U.S. Fed More Dovish on Future Rate Hike; Prefer HSBC, OCBC, and BOCHK in Our Asia Bank Coverage
With the U.S. Federal Open Market Committee unanimously voting to maintain its target rate range at 2.25%-2.5% in its first official meeting of 2019, our U.S. team has assumed no interest rate hikes in 2019 and a single rate hike in mid-2020. The more dovish tone adopted by the Fed will see a slower increase in net interest margin for Hong Kong- and Singapore-based banks under our coverage. We continue to expect net interest margin to increase in 2019, albeit at a more tepid pace as loans are pr...HSBC Holdings is a financial services holding company. Through its subsidiaries, Co. operates four businesses: Retail Banking and Wealth Management, which serves customers through four businesses: Retail Banking, Wealth Management, Asset Management, and Insurance; Commercial Banking, which provides working capital, term loans, payment services, and international trade facilitation; Global Banking and Markets, which delivers a range of transaction banking, financing, advisory, capital markets, and risk management services; and Global Private Banking, which provides a range of private banking services. At Dec 31 2017, Co. had total assets of US$2.52 trillion and deposits of US$69.92 trillion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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