August, 2019

• 26 August

  US equity futures advance amid twists in trade war

  

  Bloomberg US equity-index futures turned higher along with shares in Europe after a down session in Asia on Monday as investors assessed the latest developments in the Sino-American trade war. The dollar strengthened. Contracts on all three main US equity indexes rose after President Donald Trump said that prospects for a deal with China were better now than at any ...

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• 26 August

  Hong Kong stocks slump, yuan slides to 11-year low

  

  Bloomberg Hong Kong stocks slumped and the yuan weakened to an 11-year low as concern over the US-China trade war spurred risk-off sentiment. The Hang Seng Index closed down 1.9 percentin Hong Kong, after falling as much as 3.6 percent. Meat producer WH Group Ltd, AAC Technologies Holdings Inc and Cnooc Ltd were among the worst performers. The yuan slid ...

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• 26 August

  Germany in uproar as negative rates threaten saving obsession

  

  Bloomberg Most Germans live by the credo that saving is a virtue, but the European Central Bank’s (ECB) negative interest rates risk making a mockery of the national obsession, prompting politicians to seek ways to insulate thrifty citizens and keep the burden on the country’s beleaguered banks. Finance Minister Olaf Scholz says he’ll look into whether it’s possible to prevent ...

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• 26 August

  Pimco sticking with $500b Danish market as returns plunge

  

  Bloomberg Never before have interest rates in the world’s biggest covered-bond market been this low. And rarely has investor demand for the debt been so high. Pacific Investment Management Co. (Pimco) is among investors embracing Danish mortgage-backed covered bonds, even as negative interest rates mean investors face built-in losses on some bonds. Data provided by Danske Bank show issuers are ...

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• 26 August

  ECB sees need to counter doubt over ability to hit inflation goal

  

  Bloomberg European Central Bank (ECB) officials expressed concern at their latest policy meeting that some observers doubted their ability to restore price stability, prompting the Governing Council to plan for potential fresh monetary stimulus. Council members broadly agreed that a downward trend in inflation expectations was a cause for concern, and that the euro area’s economic slowdown was likely to ...

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• 26 August

  CIBC reports 21% jump in third quarter bad loans

  

  Bloomberg Canadian Imperial Bank of Commerce (CIBC) is seeing an uptick in bad loans, providing validation to short-seller concerns that credit conditions are worsening. Investors and analysts have been watching for signs of deteriorating loans since short sellers earlier this year said that CIBC and other banks are ill-prepared for worsening credit conditions. CIBC’s soured-loan provisions totaled C$291 million ($219 ...

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• 26 August

  HSBC cuts 10 banking jobs in Japan, Australia

  

  Bloomberg HSBC Holdings Plc cut about 10 banking jobs in Japan and Australia, eliminating the merger advisory teams based in those countries. The London-based bank will instead serve clients out of Hong Kong, Singapore and Southeast Asia, the person said, asking not to be identified because the matter is private. The debt capital markets group and sector teams were largely ...

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• 26 August

  Third-biggest crypto coin barely causes a ripple amid rally

  

  Bloomberg Amid the astonishing recovery this year by most of the world’s biggest cryptocurrencies, one stands out. The token known as XRP has tumbled about 20%, while eight of the other 10 biggest coins are posting outsized gains. Even after losing about $3 billion in market capitalisation in 2019, XRP remains the third-largest digital asset after Bitcoin and Ethereum. Many ...

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• 26 August

  Target, Disney partner on store displays to grab holiday sales

  

  Bloomberg Target Corp will create a dedicated section for Walt Disney Co products inside some of its stores just in time for the holidays, looking to boost sales of everything from dolls to lightsabers. The discount retailer will open Disney-themed sections in 25 stores in early October, with another 40 coming within the next year, the companies said in a ...

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• 26 August

  British Airways pilots to strike for three days in Sept

  

  Bloomberg British Airways pilots will strike for three days next month after their union said the latest pay proposals from the carrier are insufficient. Members of the British Airlines Pilots’ Association (Balpa) will walk out on September 9, 10 and 27, the labour group said in a statement. Balpa had been considering its position since mediated talks with management at ...

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