September, 2019

• 10 September

  US stock futures drift as Treasuries hold steady

  

  Bloomberg US equity futures drifted while European shares fell and Asian stocks were mixed as investors marked time before key central bank meetings in the coming days. The dollar strengthened. Contracts on the three main US indexes signalled they’ll open with modest declines. The Stoxx Europe 600 Index dropped a second day, led by financial services and health-care shares. The …

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• 10 September

  Bigger is better for Europe stocks: SocGen

  

  Bloomberg Small is decidedly not beautiful for European equities, according to Societe Generale (SocGen) SA. Investors should short the Euro Stoxx Small Index while going long on the blue-chip Euro Stoxx 50 Index, given the prospect of greater “liquidity-driven shocks” ahead for markets, SocGen strategists said. European equity funds have registered almost nonstop outflows this year, a trend that isn’t …

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• 10 September

  Chinese investors stop HK stocks buying spree

  Bloomberg Chinese investors have paused in their pursuit of Hong Kong stocks. They sold a net HK$175 million ($22 million) of the city’s shares on Tuesday, according to data compiled by Bloomberg. That followed purchases of $10.2 billion over the previous 37 sessions, the longest streak since late 2017. Mainland traders had been attracted by cheap valuations as the benchmark …

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• 10 September

  Deutsche Bank CFO weakens revenue goal after 2 months

  

  Bloomberg Deutsche Bank AG Chief Financial Officer James von Moltke softened the lender’s mid-term revenue target just two months after setting it. The company now expects revenue of 24 billion euros ($26.6 billion) to 25 billion euros in 2022, von Moltke said at the Barclays Global Financial Services Conference in New York. That compares with a goal of about 25 …

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• 10 September

  Barclays keeps $2b in insurance costs

  

  Bloomberg Barclays Plc is putting aside an estimated 1.6 billion pounds ($2 billion) more after a rush in last-minute payment protection insurance claims, threatening t he lender’s promise to return more money to shareholders. The bank said a “significantly higher volume of PPI-related claims” ahead of the regulatory deadline led to the provision of between 1.2 billion pounds and 1.6 …

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• 10 September

  Ex-chief Brexit negotiator to join Goldman Sachs

  Bloomberg Few geopolitical events have distracted global banks more than the endless twists and turns of Brexit. Now, Goldman Sachs Group Inc is hiring a former public servant steeped in the UK’s attempts to sever itself from the European Union. Olly Robbins, who was former Prime Minister Theresa May’s chief Brexit negotiator, plans to join the US bank as a …

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• 10 September

  Facebook sees Libra tied to US dollar, euro, yen but maybe not China’s yuan

  

  Bloomberg Facebook Inc told US senators that the initial basket of currencies that will back its Libra cryptocurrency will likely include the US dollar, euro, yen, British pound and Singapore dollar. The list responds to concerns from Virginia Democratic Senator Mark Warner that China may push the Libra Association to include the yuan in the so-called stable coin, which Facebook …

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• 10 September

  Ally, AmEx cut deposit rates after Fed moves

  

  Bloomberg Online banks have been more aggressive than their established rivals in attracting customers with high deposit rates. Now that rates are falling, they’re quicker to cut as well. Ally Financial Inc and American Express (AmEx) Co lead the pack in lowering rates across deposit products, Credit Suisse Group AG analysts led by Moshe Orenbuch said in a note. Ally …

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• 10 September

  Citi warns trading revenue to decline, BofA is ‘doing OK’

  

  Bloomberg Citigroup Inc trading revenue is set to drop this quarter amid volatility that gripped markets for most of August, while a top Bank of America Corp executive said his traders are “doing OK” in the period. Investment-banking revenue at Citigroup is also likely to decline from a year earlier, Chief Financial Officer Mark Mason said at an investor conference. …

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• 10 September

  Cathay’s crisis puts focus on Air China’s next move

  

  Bloomberg China’s crackdown on Cathay Pacific Airways Ltd has raised questions about the government’s insider at the carrier: Air China Ltd. State-run Air China has quietly owned almost 30 percent of Cathay for more than a decade, giving the national flag carrier a ringside view of the Hong Kong airline’s worldwide operations. Restrictions imposed on Cathay by China’s aviation regulator …

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