UBS Bets on China’s Nasdaq-Style Exchange to Offset a Ban in Hong Kong

© Reuters. UBS Bets on China’s Nasdaq-Style Exchange to Offset a Ban in Hong Kong

(Bloomberg) — UBS Group AG, which runs the biggest foreign-controlled investment bank in China, is counting on the nation’s new Nasdaq-style exchange to mitigate the impact of an underwriting ban in Hong Kong, according to people familiar with the matter.

Beijing-based UBS Securities Co. aims to boost fees from arranging share sales on the technology board, known as STAR Market, to 20% of its stock underwriting income from the mainland by December, said the people, asking not to be identified since the projections are confidential. The contribution may reach 50% as soon as next year, with the bank working on two first-time offerings that may raise up to 3 billion yuan ($423 million), they said.

UBS, one of two foreign ventures approved to sponsor initial public offerings on Shanghai’s STAR Market, is betting that the high commissions from these issuances will partly offset a revenue decline in Hong Kong, where it has been banned from sponsoring IPOs till April. The Swiss bank is among those expanding in China after taking majority control of its local securities unit as the nation loosens restrictions on foreign participants in its $43 trillion financial industry.

“The fees are lucrative,” said Liu Wencheng, co-head of investment banking at UBS Securities. “We are actively mobilizing resources to dig and cultivate high quality tech-innovation companies to tap the opportunity.”

Liu wouldn’t comment directly on the bank’s plans for STAR Market.

UBS is also focusing to the new bourse after mainland investment banking revenues, including fees from arranging debt sales, dropped 48% last year as the number of large deals shrank, according to the people familiar. In March, it was fined HK$375 million ($48 million) to settle cases brought by Hong Kong

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Steady Start Predicted For Thai Stock Market

The Thai stock market has finished lower in back-to-back trading days, sliding almost 25 points or 1.6 percent along the way. The Stock Exchange of Thailand now rests just above the 1,640-point plateau and it’s expected to remain in that neighborhood again on Friday.

The global forecast for the Asian markets is flat with a touch of upside on concerns over the outlook for interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The SET finished modestly lower on Thursday following losses from the energy producers and a mixed picture from the financial sector

For the day, the index shed 13.48 points or 0.81 percent to finish at 1,640.66 after trading between 1,638.47 and 1,660.81. Volume was 18.774 billion shares worth 57.286 billion baht. There were 1,168 decliners and 436 gainers, with 394 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 2.18 percent, while Banpu plunged 3.33 percent, Bangkok Bank jumped 1.70 percent, Bangkok Medical spiked2.56 percent, Bangkok Expressway dropped 0.90 percent, BTS Group shed 0.75 percent, Charoen Pokphand Foods skidded 1.87 percent, Kasikornbank collected 0.61 percent, Krung Thai Bank lost 0.57 percent, PTT sank 1.09 percent, PTT Exploration and Production fell 0.40 percent, PTT Global Chemical retreated 1.86 percent, Siam Commercial Bank declined 0.83 percent, Siam Concrete dipped 0.48 percent, TMB Bank was down 1.16 percent and Thailand Airport was unchanged.

The lead from Wall Street provides little clarity as stocks opened higher on Thursday before giving ground later in the day, ending mixed and roughly flat.

The Dow fell 52.29 points or 0.19 percent to 27,094, while the NASDAQ rose 5.49 points or 0.07 percent to 8,182.88 and the S&P 500 added 0.06 points to end at 3,000.79.

The lackluster

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MARKET LIVE: GST Council meeting, oil, global cues top factors to watch

Stock market were little changed in the opening deals on Friday ahead of the crucial goods & services tax (GST) meet due later in the day. The S&P BSE Sensex was trading 63 points or 0.17 per cent higher at 36,156.44 levels. Maruti, YES Bank, HDFC Bank and Hero MotoCorp were the top gainers on the index while Axis Bank, NTPC, and ONGC declined in the opening deals.

On NSE, the Nifty50 index was trading above 10,700 levels at 10,704.05, down 0.75 points or 0.01 per cent. 

In the broader market, the S&P BSE MidCap index was trading at 13,251, down 35 points or 0,26 per cent while the S&P BSE SmallCap index was quoting 34 points or 0.27 per cent lower at 12,669. 

