On this week’s market summary:
💡1. Deutsche Bank has ditched a cost-cutting target central to chief executive Christian Sewing’s effort to revive the fortunes of Germany’s biggest lender, telling shareholders that the transformation was now “significantly advanced” after reporting its best run of profits in almost a decade. The bank said it was scrapping its cost-cutting target for 2022, a centerpiece of the turnround plan Sewing first unveiled two years ago and raised its full-year revenue target for this year. The move comes shortly after Deutsche backtracked on a goal of cutting 18,000 jobs, a target set in the summer of 2019 when Sewing unveiled a radical plan to end more than a decade of disappointing earnings and scale back the bank’s global ambitions.
💡2. China is considering imposing more tariffs on steel exports as it seeks to achieve twin goals of capping domestic production and taming the surging prices that have fanned concerns about inflation. Potential rates being discussed range from 10 to 25 per cent and products include hot-rolled coil, according to two people familiar with the matter, who asked not to be identified because they are not authorized to speak to the media. The world’s biggest steel industry already scrapped rebates on export taxes and raised tariffs on some products from the start of May to keep more supply at home.
💡3. Hong Kong home prices were flat in June after reaching a two-year high, as buyers stayed on the sidelines, apparently taking a breather after months of rising prices buoyed by low-interest mortgage rates and a rebounding economy. An index measuring the prices of second-hand homes stayed at 394.5, data from the Ratings and Valuation Department shows, just a whisker below the previous peak of 396.9 in May 2019. This is quite normal after a few months of frenzied buying and prices have been rising, so this is something expected.
💡4. Stocks in Hong Kong and mainland China jumped for a second day after Beijing convened a meeting with bankers to calm fears over its regulatory actions in the technology and education sectors. The central bank separately injected more cash into the system. The Hang Seng Index surged 2.7 per cent to 26,172.31 at the local noon break, on course for the biggest rally in almost nine months. The benchmark rebounded 1.5 per cent on Wednesday to halt a three-day rout.
https://drive.google.com/file/d/1Je0Q6_YB58IpTAgAIVqDch5b_5vHxUSy/view?usp=sharing
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. Deutsche Bank has ditched a cost-cutting target central to chief executive Christian Sewing’s effort to revive the fortunes of Germany’s biggest lender, telling shareholders that the transformation was now “significantly advanced” after reporting its best run of profits in almost a decade. The bank said it was scrapping its cost-cutting target for 2022, a centerpiece of the turnround plan Sewing first unveiled two years ago and raised its full-year revenue target for this year. The move comes shortly after Deutsche backtracked on a goal of cutting 18,000 jobs, a target set in the summer of 2019 when Sewing unveiled a radical plan to end more than a decade of disappointing earnings and scale back the bank’s global ambitions.
💡2. China is considering imposing more tariffs on steel exports as it seeks to achieve twin goals of capping domestic production and taming the surging prices that have fanned concerns about inflation. Potential rates being discussed range from 10 to 25 per cent and products include hot-rolled coil, according to two people familiar with the matter, who asked not to be identified because they are not authorized to speak to the media. The world’s biggest steel industry already scrapped rebates on export taxes and raised tariffs on some products from the start of May to keep more supply at home.
💡3. Hong Kong home prices were flat in June after reaching a two-year high, as buyers stayed on the sidelines, apparently taking a breather after months of rising prices buoyed by low-interest mortgage rates and a rebounding economy. An index measuring the prices of second-hand homes stayed at 394.5, data from the Ratings and Valuation Department shows, just a whisker below the previous peak of 396.9 in May 2019. This is quite normal after a few months of frenzied buying and prices have been rising, so this is something expected.
💡4. Stocks in Hong Kong and mainland China jumped for a second day after Beijing convened a meeting with bankers to calm fears over its regulatory actions in the technology and education sectors. The central bank separately injected more cash into the system. The Hang Seng Index surged 2.7 per cent to 26,172.31 at the local noon break, on course for the biggest rally in almost nine months. The benchmark rebounded 1.5 per cent on Wednesday to halt a three-day rout.
https://drive.google.com/file/d/1Je0Q6_YB58IpTAgAIVqDch5b_5vHxUSy/view?usp=sharing
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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.
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