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☆ Stock Market Today: Dow Slips, Tesla Jumps
▼ + stars: | 2023-07-03 | by ( ) www.wsj.com time to read: +1 min

That will be followed Friday with the June jobs report, which economists expect to show continued resilience in the labor market. The Nasdaq Composite was up, the S&P 500 was around flat and the Dow industrials were edging lower. The yield on the benchmark 10-year Treasury note dipped to 3.811%, from 3.818% Friday. The Shanghai Composite rose 1.3%, its largest gain in nearly two months. The international benchmark for oil climbed after Russia's Deputy Prime Minister Alexander Novak said his country would cut oil exports in August.

Persons: Tesla, Nio, Janet Yellen’s, Hang Seng, Alexander Novak, Bitcoin Organizations: Federal, Nasdaq, Dow, EV, Nikkei, Brent, Securities and Exchange Commission Locations: U.S, China, Shanghai, Saudi Arabia

☆ Putin expected to meet Xi and Modi at SCO Summit following Wagner insurrection
▼ + stars: | 2023-07-03 | by ( Jessie Yeung | ) edition.cnn.com time to read: +8 min

CNN —All eyes will be on Vladimir Putin this week, with the Russian president expected to make his first appearance on the world stage since the Wagner insurrection threatened his steel grip on power. In the brief, chaotic insurrection, Wagner – a private mercenary group led by warlord Yevgeny Prigozhin – took control of key military facilities in two Russian cities. Participants of the 22nd meeting of the Shanghai Cooperation Organization (SCO) leaders' summit in Samarkand, Uzbekistan on September 16, 2022. By contrast, Putin managed to end the Wagner insurrection before it reached the capital, without bloodshed. Modi made headlines at last year’s in-person SCO summit in Samarkand, Uzbekistan, when he told Putin that now is not the time for war, appearing to directly rebuff the invasion.

Persons: Vladimir Putin, Wagner, Putin, Wagner –, Yevgeny Prigozhin –, Prigozhin, Xi, India’s Narendra Modi –, –, they’re, ”, Derek Grossman, Grossman, ” Grossman, Murat Kula, “, Yasuhiro Matsuda, Matsuda, ” Matsuda, “ Xi Jinping, Alexander Korolev, That’s, won’t, Korolev, India’s Modi, Modi, Joe Biden, RAND’s Grossman, India’s Organizations: CNN, Shanghai Cooperation Organization, SCO, Kremlin, RAND Corporation, Anadolu Agency, Getty, Russia, NATO, Chinese Foreign Ministry, Institute for Advanced Studies, University of Tokyo, “ Russia, China –, Kazakhstan, University of New Locations: Russian, Beijing, Moscow, Belarus, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, US, Russia, China, Samarkand, Central Asia, Iran, Ukraine, Europe, Asia, University of New South Wales, Australia, India, Washington, Indian, Goa, Delhi

☆ Weaker China offers opportunities to US and allies
▼ + stars: | 2023-07-03 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

It is also a setback for his most important ally, Chinese President Xi Jinping. So the United States and its allies can’t let their guard down. In 2021 the United States chaotically pulled out of Afghanistan and its alliance of rich democracies was in disarray. It seemed only a matter of time before China would overtake the United States as the world’s largest economy. At some point, the Chinese president may conclude that the Russian president is such a loser that he should do just that.

Persons: Vladimir Putin hasn’t, Xi Jinping, can’t, United States chaotically, Xi’s, Putin, Yevgeny Prigozhin, Narendra Modi, Joe Biden, George Magnus, Antony Blinken, Biden can’t, Peter Thal Larsen, Thomas Shum Organizations: Reuters, PUTIN, Russia, U.S, Shanghai Stock, Reuters Graphics, Thomson Locations: Russian, China, Taiwan, United States, Afghanistan, Russia, Ukraine, Moscow, Pacific, India, America, U.S, Kyiv

