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☆ Here are Wednesday's biggest analyst calls: Nvidia, Netflix, Dell, GM, SunPower, Alphabet, Nio, Tesla, Exxon & more
▼ + stars: | 2024-05-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are the biggest calls on Wall Street on Wednesday: UBS reiterates Nvidia as buy UBS said it's standing by its buy rating heading into Nvidia earnings next week. Wells Fargo names Natera a top pick Wells said the fertilizer company is a new top pick at the firm. Morgan Stanley resumes Exxon as overweight Morgan Stanley resumed coverage of the stock and says it has "attractive growth at a compelling valuation." Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said it's bullish on shares of Palo Alto heading into earnings next week. Morgan Stanley names Dell a top pick Morga Stanley raised its price target on the stock and says it remains a best idea.

Persons: it's, Cantor Fitzgerald, Tesla, Canto, Tesla's, Wells, CTVA, KeyBanc, TD Cowen, Janus Henderson, Morgan Stanley, Palo, Bernstein, Mills, Campbell, underperform Bernstein, Wolfe, SunPower, Dell, Morga Stanley, Stephens, Truist, Oppenheimer, Will, DA Davidson Organizations: UBS, Nvidia, " Bank of America, Bank of America, Alphabet's, Google, JPMorgan, China, Deutsche Bank downgrades, Deutsche, Fair, Six, Sciences, NTR, Netflix, Energy, Palo Alto, Palo, Food, Tech, Barclays, General Motors, Holdings, ALC, Apple, Apple's Worldwide Developer's Conference, Will Apple, Walmart, D.A Locations: OW, Palo Alto, U.S

☆ Chinese consumer stocks to buy even if the overall market rally fades
▼ + stars: | 2024-05-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

It's now focused on finding industry leaders with high free cash flow. Hong Kong-based AlphaHill Capital is looking specifically for Chinese consumer names with free cash flow growth, said Siliang Jiang, the firm's partner and portfolio manager. Jiang expects the Chinese consumer will start to turn around in the second half of this year or next year. China's "Consumer Confidence Index (CCI) edged up in the past 9 months, despite falling property prices and fears of 'household balance sheet recession '. Two of their picks based on positive free cash flow are Li Auto and New Oriental Education .

Persons: Ding Wenjie, Ding, It's, Siliang Jiang, Jiang, Li, Liqian Ren, Ren, — CNBC's Michael Bloom Organizations: Citi, China Asset Management Co, CNBC, Investors, China Merchants Securities, Baidu, Bank of America, Li Auto, New Oriental, Speed Railway, WisdomTree, Reuters Locations: China, India, Hong Kong, Tencent, Beijing, Shanghai, Shanghai . State

☆ Just 4% of current retirees say they are 'living the dream,' survey finds. Here's why
▼ + stars: | 2024-05-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Brauns | E+ | Getty ImagesJust 4% of today's retirees said they are "living the dream," according to a new survey from asset management company Schroders. Image Source | Getty ImagesThe Schroders survey results come as more experts are pointing to a potential retirement crisis. "The retirement savings crisis in the United States is no longer looming: it is here, now," said a new report from the National Institute on Retirement Security. Not everyone agrees there is an emergencySome experts are skeptical there is a retirement savings crisis at all. Of seniors with more than $10,000 in retirement savings, 93% said they were doing okay or living comfortably.

