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☆ Asia markets mixed ahead of China trade data; Singapore first-quarter GDP climbs 2.7%
▼ + stars: | 2024-04-12 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets were mixed Friday after an inflation-fueled selloff in the previous session, with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers. China's trade data for March will be released later in the day, with exports forecast to fall 2.3% year on year by economists polled by Reuters. The city-state's central bank held its monetary policy steady, leaving the width and level of its policy band unchanged. In contrast to other countries, Singapore uses exchange rate settings for its monetary policy, instead of a benchmark interest rate. South Korea's March unemployment rate rose to 2.8%, while investors awaited the Bank of Korea's rate decision.

Persons: Singapore's Organizations: Reuters, Bank of Locations: Qingdao, Shandong province, Asia, Pacific, Singapore, South Korea, China

☆ KKR says China's real estate correction may only be halfway done
▼ + stars: | 2024-04-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

"A fundamentally overbuilt real estate industry needs to be addressed — and quickly," he said in the report, which counts Changchun Hua, KKR's chief economist for Greater China, among the co-authors. Real estate and related sectors once accounted for about one fifth or more of China's economy, depending on the breadth of analysts' calculations. Based on comparisons to housing corrections in the U.S., Japan and Spain, China's "housing market correction may be just halfway complete" in terms of its depth, the KKR report said. watch nowWhile KKR's report didn't provide much detail on expectations for specific real estate policy, the authors said more action by Beijing to improve China's real estate sector "could materially shift investor perception." Chinese officials have said the real estate sector remains in a period of adjustment, while Beijing shifts its emphasis toward manufacturing and what it considers "high-quality development."

Persons: Henry H, McVey, " McVey, Hong, Nomura Organizations: West Coast New, Nurphoto, Getty, BEIJING, KKR, Authorities, Housing Locations: West, Qingdao, East China's Shandong, China, Changchun Hua, Greater China, U.S, Japan, Spain, Beijing, China's

☆ A glut of cheap Chinese goods is flooding the world and stoking trade tensions
▼ + stars: | 2024-03-28 | by ( Hanna Ziady | Laura He | ) edition.cnn.com time to read: +8 min

The oversupply of Chinese goods in key industries is stoking tensions between the world’s biggest manufacturer and its major trading partners, including the United States and the European Union. From clothes to carsChina’s exports of low-priced goods got a boost after it joined the World Trade Organization (WTO) in 2001. “What China exports is advanced production capacity that meets the needs of foreign customers,” Xinhua News Agency wrote. US President Joe Biden recently pledged to investigate whether imports of Chinese vehicles pose a national security threat. “But perhaps more importantly, persistent oversupply and low prices of Chinese goods will add to geopolitical tensions and keep the threat of tariffs and counter-tariffs alive,” she wrote in a recent note.

Persons: Hong Kong CNN —, ” Jens Eskelund, Xi Jinping, Huang Jingwen, ” Eskelund, Brad W, ” Markus W, Voigt, China’s BYD, Warren Buffett, Setser, Li Qiang, “, ”, Joe Biden, Jennifer McKeown, Shawn Deng Organizations: Hong Kong CNN, European Union, European Union Chamber of Commerce, Zero, of, People, China’s National Bureau of Statistics, Council, Foreign Relations, World Trade Organization, Aream Group, Tesla, Getty, China Development Forum, Xinhua, Agency, ., EV, European Commission, WTO, Capital Economics Locations: Hong Kong, United States, China, Europe, Beijing, Xinhua, China's Shandong, . Washington, Brussels

☆ Apple iPhone sales plunge 24% in China as Huawei smartphone business resurges, report says
▼ + stars: | 2024-03-05 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Sales of Apple's iPhone plunged in China in the first six weeks of 2024, according to a Counterpoint Research report. The analyst firm said in a note on Tuesday that iPhone sales plunged 24% in the period, as Apple faced stiff competition from local smartphone firms like Huawei, Oppo, Vivo, and Xiaomi. In particular, Apple came under major pressure from Chinese tech giant Huawei, whose consumer business is experiencing a resurgence in China after the launch of its Mate 60 smartphone. Oppo's smartphone shipments dropped 29% year-on-year, while Vivo and Xiaomi logged drops of 15% and 7%, respectively, according to Counterpoint Research. Huawei smartphone unit shipments rose 64% year-over-year in the first six weeks of 2024, according to Counterpoint Research.