☆ Stocks firmer after dip in euro zone inflation, dollar firm
▼ + stars: | 2023-06-30 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 29, 2023. REUTERS/StaffLONDON, June 30 (Reuters) - Global shares stocks were firmer on Friday after data showed that inflation in the euro zone continued to fall this month, and attention turned to U.S. prices figures before the opening bell on Wall Streeet. The dollar and U.S. stock index futures , were firm ahead of the U.S. Personal Consumption Expenditures (PCE) index reading due at 1230 GMT, the Fed's favoured inflation gauge. Euro zone inflation fell to 5.5% in June as the cost of fuel tumbled, with Germany the only country to report an increase, with the European Central Bank still on course for a ninth consecutive rate hike next month, sending euro zone government bond yields higher.

Persons: Jerome Powell, Patrick Spencer, Baird, Spencer, Shunichi Suzuki, Rob Carnell, Hong, Brent, Gold, Huw Jones, Ankur Banerjee, Stephen Coates, Kim Coghill, Chizu Organizations: REUTERS, Staff LONDON, Global, U.S, Federal, European Central Bank, ECB, ING, Big Tech, Finance, Nikkei, Strong U.S, Thomson Locations: Frankfurt, Germany, U.S, Europe, CHINA, Asia, China, Pacific, Japan, Shanghai, Strong

☆ Asia shares steady as weak China data fuel stimulus hopes, yen frail
▼ + stars: | 2023-06-30 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Futures indicated European stocks were set for a higher open, with Eurostoxx 50 futures up 0.18%, German DAX futures up 0.24% and FTSE futures 0.28% higher. But before that euro zone June inflation data will likely provide cues to the broader picture in the region, after data on Thursday showed German inflation rose more than expected in June. The strong economic data sent Treasury yields higher, with the yield on 10-year Treasury notes touching a three-month high of 3.868% on Thursday. China's blue-chip CSI300 Index (.CSI300) and the Shanghai Composite Index (.SSEC) rose nearly 1%, while Hong Kong's Hang Seng Index (.HSI) was up 0.24% on stimulus hopes. U.S. crude was flat at $69.87 per barrel and Brent was at $74.49, up 0.2% on the day.

Persons: Shunichi Suzuki, DAX, Rob Carnell, Jerome Powell, Hong, Brent, Ankur Banerjee, Stephen Coates, Kim Coghill Organizations: Federal Reserve, Finance, Investors, U.S, Reuters, Union, Bank of Japan, Thomson Locations: SINGAPORE, China, Asia, Pacific, Japan, Spain, Italy, U.S, Shanghai

☆ Asia shares edge lower on rate hike worries, yen frail
▼ + stars: | 2023-06-30 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

China's blue-chip CSI300 Index (.CSI300) fell 0.14% and the Shanghai Composite Index (.SSEC) eased 0.11%. The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, pointing to continued labour market strength. The data "will have traders likely consider a greater likelihood of further interest rate hikes from the Fed." "We expect the moderate pace of interest rate decisions to continue." The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was at 4.872%, having touched more than a three-month high of 4.892% overnight.

Persons: Australia's, HSI, Economists, Ryan Brandham, Jerome Powell, Powell, Rob Carnell, YEN, Shunichi Suzuki, Brent, Ankur Banerjee, Stephen Coates Organizations: Federal Reserve, Japan's Nikkei, Gross, Commerce Department, Validus Risk, Federal, Treasury, U.S, Central Bank's, Bank of Japan, Japanese Finance, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China, Shanghai, North America, U.S, Spanish, Madrid

☆ China's Xi to attend, deliver speech at SCO summit via video link - foreign ministry
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 30 (Reuters) - China's President Xi Jinping will attend and deliver a speech at a summit of the Shanghai Cooperation Organisation (SCO) via video link on July 4, the Chinese foreign ministry said on Friday. India, as the chair nation of this year's summit of the SCO Council of Heads of State, announced in May that it would hold the event in a virtual format. The SCO is a political and security union of countries spanning much of Eurasia, including China, India and Russia. Kazakhstan will take over the presidency of the SCO after the July summit. Reporting by Ryan Woo and Ethan Wang; Editing by Jacqueline Wong and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Ryan Woo, Ethan Wang, Jacqueline Wong, Gerry Doyle Organizations: Shanghai Cooperation Organisation, SCO Council, Heads, State, Defence, SCO, Thomson Locations: BEIJING, India, Eurasia, China, Russia, Soviet, Central Asia, Pakistan, Kazakhstan

