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☆ Earnings will drive the market next week — what we expect from 2 portfolio stocks
▼ + stars: | 2024-05-04 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

With the Fed, Apple earnings and the jobs report passing with flying colors this week, the runway to more gains looks a lot less cluttered. This past week was chock full of Club earnings: 12 portfolio companies, including Apple , delivered results. Analysts expect Wynn's earnings per share of $1.27 versus 29 cents a year ago when China was not fully back from Covid. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jerome Powell, we're, Jim Cramer, Jim, Apple, Eli Lilly, Estee Lauder, Stanley Black, Decker, Bausch, FactSet, It's, Bob Iger, Iger, Nelson Peltz, We're, Krystal, Berkshire Hathaway, Tyson, Jones Lang, Walt, Ferrari N.V, WK Kellogg, Wynn, Vishay, CRON, MARA, RICK, Ginkgo, Jim Cramer's, David Paul Morris Organizations: Federal Reserve, Apple, GE Healthcare, DuPont, Linde, Bausch Health, Coterra Energy, Club, Disney, Wynn Resorts, CNBC, Revenue, Vegas Sands, Cotai, Boston, Airlines, Krystal Biotech, Alpha Metallurgical Resources, Axsome Therapeutics, Tyson Foods, TSN, Bowlero Corp, CNA Financial Corp, CNA, Jones Lang LaSalle Incorporated, Technologies, Realty Income Corp, Lab, Teradata Corp, Technology, FMC Corporation, FMC, Paymentus Holdings, Shockwave, Vertex Pharmaceuticals, Goodyear Tire & Rubber Company, Simon Property Group, Sterling Construction Company, Apple Hospitality, Boise Cascade Corporation, BellRing Brands, Coty, COTY, Fidelity National Information Services Inc, Vornado Realty, Walt Disney Co, Holdings, Madrigal Pharmaceuticals, Nikola Corporation, BP, Rockwell Automation, MarketAxess Holdings, Jumia Technologies, GEO Group, Builders FirstSource Inc, Duke Energy Corp, WYNN, Rivian Automotive, Arista Networks, Occidental Petroleum Corp, Astera Labs, Bros, Flywire Corporation, B2Gold Corp, Kinross Gold Corp, Virgin Galactic Holdings, iRobot Corp, Electronic Arts Inc, McKesson Corp, ACM Research, Avadel Pharmaceuticals, Toyota Motor Corp, Emerson Electric Co, Perion, Editas, Brink's Company, Sinclair Corporation, New Fortress Energy, Starwood Property Trust, Animal Health, ELAN, Farms, IM Cannabis Corp, Fox Corporation, Formula One, Icahn Enterprises, Teva Pharmaceutical Industries, Arm Holdings plc, ARM, AMC Entertainment Holdings, Trade, AppLovin Corporation, Sciences Corp, SolarEdge Technologies, Roblox Corporation, GigaCloud Technology Inc, Warner Bros ., Properties Trust, Growers, Constellation Energy Group, Cronos, Fiverr, Solar Inc, EPAM Systems, Cedar Fair Entertainment, Digital Holdings, RCI Hospitality Holdings, Akamai Technologies, Semiconductor, Insulet Corp, NuScale Power Corporation, Ginkgo Bioworks Holdings, Bloom Energy Corporation, Construction, AMC Networks, CRH Public Ltd . Company, Jim Cramer's Charitable, Allen, Co . Media, Technology Conference, Bloomberg, Getty Locations: China, Eaton, Amazon, Covid, Macao, Vegas, Sun Valley , Idaho

☆ Here are Wednesday's biggest analyst calls: Tesla, Amazon, Alphabet, Meta, UPS, Tyson, Disney, SoFi & more
▼ + stars: | 2024-04-03 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

