|Bid||714.60 x 0|
|Ask||714.60 x 0|
|Day's range||709.20 - 717.00|
|52-week range||569.20 - 742.60|
|Beta (3Y monthly)||1.47|
|PE ratio (TTM)||39.18|
|Earnings date||29 Jul 2019 - 2 Aug 2019|
|Forward dividend & yield||0.17 (2.40%)|
|1y target est||8.78|
Global equity markets and the dollar rose on Tuesday as U.S. President Donald Trump reiterated the United States is close to signing a trade deal with China but offered no new details. Stocks on Wall Street set fresh record highs before Trump's highly anticipated remarks to the Economic Club of New York, but slowly pared some gains after the speech, which contained no major policy announcements. Trump touted his administration's economic record in a campaign-style speech but did not announce a venue or date for signing a trade deal with Chinese President Xi Jinping as market speculation had suggested he might.
Equity markets and government bond yields rose on Tuesday as investors awaited a speech by U.S. President Donald Trump on U.S. trade policy, in which he is expected to discuss talks with China and a tariff decision on European automakers. First, that there would be reassurances the China talks were progressing and second, that there would be a nod to overnight reports that a decision on European car tariffs would be delayed another six months. Overnight in Asia, MSCI's broadest measure of Asia-Pacific shares outside Japan climbed 0.5% while Japan's Nikkei ended 0.8% higher.
World shares and benchmark government bond yields inched higher on Tuesday, as investors awaited a speech by U.S. President Donald Trump on U.S. trade policy and an inevitable maelstrom of headlines. Firstly, that there would be reassurances that China talks were progressing, and secondly, that there would be a nod to overnight reports that a decision on European car tariffs would be delayed for another 6 months. Trade-sensitive chipmakers helped pushed Europe's STOXX 600 up 0.4% and U.S counterparts including Micron Technology, Nvidia and NXP rose between 0.6% and 0.9% in premarket New York trading.
Demand for defensive stocks helped European shares recover from early losses on Monday as investors grappled with issues ranging from violent Hong Kong protests to an inconclusive Spanish election and weak data from China. After falling nearly 0.5% at one point, the pan-European STOXX 600 index closed flat, helped by a turnaround in bank shares and gains for sectors considered safer bets during times of economic uncertainty, such as food and beverage and real estate. London's FTSE 100 led declines among the major regional indexes with a 0.4% drop, while stocks in Frankfurt fell 0.2% and Paris rose 0.1%.
(Bloomberg) -- India’s rupee declined the most in Asia and sovereign bonds dropped after Moody’s Investors Services lowered the nation’s rating outlook to negative citing growth concerns.The reduction comes at a time when investors have been skeptical about the government meeting its budget targets amid a slowdown in tax revenues and September’s surprise $20 billion tax giveaway for companies.The rupee fell as much as 0.5% to the weakest in three weeks and stocks gave up their early resilience to Moody’s warning in the red in the final hour of the session, thanks to profit-booking after the benchmark index’s recent record closing spree.A change in the rating outlook is the first step toward a downgrade, the action is no reason to exit the nation’s assets, economists and analysts said. Moody’s confirmed what is well known in the markets, and investors saw the move as a catch up, rather than a warning on the nation’s credit rating, as the agency rates India a notch higher than its peers Fitch Ratings and S&P Global Ratings.“Most participants were aware of the issues” cited by Moody’s, Kanika Pasricha, a Mumbai-based economist at Standard Chartered Plc, wrote in a research note. “Moody’s rates India one notch higher than Fitch and S&P, and the market probably saw this coming.”The yield on benchmark 10-year bonds rose five basis points, the most in a month, to 6.56%. The S&P BSE Sensex index of shares fell 0.8% at the close after rising as much as 0.2% earlier.“Investors have been aware of the decline in consumption and the economic slowdown cited by Moody’s for the past few quarters,” said Dharmesh Kant, head of research at Indianivesh Securities Ltd. “The rating processes are based on historic data, so it always comes with a lag, but the market is likely to take it in stride.”Indian assets have got a boost in recent weeks from strong overseas inflows. That’s after better-than-expected earnings in the September quarter stoked optimism that companies have weathered the worst of an economic slowdown following a series of government stimulus measures and five back-to-back rate cuts so far this year.Foreigners have bought stocks worth $501 million in November, after pumping in more than $2 billion in October, and have been buyers of sovereign debt for nine straight sessions.Going StrongThe Sensex still capped its fourth weekly gain in five as better-than-expected company earnings attracted investors. Twenty-six of the 41 Nifty 50 firms that have posted earnings so far this season have beaten or matched the average analyst estimate.