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    Trip.com up more than 4% in Hong Kong IPO; top executive expects 'record number' of China travelers

    Online travel agency Trip.com made a strong debut in Hong Kong on Monday, with shares rising around 4.55% from their issue price.The China-based company now joins other U.S.-listed Chinese tech heavyweights such as Alibaba, JD.com and Baidu that have returned closer to home via secondary offerings in Hong Kong. It priced its initial public offering at 268 Hong Kong dollars per share, and raised 8,478 million Hong Kong dollars ($1.09 billion) assuming the over allotment option is not exercised.The secondary listing comes as Chinese tech companies continue to face the threat of being delisted in the U.S., clouding investor sentiment.This May holiday we already have … some of the number(s) coming in and we’re looking at record number of travelers in China — probably even double digit growth from the pre-Covid levels.James Liangexecutive chairman, Trip.com GroupJames Liang, executive chairman of Trip.com Group, told CNBC the “main reason” for the company’s secondary listing in Hong Kong was to make it more convenient for global investors in Asia and China to trade its stock.”Most of our customers are in Asia, I think it’s actually pretty natural for us to (be) listed in Hong Kong,” he said Monday in an interview with CNBC’s “Street Signs Asia.”‘Very optimistic’ about May holidaysEven as much of the global travel market continues to falter due to the coronavirus pandemic, Trip.com expects a “record number of travelers in China” during the upcoming long holiday in May.”This May holiday we already have … some of the number(s) coming in and we’re looking at record number of travelers in China — probably even double digit growth from the pre-Covid levels,” according to Liang. The Labor Day holidays run from May 1 to 5 in China.In particular, higher end accommodation such as resorts and short distance travel are expected to see “very, very fast growth” that could actually more than offset the decline in international travel, Liang projected.An employee walks through the reception area at the Trip.com Group Ltd. headquarters in Shanghai, China, on Thursday, Feb. 4, 2021.Qilai Shen | Bloomberg via Getty Images”The money that people save from buying the international air ticket, people spend on hotels especially high-end hotels and cars, you know, local transportation,” he said. “Even though the total transaction amount may not be reaching a record level, but then in terms of number of travelers and in terms of the margins, we’re very optimistic.”China was the first country to report about the coronavirus pandemic. Following strict lockdown measures that were instituted across the country weeks after the earliest Covid-19 cases emerged in Wuhan city late 2019, the country largely managed to contain the virus’ spread and emerged in 2020 as one of the few major economies that expanded that year.By contrast, authorities in other countries continue to wrestle with inoculating their populations in the face of increasing virus infections and potential mutations.One example is India which has experienced a second wave of coronavirus infections since February that last week overtook Brazil to become the second worst- affected country in terms of cases, behind only the U.S. More

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    Chile has one of the world's best vaccination rates. Covid is surging there anyway

