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☆ Morning Bid: Earnings, China hold spotlight ahead of big rates decisions
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom WestbrookEarnings and hope for a turning in China's markets are the prelude to this week's big central bank decisions. The corporate performance and outlook risk disappointing markets that are increasingly priced for a "soft-landing" slowdown in both growth and inflation. In the Asia session investors cheered pledges of support in the readout from an earlier-than-expected Politburo meeting in China -- though not too loudly. The Eurozone bank lending survey is also out on Tuesday and can give a view on the health of borrowing ahead of Fed and European Central Bank meetings, which are both expected to deliver rate hikes. The yen was steady in Asia as investors weigh whether the Bank of Japan will tweak policy on Friday.

Persons: Tom Westbrook, Robert Half, Archer, Daniel Midlands, Morgan Stanley, Dalian Wanda, Sam Holmes Organizations: Microsoft, Google, Visa, General Electric, Dow, chipmaker Texas, Unilever, Shanghai, Traders, Dalian, Fed, European Central Bank, Bank of Japan, EssilorLuxottica, Texas Instruments, Verizon, General Motors, ADM, Spotify, Thomson Locations: United States, London, Paris, Asia, China, Hong Kong

"The major thing that we see now is onshore-traded Country Garden bonds going down," he said. Country Garden is a giant with thousands of projects in nearly 300 Chinese cities. Li Changjiang, the president of Country Garden Services, sold 3.2 million shares of the company last week, reducing his stake to 0.11% from 0.21%. They also cut its price target to HK$0.9 from HK$2.3 and that of Country Garden Services Holdings to HK$6.7 from HK$22. "Distressed Chinese property developers’ bond restructurings can buy them some room," Fitch Ratings said in a report on Monday.

Persons: Longfor, Wanda, Yao Yu, Morgan Stanley, Morgan, Li Changjiang, Fitch, Jason Xue, Tom Westbrook, Clare Jim, Xie Yu, Georgina Lee, Marc Jones, Kim Coghill, Jamie Freed, Barbara Lewis, Christina Fincher Organizations: HK, Dalian, Garden, Country Garden Services, Garden Holdings, Garden Services Holdings, China, Greenland Holdings, Ocean Group, Thomson Locations: SHANGHAI, SYDNEY, China, Hong Kong, Evergrande, Cayman Islands, Shanghai, Sydney, London

☆ Morning Bid: Euro biz ebbs, China property and rate peaks?
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +4 min

Arguments for calling a halt to the credit tightening were strengthened on Monday as early July business surveys for the euro area came in well below forecasts, showing a deepening contraction in overall activity this month. The euro dropped more than half a percent against the dollar as euro government debt yields fell back, with an indecisive weekend election result in Spain adding pressure. With the ongoing slide in manufacturing still the biggest drag and due in large part to China's spluttering post-Covid recovery, further turbulence in China's property markets will only increase the anxiety. For Wall St, the looming Fed decision dominates this week - with a check on U.S. July business surveys topping the data on Monday's calendar in another huge corporate earnings week. U.S. Treasury yields fell back, but the dollar (.DXY) climbed against the euro, yuan and sterling - also hit by disappointing UK business readings for July.

Persons: Mike Dolan, China's, readouts, Dow Jones, Brown Organizations: Futures, Bank of, Dalian, Japan's Nikkei, Tech, Microsoft, Dow, Nasdaq, Treasury, Chicago Fed, Whirlpool, Packaging Corp of America, Cadence, Trade Organization, Reuters, Thomson Locations: U.S, China, Bank of Japan, Spain, United States, Alexandria, Geneva

July 25 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. BI won't want the rupiah to strengthen too much because exports will suffer, but won't want potential inflation-boosting weakness either. On a year-on-year basis, GDP was expected to have expanded 0.8% in the April-June period, down slightly from 0.9% in January-March. On a quarterly basis, however, Asia's fourth largest economy is expected to have expanded 0.5%, up from 0.3% growth in the first quarter. Here are key developments that could provide more direction to markets on Tuesday:- Indonesia interest rate decision- South Korea GDP (Q2)- Hong Kong trade (June)By Jamie McGeever;Our Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever, Dalian Wanda, Monday's, Xi Jinping, Wall, Dow, Morgan Stanley's Mike Wilson Organizations: U.S, Garden, Dalian, Communist Party, Bank Indonesia, BI, China, Thomson, Reuters Locations: China, Beijing, Indonesia, South Korea, Asia, Korea, Hong Kong

☆ Explainer: Dalian Wanda's repayment woes weigh on China property sentiment
▼ + stars: | 2023-07-21 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

HOW MUCH DEBT DOES DALIAN WANDA HAVE? Dalian Wanda Group, owned by China's once-richest man Wang Jianlin, is the country's largest commercial property developer managing many shopping malls, offices and hotels across the country. WHAT IS NEXT FOR DALIAN WANDA? If Wanda Commercial manages this repayment, the next deadline will be a 3.5 billion yuan onshore bond due on July 29. "The extreme volatility in Dalian Wanda's bond prices shows how fearful and emotional the market is at this point."