“The index had climbed to a record high in the previous session and investors expected a small decline in stocks,” said Jitendra Panda, chief executive officer at Peerless Securities Ltd. “It is more of profit-booking rather than jitters due to the Moody’s.”Not everyone expects the change in outlook to raise overseas borrowing costs for local companies. Indian firms may raise another $20 billion via offshore debt in the six months through March after seeking $25 billion in the six months ended September, Care Ratings said in a note Thursday.“I don’t expect it to lead to any significant rise in borrowing costs as Moody’s is currently rating India a notch higher than Fitch Ratings and S&P Global Ratings,” which still hold the nation’s outlook at stable, said Ajeet Choudhary, executive director for fixed income at J.P. Morgan Private Bank in Asia. “I expect minor correction of 5-10bps in spreads for India IG papers.”\--With assistance from Rahul Satija, Abhishek Vishnoi, Manish Modi, Denise Wee, Ronojoy Mazumdar and Nupur Acharya.To contact the reporters on this story: Subhadip Sircar in Mumbai at email@example.com;Kartik Goyal in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Tan Hwee Ann at email@example.com, Ravil Shirodkar, Shikhar BalwaniFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Standard Chartered Plc halved the pension money the bank hands to Chief Executive Officer Bill Winters after months of pressure from investors.The Asia-focused lender cut the retirement allowance for Winters and Chief Financial Officer Andy Halford from 20% of their annual salary to 10%, according to a statement Friday, putting the figure in line with benefits offered to other employees.More than a third of the London-based bank’s shareholders failed to support its pay policy at a vote in May. British firms are being pressed to make their pension policies more egalitarian, with the U.K. Corporate Governance Code recommending that awards for top employees stay close to those for rank-and-file staff.Most of the bank’s investors “wish to see the concerns of other shareholders in relation to pension allowances resolved,” while supporting the overall pay package for executive directors, the bank said.Winters’ pension allowance will fall 50% from 474,000 pounds ($607,336) a year to 237,000 pounds from the start of next year. Halford’s allowance will fall from 294,000 pounds to 147,000 pounds. The reduction will result in an 8% cut to the duo’s fixed pay.Standard Chartered said it had consulted with investors representing about 60% of its shares. “At these meetings, we listened to the range of views and concerns,” the bank said.The bank’s stock is down about 30% since Winters took over four years ago and began grappling with issues ranging from a bloated cost base to government probes. His efforts have helped the bank put the worst behind it, and its shares have rallied 20% in 2019.The rebound didn’t prevent Winters from being the target of a campaign by Glass, Lewis & Co., a proxy adviser that researches corporate governance and advises institutional investors how to vote. As the battle became more acrimonious, Winters called the criticism of his pension arrangements “immature and unhelpful.”Investors including Schroders Plc and Aberdeen Standard Investments, both among the bank’s 20 biggest shareholders, welcomed Standard Chartered’s announcement.“We are pleased that the company has listened to shareholders, and are very supportive of this move,” said Daniel Veazey, head of corporate governance analysts at Schroders.(Adds background and analyst reaction from 7th paragraph.)To contact the reporter on this story: Harry Wilson in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ambereen Choudhury at email@example.com, Keith Campbell, Marion DakersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Standard Chartered joined some of its British rivals in cutting its chief executive's pension allowance on Friday after protests from shareholders, putting pressure on other banks such as Lloyds to follow suit. British banks have faced mounting criticism from investors for awarding their top executives more favourable pension arrangements than the rest of their employees. Standard Chartered said its CEO Bill Winters and Chief Financial Officer Andy Halford had agreed to have their pension allowances cut to 10% from 20% of their salary from January, putting them in line with the rest of its workforce in Britain.
