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☆ China's diesel exports surge in August, have nearly tripled so far in 2023
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +3 min

Total diesel exports for the first eight months of the year are up 197.2% versus the same period in 2022. Gasoline exports were up 23.7% to 1.38 million tons from 1.12 million tons in August last year. Jet fuel exports were 1.55 million tons, up 98.1% from 780,000 tons a year earlier. China's surging fuel exports have coincided with monthly refinery throughput rising to a record 15.23 million bpd in August. (This story has been corrected to say that domestic flight levels are around 17% above pre-pandemic levels, not 17% of pre-pandemic levels, in paragraph 7)Reporting by Andrew Hayley; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, refiners, Andrew Hayley, Christian Schmollinger Organizations: Dalian Airlines, REUTERS, Administration, Customs, Total, Domestic, Jet, Citi, Thomson Locations: Hohhot, Inner Mongolia, China, BEIJING

LAUNCESTON, Australia, Sept 14 (Reuters) - The spot price of iron ore has climbed to a five-month high amid improving sentiment and some supportive fundamentals in China, the world's top buyer of the steel raw material. China, which buys about 70% of global seaborne iron ore, imported 106.42 million metric tons in August, the most since October 2020, according to customs data. For the first eight months of the year, imports were 775.66 million metric tons, up 7.4% on the same period in 2022. The need to rebuild stockpiles and nascent signs of a recovery in the property sector do support the recent rally in iron ore prices. This works out at around 76.7 million metric tons a month, which is well below the 90.8 million produced in July.

Persons: It's, it's, SteelHome, Christian Schmollinger Organizations: Dalian Commodity Exchange, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Singapore, July's, Beijing

☆ Oil investors open to dividend cut to boost clean energy spending -Deloitte
▼ + stars: | 2023-09-12 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +3 min

Energy firms have sharply increased shareholder returns on the back of high energy prices after years of overspending on production growth. Oil and gas companies led all industries in cash distribution to shareholders in 2022, with a combined 8% dividend and buyback yield, Deloitte said. But investors holding $2.3 trillion of equity in the global oil and gas industry are changing their expectations about growth markets faster than energy company executives, Deloitte said. About 75% of surveyed investors stated that they would continue holding shares to accelerate investments in lower-carbon technologies, even if yields shrank to as little as 3%. About 43% of surveyed investors emphasized battery storage as their key area for investment.

Persons: Chen Aizhu, Kate Hardin, Hardin, Sabrina Valle, Jamie Freed Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Deloitte, . Energy, Oil, Exxon Mobil, Chevron, BP, Shell, Thomson Locations: China, Dalian, Liaoning province, HOUSTON

☆ More Chinese cities lift home-buying curbs to revive demand
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Sept 11 (Reuters) - Two major cities in eastern China lifted all curbs on home purchases and selling on Monday, joining several other cities in dropping restrictions to attract buyers and revive a largely frozen property market. Qingdao previously limited the number of homes that could be purchased in two districts. Last week, three cities - Nanjing in eastern Jiangsu province and Dalian and Shenyang in northeastern Liaoning province - became the first group of big cities to eliminate curbs on home buying. Smaller Chinese cities, whose property markets tend to have a larger share of their local economies, have already begun dismantling curbs. Jiaxing city, a relatively small city in the eastern province of Zhejiang, announced it would lift all curbs in the city in late August, according to a local media report.

Persons: Thomas Peter, Albee Zhang, Ryan Woo, Neil Fullick, Emelia Organizations: REUTERS, Rights, Thomson Locations: Beijing, China, Rights BEIJING, Jinan, Qingdao, China's, Shandong, Nanjing, Jiangsu, Dalian, Shenyang, Liaoning, Jiaxing, Zhejiang

☆ Hengli Petrochemical subsidiary eyes nearly $2 bln restructuring
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Under the restructuring, Kanghui will effectively become a separately listed company via transactions involving power and heating firm Dalian Thermal Power (600719.SS), which will buy 100% of Kanghui for 10.15 billion yuan ($1.39 billion) in shares. This will optimize Kanghui's structure and expand its funding channels, Hengli said in a filing to the Shanghai stock exchange. Hengli also said it will become indirect controlling shareholder of Kanghui after the transaction, retaining its control over the firm. Dalian Thermal will issue 2.3 billion shares to Hengli and a unit of the company which makes chemical fibre, said the filing. The transactions will change Dalian Thermal's controlling shareholder from a firm backed by the state asset regulating authority in the city of Dalian to Hengli Petrochemical, Dalian Thermal said.

