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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina will stay in deflation if there is no 'meaningful recovery' in the property sector: ANZRaymond Yeung, ANZ's chief economist for Greater China, explains that weak domestic demand and exports running into overcapacity has contributed to the deflationary environment in China. He warned that if the property market does not recover meaningfully in the next 12 months, "a deflationary environment will stay in China for a long while."
Persons: ANZ Raymond Yeung Organizations: China, ANZ Locations: Greater China, overcapacity, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market is expecting too much from the Fed, says Allianz's Mohamed El-ErianMohamed El-Erian, Allianz chief economic advisor, joins 'Power Lunch' to discuss recession fears, Fed rate cuts and his market outlook.
Persons: Allianz's Mohamed El, Erian Mohamed El Organizations: Erian, Allianz
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrump would be a 'triple whammy' for inflation if reelected, says Allianz's Ludovic SubranLudovic Subran, Allianz chief economist, joins 'Squawk Box' to discuss the Fed's inflation fight, rate path outlook, impact of the 2024 election on the global economy, and more.
Persons: Allianz's Ludovic Subran Ludovic Subran Organizations: Trump, Allianz
Gold firms ahead of U.S. inflation data, but set for weekly loss
  + stars: | 2024-07-26 | by ( ) www.cnbc.com   time to read: +2 min
Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates. "Last week, prices scaled record highs on bets of a September U.S. rate cut. The U.S. personal consumption expenditure data for June — the Federal Reserve's favored measure of inflation — is due at 1230 GMT. Meanwhile, India's demand for gold is likely to rise while moving into the fourth quarter, which is traditionally a robust seasonal period for gold demand," ANZ's Kumari said.
Persons: Gold, Soni Kumari, Sugandha Sachdeva, ANZ's Kumari Organizations: Aurum, Federal Reserve, ANZ, SS, U.S ., Hong Kong Locations: U.S, New Delhi, China, Hong
Not just anyone can live on MarsThe CHAPEA crew celebrates the birthday for Ross Brockwell, left, inside the habitat. Luckily for the CHAPEA crew, everyone got along well and became close even before they set foot in the habitat, Brockwell said, which helped reduce the sense of isolation. Homesickness is realThe 1,700-square-foot CHAPEA habitat contains individual living quarters for four volunteer crew members. But you might fall in love with itA CHAPEA crew member participates in a simulated "Marswalk" inside a 1,200-square-foot sandbox to mimic the Martian landscape. Despite the challenges he faced during the simulation, Brockwell would love to visit Mars for real someday.
Persons: , Ross Brockwell, he'd, Brockwell, Patience, it's, Bill Stafford, wasn't, Gene Kranz's, Scott Kelly, James M Organizations: Service, NASA, Business Locations: Houston
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed should consider cutting in July, says Allianz's Mohamed El-ErianMohamed El-Erian, Allianz chief economic advisor, joins 'Closing Bell' to discuss the Fed's next moves and the economy.
Persons: Allianz's Mohamed El, Erian Mohamed El Organizations: Erian, Allianz
Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum. Gold prices have been rallying to record highs, with spot gold notching a new top of $2,449.89 per ounce on Monday. Silver too hit multi-year highs earlier last week, as did industrial metal copper. Spot gold is currently trading at $2,351.3. "While geopolitical risks continued to bolster haven demand, an impressive rise in China's gold demand in Q1 2024 has largely fueled the price rally," ANZ's strategists wrote.
Persons: Silver, that's, Joni Teves, CNBC's Organizations: Aurum, U.S ., Treasury, ANZ, India, World Gold, UBS, U.S . Federal, Metals Locations: U.S, China
After 16 months of planning, Rosenkranz chartered the widebody jet from Delta to transport 112 friends and family. Rosenkranz told BI he got the idea in October 2022 because many of his coworkers' retirements were disrupted by the pandemic. Related storiesHe told BI it cost him "a good year's salary," but added: "You can't put a price on something that was that big. Rosenkranz told BI he was only the second pilot in nine years to receive the honor. Courtesy of Keith RosenkranzRosenkranz told BI how he writes back to readers who become inspired to join the military.
