China’s vice finance minister says no need for economic stimulus

View gallery China’s Vice Finance Minister Zhu Guangyao addresses the media during a news conference at a hotel in BEIJING (Reuters) – China’s Vice Finance Minister Zhu Guangyao said there was no need for the government to stimulate the world’s No. 2 economy, saying on Tuesday that growth can instead be supported through structural adjustments. Zhu said while China faced a severe economic environment at home and abroad, it would keep economic policies stable. Speaking at a briefing ahead of G20 meeting in Russia next week, he said the United States must consider when and how fast it moderates its ultra-loose monetary policy. Central Bank Deputy Governor Yi Gang said the issue of how nations would cope as developed economies tighten their monetary policy would be a focus at the G20 meeting.

10 most popular finance stocks among hedge funds

** DDJ CAPITAL MANAGEMENT LLC The institutional investment manager appointed John O’Connor as senior vice president heading business development and client service. Connor joins DDJ from Morgan Stanley Investment Management where he was head of North American distribution. ** EVERBANK COMMERCIAL FINANCE INC The company, which provides asset-based lending and equipment financing, said Chris Ralston will join its technology team as a vice-president of business development. Ralston, to be based in San Francisco, will report to Jeff Teucke, general manager of the company’s technology platform. ** NIKKO ASSET MANAGEMENT CO LTD The company said it plans to appoint David Collins to the newly created role of head of group marketing and communications, based in Tokyo.

MOVES-EverBank Commercial Finance, Nikko Asset Management

Several funds closed their positions in Bank of America /quotes/zigman/190927/quotes/nls/bac BAC -0.55% last quarter, but it still kept a spot among the most popular financials. The discount to book is particularly significant here, though the bank is dependent on cost cutting to prove a good value from an earnings perspective. Billionaire Kerr Neilson’s Platinum Asset Management is one significant shareholder (see more stocks in Neilson’s portfolio) . Warren Buffett is known as a big fan of Wells Fargo /quotes/zigman/239557/quotes/nls/wfc WFC -0.87% , and his holding company Berkshire Hathaway led our list of significant shareholders of that bank. Wells Fargo’s earnings multiples are in line with those of its peers, even though its perceived safety results in a staggeringly high (by comparison) P/B of 1.5.

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