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China and Hong Kong stocks remained steady as investors monitored the impending U.S. tariff announcements, with the CSI300 Index up 0.2% and the Shanghai Composite down 0.3%. Concerns over U.S.-China trade tensions could impact growth, prompting expectations for increased stimulus measures from Beijing. Meanwhile, non-ferrous metals shares rose 1.5%, while property stocks fell 1.1%.
Philip John Shaw, former head of Pan-Asia Execution Services at Citigroup, has filed a lawsuit in Hong Kong’s High Court against Citigroup Global Markets Asia Ltd. following his dismissal in March 2019. He contests the termination, seeking monetary compensation for lost retirement benefits and reputational damage. Other ex-sales traders have also initiated similar claims against the bank.
Financial markets stabilized last week as tariff concerns eased and major central banks held interest rates steady. The US faces challenges with elevated equity valuations, while the Hang Seng Index struggled to maintain momentum. Key economic indicators, including US Q4 GDP and PCE inflation data, are anticipated this week amid rising stagflation concerns.
The HSBC Global Investment Summit is convening over 3,000 delegates in Hong Kong from March 25 to 27, focusing on macroeconomics, geopolitics, and emerging investment corridors. Key speakers include former leaders and industry experts discussing technology, energy financing, and global trade impacts. Additionally, The Private Wealth Sessions on March 27 will cater to individual investors and entrepreneurs, addressing disruptive technologies and evolving investment markets.
HSBC has appointed a new head for its private banking division in North Asia, signaling a strategic move to enhance its services in the region. This change comes amid discussions on the impact of UK millionaires and non-domiciled individuals leaving the country, highlighting shifts in wealth management dynamics.
UBS reports a stabilization in China's property market, with inventory levels below the 15-year average and rising land auction premiums. The bank sees potential for A-shares to catch up with Hong Kong stocks, driven by improving macro indicators and a supportive policy environment, while corporate confidence is expected to rise following President Xi's reaffirmation of support for the private sector.
UBS faces potential takeover threats amid regulatory tightening in Switzerland, with management warning that stricter capital requirements could lead to a significant drop in stock value. While the bank emphasizes its commitment to Swiss operations, discussions of a foreign acquisition, particularly by US firms, are intensifying as UBS's wealth management division remains highly attractive. The Swiss government is expected to clarify its regulatory stance by May, adding to the uncertainty surrounding UBS's future.
UBS is contemplating relocating its headquarters from Switzerland due to escalating tensions with Swiss authorities over proposed capital surcharges that could render the bank uncompetitive. Following its acquisition of Credit Suisse, UBS faces increased regulatory scrutiny, prompting discussions about its future in the Swiss financial landscape. A departure would significantly impact the Swiss financial center, although UBS holds licenses in several EU countries, making such a move feasible.
Xpeng has launched its first self-branded EV supercharging station in Hong Kong, marking its expansion beyond mainland China. Located at Convention Square in Wan Chai, the station offers charging speeds of up to 360 KW, exceeding Tesla’s 250 KW superchargers. The initiative aims to enhance ultra-fast charging technology in Hong Kong, with plans for further expansion into Southeast Asia as EV adoption increases.
Meituan reported a 20% increase in quarterly revenue, reaching 88.5 billion yuan (US$12.2 billion) for Q4 2024, surpassing analysts' expectations. The company achieved a net income of 6.2 billion yuan (US$854.96 million), driven by its core restaurant delivery service amid rising competition.To combat domestic market challenges, Meituan is expanding internationally with its Keeta app, which has gained traction in Hong Kong and Saudi Arabia, reaching one million weekly active users by January 2025. The company is also investing in grocery retail, live-streaming, and drone technology, although analysts anticipate losses from these ventures as it focuses on growth and innovation.
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