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HSBC has launched RedCoin (RCHKD), its first stablecoin, on its PayMe app, letting more than 3.3 million users send money to friends and family and pay at over 100,000 merchants. Users will be able to activate a stablecoin wallet in the app over the coming days. RedCoin will be fully backed by high-quality liquid assets held in separate accounts. The rollout follows the Hong Kong Monetary Authority's April decision to grant its first stablecoin issuer licenses to HSBC and Anchorpoint Financial, a Standard Chartered-led venture. HSBC plans to add a RedCoin wallet to its Hong Kong mobile banking app later this year, allowing customers to buy tokenized investment products, including a new share class of its existing Hong Kong dollar money market fund.
- Hong Kong Inflation Rises To 1 . 9 %
Hong Kong's consumer price inflation rose to 1.9% year-on-year in September, faster than the 1.7% in August and above the 1.8% expected. The Census and Statistics Department said the increase was mainly driven by faster rises in inbound and outbound transport fares and package holiday charges. The rest of the article is behind a subscription wall.
- Chinese Stocks BABA, JD, PDD Slide After Hong Kong Tech Index Falls Below 4,000, Even As US Market Edges Higher
U.S.-listed Chinese internet stocks Alibaba (BABA), JD.com (JD) and PDD Holdings (PDD) fell about 3.6%, 3.8% and 3.5% midday Wednesday, while the S&P 500 and Nasdaq rose. The Hang Seng Tech Index dropped 1.26% to 3,994.77, below 4,000 and its lowest since October 2024, while the Hang Seng closed 0.9% lower at 23,651.87. The KraneShares China Internet ETF (KWEB) lost about 2.5%, as U.S. tech stocks advanced on AI interest and news about SpaceX and Tesla. SPCX rose about 8% after reporting 161% revenue growth in the third quarter, and Musk said both companies had formed special committees to discuss a possible merger. The 10-year U.S. Treasury yield was near 5.1%, and Alibaba had reported a 75% profit decline for the June quarter.
- Hong Kong just raised rates into a year of strong economic growth
The Hong Kong Monetary Authority raised its base rate to 4.25% on 17 September, its first increase in over three years, a day after the Federal Reserve lifted its target range to 3-3/4 to 4%. Under the Linked Exchange Rate System, Hong Kong's monetary policy tracks the Fed's, even as the local economy is strong: real GDP rose 4.3% year on year in the second quarter, and the government raised its full-year growth forecast to 3.5-4.5%. HKMA chief executive Eddie Yue warned that a wider rate gap could weaken the Hong Kong dollar and encourage carry trades, and defending the peg drains liquidity from the banking system and pushes up HIBOR. The article notes that businesses cannot control bank rates, but financing secured against listed shares is priced off the value of the shares, which can take part of the imported rate path out of the calculation.
- Weaknesses of the Hong Kong Capital Market
Samson Tam Wai-ho, honorary chairman of the Hong Kong Electronic Industries Association (HKEIA), says the city's biggest weakness is a shortage of early-stage funds and investors for startups, with about 100 active funds compared with about 400 in Shenzhen. He argues Hong Kong should make it easier for funds to exit through listings or mergers and acquisitions, and simplify fundraising for startups, noting that the US's easier listing process has attracted many funds and startups. The Hong Kong Exchanges and Clearing (HKEX) has proposed cutting the post-listing waiting period for spun-off subsidiaries from 3 years to 1 year and reducing the number of transactions requiring shareholder approval. HKEIA also plans to arrange about 30 pioneering companies to meet investors and family offices.
- Green SM of Mr. Phạm Nhật Vượng Confirms IPO Plan, but the Chosen Venue Is Not Vietnam
In a report following its meeting with Vingroup, VNDIRECT Securities said Green SM's leadership confirmed plans for an IPO in Hong Kong, though no timing or size has been disclosed. Green SM currently operates about 288,000 electric vehicles across 8 countries and aims to expand to 11 by the end of 2026, with an estimated market share of about 55%. In 2025 the company recorded gross merchandise value (GMV) of about 1 billion USD and turned EBITDA positive in Vietnam as well as on a consolidated basis. Analysts cite operating costs for electric vehicles up to 50% lower than combustion-engine equivalents, and the company benefits from support by VinFast and V-GREEN in vehicles and charging infrastructure. The report also notes that VinFast's India sales rose from about 300 units in its first month to nearly 3,000 in September, with over 1 billion USD in CapEx planned for 2026.
