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☆ Recovery in Asia M&A, stuck at 8-year-lows, rests on macro conditions
▼ + stars: | 2022-12-19 | by ( Kane Wu | ) www.reuters.com time to read: +4 min

Deals are set to revive slowly as companies and funds watch out for easier macroeconomic conditions, they said. "This will provide a more stable backdrop for the return of a more robust M&A market," said Maliah. Deals in private equity, a major M&A driver, amounted to $139 billion as of Dec. 15, down 52% on all of 2021. "Banks' ability to write big-size checks is still much challenged," said Samson Lo, UBS's co-head of Asia-Pacific M&A. An improvement in Asian equity capital market volumes from three-year lows will also help M&A deals, dealmakers said.

☆ China's re-opening to lift Asia equity capital market volumes from 3-year lows
▼ + stars: | 2022-12-16 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

SYDNEY, Dec 16 (Reuters) - Asian equity capital markets activity, languishing at three-year lows now, is set to get a much needed boost in 2023 from China's expected re-opening to the rest of the world after a spate of COVID-19 lockdowns, dealmakers said. "As China's re-opening happens, market activity will come in stages," said Edward Byun, Goldman Sachs' co-head of equity capital markets in Asia ex-Japan, adding that secondary market trading and follow-on capital raisings would benefit first. IPOs in Asia Pacific, including Japan, fell by 43.3% this year in value terms, while total equity capital market deals plunged 52%, according to Refinitiv data. New share sales in Hong Kong plunged 74% to $7.4 billion this year from $28.17 billion in 2021, Refinitiv data showed. In India, IPOs were down nearly 60% to $7.13 billion from $17.05 billion, the Refinitiv data showed.

☆ Citi to wind down consumer banking in China, affecting about 1,200 staff
▼ + stars: | 2022-12-15 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 15 (Reuters) - Citigroup Inc (C.N) will wind down its consumer banking business in China in a move that will affect about 1,200 local employees, the bank said on Thursday. The exit will also affect deposits, insurance, mortgages, investments, loans and cards at the consumer banking business. As part of the wind down process, Citi will continue to pursue sales of portfolios within its Chinese consumer banking business, the statement said. It plans to hire around 3,000 staff for its Asia institutional business in the next few years, Asia-Pacific CEO Peter Babej told Reuters in June. Citi said last year that $7 billion in capital released from divestments of consumer banking businesses would be either returned to shareholders or invested in institutional banking and wealth management units.

☆ Exclusive: Grab to implement cost cuts, cites uncertain macroeconomic situation- CEO in memo
▼ + stars: | 2022-12-15 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

SINGAPORE, Dec 15 (Reuters) - Grab Holdings Ltd (GRAB.O), Southeast Asia's biggest ride-hailing and food delivery firm, is rolling out cost-cutting measures to cope with an uncertain macroeconomic situation, the Singapore-based company's chief executive told staff in a memo. Tan said in the memo that Southeast Asia has not, and will not, be spared from rising prices and interest rates, and the consequent effects on growth. Grab, which operates in 480 cities in eight countries, had about 8,800 staff at the end of 2021. The memo circulated on Wednesday said Grab would "freeze the majority of current open job requisitions which are not in offer stage". These measures, Tan said, had helped Grab get closer to its profitability goals.

☆ HSBC's disgruntled shareholders launch new campaign for spinoff
▼ + stars: | 2022-12-15 | by ( Selena Li | ) www.reuters.com time to read: +2 min

The bank's management was "turning a deaf ear to the voice of minority shareholders," he said. Shareholders including Lui began pushing for the spinoff earlier this year. Hong Kong is HSBC's biggest market and home to a large number of retail shareholders who formerly benefited from the bank's once stable dividend payments. HSBC has resumed paying a dividend but not quarterly, and retail investors are dissatisfied with payouts that, overall, are smaller than before. Analysts have said retail shareholders are unlikely to have the heft to eventually force a vote on a break-up.

HSBC "underperforms its peers, violates dividend commitments (and) ignores shareholders' interests," Ken Lui, convener of the group , said in a Thursday newspaper advertisement. London-headquartered HSBC, which is opposed to breaking up its business, dismissed the possibility of the proposal gaining traction among large shareholders. Hong Kong is HSBC's biggest market and home to many retail shareholders. DIVIDEND SUSPENSIONHong Kong retail shareholders were particularly upset when HSBC scrapped its formerly stable dividend in 2020 during the COVID-19 pandemic, when the Bank of England asked lenders to conserve capital. It has resumed paying a dividend but not quarterly, and retail investors are dissatisfied with payouts that, overall, are smaller than before.

