While it is widely anticipated that more Asian banks will approach the equity capital markets to re-capitalise their balance sheets in the coming months, it was a surprise that someone chose to do so yesterday. Not only were Asian markets down almost across the board, but they were led lower by financial stocks in a sell-off that spilled over from the US the night before. This shift in sentiment was sparked by renewed concerns about loan losses at the US banks and the sustainability of their first quarter earnings, which have so far been above expectations -- at least on the headline numbers.
But Dah Sing Banking Group wasn't...
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