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☆ Policy continuity is key if India wants to see strong economic growth in the next 5 years, Nomura says
▼ + stars: | 2024-04-29 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

Optimism in India's growth shows little signs of slowing, but policy continuity will be crucial if it wants to see strong growth in the next five years, Rob Subbaraman, Nomura's chief economist and head of global markets research Asia ex-Japan, said. India's elections are underway and Modi is widely expected to win a strong mandate for a third term in office. That projection is much higher than Nomura's growth outlook for China (3.9%), Singapore (2.5%) and South Korea (1.8%) in the same period. "With China's economy slowing, India is likely to be the fastest growing Asian economy this decade," Nomura said in a recent note. "Irrespective of the election outcome, policy continuity and a focus on macroeconomic stability are important growth underpinnings," the bank's analysts added.

Persons: Rob Subbaraman, Modi, Subbaraman, Nomura Organizations: Modi, CNBC, Bharatiya Janata Party Locations: Asia, Japan, China, Singapore, South Korea, India

☆ The one big thing keeping interest rates high
▼ + stars: | 2024-03-06 | by ( Cork Gaines | ) www.businessinsider.com time to read: +4 min

This story is available exclusively to Business Insider subscribers. Rekenthaler called shelter costs the "most relevant data point" in the most recent consumer price index inflation report. Meanwhile, James Bianco, president of Bianco Research, a financial markets research firm, told Business Insider, "Rising shelter costs will cause the Fed to hold off on cutting rates." Anna Moneymaker/Getty ImagesRent and shelter costs tend to lag behind the rest of the economy because rents are typically fixed for long periods. However, Gordon also said shelter costs can't be ignored because of how much it impacts overall inflation.

Persons: —, Jerome Powell, John Rekenthaler, Rekenthaler, Morningstar, James Bianco, Anna Moneymaker, Kevin Gordon, Charles Schwab, Gordon Organizations: Service, Federal Reserve Bank, Business, Morningstar, Fed, Bianco Research, Federal Reserve

☆ Meet the ‘Granolas,’ Europe’s answer to the Magnificent 7 stocks
▼ + stars: | 2024-02-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The Magnificent 7 tech stocks have been a big part of the extraordinary US market rally. But there’s a rival group of companies powering European stocks to new heights with even better returns, by some measures. Dubbed the “Granolas,” those 11 companies accounted for 60% of the gains on Europe’s benchmark stock index over the past 12 months. They have even slightly outperformed the Magnificent 7 over a longer period, according to Goldman Sachs. Their standout performance has “raised the issue of concentration effects” in the region’s stock market, says Philip Lawlor, managing director of markets research at Wilshire Indexes.

Persons: London CNN —, Goldman Sachs, ASML, ” Goldman Sachs, Goldman Sachs, Guillaume Jaisson, Ozempic, ‘, Philip Lawlor, ” Lawlor Organizations: London CNN, GSK, Roche, Novartis, Novo Nordisk, L’Oréal, AstraZeneca, SAP, Sanofi, “, CNN, Danish, Wilshire Indexes, —, Deutsche Bank Locations: LVMH, Europe, France, Germany, Denmark, Switzerland, Netherlands, United Kingdom, United States

☆ Banks are being rocked again as real estate losses mount
▼ + stars: | 2024-02-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

The regional lender set aside $552 million in the fourth quarter to absorb loan losses, up from $62 million in the previous quarter. The increase was driven partly by expected losses on a loan used to finance an office building, it said. ET as shares in NYCB, as well as other regional banks, suffered sharp losses. Much bigger players are girding themselves for losses linked to commercial real estate. Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, is up 23% since a low in late March.

Persons: Thomas Cangemi, Brendan McDermid, Julius Baer, Philipp Rickenbacher, Arnd Wiegmann, Reuters Philip Lawlor, ”, “, ” Lawlor, CNN’s Matt Egan Organizations: London CNN, Credit Suisse, New York Community Bancorp, New York Stock Exchange, Japan’s Aozora Bank, Federal Reserve, ”, CNN, Signa Group, Chrysler, Reuters, Deutsche Bank, Bank, Suisse —, UBS, Wilshire Indexes, KBW Locations: Europe, New York, Tokyo, Zurich, California, Republic, NYCB, Banc, Swiss, Austrian, Switzerland