Persons: —, Deb Boyden, That's, Warren Buffett's, Boyden, Andrew Biggs, George W, Bush, EBRI, Biggs Organizations: Getty, National Institute on Retirement Security, Finance, American Enterprise Institute, Social Security, Northwestern Mutual, Research Locations: —, United States

☆ Lawsuit Accuses Everton Bidder 777 Partners of $600 Million Fraud
▼ + stars: | 2024-05-04 | by ( Tariq Panja | ) www.nytimes.com time to read: +1 min

The American investment firm 777 Partners, whose bid to buy the English Premier League soccer team Everton has been on hold for months amid doubts about the company’s finances, was accused by one of its lenders on Friday of running a yearslong fraud scheme worth hundreds of millions of dollars. The accusation came in a lawsuit filed Friday in federal court in New York by Leadenhall Capital Partners, a London-based asset management company. It said that it had provided 777 Partners with more than $600 million in financing, only to discover that roughly $350 million in assets serving as collateral for the loans either were not in 777’s control or had already been pledged to other lenders. The lawsuit is the latest, most serious claim against 777 Partners, which has for years made bold assertions about its financial health — it has previously claimed $10 billion in assets — even as it was trailed a string of lawsuits, corporate failures and unpaid bills. The suit could have immediate implications for 777’s stalled bid to buy Everton: The Premier League has not approved the sale, and the financially strapped club recently said it was seeking alternate investors.

Organizations: Partners, English Premier League soccer, Everton, Leadenhall Capital Partners, The Premier League Locations: New York, London

☆ Stocks making the biggest moves midday: Microsoft, Alphabet, Exxon Mobil, Snap and more
▼ + stars: | 2024-04-26 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

Earnings of $1.89 per share beat the $1.51 in earnings per share anticipated by analysts polled by LSEG. Exxon Mobil — The energy stock fell more than 2% after Exxon Mobil posted first-quarter adjusted earnings that missed analysts' forecasts. Revenue of $83.08 billion topped estimates of $78.35 billion. ResMed — Shares soared 17% after fiscal third-quarter results topped analysts' estimates. Snap — Shares soared 28% after the social media company posted adjusted earnings and revenue that defied analysts' expectations, per LSEG.

Persons: FactSet, LSEG, Skechers, Roku, Rowe Price, —, Samantha Subin, Alex Harring, Lisa Kailai Han, Sarah Min Organizations: Microsoft —, Google, LSEG, Exxon Mobil, Intel, Revenue, Charter Communications, Technologies, Management Locations: LSEG .

☆ The global cutting cycle is here, says Goldman Sachs' Alexandra Wilson-Elizondo
▼ + stars: | 2024-02-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe global cutting cycle is here, says Goldman Sachs' Alexandra Wilson-ElizondoAlexandra Wilson-Elizondo, Goldman Sachs Asset Management co-CIO of multi-asset management, joins 'Squawk Box' to discuss the latest market trends, the impact of AI, 2024 outlook, and more.

Persons: Goldman Sachs, Alexandra Wilson, Elizondo Alexandra Wilson, Elizondo, Goldman Organizations: Management

BEIJING (AP) — The former chairman of the Bank of China has been indicted on bribery charges, prosecutors said Monday, adding to a long list of business and government officials who have been brought down by Chinese leader Xi Jinping's yearslong anticorruption drive. Liu Liange is accused of taking advantage of his positions at the Bank of China and previously as president of the Export-Import Bank of China, the Supreme People’s Procuratorate said in a statement posted on social media. The state-owned Bank of China, one of the country's “Big Four” banks, has a major overseas presence. The Supreme People’s Procuratorate announced last month that Tang Shuangning, the former chairman of China Everbright Group, another state-owned bank, had been arrested on suspicion of embezzlement and bribery. Beyond finance, the former chairman of the Chinese Football Association was tried last month on charges of taking 81 million yuan ($11.2 million) in bribes.

Persons: Xi Jinping's, Liu Liange, People’s Procuratorate, Liu, Xi, Tang Shuangning Organizations: BEIJING, Bank of, Bank of China, Export, Import Bank of China, Xinhua News Agency, of, China Everbright Group, Xinhua, Chinese Football Association Locations: Bank of China, Jinan, China’s Shandong province, of China

☆ Stocks making the biggest moves premarket: Disney, PayPal, Arm and more
▼ + stars: | 2024-02-08 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Ralph Lauren reported earnings of $4.17 per share, excluding items, while analysts surveyed by FactSet expected earnings of $3.57 per share. The company, which is anticipating soft sales growth this year, also announced a $1 billion share buyback program. Arm Holdings — The chipmaker's stock soared more than 28% after it reported a fiscal third-quarter earnings beat . Apollo Global Management — Shares rose nearly 3% after the asset management company's fourth quarter earnings topped estimates. The company reported $32 billion of inflows during the quarter, pushing its total assets under management to $651 billion.

