Illustration: Aïda Amer/Axios

The most powerful actors in the financial world might well be the index providers. They essentially compel all passive investors when it comes to their asset allocation. They also create the benchmarks against which nearly all active investors are measured.

The state of play: When indices change, billions of dollars of money can end up moving as a result. When it comes to emerging markets, the two giants of the indexing world are the MSCI for stocks and the EMBI for bonds. When those indices are altered, all emerging-market fund managers, be they active or passive, will feel the consequences.

  • Index providers are susceptible to government coercion. China twisted MSCI's arm to try to persuade it to include Chinese stocks in its emerging market index. Meanwhile, Venezuelan politicians aligned with Juan Guaidó, who may or may not be the president of Venezuela depending on who you believe, want JPMorgan, which runs the EMBI index, to keep the country in the index, despite the fact that it's illegal for Americans to buy Venezuela's bonds.

The bottom line: Everything is susceptible to human biases, even supposedly objective indices. People think that the S&P 500 includes the 500 biggest stocks in America, for instance, but it doesn't: Tesla has never been included. If you can influence the people who determine what gets into the index and what doesn't, that's real power.

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Biden campaign using Instagram to mobilize celebrity supporters

Collins appears on the Build live interview series in November 2019. Photo: Gary Gershoff/Getty Images

The Biden campaign is launching a new initiative today that will draft Hollywood celebrities for Instagram Live chats with campaign officials and other Biden supporters.

Why it matters: The campaign, called #TeamJoeTalks, is an attempt to open up a new front on social media, drawing on celebrities’ Instagram followers to help find and motivate voters while large parts of the country remain locked down.

Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 5 a.m. ET: 11,458,291 — Total deaths: 534,460 — Total recoveries — 6,184,379Map.
  2. U.S.: Total confirmed cases as of 5 a.m. ET: 2,888,729 — Total deaths: 129,947 — Total recoveries: 906,763 — Total tested: 35,512,916Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity — Houston mayor warns about hospitals
  4. Public health: U.S. infections hit record highs for 3 straight days.
  5. Politics: Former Trump official Tom Bossert says face masks “are not enough”
  6. World: Mexican leaders call for tighter border control.
Column / Harder Line

Coronavirus topples 2020 energy and climate predictions

Illustration: Annelise Capossela/Axios

In early January, I laid out 10 energy and climate change issues to watch this year. Spoiler alert: A pandemic was not on that list.

The big picture: The coronavirus has left no part of our world untouched, energy and climate change included. Let’s check in on my 2020 predictions at the halfway mark of this tumultuous year.