"We are initiating coverage of SoFi Technologies (SOFI) with a BUY rating and a $10 price target." "Weighing Robinhood's Compelling New Product Roadmap Against a Now More Demanding Stock Price / Valuation." "As a result of higher revenue and Adjusted EBITDA estimates, we are raising our price target to $230 from $160 previously, and maintaining our MP rating." Wells Fargo reiterates Alphabet as equal weight Wells lowered its price target on Alphabet to $141 per share from $144. Guggenheim reiterates Disney as buy Guggenheim raised its price target on the stock to $140 per share from $125. "

Persons: Needham, SoFi, Baird, INFA, Piper Sandler, Piper, KBW, DA Davidson, ZETA, Goldman Sachs, Goldman, it's, Carlisle, Raymond James, Jones Lang LaSalle, Eaton Deutsche, Wells, it's bullish, Tyson, Guggenheim, Tesla, Riley, Gordon Haskett Organizations: SoFi Technologies, Ecolab Inc, Citi, Zeta Global, DA, Carlisle Companies, Deutsche Bank, Eaton, Fluence, Meta, PepsiCo, Argus, JPMorgan, UW, Tyson Foods Citi, UPS, Barclays, Amazon, Disney, Guggenheim, Deutsche, Holdings, Booking Holdings, Inc, Costco, Northland, WT Locations: Northland

☆ Crafts Retailer Joann Files for Bankruptcy
▼ + stars: | 2024-03-18 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +2 min

Joann, the arts-and-crafts retailer that has operated for more than 80 years, has filed for bankruptcy as consumers pare back on D.I.Y. Its filing listed liabilities of $1 billion to $10 billion, and assets of $500 million to $1 billion. Joann’s shares will be delisted after its bankruptcy proceedings, and the company will be owned by its lenders and other stakeholders. The private equity firm Leonard Green & Partners bought Joann for roughly $1.6 billion in 2011, and spun it off publicly in 2021. Joann owes about $12 million to Spinrite, a craft yarn supplier, its largest unsecured creditor.

Persons: Joann, pare, Ann, Leonard Green, Jones Lang LaSalle Organizations: Nasdaq, Leonard Green & Partners, FedEx Locations: D.I.Y, Hudson , Ohio

☆ China's consumer prices dip back into decline amid limp demand
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Nov 9 (Reuters) - China's consumer prices swung back into contraction and factory-gate deflation persisted in October as domestic demand struggled, weighing on the outlook for any broader-based recovery in the world's second-largest economy. The headline figure was dragged by a further slump in pork prices, down 30.1%, speeding up from a 22% slide in September, amid an oversupply of pigs and weak demand. Consumer prices slipped into deflation in July and returned to positive territory in August but were flat in September. "The data shows combating persistent disinflation amid weak demand remains a challenge for Chinese policymakers," said Bruce Pang, chief economist at Jones Lang Lasalle. "We expect China's economy to grow by 5.0% in 2023, in accordance with the target set by authorities, followed by 4.0% growth in 2024 and 2025," said Moody's on Thursday.

Persons: China's, Bruce Pang, Jones Lang Lasalle, Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: National Bureau of Statistics, Jones, Authorities, Thomson Locations: BEIJING, China, Beijing, West

☆ Analysis: WeWork's troubles darken outlook for embattled office market
▼ + stars: | 2023-11-03 | by ( Sinead Cruise | ) www.reuters.com time to read: +6 min

Backed by Japan's SoftBank, WeWork aimed to revolutionise the office market by taking long leases on large properties and renting the space to multiple smaller businesses on more flexible, shorter arrangements. Some leveraged property investors could struggle to earn enough rental income to service rising debt costs, they said. The number and volume of real estate loans due for refinancing in 2024 is unclear because many deals are struck privately between borrower and lender, Ed Daubeney, co-head, debt and structured finance, EMEA, at real estate services firm Jones Lang LaSalle, told Reuters. U.S. industrial and office real estate investment trusts (REITs) were seen 35.8% more likely to default, versus expectations a year ago. "We're at a massive turning point in the real estate investment market globally," Jose Pellicer, head of real estate strategy at M&G Real Estate, said.