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Family offices say higher interest rates have made them more selective about real estate, focusing on heavily discounted properties and assets with strong pricing power. Rob Haugen of Michels Family Office says the firm will only pursue especially attractive projects until it has strong conviction that rates are heading down, targeting yields on cost in the high single digits or double digits. Joel Houck of HB Wealth has seen more interest from large family offices in industrial warehouses, farmland and timberland, which can offer inflation protection and tax efficiency, and generally steers clients away from funds with leverage above 65%. Cresset views data centers as more of a technology investment than real estate because of the risk that a 15-year lease becomes less valuable as technology changes, while Haugen is wary of 10- to 15-year lock-ups at high interest rates.
- Salesforce Is Betting Big on AI. The Payoff Could Be Bigger Than Investors Expect
24/7 Wall St. sets a $346.52 price target for Salesforce (CRM) over the next 12 months, versus shares at $242.92 (about 42.6% upside), and carries a buy rating at 90% confidence. The article argues that Agentforce ARR above $1.5 billion, up over 240%, and a buyback that reduces the share count are not fully reflected in the stock price. In fiscal Q2 2027, revenue rose 10.8% to $11.345 billion and non-GAAP EPS of $5.90 beat estimates, though about $2.53 per share came from strategic investment gains, and operating income was flat at $2.331 billion. Risks include acquisition costs such as the Braze deal, rising restructuring charges, free cash flow growth of only about 4-5%, and a 37.42% drop in shareholders' equity after the debt-funded buyback. The article puts its bull case at $387.36 and its bear case at $282.
- Here Are Friday’s Top Wall Street Analyst Research Calls: Deckers Outdoor, Globe Life, Guardant Health, Hess Midstream LP, Kimberly-Clark, Natera, NVR, SpaceX, Thermo Fisher Scientific, and More
The market fell sharply on Thursday as the Nasdaq Composite dropped 2.6% to 26,008 and the S&P 500 fell 1.21% to 7,553, after Meta reported negative free cash flow for the quarter despite an earnings beat. U.S. 30-year Treasury yields fell 15 basis points to 5.28% in a safe-haven rush, while Brent crude closed at $113 amid tensions related to the war with Iran. Bitcoin fell over 3%, and crypto liquidations topped $431 million. Among upgrades, Hess Midstream (HESM) moved to Outperform from Market Perform at Raymond James with a $32 target, SpaceX (SPCX) was upgraded to Buy from Sell at Phillip Securities with its target raised to $250 from $75, and Skydance (SKYD) was upgraded to Neutral from Underweight at JPMorgan, which lowered its target to $9 from $14. Deckers Outdoor (DECK) was downgraded to Underweight from Neutral at Piper Sandler.
- The IMF Just Raised Its Economic Growth Forecast. Buried in the Report Is a Warning for Stock Investors.
The IMF's October 2026 World Economic Outlook forecasts global growth of 3.1% in 2026 and 3.7% in 2027. The author considers this fairly optimistic given high energy costs, the war in Iran and slowing growth in several advanced economies, especially Europe, while AI infrastructure investment is currently the dominant positive factor. About 95% of global growth comes from just 32 economies, down from 54 in April. If AI productivity gains fall short and AI investment slows, global GDP growth could be cut by 1.1% by 2028, with deeper losses in the US and Asia. The author adds that international diversification may offer limited protection, since nearly 40% of the Vanguard Total International Stock ETF (VXUS) is allocated to South Korea, Taiwan, China and Japan; the author suggests long-term investors avoid radical portfolio changes but be more cautious about adding tech, growth and semiconductor stocks.
- Ethereum Delays Glamsterdam Testnet Fork Over Gas Security Flaws
Ethereum developers postponed the planned Glamsterdam activation on the Hoodi test network after security firm ChainSecurity found that gas changes in the upgrade could let some smart contracts permanently record failed operations that were designed to be retryable. ChainSecurity said it has already found 13 real-world examples and is working with affected projects through responsible disclosure, while the Ethereum Foundation assesses how many contracts are exposed. The Hoodi upgrade had been due to go live on Monday, and no new date has been set. Glamsterdam has already activated on the Sepolia test network on October 6, producing blocks with a gas limit of nearly 200 million, more than three times mainnet's 60 million.
- Was crypto self-custody ever designed for beginners?
Recent security incidents involving Ledger and Coldcard hardware wallets have revived debate over whether self-custody suits beginners. Safe Labs CEO Rahul Rumalla argues self-custody was always meant for everyone, while Onramp CEO Michael Tanguma says it was never designed with newcomers in mind. Multisig wallets improve security but add complexity in signer coordination and recovery, and several signers can still approve a malicious transaction if all are deceived by the same compromised interface. Tangem's seedless design removes the recovery phrase, but losing every device permanently locks users out of their funds, and Foundation CEO Zach Herbert criticized the lack of a built-in screen for verifying transactions.
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