    A health worker administers a dose of the Pfizer-BioNTech vaccine against Covid-19, to a man at the Medalla Milagrosa Church in Valparaiso, Chile, on April 6, 2021.JAVIER TORRES | AFP | Getty ImagesLONDON — Chile’s vaccination campaign against the coronavirus has been one of the world’s quickest and most extensive, but a recent surge in infections has sparked concern beyond its borders. Almost 40% of the South American country’s total population have now received at least one dose of a Covid-19 vaccine, according to statistics compiled by Our World in Data, reflecting one of the highest vaccination rates in the world.Only Israel and the U.K., respectively, have inoculated a larger share of their population with at least one dose.Nonetheless, Chile has endured a sharp uptick in coronavirus infections in recent weeks, even with its world-renowned vaccine rollout and strict lockdowns in place for much of its 19 million inhabitants.The Pan American Health Organization’s regional director has since emphasized that for most countries in the region, vaccines won’t be enough to prevent rising infection rates.The number of daily cases in Chile rose to a record high on April 9, climbing above 9,000 for the first time since the pandemic began and significantly higher than the peak of almost 7,000 recorded last summer.Health Minister Enrique Paris on Thursday told reporters that he hoped the surge in daily cases had now climbed to its highest point.”Once we reach that peak, we expect not a reduction but a stabilization and then a return to smaller numbers of positive patients,” he said, according to Reuters.What has gone wrong?Health experts say the country’s latest surge in cases has, in part, been driven by more virulent strains of the virus, a relaxation of public health measures, increased mobility and defiance of simple precautions — such as physical distancing and wearing a mask.Chile’s center-right government, led by President Sebastian Pinera, had ordered the closure of the country’s borders from March to November of 2020, albeit with a few exceptions, before the decision was taken to reopen them to international passengers late last year.Shops, restaurants and some holiday resorts were also opened in a bid to boost the country’s pandemic-stricken economy.Passengers in protective suits against the spread of the novel coronavirus disease, queue at counters at Arturo Merino Benitez International Airport in Santiago on April 1, 2021, after Chile announced it will close its borders in April as of Monday amid a surge in COVID-19 cases.MARTIN BERNETTI | AFP | Getty ImagesYet, while the country’s vaccination rollout powered ahead of most, the spread of a more virulent strain of the virus — such as the P.1 variant, first discovered in travelers from Brazil — has led to a substantial rise in cases.There have also been questions raised about vaccine efficacy, given Chile’s widespread use of CoronaVac, the coronavirus vaccine manufactured by Chinese firm Sinovac.It comes after the head of China’s Centre for Disease Control and Prevention said earlier this month that China may need to replace its Covid vaccines or change the way they are administered in order to make them sufficiently effective.”We will solve the problem that current vaccines don’t have very high protection rates,” George Gao, director general of the Chinese CDC, said at a conference on April 11. He has since told state media that his comments were misunderstood.Late-stage data of China’s Covid vaccines remain unpublished, and available data of the CoronaVac vaccine is varied. Brazilian trials found the vaccine to be just over 50% effective, significantly less effective than the likes of Pfizer-BioNTech, Moderna and Oxford-AstraZeneca, while Turkish researchers have reported efficacy as high as 83.5%. An ambulance leaves the Carlos Van Buren Hospital, which is overwhelmed by the large number of Covid-19 positive cases, in Valparaiso, Chile on April 6, 2021.JAVIER TORRES | AFP | Getty ImagesA study published by the University of Chile earlier this month reported that CoronaVac was 56.5% effective two weeks after the second doses were administered in the country. Crucially, however, they also reported that one dose was only 3% effective.”This would help to explain why Chile — with one of the world’s most robust vaccine rollouts but 93% of the doses coming from China — has experienced a simultaneous significant expansion in cases, and a much slower decline in hospitalizations and deaths compared to the early rollouts in Israel, the United Kingdom and the United States,” Ian Bremmer, president of risk consultancy Eurasia Group, said in a research note.”Chile and the United Arab Emirates are both considering implementing a third dose (so a second booster shot) of the Chinese vaccine accordingly; a change in communications that will increase vaccine hesitancy for the Chinese vaccines more broadly,” Bremmer said.’Comprehensive strategies'”I cannot stress this enough — for most countries, vaccines are not going to stop this wave of the pandemic,” Carissa Etienne, director of PAHO, said during a weekly press briefing on Wednesday. “There are simply not enough of them available to protect everyone in the countries at greatest risk.”Etienne pressed policymakers in the region to implement “comprehensive strategies” to speed up the rollout of vaccines and stop transmission by using proven public health measures.On April 14, the Americas reported more than 1.3 million Covid infections and nearly 36,000 deaths in the past week, according to data compiled by the United Nations health agency. To date, the Americas has recorded 58.8 million cases and more than 1.4 million deaths, making it the worst-affected region in the world.”We are not acting like a region in the midst of a worsening outbreak,” PAHO’s Etienne said, describing South America as the “epicenter” of the virus.In addition to relaxed restrictions in some areas, Etienne said new and highly transmissible variants of the virus had prompted a steep acceleration of cases. At present, Brazil, Colombia, Venezuela, Peru, and some areas of Bolivia are reporting a sharp uptick in infections.Paraguay, Uruguay, Argentina and Chile are also experiencing a continuing increase in Covid cases, Etienne said. More

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    Major Asian bank says it’s not practical in the short term to cut off clients in the coal business

