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☆ Hong Kong already has a national security law. Now its leader is pushing for another one
▼ + stars: | 2024-01-30 | by ( Nectar Gan | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Hong Kong on Tuesday formally began the process of enacting a controversial homegrown national security law in a move that could have deep ramifications for the city’s status as a global financial hub. Beijing’s national security crackdown of recent years has transformed once-freewheeling Hong Kong, silencing almost all dissent and jailing dozens of political opponents. Under Hong Kong’s mini-constitution agreed by the two powers, the city is required to enact laws to prohibit acts that endanger national security. “Foreign agents and Hong Kong independence ideas are still lurking in Hong Kong society.”Hong Kong Chief Executive John Lee speaks during a press conference at government headquarters in Hong Kong on January 30, 2024. The new security law could bring further uncertainty for Hong Kong, which is striving to maintain its status as Asia’s premier financial hub following three years of strict Covid restrictions and Beijing’s national security crackdown.

Persons: Hong, it’s, John Lee, ”, It’s, we’ve, ” Lee, Lee, Peter Parks, Chris Tang, ” Tang, Tang Organizations: Hong Kong CNN, Tuesday, Hong, CIA, British, Getty Locations: Hong Kong, Beijing, China, AFP, Hong Kong’s, East, West

☆ China stock market: Calm returns after wild week but big challenges remain
▼ + stars: | 2024-01-26 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —It’s been a rollercoaster week for stocks trading in mainland China and Hong Kong. “For a sustained rally in China stocks, we think China will need to address the core of these concerns (predominantly property sector issues and US-China tensions),” the analysts added. In the 7 days to January 24, exchange-traded funds (ETFs) tracking Chinese stocks recorded large inflows of $12.6 billion, according to a Citi survey of global fund managers. Still, investors have been fleeing Chinese stocks over a much longer period because they are worried about the country’s economic prospects. The country is facing the prospect of a vicious cycle whereby lower demand leads to lower investment, lower production and lower income, thus causing even lower demand.

Persons: Hong Kong CNN — It’s, Hong, — haven’t, ” Nomura, “, Li Qiang, ”, Li Yunze, Pan Gongsheng, Florence Lo, HSI, Raymond Yeung, ” Yeung Organizations: Hong Kong CNN, Shanghai Shenzhen, ”, Shanghai Financial Exchange, Bloomberg, State, Supervision, Administration Commission, Administration of Financial, Reuters, People’s Bank of China, Citi, Enodo Economics, HSBC, Greater China, ANZ Research Locations: China, Hong Kong, Shanghai, United States, Beijing, Davos, Switzerland, Greater

☆ CNBC Daily Open: All eyes on U.S. fourth-quarter GDP
▼ + stars: | 2024-01-25 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China, Hong Kong shares lead gainsChina and Hong Kong stocks led gains in Asia on Thursday after the People's Bank of China said it would cut reserve requirements for the country's lenders. Fourth-quarter U.S. GDP data is due on Thursday, which is expected to show the economy is at the crossroads. Tesla's earnings disappointTesla reported fourth-quarter earnings that missed estimates as automotive revenue increased just 1% from a year earlier.

Persons: Tesla Organizations: CNBC, People's Bank of, Nasdaq, Dow, Survey, Health, Citi Locations: China, Hong Kong, Asia, People's Bank of China, India

☆ Underweight China and Hong Kong on 'significant fundamental issues' in the market: Michael Yoshikami
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUnderweight China and Hong Kong on 'significant fundamental issues' in the market: Michael YoshikamiMichael Yoshikami of Destination Wealth Management explains why he is underweight emerging markets despite strong gains in the Indian and Japanese markets.

Persons: Michael Yoshikami Michael Yoshikami Organizations: Wealth Management Locations: China, Hong Kong

☆ China's stock market is in a 3-year slump and Beijing's flip-flops are adding to the confusion
▼ + stars: | 2024-01-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's stock market lost more than $6 trillion in valuation from 2021 through last week. The market is confused by Beijing's policy stance on the economy, per Nomura economists. AdvertisementA brutal downcycle in China's stock market has wiped out over $6 trillion in valuations since 2021 — and policymakers in Beijing may be adding to the turmoil. "There has been increasing confusion over Beijing's policy stance on the economy," wrote Nomura economists in a Monday note seen by Business Insider. While China's stock market is still in the dumps, some see opportunities ahead.

