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Each day things costs a little more, it's like always racing against the clock, searching and searching," said Laura Celiz as she shopped for groceries in Tapiales on the outskirts of Buenos Aires. "You buy whatever is cheaper in one place and go to the next place and buy something else." "In this way we try to beat inflation or at least compete with it a little," he added. "While the rest of the Latin American countries have single-digit inflation, Argentina is already in triple-digits." "People are angry and have every right to be because they can't afford to buy a kilo of meat."

Persons: Matias Baglietto, Laura Celiz, Fernando Cabrera, Javier Milei, Sergio Massa, Patricia Bullrich, Damian Di Pace, Massa, Butcher Marcelo Capobianco, Capobianco, Miguel Lo Bianco, Jorge Otaola, Claudia Martini, Walter Bianchi, Hernan Nessi, Lucila Sigal, Nicolás Misculin, Adam Jourdan, Chizu Nomiyama, Sandra Maler Organizations: Mercado Central, REUTERS, International Monetary Fund, Reuters Graphics Reuters, IMF, Business, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Tapiales, Olivos

Persons: Matias Baglietto, Laura Celiz, Fernando Cabrera, Javier Milei, Sergio Massa, Patricia Bullrich, Damián Di Pace, Butcher Marcelo Capobianco, Capobianco, Miguel Lo Bianco, Jorge Otaola, Claudia Martini, Walter Bianchi, Hernan Nessi, Lucila Sigal, Nicolás Misculin, Adam Jourdan, Chizu Organizations: Mercado Central, REUTERS, International Monetary Fund, Reuters Graphics Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Tapiales, Olivos

TORONTO (AP) — Think of movies about the financial system and your mind is almost sure to go to Gordon Gekko and “Wall Street” or Leonardo DiCaprio’s gyrating Jordan Belfort in “The Wolf of Wall Street.”When Hollywood takes on Wall Street, it usually heads straight to the C-suite. In 2021, Gill’s enthusiastic endorsement of GameStop stock helped fuel a viral trading frenzy that rocked Wall Street and humbled the hedge funds that has shorted the brick-and-mortar video game company. Gillespie was able to follow the phenomenon thanks to his 24-year-old son, who had been involved with the subreddit Wall Street Bets. My son warned me: You got in too late.”Lauren Schuker Blum and Rebecca Angelo, two former Wall Street Journal reporters turned screenwriters, came on to write the script. They feel small, they feel powerless, they feel that the system is rigged,” says Angelo.

Persons: Gordon Gekko, Leonardo DiCaprio’s gyrating Jordan Belfort, Keith Gill, Paul Dano, ”, Pete Davidson, Seth Rogen, America Ferrara, Anthony Ramos, Shailene Woodley, Craig Gillespie, Tonya Harding, Tonya, Gillespie, Ben Mezrich, ” Mezrich, Mark Zuckerberg, David Fincher’s “, “, ” Lauren Schuker Blum, Rebecca Angelo, —, Blum, let’s, Ramos, Myha’la Herrold, Talia Ryder, Margot Robbie, Angelo, Megan Thee Stallion’s, ” Gill, Kitty, Gill, Jake Coyle Organizations: TORONTO, Hollywood, GameStop, Wall, Sony Pictures, Toronto, AMC Theaters, Ragtag, Amateur, Social, Wall Street Journal, Lawmakers, Twitter Locations: “ The, Brockton , Massachusetts, Belgian, Bath, Pittsburgh

☆ US economy will 'hit a wall' by the spring – and inflation could spike again, warns 'bond king' Jeffrey Gundlach
▼ + stars: | 2023-09-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The US economy is likely to "hit a wall" by next spring, Jeffrey Gundlach warned. The government may try to spend its way out of trouble, reigniting inflation, Gundlach said. They now face a "dangerous cocktail" of inflated living costs, steeper rents, larger interest payments on their credit cards, the resumption of student-loan repayments, and taxes coming due, he continued. Gundlach — whose nickname is the "bond king" — predicted the plethora of financial pressures would tank the economy. He emphasized that the government's interest payments are already exploding, and warned they could grow substantially in the coming years.