☆ Huawei says applying 5G technology to business was more difficult than expected
▼ + stars: | 2023-06-29 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Huawei Technologies Chief Financial Officer Meng Wanzhou reacts as she leaves her home to attend a court hearing in Vancouver, Canada, August 10, 2021. SHANGHAI — Huawei's Chief Financial Officer Meng Wanzhou said Wednesday that applying 5G technology to business was more difficult than she had expected. One of the expectations for 5G connectivity is that beyond faster mobile phone connections for individual consumers, the technology can better enable self-driving vehicles and factory automation. Meng said the challenges of bringing 5G to business was underestimated and that it's completely different than previous 2G, 3G or 4G generations. Meng was speaking at a keynote session at the Shanghai Mobile World Congress on Wednesday, where she spoke broadly about the benefits of 5G to consumption and the economy.

Persons: Meng Wanzhou, SHANGHAI —, Meng Organizations: Huawei Technologies, Shanghai Mobile Locations: Vancouver, Canada, SHANGHAI

☆ Chipmaker Hua Hong says China's state-owned fund to invest $414.2 million
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Hua Hong Semiconductor (1347.HK) said on Wednesday China IC Fund II would participate in a proposed RMB share issue as a strategic investor by subscribing for RMB shares worth 3 billion yuan ($414.15 million), subject to allotment. China's second-largest chip foundry has established an independent board committee to consider and advise its independent shareholders as to whether the terms of the China IC Fund subscription are fair and reasonable, it said. The company said it expects the RMB share issue to enable it to enhance its production capacity and research and development capability, among other things. The Shanghai-based chipmaker had in May received Shanghai Stock Exchange's approval for a planned public share sale worth $2.6 billion, which would be the year's biggest mainland listing so far. ($1 = 7.2437 Chinese yuan renminbi)Reporting by Echha Jain in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: chipmaker, Echha Jain, Shilpi Majumdar Organizations: Hua Hong Semiconductor, HK, China IC, China IC Fund, Shanghai Stock, Thomson Locations: China, Shanghai, Bengaluru

☆ Four more Chinese developers get refinancing approval
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, June 28 (Reuters) - Four more property developers listed in mainland China said they have received approval to refinance via share placements totalling 19.9 billion yuan ($2.8 billion), in a sign of the regulatory effort to improve liquidity in the embattled sector. Tuesday's announcements of fundraising approval came as investors expect Beijing to unveil more stimulus to revive the crisis-hit property market as part of its broader goal of shoring up the economy. State-owned China Merchants Shekou Industrial Zone (001979.SZ) was the first to receive such approval on June 16. According to state media, for developers traded on the Shanghai bourse alone, 12 companies have announced plans to seek approval for equity refinancing totalling 40 billion yuan. ($1 = 7.2277 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Yan Yuejin, Clare Jim, Stephen Coates Organizations: China Merchants, Developments, Holdings, Greattown Holdings, Hubei Fuxing Science, Technology, D Institute, Shanghai bourse, Thomson Locations: HONG KONG, China, Beijing, State, Shanghai, Shenzhen, Hubei

☆ Dow Futures Hover; Nvidia Falls: Live Updates
▼ + stars: | 2023-06-28 | by ( ) www.wsj.com time to read: +1 min

U.S. stock futures pointed to declines for tech shares following the opening bell after The Wall Street Journal reported that the U.S. was considering new restrictions on AI chip exports to China. Jerome Powell is set to speak at a European Central Bank forum alongside ECB President Christine Lagarde, Bank of England Gov. Futures for the Dow Jones Industrial Average inched up 0.1%, while S&P 500 futures declined 0.1%, under pressure technology stocks. Bond yields in Italy and Australia also weakened after inflation data in both countries came in weaker than expected. Bitcoin’s rally appeared to be running out of steam, with the cryptocurrency declining 1% to $30,352.60 from its 5 p.m.

