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REUTERS/Loren Elliott Acquire Licensing RightsAug 30 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Australian inflation, Japanese consumer confidence and German inflation figures later in the day are the main data points on Wednesday's economic calendar that could move Asian markets, which have started the week on a roll. A series of measures from China aimed at boosting domestic stock markets have had an immediate effect - China's benchmark index of blue chip stocks on Tuesday posted back-to-back gains of 1% or more for the first time since January. Money markets quickly swiped off the table expectations of another rate hike this year, short-dated yields plunged and stocks boomed. Put all that together and there is every reason to believe Asian markets will open in the green on Wednesday.

Persons: Loren Elliott, Jamie McGeever, Cryptocurrencies, Gina Raimondo, Michele Bullock, Josie Kao Organizations: REUTERS, Money, Nasdaq, Securities and Exchange, Stock Connect, U.S . Commerce, Bank of China, Incoming, Thomson, Reuters Locations: Sydney, Australia, China, U.S, Japan, Germany

Aug 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The Asian economic calendar is light, with only Japanese unemployment and the latest industrial production, trade and inflation figures from Vietnam on tap. Trading volumes should return to more normal levels with UK markets open again. Fellow real estate developer China Resources Land publishes half-year results on Tuesday, while Evergrande shares trade for a second day after Monday's long-awaited reopening. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jamie McGeever, Gina Raimondo, Terry Gou, Josie Kao Organizations: Stock, financials Bank of China, Garden, Land, U.S . Commerce, Washington, Apple, Monday, . Commerce, Thomson, Reuters Locations: Beijing, Vietnam, China, Ukraine, Japan

A panel displaying share prices is seen inside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen October 23, 2009. The Shenzhen Stock Exchange, one of the two major bourses in the Chinese mainland, is in negotiations with the Saudi Tadawul Group (1111.SE), operator of the Saudi Stock Exchange, for ETF Connect, as the programme is called, two of the sources said. The China Securities Regulatory Commission, the Shenzhen Stock Exchange and the Tadawul Group did not respond to Reuters' requests for comment. China has launched 'ETF Connect' projects in recent years with offshore stock exchanges in Hong Kong, Japan, South Korea, and Singapore. Reporting by Xie Yu and Selena Li in Hong Kong; Additional reporting by Hadeel Al Sayegh in Dubai; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bobby Yip, HONG KONG, HKEX, Jackie Choy, Xie Yu, Selena Li, Hadeel Al, Sumeet Chatterjee, Muralikumar Organizations: Shenzhen Stock Exchange, REUTERS, Saudi Tadawul Group, Saudi Stock Exchange, Connect, China's, China Securities Regulatory Commission, Tadawul, Singapore . Industry, Government Bond Index, Management, Saudi, Hong Kong Exchanges, Clearing, Tadawul Group, Hong Kong bourse, Morningstar Asia, Saudi Arabia's Ministry of Investment, Saudi Aramco, Thomson Locations: Shenzhen, HONG, China, Saudi, Beijing, Riyadh, Saudi Arabia, East Asia, Hong Kong, Japan, South Korea, Singapore, HK, Hong, Europe, East, Africa, Hadeel Al Sayegh, Dubai

☆ Chinese real estate stocks rise as Beijing extends property support measures
▼ + stars: | 2023-07-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A crane with the China Vanke logo at a residential construction site in China, on Sept. 28, 2021. Hong Kong-listed real estate stocks saw large gains. However, the CSI 300 Real Estate Index fell 0.44%, paring gains from earlier. Chinese real estate stocks mostly rose after the country announced it will extend two financial policies to support the real estate market until the end of 2024. Xinhua reported that the move is to "guide financial institutions to continue deferring loan payments for real estate enterprises, while propping up financial support for the real estate enterprises to ensure the delivery of housing projects."

Persons: ICBC Organizations: Logan Group, Country Garden Holdings, China Vanke, CSI, China Construction Bank, Bank of, People's Bank of China, Xinhua Locations: China, Hong Kong, Bank of China

HONG KONG, July 11 (Reuters) - UBS (UBSG.S) has halted plans to set up a new fund unit in China and decided to maintain ownership in a mega fund joint venture from its Credit Suisse takeover, two people with direct knowledge of the matter said. Suspending its original plan was mainly due to China's regulation that stipulates any company can own no more than two fund management firms in the market, the people said. UBS already owns 49% of fund firm UBS SDIC Fund Management in China, while its emergency takeover of rival Credit Suisse in mid-June left the bank with a 20% stake in ICBC Credit Suisse Asset Management - a joint venture with the world's largest lender Industrial and Commercial Bank of China (ICBC) (601398.SS). Credit Suisse, UBS and ICBC Credit Suisse declined to comment. The Swiss banking behemoth factored in lucrative income that the joint venture brings in, according to one of the people and a third source with knowledge of the matter.

