Funding & Business
Pound Strength Leaves UK Companies Adding Hedges as Pain Mounts
Buffeted by this year’s surge in sterling and the slide in the dollar, British companies are upping their protection against foreign-exchange swings.
More than half of UK corporates surveyed by MillTech — a division of currency manager Millennium Global Investments Ltd. — said they took a negative hit to earnings in the second quarter of this year. Those same firms boosted their currency hedge ratios to about 53% over the period, up seven percentage points compared to the prior-year period.
China’s factory activity remained stuck in contraction in August, as a government crackdown on price wars holds back production offset the boost for manufacturers of the US’ extended trade truce.
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While Chinese stocks traded in Hong Kong climbed for a fourth straight month, derivatives wagers show investors are skeptical about the market.
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Sales of corporate bonds to Japan’s mom and pop investors are booming, on track to surpass last year’s record as bigger returns draw buyers looking to protect their savings from inflation.
Well-known names such as railway operator Keio Corp. and supermarket giant Aeon Co. are among those tapping the retail bond market, with the latter selling its debut retail bond on Friday.
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