    In this articleDBSM-SGSINGAPORE — Singapore’s largest bank DBS Group Holdings said it’s not practical to cut off clients in the coal business in the short term.DBS on Friday announced that it aims to eliminate thermal coal financing by 2039.To get there, DBS will cease taking on new clients that derive more than 25% of their revenue from thermal coal with immediate effect. And from January 2026, the bank will stop financing clients with more than 50% of their revenue from thermal coal — except for their non-thermal coal or renewable energy activities.Explaining the 50% threshold, DBS Chief Executive Piyush Gupta cited how it’s “impossible” to expect energy majors BP, Exxon Mobil and Shell to reduce their oil business significantly in the next five years.Piyush Gupta, chief executive officer of DBS Group Holdings.Bryan van der Beek | Bloomberg | Getty Images”Similarly the whole bunch of conglomerates that we deal with, for whom coal is one part of their business but they’re increasingly trying to do other stuff, they’re trying to build a renewable business, they’re trying to get into other forms of activities,” he told CNBC’s “Squawk Box Asia” on Friday.”For us to say that we won’t deal with any client if your coal is more than 50% of business becomes very hard and that’s just the practical reality. You do want to help them do the other things, you do want to help them build a wind plant, you do want help them continue and diversify their business, you want to help them in the transition,” said Gupta, who’s a member of CNBC’s ESG Council.Avoiding ‘greenwashing’Banks globally have come under pressure by shareholders and lobbyists to stop financing coal and play a larger role in promoting sustainability practices among their clients.Gupta acknowledged that it’s “very hard” to make sure that businesses are not “greenwashing” — a term used to describe giving a misleading impression of green credentials.Part of the problem is not having a clear framework to measure how companies are living up to their ESG — environmental, sustainability and governance — targets, said the CEO.ESG is a set of criteria used to measure a company’s performance in areas ranging from carbon emissions to contributions to society and staff diversity.”The reality is we rely on our clients in many cases to disclose what they’re doing. I can’t physically go to every mine they have around the world, to every plant they have around the world,” he said, adding that DBS also uses third-party consultants to audit and check on its clients.As attention on ESG practices grows, disclosure standards will likely improve, said Gupta.”So while there will be greenwashing at the margin, I think the degree of scrutiny is increasing and that will allow people to get more and more comfortable that what is being done is indeed the right stuff,” he said. More

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    China is starting clinical trials of a Covid vaccine that can be inhaled

    In this article6185-HKChina’s CanSino Biologics will be starting clinical trials for a Covid-19 vaccine that is administered through inhalation next week, the company’s co-founder and Chief Executive Xuefeng Yu told CNBC on Sunday.Efficacy rates for China’s Covid vaccines have been found to be lower than those developed by Pfizer-BioNTech and Moderna. Earlier this month, the director of the Chinese Center for Disease Control publicly acknowledged that Chinese vaccines “don’t have very high protection rates” and that they were considering giving people different Covid shots to boost vaccine efficacy.Yu told CNBC that an inhaled vaccine could be more effective than those injected given that the coronavirus enters the human body through the airways.CanSinoBIO is jointly developing the inhalation vaccine with the Beijing Institute of Biotechnology. To be clear, the company’s Adenovirus Type 5 Vector vaccine — or Ad5-nCoV — administered by injection was already approved for use in China and several other countries.People receiving Covid-19 shots at a temporary vaccination site on April 15, 2021 in Kunming, Yunnan Province of China.Liu Ranyang | China News Service | Getty ImagesSpeaking to CNBC’s Arjun Kharpal at the Boao Forum for Asia in the Chinese province of Hainan, Yu explained that theoretically, an inhaled vaccine could provide additional protection by activating antibodies or T cells — white blood cells that are vital to the immune system — in the airways.If that protection layer fails and the virus travels deeper into the body, other parts of the immune system could still fight the Covid virus, added Yu.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:Chile has one of the world’s best vaccination rates. Covid is surging there anywayHalf of U.S. adults have received at least one Covid shot in milestone for vaccination campaignFauci says U.S. will likely resume use of J&J Covid vaccine with a warning or restrictionChina is starting clinical trials of a Covid vaccine that can be inhaled”So you add more layers — makes sense, right? So that’s why we’re going through the mucosal route,” he said.The CEO said the company has used the same concept to develop an inhalation vaccine for tuberculosis or TB. Trials conducted in Canada showed that the inhaled dosage for the TB vaccine needed to provide protection is “much, much less than the actual injection,” he said.Boosting vaccine efficacyCanSinoBIO’s single-dose injected Covid vaccine has been approved for use in several countries including China, Pakistan, Mexico and Hungary.The company said interim data from phase three clinical trials overseas showed its vaccine was 68.83% effective at preventing symptomatic Covid-19 disease two weeks after one injection, while the rate fell to 65.28% after four weeks, reported Reuters.In comparison, updated data showed the Pfizer-BioNTech shot was 91% effective at preventing infection, while Moderna said its vaccine was more than 90% effective six months after the second shot.Yu said CanSinoBIO has studied adding a booster shot six months after the first injection, which managed to improve the immune response to the coronavirus.  “That’s also indicating that our vaccine could be boosted — whether it’s being mixed with others or do it our own, I think that needs truly a scientific study. We need to actually have data to demonstrate which way could be better,” said the CEO.Reuters reported on Monday that Chinese researchers are testing mixing Covid vaccines developed by CanSinoBIO and a unit of Chongqing Zhifei Biological Products. The trial, under way in the eastern city of Nanjing, is expected to involve 120 participants, said the report.China was the first country to report cases of Covid-19 in late 2019 and appears to have largely contained the outbreak. The country has said it aims to vaccinate 40% of its population by June. More

