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After quitting M&A and equity capital markets in Europe and the US last year, HSBC is striving to maintain global relevance — and London and New York still have a role to play
Deal raises questions about whether transaction was done at arm's length
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
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A busy weekend for Chinese authorities as seven new currencies were named to be traded directly with the renminbi, the dollar fix breaks 6.9 again on Monday, and a clearing bank is appointed in Dubai. -
In this round-up, China saw another sizeable drop to its foreign exchange reserves in November, the Shenzhen Connect saw subdued trading activity in its first four days, and Egypt signed its first currency swap line with China. Plus, a recap of our coverage this week.
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The City of London is "vanishing from the Union’s conversations", according to an MEP from the group of 12 who are scrutinising Brexit negotiations. That suggests preserving London as the financial centre of Europe will not be on the agenda for the EU side in the talks. UK ministers met City representatives this week, but what they offered was "of little use", according to sources at the meeting.
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Credit Suisse updated the market on the progress of its strategic turnaround on Wednesday, lowering its revenue targets and stepping up its cost cutting. The majority of the additional cost cutting will hit global markets, while in investment banking it has already cut down its reliance on leveraged finance.
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EU institutions agreed on Thursday to simplify the rules on prospectuses, increasing the size of capital raising which can be done without having to meet the full regulatory requirements, and easing the burden for frequent issuers.
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Options trading picked up this week as the Italian referendum and European Central Bank meeting drove markets. But with few obvious catalysts for upset left in 2016 after these events, the focus is turning to the financials sector as the year’s last bastion of volatility.
