Latest updates: HSBC struggles to attract offers from Big Four listeners

Asia-Pacific equities set to drop early in trading

Asian stocks looked set to fall on Monday, with Hong Kong and Japan futures falling and Australian stocks falling early in the session.

The S & P / ASX 200 fell 0.8% after the markets opened, while Topix futures in Japan fell 0.6%. Hong Kong futures were also down.

U.S. government bonds rose on Friday as stocks fell as new coronavirus brakes in Europe and hawkish comments from U.S. policymakers prompted investors to look to safe-haven assets.

The broad S&P 500 stock index ended the day 0.1% lower after fluctuating between minor gains and losses as the rise in tech stocks was tempered by declines in US financial services groups and energy companies . Despite the loss, the index ended the week up 0.3 percent.

The Nasdaq Composite Index, which brings together technology and healthcare companies, ended the day up 0.4%, marking its second consecutive record close.

The yield on the 10-year Treasury bill, meanwhile, fell 0.04 percentage point to 1.55% as the price of the benchmark debt rose.

Chile’s business model put to the test as voters go to the polls

Chileans will vote on Sunday in the first general election since mass anti-government protests two years ago, with voters leaning to the extremes as they reject the political establishment.

The elections, which will likely take place in the second round in December, are seen as a referendum on the Chilean economic model which has seen one of the best growths in Latin America in recent decades, but failed to make it. widely distribute the benefits among the population.

“Those who are poor die poor. The wealth of our country is unevenly distributed, ”said Carolina Cavieres, a 35-year-old mother of two who voted in La Pintana, a working-class suburb south of Santiago.

Outside the polling station, José Peredo, 50, who moved to La Pintana in 1983 when it was still the countryside, said Chileans were disillusioned because “[the elite] want all the cake for themselves. . . they promised us equality if we became a democracy, and see what we have. He gestured toward the rows of cramped social housing that overlooked a congested freeway.

Learn more about the elections in Chile.

What to watch in Asia today

China’s key rate decision: Policymakers should keep China’s benchmark interest rate stable as they seek to limit risk in the real estate sector.

Economic data : Thailand’s third quarter employment and household debt data is expected to be released, along with Hong Kong’s monthly consumer price index and Taiwan’s revised third quarter gross domestic product.

Markets: Asian stocks looked set to fall on Monday with Hong Kong and Japan futures falling and Australian stocks falling early in the session. U.S. stocks fell on Friday as new coronavirus brakes in Europe and hawkish comments from U.S. policymakers prompted investors to turn to safe-haven assets.

HSBC struggles to attract offers from Big Four listeners

HSBC bosses fear they will have a hard time convincing some of the UK’s largest accounting firms to bid on the bank’s $ 94 million a year audit after initial contact with competitors suggested that a number of large firms were reluctant to take on the role.

The UK’s largest lender is preparing to bid next year for the audit of its accounts from 2025, people with knowledge of the matter told the Financial Times.

HSBC has been audited since 2015 by PwC, which is eligible for a further 10-year period.

But the bank already expects difficulty in attracting arguments from other top accountants – Deloitte, EY and KPMG – as some candidates have expressed concerns about possible conflicts with lucrative consulting projects and the scale of the resources needed. to audit it, people familiar with the said subject.

The number of jurisdictions in which HSBC operated, the resources and technology required, and the risk involved were all issues in attracting auditors to bid, one of the people said.

Learn more about the HSBC audit.

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Harry Qualls

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