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    European Super League announced — with 12 football clubs, including six from England

    Trent Alexander-Arnold of Liverpool controls the ball during the UEFA Champions League Quarter Final Second Leg match between Liverpool FC and Real Madrid at Anfield on April 14, 2021 in Liverpool, England.Shaun Botterill | Getty Images Sport | Getty ImagesTwelve of Europe’s leading football clubs have agreed to establish a Super League, despite widespread criticism of the plans.A statement from the new competition said: “AC Milan, Arsenal, Atlético Madrid, Chelsea, Barcelona, Inter Milan, Juventus, Liverpool, Manchester City, Manchester United, Real Madrid and Tottenham Hotspur have all joined as founding clubs.”It is anticipated that a further three clubs will join ahead of the inaugural season, which is intended to commence as soon as practicable.”Florentino Pérez, president of Real Madrid and the first chairman of the Super League, said: “We will help football at every level and take it to its rightful place in the world. Football is the only global sport in the world with more than four billion fans and our responsibility as big clubs is to respond to their desires.”The project is being launched to rival UEFA’s Champions League format which currently dominates European football and it comes as UEFA was due to sign off on plans for an expanded and restructured Champions League on Monday.The new Super League has been criticized by politicians, such as Prime Minister Boris Johnson and Labour Party leader Sir Keir Starmer, as well as former players such as Gary Neville.Mr Johnson said the new league would “strike at the heart of the domestic game, and will concern fans across the country.”Read more stories from Sky SportsFurious Neville ‘disgusted’ by Euro Super League planEuropean Super League: The key questionsRussell slams ‘dangerous’ Bottas after huge Imola crashHe added: “The clubs involved must answer to their fans and the wider footballing community before taking any further steps.”Sir Keir said the plans had ignored the fans, adding: “Football in empty stadiums hasn’t been the same over the last year. I can’t wait to get back to games. But this proposal risks shutting the door on fans for good, reducing them to mere spectators and consumers.”The clubs involved in this proposal should rethink immediately. And if they don’t, they should face the consequences of their actions. Because football without fans is nothing.”Former Manchester United defender Gary Neville told Sky Sports: “I’m not against the modernisation of football competitions, we have the Premier League, the Champions League, but I think to bring forward proposals in the midst of COVID and the economic crisis for all clubs is an absolute scandal.”United and the rest of the ‘Big Six’ that have signed up to it against the rest of the Premier League should be ashamed of themselves.”Neville added: “They should deduct six points off all six teams that have signed up to it. Deduct points off them all. To do it during a season? It’s a joke.”UEFA, the FA, and the Premier League are among others to have expressed opposition, saying in a joint statement that they “remain united in our efforts to stop this cynical project”, adding: “We thank those clubs in other countries, especially the French and German clubs, who have refused to sign up to this.”This persistent self-interest of a few has been going on for too long. Enough is enough.”The English FA said: “We would not provide permission to any competition that would be damaging to English football, and will take any legal and/or regulatory action necessary to protect the broader interests of the game.”The Super League competition will see 20 participating clubs – 15 founding clubs and a further five teams able to qualify annually based on their achievements during the previous season.It will begin in August with clubs participating in two groups of 10, playing home and away fixtures, some during the week, with the top three in each group qualifying for the quarter-finals.Teams finishing fourth and fifth will compete in a two-legged play-off for the remaining quarter-final spots before a knockout format is used to reach the final at the end of May, which will be staged as a single fixture at a neutral venue.Club players will be able to continue competing in their national leagues and, as soon as possible after the men’s competition begins, a women’s league will also be launched. More