GLOBAL MARKETS

Asian share prices inched higher on Friday as economic stimulus around the world eased fears of economic deceleration. Resumption of trade dialogues between the US and China for the first time in nearly two months on Thursday, too, boosted investors’ sentiment. 

Japan’s Nikkei rose 0.34 per cent, while South Korea’s Kospi gained 0.18 per cent.

On Wall Street, shares ended flat during the overnight trade on Thursday. The Dow Jones Industrial Average slipped 0.19 per cent to 27,095 levels, the S&P500 ended unchanged at 3,007, and the Nasdaq Composite settled 0.07 per cent higher at 8,183 mark.

(With inputs from Reuters)

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Indonesia Stock Market May Be Stuck In Neutral

The Indonesia stock market on Thursday snapped the two-day winning streak in which it had advanced more than 55 points or 0.9 percent. The Jakarta Composite Index now rests just beneath the 6,245-point plateau and it may spin its wheels again on Friday.

The global forecast for the Asian markets is flat with a touch of upside on concerns over the outlook for interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The JCI finished modestly lower on Thursday following losses from the resource stocks and mixed performances from the financial shares and cement companies.

For the day, the index lost 32.16 points or 0.51 percent to finish at 6,244.47 after trading between 6,242.89 and 6,282.06.

Among the actives, Bank Danamon Indonesia jumped 1.50 percent, while Bank Mandiri skidded 1.39 percent, Bank Central Asia eased 0.17 percent, Bank Negara Indonesia tumbled 1.58 percent, Bank Rakyat Indonesia shed 0.47 percent, Indosat retreated 1.563 percent, Indocement added 0.60 percent, Semen Indonesia plunged 2.92 percent, United Tractors plummeted 3.44 percent, Bumi Resources sank 2.08 percent, Aneka Tambang was down 1.88 percent, Vale Indonesia declined 1.34 percent, Timah cratered 3.57 percent and Indofood Suskes was unchanged.

The lead from Wall Street provides little clarity as stocks opened higher on Thursday before giving ground later in the day, ending mixed and roughly flat.

The Dow fell 52.29 points or 0.19 percent to 27,094, while the NASDAQ rose 5.49 points or 0.07 percent to 8,182.88 and the S&P 500 added 0.06 points to end at 3,000.79.

The lackluster close on Wall Street came amid continued uncertainty about the outlook for interest rates following the Federal Reserve’s monetary policy announcement on Wednesday.

The Fed lowered interest rates by 25 basis

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Ishares Nasdaq Biotechnology E $IBB Trading Report

Sep 19, 2019 (Stock Traders Daily via COMTEX) — The Ishares Nasdaq Biotechnology E IBB, +0.18% update and the technical summary table below can help you manage risk and optimize returns. We have day, swing, and longer-term trading plans for IBB, and 1300 other stocks too, updated in real time for our trial subscribers. The data below is a snapshot, but updates are available now.

Technical Summary

Term →NearMidLong Bias Neutral Neutral Neutral P1 103.58 98.75 96.77 P2 104.74 102.56 103.62 P3 105.50 106.16 110.28

The Technical Summary and Trading Plans for IBB help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this IBB Report.

The technical summary data tells us to buy IBB near 103.62 with an upside target of 110.28. This data also tells us to set a stop loss @ 103.36 to protect against excessive loss in case the stock begins to move against the trade. 103.62 is the first level of support below 104.63 , and by rule, any test of support is a buy signal. In this case, support 103.62 is being tested, a buy signal would exist.

The technical summary data is suggesting a short of IBB as it gets near 110.28 with a downside target of 103.62. We should have a stop loss in place at 110.54 though. 110.28 is the first level of resistance above 104.63, and by rule, any test of resistance is a short signal. In this case, if resistance 110.28 is being tested, a short signal would exist.

COMTEX_352738612/2570/2019-09-19T21:26:24

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Hong Kong Stock Market Overdue For Support

The Hong Kong stock market has finished lower in four straight sessions, tumbling almost 900 points or 3.2 percent along the way. The Hang Seng Index now rests just beneath the 26,470-point plateau although it may find traction on Friday.

