US banks give up products linked to Chinese stocks after the New York Stock Exchange ban

US banks give up products linked to Chinese stocks after the New York Stock Exchange ban

Fund manager State Street Global Advisors at A. statement This is Hang Seng (HSI) Index tracker TraHK will no longer invest in companies deemed affiliated with or supporting the Chinese military that were sanctioned under President Donald Trump’s November Executive Order.
at the same time, Black stone (BLK) He said in a note to clients that their iShares ETFs have also been adjusted according to the core indicators’ response to the sanctions.
Trump also signed an executive order Last week it banned transactions with eight Chinese payment apps, including Ali Baba (Baba) Alipay, a subsidiary of Ant Group. Moreover, the The White House is considering preventing Americans from investing In Ali Baba and Tencent (TCEHY), Although it is unclear how likely this ban will be achieved.

Bipartisan pressure to take a tough stand on China is expected under Biden

Trump’s term is drawing to a close, but President-elect Joe Biden is not expected to reverse the government’s stance on China when he takes office later this month.

“There is bipartisan pressure to stay tough on China,” said Quinn analyst Jarrett Seaberg, indicating that Biden will have “much higher priorities going forward, such as securing another incentive.” [package]. “

This could mean that US capital markets, as well as access to the US consumer base, may continue to be a challenging task for Chinese companies.

In fact, Biden could get tougher with China, Seaberg said.

This could include asking Congress to shorten the three-year period that Chinese companies must open their audits to inspections before US stock exchanges have to write it off.

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