|Bid||681.80 x 0|
|Ask||682.20 x 0|
|Day's Range||678.00 - 683.80|
|52 Week Range||514.20 - 742.60|
|Beta (3Y Monthly)||0.94|
|PE Ratio (TTM)||42.89|
|Earnings Date||Jul 29, 2019 - Aug 2, 2019|
|Forward Dividend & Yield||0.17 (2.57%)|
|1y Target Est||8.78|
Oct.21 -- Becky Liu, head of China macro strategy at Standard Chartered, discusses the yuan, real yields and her outlook for PBOC policy. She speaks on “Bloomberg Markets: China Open.”
Oct.18 -- Jose Vinals, chairman at Standard Chartered, discusses the business impact of Brexit, the ramifications of low interest rates, and the need for consolidation among smaller European banks. He speaks with Bloomberg's Sonali Basak on "Bloomberg Markets."
Oct.18 -- Steve Brice, chief investment strategist at Standard Chartered Private Bank, discusses China GDP and his outlook for markets. He speaks on “Bloomberg Markets: Asia.”
(Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Pocket Cast or iTunes.Three words -- whatever it takes -- defined Mario Draghi’s time as European Central Bank president, but he’s prouder of another number: 11 million jobs.Hardly a public appearance goes by without Draghi mentioning employment growth in the euro zone as a justification for the extraordinary monetary stimulus he’s pushed through since 2011.The focus on jobs might be understandable given that, despite all his efforts, he’s fallen far short on his primary mandate of inflation. That failure forced him into a last-ditch, and controversial, push in September to boost price growth. He leads his last Governing Council meeting on Thursday before retiring on Oct. 31.So how has the region’s economy fared under Draghi, with his 2012 pledge to save the euro, and crisis-fighting measures such as negative interest rates and asset purchases? Here are some of the metrics that show his successes and failures.Labor MarketEmployment growth since 2013, when the 19-nation euro zone emerged from its double-dip recession, is unequivocally Draghi’s biggest economic achievement -- if you discount that the single currency might not even exist today without his commitment the previous year to protect it when a debt crisis sparked breakup fears.The labor market has underpinned the bloc’s recovery, feeding private spending and investment. It has become one of the biggest bulwarks against the recent chaos from the U.S.-China trade war, President Donald Trump’s protectionist rhetoric against Europe, and Brexit.Looking deeper though, the picture is more complex. Germany has built on impressive job creation that started well before Draghi’s term, after domestic reforms, and was only briefly interrupted by the Great Recession. France can tell a similar tale, but labor markets in Spain and Greece along with some of the smaller euro members still haven’t made up the lost ground.Economic GrowthRegional differences are equally striking when analyzing economic growth. Aside from Greece and Cyprus -- both deeply scarred after years of austerity and a near-collapse of their financial system -- no country has done worse than Draghi’s native Italy in terms of total output per head.InflationThe prime reason for the ECB’s record-low interest rates, cheap long-term loans and 2.6 trillion euros ($2.9 trillion) of asset purchases -- so far -- is its attempts to overcome weak inflation.That hasn’t gone well. Consumer-price growth over Draghi’s eight-year term has averaged 1.2% which, unlike with his predecessors, falls short of the goal of “below, but close to, 2%.” It was even negative at times -- so Draghi can at least console himself with the fact that he beat deflation.Subdued price pressures are a mystery, and not only for Draghi. Central bankers around the world have puzzled over why low unemployment and rising wages aren’t translating into stronger inflation as standard economic models predict. The suspicion is that developments such as global supply chains and internet commerce are at least partially to blame.The result is dwindling inflation expectations, a dangerous development for a central bank whose credibility hinges on convincing investors and the public that it can deliver on its mandate. The drift has kicked off a debate about whether incoming president Christine Lagarde needs to commission a review looking at both how the ECB sets policy and whether its definition of price stability, last updated in 2003, is still appropriate.Bank LendingOne other key indicator the ECB uses to gauge its success is lending by banks to companies and households, and that has responded better to stimulus. At just under 4%, credit is expanding at three times the rate of gross domestic product. Banks say that growth is threatened by negative interest rates, which squeeze their profit margins and might eventually force them to pull back.GreeceOne small economy has taken an outsized chunk of Draghi’s attention. Concerns about Greece’s public finances first surfaced in late 2009, and by 2015 the ECB was enmeshed in a banking crisis and game of political brinkmanship that threatened to splinter the single currency area.Draghi’s kept the country’s lenders alive, by approving emergency liquidity, just long enough to allow a political solution that kept Greece in the bloc. Since then, the economy has started to recover, though lags far behind its peers. Draghi himself said this year that the Greek people paid a high price.Euro’s FutureFor all the furor over a possible “Grexit” and the flirtations of factions in France and Italy with the idea of a future outside the currency union, membership has actually continued to grow. Latvia joined in 2014, Lithuania one year later, and other countries in eastern Europe have expressed an interest in doing likewise.At the end of Draghi’s term, a measure of the probability of a breakup of the bloc is near a record low. It might be his ultimate legacy.For Sarah Hewin, an economist at Standard Chartered Bank in London, both Draghi’s role in keeping the euro region intact and his record of “huge” job creation won’t be easily forgotten.Those were “two really huge achievements during his time,” she told Bloomberg Television on Tuesday. “I think those are the ones that he’ll be remembered for.”(Updates with economist comment in final paragraph.)To contact the reporters on this story: Fergal O'Brien in Zurich at email@example.com;Jana Randow in Frankfurt at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Stirling at email@example.com, Paul Gordon, Zoe SchneeweissFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Saudi Arabia sold sukuk, or Islamic bonds, worth $2.5 billion on Tuesday after receiving large demand for its first international debt sale since an assault on its oil facilities last month. The sukuk offer a profit rate equivalent to 127 basis points over mid-swaps, a document showed. Saudi Arabia has borrowed extensively over the past few years to offset the impact of lower oil prices on state revenue.