☆ Goldman Sachs says the soft landing for the economy is 'on track'
▼ + stars: | 2024-01-29 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Declining inflation rates and consistent growth should create a solid background for stocks and other risky assets, even though some bouts of volatility are likely, according to Goldman Sachs. Broadly speaking, a "soft landing [is] on track," the firm said in a client note in which Goldman market experts said they expect the Federal Reserve soon to make a nod toward an easing in monetary policy that also will be market-positive. "The broad data still points firmly in the direction of easing inflation pressure and resilient growth, especially in the US," wrote Dominic Wilson, senior advisor in Goldman's Global Markets Research Group. But we still think it makes sense to fade those pullbacks and expect US equities and credit to make new highs, as they have been." "This week's FOMC meeting will need to remove the tightening bias to keep March alive, as the [Bank of Canada] did last week, but is unlikely to preview a March cut," Wilson wrote.

Persons: Goldman Sachs, Goldman, Dominic Wilson, Wilson, Michael Bloom Organizations: Federal Reserve, Markets Research, Gross, Bank of, CME Locations: Bank of Canada

☆ Gold soars past $2,100 to new record — and analysts don't expect it to stop there
▼ + stars: | 2023-12-04 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Gold prices notched a new record on Monday for a second day in a row — with spot prices touching $2,100 as the global rush for bullion appears set to continue. Gold prices are on course to hit fresh highs next year and could remain above $2,000 levels, analysts said, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts. Gold tends to perform well during periods of economic and geopolitical uncertainty due to its status as a reliable store of value. He estimated that gold prices could reach up to $2,200 by the end of 2024. "There is simply less leverage this time around vs 2011 in gold ... taking prices through $2,100 and putting $2,200/oz in view," said Nicky Shiels, head of metals strategy at precious metals firm MKS PAMP.

Persons: Heng Koon, Nicky Shiels Organizations: Markets, Global Economics, Markets Research, CNBC Locations: Israel

Investors like dividend stocks for their yields, but the equities' returns have been pretty dismal so far this year. "That's what is putting pressure on these [dividend] stocks, or maybe just keeping them from lifting." IPDP YTD line Dividend Performers ETF (IPDP) performance year to date When it comes to specific stocks, Gilreath likes two under-the-radar plays: Brady Corporation and ABM Industries . Brady, which manufacturers identification and health-care products, has a 1.7% dividend yield. Diversification in light of recession risk When it comes to dividends, investors should look for quality rather than quantity.

Persons: That's, Bond, Andrew Graham, Dave Sheaff Gilreath, Gilreath, Morningstar . Brady, Capital's Graham, Graham, Dow, Laura Mattia, Morningstar, George Gagliardi, You'd, I'm Organizations: Investment, Jackson, Capital, Federal Reserve, Brady Corporation, ABM Industries, Dow Inc, Dow, LyondellBasell, Shell, Coromandel Wealth Management, U.S Locations: San Francisco, Indianapolis, Sarasota , Florida, Lexington , Massachusetts

Retail sales rose 0.7% in September, more than twice what economists had expected, and close to a revised 0.8% bump in August, the Commerce Department reported Tuesday. The government’s monthly retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including health care, travel and hotel lodging. But the robust sales report also means that the Fed officials could leave the door open for additional rate hikes. The retail sales report came as businesses across the U.S. economy ramped up hiring in September, defying surging interest rates, and the ongoing threat of a government shutdown. Consumer prices rose 0.4% from August to September, below the previous month’s 0.6% pace.

Persons: wasn’t, ”, Christopher S, Rupkey, “, Tim Quinlan, Christopher Rugaber, —, Anne Organizations: Commerce Department, Federal Reserve, Fed, FWDBONDS, “ Fed, Analysts, Wells, Wells Fargo Economics, ”, Labor Department Locations: Israel, Wells Fargo, U.S, Washington

☆ Key takeaways from the IMF/World Bank meetings
▼ + stars: | 2023-10-14 | by ( ) www.reuters.com time to read: +5 min

Global inflation is seen dropping from 6.9% this year to a still-high 5.8% next. Italian central bank governor Ignazio Visco said there was an impression markets were "reevaluating the term premium" as investors become more nervous about holding longer term debt. One debt restructuring deal emerged: Zambia finally agreed a debt rework memorandum of understanding with creditors including China and France. Sri Lanka said on Thursday it reached an agreement with the Export-Import Bank of China covering about $4.2 billion of debt, while talks with other official creditors are stalling. There was much talk ahead of Marrakech on revamping the IMF and World Bank to better reflect the emergence of economies like China and Brazil.