Persons: Apple, Neil Shah, Shah, Arjun Kharpal Organizations: Apple, Research, Huawei, Oppo, Counterpoint Research, CNBC Locations: Yantai, East China's Shandong, China, Vivo, U.S, iPhones

☆ Red Sea attack-fueled ocean freight inflation is starting to ease on key global trade routes
▼ + stars: | 2024-02-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Future Publishing | Future Publishing | Getty ImagesThe Red Sea crisis has fueled a sharp spike in ocean freight inflation over the past two months, but there are signs that upward pressure on shipping rates on key trade routes may have peaked. Shipping rates on ocean routes from Asia to the U.S. are beginning to decline, based on analysis of the latest cargo data from Xeneta, a leading ocean and air freight benchmarking platform. The reversal in ocean freight pricing comes despite a maritime threat to global commercial shipping companies that shows no signs of waning. The timing of the rate decreases could influence new contracts in negotiations between ocean freight carriers and shippers at the beginning of March. "Either way, the next few weeks is crunch time for both ocean freight carriers and shippers and could define their fortunes for the rest of 2024."

Persons: Emily Stausbøll, Stausbøll Organizations: Future Publishing, Shipping, United Kingdom Maritime Trade, CNBC, FEU, U.S ., U.S Locations: Qingdao, Shandong province, Asia, Xeneta, Europe, U.S, East Coast, West Coast, Aden, Yemen, West, East, U.S . West Coast, Covid, Africa, Suez

☆ China vows to help its EV champions succeed overseas despite threats of sanctions
▼ + stars: | 2024-02-07 | by ( Laura He | ) edition.cnn.com time to read: +3 min

On Wednesday, China’s Commerce Ministry posted a document signed late last year by nine government agencies, including the Foreign Ministry and the central bank, vowing to support Chinese EV makers with their globalization push. It also encouraged Chinese EV companies to cooperate with foreign manufacturers in technology and build supply chains that can benefit everyone. Chinese EV makers are taking the world by storm, even if they are largely locked out of key markets like the United States. Chinese EV makers are seeking alternative growth engines overseas because the picture is gloomy at home. The flood of cheaper Chinese vehicles has triggered trade tensions with some countries.

Persons: “, Biden Organizations: Hong Kong CNN, China’s Commerce, Foreign Ministry, Chinese EV, Getty, EV, China Association of Auto Manufacturers, European Commission, Wall Street Locations: China, Hong Kong, Europe, United States, Chinese, China's Shandong, Australia, Southeast Asia, Japan, Shenzhen, Hungary

Over the last several years, such upstart consumer brands have been gaining market share in China and South Korea, according to a report from Bain and Company released Monday. China and South Korea stood out as markets where insurgent brands were doing particularly well. In South Korea, incumbent brands dominated just four sectors — fragrances, confectionery, diapers and bottled water, the report showed. High penetration of e-commerce in Indonesia (26%) and Singapore (13%) also gave insurgent brands a boost. Incumbent brands still hot

Persons: David Zehner, Bain, Zehner, There's, It's Organizations: Future Publishing, Bain and Company, Bain, CNBC Locations: Qingzhou city, East China's Shandong, Asia, China, South Korea, Pacific, South, Indonesia, Singapore, Malaysia, Philippines, India, confectionary

☆ BYD: Why Hungary and Mexico could be key to the Chinese carmaker’s global domination
▼ + stars: | 2024-01-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +9 min

The cars come from BYD, the Chinese carmaker that is backed by Warren Buffett and has surpassed Tesla as the world’s biggest seller of electric vehicles (EVs). 1," a shipping carrier vessel intended to export BYD vehicles, at Yantai port in eastern China's Shandong province in January. BYD Mexico did not respond to a request for comment. “The US government is not going to like that Mexico is creating a back door.”A BYD electric vehicle, operated by Vemo taxi, in Mexico City in November. But as it continues to grow overseas, BYD will have to take a more localized approach, analysts say.

