Hong Kong Financial News

₹15,863 crores this month, is a significant current trend in the market. Despite their continued buying, DIIs are not as aggressive as they previously were because of some uncertainty over the election results. It's critical to recognise that, in addition to the high US bond yields there is now another driver driving FII selling.

Sensex fell 45.46 points, or 0.06%, to close at 73,466.39, while the Nifty 50 settled flat at 22,302.50. “Consistent selling by FIIs, a mixed set of Q4 results, and lower turnout in the election kept investors wary. We expect the market to consolidate in a broader range amid nervousness surrounding the ongoing Lok Sabha election," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

An appeals court has granted the Hong Kong government’s request to ban a protest song, overturning an earlier ruling and deepening concerns over the erosion of freedoms in the city

As Bitcoin oscillates around $61,368 following a 2.60% decrease, market watchers are closely monitoring the impact of a new $1 billion liquidity fund for Hong Kong’s crypto ETFs. This fund aims to stabilize and perhaps catalyze a bull market in Asia, influencing Bitcoin price predictions across the region.

HBO has revealed that Lady Gaga's concert special, Gaga Chromatica Ball, will premiere on Saturday, May 25, at 8 pm. The special will air on HBO and stream on Max. Where to Watch

The Hong Kong Securities and Futures Commission (SFC) has warned the public regarding Quantum AI, an entity allegedly engaged in fraudulent activities related to virtual assets and impersonating Elon Musk. Quantum AI claims to leverage artificial intelligence technology to provide cryptocurrency trading services.

Tradu, a trading platform owned by Jefferies’ Stratos Group, went live with a new crypto exchange aimed at active traders on Wednesday.

global economic landscape, certain cities stand out as magnets for success, attracting wealthy investors seeking abundant opportunities. Henley and Partners, a leader in residence and citizenship planning, recently unveiled a list of the World's Wealthiest Top 10 cities and Rising Wealth Hubs, highlighting cities that attract high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more. Mumbai and Delhi's Rise Mumbai and Delhi's inclusion in the top 50 wealthiest cities underscores India's economic progress and urban development. On the list they ranked above, Washington, DC the capital city of the World's richest country. These cities have become magnets for HNWIs, offering a blend of economic opportunities and cosmopolitan lifestyles.

Three Asian-based ventures have joined forces to launch Hong Kong’s first-ever ETF liquidity fund. The fund is valued at HK$1b (about $128m), according to a statement published Wednesday.

The Hong Kong Monetary Authority (HKMA) on Tuesday formed a working committee in order to set industry standards for wholesale CBDC interoperability. The group also aims to facilitate tokenized asset transactions and interbank settlement using wCBDC.

Crypto market maker Wintermute is providing liquidity and supporting the newly launched Hong Kong spot Bitcoin and Ethereum exchange-traded funds (ETFs).

Asian stocks lacked direction on Wednesday, while the dollar remained firm despite lower U.S. Treasury yields as markets assessed mixed signals from U.S. policymakers and economic data on the path for Federal Reserve interest rates. The yen remained on the back foot even with the threat of currency intervention from Japanese authorities to support it.

Also Read: Nifty 50, Sensex today: What to expect in Indian stock market trade on May 8 According to Vinod Nair, Head of Research at Geojit Financial Services, the domestic market kept consolidating in spite of encouraging signals from outside the world. A number of variables, such as premium valuations and the low turnout in the current election, are contributing to profit booking in the home market. Nonetheless, FMCG continued to be the largest sectoral gainer throughout today's trading session, supported by hopes for better volume growth from rural regions thanks to favourable monsoon forecasts.

Asian markets are mostly higher, although Chinese shares faltered

Markets in Europe and Asia are mostly higher after another day of gains on Wall Street led by technology stocks

iMobile Pay, and marks a significant shift from the previous requirement for NRIs to register an Indian mobile number for similar transactions. Sidharatha Mishra, Head of Digital Channels and Partnerships at ICICI Bank, commented on the launch, “We are delighted to partner with NPCI to launch the UPI facility on international mobile numbers through iMobile Pay. With this facility, our NRI customers residing in 10 countries do not need to switch to an Indian mobile number to pay using UPI.

Asian shares made 15-month highs on Tuesday on renewed confidence of U.S. interest rate cuts, while traders waited on a policy meeting in Australia later in the day and had a close eye on a falling yen. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3% in early trade. Hong Kong shares traded marginally lower, having ridden a wave of heavy buying from mainland investors to lift the Hang Seng index more than 14% higher in a 10-day winning streak, its longest since 2018.

Sensex gained 17.39 points, or 0.02%, to close at 73,895.54, while the Nifty 50 settled 33.15 points, or 0.15%, lower at 22,442.70. “The surge in India VIX by over 70% in the last eight trading sessions from around 10 to its 52-week high near 17 level, indicating increasing nervousness among investors due to the ongoing global uncertainties and Lok Sabha election outcome next month. Hence, markets are likely to remain in a broader range with stock-specific action in the near term," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Eight months ago, life was good for Kavish Kataria, the 33-year-old former SocGen vice president at the centre of the French bank's latest trading brouhaha. Based in Hong Kong on the delta one desk, Kataria says he made $50m in profits in 2023 through to September. He was expecting a $1m bonus and was scheduled to move to Singapore with the bank.

Singapore isn’t the hedge fund heaven that Hong Kong is usually seen as, but things seem to be taking a turn. Funds in the city – both headquartered and present there – have been busy adding Portfolio Managers (PMs) in the city.

There are many things which keep people in the investment banking industry.  Money, forexample.  Also, the prospect of more money, and the threat of losing deferred money. There’s also interesting work and pleasant colleagues, for some lucky bankers.  But, as former Goldman Sachs banker Cassindy Chao is refreshingly honest to admit, another thing that keeps people in the industry when they might otherwise be tempted to get out is the sheer psychological trauma of seeing friends and acquaintances get much richer than you. This is especially so when those people were formerly your juniors.