A gauge of demand for an auction of China’s benchmark sovereign bonds touched an all-time high on Wednesday, indicating strong appetite for the securities. The bid-to-cover ratio of the 10-year offering was 7.23 , the highest ever on record, according to data compiled by Bloomberg going back to 2004. The average yield was 1.7249%, according to a trader who bid at the auction. The yield on the 10-y...
A gauge of demand for an auction of China’s benchmark sovereign bonds touched an all-time high on Wednesday, indicating strong appetite for the securities. The bid-to-cover ratio of the 10-year offering was 7.23 , the highest ever on record, according to data compiled by Bloomberg going back to 2004. The average yield was 1.7249%, according to a trader who bid at the auction. The yield on the 10-year note was little changed at 1.74% in the secondary market.
South Korea’s equity market extended declines, pushing the benchmark gauge toward a technical bear market as investors reassessed the outlook for artificial intelligence demand. The Kospi dropped as much as 5.7%, taking its drop from last month’s all-time high to about 20%. Memory maker SK Hynix Inc. slid as much as 5%, while Samsung Electronics Co. fell 6.9%. Korea has been the world’s best‑perfo...
South Korea’s equity market extended declines, pushing the benchmark gauge toward a technical bear market as investors reassessed the outlook for artificial intelligence demand. The Kospi dropped as much as 5.7%, taking its drop from last month’s all-time high to about 20%. Memory maker SK Hynix Inc. slid as much as 5%, while Samsung Electronics Co. fell 6.9%. Korea has been the world’s best‑performing equity market this year, but its outsized reliance on two chipmakers has left it especially vulnerable when sentiment around the sector turns. Leveraged exchange‑traded funds, which magnify moves in both directions, have added to the market’s volatility. Chip stocks continued to fall despite Samsung Electronics’ 19-fold surge in quarterly profit released earlier this week, underscoring how traders are demanding more to justify sky-high investments across the supply chain. “A lot of this increase in volatility is driven by fundamental uncertainty,” said Ian Samson , a portfolio manager at Fidelity International. “We are seeing real, huge demand for all kinds of semiconductors driven by AI - but this is really just being driven by around $1 trillion of capex controlled by a handful of huge tech companies,” which creates downside risk if this chip spending proves unsustainable, he added. Read More: The Leveraged AI Bet That’s Whipsawing Markets Around the World Over the past few weeks, the Kospi has swung sharply as investors parsed every AI industry development to test the rally’s durability. The Kospi was up about 116% this year through its peak, but has now pared that advance to about 73%. It’s still the world’s best performing benchmark.
Phiwath Jittamas/iStock via Getty Images Key Takeaways Markets: The first quarter of 2026 was characterized by elevated geopolitical risk and accelerating AI-driven disruption across the software sector and its incumbent business models. The period was shaped by a series of international developments, including the capture and indictment of Nicolás Maduro, escalating diplomatic tensions between th...
Phiwath Jittamas/iStock via Getty Images Key Takeaways Markets: The first quarter of 2026 was characterized by elevated geopolitical risk and accelerating AI-driven disruption across the software sector and its incumbent business models. The period was shaped by a series of international developments, including the capture and indictment of Nicolás Maduro, escalating diplomatic tensions between the US and European NATO allies over Greenland, and a US-Israeli military operation against Iran. Contributors: TIPS positioning along with positive issue selection within agency Mortgage Backed Security (MBS) and structured products contributed to performance. Detractors: Yield curve positioning was a detractor as the curve bear-flattened. Outlook: Geopolitical tensions remain a defining feature of the outlook, with the Middle East conflict introducing ongoing uncertainty and contributing to oil price volatility as supply routes face occasional disruption. Even with these pressures, the global economic backdrop is gradually improving as fiscal support, easier financial conditions and moderating inflation help strengthen the 2026 outlook. Performance Review Treasury inflation-protected securities (TIPS) positioning was beneficial to performance as breakeven inflation rates rose. Rates positioning detracted from performance as the yield curve bear-flattened. Investment-grade positioning was a detractor from performance as spreads widened. Positive issue selection within agency mortgage-backed securities (MBS) and structured products contributed to performance. Outlook In the US, policy tailwinds and deregulation continue to support activity despite signs of softer labor conditions. Europe and the United Kingdom face trade and labor-market challenges but easing inflation and selective fiscal measures offer stabilization. China's recovery remains policy-driven amid structural constraints, while Japan's persistent inflation supports further policy normalization. Credit markets re...
Axis Bank Ltd. , the top arranger of Indian debt markets, has lost three senior executives, adding to a big reshuffle taking place at private-sector lenders. Anil Agarwal , president and group head of institutional clients coverage, Vikas Shinde , who once headed the debt capital market team, and Jimmy Tavadia , group head of trading, have resigned from Axis Bank, according to people familiar with...
