United States

Deutsche Bank’s strategic overhaul looks set to maintain the bank’s leading position in debt capital markets and leveraged finance. But it casts doubts over Deutsche’s ability to retain a top tier corporate finance franchise and could signal the slow death of its equity capital markets franchise, writes David Rothnie.

The chairman of the US Federal Reserve, Jerome Powell, has insisted he will stand firm against any attempts by president Donald Trump to sack him as head of the central bank. Powell also warned that Facebook’s Libra currency plans raise concerns about financial stability.

Chinese online game streaming platform DouYu has launched a Nasdaq IPO, having delayed its plans in May amid tumultuous markets.

In this round-up, US and China will resume trade talks next week, JP Morgan and Morgan Stanley near 51% stakes in their Chinese joint ventures (JVs), and China’s foreign minister offered a strong-worded rebuttal to the UK’s stand on Hong Kong protests.

The US high grade corporate bond market was becalmed this week, as no issuers brought new deals before Thursday's July 4 holiday. However, the market is in good shape for issuers, and bankers and investors are hoping for two more big M&A fundings, in the telecoms and IT sectors.

The G20 meeting in Japan ended as well as those in markets could have expected. The US and China may have agreed to delay additional tariffs against the other but none were removed either. Investors are beginning to plan for a more sustained period of hostility between the two countries.

The much anticipated G20 meeting between Chinese president Xi Jinping and US president Donald Trump in Osaka brought good news to Huawei, US farmers, US high tech companies, and Chinese stock markets. However, key conflicts remain unsolved.

Hutchison Healthcare Holdings has taken home $288m from an enlarged sell-down of shares in Hutchison China MediTech (Chi-Med).

CK Hutchison Holdings is paring down its stake in Hutchison China MediTech (Chi-Med) through a placement after the biopharmaceutical company put its planned Hong Kong IPO on the back burner.

The prospect of a blockbuster bond deal from US pharmaceutical group AbbVie was welcomed by dollar bond investors this week, after corporate issuance tumbled to its lowest monthly tally this year.

Chinese online lender Qudian benefitted from active engagement with equity-linked investors to explain its business and growth potential to raise $300m from a popular convertible bond.

Chinese retailer Miniso is looking at floating on either the Hong Kong Stock Exchange or in the US, according to a source close to the situation.