Persons: Ajay Banga, Mercy Tembon, Finance Serhiy Marchenko, Ceda Ogada, Kristalina Georgieva, Pierre, Olivier Gourinchas, Ignazio Visco, Joyce Chang, Vitor Gaspar, Mehmet Simsek, Murat Ulgen, Kate Donald, Ahmed El Jechtimi, Andrea Shalal, David Lawder, Leika Kihara, Elisa Martinuzzi, Rachel Savage, Jorgelina, Rosario, Balazs Koranyi, Mark John, Christina Fincher Organizations: Bank, Finance, International Monetary Fund, Emerging, Research, HSBC, Reuters, Export, Import Bank of, World Bank, Oxfam International's Washington DC Office, Thomson Locations: Ukraine, MARRAKECH, Morocco, Moroccan, Marrakech, Israel, Central, United States, China, Italy, Italian, Turkey, Kenya, Zambia, France, Sri Lanka, Import Bank of China, Brazil, U.S

☆ Key takeaways from the IMF-World Bank meetings
▼ + stars: | 2023-10-14 | by ( ) www.cnbc.com time to read: +4 min

U.S. Secretary of Treasury Janet Yellen arrives for a bilateral meeting on the third day of the International Monetary Fund and World Bank annual meeting, in Marrakech, Morocco, October 11, 2023. Susana Vera | ReutersOvershadowed by fresh Middle East violence and hosted by a country still recovering from an earthquake, the week-long annual meetings of the International Monetary Fund and World Bank wrapped up on Saturday. Global inflation is seen dropping from 6.9% this year to a still-high 5.8% next. Italian central bank governor Ignazio Visco said there was an impression markets were "reevaluating the term premium" as investors become more nervous about holding longer-term debt. One debt restructuring deal emerged: Zambia finally agreed a debt rework memorandum of understanding with creditors including China and France.

Persons: Janet Yellen, Susana Vera, Pierre, Olivier Gourinchas, Italy —, Ignazio Visco, Joyce Chang, Vitor Gaspar, Mehmet Simsek, Murat Ulgen Organizations: International Monetary Fund, Bank, Reuters, Emerging, Research, HSBC, Export, Import Bank of Locations: Marrakech, Morocco, Moroccan, Israel, Central, United States, China, Italy, Italian, Turkey, Kenya, Zambia, France, Sri Lanka, Import Bank of China

☆ Goldman Sachs: Buy these 24 stocks heading into 2024 as the economy roars back following a possible 4th-quarter recession
▼ + stars: | 2023-10-05 | by ( Mark Reeth | ) www.businessinsider.com time to read: +5 min

But while external forces seem to be threatening markets, Dominic Wilson, senior advisor in Goldman Sachs' global markets research group, thinks investors themselves will turn recession fears into a self-fulfilling prophecy. In a note to clients late last week, Wilson wrote that the strength of the US economy has pushed markets upwards for most of the year. Investor sentiment has driven markets all year — particularly the exuberance over the potential of AI, which sent shares of a few key tech stocks higher and dragged the rest of the S&P 500 along with them. But Wilson thinks these issues are simply a "pothole" that the market will eventually recover from. If that's the case and stocks do bounce back in 2024, smart investors should position themselves now for profits later.

Persons: Dominic Wilson, Goldman Sachs, Wilson, Americas Equity Research Steven Kron, Kron, Morgan Stanley, there's Organizations: Federal Reserve, Americas Equity Research, Wall

☆ 'Investors are attracted to the fairly high yield' in Latin America, economist says
▼ + stars: | 2023-09-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Investors are attracted to the fairly high yield' in Latin America, economist saysMurat Ulgen, global head of emerging markets research at HSBC, discusses emerging market sentiment and how Latin America is attractive to investors right now.

Persons: Murat Ulgen Organizations: HSBC Locations: Latin America, America

The zoo is run by the local government, which was said to be running out of money and therefore unable to feed its charges. These vehicles are legal entities created by Chinese cities to circumvent borrowing restrictions imposed by the central government in Beijing. “Why hurt small businesses which are the weakest?”Noodle sellers in Shanghai have been fined for adding cucumber to their dishes. Last year, Beijing issued a directive forbidding local governments from imposing “arbitrary fines” to generate income, and dispatched inspection teams to check that the policy was being followed. The scale of financial stress among China’s local governments is so big that “creative” sources of income can only cover a relatively small shortfall, he said.

