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☆ China delays release of key economic data amid party congress
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +3 min

The highly unusual delay comes amid the week-long congress of the ruling Communist Party, a twice-a-decade event that is an especially sensitive time in China. He said the delay was unlikely to affect market sentiment as most preliminary economic data pointed to a pick-up in recovery in the third quarter. The delays followed the unexplained delay in the release of September's trade data by the General Administration of Customs, which had been due out on Friday. The trade data was not released on Monday and calls to the customs administration seeking comment went unanswered. At the last party congress, in 2017, third quarter GDP data was released as usual.

☆ China delays release of economic indicators including Q3 GDP
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Aly SongBEIJING, Oct 17 (Reuters) - China will delay the release of economic indicators originally scheduled for publication this week, including the country's third-quarter gross domestic product due on Tuesday, according to an updated calendar on the statistics bureau's website. The data for third-quarter GDP - originally scheduled for release at 10:00 a.m. local time (0200 GMT) on Tuesday - had been highly anticipated after the world's second-largest economy grew just 0.4% in the second quarter from a year earlier. The delays announced on Monday followed an unexplained move by the General Administration of Customs on Friday to skip its previously scheduled release of September's trade data. The trade statistics had been expected to show China's export growth weakened further from August, dragged down by soft global demand, while its imports remained tepid. The trade data was still not released on Monday and calls to the customs administration seeking comment went unanswered.

People walk through the City of London financial district during rush hour in London, Britain, October 3, 2022. Asia's main markets had struggled overnight but Europe's STOXX 600 (.STOXX) made a 0.5% early gain as both the pound and UK government bonds rallied in London. Invesco's director of macro research Ben Jones said the UK's volatility would remain a key focus for global markets. In currency markets, the dollar remains king as investors price in U.S. rates peaking around 5%. The rise of the dollar and global bond yields have been a drag for gold, which was stuck at $1,648 an ounce .

☆ A graduate landed a job offer for his 'perfect role' 5 days after standing on a busy street with his resume on display
▼ + stars: | 2022-10-17 | by ( Kate Duffy | ) www.businessinsider.com time to read: +4 min

A graduate who spent a year job hunting got an offer five days after standing in the street with his resume. "I was so tired of getting so many rejections on a daily basis, it was really depressing for me," Shahzad told Insider. Five days after standing on the streets of Canary Wharf, Shahzad told Insider he received an offer for a data analyst role, which he said was "the perfect role." After receiving the job offer for the data analyst position, it took Shahzad three months before his visa was processed. He told Insider he was blown away by response of passers-by and social media users to his day of standing in the street.

☆ Britain's political and market turmoil
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

People walk through the City of London financial district during rush hour in London, Britain, October 3, 2022. Following is a snapshot of related events, comments and explanations:Register now for FREE unlimited access to Reuters.com RegisterWHAT'S BEHIND THE CRISIS? * The Bank of England was forced into emergency bond-buying to stem a sharp sell-off in Britain's 2.1 trillion pound ($2.3 trillion) government bond market that threatened to wreak havoc in the pension industry and increase recession risks. * The BoE interventions have highlighted a growing segment of Britain's pensions sector - liability-driven investment. MARKET REACTION* Long-dated British government bonds rallied on Monday.

☆ Credit Suisse prepares Swiss business sales to raise capital - FT
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

Oct 15 (Reuters) - Credit Suisse is preparing to sell parts of its Swiss domestic bank as it attempts to close a capital hole of around 4.5 billion Swiss francs ($4.48 billion), the Financial Times reported on Saturday, citing people familiar with the matter. "We will update on progress on our comprehensive strategy review when we announce our third-quarter earnings," Credit Suisse told Reuters in an emailed statement. The bank is also looking to sell its famed Savoy Hotel, located on Paradeplatz in the centre of Zurich's financial district. The hotel could be worth 400 million Swiss francs, as reported by finance blog Inside Paradeplatz early this month. The bank is due to present its new business strategy on Oct. 27, when it announces third-quarter results.

☆ Credit Suisse prepares Swiss business sales to raise capital, Financial Times reports
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

The dollar pared gains after climbing to a fresh 24-year peak versus the yen, holding above levels that prompted intervention by Japan last month. Sterling regained ground after a sharp fall the previous day as investors eyed the Bank of England's next steps. read moreRegister now for FREE unlimited access to Reuters.com Register"For the most part there's nothing too earth shattering in the Fed minutes. But he cited discussions of calibrating the response, suggesting awareness of the risk of hiking rates too fast. Gold eked out gains on Wednesday after five sessions of losses, although an uptick in the dollar kept prices in check as investors waited for the Fed minutes.

