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☆ MSCI reviews Adani Group securities amid sell-off crisis
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

"This determination has triggered a free float review of the Adani Group securities." Adani Group did not immediately respond to a Reuters request for comment. Adani Group has rejected the criticism and denied any wrongdoing. MSCI said the Adani review would be carried out as part of its regular February review. The index provider said in late January it was seeking feedback from market participants as the sell-off crisis engulfed Adani.

☆ Asia stocks steady, dollar firm as investors consider higher rate outlook
▼ + stars: | 2023-02-07 | 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

Australia's S&P/ASX200 (.AXJO) was trading higher ahead of the Reserve Bank's decision but slid into negative territory after the official cash rate was raised by 25 basis points. Hong Kong's Hang Seng Index (.HSI) was trading 0.67% higher and China's bluechip CSI300 Index (.CSI300) was up 0.07%. The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 4.4267% compared with a U.S. close of 4.456%. The repricing of higher rates began after strong U.S jobs growth in January, with employment rising 517,000, more than double economists expectations. The dollar index , which tracks the greenback against a basket of major trading partner currencies, was down marginally at 103.45 from its U.S. trading levels.

☆ Asia stocks steady, dollar strong as markets reassess rates outlook
▼ + stars: | 2023-02-07 | 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: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) bounced slightly 0.4%, after U.S. stocks ended the previous session with mild losses. Hong Kong's Hang Seng Index (.HSI) opened up 0.68% and China's bluechip CSI300 Index (.CSI300) was 0.3% higher in early trade. The repricing of higher rates began after strong U.S jobs growth in January, with employment rising 517,000, more than double economists expectations. The dollar index , which tracks the greenback against a basket of major trading partner currencies, was down marginally at 103.47 from its U.S. trading levels. Gold was slightly higher.

It is rare for investors to take short positions in securities of Indian companies. Securities rules in India also make it hard to quietly build short positions. Institutional investors are obliged to disclose their short positions upfront and there are other restrictions and registration requirements on foreign investors. In Adani, for example, Hindenburg held the short positions through U.S.-traded bonds and non-Indian-traded derivatives. China's strict investment rules make it all but impossible to take short positions in domestic-listed Chinese stocks from overseas.

SYDNEY/SINGAPORE, Jan 26 (Reuters) - China's reopened borders and renewed focus on boosting the sagging economy have brightened the deals outlook, with bankers starting to field interest for mergers, acquisitions and fundraising involving the world's second-largest economy. Chinese companies' capital markets deals slipped 44% in the same period, according to Refinitiv data. That slump crimped the fees earned by Wall Street banks and forced some of them to cut jobs, mainly those linked to Chinese deals, in the past few months. Chinese private equity activity was worth $24.1 billion in 2022, down from $57.8 billion a year before, Pitchbook data showed. "Because of opening up, we expect an uptick in overseas disposal of private equity to Chinese buyers."

"2022 saw a material deterioration in global investment banking fee pools and, as a result, we have had to reduce headcount in certain areas," the statement said. The layoffs involve staff across multiple divisions within Nomura's investment banking function, after a year of muted dealmaking activity in the region, one of the two sources said. In each of the bank's business divisions for equities capital markets, debt capital markets, corporate finance and Southeast Asia coverage, two to three workers were made redundant, according to the two sources. Goldman Sachs (GS.N) last week sacked more than 3,000 people in its global workforce, with the investment banking and global markets division the hardest hit. Pretax income for its wholesale division, which houses its trading and investment banking businesses, slid 19% year-on-year in the three months ending in September.

SYDNEY, Jan 16 (Reuters) - Bain Capital said on Monday it is looking to relist Virgin Australia - a move that comes as the domestic aviation market bounces back strongly from its pandemic lows. "In the coming months we will consider how to best position Virgin Australia for continued growth and long term prosperity," Mike Murphy, a Sydney-based partner at the U.S. private equity firm said in a statement. "It is Bain Capital’s current intention to retain a significant shareholding in a future IPO of Virgin Australia." Bain bought Virgin Australia for A$3.5 billion ($2.45 billion) including liabilities in 2020 after the airline was placed in voluntary administration. There were just $614.2 million worth of IPOs in Australia in 2022, down nearly 93% from $8.4 billion a year earlier, according to Refinitiv data.

☆ Analysis: Investors snap up record $39 bln emerging market sovereign bond splurge
▼ + stars: | 2023-01-13 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +5 min

The scale of borrowing dwarfs the previous record of $26 billion raised in the same period in 2018, data from Morgan Stanley shows. ROARING STARTWhile emerging bond markets are off to a roaring start, that might not translate into a bumper year overall. That is well above last year's multi-year low of $95 billion, but well short of 2020's record $233 billion. "The blessing for 2023 is that we haven't got a huge spike in Eurobonds maturities for the frontier," said Gregory Smith, emerging markets fund manager at M&G Investments, referring to what are perceived as the riskiest of emerging markets. "Kenya and Angola will need to tap the market, while South Africa is staying away completely this year," she said.