Persons: —, Bloomberg's, Xi Jinping's, Ji Min Organizations: Bloomberg, Nomura, Service, CSI, People's Bank of China, Business, Economic Work, China Morning Locations: Beijing, China, Hong Kong, Shanghai, Shenzhen

☆ Nearly half of Russia's imported battlefield tech has been coming from US and EU companies: joint report
▼ + stars: | 2024-01-12 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

AdvertisementIn total, the advanced tech imported by the Kremlin in those months is valued at $8.77 billion, the report said. Components from all of these companies have been found in Russian weapons retrieved from the battlefield, the report added. That's more than the US, but still less than the amount of imported tech originating from the Western coalition, which includes South Korea and Japan, per the report's data. AdvertisementThe joint report comes just after Ukrainian President Volodymyr Zelenskyy said on Tuesday that Western sanctions were marred by loopholes. The Yermak-McFaul International Working Group on Russian Sanctions is partially run by Zelenskyy's office.

Persons: —, Volodymyr Zelenskyy, Michael McFaul Organizations: Service, Business, Kremlin, Russian Sanctions, Kyiv School of Economics, Manufacturers, Intel, Devices, Texas Instruments, AMD, Western, Stanford Locations: Moscow, Ukraine, Russia, US, Massachusetts, China, Hong Kong, South Korea, Japan

☆ PwC’s China and Hong Kong Units Fined in Training Exam Cheating Probe
▼ + stars: | 2023-12-01 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

More than 1,000 workers at PwC China and PwC Hong Kong engaged in training-exam misconduct from 2018 to 2020, according to the PCAOB. Photo: Alyssa Schukar for The Wall Street JournalThe Public Company Accounting Oversight Board fined PricewaterhouseCoopers’s China and Hong Kong units over training exam misconduct from hundreds of employees as part of its first set of enforcement settlements with audit firms in the region since it gained full access to inspect them late last year. PwC Hong Kong and PwC China agreed to pay a combined $7 million to settle claims that they failed to detect or prevent extensive and improper answer sharing on tests for mandatory internal training courses, the U.S. auditing watchdog said Thursday.

Persons: Alyssa Schukar Organizations: Wall Street, Company Locations: China, Hong Kong, PwC Hong Kong, U.S

☆ US PCAOB fines PwC in China for allowing cheating on audit exams
▼ + stars: | 2023-12-01 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A US regulator has hit the China arm of prestigious “Big Four” firm PwC with a $7 million fine. In its announcement, the PCAOB said the practice was widespread, involving more than 1,000 employees from PwC Hong Kong, and hundreds more from PwC China. It fined PwC $7 million in total, with its entities in Hong Kong and mainland China ordered to pay $4 million and $3 million, respectively. The mainland Chinese arm works in collaboration with its Hong Kong and Macao offices, collectively boasting a headcount of more than 20,000. On Thursday, the US regulator also penalized a mainland Chinese accounting firm for violations, including issuing a false audit report.

Persons: “, Erica Y, Williams, ” PwC, ”, Shandong Haoxin Organizations: Hong Kong CNN, US Public Company, PwC, US, Shandong Haoxin Locations: Hong Kong, China, Macao, Shandong Haoxin, Shandong

The McDonald's company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 20 (Reuters) - McDonald's (MCD.N) said on Monday it would acquire investment firm Carlyle's (CG.O) 28% stake in a partnership that manages its business in mainland China, Hong Kong and Macau, as the burger chain looks to simplify its structure in the region. Reuters reported in April that Carlyle was discussing various options with financial advisers for its stake in McDonald's China, including setting up a continuation fund for the asset. There was "no better time to simplify our structure" given the benefits of China's long-term potential, McDonald's CEO Chris Kempczinski said. Reuters reported in August that Trustar Capital, formerly known as CITIC Capital, was also planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China.