☆ How the wealthy use life insurance to escape estate tax and why the tactic is now attracting scrutiny
▼ + stars: | 2022-10-12 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +5 min

I'm Jeffrey Cane, stepping out from behind the 10 Things on Wall Street newsletter curtain to help catch you up on all things financial today. But first: Could I interest you in some life insurance? Yes, life insurance is one answer, but it's life insurance with a twist. This little-known tax tool, which may be coming under increasing scrutiny, is called private placement life insurance, or PPLI. It is effectively a life insurance policy that is owned by an offshore trust.

Register now for FREE unlimited access to Reuters.com Register"We have announced that we will be out by the end of this week. "My message to the funds involved and all the firms involved managing those funds: You've got three days left now. Investors are nervous that Friday's halt to the BoE's bond-buying might come too soon for some pension funds. But a BoE spokesperson said it had been made "absolutely clear in contact with the banks at senior levels" that the Friday deadline would hold. On Wednesday, it said it was "closely monitoring" liability-driven investment (LDI) funds, which are key to pension funds, ahead of Friday's deadline.

☆ Credit Suisse to buy back $3 billion in debt, sell landmark hotel as credit fears persist
▼ + stars: | 2022-10-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Signage hangs over the entrance of a Credit Suisse Group AG branch in Zurich, Switzerland, on Sunday, Sept. 25, 2022. Troubled bank Credit Suisse offered to buy back up to 3 billion Swiss francs ($3.03 billion) of debt securities Friday, as it navigates a plunging share price and a rise in bets against its debt. The offers on the debt securities will expire by Nov. 3 and Nov. 10, respectively. Credit Suisse shares were trading more than 7% higher following the news Friday, however they remain down around 50% year to date. Credit Suisse is the only major bank for which the curve has recently flattened," MSCI Research Executive Directors Gergely Szalka and Thomas Verbraken noted.

LONDON, Sept 29 (Reuters) - HSBC will undertake a review of whether to keep its global headquarters in London's Canary Wharf financial district, according to a memo sent to staff and seen by Reuters on Thursday. The bank said it had decided to undertake a review "of the best future location in London" ahead of its lease expiring at the 45-floor tower at 8 Canada Square in early 2027. The bank said the review would include the option of staying and renovating the tower, adding it would keep its global headquarters in London. HSBC has occupied 8 Canada Square - which is one of the tallest buildings in Canary Wharf and bears the bank's name - since 2002. It has been home to up to around 8,000 HSBC employees, some of whom refer to it as the 'Tower of Doom'.

☆ Morning Bid: Mini budget, major turmoil
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Henry NichollsA look at the day ahead in European and global markets from Anshuman DagaWhat was meant to be a mini-budget is still thundering across financial markets. read moreAsian stocks markets and currencies extended their downward journey, burdened by the gloomy growth outlook, while dollar bulls pushed the currency to yet another two-decade high. "Indeed a recession in Europe in particular is already well anticipated, with 92% of our European Fund Manager survey respondents expecting one in the coming 12 months," BofA said. Elsewhere, the energy crisis in Europe intensified as European authorities investigated what Germany, Denmark and Sweden said were attacks which had caused major leaks into the Baltic Sea from two Russian gas pipelines. The energy crisis between Europe and Moscow has already battered major Western economies, sent gas prices surging and sparked a hunt for alternative supplies.

☆ Factbox: Companies cut jobs, freeze hiring to prepare for economic slowdown
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

A person walks through the financial district during rainy weather in London, Britain, September 23, 2018. Picture taken September 23, 2018. REUTERS/Henry NichollsSept 27 (Reuters) - Technology companies, crypto exchanges and financial firms are cutting jobs and slowing hiring as global economic growth slows due to higher interest rates, red-hot inflation and an energy crisis in Europe. In a sign of a tough second half of the year, growth in the world's largest economy, the United States, shrank for the second straight quarter, while in the euro zone business growth slowed sharply in June due to rising cost of living. LAYOFFS:HIRING FREEZES:Source: Company filings, media reportsRegister now for FREE unlimited access to Reuters.com RegisterCompiled by Chavi Mehta, Tiyashi Datta, Aditya Soni, Yuvraj Malik and Praveen Paramasivam in Bengaluru; Editing by Arun Koyyur, Uttaresh.V, Anil D'Silva and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Sentiment among German exporters at its lowest since May 2020
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

