Weekly Market Summary

💡1. Citigroup is raising the salaries for its junior investment bankers, the latest Wall Street firm to try to improve terms for younger staff after a group of Goldman Sachs bankers complained publicly about the industry’s arduous working conditions. Citi said in a memo to staff on Friday that it would increase base salaries for its programme vice-presidents, associates and analysts in the banking capital markets and advisory unit from July 1. The salary increases range from $15,000 to $25,000 and will bump up first-year analysts’ salaries in the US to $100,000 a year, according to a person familiar with the matter. This does not account for bonuses. 

💡2. Hong Kong stocks tumbled for an eighth day as the city’s tech benchmark crashed to the lowest level in nine months, with investors stunned by China’s regulatory curbs on the sector. Signs of potential monetary easing have failed to lift market sentiment for now. The Hang Seng Index fell 2 per cent to a six-month low of 27,401.12 at the local noon break. The eight-day slide matched the longest streak since June 10. The Shanghai Composite Index declined 0.6 per cent to 3,533.63. Tech stocks sank by 3 per cent to the lowest level since October 6, 2020, with Meituan falling 5.5 per cent and Alibaba Group Holding suffering 2.8 per cent. Other notable losses included Tencent Holdings, Bilibili and JD.com, all plunging by 3 to 8.3 per cent.

💡3. A network of co-working spaces that people can use with just one membership pass is starting to take shape in Hong Kong after the pandemic boosted demand for remote working arrangements. MilkGarage, which manages a network of shared office facilities under a membership programme, has just teamed up with another operator with four work spaces in Kowloon, bringing its total locations to 28 across the city. It is keen to find more spaces close to public transport links. 

💡4. The numerous WeChat messages that pop up on Amber Liu’s phone every day have become a go-to source of coupons and information about retail sales. These types of posts originate from chat groups, but the Shanghai-based journalist barely knows any of its members. Like countless others, she is mainly interested in the products on offer – ranging from cosmetics to lattes. And that’s exactly what companies are banking on.

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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.