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South Korea's market supervisory authority has fined JPMorgan, Nomura, UBS, and Morgan Stanley for breaching short selling regulations in the domestic stock market. The penalties were announced by an official from the Financial Supervisory Service.
South Korea's financial regulator is set to impose fines on JPMorgan, UBS, Nomura, and Morgan Stanley for violating short-selling rules, following a months-long investigation that identified 14 global investment banks as violators. The penalties are expected to be finalized before the lifting of a short-selling ban next month, which has been in place since November 2023 to address abuses, particularly illegal "naked" short-selling. Previous fines have been levied against Barclays, Citigroup, BNP Paribas, and HSBC for similar violations.
JB Hi-Fi reported a revenue of A$5.67 billion, marking a 9.9% year-over-year growth, with a net profit of A$285.4 million, up 8%. The interim dividend increased by 8% to A$0.70, driven by strong sales in January, particularly in New Zealand.Car Group achieved A$548 million in revenue, a 12% increase, and a net profit of A$292 million, reflecting a 9% growth, supported by expansions in Brazil and South Korea. In contrast, Pilbara Minerals anticipates an underlying net loss of A$5 million to A$7 million due to declining lithium prices, while Domino's is restructuring with store closures expected to save A$16 million annually from FY 2026.
Market reactions to new tariffs are expected to be more orderly than in 2018, with Chinese equities showing muted positioning compared to previous trade escalations. The U.S. economy may face a 0.8% hit by 2025 if tariffs are prolonged, while Asian currencies, particularly the Korean won and Malaysian ringgit, could be vulnerable to a weakening yuan. The Indian rupee is anticipated to remain more defensive despite potential rate cuts amid a cyclical slowdown.
Parisha Saimbi of BNP Paribas predicts that the Chinese Yuan, Korean Won, and Thai Baht will be the worst performing Asian currencies in 2025. This outlook is driven by concerns over tariffs and weak domestic economies, alongside the currencies' low yields and high beta characteristics.
The China Securities Regulatory Commission announced new measures to promote index-linked investment products, following efforts to bolster local fund allocations amid US tariff threats and AI competition. China's PMI manufacturing index fell to 49.1 in January, indicating a slowdown ahead of the Lunar New Year, while major Asian markets showed mixed results, with South Korea's Kospi gaining 0.8% and Japan's Nikkei losing 0.5%. In stock movements, Beijing Haibo Si Chuang Technology surged 218% in Shanghai, and Yalian Machinery rose 198% in Shenzhen.
Macau is enhancing its financial sector by developing its bond market, which has seen significant growth since 2018, with 332 bonds issued by mid-2024, 15% of which are ESG-related. The region is also strengthening its role in the Greater Bay Area, facilitating investments and cultural exchanges while maintaining a focus on tourism and leisure.
ByungJu Kim of MBK Partners and Kyungin Lee of UBS have been recognized as influential figures in Asia's capital markets. Kim co-founded MBK, managing over $30 billion in assets, while Lee has led UBS to prominence in Korea's M&A sector, completing significant transactions. KB Securities' Kim Sung-hyun ranks third, establishing the firm as a key player in investment banking. UBS was named Korea's top investment banking house, followed by Korea Investment & Securities and NH Investment & Securities.
UBS has upgraded LG Display's stock rating from Sell to Neutral, lowering the price target to KRW10,000 due to a 33.75% decline in share price amid concerns over decreasing demand for iPhones and TVs. Despite a reported operational loss in Q3 2024, the company anticipates growth in panel shipments and improved cash flow from the sale of its Guangzhou LCD TV fab by Q1 2025. However, Citi has downgraded its rating to Sell, citing competitive pressures from rivals like BOE and Samsung.
Emerging-market equities and currencies are at risk of further declines due to unaccounted threats from potential tariffs under Donald Trump, according to UBS. The firm notes that the current market pricing of risks remains historically low, with significant losses already recorded since the US election. China's deflation is enhancing the yuan's competitiveness, which could pressure production and capital expenditure in other emerging markets, particularly as tariffs may slow China's imports and impact commodity exporters. Countries like Mexico, Vietnam, and Korea face heightened uncertainty due to their trade surpluses with the US.
South Korean Won
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south korea fines major banks for short selling violations
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