Persons: hadn’t, Xi Jinping’s, ”, Willy Lam, Lam, “, Aly Song, Jiemian, Logan Wright, hasn’t, Li Qiang, Steve Tsang, Joseph Cheng, —, Martha Zhou Organizations: Hong Kong CNN, Species Fund, CNN Local, China Newsweek, ” CNN, China National Radio, Washington, Jamestown Foundation, CNN, ”, Weibo, “, SOAS China, SOAS University of London, City University of Hong Locations: China, Hong Kong, Dongshan, Liaoning, Beijing, Shanghai, Henan, Huizhou, Nanchang, Qingdao, City University of Hong Kong

Some investors and economic analysts are sceptical that expansion will lead to increased foreign direct investment (FDI) within the bloc. Still, BRICS leaders and other investors touted the increased economic heft from the expansion. Increasing use of national currencies to reduce U.S. dollar dependence was another goal BRICS leaders discussed at the summit in Johannesburg. And with oil producer heavyweights among the newcomers, investors said this would feed speculation that Saudi Arabia might increasingly switch to non-dollar-denominated currencies for oil trade. "The short-term consequences could be seen in oil," said Kaan Nazli, a portfolio manager at asset manager Neuberger Berman in London.

Persons: Brazil Luiz Inacio Lula da Silva, China Xi, Cyril Ramaphosa, India Narendra Modi, Sergei Lavrov, Viktor Szabo, Li Kexin, Ola El, Chris Turner, Jakob Ekholdt Christensen, Hasnain Malik, abrdn's Szabo, Kaan Nazli, Neuberger Berman, Rachel Savage, Karin Strohecker, Bansari Mayur, Marc Jones, Jorgelina, Emelia Sithole Organizations: Russia's, Iran, United Arab Emirates, abrdn, Emerging Markets, ING, Reuters Graphics, China, International Monetary Fund, Thomson Locations: China, India, Sandton, Saudi Arabia, UAE, Iran, JOHANNESBURG, LONDON, Argentina, Brazil, Russia, South Africa, Ethiopia, Egypt, Johannesburg, United States, Saudi, London, Van Eck, New York, Copenhagen, Dubai, Bangalore, Rosario

Pheu Thai's Srettha Thavisin attends a press conference, after Thailand's parliament voted in favour of his prime ministerial candidacy, in Bangkok, Thailand August 22, 2023. "The picture is not all wine and roses," Thailand's central bank chief Sethaput Suthiwartnarueput said in recorded remarks played on Wednesday. Tourism, a major driver of the Thai economy, has managed a robust recovery, although arrivals and tourist spending are still below pre-pandemic levels, data shows. $96 BLN BUDGETIn this first address since winning office, Srettha on Wednesday vowed to provide solutions to fix Thailand's economy, among other measures, and manage the budget transparently. But its ability to execute will depend on the military backers that Pheu Thai has allied with to be able to form a government.

Persons: Pheu, Srettha Thavisin, Chalinee, Sethaput Suthiwartnarueput, Kobsidthi Silpachai, Srettha, Goldman Sachs, Poon Panichpibool, Sanan Angubolkul, Orathai Sriring, Christina Fincher Organizations: REUTERS, Rights, Tourism, Krung Thai Bank, Thai Chamber of Commerce, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Asia's, China, Thai

☆ Gold prices to breach all-time highs? Some expect bullion to hit $2,500
▼ + stars: | 2023-08-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

Spot gold prices hit a record intraday high of $2,072.5 on Aug. 7, 2020, according to data from Refinitiv. We also see a return of physical gold jewelry demand from China and India as both economies stabilize and retail spending returns. Gold prices tend to have an inverse relationship with interest rates. "We also see a return of physical gold jewelry demand from China and India as both economies stabilize and retail spending returns," Heng said. Chinese retail gold demand has been resilient in 2023 even as consumption of other commodities remained weak, Citi said in a July report.

