Stocks Rally, Driven by Bank and Energy Sectors

By Anna Isaac and Alexander Osipovich 

Gains by banks and energy companies lifted major U.S. stock indexes on Monday, helping the market claw back some lost ground after four consecutive weeks of declines.

The Dow Jones Industrial Average advanced 528 points, or 1.9%, in afternoon trading. The S&P 500 rose 1.8%, while the technology-heavy Nasdaq Composite climbed 1.6%.

The rally came as investors said last week’s selloff was overdone.

“There’s been a lot of froth in markets recently that has been washed out. The underlying fundamentals are all moving in the right direction,” said Hani Redha, a portfolio manager at PineBridge Investments. “We are in the early stages of a multiyear expansion. It will remain volatile in the coming weeks, but overall the trend will remain upward.”

The financial and energy sectors, which tend to be sensitive to economic trends, were among Monday’s strongest performers. Citigroup and Morgan Stanley were

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Malaysia’s GDP to shrink 4.9pct this year: World Bank

a train traveling over a bridge: Malaysia’s gross domestic product (GDP) is projected to shrink 4.9 per cent this year, according to the World Bank. NST pix by Mohamad Shahril Badri Saali.

© Provided by New Straits Times
Malaysia’s gross domestic product (GDP) is projected to shrink 4.9 per cent this year, according to the World Bank. NST pix by Mohamad Shahril Badri Saali.

KUALA LUMPUR: Malaysia’s gross domestic product (GDP) is projected to shrink 4.9 per cent this year, according to the World Bank.

This is higher from the bank’s early estimation of a 3.1 per cent contraction, following a sharper than expected contraction in the second quarter (Q2) of 2020.

In its report titled: “World Bank East Asia and Pacific Economic Update, October 2020: From Containment to Recovery”, the international financial institution said the change in the forecast reflected the heightened uncertainty surrounding the start and speed of the global recovery, which would weigh on investment decisions and external demand.

The forecast was also made due to risks to the outlook firmly tilted to the downside with the possibility of

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Ping An buys HSBC stake, stocks rally on China data

Watch: European markets rise on optimism selloff is over

Stocks rallied on Monday after strong industrial profit figures from China raised hopes that the slump in global economy this year may not be as bad as feared.

China’s industrial profits grew for the fourth straight month in August, according to official figures released on Sunday. Profits in the sector so far this year are now only 4.4% down on 2019.

The data helped create a buoyant mood among equity traders on Monday morning. Connor Campbell, a financial analyst at SpreadEx, said European investors were “looking for an excuse to rebound after limping to a close last week.”

The DAX (^GDAXI) gained 2.9% in Frankfurt, led higher by German industrial stocks. Engineering group Thyssenkrupp (TKA.DE) rose 3.7%, Heidelberg Cement (HEI.DE) rose 3.7%, and chemicals giant BASF (BAS.DE) added 2.9%.

The FTSE 100 (^FTSE) was up 1.8% by mid-afternoon in London, while

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AI Drug R&D Startup XtalPi Announces Over 300 Million Series C Investment Led by SoftBank Vision Fund, PICC Capital, and Morningside

CAMBRIDGE, Mass. and SHENZHEN, China, Sept. 28, 2020 /PRNewswire/ — XtalPi, an Artificial Intelligence (AI) drug discovery and development technology company, today announces an oversubscribed Series C funding of $318.8 million co-led by SoftBank Vision Fund 2i, PICC Capital, and Morningside. The new round of financing is joined by over a dozen global investment companies in banking and technology, with follow-on investments from existing investors Tencent, Sequoia China, China Life, and SIG.

With the new round of funding, XtalPi will bring the power of quantum physics, AI, and almost limitless cloud resources to propel research scientists towards drug candidates with tailored pharmaceutical profiles. Its platform takes the unique approach of combining physics-based and data-driven models to comprehensively address all drug properties relevant to progression into clinical studies. By integrating the predictions of its virtual R&D platform with real-world data from modern laboratories, XtalPi will develop a digital-twin

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Credit Agricole to Build Its Own Saudi Bank After Stake Sale

(Bloomberg) — Credit Agricole SA plans to build its own corporate and investment bank in Saudi Arabia after selling the final portion of its stake in Banque Saudi Fransi.

a car parked in a parking lot in front of Hoover Building: The offices of Banque Saudi Fransi stand in Riyadh, Saudi Arabia. Banque Saudi Fransi was the sixth largest broker in the kingdom last year, according to data from the stock exchange.

© Bloomberg
The offices of Banque Saudi Fransi stand in Riyadh, Saudi Arabia. Banque Saudi Fransi was the sixth largest broker in the kingdom last year, according to data from the stock exchange.

The French lender sold its remaining 4% holding for 1.45 billion riyal ($387 million) to two Saudi government-related institutional investors, Credit Agricole said in a statement on Monday, without identifying the entities. The shares were sold at 30 riyals each and will help shore up Credit Agricole’s capital.