Persons: Kate Munsch, Japan's SoftBank, WeWork, Jeffrey Havsy, Ed Daubeney, Jones Lang LaSalle, Savills, refinancings, What's, MSCI, Jefferies, Jose Pellicer, Sinead Cruise, Elisa Martinuzzi, Mark Potter Organizations: REUTERS, Media, Real Estate, Reuters, Analysts, Europe, Flex, BNP, G, Thomson Locations: San Francisco , California, U.S, York, New York, London, United States, Europe, Britain, Germany, California

☆ WeWork's troubles darken outlook for embattled office market
▼ + stars: | 2023-11-03 | by ( Sinead Cruise | ) www.reuters.com time to read: +6 min

☆ China October factory surveys disappoint, weigh on Q4 momentum
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +4 min

The Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July and missing analysts' forecasts of 50.8 by a large margin. A slowdown in Chinese manufacturing will also soften China's imports. Following the release of the gloomy data, China shares (.SSEC) eased 0.15%, while Hong Kong's Hang Seng Index (.HSI) fell 0.75%. PMI surveys track business conditions and offer the first monthly snapshot of China's economic performance. New export orders for Chinese manufactured goods have shrunk for four consecutive months amid a relatively sluggish global economic climate.

Persons: China's, Hong, HSI, Bruce Pang, Jones Lang Lasalle, Goldman Sachs, Ellen Zhang, Ryan Woo, Kim Coghill, Lincoln Organizations: P Global, PMI, Manufacturers, London Metal Exchange, Jones, Goldman, Thomson Locations: BEIJING, Japan, South Korea, China, Guangzhou

☆ Dropbox plans to pay $79 million to shrink its huge SF office, after CEO says the RTO push will fail
▼ + stars: | 2023-10-23 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Dropbox will pay $79 million to give up 165,000 square feet of office space at its San Francisco HQ. The company switched to remote working during the pandemic and workers now follow a '90/10' routine. CEO Drew Houston has backed remote working, and said the return-to-office push is doomed to fail. AdvertisementAdvertisementDropbox is spending $79 million to give up a quarter of its San Francisco headquarters, as it continues to bet that remote working is here to stay. Dropbox's move to cut back on its physical office space is a fresh blow to San Francisco, which is going through a commercial real estate crisis .

Persons: Dropbox, Drew Houston, —, Fortune, Houston, Jones Lang LaSalle Organizations: San Francisco HQ, Service, San, SEC, CNBC, Jones Locations: San Francisco, Mission Bay

☆ The CEO of a Vietnam-based company explains why his team has a hybrid schedule when most companies in the country are back in the office
▼ + stars: | 2023-09-28 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

A CEO in Vietnam offers his team hybrid work, unlike many other companies in the country. AdvertisementAdvertisementDaan van Rossum's company is quite different from many other companies in Vietnam: It offers hybrid work. Neither Japan nor South Korea imposed a full national lockdown, so many workers never needed to adjust to remote work. In many ways, Singapore mirrors the US in that many companies offer remote work, given the country's more advanced digitization. AdvertisementAdvertisementAt the end of the day, van Rossum said there's still no answer on whether in-person or hybrid work is best.

Persons: —, van Rossum, Van Rossum, Jones Lang LaSalle, Van Rossum's, Daan van Rossum, it's, Vietnam —, there's Organizations: Service, Center for Creative Leadership Locations: Vietnam, Asia, Netherlands, Ho Chi Minh City, Americas, Europe, Japan, South Korea, India, Malaysia, Philippines, Sri Lanka, Singapore

☆ China's industrial profits extend slump for Jan-Aug, but pace of downturn eases
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +3 min

NBS statistician Yu Weining said in an accompanying statement that "a series of policies to promote macroeconomic recovery" last month's underpinned earnings. The breakdown in NBS data indicated that there was still some way to go for a robust recovery in overall earnings growth. Profits at state-owned firms slid 3.8% in first eight months, and fell 1.3% for foreign firms while private-sector companies saw earnings shrink 6.1%, the data showed. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.75 million) from their main operations. Reporting by Qiaoyi Li and Ryan Woo and Beijing newsroom Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Bruce Pang, Jones Lang Lasalle, Yu Weining, Qiaoyi Li, Ryan Woo, Shri Navaratnam Organizations: REUTERS, Rights, National Bureau of Statistics, Jones, NBS, Thomson Locations: Lianyungang, Jiangsu province, China, Rights BEIJING, Beijing