Persons: , Keith Rosenkranz, that's, Rosenkranz, harter, ike, ake, orth, lew, ulf W, ade, ince Organizations: Service, Los Angeles International Airport, Delta Air Lines, LAX, Business, Airbus, Aviation, ust, ince Locations: Delta, ife
NEW YORK (AP) — Franz Welser-Möst is back on the Cleveland Orchestra's podium, concentrating again on music instead of his health. Political Cartoons View All 253 ImagesWelser-Möst had surgery Sept. 1 to remove a cancerous tumor from his bladder and came back to Cleveland to conduct the orchestra's season opener on Sept. 28. Both are very well now, so there’s every reason to be optimistic.”Welser-Möst has been Cleveland's music director since 2002-03 and has appointed 69 musicians, including 52 of the current 105 members. And in those days, of course, I was like: How on earth is he doing that?”Welser-Möst first conducted the Cleveland Orchestra in 1993 and became music director for the 2002-03 season. On the afternoon of his return concert on Jan. 11, he announced he will retire as music director at the end of 2026-27, his 25th season.
Persons: — Franz Welser, , George Szell, , Verdi's, Möst, André Gremillet, Franz Leopold Maria Möst, Baron Andreas von Bennigsen, Herbert von Karajan, Karajan, Albert Moser, Vienna’s, “ I’d, wasn't, “ I’m, Clive Gillinson, he's, Beethoven's, Strauss, “ I’ve, Riccardo Muti, Gustavo Dudamel Organizations: Cleveland, Cleveland's Severance Music Center, Carnegie Hall, Vienna Philharmonic, Vienna State Opera, Salzburg Festival, Cleveland Orchestra’s, Berlin Philharmonic’s, Karajan, Cleveland Orchestra, Carnegie, ” Carnegie Hall, Chicago Symphony Orchestra, Los Angeles Philharmonic, New York Philharmonic, Locations: Austrian, Austria, New York, Naples, West Palm Beach , Florida, Cleveland, Vienna, Linz, Welser, Liechtenstein, Salzburg, Berlin, York, Weimar Republic, Weimar, Zurich, U.S
Blended finance see providers of public money - typically government aid departments, development finance institutions or charitable donors - agree to accept more risk in a fund to encourage private sector investors to join. The money raised through blended finance funds is a fraction of what's needed. The new 25-year SDG Loan Fund is structured so that FMO takes the first loss should the loans turn sour. Private investors, which include Allianz and Skandia, will be the last to lose money. But this loan fund structure ensured "everyone's interest is aligned," she said, noting that private investors can start getting their money back when loans begin amortising in a few years.
Persons: Tilman Blasshofer, FMO, That's, Nadia Nikolova, Nikolova, Nic Wessemius, FMO's, Wessemius, Tommy Reggiori Wilkes, Simon Jessop, Mark Potter Organizations: Allianz Global Investors, REUTERS, MacArthur Foundation, LONDON, Private, Allianz, Skandia, FMO, Reuters, concessional, Investment, Thomson Locations: Frankfurt, Germany, Dubai
That pushed net profit from the bank's institutional unit up 53% to overtake its retail unit, by dollar value, in the year to September, and helped the Melbourne-listed company grow overall profit 14% to A$7.4 billion ($4.7 billion), just missing a Visible Alpha consensus forecast of A$7.56 billion. But analysts expressed concern about a faster-than-expected narrowing of profit margin from the bank's retail unit, the only one of Australia's so-called big four lenders that has persisted with offering cash handouts to lure mortgage customers looking for a cheaper deal. The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. ANZ CEO Shayne Elliott denied forgoing margin to grow mortgages faster than the market, and challenged comments from other banks that have said they were intentionally slowing mortgage growth while competition eroded profit. ANZ declared a final dividend of 94 Australian cents per share, up from 74 cents a year ago.