Persons: Ralph Lauren —, Ralph Lauren, Morgan Stanley, Ally, Mattel —, Barbie toymaker, LSEG, Moody's, NYCB, FactSet's, —, Jesse Pound, Tanaya Macheel, Lisa Kailai Han, Michelle Fox Theobald Organizations: —, Revenue, Mattel, PayPal, New York Community Bancorp, Arm Holdings, Apollo Global Management, American, American Express, Maersk —, Maersk Locations: Danish

☆ Buy or avoid China? The pros share their take — and stock picks
▼ + stars: | 2024-01-26 | by ( Weizhen Tan | ) www.cnbc.com time to read: +6 min

But this week, China embarked on monetary easing as it pledged to reduce the amount of liquidity that its banks are required to hold as reserves. Earlier this week, Bloomberg News, citing sources, reported that China is considering a $278 billion package to rescue its stock markets. Andrew Lapping, chief investment officer at Ranmore Fund Management , says the sharp decline in China markets is an "opportunity." "So the stock market is certainly putting much higher equity risk premium ... there are also concerns about policy direction, policy clarity ... Renewable energy: China Longyuan Power Group, China Resources Power.

Persons: Brendan Ahern, CNBC's, Andrew, Winnie Wu, Guy Spier, CNBC's Tanvir Gill, —, Wu, what's, Ahern, Amundi, It's, Morgan Stanley, Michael Bloom, Evelyn Cheng Organizations: Bloomberg, Investors, Ranmore Fund Management, BofA Securities, CCP, JPMorgan, EV, UBS, Baidu, China Communications, China Construction Bank, Ping An Insurance, China Longyuan Power Group, China Resources Power Locations: China, United States, Industrials

☆ China investors will be asking these 3 questions in 2024
▼ + stars: | 2024-01-09 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CHONGQING, CHINA - JANUARY 02: People visit the 2nd International Light and Shadow Art Festival at the Fine Arts Park on January 2, 2024 in Chongqing, China. For all the geopolitical risks, the attraction of China as a fast-growing market has waned as the economy matures. Many were disappointed when China's economy did not rebound as quickly as expected after the end of Covid-19 controls in December 2022. Real estate is a clear example of a debt-fueled sector, one that has accounted for about a quarter of China's economy. Machinery, electronics, transport equipment and batteries combined contributed to 17.2% of China's economy in 2020, Citi analysts said.

Persons: it's, Jason Hsu, They're, Liqian Ren, Goldman Sachs, Ding Wenjie, Ding Organizations: Fine Arts, Art, Getty, Visual China, U.S, Citi, People's Bank of, Rayliant, Rayliant Global Advisors, National Bureau, China Asset Management Co, CNBC, Machinery Locations: CHONGQING, CHINA, Chongqing, China, BEIJING, Covid, People's Bank of China, Beijing, WisdomTree

☆ Wanxiang Trust: Another Chinese ‘shadow bank’ faces major financial trouble
▼ + stars: | 2023-12-05 | by ( Laura He | ) edition.cnn.com time to read: +4 min

A trust company usually manages funds for individuals, companies or other entities. The reports come two weeks after Zhongzhi Enterprise Group, another major shadow bank, declared itself “insolvent” after missing payments to its investors. Moody’s Investors Services also warned in September that China’s trust sector could face liquidity challenges during the current property downturn. The two medical trust products were related to a hospital project in Guizhou, which is one of China’s most indebted provinces, according to Cailianshe. Last month, at its twice-a-decade Central Financial Work Conference, the Chinese leadership stressed the importance of addressing risks more systematically across the financial sector and preserving overall stability.