☆ Nobody has figured out return to office, but Asia is winning the battle
▼ + stars: | 2023-09-20 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Asian nations are beating out the US in terms of office occupancy and days worked in-person. While office occupancy in the Americas sits at 49%, Asia-Pacific office occupancy is 79%, slightly above Europe at 75%, according to data from real estate services firm Jones Lang LaSalle. TikTok has cracked down on its return-to-office policy through a tool called myRTO, which monitors in-person office attendance. Japan and South Korea have perhaps figured out return to office the best at 0.5 and 0.4 days respectively. Are you a worker in Europe or Asia who has recently returned to the office or never worked from home?

Persons: Jones Lang LaSalle Organizations: Service, San Francisco and New, McKinsey Global Institute, Nikkei, Nikkei Research, Bloomberg, New York Times Locations: South Korea, Wall, Silicon, Asia, Europe, Americas, France, Greece, Germany, United Kingdom, Belgium, Spain, San Francisco and, San Francisco and New York City, Shanghai, Tokyo, China, Japan

But analysts say more policy support is needed to shore up consumer demand in the world's second-biggest economy, with a labour market recovery slowing and household income expectations uncertain. "In general the inflation (rate) still points to weak demand and requires more policy support for the foreseeable future." DEFLATION PRESSURESCompared with the previous month, CPI rose 0.3%, picking up from 0.2% in July, the statistics bureau said. Pork prices rose 11.4% month-on-month, versus no change in July, due to the impact of extreme weather in some areas. Factory-gate deflation moderated in August due to improving demand for some industrial products and rising international crude oil prices, the statistics bureau said.

Persons: Tingshu Wang, Zhou Hao, Bruce Pang, Jones Lang Lasalle, Premier Li Qiang, Kevin Yao, Joe Cash, Sam Holmes, William Mallard Organizations: REUTERS, National Bureau of Statistics, Reuters, Guotai, ANZ, Jones, Premier, Thomson Locations: Beijing, China, BEIJING, Ukraine

☆ How Wall Street's REIT giants are reshaping U.S. real estate
▼ + stars: | 2023-09-01 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

U.S real estate investment trusts today manage $4.5 trillion in real estate worldwide. KKR's real estate business is one of the big players in the REIT game. The KKR Real Estate Select Trust, which currently manages $1.5 billion in assets, paid a dividend of 5.4% to its investors in July 2023. said Billy Butcher, CEO of KKR's global real estate business. Watch the video above to learn the fundamentals of real estate investment trusts.

Persons: Billy Butcher, Sher Hafeez, Jones Lang LaSalle, Michael Pestronk, REITs Organizations: KKR, Trust, CNBC, Jones, P Global Investments, Post, Invitation Locations: Philadelphia

However, in a hopeful sign for growth, conditions did not materially worsen even though the survey showed factories under persistent pressure. China's major manufacturing rivals in the region Japan and South Korea also reported sharp declines in output on Thursday. "It's too early to tell, but today's print suggests that a sequential uptick in growth activity in the third quarter could still be possible," said Louise Loo, senior economist with Oxford Economics. Policymakers remain under pressure to boost domestic demand as the global economy continues to slow. Going forward, "the actual implementation and effectiveness of policy support will be the key indicator to watch," he added.