The city's financial district high-rise buildings disappear in clouds as the spread of the coronavirus disease (COVID-19) continues during an extended lockdown and a demand by the German government for more home office possibilities in Frankfurt, Germany, February 2, 2021. REUTERS/Kai Pfaffenbach/BERLIN, Sept 27 (Reuters) - Sentiment among German exporters fell in September to its lowest since the early stages of the COVID-19 pandemic as the slowing global economy dampens any expectations of growth in the medium term, the Ifo economic institute said on Tuesday. Export expectations dropped to -6.0 in September from -2.8 in August, the lowest since May 2020, it said. Exports from Europe's largest economy decreased 2.1% in July from the previous month, hit by sinking demand from Germany's two most important trade customers, China and the United States. Register now for FREE unlimited access to Reuters.com RegisterReporting by Miranda Murray; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Euro sculpture in Frankfurt rescued by crypto firm
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

The Euro sign by German artist Ottmar Hoerl is photographed after "Caiz development" company announced its sponsorship for the conversation of the landmark in Frankfurt, Germany, September 27, 2022. REUTERS/Kai PfaffenbachRegister now for FREE unlimited access to Reuters.com RegisterFRANKFURT, Sept 27 (Reuters) - A giant blue euro sculpture in the heart of Frankfurt's financial district has a new benefactor: The firm behind a sharia-compliant cryptocurrency. Register now for FREE unlimited access to Reuters.com RegisterThe sponsor is the technology developer Caiz, a Frankfurt-based company whose Caizcoin conforms to the principles of Islamic finance and laws. The sculpture was constructed to much fanfare in 2001, shortly ahead of the launch of euro notes and coins. Register now for FREE unlimited access to Reuters.com RegisterReporting by Marta Orosz; Writing by Tom Sims; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Reversing UK confidence crash requires policy U-turn: economists
▼ + stars: | 2022-09-27 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

Commuters, reflected in windows of an office, walk across London Bridge toward the financial district, in London, Britain, September 26, 2022. "The first step in regaining credibility is not saying incredible things," Summers said on Twitter on Tuesday. Register now for FREE unlimited access to Reuters.com RegisterSummers pointed to surging interest rates of long-dated British debt as a "hallmark of situations where credibility has been lost". On Monday the Bank of England and Treasury released statements in the hope of reassuring investors, with the central bank saying it would not hesitate to raise interest rates if needed. Register now for FREE unlimited access to Reuters.com RegisterEditing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ HSBC hires Goldman Sach's Ma to lead North Asia global banking
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermidHONG KONG, Sept 27 (Reuters) - HSBC has appointed Goldman Sachs partner Christina Ma as its head of global banking for North Asia, according to a memo seen by Reuters. Ma will join the bank after 21 years with Goldman Sachs , most recently as its head of Greater China equities. He will leave HSBC on Nov. 1 after 27 years with the bank. Ma will remain based in Hong Kong, and starts her new role in the first quarter of 2023, the memo said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Scott Murdoch; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Aviva Investors agrees outsourcing deal with BNY Mellon
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011. REUTERS/Brendan McDermid (UNITED STATES - Tags: BUSINESS)LONDON, Sept 27 (Reuters) - Aviva Investors (AV.L) has agreed a deal to outsource data and back office functions to BNY Mellon (BK.N), the two companies said on Tuesday, as the investment division of the British insurer looks to bolster its services to clients and cut costs. Asset managers have increasingly been handing over responsibility for back office functions such as custody of securities to third parties, while outsourcing has in some cases extended as far as front office functions such as trading. Transferring activities such as custody, accounting and performance measurement to BNY Mellon will "allow us to enhance our client proposition and improve operational efficiency," Mark Versey, Aviva Investors CEO, said in a statement, adding that the partnership with BNY Mellon was "transformative" for the fund manager's business. BNY Mellon said it was using cloud-based platform Data Vault to provide data to Aviva.

