Alibaba Stocks Skyrocket Following Ant Group IPO Filing

[Liberal Readers Digest]( [TODAY'S DEAL: Honestly, you should get this bookbook](mailto:editor@liberalreadersdigest.com?subject=Give+me+my+top+stocks+for+2020&body=Give+me+my+top+stocks+for+2020) TODAYS TOP NEWS [US Treasury: Vietnam Intentionally Devalued Currency] US Treasury: Vietnam Intentionally Devalued Currency A investigation by the US Treasury targeting Vietnam discovered that in 2019, the country intentionally weakened its currency by around 4.7% to the dollar. This information comes from a letter to the US Commerce Department. bsp; Vietnam’s central bank, the State Bank of Vietnam, allowed net purchases amounting to $22 billion in foreign exchange, which led to undervaluing the Dong by 4.2% to 5.2%. bsp; Consequently, the purchases pushed the country’s real effective exchange rate by around 3.5% to 4.8%. The treasury evaluation forms part of a Commerce Department investigation surrounding alleged subsidies on light truck tires and passenger vehicles from Vietnam. bsp; According to a new federal directive established this year, the US Commerce Department has the liberty to view currency undervaluation as a determining factor in countervailing duties on a trade partner. bsp; There has been no response from the Vietnamese Foreign Affairs Ministry, but on Wednesday, the Ho Chi Minh Stock Index fluctuated. Do you think this lack of response from Hanoi is a sign of guilt? INVESTING [Alibaba Stocks Skyrocket Following Ant Group IPO Filing] Alibaba Stocks Skyrocket Following Ant Group IPO Filing On Wednesday, China’s e-commerce giant Alibaba stocks climbed to new highs, just one day after its financial technology division filed documents for a joint Hong Kong and Shanghai listing. The Initial Public Offering for Ant Group is currently being viewed as one of the globally most significant listings, with the potential to surpass the historic $29 billion raised by Saudi Aramco in 2019. bsp; Ant Group filed the documentation on Tuesday evening, although it didn’t give a timetable for the IPO or the expected amount it plans to raise. When the market took a lunch break, Alibaba’s Hong Kong stocks had risen 3.57% at HK$278.8. Alibaba, owned by billionaire Jack Ma, is the largest e-commerce conglomerate in China, and it is listed in both the New York and Hong Kong stock exchanges. bsp; While filing, Ant Group said that the proceeds from the IPO would be utilized in expanding cross-border payments and increasing its R&D capabilities. s. With the increasing tensions between China and the US, do you suppose that the Chinese giant thinks that a joint listing closer to home is the best idea? DON'T MISS THIS [Major Chinese Banks Faced with $940 Billion Capital Shortage] Major Chinese Banks Faced with $940 Billion Capital Shortage The four biggest banks in China are experiencing a financing gap amounting to trillions of Yuan, according to an S&P Global Ratings report on Wednesday. y. These funds are intended to match capital requirements worldwide and to protect the financial sector from massive devastation. Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank Corp., and Bank of China, all viewed as globally systematically vital banks had a total deficit of $323 billion (or 2.25 trillion Yuan) in 2019 to adhere to entire loss-absorbing capabilities. Total earnings for the over 1,000 commercial banks in China faced the worst slump in over ten years in the second quarter as bad loans increased astronomically. bsp; Considering that the major banks were requested by the government to come in and salvage the situation and assist floundering businesses, does it explain why they are the hardest-hit? [Vote Now] PS. How useful did you find today’s update?ate? Vote Now: bsp;[Not useful](mailto:editor@liberalreadersdigest.com?subject=Not+useful&body=Not+useful+at+all+(DailyBrief)) - ;- [It was ok](mailto:editor@liberalreadersdigest.com?subject=It+was+okay&body=It+was+okay+(DailyBrief)) - ;- [It was good](mailto:editor@liberalreadersdigest.com?subject=It+was+good&body=It+was+good+(DailyBrief)) - ;- [Very Useful](mailto:editor@liberalreadersdigest.com?subject=Very+useful&body=Very+useful+(DailyBrief)) [( This email was sent to {EMAIL} because you've subscribed on our site or made a purchase. [Unsubscribe](