Persons: Warren Buffett, Tesla, BYD, Viktor Orbán’s, Yucatán, what’s, Elon Musk, Tu Le, carmaker, Hungary —, Matthias Schmidt, ”, “, Schmidt, Bill Russo, it’s, Le, Mariceu Ethrall, It’s, “ It’s, ‘ We’re, ’ ”, Stella Li, México, ” Li, Wang Chuanfu, BYD “, Russo, they’ve, ” Russo Organizations: Hong Kong CNN, Xinhua, Getty, CNN, Tesla, BMW, Audi, European Union, Schmidt Automotive Research, EV, European Commission, Bloomberg, BYD, El Locations: Hong Kong, China, Europe, BYD, Shenzhen, Germany, Netherlands, Hungary, Mexico, North America, China's Shandong, Szeged, Komárom, France, Shanghai, Hungarian, United States, Canada, Mexico City, Mexican, Dutch, Rotterdam, California, Brazil, Indonesia, Thailand, Uzbekistan, Macao, Taiwan, Japan, what’s

☆ China’s youths throng bargain basements as economy bites: ‘The first floor is too expensive’
▼ + stars: | 2023-12-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

Future Publishing | Future Publishing | Getty ImagesMin Li doesn't go to the mall often. The name of the game for Chinese youth in 2024 is trading down. Anything not in the basement floors is considered to be "in heaven," signaling it's out of reach. Citizens shopping for Mid-Autumn Festival gifts at a shopping mall in Yantai, East China's Shandong province, Sept 25, 2023. (Photo credit should read CFOTO/Future Publishing via Getty Images) Future Publishing | Future Publishing | Getty Images"The name of the game for Chinese youth in 2024 is trading down.

Persons: Min Li doesn't, Gucci, Chanel, Louis Vuitton, She's, Shaun Rein, Rein, Jia Miao, Jia, Chung Chi, Miao Organizations: Future Publishing, Getty, Apple, China Market Research Group, Starbucks, China Market Research, Weibo, Citizens, Publishing, New York University Shanghai, MyCOS Research, NYU Shanghai, Hong Kong Polytechnic University, McKinsey, China's, China News Service Locations: Yantai, East China's Shandong province, Weibo, East China's Shandong, Covid, NYU Shanghai China, Shanghai, Guangzhou

☆ Explainer: Iran's expanding oil trade with top buyer China
▼ + stars: | 2023-11-10 | by ( Muyu Xu | ) www.reuters.com time to read: +5 min

Here are key facts on Iran's oil trade with China:HOW MUCH IRANIAN OIL IS CHINA BUYING? HOW DOES IRANIAN OIL ENTER CHINA? Almost all Iranian oil entering China is branded as originating from Malaysia or other Middle Eastern countries. China regulates crude oil imports by issuing quotas. Giant state refiners Sinopec and PetroChina were once key Iranian oil clients, with investments in oilfields in the country.