Persons: Benoit Tessier, Carlyle, Chris Kempczinski, Jim Sanderson, Granth, Deborah Sophia, Anil D'Silva, Shounak Dasgupta, Shweta Agarwal Organizations: REUTERS, CITIC, HK, Reuters, CITIC Ltd, Northcoast, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, McDonald's China, Bengaluru

Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The surge in their borrowing from Chinese banks has catapulted the yuan past the euro into becoming the second-biggest currency used in global trade finance, providing a fillip to Beijing's ambitions to internationalize the yuan. "Panda bonds are steadily promoting the renminbi's function as a funding currency", the People's Bank of China (PBOC) said a report last month. German automaker Volkswagen Group (VOWG_p.DE) told Reuters it will use its inaugural 1.5 billion yuan panda bond proceeds only for its onshore China business. ($1 = 7.2421 Chinese yuan renminbi)Reporting by Samuel Shen and Rae Wee Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuan, Dado Ruvic, Fiona Lim, Lim, SWIFT, Mercedes, Yuan internationalisation, Mark Williams, It's, Maybank's Lim, Williams, Samuel Shen, Rae Wee, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, BMW, Crédit Agricole S.A, National Bank of Canada, People's Bank of China, Standard Chartered Bank, Bank of China's, Volkswagen Group, Reuters, Benz Group, Capital Economics, Thomson Locations: Rights SHANGHAI, SINGAPORE, China, Hong Kong, Asia, Russia, Argentina, Pakistan, Nigeria

U.S. President Joe Biden and China’s Xi Jinping, who met in San Francisco on Wednesday, may disagree on the terminology. Barely half the manufactured goods imported into the United States from low-cost Asian countries now come from China. Chinese firms have raised just $529 million from initial and secondary stock offerings in the United States in the year to mid-October. But the conscious decoupling between the U.S. and China looks set to continue. Follow @ugalani and @a_fitri_alias on XCONTEXT NEWSU.S. President Joe Biden and Chinese President Xi Jinping met on Nov. 15 in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation forum.

Persons: Xi, Joe Biden, Kevin Lamarque, friendshoring, China’s Xi Jinping, Breakingviews, Donald Trump, China’s ByteDance, Reuters Graphics Reuters Graphics Goldman Sachs, Xi Jinping, Una, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: U.S, Economic Cooperation, REUTERS, Rights, Reuters, People’s Republic . U.S, People’s, World Trade Organization, Reuters Graphics Reuters, FRAYING FINANCE, U.S . Federal Reserve, Federal, Investment Board, HK, Republican, Reuters Graphics Apple, United, Reuters Graphics Reuters Graphics, Thomson Locations: Filoli, Asia, Woodside , California, U.S, Rights MUMBAI, United States, China, Washington, People’s Republic ., San Francisco, People’s Republic, Southeast Asia, Hong Kong, That’s, New York, Greater China, India, TAIWAN, Taiwan, Una Galani, Mumbai, London

☆ Some fund managers see merit in China's deeply discounted stocks
▼ + stars: | 2023-11-14 | by ( Summer Zhen | ) www.reuters.com time to read: +5 min

U.S. asset manager Fidelity International is highlighting China's looser monetary policy and the government's recent 1 trillion yuan ($137.10 billion) borrowing-and-spending sovereign bond plan as a tailwind for the country's stock markets. London-based £3 billion fund manager Somerset Capital Management likewise finds China exciting. The stock market has yet to recover, but has stabilised. Morgan Stanley estimates long-only foreign investors now have their deepest underweight positions in China and Hong Kong equities in years. Chinese stocks could see a short-term sentiment pick-up given foreign funds have such light positions in the market, said Redmond Wong, Greater China market strategist at Saxo Markets.

Persons: Dado Ruvic, ”, Marty Dropkin, Mark Williams, Morgan Stanley, Patrick Ghali, Sean Ho, Vivek Tanneeru, Redmond Wong, Summer Zhen, Xie Yu, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Fidelity, Asia Pacific, Fidelity International . London, Somerset Capital Management, Nasdaq, Japan’s Nikkei, Sussex Partners, Hong, China, Hang Seng Tech, Monetary Fund, Cambridge Associates, Capital, “, Triata, Matthews Asia, Saxo Markets, Thomson Locations: HONG KONG, China, U.S, Asia, Hong Kong, London, Boston, San Francisco, Greater China

☆ Detained, missing or under investigation: Business leaders in China face an ‘aggressive’ crackdown
▼ + stars: | 2023-11-10 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Business leaders in China are under immense pressure, as the country’s leader Xi Jinping intensifies a regulatory crackdown on companies and strengthens its control of the economy. They face rising risks, including the possibility of police raids and detentions of staff, in the world’s second largest economy. A former banker, he has invested in a series of Chinese companies since 2000 and brought their shares to the public markets in mainland China and Hong Kong. No end in sightThe crackdown this year has spooked the business community in China, but it is not unfamiliar. Xi launched a sweeping regulatory crackdown on the private sector in 2020, which wiped trillions of dollars off the market value of Chinese companies worldwide.

