November, 2020

• 29 November

  HSBC considering exit from US retail banking

  

  Bloomberg HSBC Holdings Plc is considering an exit from US retail banking, according to a report by the Financial Times. In the coming weeks, senior managers will outline the plan to the bank’s board, the newspaper said, citing two unidentified people familiar with the matter. They are also likely to suggest reducing investment banking activities to concentrate on international clients …

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• 29 November

  ECB officials signal support for bank dividend return

  

  Bloomberg A growing number of top European Central Bank (ECB) officials are voicing support for ending the de facto ban on banks paying dividends during the pandemic, laying the groundwork for a resumption next year and a return of investor confidence to the sector. Bank of France Governor Francois Villeroy de Galhau became the third ECB governing council member to …

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• 29 November

  Trump nominates top bank regulator

  Bloomberg President Donald Trump formally nominated Brian Brooks to take over a key banking regulator, potentially forcing Joe Biden to fire him after the president-elect is sworn in. The White House said it had sent the nomination to the Senate, where Senate Banking Committee Chairman Mike Crapo has already signalled that Brooks would get a confirmation hearing for a five-year …

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• 29 November

  China should open up finance sector: PBOC

  Bloomberg China’s finance sector should open up further to support the “dual circulation” economic strategy and mitigate risks in the industry, a central bank official said. More liberalisation in the financial sector would provide extra support to the real economy, according to Liu Guiping, vice governor of the People’s Bank of China (PBOC). He was speaking at a forum organised …

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• 29 November

  BBVA, Sabadell takeover talks collapse over price dispute

  

  Bloomberg Banco Bilbao Vizcaya Argentaria (BBVA) SA and Banco de Sabadell SA ended short-lived takeover talks in a disagreement over the price, setting back consolidation in a banking market hit hard by the Covid-19 pandemic. Discussions about a purchase of Sabadell by BBVA to create the second-largest domestic lender in Spain collapsed after the two sides couldn’t agree on the …

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• 29 November

  Bargain frenzy gives $1.7trn lift to Europe’s stock market

  

  Bloomberg In a record-breaking month that added $1.7 trillion to European equities, none rallied as hard as unloved bargain stocks. The Stoxx Europe 600 Index has surged 15% in November, on track to overtake the previous record set in April 2009 in the aftermath of the global financial crisis. Now, like then, value and cyclical sectors such as banks, insurance …

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• 29 November

  Most Middle East stocks rise to track peers, oil higher

  

  Bloomberg Most Middle East stock markets advanced, taking their cue from rising crude oil prices and gains elsewhere in emerging markets last week. Indexes in Saudi Arabia, Abu Dhabi, Bahrain and Oman climbed as much as 0.3%, while those in Kuwait slipped. The Tadawul All Share Index in Riyadh rose for the sixth consecutive session to trade at the highest …

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• 29 November

  Guggenheim fund reserves right to invest in Bitcoin Trust

  Bloomberg Count Guggenheim Partners LLC among those institutional investors casting an eye on cryptocurrencies. Guggenheim is reserving the right for its $5.3 billion Macro Opportunities Fund — which aims for total return via fixed income and other debt and equity securities — to invest in the Grayscale Bitcoin Trust. The trust’s shares are solely invested in Bitcoin, and track the …

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• 29 November

  Oil gains for fourth straight week ahead of Opec+ output meeting

  

  Bloomberg Oil rose for a fourth straight week, buoyed by optimism over Covid-19 vaccine progress ahead of an Opec+ ministerial gathering next week. Futures in New York advanced 8% this week, despite edging lower. The shape of the oil futures curve firmed over recent sessions with some nearer-dated futures contracts rising above later-dated ones. It’s a sign of how the …

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• 29 November

  Japan’s largest carrier to raise $3.2b as outbreak roils airlines

  

  Bloomberg ANA Holdings Inc will raise as much as 332.1 billion yen ($3.2 billion) via an overseas and domestic share placement as airlines around the world rush to shore up their finances amid the coronavirus pandemic. Japan’s largest carrier, whose shares have slumped 30% this year, will use the proceeds to repay long-term debt and buy Boeing 787 aircraft to …

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