Standard Chartered joined some of its British rivals in cutting its chief executive's pension allowance on Friday after protests from shareholders, putting pressure on other banks such as Lloyds to follow suit. Standard Chartered said its CEO Bill Winters and Chief Financial Officer Andy Halford had agreed to have their pension allowances cut to 10% from 20% of their salary from January, putting them in line with the rest of its workforce in Britain. The bank's definition of 'total salary' includes both base salary and a fixed pay allowance paid in shares.
If you want to compound wealth in the stock market, you can do so by buying an index fund. But one can do better than...
Sumitomo Mitsui Financial Group (SMFG) and Singapore lender OCBC Group Holdings are vying to buy Indonesia's PT Bank Permata and are working on respective offers, sources familiar with the matter said on Thursday. Japanese and other Asian banks are increasingly targeting a presence in Indonesia in the hope of tapping an emerging middle class in the country with a population of 260 million people.
(Bloomberg) -- HSBC Holdings Plc lowered its Hong Kong prime lending rate for the first time in 11 years, underscoring the economic challenges facing the financial hub.The London-based bank cut its best lending rate by 12.5 basis points to 5% in Hong Kong. The city’s government is set to release data Thursday that’s expected to show the local economy entered a technical recession in the third quarter, with retail and tourism sectors battered by almost five months of anti-government protests.Standard Chartered Plc, another major lender in the city, soon followed HSBC’s announcement, reducing its best lending rate by 12.5 basis points to 5.25%.HSBC’s cut, to take effect Nov. 1, will likely help the Hong Kong economy and companies, George Leung, the bank’s Asia-Pacific adviser, said at a briefing. There’s not much more room for banks in the city to lower further, and the reduction will probably be the last this year, he said.The move comes after the Hong Kong Monetary Authority cut its benchmark interest rate Thursday, in line with the city’s currency peg to the dollar following the U.S. Federal Reserve’s reduction in borrowing costs. The HKMA lowered its base rate to 2.00% from 2.25%, hours after the Fed’s quarter-point cut, according to the institution’s page on Bloomberg. As the Hong Kong dollar is linked to the greenback, the territory essentially imports U.S. monetary policy.“Looking ahead, we expect there’s still downward pressure on the U.S. rate,” Leung said. “This is likely to make the operating environment for banks like HSBC more challenging in the future, but we hope that it will bring some relief to our customers and maybe a little bit of sunshine to the gloomy economic outlook.”The Hong Kong government has laid out policy support including boosting loans to small businesses and cutting banks’ capital buffers to mitigate an economic downturn through the months-long unrest. It also announced plans this month to help first-time homebuyers break into the world’s least-affordable property market.“It is hard to say whether the Hong Kong interbank rates may follow the U.S. rate,” HKMA Chief Executive Eddie Yue had said at a briefing earlier Thursday. “However, the U.S. rate cut does reflect the downward pressure on the global economy, to which Hong Kong is not immune.”(Updates with Standard Chartered’s interest rate cut in third paragraph.)To contact Bloomberg News staff for this story: Jeffrey Black in Hong Kong at firstname.lastname@example.org;Enda Curran in hong kong at email@example.com;Alfred Liu in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeffrey Black at email@example.com, ;Jun Luo at firstname.lastname@example.org, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- There may be protests, wafts of tear gas and the occasional burning Starbucks along the street, but inside Hong Kong’s biggest financial firms the outlook for business is surprisingly status quo.That was the takeaway this week as two banking giants in Hong Kong -- HSBC Holdings Plc and Standard Chartered Plc -- posted quarterly results that showed business there held up despite civil unrest. Now, one of the top experts on the financial hub is weighing in with his evaluation: Don’t expect the city to lose any stature among global markets.