Persons: Xi Jinping, ”, Doug Guthrie, ” Guthrie, Tencent, Chen, Zhao Bingxian, “ China’s Warren Buffett, Zhao, Guthrie, “, Zhou Zheng, Zhou, watchdogs, Zhang Hongli, Bao Fan, Bao, Xi, Kevin Frayer, Mauro Guillen, ” Guillen Organizations: Hong Kong CNN — Business, China Initiatives, Arizona State University’s Thunderbird School of Global Management, CNN, Cyberspace Administration of China, Wohua Pharmaceutical, Central Commission, National Supervisory Commission, COFCO, Industrial, Commercial Bank of, Wharton School, University of Pennsylvania Locations: China, Hong Kong, Communist, Beijing, Arizona, Shenzhen, “ Beijing, DouYu, Shandong, Commercial Bank of China

☆ Global funds dumped another $3 bln in China stocks in Oct -Morgan Stanley
▼ + stars: | 2023-11-06 | by ( Summer Zhen | ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - Global fund managers sold China equities sharply in October despite further steps from authorities aimed at boosting the world's second-largest economy, according to a report from Morgan Stanley that cited data from fund flow tracker EPFR. "The outflows (are) mostly due to regional funds' rebalancing out of China, in which European-domiciled funds led," Morgan Stanley analysts led by Gilbert Wong said. According to Morgan Stanley, persistent outflows have resulted in foreign long-only managers being their most underweight on China since 2018. Stocks sold off include JD.com (9618.HK), Xiaomi (1810.HK) and China Construction Bank (601939.SS). Separately, Goldman Sachs prime services data showed hedge fund net allocation to China increased to 8.5% as of end-October, up from 8.1% at end-September.

Persons: Morgan Stanley, Gilbert Wong, Stocks, Goldman Sachs, Summer Zhen, Edwina Gibbs Organizations: Global, Reuters, Investors, CSI, HK, China Construction Bank, Baidu, AIA, Thomson Locations: HONG KONG, China, Hong Kong, U.S

☆ The worst may be over for China, says former FTSE chief
▼ + stars: | 2023-10-17 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

China may continue to see some market volatility but the worst has passed, the former head of benchmark giant FTSE Russell said. "China has had success, and will become an important investment venue going forward, but in the short term, China does have some issues. Makepeace said he is bullish in the long term on China and Hong Kong markets and is confident that they will continue to grow. The country is expected to report third-quarter gross domestic product on Wednesday. Investors now await more economic readings as China is also set to report September retail sales on Wednesday.

Persons: Russell, We're, Mark Makepeace, CNBC's, Makepeace Organizations: Wilshire Indexes, Investors Locations: China, Hong Kong, China's

☆ China's Huawei sets up commodities hedging team in Singapore, Hong Kong
▼ + stars: | 2023-09-29 | by ( Mai Nguyen | Thomson Reuters | Mai Reports On The Nonferrous Metals Markets In Asia. She Writes About Daily Price Movers | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsSept 29 (Reuters) - Huawei Technologies (HWT.UL) is building a commodities team to hedge and trade metals and energy products, according to the Chinese technology company's job posts on professional social network LinkedIn. Huawei was also hiring a metals hedging specialist and a metals research specialist in the city-state four months ago, according to separate LinkedIn posts. Huawei did not respond to Reuters' request for comment on the commodities team hirings it has made or its hiring plans. The positions will work closely with Huawei's teams in China and Hong Kong to grow its metals hedging and researching capabilities as well as risk control, focusing on ferrous, nonferrous and battery metals, the posts said. The team is drafting the hedging proposals and trading plans, said the source.