Persons: Jeffrey Gundlach, Gundlach, — Organizations: DoubleLine, Service, Fox Business, DoubleLine Capital, Federal Reserve Locations: Wall, Silicon

☆ Crowds Camp in Front of Niger French Army Base to Press for Troop Departure
▼ + stars: | 2023-09-08 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

NIAMEY (Reuters) - Hundreds of protesters have been camping outside a French military base in Niger's capital Niamey for the past six days to demand the troops' departure, the latest sign of swelling anti-French sentiment among supporters of a military coup in July. Relations between Niger and its former coloniser France have worsened since Paris declared the junta illegitimate, stoking anti-French sentiment. There have been calls for around 1,500 French troops stationed in Niger as part of a wider fight against an Islamist insurgency in the Sahel to leave the country. But the crowd in front of the French military has swelled and is showing no sign of leaving. On Friday, protesters celebrated Muslim midday prayers that are usually held in a mosque in front of the base.

Persons: Mohamed Bazoum, Aissa Seyni, Abdel, Kader Mazou, Sofia Christensen, Alex Richardson Locations: NIAMEY, Niger's, Niamey, Niger, France, Paris, headscarves

☆ Crowds camp in front of Niger French army base to press for troop departure
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Nigerian army officers are seen as faithfuls perform their Friday prayers in front of the French army base in Niamey, Niger September 8, 2023. Relations between Niger and its former coloniser France have worsened since Paris declared the junta illegitimate, stoking anti-French sentiment. There have been calls for around 1,500 French troops stationed in Niger as part of a wider fight against an Islamist insurgency in the Sahel to leave the country. But the crowd in front of the French military has swelled and is showing no sign of leaving. On Friday, protesters celebrated Muslim midday prayers that are usually held in a mosque in front of the base.

Persons: Mohamed Bazoum, Aissa Seyni, Abdel, Kader Mazou, Sofia Christensen, Alex Richardson Organizations: REUTERS, Thomson Locations: Niamey, Niger, NIAMEY, Niger's, France, Paris, headscarves

☆ US is sending Ukraine ammunition that can not only pierce Russian tank armor but also ignite inside
▼ + stars: | 2023-09-06 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

The US officially announced Wednesday it will send Ukraine depleted-uranium tank ammunition. This powerful ammunition gives Kyiv the capability to not only punch holes in Russian armor, but also do additional damage inside enemy vehicles as the fragments potentially ignite. The Pentagon listed the 120 mm depleted-uranium tank ammunition as part of a $175 security assistance package that was officially revealed on Wednesday. The US is not the first NATO member to send Ukraine depleted-uranium ammunition. The latest US security assistance announcement, which includes the depleted-uranium tank rounds, comes ahead of what is expected to be an imminent delivery of 31 Abrams tanks.

Persons: Biden, Antony Blinken, Nicholas Perez, Thomas Spoehr, Vladimir Putin, Tylon Chapman, John Kirby, Blinken, Volodymyr Zelenskyy Organizations: US, Pentagon, Service, High Mobility Artillery Rocket Systems, Factory, US Air Force National Guard Explosive Ordnance, Technicians, Tooele Army Depot, US Air National Guard, Staff, US Army, 1st Armored Division, NATO, British, Challenger, Armed Forces, National Security, Oryx, British Challenger, Ukrainian Locations: Ukraine, Wall, Silicon, Kyiv, Germany, UT, Washington, Grafenwoehr, Russia, Moscow, United States

☆ Turkey's Erdogan says Black Sea grain deal can be revived soon following talks with Putin
▼ + stars: | 2023-09-05 | by ( Amanda Macias | ) www.cnbc.com time to read: +1 min

WASHINGTON — Turkish President Recep Tayyip Erdogan said following a meeting with Russian President Vladimir Putin on Monday that a resolution to the suspended Black Sea Grain Initiative can be reached "in a short time." The deal — which was brokered between Turkey, the United Nations, Ukraine and Russia in July 2022 — helped ease the Kremlin's naval blockade in the Black Sea and established a humanitarian corridor for agricultural exports. Putin said that he was ready to "consider the possibility of reviving the grain deal" provided that Russian agricultural products are "fully implemented" in the new agreement. The Russian leader also placed the blame on Western governments for stoking a global food security crisis following Moscow's exit from the Black Sea grain deal. "There is no physical shortage of food," Putin told reporters following the bilateral meeting with Erdogan.