Persons: Raheb, Donald Trump, refiners, China's, Muyu Xu, Florence Tan, Tony Munroe, Kim Coghill Organizations: REUTERS, Hamas, Imports, Reuters, Brent, Washington, State Department, Thomson Locations: Iranian, Iran, Israel, Tehran, China, CHINA, Washington, Malaysia, Oman, UAE, China's Shandong, Kpler, Shandong, Russia, Venezuela, Beijing, U.S

☆ The global freight recession will continue in 2024: CNBC Supply Chain Survey
▼ + stars: | 2023-11-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

watch nowThe global shipping industry has been mired in a freight recession this year and the challenging economic conditions will continue into 2024, according to a new CNBC Supply Chain Survey. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. "Without more freight moving, 2024, and potentially 2025, will continue to see soft pricing as capacity outstrips demand," he said. Freight trucking will remain soft Trucking companies get paid per load, and low expectations for orders imply potentially lower revenue this holiday season. A slightly better second half 2024 outlook The survey shows expectations for a slight turnaround in freight volume in the second half of 2024.

Persons: Robinson, Kuehne, Nagel, Zhang Jingang, Alan Baer, Noah Hoffman, Jeff Bezos, Uber, Tim Robertson, Robertson, Brian Bourke Organizations: CNBC Supply Chain Survey, CNBC, Chain Survey, SEKO Logistics, DHL Global, USA, ITS Logistics, Getty, Logistics, C.H, Surface Transportation, Convoy, Tank Transport Locations: Qingdao, Shandong province, China

☆ Oil gains ahead of Fed meeting as Middle East conflict persists
▼ + stars: | 2023-11-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict. Brent January crude futures rose 36 cents, or 0.4%, to $85.38 a barrel by 0040 GMT, after falling $1.33 on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken Organizations: Raffles, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel Locations: Yantai, East China's Shandong province, Israel, ., Europe, East, Gaza, U.S

☆ Oil dips as caution about data-heavy week offsets Mid-East war boost
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: +1 min

Oil prices slipped $1 a barrel on Monday as investors adopted caution ahead of the Fed policy meeting and China's manufacturing data later this week, offsetting support from geopolitical tensions in the Middle East. "Despite an escalation in the Hamas-Israel war, the ground invasion was widely expected," Teng said. "The weekend playout signals no further expansion into a wider regional war, which caused a retreat in oil prices." Last week, Brent and WTI marked their first weekly fall in three weeks as developments in the Middle East keep investors on edge and prices volatile. 2 oil consumer after Beijing launched a burst of supportive policy measures.

Persons: Tina Teng, Brent, WTI, Israel, stoking, Teng Organizations: Raffles, Brent, West Texas, Federal Reserve, Apple Inc, CMC Locations: Yantai, East China's Shandong province, Gaza, Hamas, Israel, China, Beijing

☆ China's exports and imports drop again in September
▼ + stars: | 2023-10-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

In U.S.-dollar terms, exports fell by 6.2% last month from a year ago. China's exports have fallen on a year-on-year basis every month this year starting in May. The last positive print for imports on a year-on-year basis was in September last year. For the first three quarters of the year, China's exports to the U.S. fell by 16.4%, while imports dropped by 6% during that time. The volume of China's cosmetics imports fell by 14.2% in the first three quarters compared to a year ago.

Organizations: Future Publishing, Getty, Imports, Reuters, European Union, CNBC, Association of Southeast, Nations, EU, U.S, Monetary Fund, Initiative Locations: Qingdao, Shandong province, BEIJING, China, U.S, Russia, Europe, Southeast Asia

☆ Oil prices rise on supply deficit concerns
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: +1 min

The "Bay Drill 3" jack-up drilling rig is pulled by a tugboat at CIMC Raffles' construction base in Yantai, East China's Shandong province, April 26, 2023. Oil prices rose in early trade on Tuesday for the fourth consecutive session, as weak shale output in the U.S. spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia. U.S. West Texas Intermediate crude futures rose 90 cents, or 1%, to $92.38, by 0018 GMT, just under a 10-month high reached on Monday, while global oil benchmark Brent crude futures rose 27 cents, or 0.3%, to $94.70 a barrel. U.S. oil output from top shale-producing regions is on track to fall to 9.393 million barrels per day in October, the lowest level since May 2023, the U.S. Energy Information Administration said on Monday. Those estimates come after Saudi Arabia and Russia this month extended a combined 1.3 million barrels per day of supply cuts to the end of the year.