Persons: Hong Kong CNN —, Cailianshe, Wanxiang, hasn’t, Zhongzhi Organizations: Hong Kong CNN, Hong Kong CNN — Wanxiang Trust, Century Business Herald, Wanxiang Group, Zhongzhi Enterprise Group, ”, Zhongrong, Zhongzhi Enterprise Group Bloomberg, Getty, Fitch, Moody’s, Services, Kaisa, CNN Local, Financial Work Conference Locations: China, Hong Kong, Hangzhou, Zhejiang, Beijing, Guizhou

☆ The US economy is in a Goldilocks period, and the Fed has a 'loaded gun' it can use if conditions worsen, Apollo co-president says
▼ + stars: | 2023-12-05 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

The Fed has a "loaded gun" it can use if the Goldilocks economy worsens, Apollo Asset Management's co-president said. That's as the central back has kept rates high, giving policymakers room to lower them. "I would argue that the Fed put is back, sort of, on the market right now," James Zelter told Bloomberg TV. AdvertisementZelter noted the Fed has maintained "fairly high rates," which currently stand at 5.25%-5.5% — the highest since 2001 . Those Goldilocks conditions have helped stocks rocket upwards, as markets bet on the end of the Fed's rate hikes.

Persons: That's, James Zelter, —, Zelter, Mohamed El Organizations: Fed, Bloomberg, Service, Apollo Asset Management

☆ Regulation is the main sticking point for crypto as bitcoin inches to another new 2023 high
▼ + stars: | 2023-11-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Bitcoin rallied to start the week, touched a new 2023 high to end it and suffered a brief drop in between, weighed down by the trouble at Binance. Bitcoin ended the week higher by about 4% after touching a new 2023 high on Friday above $38,000. Coin Metrics measures a week in crypto, which trades 24 hours a day, from 4:00 p.m. Optimism about the likely approval of a spot bitcoin ETF has been building for the past couple months, serving as the biggest catalyst for the cryptocurrency. The challenge is that active crypto trader positioning appears long, he added, based on activity in crypto futures, options, open interest and funding rates.

Persons: Bitcoin, Zach Pandl, bitcoin, Pandl, Michael Rinko, Biden, there's Organizations: CNBC, Regulators, Delphi Locations: Binance, Argentina, U.S

☆ Next level up for ETFs are actively managed funds, say money managers
▼ + stars: | 2023-11-19 | by ( Natalie Zhang | ) www.cnbc.com time to read: +2 min

Actively managed exchange-traded funds are having their time in the limelight as ETF managers seek new strategies beyond passive funds. "But with active management, you can differentiate assuming the active manager is actually doing something meaningfully different than the underlying benchmark," he added. While active ETFs have been around since 2008, the popularity took off in 2019 after the SEC eased launch restrictions. So far this year, the number of active ETFs that have launched have already overtaken passive ETFs by a ratio of three to one, according to Morningstar. While it's the firm's first active ETF, GMO has run a traditional actively managed mutual fund called the GMO Quality Fund (GQETX) since 2004.

Persons: Nate Geraci, Morningstar, Franklin, It's, Tom Hancock, we've Organizations: Edge, SEC, Asset Bond, Quality

☆ Europe markets tick higher at open, look set for weekly gains
▼ + stars: | 2023-11-17 | by ( Katrina Bishop | ) www.cnbc.com time to read: 1 min

European markets started Friday in the green after a reversal of momentum in the previous session. The pan-European Stoxx 600 index opened up 0.4% at 8 a.m. London time. It ended Thursday down 0.7%, with oil and gas shares leading falls on the back of weaker crude prices. It marked a change of pace for the index, which is still up 1.8% over the week to Thursday's close. U.K. retail sales figures for October are due Friday, along with a final reading of euro zone inflation for October.

