*On this week’s market summary:*
💡1. Hong Kong property market rebounded faster than expected in the first quarter, despite rising unemployment and a historic economic contraction. And brokers as well as developers alike expect the upwards trajectory to continue, as homebuyers plough profits made on a surging stock market into property. They said the buyers were keen to snap up bargains before the border with mainland China opens again, and prices start to rise.The rebound is significant because overall property transactions fell by 20.6 per cent from 26,475 in the second quarter of 2019, before Hong Kong’s protests and the outbreak of the coronavirus pandemic, to 21,026 in the fourth quarter last year.
💡2. Credit Suisse has cut bonuses for its staff by hundreds of millions of dollars after the Swiss lender lost $4.7bn from the collapse of family office Archegos Capital, according to people familiar with the situation. Switzerland’s second-biggest lender by assets was the worst hit of several global banks by the collapse of Archegos, which was run by former hedge fund manager Bill Hwang. The family office was a client of Credit Suisse’s prime brokerage division, the business of lending cash and securities to hedge funds and processing their trades.
💡3. Hong Kong and mainland China stocks gained as technology companies rebounded from a slump after antitrust regulators in China summoned 34 big internet companies for a lecture on compliance. The Hang Seng Index rose 1.4 per cent to 28,900.83 at the close of trading on Wednesday. The Tech Index surged 2.3 per cent to 8,225.67. An overnight 1.1 per cent rally in US technology stocks on Nasdaq also lifted buying appetite. AAC Technologies rose 5.5 per cent to HK$46.70, leading gains among blue chips. Meituan jumped 3.6 per cent to HK$286, while Tencent gained 2.5 per cent to HK$623.50 and JD.com climbed 2.5 per cent to HK$306.
💡4. China’s National Bureau of Statistics will release its estimate for first-quarter gross domestic product growth on Friday, with banner figures expected one year after the Covid-19 pandemic brought the world’s second-largest economy to a halt. The country recorded a historic year-on-year contraction of almost 7 per cent in the first quarter of 2020, setting the stage for a dramatic rebound this year. Exports in March were the most recent example of this “low base” effect, soaring more than 30 per cent compared with the same month last year, when China was under lockdown to contain coronavirus.
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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.
💡1. Hong Kong property market rebounded faster than expected in the first quarter, despite rising unemployment and a historic economic contraction. And brokers as well as developers alike expect the upwards trajectory to continue, as homebuyers plough profits made on a surging stock market into property. They said the buyers were keen to snap up bargains before the border with mainland China opens again, and prices start to rise.The rebound is significant because overall property transactions fell by 20.6 per cent from 26,475 in the second quarter of 2019, before Hong Kong’s protests and the outbreak of the coronavirus pandemic, to 21,026 in the fourth quarter last year.
💡2. Credit Suisse has cut bonuses for its staff by hundreds of millions of dollars after the Swiss lender lost $4.7bn from the collapse of family office Archegos Capital, according to people familiar with the situation. Switzerland’s second-biggest lender by assets was the worst hit of several global banks by the collapse of Archegos, which was run by former hedge fund manager Bill Hwang. The family office was a client of Credit Suisse’s prime brokerage division, the business of lending cash and securities to hedge funds and processing their trades.
💡3. Hong Kong and mainland China stocks gained as technology companies rebounded from a slump after antitrust regulators in China summoned 34 big internet companies for a lecture on compliance. The Hang Seng Index rose 1.4 per cent to 28,900.83 at the close of trading on Wednesday. The Tech Index surged 2.3 per cent to 8,225.67. An overnight 1.1 per cent rally in US technology stocks on Nasdaq also lifted buying appetite. AAC Technologies rose 5.5 per cent to HK$46.70, leading gains among blue chips. Meituan jumped 3.6 per cent to HK$286, while Tencent gained 2.5 per cent to HK$623.50 and JD.com climbed 2.5 per cent to HK$306.
💡4. China’s National Bureau of Statistics will release its estimate for first-quarter gross domestic product growth on Friday, with banner figures expected one year after the Covid-19 pandemic brought the world’s second-largest economy to a halt. The country recorded a historic year-on-year contraction of almost 7 per cent in the first quarter of 2020, setting the stage for a dramatic rebound this year. Exports in March were the most recent example of this “low base” effect, soaring more than 30 per cent compared with the same month last year, when China was under lockdown to contain coronavirus.
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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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