The global forecast for the Asian markets is flat with a touch of upside on concerns over the outlook for interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The Hang Seng finished sharply lower on Thursday following losses from the financials, properties, casinos and oil and insurance companies.

For the day, the index sank 285.17 points or 1.07 percent to finish at 26,468.95 after trading between 26,372.09 and 26,820.73.

Among the actives, AAC Technologies surged 5.86 percent, while AIA Group plummeted 3.04 percent, Hang Seng Bank plunged 2.44 percent, Techtronic Industries tumbled 2.07 percent, BOC Hong Kong skidded 1.64 percent, Sands China retreated 1.59 percent, China Mobile declined 1.37 percent, Tencent Holding dropped 1.34 percent, CSPC Pharmaceutical jumped 1.18 percent, Ping An Insurance sank 1.12 percent, Galaxy Entertainment shed 0.96 percent, Industrial and Commercial Bank of China lost 0.95 percent, China Life Insurance fell 0.84 percent, China Mengniu Dairy slid 0.83 percent, CNOOC and CITIC both dipped 0.79 percent, Hong Kong & China Gas was down 0.77 percent, China Petroleum and Chemical (Sinopec) dropped 0.42 percent, New World Development shed 0.20 percent and Henderson Land and WH Group were unchanged.

The lead from Wall Street provides little clarity as stocks opened higher on Thursday before giving ground later in the day, ending mixed and roughly flat.

The Dow fell 52.29 points or 0.19 percent to 27,094, while the NASDAQ rose 5.49 points or 0.07 percent to 8,182.88 and the S&P 500 added

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Little Movement Seen For Taiwan Stock Market

The Taiwan stock market has finished lower in two of three days since the end of the three-day winning streak in which it had advanced more than 140 points or 1.4 percent. The Taiwan Stock Exchange now rests just beneath the 10,900-point plateau and it’s likely to hover around that mark again on Friday.

The global forecast for the Asian markets is flat with a touch of upside on concerns over the outlook for interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The TSE finished modestly lower on Thursday following losses from the financial and cement stocks, while the technology companies were mixed.

For the day, the index sank 34.75 points or 0.32 percent to finish at 10,894.70 after trading between 10,874.66 and 10,954.18.

Among the actives, Cathay Financial collected 0.24 percent, while Mega Financial lost 0.34 percent, CTBC Financial dipped 0.23 percent, Fubon Financial dropped 0.88 percent, Taiwan Semiconductor Manufacturing Company added 0.75 percent, United Microelectronics Corporation gained 0.37 percent, Hon Hai Precision skidded 1.21 percent, Largan Precision spiked 2.14 percent, Catcher Technology fell 0.22 percent, MediaTek shed 0.39 percent, Asia Cement retreated 0.91 percent, Formosa Plastic sank 0.31 percent and Taiwan Cement, First Financial and E Sun Financial were unchanged.

The lead from Wall Street provides little clarity as stocks opened higher on Thursday before giving ground later in the day, ending mixed and roughly flat.

The Dow fell 52.29 points or 0.19 percent to 27,094, while the NASDAQ rose 5.49 points or 0.07 percent to 8,182.88 and the S&P 500 added 0.06 points to end at 3,000.79.

The lackluster close on Wall Street came amid continued uncertainty about the outlook for interest rates following the Federal Reserve’s monetary policy

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Stock Market News: AT&T Mulls a DIRECTV Move; Diageo Faces Trade Challenges

Thursday morning brought modest gains for major benchmarks as investors took more time to consider the impact of the Federal Reserve’s decision yesterday to cut interest rates by a quarter percentage point. Positive economic data helped improve market sentiment, and many hope that the Fed’s move will prevent a recession and help foster greater growth in the near future. As of 10:30 a.m. EDT, the Dow Jones Industrial Average (DJINDICES:^DJI) was up 91 points to 27,238. The S&P 500 (SNPINDEX:^GSPC) gained 12 points to 3,019, and the Nasdaq Composite (NASDAQINDEX:^IXIC) picked up 54 points to 8,231.

Even with today’s gains, businesses are still struggling to come up with the best strategies to maximize their prospects. AT&T (NYSE:T) is once again in the spotlight as investors try to guess whether it’ll make a major strategic move with its DIRECTV satellite video business. Meanwhile, Diageo (NYSE:DEO) gave a warning about the current state of global trade that suggests there are still reasons for concern across the broader stock market.