Persons: DALIAN WANDA, China's, Wang Jianlin, Wanda Commercial, Wanda, Sandra Chow, Scott Murdoch, Jamie Freed Organizations: Dalian Wanda, DALIAN, Dalian Wanda Group, Dalian Wanda Commercial Management, Zhuhai, Bloomberg News, Country Garden, HK, Ocean Group, Thomson Locations: HONG KONG, Dalian, Hong Kong, Asia, Pacific, Sydney

"That doesn't get them completely out of the woods," said one Country Garden bondholder, who declined to be identified, adding that the developer was facing a further batch of bonds payments in coming months. "If sales don't improve people will worry about the repayment ability for developers like Country Garden who have large exposure in smaller cities," Cheng said. "Country Garden is a top developer in terms of sales. It has been another week of unsettling news in the property market in China. Other efforts are needed to boost buyers’ sentiment about the long-term trajectory of the property market," they added.

Persons: Raymond Cheng, Cheng, Friday's, Wanda, China's, Wang Jianlin, DWCM, selloff, Yao Yu, Wanda Commercial's, Ankur Banerjee, Jason Xue, Clare Jim, Xie Yu, Marc Jones, Tom Hogue, Robert Birsel, Sharon Singleton, Frances Kerry Organizations: HK, CGS, CIMB Securities, Dalian Wanda Group, ANZ, Dalian Wanda Commercial Management, P, JPMorgan, Reuters Graphics, Thomson Locations: SINGAPORE, HONG KONG, Hong Kong, China, Beijing, Greenland, Dalian, Singapore, Shanghai, London

☆ Fact Check-Graphic video of man assaulting woman was filmed in China, not Spain
▼ + stars: | 2023-06-29 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Content warning: graphic footage in social media linksA video circulating online that shows a man assaulting a woman in the Chinese city of Dalian has been miscaptioned by some social media users, who falsely claim that it shows a migrant carrying out an attack in Spain. One Facebook user uploaded the clip (here) along with the caption: “Muslim invader attacking a woman in Spain. The incident actually took place in Dalian, Liaoning province in China, on June 25, 2019, according to local reports (here, here and here). A 31-year-old man from Dalian was arrested, the local media reports said. The assault took place in Dalian, China, not in Spain.

Persons: Read Organizations: Reuters Locations: Dalian, Spain, Liaoning, China

New capacity in China is expected to make up more than half of that growth, according to the International Energy Agency. Reuters GraphicsIn 2023, WoodMac sees China's output growth creating a local surplus of 4.24 million metric tons of ethylene and an even bigger oversupply of propylene at 8.69 million metric tons. Reuters GraphicsMARKET SHARE BATTLENewly launched refinery complexes by state giant PetroChina's (601857.SS) Guangdong Petrochemical and privately-run Jiangsu Shenghong Petrochemical have added to surging petrochemical supply from mega refiners Zhejiang Petrochemical Corp and Hengli Petrochemical (600346.SS) that has come online in recent years. Rongsheng Petrochemical (002493.SZ) and Hengyi Petrochemical (000703.SZ) swung to net losses in the first quarter. While Chinese demand from some sectors such as inexpensive clothing and daily essentials is robust, other sectors such as automative have yet to recover in line with expectations, said Salmon Lee, global head of polyesters at consultancy WoodMac.

Persons: Chen, refiners, China's, Wood Mackenzie, WoodMac, Ganesh Gopalakrishnan, TotalEnergies's, Salmon Lee, Lee, Mohi Narayan, Andrew Hayley, Matthew Chye, Florence Tan, Sonali Paul Organizations: REUTERS, Reuters, International Energy Agency, Reuters Graphics, Guangdong Petrochemical, Jiangsu Shenghong Petrochemical, Zhejiang Petrochemical Corp, Hengli Petrochemical, Sinopec, Rongsheng Petrochemical, Hengyi Petrochemical, Thomson Locations: Dalian, Liaoning province, China, Asia, Europe, U.S, Guangdong, Jiangsu, China's, New Delhi, Beijing

The hope can be seen in the domestic iron ore price, with contracts on the Dalian Commodity Exchange outperforming Singapore futures. There are also some fundamental supports for the iron ore price, most noticeably declining inventories at China's ports. In the same week last year, inventories were at 128.3 million metric tonnes, or 1.6% above the current level. China iron ore imports vs SGX price:SOFT ECONOMIC DATACountering the positive indicators for iron ore demand is a raft of underwhelming economic data that shows China's rebound after ending its strict zero-COVID policy in December has been uneven. The weak data may actually boost iron ore sentiment, as investors will expect further stimulus measures from Beijing.