Locations: London

☆ China moves to clean up Huarong’s “bad bank” brand
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of China Huarong Asset Management Co is seen at its office in Beijing, China, April 16, 2021. REUTERS/Thomas Peter Acquire Licensing RightsSINGAPORE, Nov 16 (Reuters Breakingviews) - What’s better than cleaning up your battered brand? That’s the view of China Huarong Asset Management (2799.HK), one of the country’s four so-called bad banks created after the 1997 Asian financial crisis to buy soured loans from state-owned lenders. Late on Wednesday, it renamed itself “China CITIC Financial Asset Management” after its top shareholder, state-owned financial conglomerate CITIC group. Now that Huarong has taken up the CITIC brand, the state’s support of the bad bank has more at stake if its troubles don't go away.

Persons: Thomas Peter Acquire, Lai Xiaomin, Huarong, Yawen Chen, Francesco Guerrera, Thomas Shum Organizations: Asset, REUTERS, Rights, Reuters, Asset Management, HK, Financial, Management, CITIC Ltd, CITIC, X, Goodyear, Alstom, Thomson Locations: China, Beijing, Rights SINGAPORE, Huarong, CITIC's Hong Kong

☆ Fidelity just slashed the fee for this big dividend ETF
▼ + stars: | 2023-11-13 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Fidelity is cutting the fees for a popular dividend fund nearly in half, the asset management company announced Monday. The Fidelity High Dividend ETF (FDVV) is seeing its fee cut to 15 basis points, or 0.15%, from 29 basis points. The fee cuts for FDVV and 12 other factor ETFs will reduce fees by $6 million annually, according to Fidelity. The FDVV has an average annual total return of 9.2% over the past five years. Those offerings, including the new Fidelity Enhance Large Cap Core ETF (FELC), will also see large drops in fees as part of the conversion process.

Persons: Greg Friedman, Fidelity's Organizations: Fidelity, CNBC, Morningstar, SEC, Core

ICBC's U.S. unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. The Chinese parent then injected capital into the U.S. unit, allowing it to settle the trades and pay back BNY Mellon, the sources said. They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said. SIFMA, the trade group, organized calls for market participants with updates, the sources said.

Persons: Tingshu Wang, BNY Mellon, ransomware, ICBC, SIFMA, Janet Yellen, Lifeng, Scott Skyrm, Jack McIntyre, Harry Robertson, James Pearson, Naomi Rovinick, Yoruk, Davide Barbuscia, Chris Prentice, Mike Derby, Carolina Mandl, Laura Matthews, Paritosh, Zeba, Megan Davies, Dhara Ranasinghe, Alexander Smith, Richard Chang, Anna Driver Organizations: Asset Management, Fair for Trade, Services, REUTERS, Commercial Bank of China, U.S ., ICBC Financial Services, Securities Industry, Financial Markets Association, ICBC, Treasury, China, U.S, New York Federal Reserve, Securities, Depository Trust, Clearing Corp, Thomson Locations: Beijing, China, ICBC's U.S, U.S, San Francisco, Treasuries, Hong Kong, Shanghai, London, Amsterdam, Carolina, New York

[1/2] People walk past a booth of ICBC Credit Suisse Asset Management Co at the 2020 China International Fair for Trade in Services (CIFTIS), in Beijing, China September 5, 2020. China's foreign ministry spokesperson Wang Wenbin said that business remained normal at ICBC head office, other branches and subsidiaries across the globe. Some market participants said trades going through ICBC were not settled due to the incident and that market liquidity had been affected. ICBC said it had successfully cleared Treasury trades executed on Wednesday and repurchase agreements (repo) financing trades done on Thursday. While market sources said on Thursday the impact of the ICBC hack appeared limited, the attack underlined how vulnerable systems at large organizations continue to be.

