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☆ Moody's retains 'negative' outlook on China's banks amid challenges of emerging from Covid-zero
▼ + stars: | 2023-03-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Ratings agency Moody's said Wednesday it maintained a "negative" outlook on China's banking sector as a result of a drawn out recovery after Beijing's Covid controls ended. While Beijing ended its stringent Covid controls in early December, the economic rebound so far has remained muted. "Our outlook on the banking sector remains negative," said Vice President Nicholas Zhu and Associate Managing Director Chen Huang, the authors of the report. Moody's had changed its outlook on China's banks to "negative" from "stable" in November due to "deteriorating operating environment, asset quality and profitability." The ratings agency affirmed its negative outlook earlier this month.

Just when you thought crypto couldn't get any stranger, bitcoin accidentally births a new breed of NFTs. "I think this is really the start of a fundamental shift in what you can do with bitcoin," said Alex Miller, CEO at bitcoin developer network Hiro. REUTERS/Brendan McDermid/Nonetheless, bitcoin NFTs have built up a head of steam in a short space of time. Satoshis inscribed with NFTs are involved in about 7% of the total number of bitcoin blockchain transactions, according to Glassnode data. "But NFTs on bitcoin are a distraction from the network's core purpose, which is to serve as a permissionless network that is globally available, 24/7, and uncensorable."

☆ These million-dollar luxury condos used to be the storied offices of a big Wall Street bank. See inside the transformation.
▼ + stars: | 2023-03-12 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Developer Macklowe Properties converted a Financial District office building into a condominium. The 1.25 million-square-foot tower is the largest office-to-residential conversion in New York City. The New York landmark was completely reconfigured inside, including removing 30 elevators. Developer Macklowe Properties took on the challenge of creating 566 luxury residences while maintaining the original Art Deco aesthetic of the 1.25 million-square-foot building. Once most of the inside was gutted, it made for a clean canvas for Smith to reconstruct office space to residential, she said.

So You Want to Turn an Office Building Into a Home? There’s an appealing simplicity to the idea of converting office buildings into housing. Basically, they did this:How to Turn a 26-story Office Building Into a 30-story Apartment Building Cut a hole through 23 floors of the building. How to Turn a 26-story Office Building Into a 30-story Apartment Building Cut a hole through 23 floors of the building. That could change with tax abatements and subsidy programs, or if outdated office buildings lose so much value that the cost of acquiring them plummets.

☆ A 50% rent increase? Record property demand in Dubai is creating a nightmare for some residents
▼ + stars: | 2023-03-10 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Beyond the property market, Dubai's economic boom is evident in everyday life. The Dubai International Financial Centre (DIFC) area of Dubai, United Arab Emirates, with the Burj Khalifa in the backdrop, Sept. 16, 2022. Property prices have, too — CBRE says that selling prices are up 11.5% on average in the year to February 2023. Christopher Pike | Bloomberg | Getty ImagesAccording to CBRE's research, in the year through February 2023, average Dubai rents increased by 27.7%. In the meantime, no one expects property prices to ease up anytime soon.

[1/3] People walk over Millennium Bridge amidst early morning fog, as the sun rises beyond the City of London financial district in the background, in London, Britain, February 8, 2023. REUTERS/Henry Nicholls/File PhotoLONDON, March 9 (Reuters) - Investors Aviva (AV.L) and M&G (MNG.L) on Thursday joined calls for Britain to press ahead with financial reforms and give high-growth sectors such as technology companies more support to keep London's markets competitive. Andrea Rossi, chief executive of asset manager and insurer M&G, said Britain needed to better support new companies to attract them to London's stock market. Rossi said while he was "bullish" on Britain's prospects, the country needed regulatory and political stability after a turbulent end to 2022. ($1 = 0.8408 pounds)Reporting by Iain Withers in London and Sinchita Mitra in Bengaluru, Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street drops, Treasury yields gyrate on Fed Chairman Powell's remarks
▼ + stars: | 2023-03-07 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

REUTERS/Toby MelvilleNEW YORK, March 7 (Reuters) - U.S. stocks retreated and benchmark Treasury yields wavered on Tuesday as Federal Reserve Chairman Jerome Powell commenced his semi-annual, two-day monetary policy testimony before Congress. All three major U.S. stock indexes were languid in early trading before Powell's prepared remarks were released as he sat down to testify before the Senate Banking Committee. "(Powell is) stating the obvious - inflation is stubbornly high," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. Emerging market stocks lost 0.65%. Benchmark Treasury yields initially headed higher after Powell's remarks were released but eased as his testimony began in earnest.