Persons: Kanghui, Hengli, Roxanne Liu, Ella Cao, Kane Wu, David Holmes Organizations: Hengli Petrochemical, Technology, Dalian Thermal Power, Dalian Thermal's, Dalian, Thomson Locations: Dalian, Kanghui, Shanghai

☆ Three Chinese cities lift house-buying curbs
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

People walk along Nanjing Pedestrian Road, a main shopping area, following the outbreak of the coronavirus disease (COVID-19), in Shanghai, China May 10, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Sept 10 (Reuters) - At least three major Chinese cities last week removed restrictions on home buying, as the Asian giant gradually rolls back a crackdown on the property sector in a bid to revive its economy. These announcements come on the heels of a series of nationwide support measures for the property sector, including lower mortgage rates for first-time homebuyers. China's debt-riddled property sector accounts for one-quarter of the state's economic activity. It had been on a downward spiral since 2021 when the government moved to stop developers from accumulating debt.

Persons: Aly, Yew Lun, Michael Perry Organizations: REUTERS, Rights, Thomson Locations: Nanjing, Shanghai, China, Rights BEIJING, Dalian, Shenyang, Liaoning, Jiangsu

☆ I throw parties at sea for a living. Here's what it's like sailing the world as a cruise director for Royal Caribbean.
▼ + stars: | 2023-09-08 | by ( Claire Turrell | ) www.businessinsider.com time to read: +7 min

I was then promoted to activities manager, and in 2020, I became Royal Caribbean's second-youngest cruise director on Spectrum of the Seas. People may think of a cruise ship as a mode of transportation to a different country, but really, it's another destination. We regularly throw big parties onboard, but one of the most memorable parties was when the Spectrum of the Seas was christened in 2019 by the actress Angelababy in Shanghai. My favorite port is BarcelonaThe cruise port is at the bottom of Las Ramblas, a large boulevard that runs through the city. Do you work on a cruise ship and want to share your story?

Persons: Bonnie Bai, I've, Angelababy, we're, I'm, there's, Lauryn Haas Organizations: Royal Caribbean's, Service, Royal, Royal Caribbean, Entertainment Locations: Barcelona, Wall, Silicon, Dalian, China, Royal Caribbean, Caribbean, Singapore, Shanghai, Champagne, Japan, Osaka, it's, Asia, Thailand, Malaysia, lhaas@insider.com

☆ China developer Vanke sees pressure on profit amid market downturn
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Stringer/File Photo Acquire Licensing RightsHONG KONG, Aug 31 (Reuters) - Chinese state-backed property developer China Vanke said its profit would be under pressure in the short term amid a market correction, but that would not hurt its cashflow. Offshore, it said it has completed 15 billion yuan worth of offshore refinancing in the first half, and it is getting ready to repay its three bonds totalling 11 billion yuan maturing next year. Commenting on the broader market, company chairman Yu Liang China's property market has "overcorrected" as sentiment over-react to the negative news in the sector. As pressure mounts on the real estate market, more Chinese cities are easing mortgage curbs in hopes of reviving consumer demand for homes. ($1 = 7.2882 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, HONG KONG, China Vanke, Vanke, Yu Liang, Yu, Clare Jim, Susan Fenton Organizations: REUTERS, Thomson Locations: Dalian, Liaoning province, China, HONG, Shenzhen, Wuhan, Hubei, Guangzhou

☆ Oil rises as China moves to support economy, tropical storm in focus
▼ + stars: | 2023-08-28 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. The market is also keeping an eye on Tropical Storm Idalia and any risk it poses to oil and gas output in the U.S. Gulf. The focus today is on "China actions to support its economy, Tropical Storm Idalia heading for Florida and whether Brent can regain momentum on a break above $85," said Ole Hansen, head of commodity strategy at Saxo Bank. That "should see some short-term support for the oil price", he said. Oil prices have remained above $80 a barrel with support from falling oil inventories and supply cuts from the OPEC+ group of oil producers.

