Sumitomo Mitsui Financial Group, Inc.
Sumitomo Mitsui Financial Group, Inc. is a financial holding company. The Company is active in two core business segments through its subsidiaries and associated companies. The Banking segment offers services, such as deposits, loans, securities transaction, securities investment, domestic and foreign exchange, futures trading, bond fiduciary and registration, trust, securities investment trust and insurance over-the-counter(OTC) sales. The Leasing segment mainly offers leasing services through Sumitomo Mitsui Finance & Leasing Company Limited. and Sumitomo Mitsui Auto Service Company , Limited in Japan and SMBC Leasing and Finance, Inc. overseas. The Company is also engaged in the credit cards, business consulting, membership business, accommodation loan, factoring, system development, debt management and collection, information processing, money collection, venture capital, investment adviser and financial derivative businesses, among others.
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Wall Street slumped sharply on Thursday after disappointing earnings reports and news of China's further tightening bank lending. The US dollar soared to one month high against a basket of currencies while investors shifted to haven.
Wall Street shares closed mixed as investors took a breather after the new year's rally and turned cautious ahead of the payroll and employment data due on Friday. Yesterday Asian shares ended mostly higher following the good performance in Wall Street. Hong Kong's Hang Seng Index was 2.1 per cent higher while Shanghai Composite added 1.2 per cent.
Daiwa Securities Group Inc. (TYO:8601) will invest in China through its affiliate, jointly with a Chinese state-run investment entity, to buy stakes in inland Chinese businesses.
Asian markets fell yesterday as investors remained sceptical and worried the deteriorating economy would not receive immediate help from the US stimulus plan. Tokyo stocks dropped 3%, led mostly by banks and exporters, as trading resumed after a holiday. Hong Kong's Hang Seng Index fell 2.3%, while Shanghai Composite lost 0.6%. The major indexes in Asia are likely to remain on a downward trend today.
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