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☆ Asia markets rise as Fed meeting looms; Japan and China economic data in focus
▼ + stars: | 2024-04-29 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

An employee works on the assembly line of intelligent machinery at a workshop on March 31, 2024 in Qingzhou, Weifang City, Shandong Province of China. Asia-Pacific markets climbed Monday as traders look toward the Federal Reserve's meeting this week, following another hotter-than-expected U.S. inflation reading Friday. March's core personal consumption expenditures, excluding food and energy, rose 2.8% from a year ago, and came in ahead of the 2.7% expected by Dow Jones. Personal spending rose 0.8%, ahead of a 0.7% estimate. In Asia, China's official purchasing managers index for April is expected Tuesday ahead of the Labor Day holiday on Wednesday, along with Japan's industrial production and retail sales data from March.

Persons: Dow Jones Organizations: Labor Locations: Qingzhou, Weifang City, Shandong Province, China . Asia, Pacific, Asia

☆ China's economy grew 5.3% in the first quarter, beating expectations
▼ + stars: | 2024-04-16 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

China's economy in the first quarter grew faster than expected, official data released Tuesday by China's National Bureau of Statistics showed. On a quarter-on-quarter basis, China's GDP grew 1.6% in the first quarter, compared to a Reuters poll expectations of 1.4% and a revised fourth quarter expansion of 1.2%. Beijing has set a 2024 growth target of around 5%. Last week, Morgan Stanley raised its 2024 real GDP forecast for China to 4.8%, from its previous expectation of 4.2%. The world's second largest economy saw weak export and inflation data earlier this month, with both sets of data coming in below expectations.

Persons: Morgan Stanley Organizations: China's National Bureau, Statistics, Gross, Reuters Locations: Qingzhou, Weifang City, Shandong Province, China, Beijing

☆ China's policy to boost demand by $700 billion will have a 'bigger and bigger' impact, official says
▼ + stars: | 2024-04-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Vcg | Visual China Group | Getty ImagesBEIJING — China's latest policy to boost demand will soon have a greater effect on growth, a top official at the economic planning agency told reporters Thursday. "We believe this work will achieve bigger and bigger results," he said in Mandarin, translated by CNBC. He noted that equipment upgrades account for 9% to 10% of total GDP. 'Strong' central government fiscal supportIn terms of fiscal funding for those upgrades, Zhao said the central government would provide "strong support." Part of the equipment upgrade and consumer trade-in policy also focuses on improving standards for the kinds of products that can be used.

Persons: That's, Zhao Chenxin, Goldman Sachs, Morgan Stanley, Zhao, Bruce Pang, Fu Jinling, Fu, Francoise Huang, We're, JLL's Pang, Shan Zhongde Organizations: Visual China, Getty, BEIJING, National Development, Reform Commission, CNBC, Analysts, People's Bank of, Allianz Trade, Ministry of Industry, Information Technology, Ministry of Housing, Ministry of Commerce, State Administration, Market, China's Ministry of Commerce, Industry, Global Locations: Qingzhou, Weifang City, Shandong Province, China, oversupply, Beijing, JLL, People's Bank of China

☆ China's March factory activity expands for first time in six months
▼ + stars: | 2024-03-31 | by ( ) www.cnbc.com time to read: +3 min

China's manufacturing activity expanded for the first time in six months in March, an official factory survey showed on Sunday, offering relief to policymakers even as a crisis in the property sector remains a drag on the economy and confidence. New export orders rose into positive territory, breaking a 11-month slump, but employment continued to shrink, albeit at a slower rate, the PMI data showed. Premier Li Qiang announced an ambitious 2024 economic growth target of around 5% earlier this month at the annual meeting of the National People's Congress, China's rubber-stamp parliament. Citi on Thursday raised its economic growth forecast for China for this year to 5.0% from 4.6%, citing "recent positive data and policy delivery". China's cabinet on March 1 approved a plan aimed at promoting large-scale equipment upgrades and sales of consumer goods.

