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The Daily Capital Markets Digest
Wells Fargo’s new CEO, Tim Sloan, said the US bank had seen no meaningful impact on its wholesale business from the scandal around the unauthorised opening of 2.1m retail customer accounts.
(Reuters) Singapore directed Swiss wealth manager Falcon Private Bank to cease operations in the city-state and fined DBS Bank and UBS over lapses in its biggest crackdown on entities dealing with Malaysian sovereign fund 1MDB.
State Bank of India struggled to market the country’s first offshore Additional Tier 1 securities, as its aggressive pricing expectations clashed with investor concerns over weak fundamentals and strict loss-absorption rules.
Standard Chartered priced the first Samurai bond by a British lender since the UK voted itself out of the European Union, indicating that Japanese buyers are starting to recover from jitters over the impact of Brexit on the country’s banks.
FIXED-INCOME TRADING, the bête noire of investment banking for so long, bailed out what might have been an otherwise so-so third-quarter performance for the Big Five US firms as clients regained some sangfroid and showed more willingness to trade. Now, how often have you heard that?
Funds conducting off-exchange trades within their own fund family are likely favouring their “stars” at the expense of the also rans.
China’s third-quarter GDP figure released this morning was highly encouraging at 6.7% year-on-year and 1.8% quarter-on-quarter, and the 6.1% reading for industrial production and 10.7% growth in retail sales were also pretty impressive. How nice is that?
Alcoa might be the first to report quarterly earnings and to set the tone in the basic industries sector but it is Caterpillar, the maker of big yellow things, which is the real bellwether as it straddles both the commodities and the manufacturing space.
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