☆ Dollar rises ahead of Powell speech; China data knocks commodities
▼ + stars: | 2023-03-07 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

Beyond China, investor focus remains on the U.S. interest rate outlook and what Powell may say. If a similar message is conveyed by Chair Powell, we could see U.S. Treasury yields rising again and the dollar reversing back to an uptrend," they said. The MSCI All-World index of global shares (.MIWD00000PUS) edged down by 0.1%, but held near Monday's two-week highs. That pushed the Australian dollar to a more than two-month low of $0.6664, marking a loss of 1% on the day. The dollar pared earlier losses against the yen to trade up 0.2% at 136.19, near last week's 2023 high at 137.10.

☆ Dollar inches up ahead of Powell speech; China data knocks oil
▼ + stars: | 2023-03-07 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

Crude shipments into China fell in January and February, stirring concern about demand in the world's largest importer, which weighed on the oil price. Beyond China, investor focus remains on the U.S. interest rate outlook and what Powell may say. The dollar edged up against a basket of major currencies, thanks to gains against the Aussie dollar and the euro, which fell 0.2% to $1.0661. The dollar lost 0.2% against the yen to trade at 135.69, below last week's 2023 high at 137.10. Chinese trade data on Tuesday showed a pickup in crude oil imports - a sign of a likely improvement in energy demand.

☆ MediaMath seemed destined for a $1B fairy-tale exit. Instead, most early investors got nothing.
▼ + stars: | 2023-03-01 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +19 min

At its Halloween party in 2015, the adtech startup MediaMath seemed on the brink of greatness. The machine-learning revolution that took over the financial industry was finally happening in marketing, and many industry insiders considered MediaMath to be the hottest adtech company of the time. "We never came close to consummating such a deal with MediaMath nor entertained the purported valuation," said a representative for Singtel. The Trade Desk, the most comparable independent DSP company to MediaMath, was riding high after its 2016 initial public offering. The quasi-equity agreement was structured to protect Searchlight if MediaMath didn't perform to certain quotas or if things went south financially.

The Sydney Opera House, foreground, and buildings in the financial district stand illuminated at dusk in Sydney, Australia Photographer: Cole Bennetts/Bloomberg via Getty ImagesAsia-Pacific markets are set to rise on Tuesday ahead of key economic releases in the region. Japan will release its retail sales data on Tuesday, which is expected come in higher at 4%, according to economists. In Australia, the S&P/ASX 200 rose 0.35% ahead of its January retail sales data release. Economists expect retail sales to come in at 1.5% higher compared to December. India will release its gross domestic product figures for the fourth quarter of 2022 later today, forecasted to show a 4.6% rise.

[1/3] A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai, China, February 28, 2020. REUTERS/Aly Song/File PhotoNEW YORK/SINGAPORE, Feb 24 (Reuters) - Many large money managers are steering clear of Chinese assets, missing out on the nation's post-COVID stock market rally in the latest example of strategic concerns trumping juicy returns. "For our investors who might have that concern, there are plenty of other opportunities away from China." The concern flagged by some is whether this is part of a structural downgrade for Chinese assets, said Will Malcolm, a Singapore-based portfolio manager at Aviva Investors. That could attract cash in a hurry, but the behaviour of large investors so far suggests that a large sentiment shift will be needed.

☆ UK economy in 'a lot better shape' than bleak figures suggest, fund manager says
▼ + stars: | 2023-02-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. Henry Nicholls | ReutersLONDON — The U.K. has thus far avoided a widely anticipated recession, and the signs from the business world are that the economy may be holding up better than feared, according to veteran Schroders fund manager Andy Brough. Figures published earlier this month showed that the U.K. GDP contracted by 0.5% in December, as the economy flatlined over the final quarter of 2022 to narrowly avoid a technical recession. "Underneath companies' profitability x-minus today, we're seeing pretty good dividend increases, pretty good earnings statements, so, underlying, I think the economy is in a lot better shape. 'Signs of life' in business investment Uncertainty over future relations between Westminster and Brussels have hammered business investment since the U.K. voted to leave the European Union in 2016, in turn hampering productivity expansion and adding to the direct costs of Brexit on the U.K. potential growth.