☆ UK downturn deepens, raising recession risk -flash PMI
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

Released just as finance minister Kwasi Kwarteng was due to flesh out the economic agenda of new Prime Minister Liz Truss, the S&P Global/CIPS flash Composite Purchasing Managers' Index (PMI) fell to 48.4 from 49.6 in August. It marked the lowest reading since the COVID-19 lockdown of January last year. The PMI for the services sector fell to 49.2 in September from 50.9 in August, the weakest reading since January 2021. While the manufacturing PMI rose to 48.5 from 47.3, much of the improvement reflected a worsening supply chain performance, which in normal times reflects shortages due to strong demand but not this time. Despite the pound falling to 37-year lows against the dollar, export orders contracted in both the manufacturing and service sectors, S&P Global said.

☆ New China ETFs test investor appetite amid Sino-U.S. tech war, market rout
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Aly SongSHANGHAI, Sept 23 (Reuters) - Five Chinese tech-focused ETFs launched on Friday, testing investor appetite for chipmakers, new materials producers and machine tool manufacturers amid an escalating Sino-U.S. tech war, and a global rout in tech shares. Two of the ETFs will invest money into the stocks of the 50 biggest chipmakers listed on Shanghai's STAR Market, including Semiconductor Manufacturing International Corporation (SMIC) (0981.HK) and Montage Technology Co (688008.SS). read moreIt also comes amid heightened geopolitical tensions and tech rivalries between China and the United States. The Biden administration took fresh steps in recent weeks to support domestic tech sectors and cut economic reliance on China, sending shares in Chinese biotech and new energy lower. Shanghai's tech-focused STAR Market - which Beijing hopes will fund China's tech self-sufficiency - has tumbled roughly 30% this year.

☆ German economic downturn deepens in Sept, outlook grim -flash PMI
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

S&P Global's flash composite Purchasing Managers' Index (PMI), which tracks both the manufacturing and services sectors which together account for more than two-thirds of Germany's economy, fell to 45.9 in September from August's final reading of 46.9. A Reuters poll of analysts had pointed to a reading of 46.0. Separately, the manufacturing index fell to 48.3 from a final reading of 49.1 in August. The services index dropped to 45.4 from a final reading of 47.7 in August. Register now for FREE unlimited access to Reuters.com RegisterWriting by Paul Carrel; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

People relax in the sun of the bank the River Thames, with the The City of London financial district in the distance, in London, Britain, June 16, 2022. The CityUK, which promotes UK financial services abroad, said Britain must make a competitive and compelling offer to lift growth, but there is no magic bullet. DEREGULATION PUSHThe City is largely locked out of the EU since Brexit and financial services were excluded from the UK's trade deal with the bloc. Kwarteng said the financial services sector will be at the heart of the government's programme to drive growth in the economy. "To reaffirm the UK's status as the world's financial services centre, I will set out an ambitious package of regulatory reforms later in the autumn," Kwarteng said.

☆ Global climate change protests demand compensation ahead of COP27
▼ + stars: | 2022-09-23 | by ( Kate Abnett | ) www.reuters.com time to read: +5 min

They are timed to coincide with global leaders meeting in New York City at the U.N. General Assembly this week. REUTERS/Brendan McDermid Read More'DEVASTATING CONSEQUENCES'Irreparable damage caused by climate change has heightened developing countries' demands for "Loss & Damage" compensation at COP27 in Egypt in November. "The Least Developed Countries are bearing the brunt of the devastating consequences of climate change," Senegal's environment minister Abdou Karim Sall told a meeting in Dakar last week. The United States and 27-country European Union have historically resisted steps that could require rich nations to pay compensation for causing climate change. Malpass later clarified he was not a climate change denier, after facing a flurry of calls to resign.

☆ Analysis: Credit markets see less risk of recession, earnings may challenge that
▼ + stars: | 2022-09-23 | by ( Karen Brettell | ) www.reuters.com time to read: +5 min

“Credit spreads are too tight, they are not adequately reflecting the risk of recession. Leveraged loans and junk bonds are high-risk corporate debt. Their borrowing rates have been held in check by solid liquidity while default rates are near historical lows and not seen likely to spike significantly near-term. Earnings were better than expected in the second quarter on average, but higher rates and slowing growth are expected to make a bigger dent in profits soon, which could bring rating downgrades and higher default risk. “For now the credit market's still taking comfort from in place fundamentals and a slow pace of deterioration.

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