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India's second largest asset manager turns to telecom and utilities firms as bets on a recovering economy are materializing. Because the nation has curbed the second wave by localized curbs versus a nationwide lockdown, the impact on economic activity and businesses has been much lower--value cyclicals could see yet more gain this year.The combined value of all shares traded in India recently rose above $3 trillion for the first time, burnishing its status as the world’s eighth-largest stock market. The benchmark S&P BSE Sensex is trading at about 22 times its 12-month forward earnings estimates, versus a five-year average multiple of 18.5 times, data compiled by Bloomberg show.

Unsurprisingly, AMC take the first stop, with over $10 billion in options premium spent for the stock last week. Tesla is second, followed by the SPDR S&P 500 ETF Trust and Amazon. 

According to Bank of America, this is one of the best month in history for active fund managers, as their strategies beat the overall market. February was even stronger, with 70.3% of stock pickers beating the market. These two months are now the strongest month in history since 2007. As a comparison, in the past 12 months, only one third of active managers had managed to beat the Russell 1000. 

Clothing traffic and brick and mortar sales have been on the rise, says credit card data from Bank of America. The week ended May 29th shows a 24.4% YoY increase in retail sales (excluding cars). E-commerce sales have actually slowed down a bit but are still up 1.3% YoY, which volume is still bulky considering an impressive 2020 e-commerce year. 

Kraft Heinz Co. will buy back as much as $2.8 billion of its bonds as the company is looking to progressively cut its debt load after having sold their nuts business. They will repurchase as many as 10 individual notes with maturities ranging from 2028 to 2042. This is already the second debt buyback this year for the company.