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Economic data puts the EUR in focus, while geopolitics and COVID-19 news and numbers will also influence on the day.
There’s not much anyone can do with the economic data until the virus is contained and the stimulus money starts to circulate through the economy.
Geopolitics will be a key driver in the week. Brexit and the Pound and a collapse in the U.S – China relations will be a test riskier assets.
One strategist says the economy is better prepared for a new wave of infections — and value stocks are near a point where they will lead the market.
The Australian dollar has rallied during the week, reaching towards the 0.66 level, an area that has continued to cause some issues.
(Bloomberg) -- U.K.-listed banks with heavy exposure to Hong Kong slipped as China’s attempt to tighten its grip on the city fueled a political backlash.HSBC Holdings Plc dropped as much as 6.5%, the most in about seven weeks, while rival lender Standard Chartered Plc declined 4.7%. Insurer Prudential Plc tumbled 9.8%, its biggest fall in more than two months, before paring losses along with the banks.China confirmed on Friday that it would effectively bypass the city’s legislature to implement national security laws. The announcement triggered immediate calls for fresh protests and sent the MSCI Hong Kong index to its worst loss since 2008.“China’s latest move is damaging to gross domestic product, sentiment, loan growth and Hong Kong’s status as a global financial destination,” Bloomberg Intelligence analyst Jonathan Tyce said in written comments. HSBC and Standard Chartered each derive a quarter of their revenue from Hong Kong, and “far more” of their pretax profits, he added.Banks operating in Hong Kong, as well as luxury-goods makers, have been volatile since the final quarter of 2019 as protests gripped the city, sending it into recession. The global spread of Covid-19 spurred share plunges in 2020.Prudential, which has seen its shares plunge 28% year-to-date, is also highly exposed to the former British colony. Hong Kong accounted for 23% of the London-based company’s adjusted operating profit in Asia in 2019, more than any other market in the continent, according to the group’s annual report.And it wasn’t just European financials dropping on the Hong Kong developments, as luxury-goods makers that are dependent on sales in the city also slipped. Cartier watch-maker Compagnie Financiere Richemont SA and Gucci-owner Kering SA fell as much as 4.1% and 2.3% in Zurich and Paris, respectively.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
BEIJING, May 22, 2020 -- Kingsoft Cloud Holdings Limited (NASDAQ: KC) (“Kingsoft Cloud” or the “Company”), the largest independent cloud service provider in China, today.
Escalating rhetoric from President Donald Trump hit Wall Street yesterday, but Asian markets today are red all over following China's proposal for a new Hong Kong law to ban sedition, secession and treason. The Hang Seng index plunged 5% at one point and the Hong Kong dollar slid the most in six weeks. World stocks are down around 0.7%, but that may pick up steam as a pan-European index is down 1.5% and Wall Street is expected to open weaker.
European stocks fell sharply on Friday, on investor concerns over tensions between the U.S. and China, as well as between Beijing and Hong Kong. The Stoxx Europe 600 index fell 1.2%, the German DAX fell 1.4% and the FTSE 100 index dropped 1.8%. Data in the U.K. showed a record slump in retail sales due to the coronavirus lockdown. Risk-off sentiment was spreading across assets with Dow futures down over 200 points and crude prices down close to 6%. Hong Kong stocks fell 5% on news that China's ceremonial parliament is mulling a security law in the former British colony. Banks were among the big decliners, with HSBC Holdings PLC sliding 5%, while luxury goods makers such as LVMH Moet Hennessey Louis Vuitton SE fell 2.5%.
The U.S. dollar was in demand during early European trade Friday as simmering U.S.-China tensions flared up, prompting investors to seek the traditional safe haven. At 2:45 AM ET (0645 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.627, up 0.2%, EUR/USD dropped 0.2% to 1.0925, while GBP/USD fell 0.2% to 1.2203. The latest source of Sino-U.S. disagreement came after Beijing moved to impose a new security law on Hong Kong after last year's pro-democracy unrest.
Retail sales figures will give the Pound and the Loonie direction, with the ECB minutes also in focus. Trump’s Twitter account could be the key driver, however.
A decision on a key legal aspect of the trial over whether Huawei Technologies Chief Financial Officer Meng Wanzhou can be extradited to the United States from Canada will be announced next Wednesday, the British Columbia Supreme Court said on Thursday. Meng was arrested in December 2018 at Vancouver International Airport at the request of the United States on charges of bank fraud, and is accused of misleading HSBC about a Huawei Technologies Co Ltd-owned company's dealings with Iran. Meng, 48, has said she is innocent and is fighting extradition.
