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’Don’t worry, it’s normal for China’s GDP to appear a little weird
Still confused by China’s better than expected GDP numbers? (Especially given stories like this, and this, and this?)
You’re not the only ones.
Standard Chartered’s Stephen Green and Lan Shen, however,
Snap news
Breaking pre-market news on Thursday:
- Tesco says UK sales down for a fourth month in a row — statement.
- Imperial Leather soap maker PZ Cussons warns on profits — statement.
- Mulberry says half year profits up 231 per cent — statement.
Snap news
Breaking pre-market news on Wednesday,
- Lloyds Banking Group says António Horta-Osório taking leave of absence following medical advice; to return to position before end of year — statement.
- Standard Chartered says operating profits grew at double digit rate in first nine months of the year — statement.
Chinese housing inventories are rising
Standard Chartered are on the ball as ever when it comes to developments in the Chinese real-estate market.
In their latest note they warn about the scale of possible over-supply that’s set to hit the market.
[Modern Football Finance] Arsenal edition
Some further thoughts on Stan Kronenke’s £731m cash offer to take control of Arsenal Holdings from the ever informative Andersred blog.
One is the whacking multiple the US sports franchise billionaire is prepared to pay for the Premier League club.
Snap news
Breaking pre-market news on Wednesday,
- National Lottery refuses consent to Camelot commercial services application; Paypoint welcomes decision — statement, statement and statement.
- ITV posts pre-tax profit of £321m,
Counting the (UK stock market) cost of the Mubarak uprising
As the situation in Egypt worsens, quoted UK travel operators are coming under selling pressure.
Tui Travel and Thomas Cook are among the biggest fallers on Monday morning as analysts downgrade to reflect the impact of the unrest in Egypt,
Snap news
Breaking pre-market news on Thursday,
- Standard Chartered expects to post record income and profit for 2010 — statement.
- PPR in exclusive talks to sell Conforama division for €1.2bn — statement.
Balance sheet optimisation BOOM
All hail Standard Chartered’s new synthetic Collateralised Loan Obligation:
2 December 2010, Singapore – Standard Chartered Bank has completed its sixth Collateralised Loan Obligation (CLO), START VI CLO,
A Chinese real-estate supply shock
Standard Chartered’s analysts have been doing a good job of monitoring the Chinese real-estate conundrum — i.e. will prices collapse or will they just keep booming forever?
In a note issued on Thursday,
Behold the new economic super-cycle
Remember the economic super-cycle?
Well, it never really went away. At least not according to Standard Chartered, which has just published a huge report on the world economy and the decades of strong growth that lie ahead.
Snap news
Breaking pre-market news on Monday,
- Standard Chartered rights issue take-up 98.5 per cent – statement.
- Gazprom Q2 ’10 income 169.7bn rbls vs poll 163.5bn – report.
- Commerzbank targets 2014 risk weighted assets of €300bn – statement.
Stump it up, Bob
Related link:
Standard Chartered is off to the capital races – FT Alphaville
Standard Chartered is off to the capital races
Sheesh. How much money does one bank need?
Out on Wednesday — a £3.25bn rights issue from Standard Chartered.
It’s rather a surprise. StanChart undertook a £1bn share issue, also for capital-raising purposes,
Snap news
Breaking pre-market news on Wednesday,
- Standard Chartered announces £3.25bn rights issue, terms are 1-for-8 at £12.80 a share — statement.
- Terry Smith to retire as director of Collins Stewart — statement.
Guess the Britain-wary bank
Competition time.
A curious aside in Richard Lambert’s final speech as head of the Confederation of British Industry on Monday, as reported by the FT:
Mr Lambert excoriated politicians for irresponsibility in caricaturing banks as casinos and demanded an end to what he called “Vince Cable versus Lombard Street” – a reference to the business secretary’s attacks on the banks.
StanChart: Chinese property correction imminent
Standard Chartered analysts have always proved themselves pretty exhaustive when it comes to assessing the Chinese property market.
So when they say they believe a correction in property prices is imminent,
Snap news
Breaking pre-market news on Wednesday,
- Lloyds posts £1.6bn profit in first half, impairments at £6.55bn – statement.
- RBS sells UK branches to Santander for £1.65bn — statement and statement.
Snap news
Breaking pre-market news on Wednesday,
- Standard Chartered to invest $500m in Agbank IPO — statement.
- Takeover rules breached in Scott Wilson bid — statement.
- Nationwide says UK house prices up 0.1% in June — report.
Snap news
Breaking pre-market news on Monday,
- Standard Chartered expects H1 2010 profits flat on H1 2009 — statement.
- Cost of BP oil spill response rises to $2.65bn — statement.
- DP World postpones LSE listing — statement.
Banking bubble (charts)
Warning: this post contains a bubble chart.
Citi’s European banks research team has come up with a fresh take on earnings and valuation bubbles across major markets.
Analysts led by Ronit Ghose compared the market value of banks to the size of the economies in which they are based – a measure dubbed ”penetration”.
Snap news
Breaking pre-market news on Wednesday,
- Standard Chartered profit up 4.3 per cent on corporate lending – statement.
- Arriva FY profit before tax down 19 per cent to £121.7m – statement.
- ITV sees ad revenues up 7 per cent in Q1 – statement.
HSBC hiccup
Four down, one to go.
The bank reporting season rolls on with annual results from HSBC.
And…
The trigger for that decline is a miss at the headline level, due to weak performance of HSBC’s insurance business – claims are much higher than expected at $12.5bn versus $6.9bn in 2008- and a loss on its own debt of $3.3bn.
Asia’s local currency bonds are looking pretty good
If you’re sitting in the eurozone, Asia’s local currency bond markets might look distant – and small. But this haven of relative tranquility is enjoying robust growth amid the turmoil roiling eurozone markets.
StanChart downplays Dubai fears
Standard Chartered, the UK emerging markets bank, played down its exposure to the financial crisis in Dubai on Wednesday as it announced profits were set to hit record levels. The bank’s shares came under pressure this month after news that it has about $1bn of exposure to Dubai World,
Not the Kiss of Death Awards, 2009 edition
Much like the so-called Curse of the Magazine Cover, awards to financial institutions have proved to be an interesting contrarian indicator over the years.
As Fintag noted in May, past winners of the Hedge Funds Review’s European Performance Awards — or what he dubbed the “Kiss of Death”
UK banks owed $5bn by Dubai World
UK banks have an aggregate exposure to Dubai World of about $5bn, confirming them as the biggest creditor group at the stricken emirate holding company. A week after Dubai World called for a debt standstill,
CDS report: Dubai has more in common with Latvia than Iceland
Gavan Nolan of Markit wrote this CDS report
European credit and equity markets suffered a torrid session today as the debacle in Dubai sparked a fresh bout of risk aversion. The Markit iTraxx Europe index ended the day at 89.5bp,