Persons: Chen Aizhu, Idalia, Fed's Powell, Brent, Ole Hansen, Tony Sycamore, Jerome Powell, Tina Teng, Florence Tan, Sudarshan, Jason Neely, Kirsten Donovan, Louise Heavens, Sharon Singleton Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, . West Texas Intermediate, Saxo Bank, CMC, Reuters, Thomson Locations: China, Dalian, Liaoning province, Florida, U.S . Gulf, Brent, Cuba, U.S, OPEC, Saudi Arabia

China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. CMC markets analyst Tina Teng said a soft-landing scenario for the U.S. economy buoyed energy markets on Monday, despite the Federal Reserve's hawkish stance on rate hikes. That "should see some short term support for the oil price", he said. Oil prices have remained above $80 a barrel on support from falling oil inventories and supply cuts from the OPEC+ collective of oil producers. Reporting by Florence Tan and Sudarshan Varadhan; Editing by Christopher Cushing and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Chen Aizhu, Baker Hughes, Brent, WTI, Jerome Powell, Tony Sycamore, Sycamore, Tina Teng, Idalia, Florence Tan, Sudarshan, Christopher Cushing, Clarence Fernandez Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, U.S, West Texas, IG, PMI, CMC, Federal, ANZ Research, Thomson Locations: China, Dalian, Liaoning province, SINGAPORE, U.S, United States, Caribbean, Florida, Gulf, OPEC, Iran, Venezuela

China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. Brent crude settled 6 cents lower at $84.42 a barrel, after touching a session high of over $85 earlier in the day. Tropical Storm Idalia was expected to intensify into a major hurricane on Monday as it barrelled toward Florida's Gulf Coast. Some worried it could hit the eastern side of U.S. Gulf Coast crude production. Oil prices have remained above $80 a barrel with support from falling oil inventories and supply cuts from the OPEC+ group of oil producers.

Persons: Chen Aizhu, Idalia, Brent, Jerome Powell, Dennis Kissler, Ole Hansen, Tony Sycamore, Alex Lawler, Florence Tan, Sudarshan, Jason Neely, Kirsten Donovan, Louise Heavens, Sharon Singleton, David Gregorio, Tomasz Janowski Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, HOUSTON, . West Texas, Federal, BOK, Saxo Bank, Gulf, Reuters, Thomson Locations: China, Dalian, Liaoning province, Florida, U.S, Gulf Coast, Gulf, OPEC, Saudi Arabia, London

China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. REUTERS/Chen Aizhu/File Photo Acquire Licensing RightsCompanies Baker Hughes Co FollowSINGAPORE, Aug 28 (Reuters) - Oil prices were marginally lower on Monday as investors stayed fretful over the pace of economic growth in China, and the prospect of further U.S. interest rate hikes that could dampen fuel demand. Oil rose in early Asian trade before paring gains, as China's move to halve stamp duty on stock trading to boost struggling markets temporarily pushed up prices. In the United States, energy firms cut the number of active oil rigs for a ninth month in August, Baker Hughes said in a report. Reporting by Florence Tan and Sudarshan Varadhan; Editing by Christopher Cushing and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Chen Aizhu/File Photo Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Oil futures climbed about 1% to a one-week high on Friday as U.S. diesel prices soared, the number of oil rigs dropped and a fire broke out at a refinery in Louisiana. Brent futures rose $1.12, or 1.3%, to settle at $84.48 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 78 cents, or 1.0%, to settle at $79.83. Diesel futures soared about 5% to a near seven-month high, boosting the diesel crack spread , a measure of refining profit margins, to its highest since January 2023. "The main thing was concern about diesel prices, the diesel crack spread and worries about diesel shortages when refineries go into maintenance," said Phil Flynn, an analyst at Price Futures Group. He added prices also drew support from a fire at a Louisiana refinery and a drop in U.S. oil rigs.

Persons: Chen Aizhu, Phil Flynn, Brent, WTI, Baker Hughes, Jerome Powell, Morgan Stanley, John Evans, Natalie Grover, Laura Sanicola, Muyu Xu, David Goodman, Jason Neely, David Gregorio, Cynthia Osterman Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, U.S, West Texas, Diesel, Price Futures Group, U.S ., Federal, Thomson Locations: China, Dalian, Liaoning province, Louisiana, Brent, , Louisiana, U.S, Germany, Europe's, Norwegian, London, Washington, Singapore

☆ Oil set for 2nd weekly fall on firm dollar as supply worries ebb
▼ + stars: | 2023-08-25 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

Brent crude rose 30 cents, or 0.4%, to $83.66 a barrel by 0434 GMT, while U.S. West Texas Intermediate crude was up 31 cents, also 0.4%, at $79.36 a barrel. Crude prices are set to fall between 1.5%-2.5% for the week, a second consecutive week of decline. A strong dollar makes oil more expensive for holders of other currencies, denting demand. Further weighing on market sentiment, U.S. officials are drafting a proposal that would ease sanctions on Venezuela's oil sector, allowing more companies and countries to import its crude oil. Analysts estimated that the top oil exporter will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further.

