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...The Wall Street bank estimates more than Rmb170bn has been deployed directly into China’s domestic equity market by state-run financial groups this year....
...Additional reporting by Hudson Lockett in Hong Kong...
...Last month, Michael Zhang, an analyst at Citigroup, cut the bank’s price target for HKEX shares by more than 10 per cent to HK$240....
...“I’ve got some decent buying, but at the same time I’m selling into it,” said the Hong Kong-based trading head at one investment bank....
...The government has been unwilling to unleash fiscal subsidies to directly boost consumption, and while the central bank has cut the level of reserves banks must hold to try to stimulate demand, real interest...
...Public measures to boost demand included cuts to stock trading fees and purchases of bank shares by a government investment fund....
...Zhongzhi was founded in 1995 by the late tycoon Xie and became one of the biggest non-bank financiers in China....
...Its “M-Terminal”, a free-to-use financial data website with a black background reminiscent of a Bloomberg screen, shows that stores in smaller cities are performing much worse than those in larger cities...
...The Hong Kong government, HKEX’s biggest shareholder, said in August it was setting up a “task force” to make market liquidity “improvement proposals” to the city’s chief executive, John Lee....
...Enormous debts accumulated by China’s provinces and cities have become a pressing problem for policymakers this year, with many bonds issued by indebted provinces such as Guizhou coming close to default....
...Hudson Lockett...
...But Choi, at Bank of America, said any easing of such measures “is likely to only slow, not reverse, the home price drop we’re forecasting”....
...She said the move’s impact was primarily in signalling the central bank’s resolve to support the renminbi....
...Some major second and third-tier city authorities lifted all restrictions on housing purchases from July....
...Wells Fargo has agreed to buy Neiman Marcus’s vacant space at 20 Hudson Yards for $550mn in a deal that confirms the changing fortunes of one of New York City’s largest property developments....
...The centrepiece is a British-only Individual Savings Account or “Brisa” (not to be confused with the Portuguese motorway operator), with a £5,000 tax-free allowance for investments in UK-listed shares....
...The city’s benchmark Hang Seng index has fallen more than 8 per cent this year....
...In 2021, Nguyen Thi Thanh Thuy jumped at an offer by Vietnam’s Saigon Joint Stock Commercial Bank (SCB) to invest in a new savings product offering high interest rates....
...He was a board member of a small Geneva-based private bank, the name of which was also withheld in the indictment, filed in the southern Swiss city of Bellinzona....
...LA mogul class Music industry giant Jimmy Iovine and rapper Dr Dre are hoping to shake up education in America’s underprivileged cities, reports the FT....
...But missed bond payments from real estate developer Country Garden and on savings products linked to investment conglomerate Zhongzhi this month have increased alarm among observers....
...“Our current assumption is that [policymakers] will ease real estate restrictions in first-tier cities and put more measures in place to support the property market in the coming weeks,” she said....
...The renminbi finished onshore trading in China on Wednesday at Rmb7.31, close to the lows seen last October when cities across the country were locked down in response to Covid-19 outbreaks....
...Explosions could be heard in Omdurman when the FT visited last week, as the RSF appeared to fire heavy artillery from their positions in Bahri on the east bank of the Nile....
...While the Bank of England bides its time cutting interest rates, it is possible to get more than 5 per cent in a savings account....
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