Persons: Zhou Maohua, Premier Li Qiang Organizations: PMI, China Everbright Bank, Manufacturing, Premier, National People's Congress, Citi Locations: Shandong, China, Japan

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

☆ 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

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

The indictments mark the first time the U.S. has sought to prosecute any of the Chinese companies responsible for manufacturing precursor chemicals used to make the painkiller. The companies at the heart of the three separate indictments are accused of selling precursor chemicals to the Sinaloa Cartel in Mexico, which in turn has flooded the U.S. with the drug. Federal prosecutors in Manhattan announced the unsealing of an indictment against the China-based chemical company Hubei Amarvel Biotech, along with its executives Qingzhou Wang, 35, Yiyi Chen, 31, and Fnu Lnu, also known as Er Yang, with fentanyl trafficking, precursor chemical importation, and money laundering offenses. "Fentanyl poses a singular threat, not only because the smallest doses can be lethal, but because fentanyl does not occur in nature. In the Eastern District of New York, prosecutors announced the unsealing of two more indictments against three other Chinese companies and individuals accused of conspiring to manufacture and distribute fentanyl in the U.S.

Persons: Antony Blinken, Joe Biden, Xi Jinping, Qingzhou Wang, Yiyi Chen, Fnu Lnu, Er Yang, Joaquin, El, Guzman, Lisa Monaco, Blinken, Wang, Chen, Yang, Sarah N, Lynch, Luc Cohen, David Brunnstrom, Chizu Nomiyama, Angus MacSwan Organizations: WASHINGTON, U.S . Justice, U.S, Hubei Amarvel Biotech, Justice Department, Embassy, Global Coalition, Administration, of, U.S . Prosecutors, Hebei Sinaloa Trading, Thomson Locations: United States, China, Washington, Sinaloa, Mexico, Manhattan, Hubei, cryptocurrency, Los Angeles, Honolulu , Hawaii, New York, of New York, Hebei Sinaloa, U.S

☆ China's factory activity unexpectedly cools in April
▼ + stars: | 2023-04-30 | by ( ) www.cnbc.com time to read: +1 min

A worker works on the production line of a textile company in Qingzhou Economic Development Zone, East China's Shandong province on April 27, 2023. China's manufacturing activity unexpectedly shrank in April, official data showed on Sunday, raising pressure on policymakers seeking to boost an economy struggling for a post-Covid lift-off amid subdued global demand and persistent property weakness. That missed expectations of 51.4 tipped by economists in a Reuters poll and marked the first contraction since December, when the official manufacturing PMI was at 47.0. The world's second-biggest economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. New export orders edged down to 47.6 from 50.4 in March, the PMI showed.

☆ How China's shifting growth picture could hit global markets
▼ + stars: | 2023-03-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

A shopping mall in Qingzhou, Shandong province, broadcasts the opening ceremony of China's National People's Congress on Sunday, March 5, 2023. Future Publishing | Future Publishing | Getty ImagesChina's economy will be forced to recalibrate because of a "fractured" global order, and the new drivers of growth will "disappoint" global markets, according to David Roche, president of Independent Strategy. President Xi Jinping and other officials took aim at the West for constraining China's growth prospects, as relations between Beijing and Washington continue to deteriorate. Veteran investment strategist Roche told CNBC's "Squawk Box Europe" on Tuesday that "things have changed" permanently with regards to China's role in the global economy, as Beijing will be forced to look inward to achieve its growth ambitions. watch nowRoche also noted that the "hegemony of the U.S. is now fractured" in the global economic order, with Russia and China detaching from Western democracies.

☆ China takes a cautious approach to its economy in 2023
▼ + stars: | 2023-03-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Beijing announced Sunday a target of "around 5%" growth in gross domestic product for 2023, with only a modest increase in fiscal support. "The government's conservative growth target of 5% for 2023 recognizes that the pickup in China's growth continues to face headwinds," Martin Petch, vice president and senior credit officer, Moody's Investors Service, said in a note. "Some local governments are finding economic recovery difficult and are facing prominent fiscal imbalances," the report said. Consumption is keyConsumption can become the primary driver of economic growth this year, Li Chunlin, deputy director at the NDRC, told reporters Monday. An overall recovery in the economy can help fiscal revenues grow, and boost demand for workers, he said.

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