Persons: SteelHome, Gerry Doyle Organizations: Dalian, Exchange, China Iron and Steel Association, National Bureau of Statistics, Retail, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Beijing, Singapore, Dalian, April's

☆ China's Dalian Wanda appeals court decision to freeze shares
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +1 min

BEIJING, June 8 (Reuters) - China's largest commercial property developer Dalian Wanda Group on Thursday said it is appealing a court decision to freeze 1.9 billion yuan ($266.23 million) worth of shares it owns in a subsidiary. Two Shanghai court notices dated Monday showed the group cannot trade or otherwise use its shares in property manager Dalian Wanda Commercial Management Group until June 4, 2026. It also said the value of shares frozen far exceeded the amount in that dispute. It is also pursuing an initial public offering in Hong Kong of subsidiary Zhuhai Wanda which has stalled while awaiting regulatory approval. ($1 = 7.1368 Chinese yuan renminbi)Reporting by Beijing newsroom and Clare Jim in Hong Kong; Editing by Himani Sarkar and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Clare Jim, Himani Sarkar, Christopher Cushing Organizations: Dalian Wanda Group, Dalian Wanda Commercial Management Group, Zhuhai, Beijing, Clare, Thomson Locations: BEIJING, Shanghai, China, Hong Kong

☆ China's Douyin says has held early talks with Wanda on payments unit
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, May 31 (Reuters) - ByteDance's short video app Douyin said on Wednesday that it has held preliminary talks with Dalian Wanda Group over the conglomerate's payments unit. Bloomberg reported on Wednesday, citing people familiar with the matter, that Wanda was in talks with prospective buyers include China's ByteDance to sell its digital payments licence for about 1 billion yuan ($144 million). A spokesperson for Douyin, the Chinese version of TikTok, declined to provide further comment beyond acknowledging the preliminary talks. Wanda bought its payments licence in 2014 from 99Bill in a deal that allowed visitors to Wanda's venues, from department stores to cinemas, to pay online. ($1 = 6.9121 Chinese yuan renminbi)Reporting by Josh Ye and Clare Jim in Hong KongOur Standards: The Thomson Reuters Trust Principles.

Persons: Wanda, Wang Jianlin, ByteDance, Josh Ye, Clare Jim Organizations: Dalian Wanda Group, Bloomberg, Douyin, Zhuhai Wanda Commercial Management Group, Thomson Locations: HONG KONG, Hong Kong, 99Bill

☆ Chinese warships return to West Pacific for live-fire drills
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 16 (Reuters) - Two Chinese warships have ventured into the Western Pacific for live-fire exercises, the military said on Tuesday, shortly after one of China's two aircraft carriers returned from a patrol, in its latest projection of force into more distant waters. The destroyer Dalian and guided-missile frigate Huangshan sailed to an unidentified area of the West Pacific "not long ago" and conducted attack and defence drills, the Southern Theatre Command of the People's Liberation Army said in a statement. "China's aircraft carrier is not a homebody and cannot just stay at home," Song Zhongping, a military commentator with Hong Kong's Phoenix TV, told Reuters, referring to the Shandong. "There will be more and more of these distant sea travels in future. Despite China's military expansion, it could be more than a decade before it can mount a credible carrier threat far from its shores, defence analysts say.

☆ Rockwell Automation faces U.S. government probe over China ops - WSJ
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - The U.S. government is investigating whether Rockwell Automation Inc (ROK.N) is exposing U.S. infrastructure, military and other government assets to potential cyber attacks through one of its China-based facilities, the Wall Street Journal reported. The report also said investigators are looking into potential vulnerabilities that may allow access from China to critical U.S. government and industrial infrastructure and computer systems. Shares of Rockwell, which did not immediately respond to a Reuters request for comment, were down 1.35% at $274 in premarket trade. The Milwaukee-based company sells factory automation and robotics control software that caters to industries including aerospace, marine and automotive segments. In its most recent quarter, Rockwell reported a near 26% rise in its quarterly sales thanks to industrial demand.

