On this week’s market summary:
💡1. Goldman Sachs executed its first cryptocurrency trades and formalised the set-up of its bitcoin desk on Friday, two months after the US bank announced that it would re-enter the fledgling market. The bank said on March 1 that it would relaunch its mothballed cryptocurrency trading desk due to growing demand from institutional clients. Goldman was one of the first banks to set up a crypto operation but the creation of the desk in 2018 coincided with bitcoin’s spectacular price crash, prompting the bank to quietly abandon the initial project.
💡2. China has moved a step closer towards a scheme that could result in tens of billions of dollars in household savings flowing into Hong Kong, marking the latest effort to integrate the country’s financial system into global markets. The Wealth Connect programme will allow up to Rmb150bn ($23bn) to be invested in either direction between Hong Kong and mainland China, with a limit on individuals of Rmb1m ($155,000). The scheme is set to be a milestone in the liberalisation of China’s strictly-controlled financial system, as it would make it much easier for part of the country’s vast pool of savings to be invested outside its borders.
💡3. Forecasts for the Hong Kong property market this time last year were as gloomy as the view from the Peak overlooking the territory on one of its more polluted days. But the territory’s property market, not for the first time, has defied the doom-laden predictions. While rents have dropped, Hong Kong’s April property deals by value more than doubled, according to Land Registry data. In the secondary market, home prices are on track to hit a 23-year high, according to estimates by property agency Centaline. Average home prices are just 2 per cent shy of historical highs.
💡4. Hong Kong plans to issue up to HK$20 billion (US$2.6 billion) of inflation-linked government debt, known as iBonds, beginning June 1, according to the Hong Kong Monetary Authority (HKMA). The iBonds, the eighth series issued since 2011, will make an interest payment every six months based on the average rate of the consumer price index over that half-year period, with a guaranteed minimum payment of 2 per cent. That is in line with the last series of iBonds issued in November and double the minimum guaranteed rate for the prior series issued in 2016.
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One of the must-ask interview questions for banking and finance is: “Have you read any news recently?”, with the follow-up questions: “How would you link this news to the market and what investment suggestions would you give to your clients based on this news?” .
Showing your market sense and ability to provide feasible investment ideas would help to differentiate you from other candidates. Therefore, apart from the weekly news update / investment insights, we have also generated this Weekly Market Summary for you to have a quick understanding of the market development and tips to answer some hot discussion topics. Take a look of the summary and WhatsApp us in the group if you have questions.
💡1. Goldman Sachs executed its first cryptocurrency trades and formalised the set-up of its bitcoin desk on Friday, two months after the US bank announced that it would re-enter the fledgling market. The bank said on March 1 that it would relaunch its mothballed cryptocurrency trading desk due to growing demand from institutional clients. Goldman was one of the first banks to set up a crypto operation but the creation of the desk in 2018 coincided with bitcoin’s spectacular price crash, prompting the bank to quietly abandon the initial project.
💡2. China has moved a step closer towards a scheme that could result in tens of billions of dollars in household savings flowing into Hong Kong, marking the latest effort to integrate the country’s financial system into global markets. The Wealth Connect programme will allow up to Rmb150bn ($23bn) to be invested in either direction between Hong Kong and mainland China, with a limit on individuals of Rmb1m ($155,000). The scheme is set to be a milestone in the liberalisation of China’s strictly-controlled financial system, as it would make it much easier for part of the country’s vast pool of savings to be invested outside its borders.
💡3. Forecasts for the Hong Kong property market this time last year were as gloomy as the view from the Peak overlooking the territory on one of its more polluted days. But the territory’s property market, not for the first time, has defied the doom-laden predictions. While rents have dropped, Hong Kong’s April property deals by value more than doubled, according to Land Registry data. In the secondary market, home prices are on track to hit a 23-year high, according to estimates by property agency Centaline. Average home prices are just 2 per cent shy of historical highs.
💡4. Hong Kong plans to issue up to HK$20 billion (US$2.6 billion) of inflation-linked government debt, known as iBonds, beginning June 1, according to the Hong Kong Monetary Authority (HKMA). The iBonds, the eighth series issued since 2011, will make an interest payment every six months based on the average rate of the consumer price index over that half-year period, with a guaranteed minimum payment of 2 per cent. That is in line with the last series of iBonds issued in November and double the minimum guaranteed rate for the prior series issued in 2016.
————————————————
One of the must-ask interview questions for banking and finance is: “Have you read any news recently?”, with the follow-up questions: “How would you link this news to the market and what investment suggestions would you give to your clients based on this news?” .
Showing your market sense and ability to provide feasible investment ideas would help to differentiate you from other candidates. Therefore, apart from the weekly news update / investment insights, we have also generated this Weekly Market Summary for you to have a quick understanding of the market development and tips to answer some hot discussion topics. Take a look of the summary and WhatsApp us in the group if you have questions.
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