March, 2021

• 2 March

  Myanmar to limit cash withdrawal from banks, ATMs

  

  Bloomberg The central bank of Myanmar is limiting cash withdrawals from banks and automated teller machines a month after the country’s military coup. Individuals will not be allowed to withdraw more than 2 million kyat ($1,406) from their bank accounts while businesses will be allowed to withdraw up to 20 million kyat a week, according to a directive signed by …

  Read More »
• 2 March

  Citi’s head of Hong Kong investment banking quits

  Bloomberg Christopher Laskowski, head of Hong Kong corporate and investment banking at Citigroup Inc., is leaving after 23 years at the US bank, according to people familiar with the matter. Laskowski, who also heads Citigroup’s Asia global asset managers with a focus on private equity and sovereign wealth funds, recently resigned. He joined Citigroup in New York in 1997 and …

  Read More »
• 2 March

  Goldman Sachs to jump back into cryptocurrency trading

  

  Bloomberg Goldman Sachs Group Inc. is restarting a trading desk for cryptocurrencies amid a surge in the value of Bitcoin, a person familiar with the effort said. The Wall Street bank will begin offering Bitcoin futures among other products by mid-March after halting a similar effort started in 2018, Crypto was once shunned at elite firms like Goldman Sachs, but …

  Read More »
• 2 March

  UBS says get ready for global equity rotation

  

  Bloomberg Less easy financial conditions will likely lead to lower overall returns in global markets while favouring growth stocks over value, according to UBS Group AG. Growth and earnings will become bigger drivers of returns next quarter, strategists including Bhanu Baweja wrote in a note. A bottoming in real rates and credit spreads will signal the end of a liquidity …

  Read More »
• 2 March

  HDFC says tech issue resolved

  Bloomberg India’s largest private lender, HDFC Bank Ltd., said issues related to internet banking were resolved after some customers faced second outage in three months. “There were intermittent issues in accessing Net Banking and Mobile Banking, faced by some of our customers. The issue stands resolved,” the bank’s spokesman said. The nation’s most valuable lender has been facing repeated technical …

  Read More »
• 2 March

  Central bank at cusp of reflation trade girds for long fight

  

  Bloomberg The Reserve Bank of Australia (RBA) signalled it’s ready for a prolonged battle with bond traders betting on a reflation wave sweeping across the global economy. “The bank remains committed to the 3-year yield target and recently purchased bonds to support the target and will continue to do so as necessary,” Governor Philip Lowe said in a statement, after …

  Read More »
• 2 March

  Investors put record $86bn into stock ETFs in February

  

  Bloomberg When faced with a spike in Treasury yields and a tech sector pullback that erased $1 trillion from stock prices, exchange-traded fund (ETF) investors decided to pour more money into equities. Despite the recent turmoil in the bond market, the S&P 500 Index extended a rally from its March 2020 lows to more than 70% and ETFs tracking stocks …

  Read More »
• 2 March

  Stock rally ebbs as commodities dip; dollar advances

  

  Bloomberg Most Asian stocks slipped on Tuesday along with US and European equity futures as investors weighed the impact of the recent climb in bond yields and a Chinese official’s warning about asset bubbles. The dollar rises. Shares in China and Hong Kong led the regional decline. S&P 500 and Nasdaq 100 futures turned lower. China is “very worried” about …

  Read More »
• 2 March

  Oil powers ahead as key Opec+ meeting looms, markets rally

  

  Bloomberg Oil rebounded from its biggest slump since November ahead of a key Opec+ meeting that may see some supply returned to a fast-tightening market. Futures in New York rose above $62 a barrel. The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s …

  Read More »
• 1 March

  Texas power market $1.3b short post crisis

  

  Bloomberg Texas’s grid operator needs to come up with $1.3 billion to pay power plants for energy they supplied during last week’s historic blackouts, raising the prospect it may require a state bailout. The Electric Reliability Council of Texas, which manages most of the state’s grid, said it’s still waiting on more than $2 billion in payments from retail power …

  Read More »