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☆ China issues new bonds to prop up economy as global investors flee at 'unprecedented' pace
▼ + stars: | 2023-10-25 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Foreign fund outflows from China’s so-called A-share market have entered “an unprecedented stage,” Morgan Stanley strategists wrote in a recent note. A-shares are yuan-denominated shares of mainland China firms that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. This seems highly unlikely under Xi.”Even Chinese investors seem to be plagued by a growing lack of faith in the future of the country’s economy. It will hit the economy in an all-around and indiscriminate way,” the fund said in a letter to its investors, which went viral. “Xi might wield vast control in China, but he can’t compel global investors to buy into his vision or risk their capital,” he said.

Persons: ” Morgan Stanley, ”, Alex Capri, Xu jingbai, ICHPL, Brock Silvers, Beijing’s “, Apple’s iPhones, George Magnus, Joe Biden, Goldman Sachs, Derek Scissors, Xi, Craig Singleton, Xi Jinping, “ Organizations: Hong Kong CNN — Investors, Shanghai Stock Exchange, Shenzhen Stock Exchange, Connect, CSI, Foundation, National University of Singapore Business School, Chinese Communist Party, Kaiyuan, “, China’s Taiwan Affairs Office, China Centre of Oxford University, Global, People’s Bank of China, National People’s, Central Huijin Investment, American Enterprise Institute, Dingtai, Foundation for Defense of Democracies Locations: China, Hong Kong, Beijing, China’s, Shanghai, Shenzhen, Hai'an, China's Jiangsu, Capri, United States, ”

☆ Why Biden’s strong economy feels so bad to most Americans
▼ + stars: | 2023-09-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office. Inflation hangoverSharply higher prices in 2021 and 2022 marked a painful economic moment for households around the world. The partisan gapCNN’s latest poll shows that Republicans and Democrats are both souring on President Biden’s handling of the economy. “People are no longer telling us how they feel about the economy — really, they’re telling us how they feel about the president,” Wolfers said. Either way, that poses a political problem for President Biden, whose re-election campaign has sought to highlight the economy’s strengths.

Persons: New York CNN —, Joe Biden, SSRS, “, There’s, ”, Justin Wolfers, Wolfers, That’s, ” Wolfers, you’d, ” Morgan Stanley, Jamie Kelter Davis, Carola Binder, —, Biden, It’s, Biden’s, David Axelrod, — CNN’s Matt Egan Organizations: New, New York CNN, CNN, University of Michigan, P Global Market Intelligence, Atlanta, Bloomberg, Getty, United, Index, Bureau of Labor Statistics, Haverford College, Biden, “, White House Locations: New York, Wolfers, United States, Ukraine

☆ As EV costs tumble in China, an export wave builds
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +4 min

[1/5] People use their phones in front of the BYD Seagull that is displayed at the Auto Shanghai show, in Shanghai, China April 19, 2023. Patrick Koller, chief executive of French auto supplier Faurecia (EPED.PA), said the entry-level EV market in Europe was an open lane for Chinese automakers. Koller said he had met with the CEO or chairman of more than two dozen Chinese automakers in Shanghai. Renault’s (RENA.PA) Dacia ships the Spring EV, an entry-level hatchback like the BYD Seagull, to Europe and ranked as the second-largest EV exporter from China last year after Tesla. BYD has not announced export plans for the Seagull, which is priced below what is now the best selling EV in China, the BYD Dolphin, which is priced from 116,800 yuan ($17,000) in China.

☆ ‘It’s not zero.’ Wall Street is pricing in a small but growing risk of a disastrous US default
▼ + stars: | 2023-03-31 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

As politicians sleepwalk toward a potential debt ceiling crisis, financial markets have begun pricing in a small — but growing — chance of a disastrous default. “The probability of default has gone up noticeably,” Andy Sparks, head of portfolio management research at MSCI, told CNN in an interview. Yellen has used unusually strong language for a former central banker to warn Congress against messing with the debt ceiling. Asked about MSCI’s estimate of a 2% implied probability of a default, Valliere said that number is low. But this is not a typical debt ceiling debate.”Fallback optionsThere are some early indicators of concern popping up in the bond market.