Persons: Jerome Powell, Christine Lagarde, Andrew Bailey, Kazuo Ueda, Bond Organizations: Street Journal, Nvidia, Devices, Intel, European Central Bank, Bank of England Gov, Bank of Japan Gov, Futures, Dow Jones, Nasdaq, Nikkei, Micron Technology Locations: U.S, China, Italy, Australia, Shanghai, Europe

LONDON, June 27 (Reuters) - There's a renewed scramble for copper sitting in London Metal Exchange (LME) warehouses. Headline LME copper stocks have slid from 100,100 tonnes to 77,050 over the last three weeks despite almost 30,000 tonnes of arrivals. The drain on LME copper stocks is puzzling given weakening manufacturing activity in both Europe and the United States. It wouldn't be the first time that the LME stocks signal has been refracted, and the lower the stocks, the easier it is to bend the light. The Shanghai exchange has experienced tightness across the front part of the curve since March, with time-spreads now also the widest since November.

Persons: Boliden's, Copper, Jan Harvey Organizations: London Metal Exchange, LME, U.S ., CME, Shanghai Futures Exchange, Shanghai Futures, ShFE's, International Energy Exchange, Shanghai Metal, Reuters, Thomson Locations: Europe, United States, U.S, London, ShFE, INE, Shanghai, China, Asia

☆ Stock Market Today: Dow Futures Waver, Lordstown Files for Bankruptcy- Live Updates
▼ + stars: | 2023-06-27 | by ( ) www.wsj.com time to read: +1 min

U.S. stock futures and bond yields edged higher ahead of a relatively busy day of data that will be scrutinized for signals about the health of the economy. However, Lordstown Motors stock tumbled more than 60% premarket after the electric-truck startup filed for bankruptcy and sued its investment partner Foxconn Technology. ECB President Christine Lagarde said the central bank would likely raise rates in July , and was committed to returning inflation to 2% “come what may.”U.S. stock futures gained. Futures tied to the tech-focused Nasdaq-100 rose 0.4%, while those linked to the S&P 500 gained 0.2%. Bond yields rose.

Persons: Christine Lagarde, Dow industrials, Brent, Hang Seng Organizations: Nasdaq, Lordstown Motors, Foxconn Technology, Central, Futures, Treasury, Nikkei Locations: Russia, Europe, Asia, Hong, Shanghai

[1/5] Russian President Vladimir Putin and Chinese President Xi Jinping attend a reception at the Kremlin in Moscow, Russia March 21, 2023. After securing an unprecedented third term as president earlier this year, Chinese President Xi Jinping made his first overseas trip to Moscow to meet his "dear friend" Putin. China "will be more cautious with its words and actions about Russia", said Shanghai-based international relations expert Shen Dingli. It was unclear if Yang's article was written before the Wagner rebellion and he did not respond to requests for an interview from Reuters. Other China-based academics, however, said Beijing would not change its stance on Russia as a result of the incident.

Persons: Vladimir Putin, Xi Jinping, Pavel Byrkin, Wagner, Vladimir Putin's, Shen Muhui, Alexander Neill, Yevgeny Prigozhin, Qin Gang, Putin, Shen Dingli, Yang Jun, Michal Meidan, Martin Quin Pollard, Yew, Tian, John Geddie, Alex Richardson Organizations: Kremlin, Sputnik, REUTERS, Moscow, U.S, Foreign, NATO, Beijing's China University of Political Science, Law, Reuters, The Oxford Institute for Energy Studies, European Union, Putin's, Australian National University, Shanghai, Thomson Locations: Moscow, Russia, Kremlin, China, Ukraine, Beijing, BEIJING, China's, Fujian, Singapore, United States, Shanghai, Japan, Putin's Russia

☆ Stock Market Today: Dow Futures, Ruble Edge Lower
▼ + stars: | 2023-06-26 | by ( ) www.wsj.com time to read: +1 min

Stock futures and bond yields are edging lower as global investors brush off this weekend’s events in Russia . Global central bankers will be meeting in Portugal this week for the European Central Bank’s annual forum. Stocks came under pressure last week as policymakers including Federal Reserve Chair Jerome Powell emphasized that their policy-tightening cycles weren’t yet finished. Stock futures slipped. The benchmark MOEX stock index was down 1.4%.