Persons: Chen Aizhu, Jerome Powell, Brent, Jun Rong, Powell's, Laura Sanicola, Muyu Xu, Jacqueline Wong Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Companies United, Federal, U.S, West Texas, IG, Haitong Futures, Analysts, Thomson Locations: China, Dalian, Liaoning province, Companies United States, America, Turkey, Kurdistan, Iraq, Saudi Arabia

But it was U.S. Treasuries that hogged the limelight once again, with benchmark 10-year yields climbing to 4.366% - their highest level since 2007 and up almost 40 bps month-to-date - before losing some ground to 4.3141%. "There's a more cautiously optimistic mood across financial markets," said Fiona Cincotta, senior markets analyst at City Index in London. At the same time, however, inflation expectations have hardly budged - meaning "real" yields, which discount inflation expectations, have surged - a development likely to prompt investors to re-evaluate taking risks. The 10-year real rate breached 2% late last week. In Europe, benchmark bond yields in Germany, France and Italy eased after Monday's sharp climb , , .

Persons: BOJ's Ueda, Fiona Cincotta, Jackson, Padhraic Garvey, Vishnu Varathan, Kazuo Ueda, Karin Strohecker, Elizabeth Howcroft, Dhara Ranasinghe, Tom Westbrook, Chizu Organizations: REUTERS, Staff, Nvidia, Wall, Index, Federal Reserve, Treasury, ING . Markets, Fed, European Central Bank, Bank of England, Bank of Japan, Mizuho Bank, NVIDIA, Wednesday, Tech, P, Brent, Benchmark, Dalian, Thomson Locations: Frankfurt, Germany, Europe, Asia, U.S, London, Americas, Jackson Hole , Wyoming, Singapore, France, Italy

☆ Asia stocks snap losing streak, yields hit fresh peaks
▼ + stars: | 2023-08-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Benchmark 10-year yields climbed 2.5 basis points (bps) in early Tokyo trade to touch 4.366%, their highest level since 2007 and are up almost 40 bps for the month so far. European futures were last up 0.6% and FTSE futures rose 0.3%. At the same time, however, inflation expectations have hardly budged - meaning that "real" yields, which discount inflation expectations, have surged - a development likely to prompt investors to re-evaluate taking risks. The 10-year real rate breached 2% on Monday. Sovereign yields in Australia, Korea, New Zealand and Japan all rose on Tuesday, with 10-year Japanese yields hitting their highest since 2014 at 0.66%.

Persons: Issei Kato, BOJ's Ueda, Vishnu Varathan, Jerome Powell, Kazuo Ueda, Edwina Gibbs Organizations: REUTERS, SINGAPORE, Japan's Nikkei, Wall, Treasury, Mizuho Bank, Federal, Sovereign, BHP, Bank of Japan, New Zealand, Brent, Benchmark, Dalian, Nvidia, Thomson Locations: Tokyo, Japan, Asia, Pacific, Singapore, Australia, Korea, New Zealand, Hong Kong

A sign of Wanda is pictured at the headquarters of Dalian Wanda Group, in Beijing's Central Business District (CBD), China August 8, 2023. China's largest commercial property group has tapped Deutsche Bank for advice on the sale of Infront Sports & Media, the sources said, adding the process is in the early stages and could take months to complete. Headquartered in Switzerland, Infront's businesses include managing Italy's Serie A and the UK Premier League's international media rights, as well as event operations, media rights distribution and sponsorship sales. It raised $320 million through the partial sale of its entertainment unit Beijing Wanda Cultural Industry to pay it off. Spain's Mediapro, which manages international media rights for LaLiga, restructured 900 million euros in debt a year ago selling shares to investors including the group's majority shareholder Southwind.