☆ Morning Bid: Hunkering down
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Initial market enthusiasm over China's easing of its stringent "zero-COVID" measures has now switched to worries over a wave of infections likely disrupting the economy. European stock markets are set for a weaker start on Monday, dragged by declines in Asian stocks, with the spotlight on a series of central bank meetings even as expectations rise that euro zone inflation is peaking. It's a Super Thursday this week, with the ECB, Bank of England, and the Swiss and Norwegian central banks also expected to jack up borrowing costs. On Sunday, U.S. Treasury Secretary Janet Yellen forecast a substantial reduction in U.S. inflation in 2023, barring an unexpected shock. Whether inflation is responding to the most aggressive Fed hiking cycle since the 1980s will be evident in this week's U.S. consumer price index report.

☆ Exclusive: Temasek's PSA evaluates multi-billion dollar exit from Hutchison Ports-sources
▼ + stars: | 2022-12-09 | by ( Anshuman Daga | ) www.reuters.com time to read: +2 min

SINGAPORE, Dec 9 (Reuters) - Port operator PSA International, fully owned by Singapore state investor Temasek Holdings, is considering selling its multi-billion dollar, 20% stake in the ports business of CK Hutchison Holdings (0001.HK), two sources familiar with the matter told Reuters. PSA, the world's second-biggest container terminal operator, whose global network encompasses 160 locations in 42 countries, had acquired the stake in the Hong Kong-based conglomerate's ports business for $4.4 billion in 2006. Both Temasek and CK Hutchison, the conglomerate of retired billionaire Li Ka-shing, declined to comment. Temasek reported a nearly 6% rise in its portfolio value to a record S$403 billion ($297 billion) in the year to March 2022. Economic conditions have worsened since then, with global markets selling off along with a sharp increase in interest rates.

☆ Morning Bid: Hat-trick
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +3 min

For the euro zone, commentary by officials is hinting at a peak in rates but anaemic growth and stubbornly high inflation are haunting investors. ECB policymaker Constantinos Herodotou said on Tuesday that interest rates will go up again but are now "very near" their neutral level. Markets will focus on industrial output data due from Germany, while euro zone third-quarter GDP and employment numbers, and UK house prices are among the other economic indicators for the day. Euro zone government bond yields dropped for the first time in three days on Tuesday in the run-up to a raft of major central bank decisions next week. The central bank has made conservative estimates on inflation despite Russia cutting gas supplies to Europe in response to Western sanctions over its invasion of Ukraine.

The major bourses in Europe also declined as concerns mounted about a global slowdown before a raft of major central bank rate decisions next week. The dollar gained against the euro, yen, British pound and Canadian dollar, among other major currencies. Treasury yields fell, but more at the long end of maturities than the short end, which deepened the inverted yield curve, a market indicator of a looming recession. The dollar rose as investors waited for next week's expected 50 basis points rate hike by the Fed. Euro zone government bond yields fell after two European Central Bank officials signaled inflation and rates may be close to peaking in the run-up to a raft of major central bank decisions.

☆ Stocks suffer biggest drop in two weeks; dollar gains on upbeat U.S. data
▼ + stars: | 2022-12-06 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

SINGAPORE, Dec 6 (Reuters) - Asian stocks logged their sharpest declines in two weeks but the dollar held on to gains following strong U.S. data that again suggested the Federal Reserve might stick longer with aggressive interest rate increases. Chinese stocks extended their recovery, with the broader index (.CSI300) gaining 0.6%, while Japan (.N225) was up 0.3%. Futures show the market expects U.S. short-term interest rates to peak at 5.001% in May. The dollar stayed firm versus major peers, following its biggest rally in two weeks on Monday, which was helped by the strong U.S. services data. The Australian dollar regained some ground after the country's central bank raised interest rates to decade highs and stuck with a prediction of further hikes ahead, quashing any thought it was near to pausing.

☆ Morning Bid: Powerless
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Treasury yields are up, the dollar is standing firm after its biggest rally in two weeks and risk-off sentiment is holding sway. For the euro zone, however, there is little in the way of good news. Industrial orders data from Germany, the biggest economy in the euro zone, is the only economic indicator worth watching on Tuesday. Chairman Axel Lehmann told media the embattled bank is "definitely stable" and has seen a stabilisation in client funds outflows.

☆ Stocks ease from 3-month highs, dollar firms up on strong U.S. data
▼ + stars: | 2022-12-06 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

REUTERS/Kim Kyung-Hoon/File PhotoSINGAPORE, Dec 6 (Reuters) - Asian stocks retreated from three-month highs and the dollar held on to gains following strong U.S. data that again suggested the Federal Reserve might stick longer with aggressive interest rate increases. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) shed 0.4%, after climbing to a three-month high in the previous session. Stocks in Korea (.KS11) and Taiwan (.TWII) traded lower, while China's broader index (.CSI300) rose 0.6% and Japan (.N225) and Hong Kong <.HSI> stocks were steady. Futures show the market expects U.S. short-term interest rates to peak at 5.001% in May. The dollar stayed firm versus major peers, following its biggest rally in two weeks on Monday, which was helped by the strong U.S. services data.