Persons: Tingshu Wang, ICBC, Wang Wenbin, Wang, Jerome Powell, Lockbit, Harry Robertson, Yoruk, Dhara Ranasinghe, Alexander Smith Organizations: Asset Management, Fair for Trade, Services, REUTERS, Industrial, Commercial Bank of China, Global, ICBC's, Authority, Traders, U.S . Treasury, Federal, Treasury, Cybersecurity, Infrastructure Security Agency, Thomson Locations: Beijing, China, China's, ICBC's U.S, Europe, Hong Kong, Shanghai, London, Amsterdam

☆ Moody's creates private credit rating and research group
▼ + stars: | 2023-11-06 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +1 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Nov 6 (Reuters) - Ratings agency Moody's (MCO.N) is creating a unit to research and rate private credit, the firm said on Monday. The global private credit market, with more than $1.3 trillion in assets under management, makes up about 12% of the alternatives market, investment firm BlackRock said in a recent report. Private credit is largely owned by buy-and-holdinvestors such as pension funds, endowments, foundations and insurance companies, the report said. "The rapid growth of the private credit market in recent years has introduced new challenges and opportunities for investors, who are looking for fresh analysis from a trusted source," said Moody's president Michael West. The private credit group will have a team of more than 50 analysts in different geographies looking into private credit in institutions such as business development companies, collateralized loan obligations, insurance and asset management companies.

Persons: Andrew Kelly, Ana Arsov, BlackRock, Michael West, Moody's, Arsov, Simon Harris, Tatiana Bautzer, Rod Nickel Organizations: Moody's Corporation, REUTERS, Moody's Investors Service, Thomson Locations: Manhattan , New York, U.S

☆ Here are Thursday's biggest analyst calls: Amazon, Sunrun, Qualcomm, Eli Lilly, SolarEdge, Estée Lauder and more
▼ + stars: | 2023-11-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Thursday's biggest calls on Wall Street: Bank of America reiterates Qualcomm as buy Bank of America said it's standing by its buy rating on the stock after its earnings report Wednesday. Citi reiterates Eli Lilly as buy Citi said it sees further upside after the company's earnings report Thursday. RBC downgrades Estée Lauder to sector perform from outperform RBC downgraded the stock after the company's earnings report. Pivotal upgrades Roku to hold from sell Pivotal upgraded the stock after its earnings report Wednesday. " Guggenheim downgrades SolarEdge to neutral from buy The firm said it's "giving up" on its positive stance on the stock.

Persons: RUN's, Taylor Morrison, WK Kellogg, Truist, Amgen, it's, Citi, Eli Lilly, Janus Henderson, underperform KBW, Estée Lauder, F1Q, Bernstein, Hess, CVX, Guggenheim, SolarEdge, Stifel Organizations: Bank of America, Qualcomm, HSBC, Amazon, BMO, Toll, M.D.C . Holdings, JPMorgan, Health, of America, UBS, Eastman Chemical, Citi, Management, RBC, Chevron Locations: Ecommerce, China, U.S

☆ China firm launches stock indices to tap into rush for safe-haven gold
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

A man cuts open the bag after he bought 50 gram gold bars as an investment in Beijing, China, August 5, 2019. The new indexes (.CSI931493), (.CSI931413), launched by the China Securities Index Co, include shares of global gold miners such as Newmont Corporation (NEM.N) and Barrick Gold . "Gold is the brightest asset at the moment... promising much better returns than Chinese property or the broad stock market," said Shihua Duan, general manager of Shanghai Changer Invest. China Asset Management Co and Maxwealth Fund Management Co last month launched China's first exchange-traded funds (ETFs) (517520.SS) that invest in gold stocks. "Buying the gold bar is the safest among so many investment choices," said gold investor Jack Liu, who spent 230,000 yuan ($31,425) on a gold bar in September.

