ASIA CREDIT CLOSE: Credit firmer, led by oil names
HONG KONG, Sept 29 (IFR) - Asian credits were firmer on Thursday, led by oil names as crude prices jumped after OPEC members agreed to curb output for the first time since 2008.
(Refiles to fix typo in QDII2, from QD112, in paragraph 3)
HONG KONG, April 2 Hong Kong Exchanges and Clearing Ltd shares jumped nearly 6 percent on Wednesday, their biggest gain in over a year, on a report that HKEx may cooperate with Shanghai's bourse to allow investors to buy mainland-listed stocks directly via the exchange.
The stock rose as much as 5.8 percent and hit its highest level since Jan. 23 this year before trading was halted in the afternoon. The benchmark Hang Seng Index rose 0.3 percent.
The Hong Kong and Shanghai exchanges are close to reaching an agreement on integrating their networks, allowing the Shanghai bourse to collect buy and sell orders in China under a QDII2 scheme, with the Hong Kong bourse executing the orders and vice versa, according to a report by 21st Century Business Herald.
The investment quota had yet to be finalised, it added.
A HKEx spokesman declined to comment on the report.
In January last year, the People's Bank of China said it was preparing a trial that will allow individuals in China to invest in overseas markets. The program, dubbed "QDII2" would be an extension of the Qualified Domestic Institutional Investor that permits some institutions to invest in global markets.
Hong Kong's stock exchange is hoping that a slate of new initiatives will give it a much-needed boost after it reported worse-than-expected annual earnings in February. (Reporting by Donny Kwok; Editing by Chris Gallagher)
* Profitability still a worry in India's online sector (Adds analyst comment, background)
(The following statement was released by the rating agency) LONDON, September 29 (Fitch) A worst-case withdrawal of passporting rights in isolation is unlikely to be a ratings changer for major UK banks and international banks with large operations in the UK, says Fitch Ratings. However, it is difficult to predict how negotiations will play out for financial services passporting once the UK leaves the EU because there are many permutations. Major international banks are used to business r