Cost pressures and competition are driving consolidation in the European asset management sector, with Amundi reportedly interested in acquiring Allianz Global Investors (AGI). Discussions have included options for a full acquisition or a joint venture, as both firms explore strategies to enhance scale amid rising costs. Meanwhile, other potential mergers are being considered in the industry, highlighting the trend towards consolidation.
China's manufacturing activity expanded in November, with the Caixin/S&P Global PMI rising to 51.5, surpassing forecasts and indicating growth for the second consecutive month. This improvement is attributed to increased new business inflows and a rise in export orders, reflecting the impact of recent stimulus measures. However, challenges remain, including a decline in real estate investment and potential tariff risks from the U.S.
Assicurazioni Generali SpA is exploring a potential asset management partnership with Natixis Investment Managers. Preliminary discussions have taken place regarding the combination of their asset management operations, according to sources familiar with the matter.
China's central bank has maintained its medium-term lending rate at 2.0% to stabilize the yuan amid pressures following the U.S. presidential election. The People's Bank of China aims for gradual policy adjustments, with expectations of potential reserve requirement ratio cuts and a cautious approach to interest rate changes as it navigates economic challenges. The offshore yuan has depreciated over 3% since late September, prompting discussions on balancing economic revitalization with exchange rate stability.
Foreign investors have sold off $38 billion in Chinese government bonds over the past two months, reversing a popular trade that had thrived on currency support from Beijing. This sell-off was triggered by a stimulus package announcement, leading to increased bond yields and reduced attractiveness of the trade. As a result, demand for Chinese bonds may remain subdued, with some investors shifting focus to Chinese equities instead.
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