Four people briefed on the plan told the Financial Times they expected WeWork’s board to meet on Tuesday to review the proposal, which would leave Mr Neumann with less than 10 per cent of the shares and voting rights at the company he once dominated. Marcelo Claure, SoftBank’s chief operating officer, would become chairman. SoftBank will emerge with between 60 per cent and 80 per cent of WeWork’s equity under the package, which involves $5bn of new debt, injecting $1.5bn in previously promised equity and an offer to buy up to $3bn of existing shares.
“Overpaid, oversexed, and over here.” It used to be said of US soldiers stationed in wartime Britain. Watford-based medical group Smith & Nephew over his pay demands. Mr Winters had been deemed overpaid and over here by almost 40 per cent of StanChart investors who, back in May, protested against a remuneration package that included a £474,000 pension contribution on a £1.185m salary.
Bill Winters, the chief executive of Standard Chartered, is planning to accept a voluntary pay cut as the bank seeks to draw a line under a dispute over his pension allowance, according to people briefed on the matter. ” investors that had protested against his £474,000 pension allowance. StanChart has been holding discussions with investors over Mr Winters’ pay since the bank’s annual meeting in May, when almost 40 per cent of shareholders declined to back the lender’s remuneration policy.
China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported. China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington.
Tanzania has been ordered by a World Bank arbitration court to pay $185 million to the Hong Kong subsidiary of Standard Chartered for breaching an energy contract. The case stems from a legal battle between the Tanzanian government and privately-owned independent power producer IPTL, which led to the dismissal of several cabinet ministers in 2014. The award by the World Bank's International Centre for Settlement of Investment Disputes is less than the $352.5 million sought by Standard Chartered Bank Hong Kong, which was not immediately available for comment.
The escalation of trade conflict between the United States and China is "very worrisome" for the global outlook and it remains to be seen if it will tip the world economy into recession, Bank of England policymaker Donald Kohn said on Tuesday. "Whether that is strong enough to put the whole world into recession or not, who knows, but it's bad," said Kohn, a former vice chairman of the Federal Reserve System. "There are several dimensions in which I think this breaking, this beginning of fragmentation of the global trading system is very worrisome," he told a panel of British lawmakers.