Is AT&T dealing DIRECTV?

Shares of AT&T were up about 1% in response to renewed reports that the telecom giant might be looking at a major strategic move involving its DIRECTV business. The possible outcome could be a sale or spinoff of DIRECTV — something that could help to boost its share price, at least according to activist investors.

Image source: AT&T.

Hedge fund Elliott Management said earlier this month that it sees AT&T shares as being greatly undervalued, and it took a stab at explaining why. One criticism of the telecom company was that because of its massive purchases of DIRECTV and Time Warner, AT&T had taken on too much at the same time, distracting it from its core business. Given the opportunities in building out an upgraded 5G wireless network, Elliott

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Why United States Steel, EZCORP, and Seagate Technology Slumped Today

The stock market was somewhat mixed on Thursday, with most major benchmarks giving up most or all of their early gains by the end of the trading session. There’s a lot of uncertainty about the future direction of the global economy and whether investors should expect the long-running bull market to continue indefinitely. At least at the individual stock level, there were several companies that saw significant declines in their shares. United States Steel (NYSE:X), EZCORP (NASDAQ:EZPW), and Seagate Technology (NASDAQ:STX) were among the worst performers. Here’s why they did so poorly.

U.S. Steel sees a tough quarter ahead

Shares of United States Steel dropped 11% after the company released guidance for its third-quarter financial results. The steelmaker said that the market for flat-rolled steel has softened after a short period of encouraging price moves early in the summer, and a bigger drop in scrap prices than the company expected will hurt earnings from U.S. Steel’s flat-rolled segment during the second half of the year. Combined with poor conditions in Europe, U.S. Steel will have to keep some of its production facilities idled, and ongoing efforts to become more efficient could result in further adjustments to its workforce. That should keep earnings under pressure at least through the end of the year, and that’s far from the encouraging news investors wanted to hear.

Image source: U.S. Steel.

EZCORP makes some changes at the top

EZCORP’s stock fell 12.5% after the company announced some changes at its board of directors. The pawn shop specialist replaced former executive chair Lachlan Given with Phillip Cohen, and it named Matthew Appel to serve as lead independent director of the board. Appel’s role will be to act as the main point of contact between Cohen and CEO Stuart Grimshaw. With all the innovation in the

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Malaysia Stock Market Expected To Remain Rangebound

The Malaysia stock market has moved lower in two straight sessions, slipping more than 8 points or 0.5 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,595-point plateau and it may be stuck in neutral on Friday.

The global forecast for the Asian markets is flat with a touch of upside on concerns over the outlook for interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The KLCI finished slightly lower on Thursday following mixed performances from the financial shares and plantation stocks.

For the day, the index dipped 3.21 points or 0.20 percent to finish at 1,596.28 after trading between 1,592.65 and 1,599.17. Volume was 2.3 billion shares worth 1.5 billion ringgit. There were 461 decliners and 366 gainers.

Among the actives, IHH Healthcare plummeted 1.74 percent, while Genting Malaysia plunged 1.29 percent, Sime Darby tumbled 1.28 percent, Sime Darby Plantations skidded 1.22 percent, Maxis spiked 0.88 percent, Top Glove retreated 0.84 percent, Maybank declined 0.69 percent, Press Metal climbed 0.61 percent, CIMB Group collected 0.60 percent, Dialog Group dropped 0.57 percent, Genting sank 0.52 percent, IOI Corporation shed 0.45 percent, Digi.com lost 0.42 percent, Hartalega Holdings advanced 0.38 percent, RHB Capital fell 0.36 percent, Kuala Lumpur Kepong added 0.17 percent, Tenaga Nasional gained 0.15 percent, Petronas Chemicals rose 0.13 percent and Petronas Dagangan, PPB Group, Public Bank, Malaysia Airports Holdings and Axiata all were unchanged.

The lead from Wall Street provides little clarity as stocks opened higher on Thursday before giving ground later in the day, ending mixed and roughly flat.

The Dow fell 52.29 points or 0.19 percent to 27,094, while the NASDAQ rose 5.49 points or 0.07 percent to 8,182.88 and the S&P

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