Persons: Sven Hoppe, Bart Melek, Melek, David Neuhauser, Neuhauser, Randy Smallwood, Heng, Heng Koon, UOB Heng, Citi's, Doshi Organizations: Getty, Refinitiv, CNBC, Securities, U.S . Federal, Livermore Partners, Fed, Wheaton Precious Metals, greenback, Markets, Federal Reserve, Citi, Commodities, Future Publishing Locations: U.S, China, India, Yichang, Hubei province

☆ China targeting German tech 'through back door' with licences: report
▼ + stars: | 2023-08-10 | by ( ) www.cnbc.com time to read: +1 min

(Photo by John MACDOUGALL / AFP) (Photo by JOHN MACDOUGALL/AFP via Getty Images)China is going after licences to boost its access to German technology as investment regulation makes company acquisitions in the sector increasingly difficult, the Handelsblatt newspaper reported on Wednesday, citing a study. The study conducted by the IW economic institute, analysing Bundesbank data on behalf of the newspaper, found German licence revenues from China more than tripled in 2022 compared to 2014. Compared with 2020, the increase was about half. "There is a clear early indication that Chinese companies are looking for a new way to get access to German technology," said Juergen Matthes, head of IW's global and regional markets research unit. Tech licences are one way for China to try to get in "through the back door", he told Reuters.

Persons: John MACDOUGALL, JOHN MACDOUGALL, Juergen Matthes Organizations: AFP, Getty Images, Tech, Reuters Locations: Berlin, Germany, China, Russia

☆ China targeting German tech 'through back door' with licences - report
▼ + stars: | 2023-08-09 | by ( Reinhard Becker | ) www.reuters.com time to read: +2 min

The flags of Germany and China are seen ahead of a meeting between German Chancellor Olaf Scholz and Chinese Premier Li Qiang in Berlin, Germany, June 19, 2023. REUTERS/Fabrizio BenschBERLIN, Aug 9 (Reuters) - China is going after licences to boost its access to German technology as investment regulation makes company acquisitions in the sector increasingly difficult, the Handelsblatt newspaper reported on Wednesday, citing a study. Tech licences are one way for China to try to get in "through the back door", he told Reuters. As a result, direct investments and takeover bids by Chinese companies have attracted scrutiny in Berlin in recent months. Through licensing agreements, Chinese companies can gain legal permission to use German technology.

Persons: Olaf Scholz, Li Qiang, Fabrizio Bensch BERLIN, Juergen Matthes, China's Cosco, Rachel More, Kirsti Knolle, Sharon Singleton Organizations: REUTERS, Tech, Reuters, Thomson Locations: Germany, China, Berlin, Russia, Hamburg

A gentle downtrend in foreign direct investment gave way to a steep drop last quarter and inflows to China slammed to their lowest since records began 25 years ago, raising the prospect that the long-term trend is turning. Sources have told Reuters the Biden administration is likely to adopt new outbound investment restrictions on China in the coming weeks. Japan, the U.S. and Europe have already restricted the sale of high-tech chipmaking tools to Chinese companies while China has hit back by throttling exports of raw materials. To be sure, investment flows often fluctuate and many firms aren't leaving China completely or aren't leaving at all. "A lot of our clients are worried about their exposure to China as a sole country of supply."

Persons: Carlos Barria, Deng Xiaoping, Logan Wright, Biden, John Ramig, Buchalter, Daniel Seeff, Cardigan, Chi Lo, Lee Smith, Baker Donelson, Samuel Shen, Tom Westbrook, Winni Zhou, Jacqueline Wong Organizations: REUTERS, Corporate, China Markets, China's, Administration of Foreign Exchange, Investors, Reuters, Oxford Economics, Ministry of Commerce, Management, Thomson Locations: Pudong, Shanghai, SHANGHAI, SYDNEY, China, Japan, U.S, Europe, Haining, Peru, Hong Kong, Baker, Singapore

☆ Oil to drift lower as slower growth offsets OPEC+ cuts: Reuters poll
▼ + stars: | 2023-07-31 | by ( Rahul Paswan | ) www.reuters.com time to read: +2 min

A survey of 37 economists and analysts forecast Brent crude would average $81.95 a barrel in 2023, down from June's $83.03 consensus and current levels of around $85. Sluggish growth in top crude importer China has also weighed on oil prices so far in 2023. Global oil demand was expected to increase by about 1-2.1 million barrels per day (bpd) in 2023, led by China. "China's economic outlook may continue to disappoint but upside in oil demand is still possible with jet demand recovery from international flights later this year," said Ajay Parmar, associate director of global oil markets research at HSBC. Some of the analysts expected supplies to tighten and support oil prices in the latter part of this year after Saudi Arabia and Russia deepened output cuts in July.

