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Morgan Stanley third quarter profit beats estimates as trading powers results By Reuters

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© Reuters. FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York

(Reuters) – Morgan Stanley (N:) posted a much better-than-expected 26% jump in third-quarter profit on Thursday, powered by another bumper quarter at its trading business as the COVID-19 pandemic drove up volatility in financial markets.

Net income applicable to common shareholders rose to $2.60 billion in the quarter ended Sept. 30, from $2.06 billion a year ago. Earnings per share rose to $1.66 from $1.27 a year ago. (https://mgstn.ly/3dvUT5T)

Analysts were looking for a profit of $1.28 per share, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable.

Morgan Stanley’s performance largely mirrored that of chief rival Goldman Sachs (N:), which posted its best quarterly performance in a decade by some measures as trading moved back into the limelight.

Revenue from Morgan Stanley’s institutional securities division, which is the bank’s largest breadwinner and houses its investment banking and trading businesses, rose 21% to $6.06 billion as equity underwriting revenues more than doubled due to handsome fees from a number of high-profile initial public offerings.

But revenue from underwriting bonds declined from last year due to declines in loan issuances and muted dealmaking activity.

While Morgan Stanley’s trading unit turned in a strong quarter, it did not hit the record highs of the previous quarter.

The bank had already warned that the division would not perform as well in the third quarter as it had in the second, when it had benefited from huge swings in financial markets due to the coronavirus outbreak.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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HSBC to cut up to 300 jobs in UK commercial banking overhaul, source says By Reuters

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© Reuters. An HSBC bank is pictured in New York

By Karin Strohecker and Lawrence White

LONDON (Reuters) – HSBC (L:) has launched a restructuring of its commercial banking business in Britain, a source familiar with the matter told Reuters on Wednesday, resulting in around 300 job losses.

“In line with the Group strategy announced in February, we continue to restructure and review the roles required to transform the bank,” a spokesman for HSBC said.

Europe’s biggest bank in June resumed plans to cut around 35,000 jobs it had put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits.

Chief Executive Noel Quinn has said the moves are necessary to improve the banks profits, as economic forecasts point to a challenging time ahead for the Asia-focused lender.

HSBC’s commercial banking business provides loans and other banking services mainly to small and medium-sized businesses.

The unit has in common with its rivals struggled in recent years to improve revenues amid rising competition and rock-bottom interest rates that squeeze the margins between deposits banks take in and loans they make to borrowers.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Wall Street Opens a Tad Higher as Stimulus Drama Drags on; Dow up 70 Points By Investing.com

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© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets rose moderately on Wednesday, in suspended animation ahead of last-ditch talks aimed at sealing agreement on a package of economic support measures ahead of the November 3 elections. 

Talks between House Speaker and Nancy Pelosi and Treasury Secretary Steven Mnuchin were set to continue today, beyond Pelosi’s self-imposed deadline of Tuesday, after talks that were described as “productive” by her spokesman, according to newswire reports. However, the same reports suggest the two sides are still at least $400 billion apart in what they are willing to accept as a viable package.

By 9:45 AM ET (1345 GMT), the was up 78 points, or 0.3%, at 28,387 points, while the was up 0.4% and the was up 0.6%.

Earlier, Federal Reserve Governor Lael Brainard again called for “targeted fiscal stimulus” to broaden and strengthen an “uncertain” and “uneven” recovery, but she stopped short of hinting at any additional monetary stimulus from the Fed.

Among early movers, Netflix (NASDAQ:) stock fell 4.1% after posting lower-than-expected growth in subscriber numbers and earnings after the bell on Tuesday, while Texas Instruments (NASDAQ:) stock also fell after disappointing results. 

Chinese remote learning specialist GSX Techedu (NYSE:) fell 25% after being criticized in a new report by Credit Suisse (SIX:) analysts. The company has fought a running battle all year with short sellers who have accused it of fraud. CS didn’t repeat those allegations but said it had made “mistakes”.

By contrast, Snapchat owner Snap (NYSE:) saw its stock rise 23% after it rode a wave of increased engagement from a population eager to try new communication channels at a time of enforced separation due to Covid-19. Pinterest (NYSE:) stock also rose 13% as analysts pushed the view that it should benefit from the same secular trends. Facebook (NASDAQ:) stock rose 5.6% and Twitter (NYSE:) stock rose 8.5%.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Ant Group gets green light for Shanghai listing from China regulator By Reuters

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© Reuters. FILE PHOTO: Alipay logo is pictured at the Shanghai office of Alipay, owned by Ant Group which is an affiliate of Chinese e-commerce giant Alibaba, in Shanghai

BEIJING/HONG KONG (Reuters) – China’s Ant Group has won the final nod from the country’s top securities watchdog for the registration of its Shanghai offering, the regulator said on Wednesday, clearing the last regulatory hurdle for its $35 billion dual-listing.

Ant, the fintech company backed by Chinese e-commerce group Alibaba Group Holding (N:), plans to list simultaneously in Hong Kong and Shanghai in the coming weeks, sources have said.

The listing could be the world’s largest initial public offering, surpassing the record set by Saudi Aramco (SE:)’s $29.4 billion float last December. The IPO would also be the first simultaneous listing in Hong Kong and on the year-old STAR Market in Shanghai.

The China Securities Regulatory Commission has accepted the registration of Ant’s [IPO-ANTG.HK] domestic float on the Nasdaq-style STAR Market, as part of the local rules. The company filed its preliminary prospectus in late August.

Hangzhou-based Ant on Monday also won approval from the Hong Kong Stock Exchange for the offshore leg of its IPO, Reuters has reported.

Ant plans to start a brief pre-marketing period this week before opening order books next week. Its shares are likely to start trading a few days after the Nov. 3 U.S. presidential election, sources have said.

After receiving initial feedback from potential investors, Ant is looking to increase its offering size to $35 billion from up to $30 billion, targeting a valuation of about $250 billion or more.

If completed, Ant’s IPO would significantly burnish Hong Kong’s status as a capital markets hub, with $28.8 billion worth of IPOs and secondary listings between the start of this year and mid-October, Refinitiv data showed.

That helped Hong Kong to take the second spot in the global stock exchange league table – after Nasdaq – despite fallout from the coronavirus pandemic and anti-government protests.

Ant does not plan to offer a cornerstone tranche in Hong Kong in anticipation of strong demand from institutional investors.

Reuters has reported that China’s National Council for Social Security Fund, Singapore state investor Temasek Holdings and sovereign wealth fund GIC Pte Ltd as well as Saudi Arabia’s sovereign fund PIF were weighing potential investments in Ant’s IPO.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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