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U.K., Canada on the brink of trade agreement, replacing EU deal
The U.K. and Canada are on the brink of signing a new trade agreement to replace the existing deal Britain has through European Union membership.
12
Manulife third quarter profit surges to $2.07 billion while core earnings slip
Manulife Financial Corp. beat expectations as its net income attributable to shareholders surged to $2.07 billion in the third quarter.
12
OPEC+ Focuses on Delay to Oil-Output Hike of Three to Six Months
Talks between OPEC and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates.
2
Hong Kong Exchange Fund Q3 investment income drops 57% q/q
Hong Kong’s Exchange Fund, which is used to back the Hong Kong dollar, posted investment income of HK$52.8 billion ($6.81 billion) in the third quarter, a drop of 56.6% from the previous quarter, the Hong Kong Monetary Authority (HKMA) said on Monday.
2
China PMI: domestic driven growth but exports are a looming risk
China's Caixin manufacturing PMI rose in October, even though the official manufacturing PMI for the same month fell (though remained above 50). Combined with the non-manufacturing PMI, it looks like domestic demand is holding strong. But it still faces the risk of falling export demand as a result of rising Covid-19 cases in Europe and the US.
21
A ‘blue wave’ in U.S. elections could bring forward Fed rate hikes, says Morgan Stanley
A Democratic sweep in the coming U.S. elections will likely unleash more fiscal stimulus, but it could also cause the Federal Reserve to hike interest rates earlier than expected, said a Morgan Stanley portfolio manager.
21
Huawei, China Firms Are Said to Seek Curbs on Nvidia’s Arm Deal
Chinese technology companies including Huawei Technologies Co. have expressed strong concerns to local regulators about Nvidia Corp.’s proposed acquisition of Arm Ltd., people familiar with the matter said, potentially jeopardizing the $40 billion semiconductor deal.
20
Didi considers 2021 Hong Kong IPO, targets valuation of more than US$60 billion
China's top ride-hailing firm Didi Chuxing is considering Hong Kong for a multibillion-dollar initial public offering (IPO) next year, people with knowledge of the matter said, rethinking previous aims to list in New York amid rising Sino-US tension.
20
Monetary Stability: The IMF and Fed Chair Jerome Powell Discuss Digital Currency Implications
The IMF held a virtual panel that discussed digital currencies and cross-border payments on Monday morning. The panel was hosted by the IMF managing director in Washington, DC, Kristalina Georgieva, and the Federal Reserve Chair Jerome Powell participated. Reports note that Powell talked about the impact of a U.S.-issued CBDC and how it could affect financial stability.
16
Brazil President Jair Bolsonaro Mulls Banning Huawei from Local 5G Network: Report Cites Official
Brazilian President Jair Bolsonaro is considering barring Huawei from supplying equipment to the country's upcoming 5G network, regarding China as a global threat in terms of data privacy and sovereignty, Bloomberg citing a senior Brazilian cabinet member.
16
Japan to tap budget reserves worth $5.2 bln to protect jobs, supply chains
Japan’s cabinet decided on Friday to tap emergency budget reserves worth 549 billion yen ($5.2 billion) to support supply chains and farmers and provide job subsidies to cushion the impact of the COVID-19 pandemic, the Ministry of Finance said.
15
Hong Kong and Singapore set to reveal travel bubble: SCMP
Singapore and Hong Kong will reveal they've reached a preliminary agreement on a travel bubble that may exempt residents of both cities from quarantining or stay-at-home notices, the South China Morning Post (SCMP) reported Thursday, citing people it didn't identify.
15
China's inflation struggles to perk up despite broader recovery
China’s factory gate prices fell at a faster-than-expected pace in September and consumer inflation slowed to its weakest in 19 months, underscoring the challenges still facing China as it recovers from the COVID-19 pandemic.
14
Xi: Shenzhen should resolutely uphold new vision on development
Chinese President Xi Jinping on October 14 attended a ceremony in south China's Shenzhen City to mark the 40th anniversary of the city being designated as China's first special economic zone. In his speech, Xi stressed that Shenzhen should resolutely uphold the new vision on development, and China must move forward with supply-side reform to meet domestic needs.
14
McAfee Corp. Launches Initial Public Offering
McAfee Corp. (“McAfee” or the “Company”) today announced that it has commenced an initial public offering of 37,000,000 shares of its Class A common stock, with 30,982,558 shares being offered by the Company and 6,017,442 shares being offered by existing stockholders pursuant to a registration statement filed on Form S-1 with the Securities and Exchange Commission (the “SEC”).
12
China moves to curb yuan strength, making it cheaper to bet against the currency
The Chinese yuan fell on Monday following recent months of rallying. The weakness was triggered after the central bank changed rules on Saturday that made it cheaper for traders to short the currency. Shorting involves selling a borrowed asset, which can be a stock or currency, with the view that it will depreciate and can be bought back later at a lower price.
12
Hong Kong leader postpones annual policy address until after Beijing talks
Hong Kong Chief Executive Carrie Lam has postponed her annual policy address scheduled for Wednesday in order to go to Beijing for talks on how the central government can help with the financial hub’s economic recovery.
9
ZA Bank Mulls Acquisition of Hong Kong's Largest Non-Bank Lender
Hong Kong subprime lender PrimeCredit is resuming its sales efforts with newly launched ZA Bank eying the opportunity for accelerated growth.
9
AMD Nearing Deal To Acquire Xilinx For Over $30 Billion: WSJ
AMD is reportedly close to reaching a deal to acquire programmable chipmaker Xilinx for more than $30 billion — a move that could give the company another arsenal of products to compete with rivals Intel and Nvidia.
6
EV startup Faraday Future in talks to go public through SPAC merger
Electric vehicle startup Faraday Future aims to close a deal soon to go public through a reverse merger with a special-purchase acquisition company (SPAC), its chief executive said on Monday.