Persons: Wanda, Tingshu Wang, China's, Wang Jianlin, Infront, Amy, Jo Crowley, Emma, Victoria Farr, Milana, Andres Gonzalez, Kane Wu, Clare Jim, Elisa Martinuzzi, Sharon Singleton Organizations: Dalian Wanda Group, Beijing's, Business, REUTERS, Reuters, Deutsche Bank, Infront Sports & Media, Serie, Premier League's, South East, Olympic Games, Beijing Wanda Cultural Industry, Infront, Companies, LaLiga, Thomson Locations: China, FRANKFURT, Switzerland, Central, South, South East Asia, Dalian, Beijing, Infront

☆ Oil falls on China worries despite tighter US supply
▼ + stars: | 2023-08-16 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

China National Petroleum Corporation (CNPC)'s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. "Concerns that China's faltering economy will weigh on demand offset tight supply in the oil market," ANZ analysts said in a client note. "Crude inventories at the Cushing hub are seen to be falling to their lowest level since April. U.S. crude stocks dropped by about 6.2 million barrels last week, according to market sources citing American Petroleum Institute figures. Supply cuts by Saudi Arabia and Russia, part of the OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, have pushed up oil prices over the past seven weeks.

Persons: Chen Aizhu, Cushing, Rystad, Claudio Galimberti, Arathy Somasekhar, Trixie Yap, Sonali Paul Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Brent, U.S, West Texas, ANZ, American Petroleum Institute, Reuters, National Australia Bank, of, Petroleum, Thomson Locations: China, Dalian, Liaoning province, Beijing, Saudi, Saudi Arabia, Russia, OPEC, Houston, Singapore

☆ China's real estate market roiled by default fears again
▼ + stars: | 2023-08-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Qilai Shen | Bloomberg | Getty ImagesBEIJING — Two years after Evergrande's debt troubles, worries about China's real estate sector are coming to the forefront again. In late July, its top leaders indicated a shift toward greater support for the real estate sector, paving the way for local governments to implement specific policies. For the last several years, Chinese authorities have attempted to curb debt-fueled speculation in the country's massive — and hot — real estate market. Real estate and related industries have accounted for about a quarter of China's economy. He pointed out that since China started its deleveraging campaign in 2016, it is very unlikely the state would step in to bail out real estate developers.

Persons: Qilai Shen, Dalian Wanda, Liu Haibo, Sandra Chow, Nomura, Chow, Evergrande, Redmond Wong, —, Wong, Vanke, that's Organizations: Country Garden Holdings Co, Bloomberg, Getty, BEIJING, Reuters, CNBC, Country, Asia Pacific Research, CreditSights, Fitch, Saxo Markets Hong, China's, House Research, Stock, Poly Development, Research Locations: Baoding, Hebei province, China, Dalian, Hong Kong, Beijing, Saxo Markets Hong Kong

☆ Latest China developer debt woes could spur policy aid, but industry downbeat
▼ + stars: | 2023-08-09 | by ( Clare Jim | ) www.reuters.com time to read: +6 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. China’s property sector, which accounts for a quarter of the economy, has already seen a string of debt defaults by cash-squeezed developers since late 2021, with China Evergrande Group, the world’s most indebted property developer, at the centre of the crisis. Contagion fears in the market re-surfaced last month when four high-profile developers signalled liquidity stress amid slumping home sales nation-wide. Country Garden declined to comment on the investment bank reports. JP Morgan noted that if Country Garden still defaulted after policies aiming at boosting liquidity for developers, it would show that “there is no guarantee of survival”.

Persons: Aly, Dalian Wanda, Garden’s, ”, “, JP Morgan, Evergrande, ” JP Morgan, ” Morgan Stanley, Stephen Cheung Organizations: Reuters, Shanghai Country Garden, REUTERS, Garden, China Evergrande Group, Group, Greenland Holdings, Dalian Wanda Group, Dalian, HSBC, Communist Party Locations: HONG KONG, Shanghai, China, Greenland

☆ Analysis-Latest China developer debt woes could spur policy aid, but industry downbeat
▼ + stars: | 2023-08-09 | by ( Clare Jim | ) www.reuters.com time to read: +6 min

☆ Analysis: Latest China developer debt woes could spur policy aid, but industry downbeat
▼ + stars: | 2023-08-09 | by ( Clare Jim | ) www.reuters.com time to read: +6 min

[1/2] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. China's property sector, which accounts for a quarter of the economy, has already seen a string of debt defaults by cash-squeezed developers since late 2021, with China Evergrande Group (3333.HK), the world's most indebted property developer, at the centre of the crisis. Contagion fears in the market re-surfaced last month when four high-profile developers signalled liquidity stress amid slumping home sales nation-wide. Country Garden declined to comment on the investment bank reports. JP Morgan noted that if Country Garden still defaulted after policies aiming at boosting liquidity for developers, it would show that "there is no guarantee of survival".