The company is the property services arm of commercial property developer Dalian Wanda Group. A presentation by Wanda Commercial Management Group seen by Reuters said the book received 3.7 times over-subscription, with $500 million orders from long-only funds, including Blackrock, Fidelity, Pictet AM, Invesco and PAG. "This deal reopened the dormant China property and high-yield bond market, and received an active and positive reaction," it added. Dalian Wanda Group did not immediately respond to a request for comment while its commercial management arm could not be immediately reached. Unlike many other Chinese developers who focus on residential projects, Dalian Wanda Group relies on rental income and has an asset-light model.

[1/2] People work on the trading floor at the global headquarters of Goldman Sachs investment banking firm at 200 West Street in New York City, U.S., January 11, 2023. The Wall Street titan's rivals have also started to cut jobs as global banks prepare for recession and broader, deeper cuts are expected across the industry if deal-making activity remains weak. The long-expected jobs cull at Goldman follows a recruitment drive during the pandemic, which saw the bank's total headcount top 49,000. Johnson, who was with Goldman Sachs for more than six years, declined to comment. Oliveira said some bankers who have reached out to recruiters like him are considering ditching investment banking for other positions.

☆ Goldman staff brace as global jobs cull begins
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

LONDON/HONG KONG, Jan 11 (Reuters) - Staff at Goldman Sachs (GS.N) are bracing for news on whether they will keep their jobs on Wednesday, as the U.S. investment bank begins a sweeping cost-cutting drive that could see its 49,000-strong global workforce shrink by thousands. About 8 staff were also laid off in Goldman's research department in Hong Kong, the source added, with layoffs ongoing in the investment bank and other divisions. A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, April 16, 2012. Goldman had 49,100 employees at the end of the third quarter, after adding significant numbers of staff during the coronavirus pandemic. Reporting By Sinead Cruise and Iain Withers, Selena Li in Hong Kong and Scott Murdoch in Sydney;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

It is likely to affect most of the bank's major divisions, with its investment banking arm facing the deepest cuts, a source told Reuters this month. "We know this is a difficult time for people leaving the firm," a Goldman Sachs statement on Wednesday said. Last year was challenging across groups including credit, equities, and investment banking broadly, said Paul Sorbera, president of Wall Street recruitment firm Alliance Consulting. [1/3] A trader works at the Goldman Sachs stall on the floor of the New York Stock Exchange, April 16, 2012. Shares of Goldman Sachs have partially recovered from a 10% fall last year.

☆ Goldman Sachs to start cutting thousands of jobs midweek
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File PhotoJan 9 (Reuters) - Goldman Sachs Group (GS.N) will start cutting thousands of jobs across the firm from Wednesday, two sources familiar with the move said, as it prepares for a tough economic environment. Goldman Sachs declined to comment. Hundreds of jobs are also likely to be reduced from Goldman Sachs' loss-making consumer business after it scaled back plans for its direct-to-consumer unit Marcus, the sources said. Investment banking fees nearly halved in 2022, with $77 billion earned globally by the banks, down from $132.3 billion one year earlier, Dealogic data showed.

SYDNEY, Jan 9 (Reuters) - A venture headed by China's Tianqi Lithium (002466.SZ) made an A$136 million ($94.07 million) bid to buy Australian lithium developer Essential Metals (ESS.AX), in a big test of Australian regulators' appetite for Chinese-led foreign investment. Tianqi Lithium Energy Australia (TLEA), which is 51% owned by Shenzhen- and Hong Kong-listed Tianqi Lithium Corporation and 49% by Australian miner IGO Ltd (IGO.AX), set the bid at 50 Australian cents per share. The deal requires the approval of Australia's Foreign Investment Review Board (FIRB), with Treasurer Jim Chalmers having the ultimate say. Essential Metals' shares surged as much as 40% on Monday, trading as high as 48.50 Australian cents. It expects the Essential Metals deal to be completed by May 2023.

SYDNEY, Jan 3 (Reuters) - Hong Kong aims to raise up to the equivalent of $5 billion in a dollar, euro and offshore Chinese yuan green bond issuance, sources with direct knowledge of the matter said. Hong Kong's government was proposing that the dollar tranche could be spread across three-, five- and 10-year tranches, with a possibility of issuing a 30-year bond, two sources told Reuters. Hong Kong was aiming to raise about $3 billion in dollars, those two sources said. The euro tranche was targeting 1 billion euros in two- and seven-year tenors, they added. The offshore-yuan-deal was intended to be worth about 5 billion yuan and would include a longer tenor of five years, said one of the sources and two others.

