|Bid||651.20 x 0|
|Ask||651.40 x 0|
|Day's range||651.00 - 660.00|
|52-week range||514.20 - 742.60|
|Beta (3Y monthly)||0.94|
|PE ratio (TTM)||40.97|
|Earnings date||29 Jul 2019 - 2 Aug 2019|
|Forward dividend & yield||0.17 (2.63%)|
|1y target est||8.78|
Oct.18 -- Jose Vinals, chairman at Standard Chartered, discusses the business impact of Brexit, the ramifications of low interest rates, and the need for consolidation among smaller European banks. He speaks with Bloomberg's Sonali Basak on "Bloomberg Markets."
Oct.18 -- Steve Brice, chief investment strategist at Standard Chartered Private Bank, discusses China GDP and his outlook for markets. He speaks on “Bloomberg Markets: Asia.”
Tanzania has been ordered by a World Bank arbitration court to pay $185 million to the Hong Kong subsidiary of Standard Chartered for breaching an energy contract. The case stems from a legal battle between the Tanzanian government and privately-owned independent power producer IPTL, which led to the dismissal of several cabinet ministers in 2014. The award by the World Bank's International Centre for Settlement of Investment Disputes is less than the $352.5 million sought by Standard Chartered Bank Hong Kong, which was not immediately available for comment.
Nine major banks in Hong Kong have agreed to adopt a number of measures to support small and medium enterprises in Hong Kong, the central bank said on Wednesday, as four months of anti-government protests start taking its toll on local businesses. The Hong Kong Monetary Authority (HKMA), the city's central bank, announced the measures after meeting the nine banks, which it did not name, under the newly established "Banking Sector SME Lending Coordination Mechanism". Hong Kong's largest banks include HSBC, Bank of China (Hong Kong) and Standard Chartered.
The escalation of trade conflict between the United States and China is "very worrisome" for the global outlook and it remains to be seen if it will tip the world economy into recession, Bank of England policymaker Donald Kohn said on Tuesday. "Whether that is strong enough to put the whole world into recession or not, who knows, but it's bad," said Kohn, a former vice chairman of the Federal Reserve System. "There are several dimensions in which I think this breaking, this beginning of fragmentation of the global trading system is very worrisome," he told a panel of British lawmakers.
(Bloomberg) -- Singapore’s central bank signaled it’s ready to adjust monetary policy further after easing Monday for the first time since 2016 as risks to the economic growth outlook persist.The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool, reduced “slightly the rate of appreciation” of the currency band and said it’s prepared to “recalibrate monetary policy” if prospects for inflation and growth weaken significantly.Data Monday showed the economy narrowly missed falling into recession in the third quarter, but the MAS was downbeat about growth prospects and sees inflation remaining benign. The U.S.-China trade war has weighed heavily on the export-reliant city state, with manufacturing taking the brunt of the pain.“We thought the final sentence in the statement -- that MAS ‘is prepared to recalibrate monetary policy should prospects for inflation and growth weaken significantly’ -- is telling of its intentions,” said Terence Wu, a currency strategist at Oversea-Chinese Banking Corp. in Singapore. “For now, we do not rule out a further reduction of slope to zero appreciation in the next meeting.”The Singapore dollar gained as much as 0.4% to S$1.3679 against the U.S. dollar Monday. The Straits Times Index climbed 0.5% as of 10:15 a.m. in Singapore.The monetary policy decision was predicted by 14 of the 22 economists surveyed by Bloomberg, with the remainder projecting a more aggressive move to a zero-appreciation posture for the currency band. The MAS held policy in April after tightening twice last year.What Bloomberg’s Economists Say“If the U.S. and China can avoid a further escalation in tariffs, we expect the MAS to leave policy on hold at its next regularly-scheduled meeting in April. Further escalation, though, might prompt an inter-meeting easing. Recent signs of a truce in the U.S.-China trade war may have persuaded the central bank to retain a bit of policy ammunition, rather than going “all-in” with a reduction of its currency band to zero.”Click here to read the full reportTamara Mast Henderson, Asean economistCentral bankers globally are taking a more dovish stance as trade tensions weigh on growth and as manufacturing weakness threatens to spill over into services sectors. In Singapore, authorities have taken a gradual approach as they monitor risks and keep a close watch on labor-market indicators that so far have stayed resilient.An early reading of gross domestic product data Monday showed the economy grew an annualized 0.6% in the third quarter from the previous three months, rebounding from a contraction of 2.7%. The median estimate in a Bloomberg survey of economists was for growth of 1.2%. Compared with a year ago, GDP rose 0.1%, unchanged from the second quarter.