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Companies Vitol SA FollowSINGAPORE, Nov 23 (Reuters) - An imminent price cap on Russian oil by G7 countries is likely to divert trade to smaller companies, the chief executive of Dutch energy and commodity trader Vitol, Russell Hardy, said on Wednesday. Larger corporates such as Western banks and insurance companies will not participate in the trades unless there is absolute clarity that the price of the contract is below the price cap, Hardy said at the FT Commodities Asia Summit in Singapore. So the challenge of redirecting leftover Russian oil that typically goes into Europe will be in the hands of smaller companies that do not operate in G7 nations, he said. The price cap will probably be segmented into three portions, including low-value Russian products, high-value Russian products, and crude oil, he added. PRICE OUTLOOKHardy said oil prices would still lean towards the downside until early 2023, as some customers had already covered their current requirements.

☆ Global shares shake off China COVID curbs, but investors stay cautious
▼ + stars: | 2022-11-22 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

The dollar pulled back from strong overnight gains while oil took a pause from Monday's retreat. The MSCI All-World index of shares (.MIWD00000PUS) rose 0.2%, putting it on course for a second straight month of increases - its longest stretch of gains since late 2021. The dollar of the gains that took it to a 10-day high on Monday, when investors ditched risk assets over China's COVID flare-ups and was last down 0.2%. The dollar came under pressure in particular against the euro and the yen , which rose by 0.2% and 0.3%, respectively. Oil prices rose on Tuesday, a day after Saudi Arabia denied a media report that it was discussing an increase in oil supply with OPEC and its allies.

☆ Mazda unveils $11 bln EV spending plan, considers investing in battery production
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 22 (Reuters) - Japan's Mazda Motor Corp (7261.T) on Tuesday unveiled a $10.6 billion spending plan to electrify its vehicles and said it was also considering investing in battery production. "We will promote the full-fledged launch of battery EVs and consider investing in battery production. We estimate Mazda's EV ratio in global sales to rise to a range between 25% and 40% as of 2030," Mazda said in a statement. Its previous EV sales target was 25% by 2030. Mazda CEO Akira Marumoto also told reporters the company had reached a supply agreement with battery maker Envision AESC for its EVs produced in Japan.

☆ Mazda to invest $11 billion to electrify its vehicles
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Japan's Mazda Motor Corp (7261.T) will invest about 1.5 trillion yen ($10.58 billion)to electrify its vehicles, including boosting production of battery EVs, and aims to increase their share in the company's overall global car sales by 2030. The ratio of electric vehicles (EVs) in global sales is expected to rise to between 25 percent and 40 percent as of 2030, from 25% previously, the company said in a statement. Automakers worldwide are spending billions of dollars to ramp up battery and EV production in the face of tougher environmental regulations. In August, Toyota Motor Corp (7203.T) said it would invest up to 730 billion yen in Japan and the United States to make batteries for fully electric vehicles as opposed to hybrid gasoline-electric cars like the Prius. Shoichi Matsumoto, Envision AESC chief executive, told Reuters last month it was in talks with automakers in Japan, Europe, the United States and China for new supply deals.

☆ Asian shares recover but concerns over China may resume strict COVID curbs linger
▼ + stars: | 2022-11-22 | by ( Selena Li | Kirsty Needham | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 22 (Reuters) - Asian stock markets mostly recouped early losses on Tuesday, supported by improved sentiment for China shares, but concerns lingered that Beijing may reimpose strict COVID curbs that could cause supply chain disruptions. The biggest driver for the recovery was China, with its benchmark up 0.43%. Losses on Hong Kong's benchmark index (.HSI) narrowed to 0.7%. Gains in China were capped by worsening COVID-19 situation in the country, however. Japan's benchmark Nikkei average (.N225) rose 0.69%, as the yen's weakness against the dollar raised prospects for domestic manufacturers.

