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Deutsche Bank seeks to shed risky assets as part of overhaul, say sources

FRANKFURT, June 19 — Deutsche Bank is aiming to cut up to a quarter of its riskiest assets in the next few years, people familiar with the matter said, shedding more light on how the German lender is trying to overhaul its business and revive…


Alibaba-linked firms mixed after Hong Kong IPO report

HONG KONG, June 14 — Shares in firms linked to Chinese online retail titan Alibaba were mixed today a day after rallying on a report it had filed for a Hong Kong listing that could be the city’s biggest initial public offering for almost a…


Swiss regulators fine banks over forex rigging ‘cartels’

ZURICH, June 6 — Swiss competition authorities said today they had fined five large banks some US$90 million (RM373.7 million) for collusion in foreign exchange trading, following steep fines recently imposed by Brussels. Barclays, Citigroup,…


European shares rise, spurred on by healthcare stocks

LONDON, June 4 ― European shares recovered from early losses to end yesterday higher as gains in healthcare stocks helped head off weakness in trade-sensitive sectors like technology after the latest twist in the US-China trade war. China will…


CS Rating underlines Malaysia's favourable factors

KUALA LUMPUR, May 17 — Credit Suisse Research Institute’s upgrade of the Malaysian economy underlines the country’s favourable factors, including improved valuations, more infrastructure projects and the cheap ringgit. However, Bank Islam…


Stocks, yuan fall as Sino-US trade talks deadlocked; investors await China retaliation

SYDNEY: U.S. stock futures and Asian shares fell on Monday on growing anxiety over whether the United States and China will be able to salvage a trade deal, after Washington sharply hiked tariffs and Beijing vowed to retaliate.

The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any “bitter fruit” that harmed its interests.

Investors are bracing for threatened “countermeasures” from China in retaliation for Washington’s tariff increase on Friday on $200 billion worth of Chinese goods. The move followed accusations by U.S. President Donald Trump that Beijing “broke the deal” by reneging on earlier commitments.

E-Mini futures for the S&P 500 shed 1.0%.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.5%, nearing its two-month low marked on Thursday.

Chinese shares tumbled, with the benchmark Shanghai Composite and the blue-chip CSI 300 shedding as much as 1.6% and 1.9%, respectively, before paring some of the losses. Hong Kong’s financial markets were closed for a holiday.

Japan’s Nikkei average sunk as much as 1.0% to hit its lowest level since March 28. It last traded down 0.5%.

U.S. benchmark 10-year Treasury note yield inched down to 2.437%, partly as a safe haven but also on speculation that the escalating trade war would put more pressure on global growth and thus keep major central banks accommodative.

White House economic adviser Larry Kudlow told a Fox News program that China needs to agree to “very strong” enforcement provisions for an eventual deal and said the sticking point was Beijing’s reluctance to put into law changes that had been agreed upon.

Kudlow said the U.S. tariffs would remain in place while negotiations continue and there is a “strong possibility” that Trump will meet Chinese President Xi Jinping at a G20 summit in Japan in late June.

“Our base case remains that a trade deal between the United States and China is likely. But news flow today suggests this could take more time and is unlikely to be concluded until late June,” said John Woods, Hong Kong-based chief investment officer of APAC at Credit Suisse AG.

Others were more pessimistic.

“Our base case is for limited progress and Chinese retaliation. We see a significant risk for all Chinese imports to be subject to tariffs over the next month or so,” said Michael Hanson, head of global macro strategy at TD Securities.

“The market reaction will ultimately depend on whether China and the U.S. continue to negotiate, whether the remaining $325 billion of U.S. imports from China also get tariffed, how China retaliates, and what happens to the (section) 232 auto tariffs.”

Under that scenario, the renminbi was likely to fall between 5%-6% against the U.S. dollar in the coming three months, said Hanson, as a shock absorber to the economic impact of heavier tariffs.

The offshore Chinese yuan fell to its lowest levels in more than four months at 6.88 to the dollar. It last stood down 0.5% at 6.852 per dollar.

The other major currencies were relatively calm, with the safe-haven yen still supported but not aggressively so. The dollar was holding at 109.75 yen, down 0.2% on the day and just above a 14-week trough of 109.46.

The euro was steady at $1.1233, while the dollar was little changed against a basket of currencies at 97.302.

“If there is a lack of progress (in the U.S.-China talks) over the coming weeks, Asian currencies will come under further pressure,” noted Khoon Goh, head of Asia research at ANZ Research, while adding that his team does not expect the yuan will break the psychological 7 per dollar level.

“While we hope for the best, our baseline case is now for the United States and China to fail to reach a deal, meaning tariffs will get raised on the remainder of Chinese exports to the United States.”

In commodity markets, oil prices remained a relatively tight range, with the U.S. crude futures were last down 0.1% at $61.62 a barrel, while Brent crude futures gained 0.3 percent at $70.81.

Spot gold eased 0.1% to $1,283.61 per ounce.

On the other hand, digital currencies maintained most of their big gains made over the weekend.

Bitcoin jumped more than 10 percent on Saturday and marked its nine-month high of $7,585.00 on Sunday before paring the gains. It last quoted at $7069.76, up 1.4% on the day.


European shares rise, aided by defensives amid gloomy trade outlook

LONDON, May 11 ― European shares rose yesterday, with surging shares of Thyssenkrupp and robust defensive stocks helping equities on the continent avert the losses seen among their US peers, which slid on persisting worries about US-China trade….


European shares take strength from banks, Adidas hits record high

LONDON, May 3 — European shares rose today, propped up by bank stocks amid a slew of corporate earnings reports, as the regional index licked its wounds a day after its worst loss in six weeks. The pan-European STOXX 600 index was up 0.4 per cent…


Tesla seeks up to US$2.3b from share, debt issues

NEW YORK, May 2 — Tesla Inc announced plans to raise up to US$2.3 billion (RM9.5 billion) in new capital today, easing Wall Street concerns over the electric carmaker’s ability to see through its ambitious investment plans while it works to…


Swiss group files criminal complaint against Credit Suisse over Mozambique loans

JOHANNESBURG, April 29 — A Swiss anti-corruption lobby group has filed a criminal complaint against Credit Suisse over alleged fraud in the arrangement of US$2 billion (RM8.27 billion) of loans to Mozambique, the group said today. Mozambique, one…