May, 2023

• 30 May

  China, Japan ministers trade barbs at US meet

  

  BLOOMBERG The trade ministers of China and Japan exchanged protests over chip export controls and the detention of Japanese citizens at a meeting in Detroit, according to statements from both governments. Chinese Commerce Minister Wang Wentao complained about Japan’s chip export curbs and a Group of Seven “attack” on China during a meeting with Japanese Trade Minister Yasutoshi Nishimura in ...

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• 30 May

  South Korea to avoid cashing in on China’s US chipmaker ban

  

  BLOOMBERG South Korea will avoid capitalising on China’s ban on a US chipmaker, seeing the move by Beijing as an attempt to drive a wedge between Seoul and Washington, according to a person familiar with the situation. The South Korean government won’t encourage its memory-chip firms to grab market share in China lost by Micron Technology Inc, which has been ...

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• 30 May

  Morgan Stanley Asia job cuts include key China bankers

  

  BLOOMBERG  Morgan Stanley is letting go of at least six managing directors, including some key China bankers, as part of broader job cuts in Asia where dealmaking has been stymied by growing China-US tensions and tepid economic growth. Clarence Kwok, who’s focussed on mergers and acquisitions in China, Julia Xiao in corporate finance, and Tony Yin on the technology coverage ...

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• 30 May

  Bank of Japan to build case for big move in latter half of 2024

  

  BLOOMBERG  The Bank of Japan (BOJ) will gradually build a case for a major overhaul of its stimulus framework in the second-half of next year, using the results of a review to support its move, according to Bloomberg Economics (BE). Governor Kazuo Ueda is aware that the current yield curve control stimulus framework is unsustainable, as it distorts prices, lacks ...

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• 30 May

  MUFG’s $4 billion bond deal is Japan’s biggest this year

  

  BLOOMBERG  Mitsubishi UFJ Financial Group Inc raised 570 billion yen ($4 billion) worth of debt in what is Japan’s biggest yen bond deal this year. With yields rising, the lender offered a coupon of 2.127% on the perpetual non-callable 10-year and one-month Additional Tier 1 (AT1) bonds, underwriter Mitsubishi UFJ Morgan Stanley Securities Co said. That’s the highest coupon on ...

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• 30 May

  European lenders found to tap shadow banks for 14% of funding

  

  BLOOMBERG  Euro-area lenders count on financial firms from outside of banking for about 14% of their funding — underlining how the industry is exposed to potential turmoil in sectors that aren’t subject to strict regulatory oversight. Unsecured deposits make up the largest part of those liabilities, followed by debt securities and repo funding, European Central Bank (ECB) researchers said in ...

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• 30 May

  Deutsche Bank on M&A hiring spree to gain market share

  

  BLOOMBERG  Deutsche Bank AG sees the current slump in mergers and acquisitions (M&A) as an opening to boost ranks and take back some market share from Wall Street rivals. The German giant has signed on M&A veterans from peers including Bank of America Corp, Credit Suisse Group AG, Lazard Ltd and Citigroup Inc over the past couple of months and ...

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• 30 May

  Bonds, US futures advance as debt-deal push ramps up

  

  BLOOMBERG Treasuries and US stock futures advanced on hopes that Congress will pass a debt accord to head off a default as White House and Republican congressional leaders stepped up lobbying in support of the deal. Treasury yields fell across the curve. Yields on short-dated bills — the most at risk of a default — were indicated lower as they ...

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• 30 May

  Recession worries fuel Big Tech stock rally, say investors

  

  BLOOMBERG The Big Tech rally of this year has further to run as the risk of a US recession drives investors into stocks that offer profitable growth in lean times, according to the latest Markets Live Pulse survey. Some 41% of 492 market participants surveyed said the highest returns this year would come from buying quality stocks focussed on profitability, ...

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• 30 May

  Sheikh Mohammed reveals details of Emirates Mission to the Asteroid Belt

  

  DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday said that the Emirates Mission to the Asteroid Belt (EMA) is a massive scientific project that will result in the establishment of Emirati companies specialised in space science and technology. “The UAE has launched a new ...

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