May, 2021

• 26 May

  Goldman sets up wealth JV with China’s largest bank

  

  Bloomberg Goldman Sachs Group Inc received approval from Chinese regulators to set up a wealth management joint venture (JV) in the world’s second-largest economy to go after an asset pool it estimated will surpass $70 trillion by the end of this decade. Goldman Sachs Asset Management will hold 51% in the venture, while wealth arm of Industrial & Commercial Bank of …

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• 26 May

  Yuan rises to 3-year high as PBOC signals comfort with rally

  

  Bloomberg China’s yuan advanced to a three-year high in onshore markets as the central bank signaled that it’s comfortable with a recent rally by setting a strong daily reference rate. The currency gained as much as 0.3% to 6.3913 per dollar in onshore markets, the highest since June 2018, while rising 0.4% offshore. The People’s Bank of China set its …

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• 26 May

  Indonesia central bank holds key rate steady, will focus on liquidity

  

  Bloomberg Indonesia’s central bank left its key interest rate unchanged for a third straight month, pledging to rely primarily on liquidity tools amid signs of a tentative recovery in Southeast Asia’s largest economy. Bank Indonesia held the seven-day reverse repurchase rate at 3.5%, as all 29 economists in a Bloomberg survey predicted. The central bank has cut the policy rate …

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• 26 May

  Bank of Korea forecasts in focus for exit clues

  

  Bloomberg Investors will scrutinise forecast upgrades expected from the Bank of Korea (BOK) for hints about when the bank is likely to end its run of record-low interest rates. South Korea’s central bank is seen raising its growth and inflation projections significantly at its Thursday meeting after recent economic data beat expectations. Still, analysts see the bank holding its key …

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• 26 May

  Deutsche Bank to move 100 jobs out of UK

  Bloomberg Deutsche Bank AG is moving about a quarter of its corporate bank’s UK staff to offices in the European Union and Asia as it looks to reduce costs at the division. The changes will see about 100 jobs move to cities like Berlin, Dublin, Frankfurt and various cities across Asia, according to people familiar with the matter, who asked …

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• 26 May

  New Zealand central bank signals rates may rise next year

  

  Bloomberg New Zealand’s central bank projected that its official cash rate may start to rise in the second half of next year, joining Canada in flagging a potential withdrawal of stimulus as economies recover from the pandemic. The kiwi dollar and bond yields surged. The Reserve Bank on Wednesday published OCR forecasts for the first time in more than a …

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• 26 May

  US equity futures surge as inflation fears wane

  

  Bloomberg American equity futures rise on Wednesday as more central-bank officials joined the chorus predicting that inflationary pressures are transitory, soothing new concerns raised by the latest US economic data. Contracts on the S&P 500 and Nasdaq 100 signalled stocks could move higher following a drop in US benchmarks overnight after home-sale and consumer confidence data suggested rising prices are …

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• 26 May

  Bullish signals suggest China’s stocks rally has further to go

  

  Bloomberg China’s stocks burst out of a tight trading range this week, and that may just be the start given the bullish signs for the market that have been forming under the hood. The country’s equity benchmark closed little changed with materials and financial shares being the best performers. The move came after the CSI 300 Index jumped 3.2%, the …

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• 26 May

  New Icelandic airline plans June launch after two-year hiatus

  

  Bloomberg Iceland will get a new airline next month as startup Play Air seeks to capitalise on the North Atlantic island’s recovery from the coronavirus crisis and inclusion on the UK’s green list for quarantine-free travel. The launch of flights to seven European cities from June 24 comes almost two years after Play was first conceived as a successor to …

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• 26 May

  Forever 21 owner Authentic Brands plans IPO this year

  

  Bloomberg Authentic Brands Group LLC, the owner of brands such as Brooks Brothers, Juicy Couture and Forever 21, is exploring going public as soon as this year, according to people with knowledge of the matter. The New York-based company has held discussions with potential advisers about an initial public offering, the people said, asking not to be identified because the …

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