☆ Singapore state investor Temasek to open Paris office in 2023
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 29 (Reuters) - Singaporean state investor Temasek Holdings (TEM.UL) will open an office in Paris next year as it seeks to focus on investments in the Europe, Middle East and Africa (EMEA) region, it said on Tuesday. "Our decision to open a new European office reflects the continuing importance of EMEA as an investment destination," Temasek's EMEA head Uwe Krueger said in a statement. Ranked among the top 10 state investors in the world, Temasek's portfolio value rose to a record S$403 billion ($293 billion) in the year to March 2022. Temasek, which has stakes in large listed Asian companies such as DBS Group (DBSM.SI) and China Construction Bank (601939.SS), is mainly focused on Asia. ($1 = 1.3759 Singapore dollars)Reporting by Yantoultra Ngui; Editing By Anshuman Daga and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

SINGAPORE, Nov 28 (Reuters) - Link Real Estate Investment Trust (0823.HK), Asia's biggest REIT, has emerged as the frontrunner to buy a portfolio of assets from Singapore shopping mall owner NTUC Enterprise Co-operative Ltd, multiple sources told Reuters on Monday. If Link REIT does buy, the assets will be its first in Singapore. Mercatus and Hong Kong-listed Link REIT declined to comment on the matter. Nearly three-quarters of its portfolio value is in Hong Kong. Link REIT has been on the prowl for assets in Singapore and other countries to diversify its portfolio.

☆ Morning Bid: Red alert
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

Reuters Graphics Reuters GraphicsEuropean markets are likely to take a cue from the wave of red splashed across Asian markets on Monday, while investors will also scrutinise Wednesday's euro zone inflation data to see if the worst of the price surge is behind. While economists at Citi expect headline inflation to post the first decline since mid-2020, driven by falling energy inflation, European Central Bank's top economic thinkers have been sparring on the outlook for inflation and rates. Though U.S. inflation may be close to peaking, euro area price pressures remain strong. Inflation in the euro zone was 10.6% in October, more than five times the ECB's 2% target. The comments come after Switzerland's second-largest bank flagged a hefty loss last week as wealthy clients turn their back on the embattled bank.

☆ Morning Bid: On the fence
▼ + stars: | 2022-11-23 | by ( Steve Scherer | David Ljunggren | ) www.reuters.com time to read: +2 min

The market has been looking, almost clamouring, for signs of slowdown in the pace of interest rate hikes. And so, the dollar remains on guard, Asian equities mostly tracked Wall Street gains and gold stayed flat . The tentativeness among investors is in stark contrast with the soccer world, which remains in shock after Saudi Arabia came from behind to beat Lionel Messi's Argentina in the World Cup. The central bank warned the economy might have to spend an entire year in recession to bring inflation under control. The first bankruptcy hearing for FTX showed that the collapsed crypto exchange has been the subject of cyberattacks and had "substantial" assets missing.

HONG KONG, Nov 22 (Reuters) - Credit Suisse (CSGN.S) has laid off about one-third of its China-based investment banking team and nearly half of its research department, sources with knowledge of the matter told Reuters, as part of a global restructuring and as its China business slows. Credit Suisse declined to make specific comments on the layoffs in China when contacted by Reuters. Two sources said that more than 20 China-based investment bankers have been notified about the job cuts at Credit Suisse Securities (China), the bank's 51%-owned joint venture. Credit Suisse's China annual report shows it had 68 people in its investment banking department at the end of last year. At Credit Suisse's China venture, about 10 research staff have been let go, the sources said.

☆ Morning Bid: COVID blues
▼ + stars: | 2022-11-22 | by ( Kirsty Needham | ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman Daga:A nationwide spike in COVID-19 cases in China is again the main talking point for weary global markets on Tuesday as Beijing shut parks and museums and more cities resumed mass testing. Last week finance minister Jeremy Hunt announced tax hikes and spending cuts to fix the country's balance sheet and its economic policy reputation after former prime minister Liz Truss's controversial "mini-budget". Brent crude futures steadied at $87.85 a barrel after plunging by more than $5 a barrel to 10-month lows. Still, Brent crude is up 13% so far this year, marking one of the strongest performances in any asset class. Concerns about Genesis follow the collapse of FTX, one of the world's biggest crypto exchanges, which has shattered investor confidence.