☆ Is Asia's bull market over? Strategists say there's room for stocks to rally further
▼ + stars: | 2023-02-22 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

The region's rally – supported by China's reopening – seems to have hit a wall, but economists say MSCI's broadest index of Asia-Pacific shares outside Japan has further room to run. I still expect the Asian stock markets will outperform their U.S. peers after a short-term correction on China's reopening in 2023. "Modest valuations, light investor positioning and good fundamentals are buffers that should help Asian stocks withstand near-term volatility," BNP's Liu said. She added that domestic demand in the region will be the "driver of economic growth," and she expects trade volumes to recover with China's market reopening. "I still expect the Asian stock markets will outperform their U.S. peers after a short-term correction on China's reopening in 2023," she said.

☆ Office Landlord Defaults Are Escalating as Lenders Brace for More Distress
▼ + stars: | 2023-02-21 | by ( Peter Grant | ) www.wsj.com time to read: 1 min

The loan backing the office tower at 1740 Broadway in Manhattan became distressed because a major lease was expiring. The number of big office landlords defaulting on their loans is on the rise, fresh evidence that more developers believe that remote and hybrid work habits have permanently impaired the office market. The giant investment manager Brookfield Asset Management recently defaulted on a total of over $750 million in debt for a pair of 52-story towers in Los Angeles, according to a February securities filing. Real-estate firm RXR is in talks with creditors to restructure debt on 61 Broadway, a 34-story tower in Manhattan’s financial district, according to people familiar with the matter. Handing over the building to the lender is among the options under consideration, these people said.

☆ As Miami high-rises loom over financial district, local resident digs in
▼ + stars: | 2023-02-21 | by ( Maria Cardona | ) www.reuters.com time to read: +2 min

REUTERS/Marco BelloMIAMI, Feb 21 (Reuters) - As developers seek to build up Miami's skyline, long-time resident Ishmael Bermudez is digging in - literally. The artist and amateur archeologist lives in a single-family home in Brickell, a rare property in Miami's financial district. Bermudez, alongside community groups and professional archeologists, is pushing for more preservation in Miami as new developments unearth historical relics. Bermudez's home in Brickell, just south of downtown Miami, is painted with a multicolored seascape of fish and underwater plants. Reporting by Maria Alejandra Cardona in Miami; Editing by Lananh Nguyen and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ UK inflation rate falls more than expected to 10.1%
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Henry NichollsLONDON, Feb 15 (Reuters) - British consumer price inflation fell by more than expected to 10.1% in January from December's 10.5% and there were also drops in underlying measures of price growth that are being closely watched by the Bank of England, official data showed. Investors expect another increase in borrowing costs next month by the BoE but Wednesday's data may add to the sense that a peak in Bank Rate is not far off. "While any fall in inflation is welcome, the fight is far from over," finance minister Jeremy Hunt said. The ONS said transport and hospitality prices helped to drag down inflation last month. All other things being equal, slowing inflation suggests further economic weakness ahead and, possibly, an uptick in unemployment."

☆ January flows to emerging markets largest in two years - IIF
▼ + stars: | 2023-02-15 | by ( Rodrigo Campos | ) www.reuters.com time to read: +2 min

The January figure of $65.7 billion net inflows outpaced the $30.9 billion for all of last year according to IIF data. Debt securities outside of China raked in $44.6 billion, the largest monthly figure on IIF records back to 2018. Reuters GraphicsThe first week of the year saw a record of about $28 billion in issuance from emerging market sovereigns and companies. Flows to Chinese equities also posted a strong rebound last month, bringing in the largest inflow since December 2020. Regionally, Asia and Latin America saw the largest inflows last month with $34.4 billion and $15.9 billion respectively.

☆ Cryptoverse: Punk apes and a resurrection of NFTs
▼ + stars: | 2023-02-14 | by ( Medha Singh | ) www.reuters.com time to read: +4 min

The NFT market is twitching out of its torpor, defying reports of its demise. Over the past 30 days, though, OpenSea remains top with volumes of $443.98 million, versus $366 million for Blur. BITCOIN JOINS NFT PARTYIn another non-fungible development, the novel use of the bitcoin blockchain for minting an NFT collection has caused a stir among crypto enthusiasts. Bitcoin Punks is a series of monkey-themed NFTs and a derivative of the wildly popular CryptoPunks collection. Some media reports have indicated Bitcoin Punk NFT being sold for as much as 9.5 bitcoin, worth in the region of $205,000.

