November, 2021

• 4 November

  Digital yuan users in China surged to 140m, says PBOC

  

  Bloomberg China has increased the number of individuals with digital yuan accounts to 140 million, with 10 million corporate accounts created, a top official at the People’s Bank of China (PBOC) said. Transactions in e-CNY, as the currency is known, reached 62 billion yuan ($9.7 billion) in trials rolled out in about a dozen regions, Mu Changchun, head of the …

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• 4 November

  StanChart leaves investors waiting for return to growth

  

  Bloomberg Standard Chartered Plc shares fall as it set out a return to growth after the Covid-19 pandemic that was slower than some of its rivals. The London-based lender said it continues to expect earnings to be little changed on the full year but that growth should reach its expected range of 5% to 7% in 2022. Rivals such as …

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• 4 November

  State Bank of India profit tops estimates on lower provisions

  Bloomberg Shares in State Bank of India reached a record after profit at the nation’s largest lender beat estimates, helped by write-backs and fewer provisions for bad loans. Net income in the second quarter jumped 67% to 76.3 billion rupees ($1.02 billion) in the quarter ending September, according to a statement on Wednesday. That exceeded the average estimate of 66.5 …

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• 4 November

  UBS set to start digital wealth manager in US

  

  Bloomberg UBS Group AG is starting a digital wealth manager in the US to grab a bigger share of the country’s market for retirement savings and stock options, in a move that will pit it against the top Wall Street banks on their home turf. The new digital bank will service affluent customers with between $250,000 and $2 million in …

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• 4 November

  Won jumps as BOK tries to tame inflation with rate hike

  

  Bloomberg South Korea’s won has regained some ground after a dismal third quarter and a coming interest-rate hike could give it another boost. The won could rise as high as 1,120 per dollar this quarter from around 1,182 now as the Bank of Korea (BOK) moves to normalise policy and uncertainties surrounding the Fed’s tapering eases, according to Kiwoom Securities …

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• 4 November

  BofA to apply to set up brokerage unit in China

  Bloomberg Bank of America Corp (BofA) is planning to apply to set up a securities firm in China, playing catchup to rivals including JPMorgan Chase & Co and Goldman Sachs Group Inc. in an expansion into the $54 trillion financial market. The bank aims to apply for regulatory approval early next year. It plans to submit applications for licenses allowing …

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• 4 November

  Strategists keep faith in stocks, view Fed-hike bets as overdone

  

  Bloomberg Markets are bracing for a pivotal Federal Reserve meeting that’s expected to lay out a roadmap for tapering pandemic-era stimulus and perhaps provide clues about the timing of a liftoff in interest rates. The prospect of rising borrowing costs to fight inflation has roiled bonds and flattened the Treasury yield curve, suggesting a slower economic recovery lies ahead. But …

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• 4 November

  South Korea’s largest payments app more than doubles in debut

  

  Bloomberg Kakao Pay Corp, South Korea’s largest mobile payments app, more than doubled in its debut in Seoul, following a rocky path to public markets that was marked by heightened regulatory scrutiny. Shares of Kakao Pay surged more than 150% in early trading on Wednesday after pricing the offering at 90,000 won. The startup, backed by Jack Ma’s Ant Group …

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• 2 November

  Equity bulls pause as Fed, economy risks dominate

  

  Bloomberg European stocks fall and US index futures were mixed as an earnings-driven rally stalled amid a deepening supply crunch and coronavirus curbs in China. The Treasury yield curve steepened before the Federal Reserve’s policy meeting. December contracts on the Dow Jones Industrial Average slipped after the underlying gauge surged past the 36,000 mark. Russell 2000 contracts rose. The yield …

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• 2 November

  ETP fund flows hit $1trn record as global assets rally

  

  Bloomberg In a year already packed with superlatives, the fund industry has a new milestone to celebrate. Inflows into exchange-traded products (ETFs) across the world have just surpassed $1 trillion in 2021, according to data compiled by Bloomberg. The $3.9 billion added by investors in the latest data carried the sum past the magic mark. Even with two months left …

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