Changes to trading hours on August 28 and 29 (Monday and Tuesday)

We would like to inform you that due to UK’s Summer Bank Holiday, there will be changes to the trading hours of the UK markets on August 28 and 29, 2023 (Monday and Tuesday). On August 28, the markets of the UK shares and the UK100 index will be closed. On August 29, the UK shares market will be closed and that of the UK100 index will open at 03:00 EEST.

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Chinese Economy Faces New Concerns Amidst Banking Industry Stress

In recent developments, the robustness of China’s shadow banking industry has come under scrutiny as one of its largest private wealth managers and real estate developers, Zhongzhi Enterprise Group Co., has defaulted on payments for several high-yield products. With assets totaling 1 trillion yuan ($138 billion), the impact of this misstep is sending ripples throughout the financial sector.

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Fitch Downgrades the U.S. Credit Rating: Unpacking the Implications

In a significant move, Fitch Ratings has downgraded the United States’ Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘AAA’ to ‘AA+’. This action, announced on August 1, 2023, is the reflection of concerns regarding the nation’s fiscal health, governance standards, and debt management, thereby signalling to investors and the global markets about the increased risk of lending to the United States. With markets currently in the red, the immediate impact of this downgrade is still unfolding. 

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