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Daily Scan: Asian shares climb; Bank of Japan stands pat
Capital Markets
Updated throughout the day November 19 Asian shares were mostly higher on Thursday as uncertainty over a rate hike in the U.S. finally dissipated. Wednesday afternoon, the Federal Reserve released notes from its October policy meeting -- and they strongly hinted that December could be rate-hike month. Hong Kong’s Hang Seng Index climbed 1.15%, while the Hang Seng China Enterprises Index…
Square IPO prices below its range at $9
FinTech
It's not looking good for Square. The San Francisco-based payments startup has priced its IPO at $9, below its initial range of $11 to $13, as it prepares to go public on Thursday. That's 40% below the level paid by Series E investors a year ago. The meager price will trigger a clause that means those late stage investors are entitled…
Fundamental items rarely affect valuation
Asset Management
Almost all fundamental investors based their research, analysis and investment decisions on the assumption that some positive relationships exist over time between equity valuation and key financial metrics. However, while a large amount of investment activity is based on the assumed relationships between the aforementioned factors, research conducted by S&P Capital IQ, shows that for the past decade it has been impossible to…
What slowdown? China TMT deals soar in the first half
Venture Capital
Faltering growth in China seems to be having little impact on venture capital's appetite for the country’s tech space, as investments for the first half of this year touch $8 billion - more than 2014’s full year total. The data – enclosed in a new report by PWC – shows that deal value and volume in the mobile and telecoms,…
Asia's family offices set to grow
Asset Management
Independent asset managers (IAM) pose an increasing threat to conventional private banks, poaching wealthy clients by applying the latest technologies to enhance services and reduce fees. Ironically, private banks have regarded these multi-family offices themselves as clients, but they have been slow to adopt systems to cut trading and administrative costs, according to panelists at the AsianInvestor Fund Selector Forum…
Daily Scan: Hang Seng futures climb; FOMC stresses December hike
Capital Markets
Updated throughout the day November 19 The FOMC minutes came out Wednesday, and the markets saw that it was good. Futures on the Hang Seng Index are tipping to a 0.53% pop at the open, while those on the Nikkei 225 are signaling a 0.66% jump. CSI 300 contracts however were spooked by the IPO backlog, and hinted at a…
Blackrock macro-fund closure
Hedge Funds
Earlier this week, I posted Blackrock's latest asset allocation advice. On Thursday, the Financial Times reports that the world's biggest fund manager is closing its $1 billion macro-hedge fund after suffering its worst-ever slump as well as investor outflows. "The Global Ascent fund is down about 9.4% this year — its worst performance since it was launched in 2003. The fund lost…
Democratization of markets
  Average investors are big beneficiaries of morphing markets, financial technology (fintech) and more market information than at any point in history.  For ordinary investors, trading is more analytically sophisticated, faster and cost-effective ever. Markets are democratizing. Back in the day, average investors pretty much stuck to the stock market, or maybe a bond here or there. Their key strategy:…
December 'could well be' the time for a rate hike -- depending....
Capital Markets
From the October meeting minutes of the Federal Open Markets Committee released Wednesday afternoon in Washington, D.C. (boldface added for emphasis): During their discussion of economic conditions and monetary policy, participants focused on a number of issues associated with the timing and pace of policy normalization. Some participants thought that the conditions for beginning the policy normalization process had already…