☆ Goldman Sachs and Morgan Stanley both hit hard by deal drought
▼ + stars: | 2023-01-17 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

Earnings for Goldman Sachs (GS) missed by their widest margin since the third quarter of 2011. Revenue tumbled 16% for Goldman Sachs (GS) in the fourth quarter, and profits plunged 66%. Morgan Stanley was hit by the slowdown too, with investment banking revenue dropping 49% from a year ago. Morgan Stanley’s overall revenue and earnings topped analysts’ forecasts though, while Goldman Sachs posted revenue also missed Wall Street’s targets. Goldman Sachs disclosed in a regulatory filing last week, however, that this division has lost more than $3 billion since 2020.

☆ China eases controls but gives no sign when ‘zero Covid’ will end
▼ + stars: | 2022-12-05 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

BEIJING — China is easing some of the world’s most stringent anti-virus controls and authorities say new variants are weaker. That spurred hopes for a quick end to “zero Covid.” But health experts and economists warn it will be mid-2023 and possibly 2024 before vaccination rates are high enough and hospitals are prepared to handle a possible rash of infections. Ahead of the protests, the Communist Party promised to make “zero Covid” less costly and disruptive but said it was sticking to the overall containment strategy. Travelers at the Chinese capital’s train stations and three airports are required to show a negative virus test within the previous 48 hours. Xi’s government has held up “zero Covid” as proof of the superiority of China’s system compared with the United States and Western countries.

With nearly one-third of midterm election voters indicating inflation as their top concern this year, attention now turns to what the new political alignment in Washington D.C. will mean for tackling the issue. Were they to gain full control of Congress, Republicans have pledged to roll back the Biden administration’s spending efforts, which opponents of President Joe Biden blame for inflation. Inflation remains largely a consumer-driven phenomenon because it is propelled in large part by household spending. "In the event of recession, divided governments generally deliver only limited and late fiscal support," Morgan Stanley analysts wrote in a note to clients. Meanwhile, much of the spending laid out in the Biden administration's Inflation Reduction Act has already been distributed, the analysts said, noting that, in any case, congressional legislation would be subject to a veto by President Biden.

Facebook founder Mark Zuckerberg has seen his net worth slashed by more than $100 billion this year, according to Bloomberg's Billionaire Index, as Meta, Facebook's parent company, faces investor pessimism about its future growth trajectory. By comparison, heading into Thursday, Tesla CEO Elon Musk was worth $211 billion, Amazon founder Jeff Bezos was worth $139 billion, and Microsoft co-founder Bill Gates was worth $110 billion, per Bloomberg data. Meta shares were down as much as 22% in Thursday trading, making the company worth approximately $271 billion. Meta reported earnings Wednesday evening that fell short of analysts' expectations, with multiple Wall Street analysts issuing downgrades. His net worth reached a height of $142 billion in September 2021, Bloomberg reported.

☆ These retail chains may not survive a recession
▼ + stars: | 2022-10-13 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN Business —America’s retail chains have proven surprisingly strong during the pandemic. At the beginning of the pandemic, stores temporarily closed to halt the spread of Covid-19 and retail sales tumbled. “That wave of defaults effectively flushed out a lot of debt and unprofitable stores from the sector,” Sokolyanska said. Retail sales quickly recovered thanks to federal stimulus checks, growing personal savings accounts and pent-up consumer demand. Retail sales remain above pre-pandemic levels and more stores have announced openings than closings this year.

☆ ‘Astonishing.’ Morgan Stanley hard drives holding sensitive client data got auctioned off online
▼ + stars: | 2022-09-20 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN Business —Federal regulators accused Morgan Stanley on Tuesday of “astonishing” failures that led to the mishandling of sensitive data on some 15 million customers. Since at least 2015 Morgan Stanley did not properly get rid of devices holding sensitive customer data, according to the settlement. In one episode described by the SEC, Morgan Stanley hired a moving company – one that had “no experience or expertise” in data destruction – to decommission thousands of hard drives and servers holding customer data. Morgan Stanley was able to recover some of those devices, which contained “thousands of pieces of unencrypted customer data,” the SEC said. In a statement, Morgan Stanley said it is pleased to have resolved this issue and expressed confidence that no sensitive data was exploited.

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