October, 2021

• 28 October

  SNB warns of risks with green economy push

  

  Bloomberg Actively pushing for a green transformation of the economy could undermine the effectiveness of the Swiss National Bank’s (SNB) monetary policy, Governing Board Member Andrea Maechler said. While the SNB takes climate change very seriously and is buying green bonds as part of its reserve management, officials need to remain within the bounds of their mandate, Maechler said in a …

  Read More »
• 28 October

  Zimbabwe says no to US dollar as sole currency

  Bloomberg Zimbabwe’s government has ruled out adopting the US dollar as the country’s sole official currency, terming it “suicidal,” the state-run Sunday Mail reported, citing Finance Minister Mthuli Ncube. Ncube said such a move could result in foreign currency deficits and deflation for the African nation. “We cannot adopt the United States dollar alone as the official currency,” Ncube told …

  Read More »
• 28 October

  Paraguay central bank raises key rate to 2.75%

  Bloomberg Paraguay’s central bank surprised economists by delivering its biggest interest rate increase in a decade as rising prices for food and imported fuel push inflation well above target. The central bank’s board unanimously voted to tighten by 125 basis points to push its key rate to 2.75%. The decision followed a 50 basis-point hike last month and a 25 …

  Read More »
• 27 October

  Global banks up pressure on Hong Kong to ease curbs

  

  Bloomberg The finance industry is ratcheting up pressure on Hong Kong to ease its strict quarantine rules and abandon its zero-Covid-19 policy after a survey found almost half of major international banks and asset managers are contemplating to move staff or functions out of the city. In a letter sent over the weekend to Financial Secretary Paul Chan that was …

  Read More »
• 27 October

  HKEX suffers profit decline as China crackdown roils market

  

  Bloomberg Hong Kong’s stock exchange (HKEX) reported its second consecutive quarterly profit decline against a backdrop of a widening crackdown by China on a broad range of sectors that roiled markets and triggered delays of major initial public offerings. Dragged down by falling investments, net income at Hong Kong Exchanges & Clearing Ltd fell to HK$3.25 billion ($418 million) in …

  Read More »
• 27 October

  Canadian stocks add $191 billion of value in longest rally ever

  

  Bloomberg The Canadian stock market posted its longest streak of gains ever as a rally in commodities pushed the benchmark higher for a 14th straight session. The S&P/TSX Composite Index rose 0.3% to an all-time high. It has added about C$237 billion ($191 billion) in market value during its recent winning streak, according to data compiled by Bloomberg. US oil …

  Read More »
• 26 October

  China’s supply chain risk gives little-known India stocks a boost

  

  Bloomberg China’s darkening supply-chain clouds have brought a silver lining to some lesser-known Indian stocks, in particular those which stand to benefit from expanding global supplier lists as well as the nation’s efforts to create worldwide champions. Electronic-parts maker Dixon Technologies (India) Ltd has jumped more than 80% this year, partly driven by hopes that the Samsung Electronics Co supplier …

  Read More »
• 26 October

  HSBC upgrades China stocks to overweight in rebuff to bears

  

  Bloomberg HSBC Holdings Plc analysts upgraded their call on Chinese stocks to overweight, saying investors had become too bearish on a market that now offers value in real estate, industrials, healthcare and some banks. “We think the baby is being thrown out with the bathwater,” Herald van der Linde, the bank’s head of equity strategy for Asia Pacific and colleagues …

  Read More »
• 25 October

  Emerging-market stocks roar higher on signs of best earnings

  

  Bloomberg Investors in emerging-market stocks are finally getting rewarded, as promising signs for company earnings prompt the longest weekly rally since June. For the first time in three years, developing-nation companies are beating profit forecasts, with average earnings coming in 3.6% above analysts’ projections, according to data compiled by Bloomberg. That helped to deliver a third week of gains for …

  Read More »
• 25 October

  Alibaba has lost $344b in world’s biggest wipeout

  

  Bloomberg Few people could have predicted the downward spiral for Alibaba Group Holding, when founder Jack Ma delivered a blunt criticism of China’s financial system last October. Yet one year on, the technology titan has lost a whopping $344 billion in market capitalisation — the biggest wipe-out of shareholder value globally, according to data compiled by Bloomberg. Shortly after the …

  Read More »