“GDP numbers, despite skirting a technical recession, do not make for an upbeat read,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “The manufacturing recession continues. The outlook is at best hazy, if not gloomy.”Singapore’s growth is expected to pick up modestly next year, “although this projection is subject to considerable uncertainty in the external environment,” the MAS said. These are its latest projections for inflation and growth:GDP growth will likely be around the midpoint of the 0-1% forecast range in 2019. The output gap has turned “slightly negative” and is expected to persist into 2020Core inflation is expected to come in at the lower end of the 1-2% range in 2019 and average 0.5%-1.5% in 2020All-items CPI is projected to be around 0.5% this year and average 0.5-1.5% in 2020“We think the MAS’ core inflation forecast for 2020 suggests the door for further easing is open, if needed,” said Divya Devesh, head of Southeast and South Asia currency research at Standard Chartered Plc in Singapore.The MAS guides the local dollar against a basket of its counterparts and adjusts the pace of its appreciation or depreciation by changing the slope, width and center of a currency band. It doesn’t disclose details of the basket, or the band or the pace of appreciation or depreciation.\--With assistance from Tomoko Sato, Chua Baizhen, Niluksi Koswanage, Stephanie Phang, Melissa Cheok, Joyce Koh and Chester Yung.To contact the reporters on this story: Michelle Jamrisko in Singapore at email@example.com;Ruth Carson in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Nasreen Seria at email@example.com, Michael S. ArnoldFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- When December arrives and trading is quiet, market strategists come up with their wildest predictions for the year ahead. Disclaimer: they don’t actually expect all of them to be right.But 2019 is proving to be bizarre for traders and some of those calls are actually coming true. Of the eight “financial-market surprises” published by Standard Chartered Plc, two have effectively materialized, while three more still remain possible.Coming True:The Federal Reserve cutting interest rates (Done so twice, with another one priced in)The European Central Bank restarting quantitative easing (By 20 billion euros per month from November)Still in Play:The U.S. and China reach an agreement to weaken the dollar (Officials looking at rolling out currency pact)The U.S. Treasury tries to sell 50-year bonds (May do so next year if there is appetite)The U.K. faces a hard Brexit and the pound falls to parity with the dollar (Talks still currently taking place, though optimism is sparse)Looking Unlikely:Hong Kong abandons its dollar currency peg (Traders including Hayman Capital Management’s Kyle Bass are betting unrest will spur capital flight, but it hasn’t happened)OPEC breaks up and Brent crude falls to $25 a barrel (Supply deficit is at its widest level in years)Japan monetizes the national debt, the yen climbs to 80 per dollar (JPMorgan sees the yen as the “only cheap recessionary hedge” remaining)Standard Chartered aren’t the only ones who had a punt. Saxo Bank A/S published their “10 Outrageous Predictions” for 2019 in December, including one that called a German recession. By most accounts, Europe’s largest economy may be in one already. There is no sign of some of the others -- including a solar flare creating chaos and a global transportation tax.Neither bank predicted a $17 trillion pile of negative-yielding debt -- bonds guaranteed to lose investors’ money if held to maturity -- a meltdown in the U.S. repo market, or a drone attack on a Saudi oil facility. But hey, you can’t get everything right.(Updates with latest on each of Standard Chartered’s scenarios.)To contact the reporter on this story: John Ainger in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Paul Dobson at email@example.com, Neil Chatterjee, Michael HunterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- A fund manager who spent most of about two decades in the banking sector with Standard Chartered Plc is shunning rupee bonds from Indian companies due to the risk of the local currency weakening, and favors their dollar debt instead for the high yields.