Finance
Hong Kong to champion multilateral cooperation during Asian Financial Forum
The event, being held from January 24 to 25, is expected to bring together more than 100 global policymakers and business leaders as speakers, with more than 3,000 participants from around the world, according to the organiser, the Hong Kong Trade Development Council (HKTDC).
The keynote speakers will include Professor Douglas Diamond, the Nobel laureate in Economic Sciences for 2022, from the University of Chicago, and Prof Jeffrey Sachs, the president of the United Nations Sustainable Development Solutions Network.
Other notable figures such as Bob Price, co-chief investment officer for Bridgewater Associates, Rene Buehlmann, CEO of investments at Abrdn, and Janet Perumal, director of investments, Asia at Wellington Management, will be among the speakers at “CIO Insights”, a newly introduced session at the AFF, together with Chinese financier Fang Fenglei, the founder of private equity firm Hopu Investment. Fang will speak at the China’s New Chapter session.
The AFF aims to provide industry professionals with opportunities to seize potential business and foster cooperation. The event will feature a deal-making session, giving investors and project owners ample time to connect and explore potential collaborations, according to Patrick Lau, the HKTDC’s deputy executive director.
Luanne Lim, CEO of HSBC Hong Kong and the chairperson of the AFF steering committee, emphasised the importance of multilateral cooperation in the financial services industry.
China’s finance ministry meets bankers on boosting Hong Kong’s hub role
China’s finance ministry meets bankers on boosting Hong Kong’s hub role
“The importance of fostering multilateral cooperation cannot be overstated, as it paves the way for speakers and thought leaders from across the globe to facilitate exchanges between nations and regions,” she said.
The event’s theme, “Multilateral Cooperation for Shared Tomorrow”, will set the tone for the finance world’s development direction in the coming year, Lim said. “Together, we will explore the challenges and opportunities faced by the financial industry in supporting economic development.”
She also highlighted Hong Kong’s legal system and its role as a global offshore yuan business hub, which contribute to its status as an international financial centre.
Hong Kong regains appeal among global talent amid demand in fintech, ESG
Hong Kong regains appeal among global talent amid demand in fintech, ESG
A major topic of discussion at the event will be the development of family offices, as Hong Kong aims to establish itself as a family office hub.
The AFF will be followed by key financial summits, such as one called “Wealth for Good”, in March.
Hong Kong a key link between mainland China, rest of the world: vice-premier He
Hong Kong a key link between mainland China, rest of the world: vice-premier He
Elsewhere, Financial Secretary Paul Chan Mo-po expressed his confidence in the future of Hong Kong as an international finance centre and highlighted the significance of positioning the city as a green finance hub.
“Hong Kong is already playing a leading role in Asia, in terms of green financing,” he said during a speech at a Chinese Financial Association of Hong Kong event on Tuesday. “There were over US$80 billion in green and sustainable debt issued in Hong Kong last year.”
Moreover, demand for green finance in mainland China is expected to be substantial over the next two decades, and this presents numerous opportunities for Hong Kong to capitalise on, Chan said.
Hong Kong holds on to fourth place in global financial centre rankings
Hong Kong holds on to fourth place in global financial centre rankings
In addition to green finance, Hong Kong also aims to drive the development of fintech and Web3 technologies. Chan, however, highlighted the importance of establishing a robust regulatory framework before further advancing these sectors.
“A well regulated environment is crucial to ensuring the stability and integrity of the financial industry in Hong Kong,” he said.
Finance
US jobs report crushes expectations as economy adds 254,000 jobs, unemployment rate falls to 4.1%
The US labor market added far more jobs than projected in September while the unemployment rate unexpectedly ticked lower, reflecting a stronger picture of the jobs market than Wall Street had expected.
Data from the Bureau of Labor Statistics released Friday showed the labor market added 254,000 payrolls in September, more additions than the 150,000 expected by economists.
Meanwhile, the unemployment rate fell to 4.1%, from 4.2% in August. September job additions came in higher than the revised 159,000 added in August. Revisions to both the July and August report showed the US economy added 72,000 more jobs during those two months than previously reported.
Wage growth, an important measure for gauging inflation pressures, rose to 4% year over year, from a 3.9% annual gain in August. On a monthly basis, wages increased 0.4%, in line with August’s reading.
The key question entering Friday’s report was whether the data would reflect significant cooling in the labor market, which could prompt another large Fed interest rate cut. Robert Sockin, Citi senior global economist, told Yahoo Finance that the better-than-expected jobs report makes it less likely the Fed moves with the “urgency” it did at its September meeting when the central bank cut interest rates by half a percentage point.
“This pushes the Fed out a lot,” he said, adding that it’s uncertain the Fed will make a 50 basis point cut again this year.
Read more: Jobs, inflation, and the Fed: How they’re all related
Following the report, markets were pricing in a roughly 5% chance the Fed cuts interest rates by half a percentage point in November, down from a 53% chance seen a week ago, per the CME FedWatch Tool.