AUD/USD Current Price: 0.6565 * Escalating tensions between the US and China also undermined Aussie's demand. * RBA's Governor Lowe said that the cost of negative interest rates does exceed the benefits. * AUD/USD retains its bullish stance in the short-term, critical support at 0.6530.The Australian dollar retreated from its recent highs against the greenback, as the poor performance of global equities weighed on the commodity-linked currency. The Aussie was undermined at the beginning of the day by local data, as the May preliminary Commonwealth Bank Manufacturing PMI contracted further, printing at 42.8. The services index was slightly better than the previous, reaching 25.5. Tensions between the US and China over their trade relationship and the origins of COVID-19 also hurt the AUD.RBA Governor Lowe gave a speech during Asian trading hours, although he didn't surprise market players. Among the most important details, Lowe said that the cost of negative interest rates do exceed the benefits, suggesting that further rate cuts are out of the table for now. The country won't release relevant data this Friday.AUD/USD short-term technical outlook The AUD/USD pair holds on to its positive stance, as it holds on to most of its latest gains. The 4-hour chart shows that it is bouncing from a bullish 20 SMA, which provided support throughout the day. Technical indicators, in the meantime, bounce from their midlines, and after correcting overbought conditions reached earlier in the week. The risk remains skewed to the upside as long as the pair holds above 0.6530, a static support level.Support levels: 0.6530 0.6490 0.6445Resistance levels: 0.6615 0.6650 0.6685View Live Chart for the AUD/USDSee more from Benzinga * EUR/USD Forecast: Continues To Post Higher Highs Daily Basis * AUD/USD Forecast: Losing Its Bullish Momentum But No Signs Of An Upcoming Slide * EUR/USD Forecast: Poised To Challenge The 1.1000 Psychological Threshold(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Late Thursday, the AUD/USD is trading inside yesterday’s range. This tends to indicate investor indecision and impeding volatility.
The British government will unlock £150 million in cash from bank accounts that have been overlooked by their owners and repurpose it to support social enterprises and charities working through the coronavirus crisis. Speaking at the daily Downing Street conference on Wednesday, the culture secretary, Oliver Dowden, said he would accelerate the release of £71 million of new funds from dormant bank accounts alongside £79 million already freed up to help charities in dealing with the pandemic. Dormant accounts are defined as those untouched for 15 years.
When a payroll glitch left Natalie Gallagher so short of cash this month she couldn't afford her bus fare to work, she turned to her usual lender Amigo for an emergency top-up loan. Like many of the lenders that thousands of higher-risk borrowers in Britain depend on, Amigo had tightened its criteria for handing out cash in the wake of the coronavirus. "Amigo was my only real option."
Private sector PMIs and U.S jobless claims put the EUR, the Pound, and the Greenback in the spotlight. Numbers out of Japan were not inspiring…
* Australia's Westpac Leading Index fell by 1.5% In May and after declining 0.73% in April. * RBA's Governor Lowe speech and PMIs taking center stage this Thursday. * AUD/USD losing its bullish momentum but no signs of an upcoming slide.The AUD/USD pair surged to a fresh two-month high of 0.6615, holding around the 0.6600 figure at the end of the US session. The Aussie advanced in spite of some negative news coming from the region. Australia's Westpac Leading Index fell by 1.5% In May, while tensions mount with its largest trading partner, China. Beijing has imposed punitive tariffs on certain Australian goods, and will likely continue trimming imports from the country, amid Australian decision to support the US investigation on the origins of COVID-19. Stocks posting solid gains underpinned the pair.This Thursday, Australia will see the release of the Commonwealth Bank PMIs for May. Manufacturing output is foreseen at 46.5 from 44.1. The services index previously printed at 19.5. Also, RBA's Governor Lowe is due to participate in a panel discussion at the Financial Services Institute of Australasia, in Sydney.AUD/USD short-term technical outlook The AUD/USD pair seems poised to extend its advance, as it continues to post higher highs on a daily basis. In the 4-hour chart, the pair is well above all of its moving averages, with the 20 SMA accelerating north above the larger ones. Technical indicators, in the meantime, have lost their bullish strength, but hold on to overbought levels, far from signaling an upcoming bearish move. Further gains are to be expected on a break above the mentioned daily high.Support levels: 0.6570 0.6530 0.6490Resistance levels: 0.6615 0.6650 0.6685View Live Chart for the AUD/USDSee more from Benzinga * EUR/USD Forecast: Poised To Challenge The 1.1000 Psychological Threshold * AUD/USD Forecast: At Two-Month Highs And Bullish: 5/19/2020 * EUR/USD Forecast: Still Aiming To Test The 1.1000 Threshold: 5/19/2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
More than £30 billion in company dividend cuts has left a huge hole in the pockets of U.K. investors in retirement and those who rely on it to top up their monthly income.