Persons: Selena Li, Samuel Shen, Devika Organizations: UBS, Credit Suisse, UBS SDIC Fund Management, ICBC, Asset Management, Industrial, Commercial Bank of China, ICBC Credit Suisse, Thomson Locations: HONG KONG, China, Swiss, Beijing, Hong Kong, Shanghai

☆ China mutual funds cut fees as regulator targets $3.7 trillion sector
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +4 min

The cuts, which the fund companies said in identical phrasing were "aimed at reducing investors' costs in managing their wealth", come after China's securities regulator on Saturday vowed to guide mutual fund fees lower. Fund management fees would be capped at 1.2% of assets and custodian fees at 0.2%, state media reported. Nevertheless, the industry collected 144.1 billion yuan in management fees in 2022, up 1.7% from a year earlier, according to TX Investment Consulting Co. FEE CUTFullGoal Fund Management Co said it would cut fees on 119 products starting Monday, while Harvest Fund Management announced cuts for 113 products. The CSRC published opinions in April last year to promote high-quality growth of the mutual fund industry.

Persons: Morningstar, Ivan Shi, China's, Warburg Pincus, Samuel Shen, Tom Westbrook, Selena Li, Muralikumar Anantharaman, Jamie Freed Organizations: China Asset Management Co, Bank of Communications Schroder Fund Management, China Securities Regulatory Commission, Ben Advisors, Investment Consulting Co, Management, Harvest Fund Management, Asset Management Co, Ou Asset Management Co, Warburg, Shanghai Securities News, Thomson Locations: SHANGHAI, SINGAPORE, China, United States, Shanghai, China's

☆ Goldman's China banks downgrade based on 'pessimistic assumptions' - state media
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 7 (Reuters) - Goldman Sachs' (GS.N) downgrade of some major Chinese lenders to "Sell" ratings is based on "pessimistic assumptions," state-backed Securities Times said in an editorial on Friday, as worries over the banking sector deepen amid a rocky economy. "It is not advisable to be bearish on the fundamentals of Chinese banks based on pessimistic assumptions, and to a large extent there is a misinterpretation," the newspaper said. Chinese bank shares listed in Hong Kong tumbled after the report was released. Investors are concerned about Chinese banks' exposure to local government debt, earnings risks stemming from such debt, and diverging fortunes among individual banks, Goldman said in the report. Chinese policymakers are stepping up efforts to boost infrastructure investment and are tackling hidden local government debts, the Securities Times said.

Persons: Goldman Sachs, Goldman, Ella Cao, Bernard Orr, Ziyi Tang, Jamie Freed Organizations: Securities Times, Agricultural Bank of China, Commercial Bank of China, Industrial Bank, Investors, Thomson Locations: BEIJING, Hong Kong

☆ China bank shares slump in Hong Kong after Goldman downgrades
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, July 5 (Reuters) - Chinese banking shares listed in Hong Kong tumbled on Wednesday after Goldman Sachs downgraded top lenders including Agricultural Bank of China (AgBank) in a report that raised questions over the sector's financial health. Meanwhile, Industrial and Commercial Bank of China (ICBC) and Industrial Bank (601166.SS) were both downgraded from "Buy" to "Sell". Agbank shares fell roughly 3% in Hong Kong, on track for their biggest one-day loss in nearly two months. In its report, Goldman said it expects Chinese banks' dividend yields would come in at 4-6% this year, two percentage points lower than before the adjustment. The bank also revised down pre-provision operating profit estimates for large Chinese banks by 5-6% this year and next.

Persons: Goldman Sachs, Goldman, Agbank, Himani Sarkar, Kim Coghill Organizations: Agricultural Bank of China, Mainland Banks Index, Industrial, Commercial Bank of China, Industrial Bank, Shanghai, Thomson Locations: SHANGHAI, Hong Kong, Mainland, ICBC's Hong Kong, China

Pan Gongsheng was appointed Saturday as the new Communist Party chief at the People’s Bank of China (PBOC), in a surprise move as Beijing bolsters its drive to arrest the country’s economic slowdown and stem a slide in its currency. Pan currently serves as the deputy governor of the PBOC. “My initial reaction is this suggests Xi [Jinping] is more concerned about China’s economy than before the 20th Party Congress,” Thomas said. Since then, he has spent nearly two decades working at large state-owned banks, including the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC). After returning to China, he was promoted to deputy governor at the PBOC in 2012.

