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 The largest initial public offering (IPO) in global financial history broke records in Shanghai and Hong Kong, soaking up more than US$3 trillion from retail investors, setting off frenzied bids for the shares of Ant Group.A record 19.05 trillion yuan (US$2.85 trillion) of bids were received from retail investors for Ant's shares on Shanghai's Star Market, exceeding the supply of shares by 870 times. In Hong Kong, 1.55 million retail investors, or about one-fifth of the city's population, poured in HK$1.3 trillion (US$167.7 billion) for the shares when the book closed at noon on Friday, overbidding by 394 times, according to people familiar with the matter.Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.The IPO has already mopped up more money than the stock sale by Chinese bottled water producer Nongfu Spring's HK$677.7 billion. The number of mom-and-pop investors in Ant Group will also exceed the record when 970,000 people submitted bids for the shares of the Industrial and Commercial Bank of China (ICBC) in 2006, according to stock exchange data."The offering is so hot that more than 1 million retail investors have sent their subscriptions," said Louis Tse Ming-kwong, managing director of Hong Kong-based brokerage Wealthy Securities. "It is a historic moment for Hong Kong's securities market."Retail inves
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 New York Community Bancorp, Inc. (NYSE:NYCB) shareholders are probably feeling a little disappointed, since its shares...
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 (Bloomberg) -- Fresh concerns about the outlook for technology giants fueled a decline U.S. equity-index futures on Friday. European shares fluctuated amid a string of mixed earnings reports.Nasdaq 100 contracts fell as much as 2.7% after Apple Inc.'s iPhone sales and Twitter Inc.'s user growth both missed estimates. Both stocks sank in premarket trading. The futures later pared the loss to about 1.2%. The scene was not entirely bleak, with Alphabet Inc. jumping after hours after reporting a rebound in digital advertising.In Europe, tech stocks also faltered as did Danish drug giant Novo Nordisk A/S, whose earnings underwhelmed analysts. Banco Bilbao Vizcaya Argentaria SA and NatWest Group Plc reported an improved picture for soured loans, fueling a rally in bank stocks. The dollar and Treasuries were steady, while European bonds slipped. Crude oil edged higher in New York.Weakness in technology shares is adding to volatility that's likely to remain elevated heading into next week's U.S. election. Global equities are on course for the worst weekly decline since March as lockdown measures in some countries and the lack of an agreement on U.S. stimulus dent sentiment. New U.S. coronavirus cases topped 89,000, setting a daily record."Our short-term risk-appetite indicator is firmly in negative territory," said Jean-Francois Paren, head of global markets research at Credit Agricole CIB, in a note to clients. "The adjustment of risky asset prices to the weaker epidemic and economic outlook could continue, which is
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