The Aussie looks likely to press the crucial level of 0.66, an area that we have a lot of confluence when it comes to selling pressure and technical levels.
Over the last few years, investors have been warned by shareholder advocates, a few short sellers, this column on MarketWatch, and most recently by the Securities Exchange Commission, about the huge risks they are taking by investing in Chinese initial public offerings in the U.S. markets. But based on the success of Kingsoft Cloud’s IPO Friday, investors are not listening.
NAB’s cashless retail sales index, which measures debit card, credit card and other cashless spending on NAB platforms, fell 5.3% in April.
(Bloomberg Opinion) -- Nasdaq is tightening rules on initial public offerings in an effort that looks to be targeted primarily at Chinese companies. To appreciate just how tepid its proposals are, consider this: They wouldn’t have screened out Luckin Coffee Inc., the most notorious accounting scandal involving a U.S.-listed Chinese issuer in years. On this evidence, IPO hopefuls have little to worry about — as long as they’re not too small.Companies will need to raise at least $25 million, or sell stock equal to a minimum 25% of their post-listing market capitalization, according to a Bloomberg News report that cited Nasdaq filings with the Securities and Exchange Commission. Luckin sold $645 million of shares in its IPO last May. There’s little comfort in this for the would-be Starbucks Corp. challenger: Nasdaq is seeking to delist Luckin after the company acknowledged fabricating sales transactions and fired its chief executive. Its shares, which will resume trading Wednesday, plummeted more than 75% in a single day last month. For other companies, though, the message is that the lure of IPO business still trumps U.S. government pressure to deter the flow of money into Chinese assets.The revised standards aren’t particularly punitive. Only three of 10 Nasdaq IPOs by Chinese issuers in 2020 raised less than $25 million. Last year, 10 of 29 flotations failed to meet the threshold, which is about the price of an upmarket New York townhouse. The requirement to sell at least a quarter of the business may be more painful. Half the companies selling shares this year floated less than 25%.Maybe we shouldn’t be surprised at the low bar. Chinese companies are big business after all, with a combined current market value of $380 billion on Nasdaq. The New York Stock Exchange, meanwhile, has almost $760 billion of Chinese listings — most of that accounted for by internet giant Alibaba Group Holding Ltd.There’s no sign that a rising U.S. climate of hostility to China is deterring IPO candidates. Beijing-based Kingsoft Cloud Holdings Ltd. raised $510 million this month after increasing the size of its float. Dada Nexus Ltd., an operator of crowd-sourced delivery platforms backed by Alibaba rival JD.com Inc., is currently sounding out investors for a $500 million offering. Such sales must come as welcome relief after a deals drought caused by the coronavirus lockdown.A bigger issue in rooting out fraud and malpractice is U.S. regulators’ access to company financial records and audit papers, something that China prevents. Current rules already allow Nasdaq to deny listings of companies from countries with such restrictions. Nasdaq is proposing more stringent criteria, including requiring auditors to show that they have sufficient expertise with international accounting standards in the offices doing the audit. This looks like a Band-Aid.The impression persists of an exchange that was under pressure to do something about Chinese companies — and came up with little more than the bare minimum. Just in case there was any doubt about the U.S. government’s stance, President Donald Trump’s economic adviser Larry Kudlow weighed in Tuesday to say that nobody can invest confidently in Chinese companies and the U.S. needs to protect investors from the country’s lack of transparency and accountability.Problems tend to be concentrated among the smallest and least liquid companies, so it makes sense to target them. Shares of Nasdaq-listed Chinese companies that raised less than $25 million since the start of 2017 are down an average of 60% from their IPO price — compared with a 34% average increase for all Chinese issuers selling shares during the period.(1)No one wants bit players in a world where investors have become increasingly skeptical of unprofitable technology companies. For the rest, America remains open for business — unless you’re Huawei Technologies Inc.\--With assistance from Zhen Hao Toh(1) The percentage figures are averages weighted by deal size.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.