Persons: It's, Louise Loo, Pan Gongsheng, Frederic Neumann, Bruce Pang, Jones Lang Lasalle, Joe Cash, Qiaoyi Li, Ellen Zhang, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, PMI, Oxford Economics, Reuters, People's Bank of, Global Research Asia, HSBC, Jones, Thomson Locations: Hangzhou, Zhejiang province, China, Rights BEIJING, Japan, South Korea, People's Bank of China, United States, Europe, Asia

Asian stocks were down and the dollar held firm after the weak Chinese data and latest policy easing measures. Investment in the property sector tumbled 8.5% year-on-year in January-July, after shrinking 7.9% in January-June, extending its fall for the 17th consecutive month. Demand for the property sector, once a pillar of economic growth, has remained weak in recent weeks. The nationwide survey-based jobless rate climbed slightly to 5.3% from 5.2% in June. After the youth jobless rate rose to record high of 21.3% in June, NBS spokesperson Fu Linghui said at Tuesday's press conference the bureau will suspend publishing the survey-based jobless rate for the 16-24 years old from August, adding China will further improve its employment statistics.

Persons: Julian Evans, Pritchard, Bruce Pang, Jones Lang Lasalle, Fu Linghui, Albee Zhang, Liangping Gao, Shri Navaratnam Organizations: National Bureau of Statistics, Retail, Capital Economics, Jones, Investment, Communist Party, NBS, Thomson Locations: BEIJING, China

☆ AI companies are flocking to San Francisco — giving the city's commercial real-estate market a much-needed boost
▼ + stars: | 2023-08-10 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

The city may have the recent AI boom to thank for the boost, experts say. According to data from VTS, San Francisco saw a recent boom in demand, experiencing a 10.2% demand increase in the most recent quarter. It's perhaps unsurprising that AI companies seem to have San Francisco in their sights. Quinn said JLL had 10 AI clients eyeing around 750,000 to one million square feet of San Francisco real estate. One AI company, Hive, recently announced it was subleasing three floors of a downtown San Francisco office — taking over space previously occupied by software company Okta, Bloomberg reported.

Persons: Alexander Quinn, Jones Lang LaSalle, Nick Romito –, –, There's, Romito, It's, Quinn, JLL, —, VTS's Romito, He's Organizations: Morning, PayPal, ChatGPT, San Francisco's Mission, San Francisco's, Economic, Workforce Development, Bloomberg Locations: Francisco, VTS, San Francisco, San Francisco's

☆ Canadian group buys German grocery property valued at more than $1 billion
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Aug 9 (Reuters) - A Canadian investor has agreed to buy a portfolio of German grocery properties valued at more than 1 billion euros ($1.09 billion), a sale that comes amid a drought of real estate transactions in Europe's largest economy. The buyer, Slate Asset Management, and the seller, x+bricks Group, on Wednesday announced that the sale of 188 properties would come in two tranches. Germany, the largest real estate investment market on the European continent, long benefited from an era of cheap money that fed a decade-long boom, but now it is grappling with a major about-face in fortune. Investment volumes in Germany are back to 2012's levels, according to Jones Lang LaSalle. ($1 = 0.9141 euros)Reporting by Matthias Inverardi; Writing by Tom Sims; Editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Jones Lang LaSalle, Matthias Inverardi, Tom Sims, Rachel More Organizations: FRANKFURT, Slate Asset Management, Wednesday, Thomson Locations: tranches, Germany

FRANKFURT, Aug 1 (Reuters) - Germany's property sector is under stress, prompting firms to call for government support, property developers to file for insolvency and share prices of landlords to plunge. Reuters GraphicsIt's just the latest in a flurry of indicators that show real estate in Germany is in a deep funk. "Many, many property developers at the moment are postponing projects or slowing them down," said Francesco Fedele, chief executive of BF.direkt, a property financing consultant. THE DAXVonovia, Germany's largest real estate group, serves as a bellwether for Germany's property sector. TRANSACTIONSGermany is the largest real estate investment market on the European continent.

