Message from Coach
On this week’s market summary: ￼
1️⃣The Pennsylvania-based company, Vanguard, which had $6.3tn in assets under management at the end of July, expects to make some of its employees in Hong Kong redundant and will also close its sales office in Japan. The relocation of Vanguard’s primary regional office comes amid rising appetite from some of the biggest US financial companies, including JPMorgan and BlackRock, to take advantage of a liberalisation of mainland’s China fund market.
2️⃣The Fed’s Main Street Lending Programme was set up as part of the $2.2tn Cares Act and was designed to help struggling midsized businesses that were in a sound financial condition before Covid-19 struck. The programme currently prohibits loans to businesses owned by developers and landlords who do not “actively use or occupy” buildings acquired or improved with loan proceeds — meaning that the facility, which has been in operation for a couple of months, effectively cannot be tapped by property owners.
3️⃣US secretary of state Mike Pompeo has stepped up his attack on HSBC, accusing the UK lender of caving to Chinese pressure to block pro-democracy Hong Kong media executives from accessing their money while maintaining accounts for Chinese officials under US sanctions. 4️⃣Global equities hit a record high on Wednesday, ending a bear market that at one point had wiped a third of the value — or roughly $22tn — off publicly traded companies around the world. The FTSE All World index climbed 0.9 per cent to 384.91, eclipsing a high set in February, propelled by many of the same stocks that pushed the benchmark S&P 500 in the US to a record last week.
One of the must-ask interview questions for banking and finance is: “Have you read any news recently?”, with the follow-up questions: “How would you link this news to the market and what investment suggestions would you give to your clients based on this news?”
Showing your market sense and ability to provide feasible investment ideas would help to differentiate you from other candidates. Therefore, apart from the weekly news update / investment insights, we have also generated this Weekly Market Summary for you to have a quick understanding of the market development and tips to answer some hot discussion topics.
Take a look of the summary and WhatsApp us in the group if you have questions.