☆ Asian shares mostly down on concerns China may resume strict COVID curbs
▼ + stars: | 2022-11-22 | by ( Selena Li | ) www.reuters.com time to read: +2 min

REUTERS/Thomas PeterHONG KONG, Nov 22 (Reuters) - Asian shares were on the defensive on Tuesday as a COVID-19 resurgence in China increased concerns that Beijing may reimpose strict pandemic curbs and that further restrictions could cause supply chain disruptions. The dollar pulled back from strong overnight gains on Tuesday while oil took a pause from Monday's retreat. Japan's benchmark Nikkei average (.N225) opened up 0.78%, while Australian shares (.AXJO) rose 0.55%. "China's Covid situation is really in the front row for Asia trading," said Redmond Wong, market strategist for Greater China at Saxo Markets in Hong Kong. Beijing warned on Monday that it was facing its most severe test of the pandemic, fuelling investor concerns that China may be forced to resume strict mobility curbs and give stay and home orders across cities.

☆ China's property prices to rise in 2023, sales to fall more slowly
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +3 min

"Property measures are expected to strengthen support, which will improve residents' confidence." A recent slew of support measures, including loan repayment extensions, aimed at improving liquidity in the property sector has underpinned market sentiment. But analysts and economists in the poll expected concerns about falling house prices, protracted COVID restrictions, and delays in construction to continue to weigh on demand. Property sales were seen slumping 5.0% in the first half of 2023, a smaller drop than the 15.0% fall forecast in the September poll. Some analysts say average house prices will need to fall by around 20% to 30% to entice demand.

☆ Dollar on track for weekly gain as Fed pushes back on pivot
▼ + stars: | 2022-11-18 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The dollar rose modestly on the yen following Bullard's comments and is up about 1.2% for the week to 140.36 yen . It also rose 0.9% on the Australian dollar overnight to $0.6690 per Aussie, and is on course for its first weekly gain on the Aussie since mid-October. Fed funds futures pricing currently implies a peak rate just below 5% and for rates to start falling by late 2023. Earlier this week, stronger-than-expected retail sales data had also shaken hopes for a pause in hikes, since it seemed to suggest consumers remained in spending mode. Later on Friday, British retail sales data is due, and European Central Bank President Christine Lagarde is among a smattering of policymakers due to speak.

☆ Australia jobs beat forecasts, boosting case for more rate hikes
▼ + stars: | 2022-11-17 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 32,200 in October from September, when they fell a revised 3,800. That came as a surprise to many analysts who had looked for a gain of only 15,000. Full-time employment jumped 47,100, bringing total job gains for the 12 months to October to a massive 762,000. That would bring the total tightening since May to 300 basis points, easily the most aggressive in modern history. Reporting by Wayne Cole; Editing by Jacqueline Wong and Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

BEIJING/HONG KONG, Nov 18 (Reuters) - A slew of recent supportive measures will bring China's cash-strapped property developers much needed relief, but a full recovery of the sector will be hobbled by increasingly elusive buyers, say bankers, developers and analysts. "These policies will have little lasting effect and the property prices will not go up significantly," said Jack Yang, an engineer in Beijing, noting "future income" had become a key concern for homebuyers. Despite the recent liquidity-boosting measures, some bankers say developers continue to face credit risks given the uncertain outlook. According to UBS, Chinese banks have roughly 88 trillion yuan ($12.43 trillion) worth of exposure to the property sector. It estimates the property sector downturn will cost the banking system up to 1.4-1.5 trillion yuan in the next few years, mainly from potential losses in banks' unsecured property development loans, bonds, and non-standard assets.

☆ China Oct new home prices fall at fastest annual pace in 7 years
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

On an annual basis, new home prices slumped 1.6%, the fastest pace since August 2015, worsening from the 1.5% year-on-year fall in September and marking the sixth month of contraction. New home prices declined 0.3% month-on-month, easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. The property sector has struggled with defaults and stalled projects since authorities started to clamp down on excessive leverage in mid-2020, hitting market confidence and weighing on economic activity. Data on Tuesday also pointed to further weakness in the cash-strapped sector, showing real estate investment fell at its fastest pace in 32 months in October. A notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, sources said on Sunday.