Persons: Benoit Tessier, Mai Nguyen, Amy Lv, Andrew Hayley, Muralikumar Organizations: Huawei Technologies, Viva Technology, Porte de, REUTERS, LinkedIn, Huawei, Reuters, Thomson Locations: Porte, Paris, France, Singapore, China, Hong Kong, Hanoi, Beijing

☆ How surging trade with China is boosting Russia’s war
▼ + stars: | 2023-09-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +15 min

Mikhail Tereshchenko | Afp | Getty ImagesThe defense ministries of China and Russia did not respond to CNBC's request for comment on the trade flows. Trade of 'dual-use' goods spikesTotal bilateral trade between Russia and China hit a record high of $190 billion in 2022, up 30% from 2021. Semiconductor sales to Russia from China and Hong Kong more than doubled in 2022 as Western sanctions took hold. Meantime, construction equipment has played an "underappreciated" but significant role in China's contribution to Russia's war efforts, having helped bolster its defenses against Ukraine's counteroffensive, Joseph Webster, senior fellow at the Atlantic Council, said. The findings add to the growing list of Chinese goods and companies reported to be supplying Russia's military, including state-owned enterprises.

Persons: Vladimir Putin's, Mark Cancian, Vladimir Putin, Xi Jinping, Mikhail Tereshchenko, Wang Yi, China's, Putin, Li Shangfu, —, Qilai Shen, Antonia Hmaidi, Cancian, they've, Hong Kong Retekess, Legittelecom, It's, Silva, Hmaidi, Joseph Webster, Webster, that's, Ramzan Kadyrov, Russia's Organizations: CNBC, for Strategic, International Studies, Kremlin, Afp, Getty, Ukraine's Defense Ministry, Ukrainian Armed Forces, Bank of Finland's Institute, Emerging, Semiconductor, CNBC CNBC, Federal, Service, SZ DJI Technology, Robotics, Iflight, SZ, Technology, Bloomberg, Rostov, R Technology, Beijing KRnatural International Trade Co, Mercator Institute for China Studies Defense, Industry, Hong, Mercator Institute for China Studies, Moscow, ImportGenius, Ukraine's, Atlantic Council, Atlantic, U.S, China Taly Aviation Technologies, China Poly Technologies, EU, Beijing, National Security Council Locations: Ukraine, China, Washington, Russian, Moscow, Russia, Beijing, U.S, Kyiv, Hong Kong, Shenzhen, DJI, Liaoning, Shanghai, Berlin, Buryatia, Hubei, Korea, Pyongyang, Russia's, Amur, Chechen Republic, Qianwan, Qingdao Port, Shandong Province, deniability

☆ Heavy flooding sets loose crocodiles in Southern Chinese village
▼ + stars: | 2023-09-12 | by ( Chris Lau | ) edition.cnn.com time to read: +2 min

The toothy reptiles were originally kept at a crocodile farm in Maoming, in the southern province of Guangdong. The outlet said it contacted local authorities who had warned residents not to venture out. A member of the emergency squad told Nanfeng Plus that they may have to euthanize the crocodiles rather than capture them. In China, crocodiles are prized for their skin and their meat is believed to have medicinal value in Traditional Chinese Medicine. Southern China and Hong Kong have been battered by downpours after typhoon Haikui ripped through the region last week.

Persons: Peng Cun Organizations: Hong Kong CNN — Authorities, Hai Bao News, Beijing, Nanfeng Locations: Hong Kong, Maoming, Guangdong, Shandong, China, Medicine, Southern China

☆ Row with China over Fukushima release could shave 0.2% off Japan GDP, Daiwa says
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Aug 31 (Reuters) - A row with China over Tokyo's decision to release treated radioactive water from the Fukushima nuclear power plant could shave 0.2% off Japan's real gross domestic product (GDP), estimates by Daiwa Institute of Research showed on Thursday. Japan started releasing treated radioactive water from the wrecked Fukushima nuclear power plant into the Pacific Ocean last Thursday, prompting China, Japan's biggest trade partner, to impose a blanket ban on Japanese seafood products. A view of the Fukushima Daiichi nuclear power plant after it started releasing treated radioactive water into the Pacific Ocean, seen from the nearby Ukedo fishing port in Namie town, Fukushima Prefecture, Japan, Aug. 25, 2023. REUTERS/Tom Bateman/File Photo Acquire Licensing RightsIf the row escalates and leads to a 20% drop in goods exports to China, Japan's GDP could shrink by around 6.1 trillion yen, or 1.1%, according to the estimates. ($1 = 145.8900 yen)Reporting by Leika Kihara Editing by Peter GraffOur Standards: The Thomson Reuters Trust Principles.

