|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's range||110.85 - 110.85|
|52-week range||96.09 - 110.85|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||1.79|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
A look at how the major markets are performing on Monday.
LONDON, April 26, 2023-- As Agent Bank, please be advised of the following rate determined on: 4/26/2023Issue
Market analysts reveal what could be on the cards for UK bank earnings this week.
Banking stocks fell in London and across Europe as the Credit Suisse rescue deal failed to reassure investors.
US stocks edge higher as European stocks and the FTSE 100 fall following the Credit Suisse takeover announcement.
Cryptocurrency exchange Coinbase will let customers in Singapore move funds to and from accounts via local banks, smoothing one path to investing in digital assets at a time when markets are on edge over financial stability and crypto banking. Transfers, in Singapore dollars, are facilitated by a traditional bank, Standard Chartered, and carry no fee, the company said in a statement. Hassan Ahmed, Coinbase's country director for Singapore, told Reuters in an interview the move was part of the company's international expansion strategy.
DBS Group Chief Executive Piyush Gupta earned S$15.4 million ($11.4 million) in 2022, a 13% increase in what was a banner year for Southeast Asia's biggest lender. The big payday for Gupta, 63, comes after DBS logged record net profit of S$8.2 billion last year, up 20% on the year, as banks reaped the benefits of higher interest rates. "We expect that as our digital transformation becomes more pervasive, an ROE of 15% is sustainable if interest rates do not return to the unusually low levels seen during most of the past decade," Gupta said in the annual report.
Index provider MSCI said on Wednesday it will postpone implementation of updates to weightings for two of India's Adani Group companies, Adani Total Gas and Adani Transmission, to the May benchmark review. The reversal of the updates to Adani Total Gas and Adani Transmission in the February index review will be reflected in the MSCI Index Product files starting from Feb. 16, MSCI said. MSCI will also apply a special treatment for all Adani Group's associated securities in the MSCI Equity Indexes starting February.
FTSE cautious as investors brace for central bank decisions in the UK, eurozone and the US later this week.
The Hong Kong stock exchange has carried out the first batch of carbon credit trades on its new voluntary carbon market, joining a handful of Asian exchanges in tapping opportunities resulting from governments' push to achieve climate goals. The inaugural trades on Hong Kong Exchanges & Clearing's (HKEX) Core Climate platform announced on Thursday spanned carbon credits from more than 30 international projects involving around 20 participants, the exchange said. A carbon credit or offset permits the buyer to emit one metric tonne of carbon dioxide or equivalent greenhouse gas.
Singapore-based buyout firm Affirma Capital is seeking to exit its stake in Jordan-based Fine Hygienic Holding, one of the Middle East's largest makers of tissue and paper products, two sources told Reuters. Affirma is working with Moelis & Co to arrange the sale of its significant minority stake in the company, said the sources, who sought anonymity as the matter is not public. Affirma, Moelis and Fine declined to comment when contacted by Reuters on Tuesday.
Standard Chartered's third-quarter profit surged 40% as higher interest rates boosted the emerging markets-focused bank's income and gave it ammunition to upgrade its revenue outlook despite a weakening global economy. StanChart raised its income growth forecast for this year to 13% from 10% previously and CEO Bill Winters said the bank was confident of delivering its 2024 financial targets, sending its Hong Kong-listed shares 5% higher in a firm market. StanChart's performance also contrasted with those of U.S. banks, which earlier this month reported weaker profits as they raised provisions against expected loan losses and saw market volatility choke off dealmaking.
Sterling had initially jumped against the US greenback in early trade, hitting its highest level in three weeks, however, it soon gave up those gains.
Singapore's Temasek Holdings said that market valuations had not yet priced in a global economic recession and that said the state investor was waiting for further declines before stepping up investments. "Current valuations are not reflecting the risk of downturn we see in the next 12 to 18 months," Temasek's chief investment officer, Rohit Sipahimalani, said on Friday. "I do expect as these valuations correct, we will again step up our pace of investment," Sipahimalani told a session at the Milken Institute Asia Summit in Singapore.
Representatives from the likes of Bank of America, JP Morgan, Standard Chartered, Citi, UBS, Morgan Stanley and Bloomberg will all attend the meeting.
Standard Chartered's first-half pre-tax profit rose 19% and beat market expectations, as the emerging markets-focused lender benefitted from rising interest rates and issued an upbeat post-COVID outlook, pushing its shares 3.7% higher. The strong performance unveiled on Friday showed how some banks with a focus on Asia are shrugging off the impact of a weakening macro environment in the United States and Europe that is emerging as a key risk for others. "There may be some tougher times ahead from an economic perspective, but our markets are recovering quite nicely from what had been a really horrific pandemic," Chief Executive Bill Winters told reporters on a conference call.
Singapore's Temasek Holdings anticipates slowing down its investments due to a deteriorating global economy, after posting a nearly 6% rise in its portfolio value to a record S$403 billion ($286.5 billion) in the year to March 2022. The cautious stance comes as world stock markets have shed more than $20 trillion since hitting record highs in January, as major central banks struggle to stem surging inflation without derailing fledgling growth. The expected slowdown in investments comes amid weakening global growth, rising inflation and economic disruption caused by Russia's war in Ukraine, Temasek executives told a news conference on Tuesday.
Nomura Holdings has named Jwalant Nanavati as the new head of its Southeast Asian investment banking business, according to an internal memo seen by Reuters on Tuesday. Hong Kong-based Nanavati, who joined Nomura nearly four years ago to head its Asia ex-Japan technology, media and telecom (TMT) investment banking team, will take over the new role from July 1 but relocate to Singapore only later this year. Nanavati, an investment banking veteran of two decades, previously worked at BNP Paribas, Deutsche Bank and Lehman Brothers, according to his LinkedIn profile.
Three major lenders need to take steps to improve shortcomings.
Standard Chartered Chief Executive Bill Winters expects central banks' fight against surging inflation, driven by structural cost pressures such as wage growth, to result in a "relatively shallow and short" recession by early next year. "I think central banks have to take this inflation problem head on," Winters told the Reuters Global Markets Forum (GMF) on Wednesday, adding that a strong financial system supported by underleveraged consumers and corporations will aid a faster recovery compared to the global financial crisis. Standard Chartered continues to grow in China but at a slower pace, as COVID-19 lockdowns stifled its expansion, Winters said on the sidelines of Temasek's annual Ecosperity sustainability conference in Singapore.