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The US asset manager BlackRock is losing more and more money in the dispute over the ESG criteria of asset managers. After Missouri and Louisiana withdrew funds from BlackRock on the grounds that the company was now focusing too much on its environmental, social and good governance (ESG) criteria at the expense of returns, Florida also announced the same.
The responsible chief financial officer of the US state, Jimmy Patronis, justified the move by saying that the company “openly stated that it has other goals than generating returns”. BlackRock is “concerned regarding the emerging trend towards such policy initiatives,” the asset manager said.
BlackRock has $8 trillion under management. At the same time, the company is under pressure from President Joe Biden’s Democrats to become more involved in ESG. Group boss Larry Fink said in October that he was being attacked equally from left and right: “So I’m doing something right.”
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Because the Republicans take over the majority in the House of Representatives, the group and competitors like Vanguard are threatened with new adversity in the ESG dispute from the beginning of January. This will enable them to hold hearings on ESG and urge regulators to scrutinize ESG funds more closely.
Apple stock directionless
Apple is the largest publicly traded company in the world and its share price might suffer as large institutional investors withdraw funds from it. So far this year, the share has lost almost 17 percent, most recently it has been mostly sideways. On the positive side, a rising MACD (Momentum) is supporting the stock. On the upside, the 200-day moving average (red) at $154 is the next resistance. The next support is at the uptrend line just above $135.
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