Persons: Recep Tayyip Erdogan, Vladimir Putin, —, Erdogan, Read, Putin Organizations: United, UN Locations: WASHINGTON, Turkey, United Nations, Ukraine, Russia, Sochi, Moscow

☆ Former generals weigh in on how much say the US should have in Ukraine's counteroffensive as Kyiv's frustration with critics boils over
▼ + stars: | 2023-09-02 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +12 min

Ukraine has blamed a lack of equipment and tough defenses while some in the West have put the blame on Kyiv's forces. "Everyone is now an expert on how we should fight," Ukraine's defense ministry said on social media Thursday. He wrote that the general is "extremely talented," but "he has never before" coordinated the kind of operations Ukraine is executing now. AdvertisementAdvertisementThe US has reiterated that it will continue to support Ukraine's war effort, even as the counteroffensive is expected to potentially last for at least a couple more months and the conflict possibly for years. In a recent conversation with Insider about Ukrainian operations, Hodges said that the Ukrainians "have recognized that they have to adapt, which is what they're doing."

Persons: Dmytro Kuleba, it's, —, Jose Colon, Jack Keane, Keane, Metz, Michael O'Hanlon, George S, O'Hanlon, Hertling, Valery Zaluzhny, Diego Herrera Carcedo, Mick Ryan, Michael Kofman, Franz, Stefan Gady, Ben Hodges, David Petraeus, Mark Milley, Milley, Petraeus, Frederick Kagan, Hodges, Kyiv's, Ryan Organizations: Service, —, PKP, Ukrainian Army, Anadolu Agency, Getty, US Army, Institute for, Street, Patton's Third Army, NATO, intel, Army, Foreign Affairs, US Central Command, CNN, Joint Chiefs, Staff, The Washington Post, American Enterprise Institute, Russia, Nazis Locations: Ukraine, Wall, Silicon, Kyiv, Europe, Chasiv Yar, Russia, Donetsk Oblast, America, Ukrainian, France, Metz, Vietnam, Korea, US Army Europe, Australian, American, Singapore, Japan, United States, Philippines

Opposition candidates, including Gou, blame the DPP for provoking Beijing and stoking tensions, labeling the vote as a choice between war and peace. Meanwhile, the DPP’s candidate, Vice President Lai Ching-te, has framed the election as a choice between democracy and authoritarianism. Lai Ching-te, Taiwan's Vice President and presidential hopeful, meets the foreign press in Taipei on August 25. In addition to securing 290,000 votes before November, Gou also needs to announce his running mate before September 17, as required by Taiwan’s Central Election Commission. “Gou is really having a race against time, and time is really not in his favor,” Sung said.

Persons: Terry Gou, Tsai Ing, Xi, China –, Lai Ching, “ Don’t, ”, Lai, Taijing Wu, Priding, Foxconn, Gou, China’s, ” Gou, roiling, Hou Yu, Ko Wen, Hou, who’s, “, Ko, Sung, ” Sung Organizations: CNN, Democratic Progressive Party, Harvard, ”, Communist Party, Chinese Communist Party, Kuomintang, KMT, ih, New, Taiwan People’s Party, Australia National University’s Taiwan Studies, Reuters, Taiwan’s Locations: Taiwan, China, Ukraine, Beijing, Moscow, United States, Lai, Taipei, Shenzhen, Taiwan Strait, Diaoyutai, Foxconn, New Taipei City

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. Shares of Salesforce (CRM.N), which also forecast upbeat quarterly sales, rose 5.6% before the bell as the cloud-based software provider benefits from price hikes and a resilient demand. Investors now await the price consumption expenditure (PCE) index for July, the Fed's preferred inflation measure, due at 8:30 a.m. The core PCE price index is expected to have climbed 4.2% in the 12 months through July, according to economists polled by Reuters. Among other stocks, Dollar General (DG.N) slumped 14.2% after the discount retailer cut its annual same-store sales forecast.

Persons: Brendan McDermid, Dow Jones, Salesforce, Russ Mould, AJ Bell, Raphael Bostic's, Alibaba, Shristi Achar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Investors, Reuters, Graphics Traders, Atlanta Fed, PDD Holdings, Baidu, Dow e, Thomson Locations: New York City, U.S, Bengaluru

☆ As inflation soars, Argentines say they've seen this film before
▼ + stars: | 2023-08-30 | by ( Lucila Sigal | ) www.reuters.com time to read: +3 min

August monthly inflation is likely to top 10%, analysts say. He has pledged to dollarize the economy over time and shutter the central bank, blaming a "caste" of political elite for the economic crisis in boisterous tirades to cheering supporters who love his abrasive, no holds barred style. "The way I see it, these characters are focused on a certain sector, a sector of wealth, well-being, upper class. Argentina recently saw some scattered looting of shops and supermarkets, with over 100 arrests, though that has calmed down in recent days. Reporting by Lucila Sigal; Editing by Nicolas Misculin, Adam Jourdan and Alistair BellOur Standards: The Thomson Reuters Trust Principles.

