|Bid||1,169.50 x 0|
|Ask||1,170.00 x 0|
|Day's range||1,109.00 - 1,171.50|
|52-week range||12.37 - 1,795.00|
|Beta (5Y monthly)||1.07|
|PE ratio (TTM)||9.47|
|Earnings date||11 Aug 2020|
|Forward dividend & yield||0.37 (3.39%)|
|Ex-dividend date||26 Mar 2020|
|1y target est||2,079.18|
(Bloomberg) -- U.K.-listed banks with heavy exposure to Hong Kong slipped as China’s attempt to tighten its grip on the city fueled a political backlash.HSBC Holdings Plc dropped as much as 6.5%, the most in about seven weeks, while rival lender Standard Chartered Plc declined 4.7%. Insurer Prudential Plc tumbled 9.8%, its biggest fall in more than two months, before paring losses along with the banks.China confirmed on Friday that it would effectively bypass the city’s legislature to implement national security laws. The announcement triggered immediate calls for fresh protests and sent the MSCI Hong Kong index to its worst loss since 2008.“China’s latest move is damaging to gross domestic product, sentiment, loan growth and Hong Kong’s status as a global financial destination,” Bloomberg Intelligence analyst Jonathan Tyce said in written comments. HSBC and Standard Chartered each derive a quarter of their revenue from Hong Kong, and “far more” of their pretax profits, he added.Banks operating in Hong Kong, as well as luxury-goods makers, have been volatile since the final quarter of 2019 as protests gripped the city, sending it into recession. The global spread of Covid-19 spurred share plunges in 2020.Prudential, which has seen its shares plunge 28% year-to-date, is also highly exposed to the former British colony. Hong Kong accounted for 23% of the London-based company’s adjusted operating profit in Asia in 2019, more than any other market in the continent, according to the group’s annual report.And it wasn’t just European financials dropping on the Hong Kong developments, as luxury-goods makers that are dependent on sales in the city also slipped. Cartier watch-maker Compagnie Financiere Richemont SA and Gucci-owner Kering SA fell as much as 4.1% and 2.3% in Zurich and Paris, respectively.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
For many investors, the main point of stock picking is to generate higher returns than the overall market. But its...
Shares in Prudential fell on Thursday as the coronavirus pandemic hit its Asia sales and it warned of challenging times ahead, while sources told Reuters the insurer's U.S. unit was for sale. Prudential's main businesses are in Asia and the United States after it spun off its British unit last year. Asian annual premium equivalent sales fell 24% in the first quarter to $986 million, with a 50% drop in Hong Kong and 19% in China, although Prudential said there were signs the sales environment was beginning to normalise in China.
Measures to help customers struggling to pay premiums on insurance policies during the coronavirus crisis will come into effect on Monday, Britain's Financial Conduct Authority said on Thursday. The FCA, which put the measures to public consultation on May 1, said on Thursday that a majority of those who responded showed support. The measures, which include deferring premiums for up to three months, would be reviewed in the next three months and may be revised if appropriate, the FCA said.
Britain's insurers should be ready to tap markets for capital if necessary due to uncertainty over the volume of claims in the coronavirus pandemic, the Bank of England's insurance regulator said on Thursday. "What we are asking firms to do and expecting firms to do is to think of different sources of vulnerabilities that might have a financial cost, and their flexibility for action," BoE executive director for insurance Anna Sweeney told a City & Financial webinar.
HSBC Holdings PLC said on Monday its insurance unit had agreed to acquire its China life insurance venture partner's 50% stake to own fully the company under the new rules on foreign ownership that came into effect in January. The move will allow London-headquartered HSBC, which gets the bulk of its revenue from Asia, to further expand its footprint in the world's second-largest economy, where it has deployed billions of dollars as part its Asia "pivot" strategy. The transaction to buy the stake in HSBC Life Insurance Co Ltd (HSBC Life China) from joint venture partner the National Trust Ltd will be structured as a transfer of equity interest and is subject to regulatory approvals, the lender said.
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Britain's financial watchdog said it would urgently ask the courts to clarify uncertainty over the inability of some insurance customers to obtain compensation for disruption caused by the coronavirus pandemic. The Financial Conduct Authority said it was seeking a declaration from the court due to continuing concerns about the lack of clarity and certainty for some customers making business interruption claims, and the basis on which some firms are making decisions in relation to claims. The FCA also set out measures to support consumers and businesses who hold insurance products and who are facing other issues as a result of coronavirus.
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Recruiter Morgan McKinley said new financial services jobs grew strongly in January and February before the COVID-19 pandemic halted the revival.
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Hedge fund Third Point said on Thursday that it shifted much of its capital into credit investments after panic selling sparked by the coronavirus outbreak took a toll on its stock-heavy fund, with one of its portfolios losing 16% in the first quarter. The firm, run by billionaire investor Daniel Loeb, told clients in a letter seen by Reuters that it invested $2.2 billion in structured and corporate credit securities in mid-March, essentially doubling its exposure. Third Point, which had $16 billion under management at the end of December, said it had not adequately prepared for a possible full-blown pandemic and was caught flat-footed when the world was essentially shut down to blunt the virus' spread.
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Most insurance policies bought by smaller companies do not cover for disruption caused by the coronavirus pandemic, Britain's Financial Conduct Authority said on Wednesday. Britain is in lockdown, with many companies shuttered and millions of people furloughed as the country heads for a deep recession. The FCA said most company insurance policies only gave basic cover, with no obligation to pay out in relation to the COVID-19 pandemic.
Prudential <PRU.L> said on Thursday it would cut salaries and pensions earned by its executive directors in 2020, while its chief financial officer would also see his bonus curbed in view of the Covid-19 pandemic. The British insurer is the latest in a series of financial firms to unveil similar reductions in executive compensation in a gesture of support to customers struck hard by the coronavirus lockdown. Prudential said pension benefits would fall from 25% to 13% of salary from mid-May but did not give details on how salaries would fall.
Prudential said on Thursday it would cut salaries and pensions earned by its executive directors in 2020, while its chief financial officer would also see his bonus curbed in view of the Covid-19 pandemic. The British insurer is the latest in a series of financial firms to unveil similar reductions in executive compensation in a gesture of support to customers struck hard by the coronavirus lockdown. Prudential said pension benefits would fall from 25% to 13% of salary from mid-May but did not give details on how salaries would fall.
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The Bank of England said on Friday it backed calls from the European Union's insurance regulator for insurers to pay close attention to protecting policyholders when deciding whether to pay dividends or bonuses. "We therefore expect firms to be prudent in deciding on dividend payments or variable remuneration in view of the elevated levels of uncertainty presented by coronavirus and its impact on the global economy," a Bank of England spokesperson said. Shares in top European insurers sank on Friday after the European Insurance and Occupational Pensions Authority said on Thursday evening that insurers should suspend dividends and share buybacks, and postpone bonuses where possible.