“It would take a huge structural change,” for Hong Kong to cede its position as a financial center, K.C. Chan, the city’s former secretary for financial services and the treasury, said in an interview. “That’s not what I see today. The reason Hong Kong’s financial markets are doing so well is because they have been serving China’s economy. Has this changed? No.”Demonstrations led by pro-democracy activists have indeed disrupted local commerce and discouraged tourism, tipping the city toward a technical recession. Then there are more dire predictions: The unrest could prompt investors to move their wealth to rival hubs such as Singapore or lead major financial firms to rethink their presence in town.But the votes of confidence by Chan and executives atop major banks in recent days underscored Hong Kong’s unique position as China’s gateway to international markets. The city’s regulatory framework and laws, the argument goes, make it the indispensable venue for companies in the world’s second-largest economy to tap capital from abroad.That, in turn, has generated wealth in the city, drawing legions of private bankers and money managers to tend it.“If you have your liquidity here in Hong Kong, you won’t just move your money to Singapore in a flick,” Chan said.Contingency PlansFew global companies have tied their fortunes as much to Hong Kong as London-based HSBC. When the firm posted third-quarter results Monday, it described operations in Asia as resilient. Adjusted pretax profit from Hong Kong, the bank noted, climbed 1% in the quarter to $3 billion.Still, HSBC took a $90 million credit charge because of the dimming outlook for the local economy, where small- and medium-sized businesses in particular are suffering. And on Thursday it lowered its best lending rate in the city for the first time in more than a decade, a move that the lender said should help the local economy and companies.Some ultra-wealthy clients are drawing contingency plans for parking cash elsewhere, the company said, but very little has actually moved. Across the city, there hasn’t been significant capital outflow, Hong Kong Monetary Authority Chief Executive Eddie Yue added at a briefing on Thursday.Standard Chartered said it earned more in Hong Kong, too.“Business is actually continuing to perform pretty well,” Chief Financial Officer Andy Halford told Bloomberg Television on Wednesday, referring to the city. “Maybe not growing quite as much as it’d have done previously, but absolutely still growing.”Some clients, he acknowledged, have explored whether to set up additional accounts elsewhere. For now, the number of people doing it isn’t large, he said. And even if they shift money, the bank can just serve them from other locations.To be sure, the situation is much starker for local banks, especially those catering to the residents and small businesses. Declines in home prices, office rents and the retail sector threaten to increase credit costs. Potential capital outflow and the monetary authority’s intervention could squeeze net interest margins.A stress test performed by analysts at JPMorgan Chase & Co. estimated lenders such as Hang Seng Bank Co. and Bank of East Asia Ltd. could see earnings slump 24% to 45% next year and 39% to 67% in 2021.Others suggest things will snap back to normal.“If you look back in history there have ebbs and flows in Hong Kong and it has a proven track record of resiliently coming through difficult situations,” Standard Chartered’s Halford said. “It is a very vibrant economy. It has got a huge reputation. Our hope and our belief is that over a period of time it will plow through this.”(Updates with HSBC’s lowering of lending rate in ninth paragraph.)To contact the reporter on this story: Alfred Liu in Hong Kong at email@example.comTo contact the editors responsible for this story: Jun Luo at firstname.lastname@example.org, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Harvey Jones picks out two FTSE 100 (INDEXFTSE:UKX) stocks give you direct exposure to action in Asia.
* European shares flat before Fed meeting * Fiat Chrysler and PSA confirm tie-up talks, stocks rally * Bank earnings in focus: DB, CS, StanChart, Santander * Fed seen cutting rates, focus on policy outlook Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. Reach him on Messenger to share your thoughts on market moves: rm://email@example.com BANKS BATTERED ON BIG EARNINGS DAY (1240 GMT) Is there any hope for banks? If you looked at their performance today when banks of the size of Deutsche Bank, Credit Suisse and Santander have reported their latest updates, you'd probably say no. Europe's banking index is leading sectoral fallers, tumbling 1.7% and set for its worst day in four weeks.
A rally in pharmaceutical stocks led by industry giants GlaxoSmithKline and AstraZeneca helped the FTSE 100 outshine most global peers on Wednesday while investors waited for the outcome of the U.S. Federal Reserve's policy meeting. The FTSE 100 reversed early losses to close up 0.3%, with the pharma sub-index scaling an all-time high, up 2.5% after GSK again upgraded its 2019 targets. Moves on both indexes were however subdued with investors waiting for the Fed to announce its policy decision.