(Bloomberg) -- Singapore’s central bank signaled it’s ready to adjust monetary policy further after easing Monday for the first time since 2016 as risks to the economic growth outlook persist.The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool, reduced “slightly the rate of appreciation” of the currency band and said it’s prepared to “recalibrate monetary policy” if prospects for inflation and growth weaken significantly.Data Monday showed the economy narrowly missed falling into recession in the third quarter, but the MAS was downbeat about growth prospects and sees inflation remaining benign. The U.S.-China trade war has weighed heavily on the export-reliant city state, with manufacturing taking the brunt of the pain.“We thought the final sentence in the statement -- that MAS ‘is prepared to recalibrate monetary policy should prospects for inflation and growth weaken significantly’ -- is telling of its intentions,” said Terence Wu, a currency strategist at Oversea-Chinese Banking Corp. in Singapore. “For now, we do not rule out a further reduction of slope to zero appreciation in the next meeting.”The Singapore dollar gained as much as 0.4% to S$1.3679 against the U.S. dollar Monday. The Straits Times Index climbed 0.5% as of 10:15 a.m. in Singapore.The monetary policy decision was predicted by 14 of the 22 economists surveyed by Bloomberg, with the remainder projecting a more aggressive move to a zero-appreciation posture for the currency band. The MAS held policy in April after tightening twice last year.What Bloomberg’s Economists Say“If the U.S. and China can avoid a further escalation in tariffs, we expect the MAS to leave policy on hold at its next regularly-scheduled meeting in April. Further escalation, though, might prompt an inter-meeting easing. Recent signs of a truce in the U.S.-China trade war may have persuaded the central bank to retain a bit of policy ammunition, rather than going “all-in” with a reduction of its currency band to zero.”Click here to read the full reportTamara Mast Henderson, Asean economistCentral bankers globally are taking a more dovish stance as trade tensions weigh on growth and as manufacturing weakness threatens to spill over into services sectors. In Singapore, authorities have taken a gradual approach as they monitor risks and keep a close watch on labor-market indicators that so far have stayed resilient.An early reading of gross domestic product data Monday showed the economy grew an annualized 0.6% in the third quarter from the previous three months, rebounding from a contraction of 2.7%. The median estimate in a Bloomberg survey of economists was for growth of 1.2%. Compared with a year ago, GDP rose 0.1%, unchanged from the second quarter.“GDP numbers, despite skirting a technical recession, do not make for an upbeat read,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “The manufacturing recession continues. The outlook is at best hazy, if not gloomy.”Singapore’s growth is expected to pick up modestly next year, “although this projection is subject to considerable uncertainty in the external environment,” the MAS said. These are its latest projections for inflation and growth:GDP growth will likely be around the midpoint of the 0-1% forecast range in 2019. The output gap has turned “slightly negative” and is expected to persist into 2020Core inflation is expected to come in at the lower end of the 1-2% range in 2019 and average 0.5%-1.5% in 2020All-items CPI is projected to be around 0.5% this year and average 0.5-1.5% in 2020“We think the MAS’ core inflation forecast for 2020 suggests the door for further easing is open, if needed,” said Divya Devesh, head of Southeast and South Asia currency research at Standard Chartered Plc in Singapore.The MAS guides the local dollar against a basket of its counterparts and adjusts the pace of its appreciation or depreciation by changing the slope, width and center of a currency band. It doesn’t disclose details of the basket, or the band or the pace of appreciation or depreciation.\--With assistance from Tomoko Sato, Chua Baizhen, Niluksi Koswanage, Stephanie Phang, Melissa Cheok, Joyce Koh and Chester Yung.To contact the reporters on this story: Michelle Jamrisko in Singapore at firstname.lastname@example.org;Ruth Carson in Singapore at email@example.comTo contact the editors responsible for this story: Nasreen Seria at firstname.lastname@example.org, Michael S. ArnoldFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- When December arrives and trading is quiet, market strategists come up with their wildest predictions for the year ahead. Disclaimer: they don’t actually expect all of them to be right.But 2019 is proving to be bizarre for traders and some of those calls are actually coming true. Of the eight “financial-market surprises” published by Standard Chartered Plc, two have effectively materialized, while three more still remain possible.Coming True:The Federal Reserve cutting interest rates (Done so twice, with another one priced in)The European Central Bank restarting quantitative easing (By 20 billion euros per month from November)Still in Play:The U.S. and China reach an agreement to weaken the dollar (Officials looking at rolling out currency pact)The U.S. Treasury tries to sell 50-year bonds (May do so next year if there is appetite)The U.K. faces a hard Brexit and the pound falls to parity with the dollar (Talks still currently taking place, though optimism is sparse)Looking Unlikely:Hong Kong abandons its dollar currency peg (Traders including Hayman Capital Management’s Kyle Bass are betting unrest will spur capital flight, but it hasn’t happened)OPEC breaks up and Brent crude falls to $25 a barrel (Supply deficit is at its widest level in years)Japan monetizes the national debt, the yen climbs to 80 per dollar (JPMorgan sees the yen as the “only cheap recessionary hedge” remaining)Standard Chartered aren’t the only ones who had a punt. Saxo Bank A/S published their “10 Outrageous Predictions” for 2019 in December, including one that called a German recession. By most accounts, Europe’s largest economy may be in one already. There is no sign of some of the others -- including a solar flare creating chaos and a global transportation tax.Neither bank predicted a $17 trillion pile of negative-yielding debt -- bonds guaranteed to lose investors’ money if held to maturity -- a meltdown in the U.S. repo market, or a drone attack on a Saudi oil facility. But hey, you can’t get everything right.