(Bloomberg) Asian stocks fell after disappointing China services data added to concern over the nation’s economic malaise. Australia’s dollar held earlier losses after the central bank kept interest rates on hold. Hong Kong shares led regional equity declines, with the benchmark index slipping more than 1%. China’s services sector saw the slowest growth this year in August, an industry survey showed, adding to evidence the economic recovery is losing traction. The MSCI Asia Pacific Index is heading for its first drop in seven days. “It’s the typical post-party reality check that’s cooling down China’s rally today, as the services PMI notably missed expectations, suggesting further economic downtrend ahead,” said Hebe Chen, an analyst at IG Markets Ltd. in Melbourne. In more positive news, Country Garden Holdings Co. is proposing to extend principal payments for eight yuan bonds, according to holders who said they were briefed by company advisers. The developer also to
(Bloomberg) Credit Suisse’s go-to banker for Russian billionaires has been retained by UBS Group AG, in one of the highest-profile moves yet for the merged bank’s wealth management business. Babak Dastmaltschi is working at a new unit in UBS’s wealth division that regroups an elite crop of senior private bankers from both UBS and Credit Suisse who handle some of the most important client relationships, according to people familiar with the matter who didn’t want to be named discussing personnel decisions. The unit, called GWM Strategic Clients, is run by Benjamin Cavalli, another Credit Suisse import, who reports directly to the head of UBS’s global wealth unit, Iqbal Khan. UBS’s former head for the Middle East, Ali Janoudi, also joined the group as an executive chairman. Dastmaltschi will hold an executive vice chair title, the people said. Dastmaltschi did not respond to an emailed request for comment. UBS declined to comment. UBS is trying to retain many of Credit Suis
(Bloomberg) Tech heavyweights dragged on US benchmarks with stocks poised to extend a slump into a third day, a global bond market selloff intensified. The S&P 500 erased early gains, the equities gauge has closed below a closely-watched technical level twice this week. The Nasdaq 100 fell 0.5% with Apple Inc. and Tesla Inc. weighing on the large-cap growth index. While many investors had believed that the Federal Reserve was done raising interest rates, that’s no longer a sure thing after minutes from last meeting suggested officials are considering tighter policy. Data showing the labor market remains healthy did little to change the narrative Thursday. Investors will be turning to next week’s gathering of policy makers at Jackson Hole in Wyoming to gauge Fed sentiment. “This week’s data hasn’t given them any reason to let their guard down,” said Mike Loewengart at Morgan Stanley Global Investment Office. “With housing starts, retail sales, and jobless claims all rein