Persons: Yi Gang, Pan Gongsheng, Janet Yellen, Pan, Yi, didn’t, Guo Shuqing, Neil Thomas, wasn’t, ” Thomas, Xi, Mao, Thomas, China’s, Biden, ” Organizations: Beijing CNN, Cambridge University, Harvard University, Communist Party, People’s Bank of China, Securities Times, CNN, Ant, Asia Society, Center for, Communist Party’s, Committee, 20th Party Congress, Wall Street Journal, Treasury Department, Renmin University of China, Industrial, Commercial Bank of China, Agricultural Bank of China, ABC, Harvard University’s Kennedy School of Government, State Administration of Foreign Exchange, Beijing, P Global, PMI Locations: Hong Kong, Beijing, China, Shanghai, Center for China, United States, West

China's top graft-busting watchdog earlier this year vowed to eliminate ideas of a Western-style "financial elite" and rectify the hedonism of excessive pursuit of "high-end taste". Industrial and Commercial Bank of China (ICBC) (601398.SS) and China Construction Bank Corp (CCB) (601939.SS) plan to cut some allowances of employees at the banks' headquarters from this year, two sources familiar with the matter said. Domestic rival China International Capital Corp (CICC) (3908.HK) last month cut this year's bonuses for investment bankers by 30%-50% from a year earlier, Reuters has reported, citing sources with knowledge of the matter. Besides anti-corruption crackdown and "common prosperity" drive, financial firms are also reining in the flashy lifestyle of their staff to make sure they are not violating the Communist Party's ideology, said industry officials. China's securities regulator and the central bank cut the budget allocation for employee salaries in 2023, following reforms ordered as part of a broader drive to reduce income disparity, Reuters reported last month.

Persons: Xi Jinping's, CCB, Xin Sun, Sun, Xie Yu, Julie Zhu, Selena Li, Ziyi Tang, Binbin Huang, Rong Ma, Sumeet Chatterjee, Lincoln Organizations: Industrial, Commercial Bank of China, China Construction Bank Corp, Securities, Reuters, China International Capital Corp, HK, Party, King's College London, Thomson Locations: China, HONG KONG, Beijing, Hong Kong, Shanghai

☆ Chinese star banker Bao Fan detained by country’s top anti-graft body, state media says
▼ + stars: | 2023-06-01 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The mysterious disappearance of Bao has sent a chill through financial markets and China’s tech sector. Shares in China Renaissance had plunged more than 20% until they were suspended from trading in early April. China Renaissance had previously revealed only that Bao was “cooperating in an investigation” being carried out by certain authorities in the country. The specific agencies handling Bao’s case include the CCDI’s international cooperation bureau and Beijing’s municipal anti-graft authorities, the Economic Observer said. Cong has been detained by anti-corruption authorities since September for matters related to his tenure at ICBC Financial Leasing, the Economic Observer said.

Persons: Bao Fan, Bao, didn’t, Mike Blake, dealmaker, Xi, Cong Lin Organizations: Hong Kong CNN, Economic Observer, Central Commission, CNN, Communist Party, China Renaissance, Analysts, China’s, Industrial, Commercial Bank of China, Financial Leasing Locations: Hong Kong, China, Bao, Laguna Beach , California, Dianping

☆ Vast China-Russia resources trade shifts to yuan from dollars in Ukraine fallout
▼ + stars: | 2023-05-11 | by ( Chen Aizhu | ) www.reuters.com time to read: +7 min

[1/2] Model of natural gas pipeline, Russian and Chinese flags and Yuan and Rouble banknotes are seen in this llustration taken, September 7, 2022. "For now, and for the foreseeable next few years, I think the trade using RMB will predominantly be used for commodity and energy trade." Russian President Vladimir Putin has said that two-thirds of trade between Beijing and Moscow is now settled in roubles or yuan. Surging commodity imports pushed China's trade deficit with Russia to $38 billion last year, although the gap has narrowed in the first four months of 2023. Gazprom, which said last September it had agreed with CNPC to settle gas trade in roubles and yuan, did not respond to requests for comment.

HONG KONG, May 10 (Reuters) - China will appoint Li Yunze as the head of a new financial regulator as part of a broader restructuring of its financial regulatory regime, three sources with knowledge of the matter said on Wednesday. Li, 52, a banking veteran and currently vice governor of southwestern Sichuan province, will take the helm of the National Financial Regulatory Administration (NFRA), the sources told Reuters. The NFRA is a new government body under the State Council tasked to supervise the multi-trillion dollar financial industry, excluding the securities sector. Li has a relatively low-profile in the sector compared to previous financial regulatory heads. In 2018, he was appointed as vice governor of Sichuan province.

