Asia has been the best performing region globally this year because of China being the best performing market and tech being the best performing sector. In Hong Kong in particular the impact of Tencent has been extra-ordinary as the largest stock in the market with a current weighting of almost 12%.
In Spain there are currently 428,000 millionaires with over 1 million dollars compared with 370.000 in 2016, according to a report by Credit Suisse published this week.
Most G10 currencies declined further against US dollar ( USD) . However, analysts from AXA IM remind that “the greenback has lost some steam”, appreciating just 0.5% over the past month.
He Fan, Ye Qianlin and Li Chaohui via Caixin | The U.S. president’s three-day state visit to China ended up with dazzling trade deals worth over $250 billion. It seemed the most pressing issue on the agenda would have a respite.
The four central bankers, Draghi, Yellen, Carney and Kuroda have commited to continuing to”give open guidance” on future decisions, as they slowly withdraw monetary stimuli.
Could the yuan substitute the dollar and become the predominant currency? I would ask the following question: if you had some dollars, would you change them for yuan? No you wouldn’t, would you? We would like to demonstrate that the yuan is in no way a substitute for the dollar.
Not many investors have been bullish on the price of oil recently, but Allianz Global Investors has had a constructive view of the industry for the past 12-18 months. Now that both members and non-members of the OPEC have renewed their commitment to limit production, it’s a good time to review the prospects for oil.
The Crown Prince and de-facto ruler of the Saudi Arabia, Mohammed bin Salman, (MBS) launched an anti-corruption drive to safeguard the reform and modernization of the Saudi economy. Oil meanwhile looks to have broken out to the upside, which is very much a function of Brent Crude rather than West Texas Intermediate. The gap down started to open in August with Hurricane Harvey, not now with Saudi developments.
If Jerome Powell is “sold” on the idea that he has to restrain an economy that is “too vibrant”, the outcome will be “disaster”.
Last week, People’s Bank of China (PBoC) Governor Zhou reaffirmed his concerns about the stability of the financial system in an article. Susan Joho, economist at Julius Baer points that he surprisingly spoke boldly of the risks of a Chinese Minsky moment.