☆ Malaysia's TIME sells data centre stake to DigitalBridge for $440 mln
▼ + stars: | 2022-11-22 | by ( Gabriel Araujo | ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 22 (Reuters) - Malaysian telecoms firm TIME dotCom (TCOM.KL) is selling a major stake in its data centre business to U.S. infrastructure investor DigitalBridge Group (DBRG.N) for about 2 billion ringgit ($437.64 million), the companies announced on Tuesday. TIME will sell 49% of the ordinary shares and 100% of the irredeemable convertible preference shares in AIMS Data Centre Holding, and 21% of the ordinary shares in AIMS Data Centre (Thailand), according to the statement. Proceeds from the stake sales will be partly used by TIME to pay a special dividend of up to 1 billion ringgit to its shareholders, TIME's Commander-in-Chief Afzal Abdul Rahim said in the statement. The deal gave the AIMS business an enterprise value of 3.2 billion ringgit and compares to the 119 million ringgit TIME paid to buy it in 2012, according to the company. AIMS' current book value is 240 million ringgit.

☆ Morning Bid: Bulls take cover
▼ + stars: | 2022-11-21 | by ( Yantoultra Ngui | ) www.reuters.com time to read: +2 min

We have seen this story before of markets getting ahead of themselves, but the latest China worries are resurfacing just as global investors dial back hopes of an imminent Fed pivot on interest rates. In Europe, ECB policymakers are seen taking an even tougher stance. Three top officials said on Friday that the European Central Bank must raise interest rates high enough to dampen growth as it fights record inflation and it could soon start running down its 5 trillion euro ($5.2 trillion) debt pile. Minutes from the ECB meeting and the Fed this week will provide markets more direction on the outlook for interest rates, while manufacturing and consumer confidence data will give a snapshot of the health of economies. Meanwhile, U.S. President Joe Biden is proving that age is just a number as he turned 80 on Sunday, making him the first octogenarian president in U.S. history.

☆ Morning Bid: Tough Fed talk
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in markets from Anshuman DagaWhile Fed speakers talk tough on interest rates and keep market expectations in check, Britain's bleak outlook will also weigh on UK assets. St. Louis Fed President James Bullard said that even under a "generous" analysis of monetary policy, the Fed needs to keep raising interest rates given that its tightening so far "had only limited effects on observed inflation." For now, it does look like recent market enthusiasm about a short period of rising rates on signs of slower inflation was misplaced. This came a day after the country's budget forecasters warned Britain faced a record hit to living standards this year, battered by surging inflation. On the corporate front, Francesco De Ferrari, who heads Credit Suisse's (CSGN.S) wealth management business, told Reuters he is targeting growth markets, high net worth clients and technology to fuel the fortunes of the embattled Swiss bank.

☆ Singapore's Temasek writes down $275 mln investment in FTX
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Singapore state investor Temasek Holdings said it would write down the value of its entire investment of $275 million in collapsed crypto currency exchange FTX, in the latest move by FTX's investors. "In view of FTX's financial position, we have decided to write down our full investment in FTX, irrespective of the outcome of FTX's bankruptcy protection filing," Temasek said in a statement on Thursday. Temasek said it had invested $210 million for a minority stake of about 1% in FTX International, and $65 million for a minority stake of about 1.5% in FTX US, across two funding rounds from October 2021 to January 2022. FTX filed for bankruptcy protection in the United States last week in the highest-profile crypto blowup to date, after traders pulled $6 billion from the platform in three days. Reporting by Sameer Manekar in Bengaluru and Anshuman Daga in Singapore; Editing by Sherry Jacob-Phillips and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ As FTX collapses, Temasek becomes latest backer to write down $275 mln funding
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 17 (Reuters) - Singapore state investor Temasek Holdings said it would write down the value of its entire investment of $275 million in collapsed crypto currency exchange FTX, in the latest move by FTX's investors. "In view of FTX's financial position, we have decided to write down our full investment in FTX, irrespective of the outcome of FTX's bankruptcy protection filing," Temasek said in a detailed statement on Thursday. "The cost of our investment in FTX was 0.09% of our net portfolio value of S$403 billion ($294.3 billion) as of 31 March 2022," it said. Temasek said its early stage investments made up about 6% of its total portfolio. ($1 = 1.3693 Singapore dollars)Reporting by Anshuman Daga in Singapore; Additional reporting by Sameer Manekar in Bengaluru; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

FTX's bankruptcy case includes more than 100,000 creditors, and this number could surpass 1 million, the filings said. The numbers were disclosed as FTX requested that multiple FTX group companies file one consolidated list of major creditors, rather than separate ones. REUTERS/Dado Ruvic/IllustrationCrypto lender BlockFi, which previously acknowledged it has significant exposure to FTX, plans to lay off workers while preparing to file for bankruptcy, the Wall Street Journal reported. Separately, bankrupt crypto lender Voyager Digital no longer plans to sell itself to FTX, Bloomberg reported, while Canadian crypto exchange Bitvo said it terminated its deal to be bought by FTX. I'm meeting in-person with regulators and working with the teams to do what we can for customers," he said on Twitter.

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