Persons: NIM, Lucy Craymer, Shayne Elliott, we've, Byron Kaye, Rishav Chatterjee, Roushni Nair, Lisa Shumaker, Stephen Coates Organizations: ANZ, Westpac, National Australia Bank, midsession, ANZ Bank, REUTERS, UBS, Thomson Locations: Melbourne, Lambton Quay, Wellington , New Zealand, Sydney, Bengaluru
People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. "U.K. economic activity appears to have slowed further, the housing market is weaker, consumer spending is falling, and inflationary pressure is showing further signs of dissipating. U.K. inflation came in at 6.7% in September , unchanged from the previous month and considerably higher than in other G7 economies. "The only way that we can rationalise this is if U.K. inflation remains stuck at 3% or higher forever, and/or the U.K. economy avoids a meaningful recession," he said. The European Central Bank last week held rates steady at their current record high of 4%, ending a run of 10 straight hikes.
Persons: Mike Riddell, BoE, Swati Dhingra, Riddell, Abbas Khan, Haskel, Mann, Dhingra, Catherine Mann, Allianz's Riddell Organizations: Bank of England, Allianz Global Investors, P, MPC, Bank, Monetary, LONDON, Barclays, U.S . Federal, Treasury, European Central Bank Locations: City, London, Britain, Israel
Bankman-Fried's will be the first of Williams' blockbuster white collar cases to go to trial. The cases Williams, 43, has brought so far show he has been a "steward" of the SDNY's longstanding priorities, said Kan Nawaday, who overlapped with Williams at the office. Prosecutors had described the cases as the first insider trading cases brought involving digital assets. Williams' charges against Bankman-Fried came just one month after FTX's collapse, which former prosecutors say is very fast for a complex white collar case. WILLIAMS HAS STRUGGLED WITH SELF-DOUBTBankman-Fried's trial comes after some setbacks and amid ongoing challenges for Williams' office.
Persons: Damian Williams, Mike Segar, Sam Bankman, Williams, Charlie Javice, Bill Hwang, Joe Lewis, Javice, Hwang, Lewis, Kan Nawaday, He's, Venable, Prosecutors, Alex Mashinsky, WILLIAMS, SDNY's, John Paul Stevens, General Merrick Garland, Garland, Joe Biden, Bob Menendez, Menendez, Fried, Joshua Naftalis, Pallas, Brian Benjamin, haters, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: Attorney, Southern, of, REUTERS, U.S, Yale Law School, Archegos Capital Management, Supreme, Allianz's U.S, Allianz, Bankman, New, Columbia Law School, Thomson Locations: Manhattan, New York City , New York, U.S, of New York, English, Jersey, Bahamas, Caribbean, New York, Bronx, Georgia
A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. "It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points," said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing's support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.
Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, Ma Hong, Gao Yuhong, Xing Zhaopeng, Liangping Gao, Ryan Woo, Shuyan Wang, Shri Navaratnam Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute, Thomson Locations: Tianjin, China, BEIJING
A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo Acquire Licensing RightsAug 25 (Reuters) - ANZ Group (ANZ.AX) and Suncorp Group (SUN.AX) said on Friday that they have filed separate applications to seek a tribunal review after Australia's competition regulator recently blocked ANZ's $3.2 billion buyout of Suncorp's banking arm. read moreBoth companies reaffirmed their mid-2024 target to execute the deal after the application to the Australian Competition Tribunal, an independent body that reviews ACCC decisions. ACCC acknowledged the companies' move, but declined to comment further. Reporting by John Biju in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.
Persons: Steven Saphore, John Biju, Dhanya Ann Thoppil Organizations: New Zealand Banking Group, ANZ, REUTERS, Suncorp Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, ACCC, Thomson Locations: Australia, Sydney, Bengaluru
A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo Acquire Licensing RightsAug 25 (Reuters) - ANZ Group (ANZ.AX) and Suncorp Group (SUN.AX) said on Friday that they have filed separate applications to seek a tribunal review after Australia's competition regulator recently blocked ANZ's $3.2 billion buyout of Suncorp's banking arm. read moreBoth companies reaffirmed their mid-2024 target to execute the deal after the application to the Australian Competition Tribunal, an independent body that reviews ACCC decisions. ACCC acknowledged the companies' move, but declined to comment further. Reporting by John Biju in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.