☆ China's new home prices fall at faster pace in Oct
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 16 (Reuters) - China's new home prices fell at a faster pace in October as persistent COVID-19 curbs, a faltering economy and property woes weighed on demand, official data showed on Wednesday, but a rescue package for the sector has brightened the outlook. New home prices declined 0.3% month-on-month in October after easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. New home prices slid 1.6% year-on-year in October, falling for the sixth straight month. Prices declined 1.5% year-on-year in September. Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ G20 vows to calibrate pace of interest rate hikes, avoid spillovers
▼ + stars: | 2022-11-16 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

The central banks will also be mindful of the need to limit spillovers, the statement added, in a nod to emerging economies' concerns about the potential for huge capital outflows if aggressive U.S. rate hikes continue. The emphasis on the need to fight inflation contrasted with the G20 statement last year, which said central banks must avoid overreacting to transitory rises in inflation. The G20 leaders also called for "temporary and targeted" fiscal spending to low-income households which are particularly vulnerable to rising living costs. Now, policymakers are faced with the dilemma of having to combat inflation with interest rate hikes, without cooling economies that are already facing the risk of recession. "It may not happen everywhere, but several key countries risk sliding into recession," said WTO Director-General Ngozi Okonjo-Iweala.

☆ China's property investment falls at a faster clip in Jan-Oct
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 15 (Reuters) - China's property investment fell at a faster pace during January-October, declining 8.8% from a year earlier after slumping 8.0% in the first nine months of the year. Property sales by floor area dropped 22.3% during January-October from the same period a year earlier, compared with the 22.2% plunge in the first nine months of the year, according to data from the National Bureau of Statistics (NBS). New construction starts measured by floor area fell 37.8% year-on-year in the first 10 months of the year, a slightly smaller decline than the 38% drop in the first nine months period. Funds raised by China's property developers fell 24.7%, after a 24.5% drop in the first nine months of the year. Reporting by Liangping Gao and Ryan Woo; Editing by Ana Nicolaci da Costa and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ China's factory output, retail sales miss forecasts, economy losing steam
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +3 min

Property investment also fell at a faster pace in the January-October period, pointing to further weakness in a key pillar of China's economy. Retail sales fell 0.5%, the first fall since May when Shanghai was under a city-wide lockdown. China's economy is facing a series of headwinds including its zero-COVID policy, a property slump and global recession risks. Property investment fell 8.8% year-on-year in January-October, after declining 8% in January-September. China's property sector, which accounts for a quarter of the economy, has slowed sharply this year as the government sought to restrict excessive borrowing by developers.

☆ Dollar rebounds as Fed officials say hikes to continue; yen slumps
▼ + stars: | 2022-11-15 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The dollar index , which measures the currency against six counterparts including the yen, euro and sterling, edged 0.03% higher to 107.00 early in the Asian day. The index held onto gains made on Monday when it rebounded from a three-month low of 106.27 hit on Friday. The dollar gained 0.34% to 140.40 yen , adding to its 0.84% overnight rebound from a 2 1/2-month low of 138.46. The euro was little changed at $1.03215 following its retreat from a three-month high of $1.0364. The offshore Chinese yuan was little changed at 7.0461 per dollar, after hitting a more than five-week high of 7.0200 in the previous session.

☆ China industrial output, retail sales miss expectations in Oct
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 15 (Reuters) - China's industrial output rose 5.0% in October from a year earlier, slowing from the 6.3% pace seen in September, official data showed on Tuesday, as COVID-19 restrictions weighed on factory activity. Retail sales fell 0.5%, the first drop since May when Shanghai was under a city-wide lockdown. Analysts had expected retail sales to rise 1.0%, slowing from a 2.5% gain in September. Fixed asset investment expanded 5.8% in the first 10 months of 2022 from the same period a year earlier, versus expectations for a 5.9% rise. The data showed fresh weakness in the in the world's second-largest economy, which has grappled with protracted COVID curbs, a deep property slump and, more recently, weakening external demand.

A look at the day ahead in European and global markets from Anshuman DagaMarkets have got all excited after last week's rip-roaring rally in global equities, a big tumble in U.S. Treasury yields and a bruising sell-off in the mighty dollar. But don't pop the champagne just yet. While U.S. consumer prices rose less than expected in October, pushing the annual increase below 8% for the first time in eight months, Waller said the markets shouldn't get carried away over just one "data point." This week, U.S. retail sales will dominate the data calendar, while markets will also pay attention to euro zone flash Q3 GDP estimates. In the crypto world, after Friday's shocking collapse of cryptocurrency exchange FTX, Bahamas authorities said they were scrutinising the demise of the exchange, co-founded by 30-year-old Sam Bankman-Fried.

