US regulators move to impose new levy on big banks; What are millionaire stockholders’ top investments?

A new levy on large US banks has been proposed by regulators, set to deliver a two-year blow to earnings.

New data has explored the most popular holdings of over 1,000 millionaire investors on the SelfWealth platform, with almost a third being held in self-managed superannuation funds.

There are unlikely to be rate cuts by central banks this year, according to JPMAM’s Kerry Craig, but investors need to prepare their portfolios for a 2024 rate reversal.

The fund management firm’s proprietary risk dashboard has predicted a 75 per cent probability of a recession in the US.

New data has revealed that while more Australians are investing responsibly, those who are sceptical of ESG have hardened their stance.

Morningstar’s managing director for Australia and New Zealand, Jamie Wickham, is to depart the business after 17 years and will be replaced by the firm’s wealth head.