(Updates with latest on each of Standard Chartered’s scenarios.)To contact the reporter on this story: John Ainger in London at email@example.comTo contact the editors responsible for this story: Paul Dobson at firstname.lastname@example.org, Neil Chatterjee, Michael HunterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- A fund manager who spent most of about two decades in the banking sector with Standard Chartered Plc is shunning rupee bonds from Indian companies due to the risk of the local currency weakening, and favors their dollar debt instead for the high yields.“We don’t want to take exposures to rupee debt as the risk-off modes can make returns unpredictable,” said Hemant Mishr, founder of SCUBE Fixed Income Fund, a $100 million India-focused bond fund. The fund will focus on investing in high-quality dollar bonds mostly from Indian issuers, he said.The rupee’s three-month historical volatility at 7.6% is the highest among major Asian currencies, adding to fears of a quick reversal in flows if the currency slumps further after weakening 2.6% in the last quarter. Offshore notes of Indian companies have returned 11.9% so far in 2019, ICE bond index data show.Mishr expects more Indian companies to sell dollar bonds, as a debilitating funding crunch in the aftermath of shadow lender IL&FS Group’s collapse last year worsens strains in the domestic credit market.(Updates with chart on rupee volatility)\--With assistance from Kartik Goyal.To contact the reporter on this story: Anurag Joshi in Mumbai at email@example.comTo contact the editors responsible for this story: Andrew Monahan at firstname.lastname@example.org, Ken McCallum, Anto AntonyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Standard Chartered chief executive said on Tuesday that the trade dispute between the United States and China could be settled and that it was in nobody's interest for the deadlock to continue for a long time. Bill Winters said there were concerns about the unreliability of supply chains as a result of the conflict between the two countries. "There are winners and losers from that – Chinese companies themselves are relocating parts of their supply chains from China to other parts of Asia – Taiwan has been a beneficiary, Vietnam has been a beneficiary," he said at a Bloomberg conference in London.
Is Standard Chartered PLC (LON:STAN) a good dividend stock? How can we tell? Dividend paying companies with growing...
Nigerian lenders have asked the central bank to review a $1.3 billion charge levied on 12 lenders because the regulator did not stick with the cut off date it published when the policy was announced, one banking source told Reuters. Bank chiefs met with central bank officials in Abuja on Thursday to discuss the charge, arguing the regulator had set Sept. 30 as the deadline for imposing the levy but used Sept. 26, the source with knowledge of the meeting said.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Standard Chartered Bank (Thai) Public Co Ltd and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Hong Kong anti-government protesters are increasingly focusing their anger on mainland Chinese businesses and those with pro-Beijing links, daubing graffiti on store fronts and vandalising outlets in the heart of the financial centre. Protesters took aim at some of China's largest banks at the weekend, spray-painting anti-China slogans on shuttered branches and trashing ATM machines of outlets such as Bank of China's Hong unit, while nearby international counterparts such as Standard Chartered escaped untouched.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Standard Chartered Bank Malaysia Berhad and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
European shares ended a three-day winning streak on Tuesday as investors were gripped by growth worries after poor U.S. manufacturing data fanned fears of slowing growth in the world's largest economy. The pan-European STOXX 600 index touched session lows, and closed down 1.3% after data showed U.S. manufacturing contracted for the second month in September, knocking U.S. stocks. This followed on from euro zone data that showed manufacturing activity contracting at its steepest rate in almost seven years.
(Bloomberg) -- BlackRock Inc., the world’s largest money manager, plans to add to its holdings of Indian bonds, lured by one of the highest yields among emerging Asian nations and the promise of more monetary easing.“We are looking at some stabilization and would potentially look for adding exposure” after the risks from the likely increase in federal borrowings settle, Neeraj Seth, head of Asian credit at the firm, said in a phone interview.Rupee debt sold off in the past two months, the longest run of losses in a year, after the government’s surprise $20 billion tax cut sparked fears of missing deficit targets. At the same time, with the 10-year yield at 6.70%, India offers plenty of premium to developed markets.“The current 10-year yield level has started to look attractive,” Seth said, adding the fund likes the five-year and 10-year bonds.The yield on bonds maturing in June 2033 declined three basis points to 6.99%, while that on 10-year note was little changed after falling three basis points earlier. Yields have surged more than 30 basis points in the past two months, driven up recently by fears that the unexpected tax cut will boost an already bloated bond supply. Even an expected interest-rate cut by the central bank on Friday -- the fifth for the year -- has done little to aid sentiment.Standard Chartered Plc estimates the government will need to borrow as much as 800 billion rupees more, and Fitch Ratings flagged the likelihood of a wider fiscal deficit. The government’s borrowing plan remains unchanged for the rest of the fiscal year, Economic Affairs Secretary Atanu Chakraborty told reporters Monday.“The market is concerned about higher supply brought by the corporate tax reforms, which requires higher level of borrowings,” Seth said. “The market has been readjusting for that.”(Updates with Tuesday’s trading in fifth paragraph)To contact the reporter on this story: Kartik Goyal in Mumbai at email@example.comTo contact the editors responsible for this story: Tan Hwee Ann at firstname.lastname@example.org, Ravil Shirodkar, Anto AntonyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.