Persons: Vladimir Putin, Wagner, Yevgeny Prigozhin, Stocks, Jerome Powell, Dow, Brent Organizations: Global, Central, Nasdaq, Treasury, U.S, Benchmark, ’ Locations: Russia, Portugal, Europe, Asia, Hong, Shanghai

☆ Stock Market Today: Dow Futures, Bond Yields Fall
▼ + stars: | 2023-06-23 | by ( ) www.wsj.com time to read: +1 min

Bonds rallied , stocks were poised to slip and oil dropped on concern that global interest-rate hikes could push the world economy into recession. S&P 500 futures fell 0.5%. Dow industrials futures slipped 0.3% and Nasdaq-100 contracts ticked down 0.6%. Ten-year U.K. gilt yields slipped to 4.241% from 4.371%, a day after the Bank of England raised rates by half a percentage point. The cryptocurrency has rallied in recent days after BlackRock filed for a spot bitcoin exchange-traded fund.

Persons: Bonds, bunds, Germany’s Dax Organizations: Federal Reserve, Dow, Nasdaq, Bank of, Siemens Energy, Nikkei, Brent, BlackRock Locations: Bank of England, Europe, Asia, Shanghai, Saudi Arabia

Hong Kong CNN —Tesla CEO Elon Musk said Tuesday the company is looking to invest in India “as soon as humanly possible,” following a meeting with Indian Prime Minister Narendra Modi in New York. “[Modi] really cares about India because he’s pushing us to make significant investments in India, which is something we intend to do. “I am confident that Tesla will be in India and will do so as soon as humanly possible,” he said, without specifying a timeline. Back in 2017, the CEO said that Tesla (TSLA) was planning to sell cars in India as soon as that summer. Both China and India have been trying to attract global EV investment and boost the EV industry.

Persons: Hong Kong CNN —, Elon Musk, India “, Narendra Modi, “, Modi, ” Musk, ”, Musk, Tesla, ” Tesla, ” “, Xu Hongcai, Chen Jining Organizations: Hong Kong CNN, Indian, Reuters, EV, Communist Party Locations: Hong Kong, India, New York, Asia, Shanghai, The Shanghai, United States, China, Beijing

☆ India's Modi is on a landmark visit to the U.S. Here's what to expect
▼ + stars: | 2023-06-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +10 min

"This is a very important visit, it is as much about India reaching out to the U.S., as it is about the U.S. reaching out to India," Pant said. Energy: Reliance on Russian oilAlthough India's purchase of Russian weapons could fall, the same can't be said for oil. When Western nations imposed sanctions on Russian oil as a result of the unprovoked war in Ukraine, India doubled down on its purchases. Russian oil currently accounts for almost 20% of India's annual crude imports, a significant increase from just 2% in 2021, Reuters reported. But India has continued to buy cheap Russian oil since and continues trading with the country despite global sanctions on the Kremlin.

Persons: Joe Biden, Narendra Modi, Harsh, Pant, Biden, Emmanuel Macron, Yoon Suk, Aamer, Vladimir Putin, Alexandr Demyanchuk, Modi, Manjari Miller, Lisa Curtis, Curtis, Karthik Nachiappan, Ashley Tellis, Amit Ranjan, India, Ranjan, —, Tesla, Elon Musk, Tim Cook, Google's Sundar Pichai, Satya Nadella, Raj Subramaniam Organizations: Indian, White House, Getty, U.S, Observer Research Foundation, South, Asia Society Policy Institute, CNBC, Kremlin, Reuters, Shanghai Cooperation Organization, Afp, India's Ministry of Defense, Council, Foreign Relations, NATO, Pacific Security, Center, New, New American Security, Carnegie Endowment, International Peace, Institute of South Asian Studies, National University of Singapore, Energy, Reliance, NUS Institute of South Asian Studies, Technology, China Partnerships, Emerging Technology Locations: Washington ,, India, U.S, Delhi, South Asia, Russia, Ukraine, Samarkand, Pakistan, New American, China, United States, Asia, New York

