The US PPI will come out on Thursday, May 12, at 15:30 MT time.
Chinese banks miss out on American investment banking bonanza
As scores of investment bankers’ revenue from the fee bonanza offered by Chinese companies looking for deals in America, one group’s conspicuously absent. Sure, these are Chinese banks.
Notwithstanding their deep ties with Chinese companies, the country's largest state-owned banks are definitely missing out on the hundreds of millions of US dollars, which Wall Street banks as well as their EU counterparts make advising Chinese companies on acquisitions and share as well as debt sales.
What’s holding the banks back is the way the Chinese government controls the top lenders for the purpose of managing the supply of credit to the Chinese economy.
Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China as well as China Construction Bank - all have the country’s sovereign wealth fund, China Investment Corporation as the key shareholder.
By the way, American rules require the controlling shareholder to get Federal Reserve clearance for investment banking operations. Undoubtedly, it generates a big hurdle to Chinese financial institutions because they would require coordinating their applications notwithstanding having separate strategies and managements.
The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).
Representatives from 15 oil-rich nations attend OPEC meetings. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.