[1/3] People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence LoSummarySummary Companies Top five lenders post shrinking net marginsNon-performing loans hold steady at all fiveQ1 net profit growth mostly flatSHANGHAI/BEIJING, April 28 (Reuters) - Five of China's largest lenders posted shrinking margins in the first quarter on Friday, as loan re-pricing bites. Following suit were Agricultural Bank of China Ltd (AgBank) (601288.SS), Bank of China (BoC) (601988.SS), China's Bank of Communications Co Ltd (BoCom) (601328.SS), and China Construction Bank Corp (CCB)(601939.SS), all posting dips in their NIM. All lenders posted flat to around 5% net profit growth with BoCom logging the highest first-quarter net profit at over 5%. AgBank came in second with 1.75% as the others posted flat net profit growth over the same period.

RIO DE JANEIRO, April 11 (Reuters) - Brazilian planemaker Embraer SA (EMBR3.SA) aims to sign a deal for the sale of 20 commercial jets to a Chinese airline during President Luiz Inacio Lula da Silva's visit to China this week, two people familiar with the matter told Reuters on Tuesday. The deal would mark a breakthrough for Embraer in China, where it has struggled to find new business since the 2016 closure of a joint venture at a factory in Harbin. That venture with Chinese group Avic, launched in 2003 during Lula's first presidential term, produced a previous generation of regional jets and Legacy 650 executive jets. Embraer has delivered 110 commercial aircraft to Chinese airlines, including 70 to Hainan Airlines (600221.SS) and 20 to China Southern (600029.SS), according to securities filings. The planemaker has not received a new order from a Chinese airline since leaving Harbin in 2016.

☆ Cuba's losses in case of Castro-era debt opens it up to more lawsuits
▼ + stars: | 2023-04-04 | by ( Michelle Caruso-Cabrera | ) www.cnbc.com time to read: +2 min

The judge ruled mostly in favor of CRF1, originally called the Cuba Recovery Fund. She said the High Court has jurisdiction, the debt was properly assigned to CRF, and that the former central bank is responsible. Yet she ruled that Cuba itself is not a guarantor of the debt, a win for the communist nation. "BNC was the Central Bank of Cuba and remains responsible for managing these unpaid Cuban debts," he said. Lawyers for CRF said the fund can now proceed to a trial to determine whether it can recover "the sovereign debt that in unequivocally owns.

REUTERS/Florence Lo/File PhotoSummarySummary Companies Five big lenders post over 3.5% annual net profit growthNet interest margin shrank at all fiveNPL ratios steady or down for all fiveBEIJING, March 30 (Reuters) - China's Big Five lenders posted above 3.5% annual net profit growth this week, but warned that the foundations of the country's recovery were "not yet solid". China's Bank of Communications Co Ltd (BoCom) (601328.SS), and Bank of China (BoC) (601988.SS) both posted just over 5% annual net profit growth on Thursday. Even higher figures came from the Agricultural Bank of China Ltd (601288.SS) (AgBank) on Thursday and China Construction Bank Corp on Wednesday, which both posted over 7% annual net profit growth. Industrial and Commercial Bank of China (ICBC) (601398.SS), , the world's largest listed lender by assets, came in at 3.5% annual net profit growth. NPLsWhile all five lenders posted steady or falling non-performing loan ratios, they also logged shrinking net interest margins (NIM), a key gauge of bank profitability.

Chinese start-ups and fund managers said they are still looking to move their money out of SVB once they can. Such banks have offered account services similar to those of SVB, but found it hard to crack the U.S. bank's dominance among early-stage start-ups in China, where SVB has operated for more than two decades and has a local joint venture. STILL HUNTINGSome venture funds said they were in a quandary as SVB had certain advantages and was especially friendly to early-stage start ups. "Not a lot of banks are friendly to venture capital." "But the market space left by SVB will be filled by the next bank, which is an opportunity," said Chen, whose company counts Sequoia Capital China and Wu Capital among its investors and banks with SVB.