Persons: Prince Abdulaziz bin Salman Organizations: Raffles, U.S . West Texas, Brent, U.S . Energy, Administration, Saudi Arabia's Energy Locations: Yantai, East China's Shandong province, U.S, Saudi Arabia, Russia

☆ Taiwan says Chinese carrier group in Western Pacific for training
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

A helicopter takes off from China's Shandong aircraft carrier, over Pacific Ocean waters, south of Okinawa prefecture, Japan, in this handout photo taken April 15, 2023 and released by the Joint Staff Office of the Defense Ministry of Japan April 17, 2023. Joint Staff Office of the Defense Ministry of Japan/HANDOUT via REUTERS/File Photo Acquire Licensing RightsTAIPEI, Sept 11 (Reuters) - A Chinese naval formation led by the aircraft carrier Shandong passed 60 nautical miles (111km) to Taiwan's southeast on Monday and entered the western Pacific for training, the island's defence ministry said. The ministry said that beginning at 5:40 a.m., it also spotted 11 Chinese military aircraft, including J-16 fighters, in Taiwan's air defence identification zone and that its forces had made an "appropriate response". The Shandong, commissioned in 2019, participated in Chinese military drills around Taiwan in April, operating in the western Pacific. Reporting by Ben Blanchard; Editing by Muralikumar Anantharaman and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Ben Blanchard, Muralikumar Anantharaman, Gerry Doyle Organizations: Shandong, Joint Staff Office, Defense Ministry, Staff Office, Defense Ministry of Japan, REUTERS, Rights, Thomson Locations: Okinawa prefecture, Japan, Rights TAIPEI, Shandong, Pacific, Taiwan, Taiwan Strait, U.S, Canadian, India, China, United States

☆ Asia markets mixed ahead of trade data from China and Australia
▼ + stars: | 2023-09-07 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A view of the automated container port in Qingdao in east China's Shandong province. Zhang Jingang | Future Publishing | Getty ImagesAsia-Pacific markets were mixed on Thursday, following a sell off on Wall Street and ahead of trade data from China and Australia. In Australia, the S&P/ASX 200 slid 0.45% ahead of its August trade data release. Japan's Nikkei 225 rose marginally after eight straight days of gains, while the Topix was 0.1% higher. Futures for Hong Kong's Hang Seng index were mostly flat and stood at 18,449, compared with the HSI's close of 18,449.98.

Persons: Zhang Jingang, Kospi Organizations: Getty, Reuters, Nikkei Locations: Qingdao, Shandong province, Asia, Pacific, China, Australia

☆ China's industrial profits extend slump into seventh month
▼ + stars: | 2023-08-27 | by ( ) www.cnbc.com time to read: +1 min

A view of the automated container port in Qingdao in east China's Shandong province. Profits at China's industrial firms fell 6.7% in July from a year earlier, extending this year's slump to a seventh month with weak demand squeezing companies as a post-pandemic recovery faltered in the world's second-biggest economy. Profits were down 8.3% in June, according to the bureau, which only occasionally publishes monthly figures. "Commodity prices are running low, the pressure on raw material costs in the midstream and downstream industries has eased. Major banks have downgraded their growth forecasts for the year to below the government's target of about 5% as recovery sputters on a worsening property slump, weak consumer spending and tumbling credit growth, prompting the authorities to slash interest and promise further support.