Persons: Steven Saphore, John Biju, Dhanya Ann Thoppil Organizations: New Zealand Banking Group, ANZ, REUTERS, Suncorp Group, Australian Competition, Consumer Commission, Australian Competition Tribunal, ACCC, Thomson Locations: Australia, Sydney, Bengaluru
The company established the Allianz Global Diversified Private Debt Fund (AGDPDF) II in Luxembourg in mid-June, company filings show. Money managers are vying for a slice of the growing private credit market, which emerged in the aftermath of the 2008 financial crisis and is currently estimated to have assets of $1.5 trillion. Private credit funds are increasingly competing with banks, including for financing large company buyouts. The fastest escalation in borrowing costs in decades has posed a test for private credit but so far defaults by borrowers have been limited. Rather than lending directly, the Allianz Global Diversified Private Debt Fund invests in other credit funds and also makes co-investments.
Persons: Michaela Rehle, Proskauer, Pablo Mayo, Elisa Martinuzzi, Jane Merriman Organizations: Allianz, REUTERS, Allianz Global Investors, Allianz Global, Debt Fund, Fund, Reuters, Pablo Mayo Cerqueiro, Thomson Locations: Unterfoehring, Munich, Luxembourg, London
In an order made public on Friday, U.S. District Judge Laura Taylor Swain in Manhattan federal court denied Tournant's motion to dismiss the five-count indictment, which also includes an obstruction charge. Tournant said dismissing the indictment was justified because prosecutors' "intrusion" into his attorney-client relationship had been "manifestly and avowedly corrupt." Two other former portfolio managers have pleaded guilty in the case and agreed to cooperate with prosecutors. The case is U.S. v. Tournant, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel in New York; Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
Persons: Charles Platiau, Gregoire Tournant's, Laura Taylor Swain, Tournant, Swain, Allianz's, Sullivan, Cromwell, Jonathan Stempel, Marguerita Choy Organizations: Allianz, La Defense, REUTERS, Alpha Funds, Prosecutors, U.S . Securities, Exchange Commission, Court, Southern District of, Thomson Locations: Puteaux, La, Paris, France, U.S, Manhattan, Southern District, Southern District of New York, New York
Fitch's US credit-rating downgrade means there's less faith in the dollar and Treasury bills, Kevin O'Leary said. This will push sovereign wealth funds to be weary of holding greenbacks, he told Fox News. Doesn't matter: the more the government goes into deficit spending, the more rating agencies scrutinize the quality of that debt," O'Leary said. This is the second downgrade the US has ever received, preceded by S&P Global's 2011 downgrade. Effectively, the lowered rating also means a higher cost of borrowing for the US, which deepens federal deficit spending.
Persons: Kevin O'Leary, Fitch, O'Leary, That's, Goldman Sachs, Jamie Dimon, Mohamed El, Erian Organizations: Treasury, Fox News, Service, US Treasury, AAA, AA, Wall, CNBC Locations: Wall, Silicon, America
Rashtrapati Bhavan, the official residence of the President of India, in New Delhi. China's growth slowdown is set to hurt global commodity demand, but India could make up for some of that shortfall, according to ANZ. India's economic growth is likely to outpace China's, with the South Asian nation set to become the third-largest economy by the end of this decade, the bank predicted. That means India's demand for commodities will likely surge, and it could cover more than half of China's demand shortfall especially in the energy sector, the bank said in a recent report. "India's demand for commodities is slated to grow rapidly, supported by favorable demographics, urbanization, the expansion of manufacturing and exports and the build-up of infrastructure," ANZ analysts wrote.
Persons: Rashtrapati Organizations: Rashtrapati Bhavan, ANZ, South Locations: India, New Delhi, China
Financial firms and their regulators have cut salaries and bonuses after China's top graft-busting watchdog vowed to eliminate "Western-style hedonism" in the $57 trillion sector. "Wage cuts will intensify deflationary risks and reduce willingness to spend," said Zhaopeng Xing, ANZ's senior China strategist. Reuters GraphicsWEAK BARGAINING POWERUnilateral wage cuts are illegal in China, but complex salary structures offer ways around that. Shao, who sold make-up in the eastern city of Suzhou and only gave her surname for privacy reasons, had a choice to leave her company or accept a 50% wage cut. Their bargaining power ... is weakened so they tend to accept wage cuts," said Aidan Chau, researcher at Hong Kong-based rights group China Labour Bulletin.