(Bloomberg) -- Standard Chartered Plc is showing strength where HSBC Holdings Plc cited weakness.The lender generated 19% more revenue in Europe and the Americas in the third quarter -- regions HSBC flagged as disappointing this week as it vowed an overhaul. Standard Chartered’s results there, combined with a 2% increase in revenue from Greater China and North Asia, sent adjusted pretax profit up 16%, defying analysts’ predictions for a slight decline.The figures are a sign the London-based bank has put the worst behind it four years after Chief Executive Officer Bill Winters took over to tackle issues ranging from a bloated cost base to government probes. The company said it’s sticking to a target to boost return on tangible equity to 10% by 2021, even as it faces “growing headwinds” from geopolitical tensions, slowing economic growth and lower interest rates.“Our strategy of the last few years has progressively created a stronger and more resilient business,” Winters said in a statement announcing results Wednesday. “The continuing execution of that strategy remains our priority, enabling us to face the more challenging external environment confidently.”In London the shares were up as much as 2.8% in morning trading. The increase mirrored the rise on the Hong Kong market.“Management are executing on cost control and financial markets revenues are providing a tailwind to slowing transaction banking,” wrote analysts at Jefferies International Ltd. in London in a client note. “But, as with HSBC and others, the question remains whether or not investors wish to reward banks with a rising contribution from financial markets.”Altogether, Standard Chartered said revenue climbed 7% while costs were little changed from a year earlier. Adjusted pretax profit was $1.24 billion, beating the consensus analyst estimate compiled by the company for profit to slip to $1.06 billion.In Europe and the Americas, the company pointed to growth across treasury, corporate finance and financial markets businesses. HSBC had flagged declines in revenue in Europe and North America, calling its performance there “not acceptable.”The Asia-focused firm said revenue also rose in Hong Kong. Prolonged protests in the city, Standard Chartered’s largest single market, have weighed on the local economy.Like HSBC, Standard Chartered said it had seen wealthy clients in Hong Kong exploring opening accounts outside of the Chinese territory. Speaking in an interview with Bloomberg Television, the bank’s Chief Financial Officer Andy Halford said a “number of clients” were looking to set up additional accounts, but added the bank had yet to see significant outflows of money from Hong Kong.“It’s not big time, but it is a number of clients that are looking to do that,” he said.The bank also predicted costs will be higher in this year’s second half than in the first, as it plows money into growing business. Speaking on a call with reporters, Halford said that achieving the bank’s target of a 10% return on tangible equity by 2021 was becoming harder as expectations grow for interest rate cuts, but insisted the aim was “not out of sight at this point in time.”The firm has been investing billions of dollars in technology as part of a digital strategy unveiled earlier this year. The lender won one of Hong Kong’s first licenses to open a virtual bank and opened online-only banks across Africa to attract new customers. Client adoption of digital channels “continued to improve,” the company said Wednesday.(Adds London share performance in 5th and comments from CFO media call in 12th paragraph.)\--With assistance from Nejra Cehic.To contact the reporters on this story: Harry Wilson in London at firstname.lastname@example.org;Alfred Liu in Hong Kong at email@example.comTo contact the editors responsible for this story: Ambereen Choudhury at firstname.lastname@example.org, ;Jun Luo at email@example.com, Marion DakersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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(Bloomberg) -- A joint venture between Saudi Aramco, Air Products & Chemicals Inc. and ACWA Power is in talks with banks to raise about $6 billion in debt, people with knowledge of the matter said.The entity will use the funding to buy gasification and power facilities as well as associated utilities from Aramco, the people said, asking not to be identified because discussions are private. The assets will be transferred to the venture once the projects starts up.Standard Chartered Plc and Banque Saudi Fransi are advising on the talks with local and international lenders, they said. Standard Chartered, Banque Saudi Fransi and Aramco declined to comment.The $8-billion venture, announced in August 2018, has a 25-year contract to own and operate the project for a fixed monthly fee and will serve Aramco’s Jazan refinery and terminal on Saudi Arabia’s Red Sea coast. Air Products will own at least 55% of the business, with Aramco and ACWA Power holding the rest.Saudi Arabia is seeking to transform its oil-dependent economy by developing new industries, and is pushing into petrochemicals as a way to earn more from its energy deposits. The joint venture is expected to increase efficiency, facilitate foreign direct investment and private sector involvement.To contact the reporters on this story: Archana Narayanan in Dubai at firstname.lastname@example.org;Matthew Martin in Dubai at email@example.comTo contact the editors responsible for this story: Stefania Bianchi at firstname.lastname@example.org, Vernon WesselsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
* Federal Reserve seen cutting rates, focus on policy outlook Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Julien Ponthus. What's clear however is that there is such a huge flow of corporate news that it will be difficult to be sure not to have missed anything before the open and the market, which tends to be quite unforgiving these days, gives its verdict.