Persons: Sun Xiao Organizations: National Bureau, Statistics, Unit, NBS, Big, China Aluminum International Locations: Qingdao, Shandong

☆ Oil eases on stronger dollar, China demand concerns
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Monday after seven straight weeks of gains supported by tightening supply on OPEC+ output cuts, as concerns about China's faltering economic recovery and a stronger dollar weighed. Oil may be range-bound this week as China's sluggish economic recovery and a stronger U.S. dollar could depress prices, but OPEC+ would do whatever it takes to keep supply tight and stabilize markets, CMC Markets analyst Tina Teng said. A Russian warship fired warning shots at a cargo ship in the Black Sea on Sunday, ratcheting up tensions in a key area for commodities exports from Ukraine and Russia. "Escalating tensions between Russia and Ukraine has raised the prospect of disruption to trade in the Black Sea," ANZ analysts said in a note, adding that the Black Sea handles around 15%-20% of oil that Russia sells. In the U.S., the number of operating oil rigs held steady at 525 last week, after falling for eight weeks in a row, according to Baker Hughes weekly report.

Persons: Tina Teng, Brent, Baker Hughes Organizations: Raffles, Brent, West Texas, U.S, Federal, CMC, Organization of, Petroleum, International Energy Agency, ANZ Locations: Yantai, East China's Shandong province, OPEC, Saudi Arabia, Russia, Russian, Ukraine, U.S

☆ Oil holds near three-month high on signs supply is tightening
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: +2 min

Oil price were little changed on Tuesday, trading near a three-month high reached on Monday, on signs of tightening global supply as producers implement output cuts and strong demand in the United States, the world's biggest fuel consumer. Brent crude futures for October were at $85.30 a barrel at 0135 GMT, down 13 cents or 0.15% lower from its close. The data showing the supply cuts coincided with U.S. figures released on Monday showing fuel demand rose to 20.78 million bpd in May, the highest since August 2019. The data from the Energy Information Administration also showed gasoline demand, expressed as product supplied to the market, surged to 9.11 million bpd, the highest since June 2022. U.S. crude oil and gasoline stockpiles were expected to have declined last week, according to a Reuters poll which estimated on average that crude inventories fell by about 900,000 barrels in the week to July 28.

Persons: Brent Organizations: Raffles, Brent, . West Texas, of Petroleum, National Australia Bank, Organization of, Petroleum, Energy, Administration Locations: Yantai, East China's Shandong province, United States, ., Saudi, Saudi Arabia, Russia

☆ Asia's factories face weak demand, signaling growth challenges ahead
▼ + stars: | 2023-08-01 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Six out of the nine private surveys released Tuesday showed that manufacturing activity in Asia's major producers again contracted in July. In addition to China, readings for Japan, South Korea, Malaysia, Taiwan, Vietnam also signaled contraction in manufacturing activity. "The data reaffirm our view that external demand will constitute a headwind to growth in the second half of 2023." PMI manufacturing surveys are leading indicators of economic activity. A reading above 50 points to an expansion in activity, while a reading below that level suggests a contraction.

Persons: PMIs, Shivaan Tandon Organizations: Factories, Emerging, Capital Economics, PMI Locations: East China's Shandong province, Asia, China, Japan, South Korea, Malaysia, Taiwan, Vietnam, India, Indonesia, Philippines, Emerging Asia

☆ Typhoon Doksuri and Khanun: Thousands in China flee homes as one soaks Beijing and the second approaches Typhoon Doksuri lashes Beijing and floods parts of China, while another storm approaches
▼ + stars: | 2023-07-31 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +6 min

A civilian rescue team help flood-stranded people onto a rubber boat in Quanzhou in southeast China's Fujian province on July 29, 2023. Even as Doksuri tapers off, authorities are preparing for incoming Khanun, the sixth typhoon projected to hit China this year. This weekend, a total of 1,015 people suffered heat-related diseases, which the KDCA defines as heat stroke, heat exhaustion, heat cramps, heat syncope and heat edema. The city of Gyeongju saw temperatures reach 36.8 degrees Celsius (98.24 Fahrenheit) and Jeongseon county saw temperatures reach 36.1 Celsius (96.98 Fahrenheit), according to the Korea Meteorological Administration. Seoul’s affluent Gangnam district saw temperatures reach to 35.7 degrees Celsius (around 96.2 Fahrenheit), while North Gyeongsang Province saw temperatures reach 38.1 degrees Celsius (100.58 degrees Fahrenheit).

