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Emerging-market stocks are on track for their worst month since January, driven by concerns over the US presidential election and letdowns from China's stimulus measures. The MSCI Emerging Markets Index has declined for four consecutive days, with major losses attributed to Samsung Electronics, Alibaba, Tencent, and Meituan. Hong Kong-listed shares have been particularly hard hit, while mainland stocks ended a four-day rally.
The art market is experiencing a shift, with younger, speculative buyers being shaken out during economic downturns, while older collectors focus on value. Despite a tripling of billionaires since 2010, their art spending has decreased from 24% to 15% in 2023. Chinese collectors lead in art spending, and a significant wealth transfer is anticipated, with many HNWIs planning to preserve their collections for future generations.
SF Holding Co., China's largest express delivery firm, is planning a second listing in Hong Kong on November 27, aiming to raise approximately $1 billion. The Shenzhen-based company is in discussions regarding this move, which has not yet been publicly announced.
High-net-worth individuals (HNWIs) continue to invest in art and antiques, with median spending stabilizing at $50,000 in 2023 and $25,555 in the first half of 2024. The share of works by female artists reached 44%, and 52% of expenditures were on new and emerging artists. Optimism about the global art market rose, with 91% of HNWIs expecting positive performance in the next six months.
Swiss healthcare expenditures are projected to surpass 100 billion francs by 2025. Meanwhile, Swiss exports reached a record high in October, driven by the chemical-pharmaceutical sector, while the wealth management sector remains the world's leader, albeit with a narrowing margin over the UK and US. The banking landscape faces challenges following the Credit Suisse crisis, impacting asset inflows from key regions.
Despite soaring stock markets, IPO activity remains sluggish, with many international exchanges experiencing a drought. The disconnect stems from a lack of compelling companies and a shift in investor preference towards stable cash flows over speculative ventures. While some emerging markets show signs of life, overall, the IPO landscape is parched, reflecting deeper systemic issues.
Sergio Ermotti, CEO of UBS, addressed the challenges of integrating Credit Suisse at an Institute of International Finance conference, emphasizing the need for banks to adapt to rapid technological changes. He highlighted the importance of maintaining a liquid balance sheet, especially in light of reputational risks, stating, "People hate it when banks make money, but there is nothing worse than banks that lose money." The bank is currently migrating client data, with significant cost savings expected once the transition is complete.
Saudi Arabia is set to launch its largest exchange-traded fund, the Albilad CSOP MSCI Hong Kong China ETF, which will track Hong Kong equities. The fund has raised HK$10 billion ($1.3 billion) and will begin trading next Wednesday, marking a significant step in the financial relationship between China and the kingdom. This ETF surpasses all others listed on the Saudi exchange, highlighting the growing investment ties.
Private wealth assets under management in Hong Kong are projected to nearly double to $2.3 trillion by 2030, surpassing Switzerland as the leading cross-border wealth center. This growth is driven by increasing demand from Chinese investors for higher-yielding offshore investments, expected to rise 16% annually due to favorable interest rates in Hong Kong and the US compared to mainland China.
Asian stocks declined, with Japanese, South Korean, and Australian shares falling, while Hong Kong stock futures also dropped. The yen steadied after reaching its weakest level against the dollar since July. Futures for the Nasdaq 100 rose, buoyed by strong earnings from Tesla, as traders adjusted expectations for Federal Reserve rate cuts amid rising Treasury yields. The term premium on 10-year Treasury notes reached its highest since November.
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emerging market stocks face steep decline amid election fears and china's stimulus woes
Meituan
Alibaba Group Holding Limited
Tencent Holdings Limited
Samsung Electronics Co.
KOR
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CHN
Alibaba Group Holding Ltd.
Tencent Holdings Ltd.
Meituan
Samsung Electronics Co.
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13:08 24.10.2024
art market trends reveal shifts in buyer demographics and spending habits
12:29 24.10.2024
sf express plans second listing in hong kong to raise 1 billion
12:04 24.10.2024
high-net-worth individuals continue art spending despite market challenges
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11:08 24.10.2024
wiss wealth management leads globally despite challenges from credit suisse crisis
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10:05 24.10.2024
ipo market struggles despite soaring stock indices and investor interest
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Tokyo Metro Co. Ltd.
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08:06 24.10.2024
ubs ceo highlights challenges and opportunities in banking integration and technology
07:00 24.10.2024
Saudi Arabia launches largest ETF tracking Chinese stocks in Hong Kong
06:53 24.10.2024
hong kong private wealth assets projected to reach 2.3 trillion by 2030
05:36 24.10.2024
asian stocks decline as yen steadies amid mixed market signals
03:11 24.10.2024
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