Morning Bid: New highs as retail eyed, Europe calms
Tech-led Wall Street stocks have sailed to new records again this week, with Tuesday expected to see retail sales return to growth and as nervy European markets calmed for a second day. The relentless outperformance of U.S. tech megacaps on the artificial intelligence theme now has the Nasdaq (.IXIC), nearing 20% gains for the year to date, outstripping the S&P500 (.IXIC), […]
Chinese investors’ rush for offshore assets spurs Hong Kong wealth inflows
Hong Kong investment products such as insurance and high-yield time deposits are seeing resurgent demand from wealthy Chinese who are aiming to shield returns from a domestic economic and property sector downturn and also a weaker currency. The trend became evident last year but has accelerated in recent months after China relaxed investment rules for […]
NATO targets AI, robots and space tech in $1.1 billion fund
A consortium of NATO allies has confirmed the first tranche of companies awarded funding as part of the group’s one billion euro ($1.1 billion) innovation fund. The alliance unveiled the fund in the summer of 2022, months after the Russian invasion of Ukraine, promising to invest in technologies that would enhance its defences. The fund is […]
Explainer: What happens next in Ukraine’s debt restructuring?
Talks between Ukraine and its international bondholders designed to cut its debt to help finance its war effort ground to a halt on Monday after the two sides failed to reach an agreement. It means the clock continues to tick down to a potential $23 billion sovereign default later in the summer. That’s a headache that Kyiv […]
EU regulators propose shake-up of sustainable investment labels
European Union regulators proposed sweeping changes on Tuesday to the bloc’s rules on labelling sustainable investments, to give investors simpler and clearer information and to stop “greenwashing” risks. The proposals include marking financial products that are not yet sustainable as ‘transition’ products and introducing a sustainability indicator that would grade investment funds. The EU’s executive […]
Barclays to cut UK corporate banking costs, lend more
Barclays (BARC.L), said on Tuesday it will cut about 100 million pounds ($127 million) in costs from its UK corporate banking business in total by 2026, under broader plans by the British bank to ramp up lending at the under-achieving division. In February, Barclays said it will refocus on Britain as part of a revamp aimed at beefing up […]
Greece to set up its first sovereign wealth fund, reform posting, bus services
Greece will set up its first sovereign wealth fund to sell state assets such as estate property, ports and public utilities that were not sold during its debt crisis, its finance minister said on Tuesday. The fund, with initial capital of 300 million euros, will invest proceeds from thousands of state asset sales into green […]
UniCredit CEO says digital euro “very good” plan if banks fully involved
Plans for a digital euro will be a “very good” thing for the currency bloc and its lenders if banks remain central to the flow of money as they are at present, UniCredit Chief Executive Andrea Orcel said on Tuesday. “It’s a matter of sovereignty for Europe: we cannot not have a digital euro,” Orcel […]
Caterpillar’s Russian assets transferred to firm owned by Armenian fund
U.S. machinery maker Caterpillar’s (CAT.N), former Russian assets have been transferred to a company owned by Armenian investment fund Balchug Capital, Russian company filings showed. Caterpillar Inc, which makes machinery for the construction, mining and oil and gas industries, suspended operations in its manufacturing facilities in Russia in 2022, joining a number of foreign companies that […]
Exclusive: Regulatory concerns stopped Julius Baer, EFG takeover talks, sources say
Swiss regulatory concerns scuppered talks between private banks Julius Baer (BAER.S), and EFG International (EFGN.S), over a potential tie-up worth some 15 billion Swiss francs ($17 billion), two sources with knowledge of the matter told Reuters. The two banks held talks in early 2024 and reached an agreement in principle, the sources said on Tuesday, speaking on condition of […]