Photo by Safin Hamed/AFP/Getty Images

Sovereign wealth funds now manage a whopping $7.45 trillion in assets, up 13% from last year, according to a new report from research firm Preqin.

Why it matters: State-backed investment funds have amassed an unprecedented amount of influence in global capital markets.

More data from the Preqin report:

  • Around $5.5 trillion is managed by just 10 SWFs.
  • 71% of SWFs have seen asset increases over the past year (up from 51% a year ago). Much of that rise can be attributed to the bull market for public equity.
  • 51% of the total capital is held by hydrocarbon-funded SWFs.
  • The top asset classes for SWFs are public equities (82%) and fixed income (78%).
  • 60% of SWFs invest in private equity. A notable exception remains Norway's GPFG, which also is the world's largest SWF with $1.06 trillion in AUM.
  • Only 35% invest in hedge funds, although that percentage has increased in each of the past two years.

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Trump's swift, sweeping China offensive

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President Trump's rhetoric on China has tended to run hotter than his actions — until now.

Why it matters: Even at the height of Trump's trade war, his administration never hit China as hard, as fast, and on as many fronts as it is right now.

Liberty University's Jerry Falwell Jr. agrees to “indefinite leave of absence”

Liberty University President Jerry Falwell Jr. in 2019. Photo: Ethan Miller/Getty Images

Jerry Falwell Jr. will take an “indefinite leave of absence” from his roles as president and chancellor of Liberty University after posting a photo of himself with unzipped pants and an arm around a woman on social media, according to the school.

The state of play: The picture, which has since been deleted, drew backlash and charges of hypocrisy from conservative political figures because the university's honor code strictly prohibits students from having "sexual relations outside of a biblically-ordained marriage," and recommends they dress with“appropriateness” and “modesty."

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 19,189,737 — Total deaths: 716,669 — Total recoveries — 11,610,192Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 4,917,050 — Total deaths: 160,702 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: White House recommends Trump issue executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.