September, 2020

• 15 September

  New Zealand braces for negative interest rates

  

  Bloomberg The kiwi has all but priced in a negative New Zealand cash rate. All that’s left is the question of when. After rallying more than 20% from its March low, the currency is coming under pressure as traders bet the benchmark rate could drop below zero in the first few months of 2021. Economic growth and consumer confidence data …

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• 15 September

  Singapore’s UOB to freeze hiring

  

  Bloomberg United Overseas Bank Ltd. (UOB) has imposed a freeze on hiring, pay and promotions as the Singapore lender prepares for a further decline in earnings following the coronavirus pandemic. The city state’s third-largest bank told staff that it expects the situation to worsen before improving when the government cuts some of its support, according to an internal memo sent …

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• 15 September

  Barclays Asia FX trading head leaves

  

  Bloomberg Barclays Plc asked Pritpal Gill, head of foreign exchange trading in Asia Pacific, to leave after about 18 months with the British lender. Gill, head of G10 foreign exchange and foreign exchange options trading in the region, is departing as part of cost cutting measures across the bank’s corporate and investment divisions. Gill joined Barclays in January 2019 and …

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• 15 September

  Citigroup to resume job cuts after pausing for pandemic

  

  Bloomberg Citigroup Inc. will resume job cuts starting this week, joining rivals such as Wells Fargo & Co. in ending an earlier pledge to pause staff reductions during the coronavirus pandemic. The cuts will affect less than 1% of the global workforce, the bank said in a statement. With recent hiring, overall headcount probably won’t show any drops, Citigroup said. …

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• 15 September

  Taiwan urging traders to spread out US dollar sales

  Bloomberg Taiwan’s central bank urged traders to show restraint in sales of US dollars and not to offload large amounts in single transactions, but didn’t set a cap, according to a statement from the monetary authority. The statement follows media reports that central bank has restricted banks’ sales of US currency to no more than $5 million per trade in …

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• 15 September

  European stocks, US futures gain on China economic data

  

  Bloomberg European stocks climbed for a third day, supported by improving Chinese economic data and positive results coming from retailers. US equity futures advanced and the euro strengthened. Ocado Group Plc rallied after the UK grocery delivery company reported a strong surge in sales. Hennes & Mauritz AB jumped after beating profit estimates. European government bonds fall. The offshore yuan …

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• 15 September

  Asia’s record debt spree meets pushback in emerging markets

  

  Bloomberg Bond investors in three of Asia’s biggest emerging markets are starting to push back against record increases in government borrowing, an ominous sign for policy makers trying to revive economic growth with fiscal stimulus. In India, dwindling appetite for sovereign bonds drove yields to their biggest increase in more than two years last month while Indonesia’s latest bond auction …

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• 14 September

  Saudi Aramco regains top spot from Apple

  

  Bloomberg Saudi Aramco is once again the world’s most valuable company after its market capitalization rose a shade above Apple Inc. amid a slump in US technology shares. The state oil giant’s stock gained 1.1% in Riyadh this month, despite Brent crude dropping 12% to below $40 a barrel as concerns about an acceleration in coronavirus infections mount. Meanwhile, Apple …

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• 14 September

  Allegro to cash in on online shopping boom with IPO

  

  Bloomberg Polish e-commerce group Allegro plans to raise about 1 billion zloty ($266 million) in an initial public offering in Warsaw, becoming the latest web-based company to take advantage of a buoyant market for the tech sector. Allegro’s private equity owners Cinven, Permira and Mid Europa Partners also plan to sell shares in the IPO, the company said in a …

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• 14 September

  Minister to guarantee Air France’s survival

  

  Bloomberg French Finance Minister Bruno Le Maire said he would guarantee the survival of Air France after his Dutch counterpart warned more cost cuts may be needed to get through the deep industry slump. France will “do what is necessary to guarantee the survival of Air France,” Le Maire said on France 2 television. “We’ve already done a lot, and …

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