Persons: Rickey Rogers, Roberto Gonzalez Blanco, Morgan, Javier Milei, Nora Marful, Milei, Sergio Massa, Patricia Bullrich, Fernando De la Rua, Jorge Del Teso, Lucila Sigal, Nicolas Misculin, Adam Jourdan, Alistair Bell Organizations: Supreme, REUTERS, Economy, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Australia, Argentine

The Chinese military regularly sends ships and aircraft through the channel, Taiwan's defence ministry has said. The Chinese Embassy in Manila did not immediately respond to a request for comment on the proposed port in Basco. Cayco confirmed the visit, saying they came "one time to assess" the proposed alternative port. Marcos has said the bases under the Enhanced Defence Cooperation Agreement (EDCA) could prove useful if China attacked Taiwan. Jay Batongbacal, maritime affairs expert at the University of the Philippines, said the proposed port "would certainly be needed for the island’s defence in a worst case scenario."

Persons: Marvin Licudine, Andres Centino, Heather Variava, Noel Beleran, Eric Austin, Marilou Cayco, Batanes, Cayco, Kanishka, MARCOS, Rodrigo Duterte, Ferdinand Marcos Jr, Marcos, Jay Batongbacal, Poppy McPherson, Karen Lema, Raju Gopalakrishnan Organizations: Philippine Military, Embassy, Staff, Education, U.S, Reuters, China, Washington, U.S . Army, ., Enhanced, Security, University of the, Thomson Locations: Philippines, Philippine, U.S, MANILA, Taiwan . U.S, Taiwan, China, Washington, Pacific, Manila, Basco, Asia, Beijing, Batanes, South China, University of the Philippines, Luzon

New Delhi CNN —Police in India are investigating a teacher after a video of her encouraging students to slap their 7-year-old classmate, who is Muslim, sparked widespread outrage in the country. The video of the incident, which took place in the Muzaffarnagar district in northern Uttar Pradesh state, shows the boy fearfully standing in front of his classmates as the teacher calls on students to hit him. Muzaffarnagar’s superintendent of police, Satyanarayan Prajapat, on Friday said the teacher told students to hit the boy “for not remembering his times tables.”The teacher also referenced the boy’s religion, according to Prajapat. District officials have also ordered the school to shut, according to CNN affiliate CNN News-18. Uttar Pradesh, where the incident took place, is India’s largest state of about 200 million.

Persons: wails, Satyanarayan, ”, Bharatiya Janata Party’s, Rahul Gandhi, ” Gandhi, Narendra Modi, old’s, “, I’d, Deepankar Basu, Yogi Adityanath Organizations: New, New Delhi CNN — Police, Mohammedan, Police, CNN, Bharatiya Janata, Twitter, BJP, Free, Compulsory, CNN News Locations: New Delhi, India, Muzaffarnagar, Uttar Pradesh, United States

The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan May 30, 2017. Nvidia's stock price, though, has more than tripled this year and was set to hit an all-time high after Wednesday's results. The company has a near-monopoly on the computing systems used to power services like ChatGPT, OpenAI's blockbuster generative AI chatbot. Huang declined to comment on whether the AI boom will last past next year. The company said the biggest sales driver this quarter was its HGX system, which is an entire computer built around Nvidia's chip.

Persons: Tyrone Siu, Huang, Jensen Huang, quashing, Kinngai Chan, Chan, Dylan Patel, SemiAnalysis, Patel, We're, Stephen Nellis, Max Cherney, Chavi Mehta, Sonali Paul Organizations: Nvidia Corporation, REUTERS, Nvidia, Reuters, Microsoft, Summit, Thomson Locations: Taipei, Taiwan, OpenAI, San Francisco

☆ Opinion: The surprise winner of the debate
▼ + stars: | 2023-08-24 | by ( Opinion Cnn Contributors | ) edition.cnn.com time to read: +30 min

CNN —CNN Opinion asked our political contributors to weigh on the first Republican presidential debate of the 2024 season. On Wednesday night, on more than one issue, Haley broke with the old guard in some meaningful ways. Karen Finney: Ron DeSantis falls flatKaren Finney Ralph AlswangeAfter weeks of buildup and reports of serious debate preparation with a top Republican debate coach, this was supposed to be the night that Florida Gov. Instead, DeSantis delivered a flat debate performance devoid of any standout moments, demonstrating why he is the best alternative to former President Donald Trump. Asa Hutchinson in a few instances, not one of the GOP candidates sounded like a serious contender for the White House.