Axis Bank Ltd. , the top arranger of Indian debt markets, has lost three senior executives, adding to a big reshuffle taking place at private-sector lenders. Anil Agarwal , president and group head of institutional clients coverage, Vikas Shinde , who once headed the debt capital market team, and Jimmy Tavadia , group head of trading, have resigned from Axis Bank, according to people familiar with the matter. The departures come as the lender reorganizes key positions in its corporate banking and other teams. The people declined to be named discussing private information. HDFC Bank Ltd., the top private-sector lender, recently named Puneet Sharma from Axis Bank as its chief financial officer. Separately, Bandhan Bank Ltd.’s Chief Financial Officer Rajeev Mantri stepped down . Read More: Billionaire-Backed Kotak Bank Seeks New CEO as Vaswani to Exit Axis Bank, the third-largest private-sector lender, and the departing executives, did not immediately reply to an email seeking comment. The Mumbai-based bank has been India’s top rupee bond arranger for nearly two decades, according to Bloomberg’s league table, and also ranks first in the rupee loans league table so far this year. Agarwal spent more than two decades at the lender, overseeing strategic relationships with government entities, public sector undertakings and financial institutions, according to his LinkedIn profile . Shinde, also at the bank for about two decades, largely worked in the debt capital market team, while Tavadia joined the lender in 2019 and specialized in rates and forex trading, his LinkedIn profile showed. Axis CEO Sees Banks Retiring High-Cost Funds With Diaspora Money HDFC Bank Appoints Ex-Bureaucrat Rajiv Kumar as Part-Time Chair Private Sector Lenders Face Succession Challenges: India Edition
AstraZeneca ( AZN ) has secured global rights (excluding China) to an experimental chronic obstructive pulmonary disease (COPD) treatment, TQC3721, from a subsidiary of Hong Kong-listed Sino Biopharmaceutical ( SBMFF ) and will pay $200 million upfront , according to a report by Reuters . Under the terms of the agreement, AstraZeneca is planning to oversee the development, manufacture, and commerc...
AstraZeneca ( AZN ) has secured global rights (excluding China) to an experimental chronic obstructive pulmonary disease (COPD) treatment, TQC3721, from a subsidiary of Hong Kong-listed Sino Biopharmaceutical ( SBMFF ) and will pay $200 million upfront , according to a report by Reuters . Under the terms of the agreement, AstraZeneca is planning to oversee the development, manufacture, and commercialization of the drug, alongside rights to unspecified future development programs, as per the reports. While AstraZeneca expands its global respiratory pipeline with the transaction, Sino Biopharmaceutical retains regional rights to the drug within China. The licensing deal targets a massive global market; according to the World Health Organization, COPD was the third-leading cause of death worldwide, claiming 3.4 million lives in 2023. TQC3721 is a novel candidate that recently demonstrated a significant improvement in lung function and symptom reduction compared to a placebo during a Phase II clinical trial in China. The transaction marks the second major out-licensing deal for the Sino Biopharmaceutical subsidiary this year, following an agreement with Sanofi in March for the blood cancer drug rovadicitinib. For AstraZeneca, the acquisition strengthens a robust respiratory portfolio that already includes its own late-stage COPD candidate, tozorakimab. More on AstraZeneca PLC, Sino Biopharmaceutical Limited AstraZeneca PLC (AZN) Discusses Progress in Sustainability Strategy and the Role of AI in Healthcare Innovation - Slideshow AstraZeneca PLC (AZN) Discusses Progress in Sustainability Strategy and the Role of AI in Healthcare Innovation Transcript AstraZeneca PLC (AZN) Presents at American Diabetes Association (ADA) 86th Scientific Sessions - Slideshow AstraZeneca inks kidney therapy deal worth up to $1.77B with China’s CSPC AstraZeneca, Abbisko partner on lung cancer combination therapy trial
Hong Kong stocks rebounded on Wednesday as concerns over a wave of lock-up expiries, long seen as a major headwind for the city’s equities, showed early signs of easing, while continued strength in technology stocks lifted broader market sentiment. The Hang Seng Index rose 2.4 per cent to 24,057 at the midday close, with technology shares leading broad-based gains despite renewed geopolitical tens...
Hong Kong stocks rebounded on Wednesday as concerns over a wave of lock-up expiries, long seen as a major headwind for the city’s equities, showed early signs of easing, while continued strength in technology stocks lifted broader market sentiment. The Hang Seng Index rose 2.4 per cent to 24,057 at the midday close, with technology shares leading broad-based gains despite renewed geopolitical tensions in the Middle East. The Hang Seng Tech Index outpaced the broader market, surging 4.3 per...
Photo: VCG China's state medical insurance revenue grew faster than spending in 2025, reversing a yearslong trend that had threatened the fund's stability amid a rapidly aging population. The National Healthcare Security Administration disclosed demographic and health-insurance data spanning from 1998 to 2025 on July 6, highlighting 30 years of system reforms. In a notable shift, the insurance fun...
Photo: VCG China's state medical insurance revenue grew faster than spending in 2025, reversing a yearslong trend that had threatened the fund's stability amid a rapidly aging population. The National Healthcare Security Administration disclosed demographic and health-insurance data spanning from 1998 to 2025 on July 6, highlighting 30 years of system reforms. In a notable shift, the insurance fund reported 2025 revenue grew by 95.97 billion yuan ($14.12 billion), a 2.7% increase from the previous year.