☆ China's big refineries crowd out teapots for discounted Russian oil
▼ + stars: | 2023-04-21 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

SummarySummary Companies Hengli, Shenghong join Russian oil purchasesChina's April Russian oil imports likely to exceed March recordTeapots turn to cheaper Iranian oil, diluted bitumenSINGAPORE, April 21 (Reuters) - Chinese state oil giants and major private refiners are sweeping up more Russian crude, supporting prices and forcing smaller independents to seek out cheap alternatives such as Iranian oil, according to trade sources and shipping data. Shenghong imported a Urals crude cargo of about 720,000 barrels in March and 1 million barrels in April, Kpler showed. China's overall Russian crude imports, including pipeline and ships, rose to a record 9.61 million tonnes, or 2.26 million barrels per day (bpd) in March, customs data showed on Friday. TEAPOTSSmaller Chinese independent refineries, known as teapots, snapped up almost all of the ESPO supplies between November and January when others steered clear of Russian oil around the start of the European Union ban on Dec. 5. With the return of big buyers, price-sensitive teapots are looking for alternatives such as Russian Arctic grades, Iranian and Venezuelan oil.

☆ Cash-strapped Chinese cities are cutting medical benefits for seniors
▼ + stars: | 2023-03-31 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Censors removed hashtags for “Wuhan health insurance” from Weibo’s hot topics section after the demonstrations began in January. State media reported at the time that some other regions had already spent public money on mass testing. CFOTO/Future Publishing/Getty ImagesCovering the shortfallChina’s health insurance scheme is a key part of its limited social safety net. To protesters, however, it looked like local governments were dipping into their individual accounts to cover the shortfalls of the collective pool. “There has to be some resolution of the financial capacity of local governments to meet current, and prospective, age-related costs,” Magnus said.

☆ China's Li Keqiang announces lowest GDP target in decades amid major economic leadership overhaul
▼ + stars: | 2023-03-06 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —China’s outgoing Premier Li Keqiang has announced the country’s lowest GDP growth target in decades, highlighting the domestic and global challenges the world’s second largest economy still faces despite its decision late last year to ditch draconian anti-Covid measures. It fell well short of the official growth target of “around 5.5%.”“Having declared the end of pandemic, the leaders are sticking to the slowing GDP growth path in the long term by lowering annual GDP target gradually,” said Ken Cheung, chief Asian foreign exchange strategist at Mizuho Bank. “Moreover, China has been downplaying the numeric GDP target and shifted to balance the quality since President Xi’s era,” he said. Premier Li also said the government would only raise fiscal spending by 5.6% this year, which is lower than the growth of 6.1% in fiscal spending in 2022. “After three years of pandemic [measures], it could be more than desirable for governments, especially the local governments, to restore fiscal resilience,” said Citi analysts.

[1/7] Farmer Wang Zhanling sits next to his wife in their house in Quansheng village, Heilongjiang Province, China, February 8, 2023. The state-run Chinese Academy of Sciences sees the pension system running out of money by 2035. "If the pension system does not change, this is unsustainable," said Xiujian Peng, senior research fellow in the Centre of Policy Studies at Victoria University in Australia. The province has the lowest birth rate in China, with just over 100,000 births in 2021 and 460,000 deaths. Many experts, including Macquarie's chief China economist Larry Hu, suggest implementing a unified national pension system, backstopped by the more resourceful central government rather than cash-strapped local administrations.

☆ Inflation in Beijing: Chinese capital gives cash handout to low-income households to offset rising food prices
▼ + stars: | 2023-02-20 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Beijing will give out a $6 monthly cash subsidy to low-income residents to cushion the impact of rising food prices, a move that has unexpectedly angered many online who say the amount is far too low. The demonstrations were the latest outburst of public discontent since mass protests against Covid curbs gripped the country late last year. “In January, food prices in Beijing rose by 6.6%, meeting the conditions for starting the price-linked subsidy program,” the state-run Beijing Daily newspaper quoted an official from the commission as saying in a Friday report. Although the headline figure remains relatively low compared to other countries, food prices jumped 6.2%, with pork and fruit prices rising the most. In Beijing, food prices outpaced the national level.

