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☆ Macro bets help hedge funds ride rough Chinese markets
▼ + stars: | 2022-10-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

HONG KONG, Oct 11 (Reuters) - The hedge funds that have managed to weather and outperform China's bumpy stock markets so far this year say betting on big-picture macroeconomic changes have helped them. One such fund is Stanley Tao's $230 million Golden Nest Greater China Fund. The hedge fund posted approximately a 2.4% net return for September, according to internal estimates, and is down 1.2% for the first nine months. That compares with MSCI China's (.dMICN00000PUS) roughly 30% decline in the nine months to September, marking the worst first nine months since 2008. Macro strategies are the biggest winners this year, with hedge funds cashing in on the volatility spawned by the differing pace of global rate rises and regulatory changes -- seizing opportunities that didn't exist during a decade of uniform easy monetary policies everywhere.

☆ China's climate push could spawn new global players, even if Beijing falls short on its pledge
▼ + stars: | 2022-10-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

China aims to reach peak carbon emissions in 2030. Two years ago, Chinese President Xi Jinping formally announced the world's second largest economy would strive for peak carbon emissions in 2030, and carbon neutrality in 2060. Emerging leader in offshore wind? The U.K. and the rest of Europe are each expected to add about 10 gigawatts of offshore wind power in the next three years, according to IEEFA Research. Overenthusiastic measures to force local areas to cut carbon emissions last year resulted in a power shortage that disrupted factory production.

Francois Savary, chief investment officer at Prime Partners SA, a Swiss wealth manager with around $4.1 billion of assets, says it is difficult for investors to avoid China exposure. Indus Capital Partners, a New York-based investment manager, started to reduce exposure in China in pan-Asian funds in 2021, but has since returned. Greater China exposure in its $1.37 billion long-only fund, Indus Select, has increased modestly. Some fund managers think Xi wants to quickly get back to the business of supporting the economy. "Investors are just in this 'wait and see' mode to get more clarity that stronger growth can be achieved," said St Clair.

☆ 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.

☆ Swiss bank UBP returns to Chinese markets
▼ + stars: | 2022-09-23 | by ( Summer Zhen | ) www.reuters.com time to read: +2 min

The Union Bancaire Privee (UBP) sign is seen at one of its branch offices in Zurich, Switzerland November 20, 2017. REUTERS/Arnd WiegmannHONG KONG, Sept 23 (Reuters) - Swiss private bank Union Bancaire Privée (UBP) is back in Chinese markets, its chief investment officer said, making its way back to the world's second-largest economy after withdrawing last year. Villamin said UBP saw some “hope” that there would be more stimulus measures ahead of and after the Communist Party Congress in October. UBP has however only bought China A-shares, which is the domestic sector, and is avoiding companies that might have exposure to geopolitical issues. UBP believes China is slowly poised to recover although it will not be a smooth sailing.

☆ Goldman Sachs layoffs are underway as mid-level TMT bankers get handed pink slips from New York to San Francisco
▼ + stars: | 2022-09-23 | by ( Reed Alexander | ) www.businessinsider.com time to read: +3 min

Its tech, media, and telecom division has suffered roughly a dozen layoffs, Insider has learned. The news will fuel growing anxiety about cuts as Wall Street prepares third-quarter results. The TMT layoffs are part of a broader cost-cutting effort at Goldman that is resulting in layoffs across other investment banking teams and in offices around the world. Economic conditions are hammering Wall Street as public valuations tank, fears of a recession mount, and corporate confidence to get deals done dwindles. For the time being, the IPO market continues to remain stalled — creating further reason for worry as Wall Street prepares to report third-quarter earnings next month.

☆ Barclays downgrades Nike heading into earnings next week, cites slew of challenges for apparel maker
▼ + stars: | 2022-09-20 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Steer clear of Nike heading into the company's earnings release next week, Barclays advised. Analyst Adrienne Yih downgraded shares to equal weight from overweight, saying the sports apparel retailer could report "potential low-quality" earnings results next week as it continues to deal with inventory issues. Shares of Nike are down 36% this year, and roughly 40% off its 52-week high, as the sports apparel giant dealt with rising inflation, supply chain issues and Covid lockdowns in China. The analyst lowered her price target to $110, a 12% cut from $125 previously. The new price target is roughly in line with Monday's closing price of $107.21.

☆ Here are Tuesday's biggest analyst calls: Amazon, Ford, Humana, Tesla, Nike, Norwegian & more
▼ + stars: | 2022-09-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it sees competition rising in China and that Tesla is going through a "peak China dependency" phase. Morgan Stanley upgrades Humana to overweight from equal weight Morgan Stanley said in its upgrade of the health insurer that it sees "accelerated growth." Morgan Stanley reiterates Ford as equal weight Morgan Stanley kept its equal weight rating on the automaker, but said it investors might want to buy the stock on weakness. Morgan Stanley reiterates Amazon as overweight Morgan Stanley said that its checks show that Amazon is becoming a formidable competitor to Shopify. Barclays downgrades Nike to equal weight from overweight Barclays said in its downgrade of Nike that it sees rising inventory risks.

☆ Goldman Sachs lays off 25 bankers in Asia, Bloomberg reports
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermidSept 20 (Reuters) - Goldman Sachs (GS.N) has laid off at least 25 bankers in Asia, Bloomberg News reported on Tuesday citing people familiar with the matter, as volatility in capital markets stifles dealmaking across sectors. The job cuts, which span across the bank's equity capital markets, health care, and telecommunication, media and technology teams in Asia mostly impacted junior level bankers involved in deals in Greater China, the Bloomberg report said. "Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment," a Goldman spokesperson said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse investment chief lays out why the bank has cut its weighting to US stocks, how likely a recession now is and how the bank is positioning its billions of dollars in client assets
▼ + stars: | 2022-09-16 | by ( Karin Wasteson | ) www.businessinsider.com time to read: +5 min

Credit Suisse downgraded its global equities positioning from overweight to neutral in early August, and then cut it again on the 29th August from neutral to underweight. "If you want a job, you can get a job," Siu said. "From the beginning of the Covid outbreak, bond yield was 0.5%, now bond yield is 3.2%; a six-fold increase since then. Is bond yield attractive? In a recession risk scenario you do not want to be overweight high risk assets such as high yield."

☆ Housing might be struggling in China but there are green shoots in commercial property
▼ + stars: | 2022-09-13 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +7 min

Commercial property is a bright spot in Chinese real estate, in contrast with the doom and gloom of the residential housing market. Likewise, property group CIFI Holdings posted a 23% year-on-year drop in home sales in China for the first half, but reported a 69.5% lift in its property investment revenue. While some investors sold assets to stay liquid, Spiro said the commercial sector generally has more supportive government and fiscal policies. All in all, the Chinese commercial property sector's resilience lies in its ability to rebound faster than its residential counterpart. Down but not outBut unlike housing, the commercial sector is rebounding particularly after lockdowns ended and government incentives kicked in, CBRE said.

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