Persons: Jason Lee, Shihua Duan, Jack Liu, Jason Xue, Samuel Shen, Miral Organizations: REUTERS, Rights, China Securities Index, Newmont Corporation, Barrick, Miners, Invest, China Asset Management, Maxwealth Fund Management Co, Beijing, Thomson Locations: Beijing, China, Shanghai, Ukraine, Summer, Hong Kong

Investors were also excited by Tuesday's approval of an additional 1 trillion yuan ($136.76 billion) of sovereign bond issuance. Drawing investors back into China's $10.5 trillion stock market, particularly the foreign buyers that have fled in droves this year, would stem further slides in a market which fell to its lowest since 2019 earlier this week. "China's central government is endorsing the stock market," said Qi Wang, chief investment officer of UOB Kay Hian's wealth management division in Hong Kong. Huijin last bought ETFs during the 2015 stock market crash, and during the money market liquidity crunch in 2013. Still, China's stock markets have to overcome earlier heavy selling from foreigners, burnt by Xi's previous crackdowns on internet companies and other sectors, and its earlier stringent zero-COVID policy.

Persons: China's, Huang Yan, QiuYang, Huang, Pan Gongsheng, Qi Wang, UOB Kay, Huijin, Fabiana Fedeli, Fedeli, Goldman Sachs, Samuel Shen, Ankur Banerjee, Brigid Riley, Vidya Ranganathan Organizations: Central Huijin Investment, Shanghai QiuYang, People's Bank of China, Sino, CSI, Huijin, China Asset Management Co, Singapore's United Overseas Bank, G Investments, Thomson Locations: SHANGHAI, SINGAPORE, Shanghai, China, Hong Kong, Tokyo

HONG KONG, Oct 25 (Reuters) - Hong Kong's efforts to revive its shrinking stock market are mere stopgap solutions, as analysts say a reversal in fortunes for Asia's premier financial hub would not be possible without a major improvement in China's economic prospects. With a market value of around $4.3 trillion, Hong Kong is home to one of the top-ranked stock markets globally just behind those in the United States, Japan, China and Europe. New share offerings in Hong Kong have fizzled. Local media reported that a record 47 of the 638 trading participants on the Hong Kong exchange shut shop last year. Chinese firms listed in Hong Kong, such as tech giants Tencent (0700.HK) and Alibaba (9988.HK), comprise the bulk of the turnover on the Hong Kong exchange, leaving Hong Kong hostage to China's fortunes.

Persons: Hong, John Lee, Dickie Wong, Rob Brewis, Aubrey, Eddie Tam, Alvin Cheung, Cheung, ”, Alex Wong, Alex KY, Wong, who'd, Summer Zhen, Xie Yu, Vidya Ranganathan Organizations: Nasdaq, Kingston Securities, Seng China Enterprises, HK, Aubrey Capital Management, Hong, Asset Investments, Prudential, Asset Management Company, Global, Thomson Locations: HONG KONG, China, Hong Kong, United States, Japan, Europe, Shenzhen

☆ Exclusive: Star Chinese fund manager Wang detained and under investigation - sources
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Wang Yawei, a star fund manager in China, has been detained by authorities since August and is under investigation, according to three sources with knowledge of the matter. The 52-year-old founder of Qianhe Capital Management in Shenzhen and Top Ace Asset Management in Hong Kong is the latest high-profile Chinese business executive to be investigated or detained. His case relates to an investigation into Zhu Congjiu, a former senior official at China's top securities regulator, the sources said. Before setting up his own shop, Wang spent 14 years at China Asset Management Co (AMC), one of the country's largest mutual fund houses, as its vice-president and chief investment officer. Zhu is one of several former China Securities Regulatory Commission (CSRC) officials to come under scrutiny in recent years.

Persons: Wang Yawei, Zhu Congjiu, Wang, Zhu, Xi, Sumeet Chatterjee, Edwina Gibbs Organizations: Qianhe Capital Management, Asset Management, Communist, Central Commission, Ministry of Public Security, Qianhe, China Asset Management Co, AMC, China Securities Regulatory Commission, Shanghai bourse, Reuters, Thomson Locations: China, Shenzhen, Hong Kong, Zhejiang province

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