☆ China cuts loan prime rate as economic recovery fizzles out
▼ + stars: | 2023-06-20 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The rate cuts come as Wall Street banks, including Goldman Sachs, slash their forecasts for China’s economy. The People’s Bank of China on Tuesday trimmed its one-year loan prime rate (LPR) by 10 basis points from 3.65% to 3.55%, and reduced the five-year rate by the same margin to 4.2%. This is the first time the PBOC has cut both LPR rates since August 2022, when renewed Covid lockdowns and a deepening property downturn were pummeling the economy. “The 10 bps rate cut[s] are unlikely to stimulate business confidence and housing demand,” said Ken Cheung, chief Asian foreign exchange strategist at Mizuho Bank. Hong Kong and mainland Chinese stocks slid after Tuesday’s rate cuts.

Persons: Goldman Sachs, Goldman, Covid, ”, Ken Cheung, “, ” Goldman Sachs, Fu Linghui Organizations: Hong Kong CNN, People’s Bank of China, Mizuho Bank, Shanghai, National Bureau, Statistics, NBS Locations: Hong Kong, Beijing

☆ Another Chinese company scraps GDR plan as listing rules tighten
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/SINGAPORE, June 20 (Reuters) - Bethel Automotive Safety Systems Co (603596.SS) scrapped plans to issue Global Depository Receipts (GDR), citing changes in domestic and overseas capital market conditions, after China tightened rules for GDR listings. The new GDR rules by China's securities regulator last month put curbs on the use of proceeds and made issuances liable to national security reviews, potentially dampening Chinese companies' interest in listing in Europe, bankers said. The Shanghai-listed automotive braking system manufacturer said on Monday it decided to terminate the GDR plan after considering its financial and operational situations. Earlier this month, Shenzhen-listed medical devices maker Jiangsu Yuyue Medical Equipment & Supply Co (002223.SZ) cancelled a proposed Swiss GDR offering plan, citing changes in market conditions. Reporting by Jason Xue in Shanghai and Tom Westbrook in Singapore; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Bethel, Jason Xue, Tom Westbrook, Varun Organizations: Bethel Automotive Safety Systems, SIX, SIX Swiss Exchange, Supply, Thomson Locations: SHANGHAI, SINGAPORE, Bethel, China, GDR, Europe, Shanghai, SIX Swiss, Shenzhen, Jiangsu, Swiss GDR, Zurich, London, U.S, Singapore

☆ Tesla's China expansion hits speed bump amid industry overcapacity
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +5 min

"You could argue that as Tesla, I've got new products, I need to have a new factory to build them in," he said. "But viewed from the China government's point of view, all they see is a market that's oversupplied." Construction of Tesla's Shanghai plant took less than a year to complete after it broke ground on the site in 2019. U.S. luxury EV maker Lucid Group (LCID.O) is also keen to make cars in China but has been advised that the possibility was low, industry sources said. "China needed Tesla to open the market for retail consumers, but Tesla needs China, because the supply chain benefits of being here and the competitive bar that's set here makes Tesla a more competitive company globally.

