Weekly Market Summary

💡1. The EU antitrust watchdog has fined UBS, UniCredit and Nomura a total of €371m for their role in a bond trading cartel that operated during the region’s sovereign debt crisis. Regulators found that traders at a total of seven banks provided each other with updates on their bidding strategies, prices and volumes in the run-up to auctions at which countries sold euro-denominated bonds. EU competition regulators also said that NatWest, Bank of America, Natixis and German lender Portigon breached antitrust rules, but did not impose fines on the banks.

💡2. Goldman Sachs has won initial approval from Chinese regulatory authorities for a wealth management joint venture with ICBC, one of China’s largest banks, as Wall Street expands its presence in the country. Goldman Sachs Asset Management will hold a 51 per cent stake in the venture, while ICBC wealth management, a subsidiary of the bank, will own the rest. Foreign asset managers are rushing to capitalise on China’s vast pool of savings as the government liberalises its tightly controlled financial system. 

💡3. Sino Group, which controls Hong Kong-listed developer Sino Land, has become the latest company to kick-start new hiring as economic activity picks up in the city. The company said it will host a career day on May 29 and offer about 1,000 jobs across its various businesses. “Thirty per cent of these openings will be tailored for young people and fresh graduates, to support the group’s business development and the Hong Kong economy,” said Daryl Ng Win Kong, Sino Group’s deputy chairman. The roles available will be in property development, property management, hospitality services, technology and sustainability, among other related sectors.

💡4. Hong Kong stocks advanced on optimism that foreign investors will flock to local markets, following signs that the Chinese government would loosen the nation’s fiscal tightening. The Hang Seng Index rose for a second day, adding 0.9 per cent to approach a one-month high of 29,166.01. The Shanghai Composite gained 0.3 per cent to 3,593.36, after reaching a three-month high on Tuesday. Chinese hotpot chain Haidilao led gainers among blue chip stocks, rising 4.8 per cent to HK$48 after Morgan Stanley analysts upgraded the stock to “overweight” with a price target of HK$55, according to Bloomberg data.

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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?” 

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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.