Finance Knuggets
Nov 20, 2025
- Email from Matthew C. Klein (Subject: The “Sell America Trade”, QT, and Foreign Banks)
- Foreign-related institutions have shed approximately $400 billion in dollar deposits at the Federal Reserve since July, reducing their overall U.S. exposure.
- This reflects a shift with implications for the U.S. balance of payments.
- Foreign banks have been shedding assets in their U.S. branches and agencies at a record pace since July, coinciding with a broader $500 billion decline in deposits held by all banks at the Fed.
- This pullback follows a period where foreign banks lent export earnings to their U.S. branches to purchase reserves at the Fed, supporting the dollar exchange rate.
- If foreign bank flows continue to reverse, it may exert downward pressure on the dollar absent offsetting investments by portfolio or direct investors.
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The recent sharp reduction contrasts with the previous years when foreign banks maintained or increased U.S. exposures.
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Email from Asian Business Review (Subject: Taiwan non-life growth drivers | Global renewables pass $800b | Pumped hydro drives PH clean energy)
- Taiwan’s non-life insurance sector maintains steady growth, supported by stable underwriting performance.
- Global investment in renewable energy exceeded $800 billion in 2024, although clean power growth slowed by 7.3% last year.
- Pumped hydro technology is a key component in the Philippines’ clean energy transition, offering long-duration storage solutions.
- Medical costs are increasing, with 57% of insurers expecting further rises in claims over the next three years.
- Hong Kong remains a top priority for Italian companies expanding in Asia, with 93% affirming its strategic value.
- Western Union and TenPay Global launched a co-branded store in Singapore to enhance omni-channel remittance services.
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The Asia-Pacific region leads global retail growth with a 5% rise in real spending, and store-based retail sales are projected to grow 20.4%.
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Email from MarketWatch (Subject: Need to Know: T-bill and chill: Robinhood CIO on what to do after the selloff and the danger markets are ignoring)
- Stephanie Guild, Robinhood CIO, reports everyday investors remain calm and are not panicking amid the recent market selloff.
- Guild describes the recent pullback as “healthy” but prefers corrections to come sooner to support a sustainable bull market.
- She has been reducing tech exposure and increasing T-bill allocations since September to manage risk.
- Investors are struggling to find high-conviction buys beyond healthcare and see value in cautious positions or waiting with T-bills.
- Promising sectors include undervalued Chinese tech, industrials, and defense, benefiting from government spending incentives.
- There is growing concern about risk in the opaque private credit market and potential impacts on borrowing ability.
- Key market data: S&P 500 down 3.35% over 5 days, Nasdaq down 4.41%, treasury yields rising, gold up 55% year-to-date.
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Upcoming events include Nvidia earnings, Philadelphia Fed survey, bond auction, and Fed meeting minutes release.
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Email from Ben Murray (TheSaaSCFO.com) (Subject: SaaS Math vs. AI Math – Who Wins?)
- The newsletter addresses hype versus reality surrounding SaaS math compared to AI math.
- Readers are offered a downloadable AI vs SaaS financial template.
- The 7th Annual Tech Stack Survey is open, encouraging participation to understand current software usage.
- Upcoming live sessions include a talk with Maxio on ways finance teams can unlock efficiency without adopting a full ERP.
- The email features articles and podcasts on SaaS metrics, automated billing, and managing subscriptions efficiently.
- Sponsored content highlights include a CFO’s guide to cutting software expenses before year-end and fundraising advice for SaaS and AI startups.
- Ben Murray has over 25 years of finance/accounting experience and serves as a SaaS CFO.
- The newsletter aims to support finance professionals with templates, models, events, and a professional community.
Stay Well!