Persons: Doksuri, hurtled, Saomi, Rita, Khanun Organizations: CNN, CCTV, Xinhua, China Meteorological Administration, Xinhua News Agency, Getty, CNN Weather, Joint Typhoon Warning, South Korea swelters, Korea Disease Control, Prevention Agency, Korea Meteorological Administration Locations: Beijing, China, Fujian, Liaoning, Hebei, Quanzhou, China's Fujian, Philippines, Taiwan, Zaozhuang, China's Shandong, Zhejiang, Okinawa, East, Naha, Miyako, Asia Asia, South Korea, Korea, Gyeongju, Jeongseon, Gangnam, North Gyeongsang Province

☆ Oil prices up on tighter supply, lower U.S. inflation
▼ + stars: | 2023-07-14 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Friday on support from tighter supply amid issues in Libya and Nigeria and easing U.S. inflation, which markets hope may bring an end to interest rate hikes in the world's biggest economy. U.S. consumer prices rose modestly in June at the smallest annual increase rate in more than two years as inflation continued to subside. Producer prices also barely rose in June, and the annual increase was the smallest in nearly three years. Separately, Shell has suspended loadings of Nigeria's Forcados crude oil due to a potential leak at a terminal. Saudi Arabia and Russia, the world's biggest oil exporters, this month agreed to deepen oil cuts in place since November last year, providing further support to crude prices.

Organizations: Raffles, Brent, . West Texas, U.S . Federal, ANZ Research, Shell Locations: Yantai, East China's Shandong province, Libya, Nigeria, Saudi Arabia, Russia

☆ Oil prices ease as worries over global economic slowdown weigh
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Wednesday, paring the previous day's gain as fears over a global economic slowdown denting fuel demand outweighed expectations of tighter supply due to output cuts announced by top exporters Saudi Arabia and Russia for August. Brent crude was down 14 cents, or 0.2%, at $76.11 a barrel by 0027 GMT, after climbing $1.60 on Tuesday. "Oil prices came under pressure again due to lingering worries over a slowdown in the global economy and further hikes of interest rates in the United States and Europe," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting. The latest decision by Saudi and Russia could be viewed as a bearish signal for prices, as it confirms that optimistic views on demand growth are faltering. Investors remained concerned about oil demand, however, after business surveys showed a slump in global factory activity because of sluggish demand in China and in Europe.

Persons: paring, Brent, Tomomichi Akuta Organizations: Raffles, . West Texas, Mitsubishi UFJ Research, Consulting, Saudi, OPEC, of, Petroleum, Investors, Traders, American Petroleum Institute, Reuters Locations: Yantai, East China's Shandong province, Saudi Arabia, Russia, ., Monday's, U.S, United States, Europe, China, Algeria

A worker grinds at a workshop of an equipment manufacturing company in Qingzhou Economic Development Zone, East China's Shandong province, March 31, 2023. Asia-Pacific markets are set for a mixed open ahead of a slew of manufacturing activity reports being released around the region. Most notably, China's Caixin manufacturing purchasing managers index will be released today. Private surveys for factory activity in Japan, South Korea, Taiwan and India will be released today as well as Thailand, Indonesia, Malaysia, the Philippines and Vietnam. In Japan, the Nikkei 225 is set to open higher, with the futures contract in Chicago at 33,485, and its counterpart in Osaka at 33,420 against its last close at 33,189.04.

Persons: grinds Organizations: Reuters, Nikkei Locations: East China's Shandong province, Asia, Pacific, Japan, South Korea, Taiwan, India, Thailand, Indonesia, Malaysia, Philippines, Vietnam, Chicago, Osaka

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