shaw, multi-asset portfolio manager at Fidelity International, stated that the high concentration of the index, coupled with the significant increase in leveraged bets on South Korean chip stocks amplifying price volatility, are "worrying signs." In the MSCI Emerging Markets Index, the weighting of these three stocks is currently almost three times the total weighting of all Indian stocks, and SK Hynix alone has a weighting exceeding the combined weighting of Brazil and South Africa. Wei Li, global chief investment strategist at BlackRock Investment Institute, said the firm is “happy to take profits at this stage” and reduce its overweight position in emerging market stocks relative to benchmarks due to the volatility in some large chip and memory stocks.According to the Financial Times, serious divisions within the Bank of Englands Monetary Policy Committee make it more difficult for the bank to rebuild its credibility after five years of inflation exceeding its target.According to the Financial Times, investors are reducing their bets on Asian chipmakers.July 13 - Antengene (06996.HK) announced that it has received a US$60 million upfront payment from UCB for ATG-201. This upfront payment under the landmark agreement with UCB further strengthens the Groups cash position and provides strong financial support for advancing the Groups innovative drug pipeline and accelerating access for more patients.

Phillips 66 Trademarks Mark Lashier will Succeed Greg Garland as CEO

Haiden Holmes

Apr 13, 2022 09:44

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Lashier, a chemical engineer who joined the firm three decades ago in the chemicals division, was named president and chief operating officer a year ago after leading Chevron Phillips Chemical Co, the company's joint venture with Chevron Corp (NYSE:CVX), since 2017.


Garland has considered refining as a mature company and has concentrated its efforts on expanding its energy infrastructure, chemicals, and establishing a presence in electric vehicle battery components. It spent around $150 million last year for a 16.5% share in Novonix Ltd, an Australian provider of lithium-ion battery materials.


Garland "built a market-leading diversified energy manufacturing and logistics organization while investing for the future and producing solid financial returns," according to Glen Tilton, lead independent director of Philips 66.


Although the Houston company's non-refining initiatives have generated great shareholder returns, its shares have lately underperformed bigger competitors that benefitted from increasing gasoline margins during pandemic lockdowns.


Lashier is expected to pursue Garland's diversification approach, which includes biofuels, hydrogen, and battery components. However, he must demonstrate that he can match competitors Marathon Petroleum Corp (NYSE:MPC) and Valero Energy (NYSE:VLO), which increased shareholder returns by selling off retail operations and diversifying into renewable diesel, analysts said.


Phillips 66 (NYSE:PSX) traded at $81.97 on Tuesday, up 13% year to date, compared to 34% year-to-year gains at Marathon and Valero and around 96% year-to-date gains at PBF Energy (NYSE:PBF).


"Lashier's task is to increase the company's value," Matthew Blair, an analyst at Tudor Pickering Holt & Co., said. "He will face inquiries regarding the company's non-refining businesses' value and what he can do to boost stock price performance and capitalize on the potential valuation."

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