Persons: Nikki Haley, “, Donald Trump, Haley, won’t —, that’s, Trump, Joe Biden’s, Ron DeSantis, Vivek Ramaswamy, Haley’s, Karen Finney, Karen Finney Ralph Alswange, DeSantis, Donald Trump ., MAGA, George Soros, Florida’s, ” Karen Finney, Patrick T, Brown, Patrick, Mike Pence, Ramaswamy’s, Ramaswamy, Pence, “ It’s, ” Ramaswamy, Sophia A, Nelson, ‘ Rich, Richmond ’ Sophia A, Nelson Sophia A, Richmond ”, Oliver Anthony, Sen, Tim Scott of, Margaret Thatcher —, Michelle Obama, ” Scott Jennings, Scott Jennings, Nikki Haley overperforming, Doug Burgum, Asa Hutchison, Chris Christie, unapologetically, George W, Bush, Mitch McConnell, Jill Filipovic, Jill Filipovic Vivek Ramaswamy, G.T . Bynum, Bynum, Ronald Reagan —, —, shamefully, Putin, Nicole Hemmer, Robert Taft, Dwight Eisenhower, Ike, Ronald Reagan, Pat Buchanan, Carolyn T, Robert M, Who, Geoff Duncan, GOP Geoff Duncan CNN, Asa Hutchinson, ” Roxanne Jones, Roxanne Jones, Nikki Haley —, I’ve, Jones, ”, WURD, Kristen Soltis Anderson, Nikki Haley’s, ” Raul A, Reyes, Joe Biden, Biden, Raul A, Jon Gabriel, Jon Gabriel Immigration, I’m, ” DeSantis Organizations: CNN, South Carolina Gov, Republican Party of Trump, Florida Gov, Biden, Republican, Donald Trump . Time, New, New Jersey Gov, Democratic, Trump, GOP, Public Policy Center, Economic, North, Richmond, British, Republican Party, North Dakota Gov, Arkansas Gov, RunSwitch Public Relations, Twitter, Pew Research Center, Internal Revenue Service, Department of Education, Pew, Former South Carolina Gov, Rogers Center, Vanderbilt University, “ Partisans, Conservative, Wednesday, Department of Justice, UN, Former New Jersey Gov, America’s Conservative Party, White House . Florida Gov, ESPN The Magazine, ESPN, New York Daily News, Philadelphia Inquirer, Kristen Soltis Anderson CNN Former South Carolina Gov, America, Reyes CNN, Special Forces, Fox, CNN Town Hall, USA, Gallup, The Arizona Locations: China, Florida, Hawaii, New Jersey, America, Washington , DC, Ukraine, Tim Scott of South Carolina, Georgia, Louisville , Kentucky, millennials, New York, Israel, United States, Tulsa , Oklahoma, Mexico, El Paso, dearer, Arizona, The Arizona Republic

☆ Germany’s economy hasn’t looked this weak since the start of the pandemic
▼ + stars: | 2023-08-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

That’s the lowest reading since May 2020, when the country began gradually lifting stringent pandemic restrictions. “Any hope that the service sector might rescue the German economy has evaporated. The figures add to evidence that Germany’s economy is sputtering again after it emerged from a winter recession in the second quarter by the narrowest of margins. “The downward pressure on the economy of the eurozone in August stems mainly from the German service sector,” said De la Rubia. “Activity has started to shrink while prices have shot up again, even picking up pace,” De la Rubia said.

Persons: stoking, ”, Cyrus de la Rubia, —, De la, “, De la Rubia, ” Andrew Kenningham Organizations: London CNN —, Hamburg Commercial Bank, P Global, P, European Central Bank, ECB, Capital Economics Locations: London CNN — Germany, Hamburg, Germany, Europe, “

"The price of global rice prices is particularly worrying," Qingfeng Zhang, a senior director from the Asian Development Bank, told CNBC. Other than India, food inflation has been relatively tame in Asia so far this year. Underscoring how higher food prices erode purchasing power, ADB suggested at that time that a 10% rise in domestic food prices in developing Asia would push 64.4 million into poverty, based on the $1.25-a-day poverty line. Moreover, this spike in rice prices is happening amidst widespread lower food prices. watch nowThis means any spikes in food prices will only translate to food inflation toward the end of this year or early 2024.