Persons: Aly, HONG KONG, Dalian Wanda, Garden's, JP Morgan, Evergrande, Morgan Stanley, Stephen Cheung, Clare Jim, Kevin Yao, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, HK, Garden, Reuters, China Evergrande, Ocean Group, Greenland Holdings, Dalian Wanda Group, Dalian, HSBC, Communist Party, Thomson Locations: Shanghai, China, HK, Greenland, Beijing

LAUNCESTON, Australia, Aug 1 (Reuters) - Bad news for China's economy appears to spell good news for commodities, with prices of copper and iron ore gaining on hopes for new stimulus measures after yet another weak indicator. Dalian Commodity Exchange contracts ended daytime trade 0.5% higher at 841.5 yuan per metric ton, snapping two sessions of declines. Imports are estimated at 101.39 million metric tons by commodity analysts Kpler and at 100.96 million by Refinitiv. If the official figure is in line with these estimates, it would be the strongest month for iron ore imports since January's 103.6 million metric tons. Inventories have dropped for five straight weeks and are now 10% below the 13.5 million metric tons for the same week in 2022.

Persons: Beijing's, Miral Organizations: PMI, London, Reuters Graphics, Singapore, Dalian, Exchange, Reuters, Thomson Locations: LAUNCESTON, Australia, Beijing, Shanghai

☆ China's property firms rally after Beijing pledges economic support
▼ + stars: | 2023-07-25 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

Its Shanghai-traded bond surged 25% to 38 yuan, while a Shenzhen-traded bond rose 44% to 33.6 yuan. "Most important, (Beijing) sent a signal of further easing property restrictions by dropping the phrase...and mentioning streaming property policies," Nomura chief China economist Ting Lu said. Sino-Ocean Group's onshore bond rose 8.6% to 23.5 yuan in Shanghai. The state-backed firm is currently negotiating with creditors to extend the repayment for the yuan bond due Aug. 2. Nomura's Lu maintained the view that there is no quick fix for the property sector, and that the central government would only marginally ease some existing restrictive measures in large cities.

Persons: Nomura, Ting Lu, Nomura's Lu, Morgan Stanley, Clare Jim, Jason Xue, Sherry Jacob, Phillips, Sam Holmes Organizations: Mainland Properties, CSI, HK, Garden Services, Communist Party, Longfor, Seazen, KWG, Ocean Group, Greenland Holdings, Country Garden, Dalian Wanda Group, Thomson Locations: HONG KONG, Hang, Hong Kong, Shanghai, Shenzhen, Beijing, China

☆ China's property shares rally after Beijing pledges economic support
▼ + stars: | 2023-07-25 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, July 25 (Reuters) - Shares of China's property developers surged on Tuesday following a sharp selloff in the previous session, after policymakers said they would step up support for the embattled sector. Hong Kong's Hang Seng Mainland Properties Index (.HSMPI) jumped 12%, while Chinese CSI 300 Real Estate (.CSI000952) gained 7%. "Most important, (Beijing) sent a signal of further easing property restrictions by dropping the phrase...and mentioning streaming property policies," Nomura chief China economist Ting Lu said. Lu, however, maintained the view that there is no quick fix for the property sector, and the central government would only marginally ease some existing restrictive measures in large cities. In recent weeks, investors were wary of a deepening debt crisis in the property sector as new signs of trouble emerged among state-backed property developers Sino-Ocean Group (3377.HK) and Greenland Holdings (600606.SS), as well as property giants Country Garden (2007.HK) and Dalian Wanda Group.

Persons: Nomura, Ting Lu, Lu, Morgan Stanley, Clare Jim, Sherry Jacob, Phillips, Sam Holmes Organizations: Mainland Properties, CSI, HK, Longfor, Seazen, KWG, Communist Party, Ocean Group, Greenland Holdings, Country, Dalian Wanda Group, Thomson Locations: HONG KONG, Hang, Hong Kong, China, HK, Beijing

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