☆ Pakistan expects $1.3 bln financing from China's ICBC soon
▼ + stars: | 2023-03-03 | by ( Asif Shahzad | ) www.reuters.com time to read: +1 min

ISLAMABAD, March 3 (Reuters) - Cash-strapped Pakistan will receive $1.3 billion in financing from the Industrial and Commercial Bank of China Ltd in coming days to help shore up its foreign exchange reserves, Finance Minister Ishaq Dar said on Friday. Dar said the total $2 billion is in effect Pakistan borrowing back the debt repayments it has paid to Beijing for previously agreed loans. He said Pakistan will need $5 billion external financing to close its financing gap this fiscal year, which ends in June. More external financing will be coming to Pakistan only after Islamabad signs a deal with International Monetary Fund (IMF), which the minister said should be done by next week. Reporting by Asif Shahzad and Ariba Shahid; editing by John Stonestreet and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, Feb 17 (Reuters Breakingviews) - The disappearance of Bao Fan is a chilling dampener on the reopening of the world's second largest economy. China Renaissance was valued at $2.3 billion in its own IPO in 2018 when it was ranked second on China tech deals per Dealogic. Entities including China International Capital Corp (3908.HK) and Citic Securities (600030.SS), also have to grapple with President Xi Jinping’s common-prosperity campaign, making it unclear whether these firms’ erstwhile generosity will resume when advisory activity picks up. It also noted that in September Chinese authorities took Cong Lin, the bank’s president and chairman of its Hong Kong securities unit, into custody. Column by Yawen Chen in Hong Kong and Una Galani in Mumbai.

But unlike ICBC and its peers, Ant neither took deposits, nor piled risky loans onto its balance sheet. Free from the red tape that binds regular banks, the loans facilitated by Ant ballooned. Digital offerings accounted for half of overall consumer loans in China, Fitch Ratings calculated in 2021. Ant is set to become a licensed financial holding company, putting it under the close watch of China's main banking regulator. Beijing wants Chinese consumers to consume, so is likely to indulge controlled growth of consumer credit.

☆ Can Chinese stocks rally further? One investment bank thinks so — and names its top stock picks
▼ + stars: | 2023-01-31 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

The recovery in Chinese stocks gained steam on Monday, as China's benchmark index came within striking distance of a bull market. Chinese stocks have been buoyed by Beijing's easing of Covid-19 restrictions and a waning regulatory crackdown. "We started the year with an overweight call on China, and while that is a consensus view, there are now concerns on China rally being too sharp/too quick. The extreme inflows in the past 3 months, indeed, pose a threat to the continuity of market rally for next 3 months," Bernstein analyst Rupal Agarwal wrote in a note on Jan. 27. Bernstein's screen for undervalued stocks that have underperformed the market rally tuned up a raft of names.

☆ Here's what you need to know about a blockbuster court fight over Cuba's debt
▼ + stars: | 2023-01-20 | by ( Michelle Caruso-Cabrera | ) www.cnbc.com time to read: +6 min

The legal battle is over a portion of Cuba's unpaid commercial debt dating back to the 1980s. If they don't reach a deal, Cuba could then face yet another court fight over whether it finally has to pay. Because of the U.S. embargo against Cuba, American investors are prohibited from owning and trading Cuban debt, which frustrates some frontier-market hedge fund managers in the U.S. They argue that holding Cuban debt would better serve U.S. foreign policy interests because it would give Americans a seat at some future negotiating table. CRF, meanwhile, says in court filings that it first reached out to Cuba 10 years ago to settle the debt but were ignored.

☆ Factbox: Russian gold taken out of exchange-traded fund stockpiles
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +4 min

In an analysis about investors shunning Russian gold, Reuters examined lists of gold bars owned by eleven large funds. By late November, the proportion of Russian gold in the stockpiles of eight had fallen. SPDR Gold MiniShares, whose gold is stored by ICBC Standard, saw an almost 50% fall in the amount of Russian gold it holds. Russian gold bars refined before March 7 this year are still eligible to own and trade, it said. GRANITESHARESGraniteShares said it did not distinguish between different brands of good delivery gold including pre-war Russian gold, and that it had not asked its custodian, ICBC Standard, to reduce its holdings of Russian bullion.

☆ Analysis: Russian gold removed from some Western funds after Ukraine
▼ + stars: | 2022-12-21 | by ( Peter Hobson | ) www.reuters.com time to read: +6 min

But the data, compiled by Reuters, shows Russian gold being removed at a significantly faster pace than that from other countries. One said he had asked the bank paid to store his fund's gold to allocate as little Russian metal as possible to it. Russian gold removed from such funds was often reassigned to other owners in the same location, the bankers said. JP Morgan, which stored around 1,050 tonnes of gold for the funds, trimmed Russian gold by 13% and non-Russian gold by 9%. However, the two largest funds, BlackRock's (BLK.N) iShares Gold Trust and the World Gold Council's SPDR Gold Shares, actually increased their proportion of Russian gold.

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