European shares were slightly higher on Monday, building on solid gains in the previous session as investors clung to hopes that Washington and Beijing will make progress towards ending a prolonged trade spat that has roiled global markets.
A new blockchain-based trade finance platform, developed by HSBC, Standard Chartered and 10 other banks, was launched in Hong Kong on Wednesday to boost efficiency in the multi-trillion-dollar funding of international trade.
UK shares jumped to a three-week high as upbeat results from Standard Chartered (STAN.L) and Smurfit Kappa (SKG.I) provided some respite from a ghoulish October that put the market on track for its worst month since August 2015.
European shares staged a strong rally on Wednesday as a tumultuous October drew to a close and strong results from L’Oreal, Sanofi, and banks Standard Chartered and Santander soothed investors’ nerves.
Britain’s top share index rose robustly on Monday as HSBC led a rally in banking stocks after strong results, and investors awaited Chancellor Philip Hammond’s annual budget.
Standard Chartered Bank (China) has become the first foreign bank to be granted a licence to provide custody services to domestic funds and asset managers in China, the bank said, as Beijing took another step towards opening its capital markets.
Several global banks including Citigroup and Standard Chartered have asked their private banking staff to postpone or reconsider travel to China after authorities there prevented a UBS banker from leaving the country, sources said.
Seven banks, including HSBC (HSBA.L) and Banco Santander (SAN.MC), have signed a Memorandum of Understanding (MoU) to create a global digital network in trade finance aiming at allowing cheaper and easier funding for corporates, a Santander manager said.
The Australia and New Zealand Banking Group ANZ (ANZ.AX), BNP Paribas (BNPP.PA), Citibank (C.N), Standard Chartered and Deutsche Bank (DBKGn.DE) also agreed to join the digital trade information network expected to be operational by the third quarter of next year.
China is likely to boost imports from African countries as it seeks new sources of commodities in the wake of a trade war with the United States, a senior executive of Standard Chartered Bank [STANB.UL] in China said.