Persons: Brent, Kpler, Ajay Parmar, John Paisie, Rahul Paswan, Brijesh Patel, Barbara Lewis Organizations: U.S . Federal Reserve, ECB, HSBC, Stratas Advisors, Thomson Locations: June's, Central, China, Saudi Arabia, Russia, Bengaluru

If the Black Sea is closed, the Danube is one of the main routes which we will need to use," he told Reuters by phone. Police said Danube grain warehouses had been hit on Monday in a drone attack along with tanks for storing other cargo. Since Monday's air strikes, the Danube channel has seen shipping disruptions, although it was unclear why there was a slowdown of vessel traffic. INSURANCE RATES RISEInsurance sources have said war risk cover for Ukraine's ports that was part of the defunct Black Sea grain deal had been suspended with some insurance providers reviewing provisions for Danube ports. The attack on the Danube infrastructure followed a week of Russian strikes that hit grain-related infrastructure at Odesa's main ports.

Persons: Russia's, Denys Marchuk, Carlos Mera, Mera, Marchuk, Danilov, Olena Harmash, Sybille de La, Tom Balmforth, William Maclean Organizations: Ukrainian Agrarian, Reuters, Police, EU, Romania, Agri Commodities Markets Research, Rabobank, Insurance, Kyiv, Russia, CMA CGM, National Security, Defence Council, Thomson Locations: KYIV, Moscow, Odesa, Reni, NATO, Russia, Izmail, Ukraine, China, Chornomorsk, Ukrainian, Italy, Kyiv, Western, Paris

☆ China may have to bail out one of its poorest provinces
▼ + stars: | 2023-04-27 | by ( Laura He | ) edition.cnn.com time to read: +9 min

Hong Kong CNN —One of China’s poorest and most indebted provinces has admitted defeat in trying to sort out its finances and is appealing to Beijing for help to avert default. Guizhou, located in a mountainous region of southwest China, has hired a top state-owned distressed debt fund, China Cinda Asset Management, to resolve its “urgent” problems. China’s local governments are struggling with trillions of dollars of debt, after three years of strict pandemic controls and a real estate crash drained their coffers. The Pingtang Bridge links two cities in southwest China's Guizhou province. In China, most local government liabilities are composed of “hidden debt” issued by their financing arms.

☆ US bank run victims were bailed out in 3 days. In China, many have been waiting a year
▼ + stars: | 2023-04-21 | by ( Selina Wang | ) edition.cnn.com time to read: +9 min

CNN is not revealing the identities of the bank victims in order to protect their safety. Bank victims protest in Henan in July 2022. Experts say small banks in other parts of China could face the same crisis, as the world’s second largest economy faces a longer term structural slowdown. Some Chinese bank victims even say they’re living in fear of violent reprisals. CNN interviews bank victims in China.

☆ Absolute Halts Vodka Exports to Russia, but the Country Prefers Beer
▼ + stars: | 2023-04-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Absolut Vodka made up just a tiny share of the Russian market. 'We have long been a beer country, not a vodka country,' says alcohol research center head. "We have long been a beer country, not a vodka country, although these myths continue," Vadim Drobiz, the director of the federal and regional alcohol markets research center, told RIA. Drobiz told RIA beer production and consumption started increasing from 1995 onwards and grew over five times in the 12 years to 2007. In January 2023, beer accounted for more than half of the alcohol purchased in Russia, RIA reported, citing data from Kontur.Market.

☆ China may hold lending benchmarks steady as recovery remains on track -analysts
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/SINGAPORE, April 19 (Reuters) - China is widely expected to stand pat on lending benchmarks at the monthly fixing on Thursday, a Reuters survey showed, as economic recovery has been well on track - as seen from better-than-expected first-quarter data. China's economy grew at a faster-than-expected pace in the first quarter, reducing the urgency for authorities to ease monetary policy to aid recovery, traders and economists said. The loan prime rate (LPR), which banks normally charge their best clients, is calculated each month after 18 designated commercial banks submit proposed rates to the People's Bank of China (PBOC). In a poll of 30 market watchers, 27 predicted no change to either the one-year LPR or five-year tenor . The interest rate on medium-term lending facility (MLF) loans serves as a guide to the LPR.

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