Weekly Market Update - 29 July 2024

Dalio Delay

An investment partnership between Ray Dalio’s family office and Abu Dhabi’s Sheikh Tahnoon bin Zayed Al Nahyan has been delayed as Bridgewater Associates grapples with the legal terms of its billionaire founder’s exit from the firm. One of the questions is whether Dalio, who built Bridgewater into a $160 billion behemoth, might use the company’s intellectual property if he proceeds with the tie-up, sources told Bloomberg. The 74-year-old signed a non-compete agreement upon departing the world’s largest hedge fund several years ago. Dalio’s planned venture with Sheikh Tahnoon, one of Bridgewater’s top clients, will put that contract under the microscope.

Source: Bloomberg

Campaign Cash

Kamala Harris’ presidential campaign raised $81 million in its first 24 hours. Her campaign says this is the largest 24-hour fundraise of any candidate in history. Less than 24 hours after Biden’s stunning exit from the presidential race, the vice president appears to have a clear path to the nomination. No other prominent Democrats said they would challenge her. She took over Biden’s campaign, which was renamed “Harris for President,” giving her access to its $96 million war chest. In India, the Harris candidacy received a muted response, despite her well-documented Indian heritage. There is little indication that her presidency would meaningfully change the trajectory of the US-India relationship, which has strengthened in recent decades under both Republicans and Democrats.

Source: Bloomberg

Funding Retirement

The number of Australians tapping a reverse mortgage-style product to help fund retirement is up almost 40% in the past year as calls increase for retirees to monetize the A$1.3 trillion ($870 billion) they have tied up in property. The nation’s Home Equity Access Scheme was used by more than 13,000 people in the year to June. Under the program, people who have reached the pension age of 67 can borrow against the equity in their property and take out a government loan. Those loans are generally recovered when the secured property is sold or from the person’s estate.

Source: Bloomberg