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The disposal ends Credit Agricole’s decades-long investment in one of the kingdom’s largest corporate banks. The French firm is plotting its own path in a region awash with mega-bond deals as well as stake sales by state-owned entities.

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CyberSaint Launches Updates Supporting Financial Services Sector Cybersecurity Compliance and Risk Management Initiatives

New CyberStrong platform updates allow customers to quickly align with the Financial Services Sector Cybersecurity Profile and harmonize compliance standards across FFIEC, NIST, PCI, and others supported by patented automation.

CyberSaint, the developer of the leading platform for automated, intelligent cybersecurity program management, today announced the availability of new features supporting the Financial Services Sector Cybersecurity Profile within the CyberStrong platform, including automated mappings between those standards and the NIST Cybersecurity Framework, FFIEC, and others. These updates are supported by CyberSaint’s existing patented technology, which is used to optimize program performance and eliminate manual intervention for assessments, remediation, and reporting.

The Financial Services Sector Coordinating Council (FSSCC) cybersecurity profile was created by the Bank Policy Institute (BPI), leading organizations, and institutions to fulfill the need for a more efficient, tailored, and easily communicated framework to leverage across the financial services sector. The profile is designed for all financial services organizations

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The financial risks facing China’s banking sector and the Government

In an article entitled “Revisiting China’s Financial Asset Structure and Policy Implications”, Yi Gang, Governor of the People’s Bank of China (PBOC), analyzed the changes in China’s financial asset structure from a risk-taking perspective.According to Yi, diversification, management, and allocation of risk are the basic functions of finance. The essential characteristic of the market economy is that economic entities make decisions dispersedly and bear their own risks. On the one hand, this is conducive to the diversification of risks, on the other hand, it is also a kind of incentive mechanism, whereby economic entities can get a corresponding return by taking risks.The responsibility of the government is to protect property rights and related rights and interests, so that social and economic entities have the initiative to take risks, so as to obtain the corresponding returns. It would be more efficient to give full play to the role of the market,

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Black Lives Matter, the Green New Deal, and the color of money at Moynihan’s Bank of America

Big banks make good bad guys — often deservedly so.

Brian Moynihan wearing a suit and tie: Bank of America chairman and chief executive Brian Moynihan.

© Richard Drew
Bank of America chairman and chief executive Brian Moynihan.

That includes Bank of America, the second-largest US bank by assets. It has had its fair share of run-ins with regulators, especially for bad behavior involving risky mortgage securities and home foreclosures that helped spark the Great Recession more than a decade ago.


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But under chief executive Brian Moynihan, a veteran Boston banker, Bank of America has more recently cultivated a do-gooder reputation by financing sustainable energy initiatives, as well as economic development in communities of color. Last week, the company raised $2 billion to do just that by selling bonds to investors, bringing its total for such deals to nearly $10 billion, with most of that coming since 2018.

It’s part of a broader initiative at the North Carolina-based bank — and by many companies

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Industry’s First Financial Service Model Oriented to “Intelligent Things”, SPD Bank and Huawei Release Bank of Things White Paper

SHANGHAI, Sept. 28, 2020 /PRNewswire/ — At HUAWEI CONNECT 2020, Pan Weidong, President of Shanghai Pudong Development Bank (SPD Bank), and David Wang, Huawei Executive Director and Chairman of the Investment Review Board, released the Bank of Things White Paper. The White Paper first proposes a brand-new financial service model and design system for “intelligent things” in the industry, ushering in a new era of “bank of things” (BoT) services.

According to Pan Weidong, we are shifting from the era of connected things to intelligent, connected things. Connectivity is productivity, and this is evident through intelligent network connections with clouds, edges, and devices. Based on intelligent things’ connection scenarios, we can build a people-centric intelligent space to provide comprehensive services. In this space, financial services will act as an adhesive for multiple stakeholders in the intelligent, efficient, and collaborative ecosystem to achieve mutual success and develop a

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Global Retail Bank Loyalty Program Market 2020 Research Report with COVID-19 Impact, by Future Trend, Growth rate and Industry Analysis to 2025

The MarketWatch News Department was not involved in the creation of this content.

Sep 28, 2020 (CDN Newswire via Comtex) — has recently announced a new report namely Global Retail Bank Loyalty Program Market 2020 by Company, Regions, Type and Application, Forecast to 2025 constitutes a comprehensive analysis of the global market which presents the critical analysis on the current state of the global Retail Bank Loyalty Program industry, demand for the product, environment for investment and existing competition. The report underlines market changes, probability features, product particulars, and market development trends. The report focuses on a study on various market affecting factors and in-depth survey of the industry covering major aspects like product types, various applications, top regions, growth analysis, market potential, challenges for investor, opportunity assessments, major drivers, and key players.

Industry Synopsis:

The report evaluates the market size and predictions by product, area, and market condition

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