“Looking at the labour market strength evident in September’s employment report, the real debate at the Fed should be about whether to loosen monetary policy at all,” Capital Economics chief North America economist Paul Ashworth wrote in a note to clients on Friday. “Any hopes of a [50 basis point] cut are long gone.”
Futures tied to major US stock indexes rallied on the news. S&P 500 futures (ES=F) put on nearly 0.8%, while Dow Jones Industrial Average futures (YM=F) added roughly 0.5%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 1.1% higher.
Renaissance Macro head of economics Neil Dutta wrote in a note following the release that September’s jobs report was “undeniably good news” for the equity market.
“At the end of the day, the Fed is still cutting policy rates even as the economy grows,” Dutta wrote.
Also in Friday’s report, the labor force participation was flat from the month prior at 62.7%. Food services and drinking places led the job gains, rising 69,000 in the month. Meanwhile, healthcare added 45,000 jobs, and government jobs ticked higher by 31,000.
Earlier this week, data from ADP showed the private sector added 143,000 jobs in September, above economists’ estimates for 125,000 and significantly higher than the 99,000 seen in August. This marked the end of a five-month decline in private-sector job additions.
“This is a pretty healthy, widespread rebound,” ADP chief economist Nela Richardson said. “And probably unexpected by many people who thought the job market was on a downward slide. This month, of course, gives pause to those kinds of assessments. Hiring is still solid.”
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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Finance
Stock market today: US futures edge higher as investors gear up for key jobs report
US stock futures climbed on Friday as investors braced for a key monthly jobs report, with the Middle East crisis and a return to work at US ports also in high focus.
S&P 500 futures (ES=F) put on 0.3%, while Dow Jones Industrial Average futures (YM=F) added roughly 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 0.4% higher.
Investors are marking time for the release of the September jobs report, expected to provide further evidence the labor market is cooling but not collapsing. A rapid weakening could prompt the Federal Reserve to once again lower interest rates by an outsized 0.5% in November.
Friday’s report, set for release at 8:30 a.m. ET, is expected to show nonfarm payrolls rose by 150,000. But Wall Street is likely to focus less on hiring and more on the unemployment rate, where a gain could boost bets on a larger rate cut.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
While stocks are on track for weekly losses, the markets have shown some resilience in the face of a rough week of worrying headlines. The major gauges were off 1% or less as of Thursday’s close, with the S&P 500 and Dow still within striking distance of record highs.
In recent days, a huge ports strike, devastation from Hurricane Helene, and the prospect of a wider Mideast conflict brought the potential to lift prices and fan inflation. That in turn cast doubt on the Fed’s preferred 0.25% rate cut.
In a welcome move, the US dockworkers strike ended after a tentative wage deal was agreed late Thursday, though some issues remain to be settled by later this year.
On the downside, a barrage of strikes by Israel on Beirut kept alive the Mideast worries that have driven up oil prices. Western leaders warned about “uncontrollable escalation” as investors waited to see whether Israel will attack Iran’s oil facilities — a move President Biden said is under discussion.
Oil is on track for its biggest weekly gain in two years as tensions mount. Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures rose over 1% on Friday morning, coming off a 5% gain the previous day.
Finance
Unlocking Private Credit Finance: A Conversation On Key White Papers and Industry Insights – Hosted By CMF DEI Council
October 9, 2024 2:00 PM-3:00 PM
Share to
Member Price | $0.00 |
Non-Member Price | $399.00 |
About the Event
Private Credit Finance is considered one of the fastest-growing segments of alternative investments. It has emerged as a dynamic and increasingly prominent sector within the global financial ecosystem. Unlike traditional bank loans or publicly traded bonds, private credit involves non-bank lending, where investment funds or other institutional investors provide capital directly to businesses.
Join MBA Education and industry experts for an exclusive webinar featuring a panel of distinguished experts from the Private Credit Finance sector, all of whom have contributed to influential white papers on the subject. This in-depth discussion will explore the historical evolution of the industry and analyze future trends based on data assessed in collaboration with leading economists.
Our panelists will highlight the key growth drivers within Private Credit Finance and discuss how these trends influence the traditional capital stack. Attendees will have the opportunity to engage directly with the experts through a live Q&A session.
Date/Time
- Wednesday, October 9 (2:00 PM – 3:00 PM ET)
Objectives
- Inform members and conduct an in-depth exploration of the Private Credit Finance landscape
- Analyze the evolution of Private Credit Finance and project its future trajectory
- Review detailed industry data presented by specialists who have contributed to White Papers in the field
Experience Level
- Entry-Level
- Intermediate
- Advanced
Target Audience
- Originators
- Producers
- Underwriters
- Attorneys
- Servicers
Speaker(s)
- Moderator: Amber Rao, CCIM, Senior Vice President/Senior Mortgage Banker, Key Bank Real Estate Capital
- Victor Calanog, Global Head of Research and Strategy, Manu Life
- Jan Sternin, Senior Vice President, Managing Director of Servicing, Berkadia
- Kevin Fagan, Senior Director & Head of CRE Economic Analysis, Moody’s Analytics
- Anuj Gupta, Chief Executive Officer, A10 Capital
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