Persons: Tom Bateman, Leika, Peter Graff Organizations: Daiwa Institute of Research, REUTERS, Thomson Locations: TOKYO, China, Japan, Hong Kong, Fukushima, Fukushima Prefecture

"We are delighted to see ongoing momentum...we continue to feel good about our growth prospects in Hong Kong," he said. Besides disclosing earnings, Wadhwani announced a strategy that included "targeted investment in structural growth markets" across Asia and Africa. Prudential's annualised premium equivalent (APE) sales, a closely watched gauge of insurance sales, rose 37% to $3 billion on a stronger pickup in sales from Chinese mainland visitors to Hong Kong. Prudential said APE sales in Hong Kong rose more than four times in the first half, and business generated from Chinese mainland visitors enjoyed a "significant increase" following the opening of the border. Reporting by Sumeet Chatterjee in Hong Kong and Carolyn Cohn in London; Editing by Christopher Cushing and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Dawson, Prudential's, Anil Wadhwani, Wadhwani, Sumeet Chatterjee, Carolyn Cohn, Christopher Cushing, Sharon Singleton Organizations: Prudential, REUTERS, Prudential PLC, Jefferies, China, Hong Kong, AIA, HK, Consumers, Thomson Locations: London, Britain, HONG KONG, Asia, Hong Kong, Hong, Africa, Hong Kong . Hong Kong, China

☆ Here are Tuesday's biggest analyst calls: Nvidia, Amazon, Oracle, AT&T, Disney, Microsoft and more
▼ + stars: | 2023-08-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Morgan Stanley downgrades Farfetch to equal weight from overweight Morgan Stanley said it sees limited catalysts ahead for the stock. UBS upgrades Oracle to buy from neutral UBS said Oracle has upside potential. Wells Fargo upgrades Rockwell Automation to equal weight from underweight Wells Fargo upgraded the stock mainly on valuation. UBS reiterates Microsoft as buy UBS said supply chain constraints are manageable for Microsoft. Morgan Stanley reiterates Nvidia as overweight Morgan Stanley said Nvidia's blowout earnings report last week is positive for the AI supply chain. "

Persons: Fargo, Goldman Sachs, Wells Fargo, Goldman, DA Davidson, Davidson, Morgan Stanley downgrades Farfetch, Morgan Stanley, Wells, Bernstein, Airbnb, Palantir, Splunk, Jefferies, Raymond James Organizations: Federal Trade Commission, Amazon, UBS, Oracle, Nvidia, Citi, Verizon, AT, VZ, JPMorgan, Pace, Business, Rockwell Automation, Disney, Microsoft, Bank of America, Jefferies, Holdings, underperform Bank of America, China, NVIDIA, Energy Partners, NextEra Energy Partners Locations: China and Hong Kong, HK, Asia

☆ China's economy is struggling, but it might not be all that bad for the US
▼ + stars: | 2023-08-28 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

US imports from China are down this year, and direct investment in China is a sliver of the US GDP. However, William Lee, the Milken Institute's chief economist, told Insider China's economic stumble might not be all bad for the US. Meanwhile, Chinese imports of US goods, which may continue to slow, amounted to less than 1% of the US GDP, suggesting a reduction in Chinese imports wouldn't drastically harm the US economy. In addition, China's slowing economy has already chipped away at some American companies' revenues, including DuPont's and Danaher's. AdvertisementAdvertisementThough China's economy has been plagued by a number of crises, including low consumer confidence, many Americans may not have to worry about the downturn hurting their wallets.

Persons: Joe Biden, Janet Yellen, William Lee, Milken, Lee, Paul Krugman, —, Luis Torres, it's Organizations: Service, Milken Institute's, US, New York Times, Commerce Department, Federal Reserve, Bank of England, European Central Bank, Federal Reserve Bank of Dallas Locations: China, Wall, Silicon, United States, Ukraine, Russia, Europe, Vietnam, India, Mexico, Hong Kong, Canada, American

Even as the import ban kicked in, tables were filled at Japanese restaurant Fumi in Hong Kong on August 24, 2023. Kathleen Magramo/CNNHours before China’s announcement, the Asian financial center of Hong Kong – a semi-autonomous Chinese city – imposed its own ban on aquatic product imports from 10 Japanese regions including Tokyo and Fukushima. Japanese Prime Minister Fumio Kishida has reportedly “strongly” requested via diplomatic channels that China “immediately overturn” the ban. Still, Fei too thought that the bans from China and Hong Kong would have limited impact on Japanese trade. Consequently, even considering the reputational damage for Japanese seafood products, Japan’s overall exports will not be materially undermined,” Fei said.

