FirstFT: US stock exchanges seek new listings as Chinese companies retreat

American stock exchanges are seeking company listings in Southeast Asia and India to counter a slowdown in business from China.

Tough crackdown on foreign listings by Beijing authorities has seen lucrative new Chinese listings dry up for the New York Stock Exchange and Nasdaq markets.

Indonesia and India are seen as the top areas of opportunity due to their large populations and growth potential, although executives from countries like Vietnam and Malaysia are also expecting listings to rise.

“The pipeline [for IPOs] has grown from a handful of companies, if you asked me a year ago, to a few dozen today, “- Bob McCooey, Nasdaq’s Asia-Pacific chairman, told the Financial Times.

However, the recent listing of Singapore-based tech giant Grab, which hit 40 billion in early December, experts say it will be difficult to replace the loss of Chinese entries.

Thank you for reading FirstFT Americas. Here’s the rest of today’s news – Gordon

Five more stories on the news

1. Vladimir Putin warns NATO against a military reaction The Russian President warned yesterday of “suitable military-technical measures” to counteract the threatened eastward expansion of NATO and to increase tensions with the Western alliance. The US announced that it would start diplomatic talks to allay fears of a conflict over Ukraine.

2. Nikola pays $ 125 million to settle SEC fraud charges The electric truck start-up agreed to pay $ 125 million to settle allegations that it defrauded investors by misleading them about its vehicles’ capabilities.

3. Calpers boss says hedge fund fees remain “problematic” Marcie Frost, CEO of Calpers, told the Financial Times that the largest US state pension plan will not turn to hedge funds to weather the likely turn in global monetary policy in the coming year.

4. Turkish lira rises with austerity program The Turkish lira rose sharply yesterday after President Recep Tayyip Erdogan unveiled an austerity plan that analysts described as a backdoor hike that could undermine public finances.

5. Dubai’s ruler must pay £ 554 million to settle the divorce Sheikh Mohammed bin Rashid al-Maktoum, the billionaire ruler of Dubai, has to pay his estranged wife Princess Haya and her two children around £ 554 million in child support and security costs from an English court.

Coronavirus digestion

• Joe Biden said 500 million rapid home tests would be sent to U.S. households to slow the surge in Omicron cases. He also said military personnel would be used to help hospitals if necessary.

• Boris Johnson ruled out further Covid restrictions in England before Christmas but warned that further action might be needed after the weekend. In the past few weeks, the UK Prime Minister’s ratings have dropped to record lows. Here are the rivals who could replace him.

• Fast food group MC Donalds said that due to delivery delays, it can only offer the smallest portion of french fries at its 2,900 stores in Japan.

• Israel is to offer a fourth dose of the coronavirus vaccine worldwide for the first time to citizens aged 60 and over.

• Oxford University and AstraZeneca have started manufacturing an Omicron variant-targeted version of their coronavirus vaccine.

• Thailand will suspend quarantine-free travel for international visitors.

Did you receive a Covid-19 booster vaccination? Tell us in our opinion poll under.

The day ahead

Biden talks about supply chains Joe Biden is scheduled to meet with the CEOs and members of his Supply Chain Task Force to discuss supply bottlenecks in the US economy.

Economic data Economists expect the final measure of US economic growth to hit an annualized rate of 2.1 percent in the third quarter, confirming a slowdown from the 6.7 percent pace of the previous quarter. Investors are also getting a fresh look at the housing market from the National Association of Realtors, which will release data on existing home sales for November.

What else we read and look at

New competitive cooperation between the US and the EU sounds the alarm The EU’s competition leader told the Financial Times that she saw “a lot of agreement” with her American counterparts at the Federal Trade Commission, headed by Lina Khan, in a new age of breach of trust. But transatlantic cooperation has sounded the alarm in the US boardrooms.

Loose rules allow fat cats from companies to sell shares US corporate insiders benefited from a historic surge in stock prices, selling a record $ 69 billion in stocks this year, 30 percent up from 2020 and 79 percent more than the 10-year average. These fat company cats are certainly in the money, writes Brooke Masters, but do they also know? She asks.

Will the US help the Taliban? Millions of Afghans face starvation this winter after the withdrawal of foreign aid after the Islamist Taliban came to power. Diplomatic pressure is now being exerted on the US, Europe and other countries to thaw the reserves of Afghanistan’s foreign central banks and try to prevent a catastrophic humanitarian crisis that some fear.

Launch of the telescope at Christmas, valued at $ 10 billion The James Webb Space Telescope, the most ambitious and expensive telescope ever built, is due to launch on December 25th with the aim of looking deeper into the universe – and further into the past – than ever before. Astronomers expect a treasure trove of observations from our solar system, our galaxy and beyond.

Arguments for a Universal Basic Income The coronavirus pandemic has opened the door to radical economic reform, argues FT columnist Martin Sandbu. A smooth, regular transfer of money to everyone could shake the social system, bring new economic security and create more opportunities for everyone.

“Hybrid is here to stay” It’s been almost two years since Covid-19 sparked a mass experiment in home work. Yet there is no consensus among economists about how change could affect developed countries, especially when it comes to productivity. Stanford professor Nick Bloom argues that the revolution could usher in an era of globalization of services.

Menswear

As Jedi knights and bullfighters testify, there is nothing in men’s outerwear to match the cape as a piece of clothing for pure theater. In Charlie Porter’s parallel universe, he never leaves home without one.