Persons: Tesla, Bill Russo, I've, Elon Musk, Ding Xuexiang, Musk, it's, Dan Ives, EVs, Nio, Xiaomi, Automobility's Russo, Zhang Yan, Brenda Goh, Jamie Freed Organizations: National Development, Reform Commission, Tesla, Wedbush Securities, Reuters, HK, Lucid, Thomson Locations: China, SHANGHAI, Shanghai, Beijing, CHINA, United States, Southeast Asia, Canada, India, South Korea, Indonesia

☆ China to see the world's biggest millionaire exodus this year, new study shows
▼ + stars: | 2023-06-15 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Guests are seen in the J Hotel located in the Shanghai Tower, in Shanghai on June 23, 2021. China, with the world's second-largest economy and the second-highest population, will again see the biggest exodus of millionaires this year, according to new research. Data from the firm showed that a net 10,800 high-net-worth individuals migrated out of China in 2022, and another net 13,500 are expected to leave this year. This is not an issue that started with the coronavirus pandemic, and has been going on for the last 10 years. China's economy grew strongly from 2000 to 2017, but wealth and millionaire growth in the country has been negligible since then (when measured in U.S.-dollar terms)."

Persons: Andrew Amoils Organizations: Henley & Partners Locations: Shanghai, China

☆ China’s world banks are geopolitical victims
▼ + stars: | 2023-06-15 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, June 15 (Reuters Breakingviews) - China’s “World Bank” tried in vain to carefully thread the geopolitical needle. Fairly or not, critics have lambasted China’s lending practices along the BRI as “debt trap diplomacy”. Whereas the smaller AIIB did things more the way developed countries wanted, even taking positions at odds with Beijing’s. Pickard alleged on Twitter that AIIB was an instrument of China, dominated by Communist party members who “operate like a secret police”. The AIIB said the comments by Pickard, who had served in his role since March 2022, were “baseless and disappointing”.

Persons: Bank ”, Bob Pickard, Jin Liqun, Pickard, AIIB, Chrystia Freeland, Pete Sweeney, Thomas Shum Organizations: Reuters, Bank, Infrastructure Investment Bank, Twitter, Communist Party, World Bank, Initiative, Beijing, International Monetary Fund, New Development Bank, Canadian, Communist, Department of Finance, Finance, Thomson Locations: MUMBAI, Canada, Beijing, India, France, Asia, Africa, Latin America, Argentina, Pakistan, Russia, Ukraine, China, Ottawa, Shanghai, Saudi Arabia

London Metal Exchange (LME) three-month tin has been treading water in a $23,700-26,800 range since the start of May. Although the demand outlook remains subdued, tin supply is facing two big threats, one from Myanmar and one from Indonesia, the world's largest exporter. Global tin supply, meanwhile, is now improving after an early-year drop in Indonesia shipments. Refined tin production fell year-on-year in May and Guangxi China Tin Group, the world's sixth-largest tin producer, has just announced a 40-50 day maintenance break from the end of this month, according to the ITA. Indonesia currently only has enough downstream capacity to absorb 5% of its domestic tin production, meaning that any restrictions will likely come in phases.

Persons: Minsur, International Tin Association . Tin, It's, David Evans Organizations: London Metal Exchange, Global, Shanghai Futures Exchange, U.S, Global Semiconductor, HIT, World Semiconductor Trade Statistics, Local, United Wa State Army, International Tin Association ., ITA, Guangxi China Tin Group, Thomson, Reuters Locations: Midwest, London, imploding, Myanmar, Indonesia, Peruvian, United States, Europe MYANMAR, Wa, China, Wa State, Guangxi China, INDONESIA

☆ CPI Report Today: Dow Futures Waver Ahead of Inflation Data
▼ + stars: | 2023-06-13 | by ( ) www.wsj.com time to read: +1 min

Stock futures are edging higher ahead of inflation data that could shed light on how much further the Federal Reserve may raise interest rates in the months ahead. While the headline pace of inflation has slowed this year, investors are focused on core inflation, which is expected to have remained stubbornly strong in May. The central bank is expected to hold interest rates steady , but investors think it could signal more rate increases in the future. The yield on 10-year government bonds rose to 4.409% from 4.323% after unexpectedly strong U.K. wage-growth data. Brent futures rose over 2% to around $73.30 a barrel, after sliding 3.9% Monday.

Organizations: Federal Reserve, Stock, Dow, Treasury, Japan’s Nikkei, ’ Locations: China, Shanghai, Europe, Brent

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