Persons: “ It’s, ”, Thomason Ng, Fumi’s, “, Kathleen Magramo, Japan’s, Masanobu Sakamoto, Fumio Kishida, ” Sakamoto, –, Nigel Marks, there’s, CNN “ It’s, ” Marks, David Krofcheck, ” Krofcheck, Stefan Angrick, Angrick, That’s, China “, Fei Xue, Fei, ” Fei, restaurateurs, Hong Kong’s, Cara Man, we’ll Organizations: CNN, Hong Kong’s, East China, Fisherman’s Cooperative Association, ” “ Fishermen, Japanese, Tokyo Electric Power Company, TEPCO, Curtin University, University of Auckland, World Health Organization, Moody’s, Economist Intelligence Unit, “ Seafood Locations: Hong, Hong Kong’s Central, Fumi, Asia, Japan, China, Fukushima, Hong Kong, Tokyo, Weibo, East, Beijing, Australia, Ocean, South Korea, Taiwan, New Zealand, Japanese, Central, Japan’s Hokkaido, Kyushu, Kagoshima, Norway, Canada

BEIJING, Aug 24 (Reuters) - Vendors at Beijing's largest seafood market said they were angry and scared for their future as Japan began to release treated radioactive water from the wrecked Fukushima nuclear power plant into the Pacific Ocean on Thursday. Amidst a wave of condemnation in Chinese state and social media, and just before China announced a ban on the import all aquatic products from Japan, several traders at Beijing's Jingshen seafood market expressed their fears and criticised Japan's decision. "The online public opinion is saying that in the future, seafood won't be called 'seafood' anymore, but 'nuclear-seafood," said 22-year-old vendor, Li Yuxuan. "The earth can manage without Japan, but not without seafood," wrote a user registered in Shanxi province, a post liked over a hundred thousand times. It maintains the water release is safe, noting that the International Atomic Energy Agency (IAEA) has also concluded the impact it would have was "negligible."

Persons: Li Yuxuan, Liu, Martin Quin Pollard, Xiaoyu Yin, Lincoln Organizations: China, Tsinghua University, Weibo, International Atomic Energy Agency, Reuters, Thomson Locations: BEIJING, Japan, East, South East Asia, Shanxi province, Tokyo, China, United States, Canada, Russia, Hong Kong

☆ Fukushima wastewater released into the ocean, China bans all Japanese seafood
▼ + stars: | 2023-08-23 | by ( Sakura Murakami | ) www.reuters.com time to read: +6 min

Sales to China and Hong Kong accounted for 42% of all Japanese aquatic exports in 2022, according to government data. Separately from China, Hong Kong and Macau have announced their own ban starting Thursday, which covers Japanese seafood imports from 10 regions. Japan will conduct monitoring around the water release area and publish results weekly starting on Sunday, Japan's environment minister said. PROTESTSIn Hong Kong, Jacay Shum, a 73-year-old activist, held up a picture portraying IAEA head Rafael Grossi as the devil. "The Fukushima nuclear disaster is not over.

Persons: Fumio Kishida, Geraldine Thomas, Han Duck, Jacay Shum, Rafael Grossi, Shum, Iizuka, Sakura Murakami, Chang, Ran Kim, Kantaro Komiya, Irene Wang, Bernard Orr, Farah Master, Joyce Zhou, Hongji Kim, Soo, hyang Choi, Raju Gopalakrishnan Organizations: IAEA, Tokyo Electric Power, International Atomic Energy Agency, Japan, Hong, REUTERS, Minwoo, World Health Organization, London's Imperial, Japan Fisheries Co, Korean, Reuters, Thomson Locations: China, Japan, TOKYO, Tokyo, Hong Kong, Fukushima, Busan, South Korea, China , Hong Kong, Macau, Seoul, South, Beijing, Lincoln

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