☆ Falling stocks and bruised dollar reel from BOJ's surprise policy shift
▼ + stars: | 2022-12-20 | by ( Nell Mackenzie | ) www.reuters.com time to read: +3 min

LONDON, Dec 20 (Reuters) - World stocks slid on Tuesday after a policy tweak by Japan's central bank rattled investors already worried about the economic fallout of rising interest rates and untameable inflation. The policy decision caused an immediate spike in the yen, with the dollar index dropping 0.80% to 103.95, a six-month low. Japanese 10-year government bond yields surged to their highest level since 2014, with euro zone yields following suit. This knocked other currencies from recent gains, with both the euro and pound falling more than 3.5% against the yen. In the oil market, Brent crude rose 0.20% to $79.95 per barrel, while U.S. crude rose 1.3% to $76.19.

☆ Stocks, bonds fall as BOJ's surprise policy shift spooks investors
▼ + stars: | 2022-12-20 | by ( Nell Mackenzie | ) www.reuters.com time to read: +3 min

The Bank of Japan (BOJ) widened the allowable band for long-term yields to 50 basis points either side of its 0% target, from 25 basis points previously. European stock markets hit six-week lows, with the German (.GDAXI) and French benchmark indices (.FCHI) falling by as much as 1%, while London's FTSE 100 (.FTSE) lost as much as 0.8%. Japanese 10-year government bond yields surged to their highest since 2014, with euro zone yields following suit. The policy decision caused an immediate spike in the yen with the dollar index dropping 0.80% to 103.95, a six-month low. Credit Suisse on Monday upgraded its outlook from neutral to outperform for China's stock markets in the year ahead.

☆ Bank of Japan makes surprise policy tweak
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +8 min

ATUSHI TAKEDA, CHIEF ECONOMIST, ITOCHU ECONOMIC RESEARCH, TOKYO:"Today's move reflects the BOJ's determination not to alter its yield cure control policy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023. "The tweak may seem modest but is significant for a central bank that has held dovish for a long time.

Japan's Nikkei Stock Index (.N225) shed 2.2% after trading in positive territory earlier in the day, as stocks resumed trading following the BOJ decision. The dollar dropped 2.43% against the yen to 133.62 after the BOJ decision, hitting a four-month low. In early European futures trading, the pan-region Euro Stoxx 50 futures were down 0.89% at 3,784, German DAX futures were down 0.91% at 13,888, FTSE futures were down 0.63% at 7,321. U.S. stock futures, the S&P 500 e-minis , were down 0.52% at 3,825.5. In Asian trading, the yield on benchmark 10-year Treasury notes rose to 3.6752% compared with its U.S. close of 3.583% on Monday.

☆ Bank of Japan reviews yield-curve control policy
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +4 min

Dec 20 (Reuters) - The Bank of Japan has slightly loosened the shackles on its 10-year yield target and said it will review its yield-curve control policy, surprising financial markets and sending the yen sharply higher. However, it is only a first step and yield-curve control (YCC) remains in place, as does negative rate strategy. CAROL KONG, CURRENCY STRATEGIST, COMMONWEALTH BANK OF AUSTRALIA, SYDNEY:"I think the move was certainly unexpected, to say the least. MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE:"They've widened the band, and I guess that came earlier than expected. CHRISTOPHER WONG, CURRENCY STRATEGIST, OCBC, SINGAPORE:"The timing of the policy tweak is a surprise, though we have been expecting the move to come in 2Q 2023.

☆ Asian markets mostly weaker as investors question China reopening
▼ + stars: | 2022-12-20 | 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

China is pushing on with easing restrictions after three years of COVID-19 lockdowns which is leaving to investors to question how financial markets will react to the reopening. "Once they do reopen, there will be positive sentiment and China will become a growth story for the world again." Australian shares (.AXJO) on Tuesday were down 0.72%, while Japan's Nikkei stock index (.N225) rose 0.34%. In Asian trading, the yield on benchmark 10-year Treasury notes rose to 3.5993% compared with its U.S. close of 3.583% on Monday. "The subsequent hawkish Fed policy update remains fresh in the minds of investors," NAB analyst wrote on Tuesday.

☆ 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.

That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. The automotive group led by founder Li Shufu now houses seven brands manufacturing electric vehicles, of which three are high-end brands. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. Zeekr was established by Geely, formally known as Zhejiang Geely Holding Group (GEELY.UL), in April 2021 to tap into increasing Chinese demand for premium EVs.

Bonus payout discussions are currently underway at Morgan Stanley globally, they said. Morgan Stanley, which does not disclose details of bonus payouts, declined to comment. Wall Street investment bankers can expect much smaller bonuses this year as the economy slows, according to projections published last month by Johnson Associates Inc, a compensation consultant in New York. This year's bonus discussions are taking place after Morgan Stanley CEO James Gorman said earlier this month that the bank was making "modest job cuts" worldwide. Morgan Stanley reported a 30% slump in third-quarter profit in October, missing analysts' estimate as a slowdown in global dealmaking hurt its investment banking business.

HONG KONG, Dec 12 (Reuters) - Zeekr, Chinese automaker Geely's upmarket electric car brand, has confidentially filed for a U.S. initial public offering, aiming to raise more than $1 billion, three sources with direct knowledge of the matter told Reuters. That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. It said in October it would spin Zeekr off but did not identify a listing venue or the likely value of an offering.

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