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    Stock futures fall in overnight trading after Dow, S&P 500 close at record highs

    U.S. stock index futures declined in overnight trading on Sunday, after the S&P 500 and Dow Jones Industrial Average closed at record highs on Friday.Futures contracts tied to the Dow slid 99 points, or 0.29%. S&P 500 futures dipped 0.28%, while Nasdaq 100 futures were 0.22% lower.Stocks are coming off a week of gains as earnings topped estimates and strong economic data lifted the major averages. The S&P and Dow advanced 1.38% and 1.18% last week respectively for their fourth straight week of gains, while the Nasdaq Composite posted its third positive week in a row.Earnings season kicked off last week when the major banks reported quarterly results, and a host of companies are set to provide their updates this week. Ten Dow components will report, along with 72 S&P 500 companies.Coca-Cola, IBM and United Airlines are among the names set to report earnings on Monday.Despite stocks trading around record levels, UBS on Friday lifted its forecast for the year. The firm now envisions the S&P 500 ending 2021 at 4,400, which is roughly 5% above where the benchmark index closed on Friday.”While investing at all-time highs may be daunting for some, we believe there is more upside ahead,” the firm wrote in a note to clients. “Following two rounds of stimulus deployed in the quarter and the ongoing vaccination effort, there is growing evidence that U.S. economic activity is picking up. The latest jobs data, business sentiment readings, and retail sales all point to a strong recovery.”The Russell 1000 Growth index has outperformed over the last month, gaining 10% compared to the Russell 1000 Value index’s 4% rise, clawing back some of the recent losses after a jump in yields sparked a rotation out of technology and growth-oriented areas of the market.Over the last three months value stocks are still outperforming, however, and Bank of America believes there’s more upside ahead for the group. On Friday analysts at the firm said to “stick with value,” noting that it still trades at a “steep discount vs. growth despite the recent strength.”On the coronavirus front, White House chief medical advisor Dr. Anthony Fauci said he expects the U.S. will resume administration of the Johnson & Johnson vaccine. The Food and Drug Administration asked states last week to temporarily halt using the single dose vaccine “out of an abundance of caution” after six women developed a rare blood-clotting disorder.”My estimate is that we will continue to use it in some form,” Fauci said Sunday during an interview on NBC’s “Meet the Press.” “I doubt very seriously if they just cancel it. I don’t think that’s going to happen. I do think that there will likely be some sort of warning or restriction or risk assessment.”Bitcoin pulled back over the weekend after hitting an all-time high of $64,841 Wednesday morning, according to data from Coin Metrics. On Sunday evening the cryptocurrency traded at $55,805.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today More

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    UK scientists launch human challenge trial to study Covid reinfection