Persons: Qingfeng Zhang, El Niño, Niño, Erica Tay, Tay, Tay . Rice, Xi Jinping, Morgan Stanley, Maybank Nomura, Sonal Varma, Si Ying Toh, Nomura, Paul Hughes, Hughes, Global's Hughes Organizations: Istock, Asian Development Bank, CNBC, ADB, United Nations, FAO, Tay . Locations: Ho Chi Minh, Vietnam, Asia, India, Thailand, China, Myanmar, Cambodia, Tay, U.S, El, Australia, Pacific, Singapore, Hong Kong, Indonesia, South Korea, Philippines, Malaysia

☆ More than 200 ships are in a traffic jam outside the Panama Canal, showing we can't get through a year without big boats getting stuck
▼ + stars: | 2023-08-22 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +2 min

More than 200 ships are stuck in a traffic jam outside the Panama Canal. Over 200 ships are currently stuck in a major traffic jam on either side of the Panama Canal, with some ships trapped for more than three weeks waiting to get through, according to data from project44 reviewed by Insider. The ships are stuck due to an unprecedented drought taking hold in Panama right now, the Wall Street Journal reported. The traffic jam is causing a slowdown in consumer goods delivery and is already stoking concerns over the holiday supply chain. But the stuck ships should come as no surprise; it's the third year in a row that the world has marveled at an unfortunate logjam of maritime traffic.

Persons: Alix Partners, Alix Organizations: Wall Street Journal, Panama Canal Authority, Alix Partners, Authorities Locations: Panama, Suez, Chesapeake

☆ Stocks are still much better than bonds for generating long-term wealth, Wharton professor Jeremy Siegel says
▼ + stars: | 2023-08-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

There's "no way" bonds are better than stocks for long-term investors, Wharton professor Jeremy Siegel said. By the time investors have doubled their money in bonds, they've quintupled their money in stocks, he estimated. Siegel has turned more bullish on stocks and the US economy over the past year amid inflation's decline. Meanwhile, the S&P 500 is currently trading with price-to-earnings ratio of about 20, which means stocks have around a 5% yield. "By the time you've doubled your money in bonds, you've multiplied your money by five times in stocks," Siegel said in an interview with CNBC on Monday.

Persons: Wharton, Jeremy Siegel, they've, Siegel, Jay Powell Organizations: Service, Treasury, Securities, Federal Reserve, CNBC Locations: Wall, Silicon

☆ Morning Bid: China sets sombre tone with property turmoil
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Staff/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Kevin BucklandChina continues to set the mood for markets, and the tone is unswervingly sombre. Such hopes may have bolstered Chinese property shares in the Asian morning, but the wider markets in China and the rest of the region were gloomy. The Hang Seng Index sank about 0.7%, with mainland Chinese, Japanese and South Korean shares all also down. The People's Bank of China was signalling its intent to shore up the yuan again today, setting the official mid-point a whopping 1,000 pips stronger than the Reuters estimate. And with U.S. benchmark yields heading for pre-financial crisis highs, the yield gap between the two economies is yawning.

Persons: Kevin Buckland China, China Evergrande, Will, Philip Lane, Kevin Buckland, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, South, People's Bank of, Fed, Bank of England, ECB, Thomson Locations: Frankfurt, Silicon, Germany, China, U.S, People's Bank of China, Will China, Japan, Tokyo, Europe, Asia

☆ Zero-day-options, weak technicals and China: Breaking down the market’s August headwinds
▼ + stars: | 2023-08-17 | by ( Fred Imbert | ) www.cnbc.com time to read: +4 min

"The S & P is not quite there, but we would be very surprised if it doesn't follow the NDX's lead." On top of that, some are worried that another real estate crisis in China may be brewing. "It's been almost two years since China Evergrande Group, once China's largest real estate developer, shocked the financial markets by defaulting on $340 billion in debt. Since then, the Chinese real estate market has been in a serious slump," wrote Ed Yardeni of Yardeni Research. Investment in real estate fell 8.5% y/y during the first seven months of this year."