(Bloomberg Opinion) -- Bill Winters, the target of the biggest shareholder mutiny at a large British bank in five years, is taking the fight back to his detractors.The Standard Chartered Plc chief executive officer looks in no mood to throw in the towel on his promise to achieve a double-digit return on tangible equity by 2021. In a world that’s slipping back into low growth, slow inflation and rock-bottom interest rates, that had started to appear a chimera. Noel Quinn, Winters’ counterpart at bigger rival HSBC Holdings Plc, this week abandoned a similar 11%-plus target after missing its goal by 4.6 percentage points.StanChart, by contrast, posted a 16% jump in third-quarter adjusted pretax profit to $1.24 billion that defied analysts’ expectations of a small decline and pushed return on tangible equity to 8.9%. That’s a 1.6 percentage point increase from a year earlier. Things could still go south. Winters, who’s been facing an investor revolt over his pay, acknowledged “growing headwinds from the combination of continuing geopolitical tensions and expectations of declining near-term global growth and interest rates."Operating income from trade financing has slipped this year. And that’s not the only risk. As with HSBC, which took a $90 million charge for Hong Kong this week, the former British colony is StanChart's single-biggest profit engine. StanChart’s fortunes, though, aren’t as tightly tied to the protest-hit city. By risk-weighted assets, Southeast and South Asia are as important to the specialist emerging markets lender as Greater China and North Asia. Besides, StanChart is rapidly expanding the footprint of its digital bank in Africa. Investors are excited by the mobile-banking push, which coupled with cost cuts and a share buyback, has propelled StanChart shares close to 30% higher in London over the past year, compared with a near 8% decline in HSBC stock in the same period. However, the bank’s net interest margin, which had perked up to 1.62% in the June quarter, has since declined to 1.56%.For Winters to swim against the tide of low interest rates could mean lending to more risky customers. That could, in the medium term, jeopardize the boost to shareholder returns from a long and painful fix to the bank’s credit culture. With impairment charges almost 60% higher in the September quarter from the previous three months, lunging for risk may not be a great option even in the short run.Capital could be another stumbling block. The common equity Tier 1 ratio is down to 13.5%, from 14.5% a year ago. For all its troubles, HSBC has managed to keep this figure above its goal of 14%. If StanChart doubles down on the $1 billion buyback it announced in April to further juice shareholder returns, it could start running thin on resources for future growth. That wouldn’t be very wise, especially since operating income from private banking, which uses little capital, has been flat this year. Not only will Africa require more investment, StanChart also has to open a new virtual bank in Hong Kong next year.Quinn at HSBC has embarked on a full-blown remodeling of the bank. Winters, by comparison, seems to be on a surer footing. StanChart’s cost-to-income ratio is falling steadily. Growth in cash management isn’t only helping compensate for flagging trade finance, it’s also giving the bank access to sticky corporate deposits.A recent Financial Times report suggests the StanChart boss might voluntarily accept a pay cut. A peace offering to investors might be a good idea, though on this evidence Winters can argue that he’s earning his keep. To contact the authors of this story: Andy Mukherjee at email@example.comNisha Gopalan at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.Nisha Gopalan is a Bloomberg Opinion columnist covering deals and banking. She previously worked for the Wall Street Journal and Dow Jones as an editor and a reporter.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.