Persons: Francesco Fedele, DAX Vonovia, Jones Lang LaSalle, Tom Sims, Holger Hansen, Ed Osmond Organizations: FRANKFURT, Reuters, Reuters Graphics, Stifel, Thomson Locations: United States, Sweden, Germany, Berlin, Frankfurt, Denmark, Europe

☆ Point of no return: Australians fight for the right to work from home permanently
▼ + stars: | 2023-08-01 | by ( Byron Kaye | ) www.reuters.com time to read: +6 min

You can actually finish work at five, rather than finishing at five spending 45 minutes trying to get home." When you have a jolt, you never return to the way the world was," said John Buchanan, head of the University of Sydney's Health and Work Research Network. That same week, the public sector union struck a deal the which lets Australia's 120,000 federal employees request work-from-home an unlimited number of days. By comparison, Canada's federal workers ended a two-week strike in May with a wages agreement that came without the WFH protections they wanted. Among employees with WFH experience, 19% wanted to return to the office full-time, the survey found.

Persons: David Gray, SYDNEY, Nicholas Coomber, Coomber, Jamie Dimon, Elon Musk, John Buchanan, We're, Jones Lang Lasalle, Melissa Donnelly, WFH, Mathias Dolls, Jim Stanford, Stanford, Byron Kaye, Miral Organizations: REUTERS, JPMorgan Chase, Twitter, University of Sydney's Health, Work Research, Commonwealth Bank of Australia, National Australia Bank, NAB, European Union, Community, Public Sector Union, CBA, ifo, Macroeconomics, Stanford University, Workers, Centre, Australia Institute, Thomson Locations: Melbourne, Southbank, Australia, New Zealand, Tokyo, New York, JLL.N, Hamburg

☆ China just unleashed broad stimulus measures to fire up the economy — but analysts think these have failed to live up to expectations
▼ + stars: | 2023-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

On Monday, China released a series of plans to boost household consumption. However, the stimulus measures have failed to live up to expectations, said Citi analyst Wenyu Yao, Australian Financial Review reported Monday. The state planner's strategy followed a meeting of the country's top leaders last week during which they pledged to boost stimulus measures as the economy faces a "tortuous" recovery, according to Insider's translation of the official readout. The Shanghai Composite closed 0.5% higher at 3,291.04 while Hong Kong's Hang Seng Index closed 0.7% higher at 20,045.15. The Hang Seng China Enterprises Index, which tracks tech stocks listed in Hong Kong, closed 1.1% higher at 6,886.09.

Persons: Wenyu Yao, Bruce Pang, Jones Lang LaSalle, Xi Jinping, Shenzhen —, Nomura, hasn't, Hong Organizations: Service, Citi, Australian Financial, Jones, Bloomberg, Analysts, Shanghai, PMI, Seng China Enterprises Index Locations: China, Wall, Silicon, Greater China, Beijing, Shenzhen, Shanghai, Hong Kong

LONDON/SYDNEY, July 31 (Reuters) - Commercial real estate investors and lenders are slowly confronting an ugly question - if people never again shop in malls or work in offices the way they did before the pandemic, how safe are the fortunes they piled into bricks and mortar? WALL OF DEBTGlobal banks hold about half of the $6 trillion outstanding commercial real estate debt, Moody's Investors Service said in June, with the largest share maturing in 2023-2026. U.S. banks revealed spiralling losses from property in their first half figures and warned of more to come. Borrowers in the UK real estate holding & development category were 4% more likely to default. But the whale could be commercial real estate in the U.S.".

Persons: Richard Murphy, Jeffrey Sherman, Charles, Henry Monchau, Bank Syz, Jones Lang LaSalle, Savills, JLL, Dhara Ranasinghe, Huw Jones, Clare Jim, Kirsten Donovan Organizations: Employers, UK's Sheffield University, Reuters, Investors, Moody's Investors Service, Fed, Federal, Bank, Suisse, Washington D.C, HSBC, Capital Economics, Thomson Locations: SYDNEY, London, Los Angeles and New York, U.S, New York, Beijing, San Francisco, Tokyo, Washington, Shanghai, North America, Hong Kong

SYDNEY, July 28 (Reuters) - Foreign bank lending to Australian office real estate hit a record high in the first quarter as overseas lenders continued to stump up cash for a struggling corner of the property market out of favour with local banks. The data does not identify individual banks, however a separate dataset covering overall corporate lending showed European, Japanese, Singaporean and Chinese banks had led the increase in foreign lending since 2019. Loans from Australia's biggest banks fell A$2.3 billion to A$83 billion over the same period, similar to levels in late 2021, the data showed. So, as Australian lenders have retreated to the relative safety of retail mortgages, foreign banks have stepped up. Sydney was the worst-performing major Asian office market in the first quarter, according to research from global property services firm Jones Lang LaSalle.