Persons: Yao, Zhaopeng Xing, ANZ's, Unit's Xu Tianchen, Zhaopin, Shao, Aidan Chau, Xu, he's, Xiangrong Yu, Ellen Zhang, Marius Zaharia, Liangping Gao, Kripa Jayaram, Kim Coghill Organizations: Communist Party, Financial, Economist, Reuters, Workers, China Labour Bulletin, Reuters Graphics Reuters, Citi, Graphics, Thomson Locations: China, BEIJING, HONG KONG, Hefei, Suzhou, Hong Kong, Shanghai, Beijing
Slowing Australia Q2 inflation lessens rate hike pressure
  + stars: | 2023-07-26 | by ( Stella Qiu | ) www.reuters.com   time to read: +3 min
In the first quarter, inflation was at 1.4%. That was balanced by a sharp fall in goods inflation, which slowed to an annual rate of 5.8% from 7.6% the quarter before. Adelaide Timbrell, senior economist at ANZ, said both headline and trimmed mean inflation are tracking below the RBA's forecast for the second quarter. "(The data) highlight that a 4.1% cash rate may be restrictive enough to bring inflation down. The RBA has warned that some further tightening may be required to bring inflation to heel.
Persons: Robert Carnell, Carnell, Adelaide Timbrell, Stella Qiu, Wayne Cole, Jacqueline Wong Organizations: Reserve Bank of Australia, Australian Bureau, Statistics, Wednesday, ING, ANZ, Thomson Locations: SYDNEY, Asia, Pacific
July 24 (Reuters) - Australia's competition regulator on Monday said it has delayed its decision on ANZ Group Holdings' (ANZ.AX) proposed A$4.9 billion ($3.30 billion) acquisition of Suncorp Bank (SUN.AX) by a week to August 4, and has requested a further extension of one week. "It is important that the ACCC has the opportunity to meaningfully consider the new information provided by ANZ and take it into account in its decision making," the regulator said. ANZ, the country's fourth-largest bank, in its response on Friday consented to an extension till August 4. This is the second time the regulator has sought an extension to its decision after the original deadline of mid-June was extended to late July. ($1 = 1.4865 Australian dollars)Reporting by Sameer Manekar in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.
Persons: Sameer Manekar, Varun Organizations: ANZ Group Holdings, Suncorp Bank, Australian Competition, Consumer Commission, ANZ, ACCC, Reuters, Thomson Locations: Bengaluru
TOKYO, July 19 (Reuters) - Global oil prices rose on Wednesday, boosted by China's pledge to support economic growth, tighter supply from Russia and on lower weekly U.S. crude oil inventories. "Crude oil gained amid signs of further tightening across the market. Russia appears to be making good on its promise to reduce supply," ANZ Research said in a client note on Wednesday. U.S. crude oil, gasoline and distillate inventories all fell last week, according to market sources citing figures by American Petroleum Institute, an industry group, on Tuesday, with crude stocks down by about 800,000 barrels. The market is expecting the weekly inventory report by the U.S. Energy Information Administration later on Wednesday which is expected to show further a drawdown in U.S. crude oil inventories, providing some more support to prices, ANZ's note added.
Persons: China's, Brent, Katya Golubkova, Lincoln Organizations: U.S, West Texas, ANZ Research, American Petroleum Institute, U.S . Energy Information Administration, Thomson Locations: TOKYO, Russia, .
US inflation fell to a two-year low of 3% in June, dividing experts on whether the threat is over. Top economist Steve Hanke said the headache is gone and the Fed has things under control. Paul Krugman was less convinced, while Mohamed El-Erian noted a recession could still hit. Even if inflation is on the retreat, interest rates may need to remain high to prevent a resurgence, Krugman continued. El-Erian's comment raises the prospect that inflation could rear its head again, forcing the Fed to keep hiking rates and trigger a recession.
Persons: Steve Hanke, Paul Krugman, Mohamed El, Erian, stoked, aren't, Johns Hopkins, Ronald Reagan, Hanke, Krugman Organizations: Service, Reserve, CNBC, Princeton, MIT, Phillips, Fed Locations: Wall, Silicon
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