☆ Rise in Canadian shareholder activism faces test next month with new rules in place
▼ + stars: | 2023-02-12 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

The country has lagged the rising trend of activism seen globally, but that could be about to change, lawyers say. Some 53 Canadian companies faced activism campaigns in 2022, a 17.8% rise over the previous year, compared with a 10.6% rise in the U.S to 511, showed data from Insightia, a Diligent brand. Previously, shareholders could only vote 'for' a candidate or 'withhold' their vote, meaning a majority was not legally a necessity. While not enshrined in law, majority voting was often adopted by companies in their policy, prior to the change. And oil and mining companies could continue to be the sector that faces activism, say market participants.

☆ They Didn’t Need Fancy Amenities or a Garden, but Closets Would Be Nice. Which Brooklyn Condo Did They Choose?
▼ + stars: | 2023-02-09 | by ( Joyce Cohen | ) www.nytimes.com time to read: +2 min

“Now our irises are all over the neighborhood,” said Mr. Mercanti, a theater professor and director at Pace University. “Sometimes I watch horror movies, and that drives Joe crazy if he is in the bedroom listening to folk rock,” Mr. Mercanti said. “A bedroom door was a necessity, but everything else was kind of negotiable,” Mr. Mercanti said. They weren’t interested in fancy amenities and were willing to forgo garden space — Mr. Ferrari had plenty of plants to tend at his workplace. They considered some ground-floor duplexes, which did often have garden space, but in one case they saw water on the floor of a basement utility room, which was enough to scare them off.

☆ Manhattan DA was 'weeks' away from filing criminal charges against Trump in 2020, when he was still president, former prosecutor says
▼ + stars: | 2023-02-07 | by ( Ashley Collman | Laura Italiano | ) www.businessinsider.com time to read: +6 min

The Manhattan DA's office was weeks away from filing criminal charges against Trump at the end of 2020. Pomerantz resigned from the office when new DA Alvin Bragg decided against pursuing a Trump indictment. Pomerantz was initially brought onto the Trump investigation as a consultant at the end of 2020 by the inquiry's leading prosecutor, Carey Dunne. Investigators wanted to charge Trump for allegedly undervaluing his stake in 40 Wall Street, a building in lower Manhattan. The Manhattan DA's investigation into Trump never resulted in charges, after Alvin Bragg took over as the new DA in January 2022.

☆ Sterling falls to day's low, gilt yields tumble as BoE signals rates near peak
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Bank of England in the City of London financial district, in London, Britain, January 26, 2023. Sterling initially strengthened after the announcement, with markets split on whether the central bank would opt for a smaller 25 bps rate rise. It then lost its shine as markets digested the commentary and the central bank signalled rates were near their peak. It was last trading at the same levels where it was before the BoE decision, up 0.55%. Reporting by the London Markets team, writing by Samuel Indyk; editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

☆ IMF slashes UK growth outlook, adding pressure on finance minister Hunt
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Henry NichollsLONDON, Jan 31 (Reuters) - Britain is the only Group of Seven nation to have suffered a cut to its 2023 economic growth outlook in International Monetary Fund forecasts published on Tuesday, adding to pressure on finance minister Jeremy Hunt to come up with a growth plan. Britain's flagging economy now looks set to shrink by 0.6% this year, a sharp downgrade from previously expected growth of 0.3% in the IMF's last forecast in October. All other G7 economies are predicted to grow this year, mostly at a stronger pace than the IMF forecast three months ago. Responding to the IMF report, Hunt said nearly all advanced economies were facing headwinds, and that past forecasts from a range of bodies including the IMF had proven too gloomy about Britain's prospects. Hunt is due to announce measures that he hopes will speed up growth in a budget statement on March 15.

☆ ECB rejects banking sector call for lower capital to boost lending
▼ + stars: | 2023-01-27 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

REUTERS/Pascal RossignolLONDON, Jan 27 (Reuters) - The European Central Bank (ECB) on Friday rejected calls from Europe's banks to ease capital rules to boost lending and put them on an equal footing with U.S. rivals. "Policymakers should redouble their efforts to complete the banking and capital markets unions," the report said, referring to EU projects to deepen its capital market and create a more competitive cross-border banking market. "The largest global European banks have even slightly lower requirements than their counterparts across the Atlantic," an ECB spokesperson said. "It is also questionable that lower capital requirements would lead to higher lending: what is proven is that low levels of capital lead banks to abruptly reduce lending in a crisis, thus deepening the adverse impact on the economy," the ECB said. The EU is finalising the remaining leg of global bank capital rules that were written in response to the financial crisis, with temporary waivers from some elements in the teeth of ECB opposition.

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