“We don’t want to take exposures to rupee debt as the risk-off modes can make returns unpredictable,” said Hemant Mishr, founder of SCUBE Fixed Income Fund, a $100 million India-focused bond fund. The fund will focus on investing in high-quality dollar bonds mostly from Indian issuers, he said.The rupee’s three-month historical volatility at 7.6% is the highest among major Asian currencies, adding to fears of a quick reversal in flows if the currency slumps further after weakening 2.6% in the last quarter. Offshore notes of Indian companies have returned 11.9% so far in 2019, ICE bond index data show.Mishr expects more Indian companies to sell dollar bonds, as a debilitating funding crunch in the aftermath of shadow lender IL&FS Group’s collapse last year worsens strains in the domestic credit market.(Updates with chart on rupee volatility)\--With assistance from Kartik Goyal.To contact the reporter on this story: Anurag Joshi in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Andrew Monahan at email@example.com, Ken McCallum, Anto AntonyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Standard Chartered chief executive said on Tuesday that the trade dispute between the United States and China could be settled and that it was in nobody's interest for the deadlock to continue for a long time. Bill Winters said there were concerns about the unreliability of supply chains as a result of the conflict between the two countries. "There are winners and losers from that – Chinese companies themselves are relocating parts of their supply chains from China to other parts of Asia – Taiwan has been a beneficiary, Vietnam has been a beneficiary," he said at a Bloomberg conference in London.
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SoftBank Group founder and CEO Masayoshi Son is struggling to raise money for a second massive technology investment fund in the wake of the failed public offering of office-rental company WeWork and sliding valuations of other major investments, according to two people familiar with the situation. Son is still determined to go ahead with Vision Fund 2 even though some lieutenants have urged a delay, the two people with knowledge of SoftBank’s internal discussions told Reuters.
Nigeria's central bank has levied a charge on 12 banks for a total of more than 400 billion naira ($1.3 billion) for failing to increase loans to meet a regulatory target, three banking sources and one of the lenders told Reuters on Thursday. The central bank asked lenders in July to maintain a ratio of lending out at least 60% of deposits by September or face a higher cash reserve levy, part of measures aimed at getting credit flowing in Africa's biggest economy. The cash reserve requirement in Nigeria is 22.5%.
Asset manager Intermediate Capital Group said on Wednesday it had hired former Standard Chartered chief executive Mervyn Davies to lead the board. The hiring is the latest in a series of high-profile appointments at ICG, which has seen strong growth in recent years as investors look to put more money into alternative investments such as private equity and private credit. With its shares up almost 45% in the year to date, ICG is currently worth around 4 billion pounds and among a group of companies in the hunt for promotion to Britain's blue-chip FTSE 100 index.
Hong Kong anti-government protesters are increasingly focusing their anger on mainland Chinese businesses and those with pro-Beijing links, daubing graffiti on store fronts and vandalising outlets in the heart of the financial centre. Protesters took aim at some of China's largest banks at the weekend, spray-painting anti-China slogans on shuttered branches and trashing ATM machines of outlets such as Bank of China's Hong unit, while nearby international counterparts such as Standard Chartered escaped untouched.
* European shares fall further after disappointing U.S. data * U.S. factory activity sinks to 10-year low in September * STOXX 600 set for worst day since mid-August, down 1.1% * BAML starts coverage of airlines: IAG, Wizz, RyanAir, Air France top picks * Ferguson gains after profit beat, Greggs sinks after update * Wall Street drops sharply Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Brian O’Reilly, head of investment strategy at Mediolanum, says Tokyo is his pick.
* European shares fall further after disappointing U.S. data * U.S. factory activity sinks to 10-year low in September * STOXX 600 set for worst day since mid-August, down 1.1% * BAML starts coverage of airlines: IAG, Wizz, RyanAir, Air France top picks * Ferguson gains after profit beat, Greggs sinks after update * Wall Street drops sharply Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: rm://firstname.lastname@example.org U.S. ISM GLOOM HITS EUROPE HARD: WELCOME TO OCTOBER (1449 GMT) News that U.S. manufacturing contracted to its weakest level in more than a decade hit European markets hard, as if traders were just waiting for the right excuse to execute a late afternoon tactical retreat.