Persons: Jonathan Kearns, Kearns, Jones Lang LaSalle, Lewis Jackson, Stephen Coates Organizations: SYDNEY, prudential, Australia's, Challenger, Reserve Bank of Australia, Reuters, Sydney, Investment, Thomson Locations: Australia, Asia, Europe

☆ Manhattan office market's tough outlook persists, leaving investors on sidelines
▼ + stars: | 2023-07-12 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] The Empire State Building and Manhattan skyline are pictured from the Summit at One Vanderbilt observatory in Manhattan in New York City, U.S., April 14, 2023. "There's essentially almost no market for office buildings right now because people don't know where the bottom is," said Andrew Nelson, a real estate economist who runs Nelson Economics in Washington. Opportunistic investors who could clear the market of unneeded office space and help lift values are biding their time, sitting on the sidelines, Lim said. The increase in negative absorption comes despite the number of office jobs in Manhattan now exceeds pre-pandemic levels. And Savills Plc (SVS.L) said direct available office space in Manhattan now measures 70.4 million square feet, the highest in history.

Persons: Mike Segar, There's, Andrew Nelson, Andrew Lim, Lim, JLL, Nelson, Mark Berry, Kroll, Herbert Lash, Nick Zieminski Organizations: Empire, Vanderbilt, REUTERS, Reuters, Nelson Economics, Jones Lang LaSalle Inc, SOAR, Kroll Bond, Agency, Thomson Locations: Manhattan, New York City, U.S, Washington, New York

☆ China's factory gate prices fall at fastest pace in 7 years
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

BEIJING, July 10 (Reuters) - China's factory-gate prices fell at the fastest pace in seven-and-a-half years in June, while consumer inflation was at its slowest since 2021, adding to the case for policymakers to use more stimulus to revive sluggish demand. The consumer price index (CPI) was unchanged year-on-year, compared with the 0.2% gain seen in May, driven by a faster fall in pork prices. Beijing has set a target for average consumer inflation in 2023 of about 3%. China last month cut policy rates to boost liquidity and vowed to take measures to promote household consumption. Reuters GraphicsFor producer prices, the biggest year-on-year declines were seen in energy, metals and chemicals as domestic and foreign demand weakened.

Persons: Bruce Pang, Jones Lang Lasalle, Pang, Hu Yuexiao, COVID, Liangping Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: National Bureau of Statistics, Capital Economics, Reuters Graphics, PPI, Jones, Shanghai Securities, Thomson Locations: BEIJING, Beijing, China

BEIJING, July 10 (Reuters) - China on Monday called on the U.S. to take "practical action" in response to its "major concerns" about sanctions on Chinese firms, after U.S. Treasury Secretary Janet Yellen wrapped up more than 10 hours of meetings with senior officials in Beijing. Yellen came to Beijing seeking to ease tensions between the world's two superpowers, and while there was no breakthrough, both sides described their talks as "productive" and agreed to keep channels open "at all levels" for talks on the economy. The United States has imposed sanctions on some companies for using forced labour in the far-western region of Xinjiang. The ministry also said China believed its development was an opportunity rather than a risk to the U.S. and that "strengthening cooperation between China and the United States is a realistic need and the correct choice of the two countries." Reporting by Joe Cash and Ellen Zhang; Editing by Muralikumar Anantharaman and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping, Bruce Pang, Jones Lang LaSalle, Joe Cash, Ellen Zhang, Muralikumar Anantharaman, Stephen Coates Organizations: U.S, Treasury, Economic Cooperation, United, Jones, Thomson Locations: BEIJING, China, Beijing, Asia, San Francisco, Xinjiang, United States, Hong Kong

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