Weekly Market Summary

💡1. Shares in Goldman Sachs-owned Petershill Partners recovered from early falls on Tuesday when the alternative asset manager made its London debut with a £4bn market capitalisation. The group, which owns minority stakes in 19 alternative asset companies with a combined $187bn of assets under management, had dropped 3 per cent by lunchtime in London. Goldman had priced the IPO at 350p a share, the level at which the shares closed after falling earlier in the day. Petershill was seeking to raise £1bn from the initial public offering, with the exercise of the “greenshoe” — an option to bring more shares on to the market that can then be used to stabilise the price if it falls — raising an additional £200m and taking the total to £1.2bn.

💡2. Manufacturing activity in China suffered its first official contraction since the beginning of the coronavirus pandemic as widespread power shortages compounded a loss of momentum across the country’s economy. China’s manufacturing purchasing managers’ index, an official gauge of factory activity, was 49.6 in September, dropping below the 50-point threshold that separates monthly contraction from expansion for the first time since February last year. 

💡3. Hong Kong’s government will keep its fiscal third-quarter land sale plan the same as three months earlier, as it focuses the spotlight on the final policy address by Chief Executive Carrie Lam Cheng Yuet-ngor on October 6, when she is due to deliver a widely expected blueprint to boost land supply and alleviate the city’s housing shortage. The government, which typically releases land from its reserves for developers to build homes, plans to sell a residential plot in Tai Po, and a parcel on South Bay Road in Repulse Bay, enough to build about 210 flats during the three months starting in October, keeping the programme unchanged from the last quarter, according to the Secretary for Development Michael Wong.

💡4. Stocks on Wall Street struggled to claw back their losses on Wednesday after fears about prolonged inflation and rising interest rates prompted the worst day for US equity markets since May during the previous session. The blue-chip S&P 500 share index rose 0.2 per cent, recouping only a small portion of the declines it tallied on Tuesday when the benchmark fell 2 per cent. The technology-focused Nasdaq slid a further 0.2 per cent following its 2.8 per cent decline the previous session.

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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.