☆ Explainer: What we know about China's medical reform protests
▼ + stars: | 2023-02-16 | by ( Laurie Chen | ) www.reuters.com time to read: +5 min

WHAT ARE THE MEDICAL INSURANCE REFORMS? Beginning Feb. 1, personal medical insurance benefits for Wuhan retirees were slashed from about 5% of the average basic pension to 2.5%, or 83 yuan ($12) per month, according to the Wuhan Healthcare Security Administration. In an essay published Thursday that did not refer to the protests, Finance Minister Liu Kun vowed to "deepen the reform of medical insurance payment methods". Following initial protests in Wuhan last week, the hashtag "Major adjustment in Wuhan medical reform" was viewed over 100 million times before being blocked. Since January, similar insurance reforms have been rolled out in provinces and regions including Jiangxi, Gansu，Shanxi, Qinghai, Sichuan and Guangxi.

BEIJING, Feb 15 (Reuters) - Hundreds of retirees took to the streets in the Chinese cities of Wuhan and Dalian on Wednesday to protest cuts to medical benefits, according to residents and social media posts, following widespread demonstrations last year over COVID curbs. Reuters could not immediately verify images from Dalian and some others from Wuhan widely shared on social media. The retirees were protesting local reforms including a recent cut to the monthly personal medical benefit allowance for retirees, from 260 yuan ($38) per month to 83 yuan, according to Wuhan residents. In China's health benefit system, some money goes to a personal medical allowance and other funds are pooled. Wednesday's protests in Wuhan and in Dalian in China's northeast attracted a heavy security presence, according to videos and pictures on social media.

☆ Analysis: AMC sets unusual shareholder vote for meme stock sale approval
▼ + stars: | 2023-02-01 | by ( Anirban Sen | ) www.reuters.com time to read: +5 min

loadingNow, AMC is asking shareholders for authorization to further increase its common stock count tenfold. Holders of the preferred stock will be allowed to vote on the matter alongside holders of common stock. "This increases the odds of (the new common stock authorization) passing this time," said Jacob Thomas, a professor of accounting and finance at Yale School of Management. "Given that meme stock speculators can drive prices far from fundamentals, it makes sense for a company like AMC to issue stock when management believes its own stock is overvalued," Harvey said. AMC said in the Jan. 26 filing that it is proposing the conversion of preferred stock to common stock to eliminate the trading discount.

☆ Japan will continue to monitor COVID situation in China, govt says
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

[1/3] Passengers of a plane from Dalian in China, head to the coronavirus disease (COVID-19) test area upon their arrival at Narita international airport in Narita, east of Tokyo, Japan January 12, 2023. REUTERS/Kim Kyung-HoonTOKYO, Jan 30 (Reuters) - Japan will continue to monitor the COVID-19 situation in China and deal "flexibly" with border control measures, Chief Cabinet Secretary Hirokazu Matsuno said on Monday. The comment came a day after the Chinese embassy in Japan said it had resumed the issuance of ordinary visas for Japanese citizens travelling to the country. China had stopped issuing visas for Japanese nationals earlier this month after Japan toughened COVID-19 border control rules for travellers coming directly from China. Reporting by Satoshi Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

☆ They Poured Their Savings Into Homes That Were Never Built
▼ + stars: | 2023-01-24 | by ( Isabelle Qian | Agnes Chang | ) www.nytimes.com time to read: +13 min

We talked to four people who emptied their life savings and took out huge loans for homes that have not been completed. “It was a simple dream — to have a home, a family,” Mr. Tang said. Mr. Tang, who works in a restaurant, sold a small place he had out in the countryside. “When I think about the unfinished apartment, it’s as if I’m falling from heaven to hell, ” Mr. Tang said. Homeowners atop one of the unfinished apartment towers call for construction to fully resume.

Currently trading around $9,130, the copper price is up by 9.6% since the start of January. Investors played copper from the short side for much of last year, if they were prepared to engage at all. The funds' sudden return is a sign that many are betting on a much sunnier outlook. "To the degree these short positions have not already covered, this may support copper in the short term", the bank said. It's clear, though, that copper long positioning is primarily a bet on Chinese recovery, underpinned by measures to revitalise a foundering property sector and more metals-intensive green infrastructure.

After three years of strict and suffocating anti-virus controls, China in early December abruptly abandoned its "zero COVID" policy, letting the virus run freely through its 1.4 billion population. Several experts forecast more than one million people in China will die from the disease this year. TRAVEL RUSHBeijing's main rail station has been packed with passengers leaving the capital in recent days, according to Reuters witnesses. Meanwhile, daily arrivals in the gambling hub of Macau exceeded 55,000 on Saturday, the highest daily arrivals since the pandemic began. China's transport ministry has said it expects more than 2 billion trips in the weeks around the holidays.

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