The plan comes as the cash-strapped sector has struggled with defaults and stalled projects, hitting market confidence and weighing on the world's second-largest economy. Policymakers' previous efforts to help financing has done little to bolster the property market. The Hang Seng Mainland Properties Index (.HSMPI) jumped 16.2%, with the share prices of many Chinese property developers posting double-digit gains. The notice "introduced by far the most comprehensive set of support measures for the ailing property market," it said. Some investors remained cautious about the impact of the latest policy, however, as regulators have already made many attempts to revive the property sector and the macro environment remains weak amid the country's COVID restrictions.

☆ China plan to restore sector liquidity boosts property stocks
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 14 (Reuters) - Chinese property stocks soared on Monday as the market cheered an aggressive plan outlined by Chinese regulators to shore up liquidity in the embattled sector, with the sub-index surging close to a two-month high in early trading. The Hang Seng Mainland Properties Index (.HSMPI) gained 15%, while top property developers Country Garden (2007.HK) soared 33%, narrowing gains after rallying as much as 52% to the highest since July 27. Longfor Group (0960.HK), Agile Group (3383.HK), R&F Properties (2777.HK), Logan Group (3380.HK) and KWG Group (1813.HK) all jumped almost 30%. Two sources told Reuters a notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, in a major push to ease a deep liquidity crunch that has plagued the property sector since mid-2020. Reporting by Clare Jim; Editing by Ana Nicolaci da Costa and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ China's property shares jump as regulators outline new financing package
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 14 (Reuters) - Chinese property stocks soared on Monday as the market cheered a new aggressive financing package outlined by Chinese regulators to shore up the liquidity of its embattled property sector, with the shares of many major companies surging over 14%. Large property developers Country Garden (2007.HK), Longfor Group (0960.HK), CIFI Holdings (0884.HK) and Greentown China (3900.HK) all jumped close to 15% at market open. The Hang Seng Mainland Properties Index (.HSMPI) gained 9.7%. Two sources told Reuters a notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, in a major push to ease the deep liquidity crunch which has plagued the property sector since mid-2020. Reporting by Clare Jim; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ China regulators order more financing support for property firms
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +4 min

The move, first reported by Bloomberg, comes as cash-strapped property developers struggle to tap sources of funding to finish projects and pay suppliers. Chinese regulators are telling financial institutions to allow real estate companies to defer repayment of some loans, such as property development and trust loans, the sources said. China's property sector, once a pillar of growth, has slowed sharply this year as the government sought to restrict excessive borrowing by developers. Goldman Sachs said in a note that the basic principles of the property measures are not new. Chinese regulators expanded a key financing support programme designed for private firms, including real estate companies, to about 250 billion yuan ($35.18 billion) this week.

☆ Morning Bid: Don't get carried away
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

☆ Election denier loses secretary of state race in Nevada
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

Nov 12 (Reuters) - Jim Marchant, a former Nevada state assemblyman who opposed the certification of President Joe Biden's election win in the state in 2020, was defeated in his race to become Nevada's secretary of state, Edison Research projected on Saturday. Democrat Cisco Aguilar won the secretary of state race in Nevada, defeating Marchant, according to Edison Research. In Nevada, the secretary of state does not have the power to certify election results, but can set and enforce election rules. Nevada is a swing state that could play an important role in determining the outcome of the 2024 presidential election. Marchant lost a race for the U.S. House of Representatives in 2020.

The number of daily cases in China rose from 11,950 on Nov. 11, the National Health Commission (NHC) said on Sunday. Capital city Beijing reported a record 235 new daily cases, up from 116 the previous day, local government data showed. Zhengzhou city in the Henan province, home to Apple supplier Foxconn's plant (2317.TW), reported a record 2,642 new daily cases. Foxconn has said it aims to resume full production in the second half of November, after operations were disrupted due to COVID prevention measures. read moreNHC said in a statement on Sunday that the COVID prevention and control situation remained "serious and complex".

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