Persons: Goldman Sachs, Scott Rubner, Rubner, 0DTE, Technicals, Wolfe, Rob Ginsberg, Ginsberg, It's, Ed Yardeni, we're, Sarat Sethi, Johnson, Sethi, CNBC's, — CNBC's Michael Bloom Organizations: Wolfe Research, Nasdaq, China Evergrande Group, Yardeni, Investment, U.S, JPMorgan Locations: China, U.S, Freeport, McMoRan, Haleon

Anxious retail investors are bombarding listed companies with questions about their exposure to Zhongrong, a subsidiary of Zhongzhi, after missed payments by the trust company triggered fears of wider contagion. Zhongzhi's financial trouble is the latest challenge for Chinese authorities as they battle to contain a worsening property sector crisis and revive a faltering recovery in the world's second-largest economy. The Wednesday's meeting was held after Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products since the end of July, Reuters reported on Wednesday, citing sources. PROPERTY CRISISThe liquidity stress facing Zhongzhi highlights the ripple effect of an unprecedented debt crisis in China's property sector, which accounts for roughly a quarter of the economy that has rapidly lost momentum in recent months. Evergrande said late on Wednesday it would delay the voting date and scheme meetings with creditors for its offshore debt restructuring plan to Aug 23 and Aug 28, respectively, to give creditors more time to consider the terms.

Persons: Lehman, Morgan Stanley, Zhongzhi, Aly, Evergrande, Jason Xue, Clare Jim, Sumeet Chatterjee, Jacqueline Wong, Jamie Freed Organizations: Zhongzhi Enterprise Group, Reuters, Citigroup, Big, Workers, REUTERS, International Trust Co, Zhongrong International Trust, China Evergrande, HK, Energy Vehicle Group, Evergrande, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Beijing, China's, Zhongzhi, China, Wednesday's, Shanghai, Hong Kong

☆ Japan exports fall for first time since 2021, stoking concerns about outlook
▼ + stars: | 2023-08-17 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

Ministry of Finance (MOF) data out Thursday showed Japanese exports fell 0.3% in July year-on-year, compared with a 0.8% decrease expected by economists in a Reuters poll. However, manufacturers are braced for core orders to slide during the current quarter, partly due to the impact from weak offshore demand. Japan exports fall for first time since 2021However, the spectre of a sharper global slowdown and faltering growth in its major market China have raised concerns about the outlook. GLOOMY OUTLOOK TO KEEP BOJ ON HOLD"The Bank of Japan must be aware of downside risks from the global economy. Separate data showed Japan's core machinery orders rose 2.7% in June from the previous month.

Persons: Toru Hanai, Takeshi Minami, Minami, Marcel Thieliant, Tetsushi, Shri Navaratnam Organizations: REUTERS, Ministry of Finance, Norinchukin Research, Bank of Japan, Manufacturers, Cabinet, Capital Economics, Thomson Locations: Tokyo, Japan, TOKYO, China, Europe, America, Asia

CNN —A crowd vandalized eight churches and several homes following accusations of blasphemy against Islam in Pakistan’s most populated province of Punjab on Wednesday, according to government authorities and residents, stoking tensions between local Muslim and minority Christian communities. Multiple churches including the town’s Catholic Church, the Salvation Army Church and the Pentecostal Church, as well as the local Christian colony, were also vandalized and set on fire, Talib told CNN. Religious minorities in Pakistan are vulnerable to persecution under the country's strict blasphemy laws. Pakistan is among the countries where blasphemy is a crime punishable by the death sentence. Three years earlier, a mother of five from Punjab was convicted of blasphemy and sentenced to hang, after she was accused of defiling the name of the Prophet Mohammed.

Persons: “, Prophet Mohammed, ”, Yasir Talib, Talib, Ghazanfar Majidi, ” Pakistan’s, Anwaar, Haq Kakar, Bishop, Church of Pakistan Azad Marshall, ” Marshall, ” Riina Kionka, Asia Bibi Organizations: CNN, National Commission for Human Rights, Centre for Social Justice, Catholic Church, Salvation Army Church, Pentecostal Church, Police, . District Police, AP People, Getty, Church of, European Union Locations: Pakistan’s, Punjab, Jaranwala, Pakistani, Faisalabad, Wednesday, Pakistan, AFP, Church of Pakistan, EU, Lahore’s Badami Bagh

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