    Caroline Nicolls receives an injection of the Moderna Covid-19 vaccine administered by nurse Amy Nash, at the Madejski Stadium in Reading, west of London on April 13, 2021.STEVE PARSONS | AFP | Getty ImagesLONDON — Researchers at the University of Oxford on Monday announced the launch of a human challenge trial to better understand what happens when people who have already contracted the coronavirus are infected for a second time.Researchers will examine what kind of immune response could prevent people from becoming reinfected with Covid-19 and investigate how the immune system reacts to the virus a second time round.At present, little is known about what happens to people who have already had the virus when they are infected for a second time.The trial will take place in two phases, with different participants in each phase. The first phase is scheduled to get underway this month and the second phase is due to start in the summer.In medical research, human challenge trials are controlled studies that involve deliberately exposing participants with a pathogen or a bug to study the effects.”Challenge studies tell us things that other studies cannot because, unlike natural infection, they are tightly controlled,” said Helen McShane, chief investigator of the study and professor of vaccinology at the Department of Paediatrics, University of Oxford.”When we re-infect these participants, we will know exactly how their immune system has reacted to the first COVID infection, exactly when the second infection occurs, and exactly how much virus they got,” McShane said.It is hoped the study will help to improve scientists’ basic understanding of the virus and help to design tests that can reliably predict whether people are protected.What happens in each phase?For phase one, up to 64 volunteers aged between 18 to 30-years-old who have previously been naturally infected will be re-exposed to the virus in controlled conditions.Researchers will oversee the care of the participants as they undergo CT scans of the lungs and MRI scans of the heart while isolating in a specially designed suite for a minimum of 17 days.All of those who take part are required to be fit and well and must have completely recovered from their first infection of Covid to minimize risk.The trial participants will only be discharged from the quarantine unit when they are no longer infected and at risk of spreading the disease.A view of the City of London on a clear day.Vuk Valcic | SOPA Images | LightRocket via Getty ImagesThe second phase of the trial will explore two different areas.”First, we will define very carefully the baseline immune response in the volunteers, before we infect them. We will then infect them with the dose of virus chosen from the first study and measure how much virus we can detect after infection. We will then be able to understand what kind of immune responses protect against re-infection,” McShane said.”Second, we will measure the immune response at several time points after infection so we can understand what immune response is generated by the virus,” she added.The full length of the study will be 12 months, including a minimum of eight follow-up appointments after being discharged.”This study has the potential to transform our understanding by providing high-quality data on how our immune system responds to a second infection with this virus,” Shobana Balasingam, vaccines senior research advisor at Wellcome, a charitable foundation that is funding the study.”The findings could have important implications for how we handle COVID-19 in the future, and inform not just vaccine development but also research into the range of effective treatments that are also urgently needed,” Balasingam said. More

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    Market bull predicts stocks could surge another 8% by July, but lacks clarity on rest of year

    With stocks at all-time highs, one of Wall Street’s biggest bulls is taking his optimism up a notch.Federated Hermes’ Phil Orlando believes the S&P 500 could hit his year-end price target of 4,500 by July, which implies about an 8% gain from current levels.”At the pace the economy is growing and earnings are growing, you know we might get there earlier,” the firm’s chief equity market strategist told CNBC’s “Trading Nation” on Friday.Last week, Orlando’s firm upgraded its GDP forecast to 6.4% for the year, citing the positive impact stemming from President Joe Biden’s $1.9 trillion coronavirus aid package. Federated came into the year with a 6.1% forecast.”If we’re right with our 6.4% estimate, that’s going to be the strongest full-year GDP growth since 1984. We posted a 7.2% rate,” said Orlando.The upgrade comes as earnings season kicks into high gear. So far, Orlando likes what he sees.”First quarter earnings are coming in very strong. Looks like we could be up 30% year over year. The earnings recession is over,” said Orlando. “In the second quarter, which will enjoy the full benefit of some of this fiscal stimulus, we could be looking at an earnings growth rate twice that on a year over year basis.”Zoom In IconArrows pointing outwardsBut his optimism comes with a catch: Orlando is concerned about the year’s second half due to a lack of clarity surrounding the future of an infrastructure package and inflation. He believes the risks could weigh on stocks and spark a correction.”The question is when we get to the end of the summer, and we’re looking at say a Core PCE [personal consumption expenditures price index] that’s up around 2.5%, is that going to plateau and then begin to normalize? You know, is it transitory in Fedspeak? Or, have we started to sow the seeds of a more sustainable increase in inflation? We don’t know the answer to that right now,” said Orlando.If inflation proves to be lasting, he wonders if the Federal Reserve will adjust its easy money policy as 2021 progresses.”These are important questions,” he said. “Right now we’re just going to have to watch and wait and make our best judgment later in the year.”For now, Orlando, who oversees more than $619 billion in assets, isn’t making any giant moves. He’s sticking with a playbook designed to profit from the reopening economy and a monster market year.His top picks include financials, energy, consumer discretionary, industrials, small caps and international stocks, with an emphasis on emerging markets.”Those categories have outperformed growth and technology since last Labor Day,” Orlando said. “We think that trade has legs, and it will continue through the balance of this year — probably into the early stages of next year, as well.”CNBC’s Robert Hum contributed to this report.Disclaimer More