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☆ Multiple crises batter Washington and set up a fateful 2024 election
▼ + stars: | 2023-09-18 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

The octogenarian president is increasingly coming under scrutiny over his ability to serve a full second term if he wins in November 2024. But the trauma seizing Washington will soon intrude, transfixing the nation in a tumultuous 2024 election. The turmoil in the Republican Party is creating the kind of dysfunction and extremism that could turn off general election voters next year. In more placid times, the auto strike would be a dominant national issue defining a fraught political moment. But it’s just one of many crises threatening to overwhelm a political system that appears on the verge of a serious malfunction.

Persons: Donald Trump, Joe Biden’s, – Trump, Biden, Hunter’s, Kevin McCarthy, It’s, Washington’s, Volodymyr Zelensky, Trump, Zelensky, Vladimir Putin “, – Biden, tailgated, ”, McCarthy, Matt Gaetz, “, Kevin, ” Gaetz, demagogue, Jack Smith, Tanya Chutkan, David Weiss, Hunter Biden, Trump’s, Hunter, –, David Ignatius, Kamala Harris, it’s Organizations: CNN, Republicans, White, Republican, Trump Republicans, Senate, GOP, Hollywood, Press, NBC, Caucus, Florida GOP, Sunday, Fox News . House Republicans, Republican Party, Trump, United Auto Workers, Big Three, Biden Locations: American, China, Ukraine, Washington, Russian, Rosh

☆ China may never become the world's biggest economy and has thrown out its old playbook, Mohamed El-Erian says
▼ + stars: | 2023-09-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

It's highly unlikely that China will implement large-scale stimulus, Mohamed El-Erian said. Without it, markets shouldn't expect China's previous rate of growth to come back, he wrote in the Financial Times. "Despite what many may continue to tell you, it is no longer a given that China will become the world's largest economy." After China lifted pandemic restrictions late last year, the economy saw a brief rebound early this year. Despite what many may continue to tell you, it is no longer a given that China will become the world's largest economy."

Persons: Mohamed El, Erian, That's, — Organizations: Financial Times, Service, supercomputing, Bloomberg Locations: China, Wall, Silicon, Beijing, El

☆ Dollar rises to six-month high after US data; weak yen prompts warning
▼ + stars: | 2023-09-06 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +4 min

The greenback recovered against most currencies after the data, with the euro and sterling hitting three-month lows and the yen touching session troughs. The euro and sterling fell to three-month lows after the data and were last flat at $1.0726 and down 0.5% at $1.2505 , respectively. Data showed the Institute for Supply Management (ISM)'s non-manufacturing PMI rose to 54.5 last month, the highest since February and up from 52.7 in July. Against the yen, the dollar trimmed losses, last down little changed at 147.69 yen. The dollar showed little reaction to the report.

Persons: Dado Ruvic, Helen, Susan Collins, Christopher Waller, Waller, Masato Kanda, Gertrude Chavez, Dreyfuss, Samuel Indyk, Ankur Banerjee, Savio D'Souza, Alexandra Hudson, Josie Kao Organizations: REUTERS, Institute for Supply Management, Reuters, Monex USA, Federal, Fed, Boston, CNBC, Ministry of Finance, Thomson Locations: Washington, U.S, Kanda, London, Singapore

☆ What’s going on with China’s shadow banking system?
▼ + stars: | 2023-09-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The world’s second-largest economy is grappling with growing financial distress, which means big problems for the nation’s nearly $3 trillion shadow banking industry. What’s happening: Shadow lenders, including trust firms, operate outside of the formal banking system. That’s because shadow banks are not just a problem in China. The key concern, said Towes, is whether Western organizations have loaned to shadow banks and are now vulnerable. Production cuts by OPEC+, which produces 40% of the world’s crude oil, have helped send oil prices higher in recent months, a development that could have repercussions for inflation and interest rates.

Persons: they’ve, ”, Phillip Toews, “ we’ve, Toews, that’s, Goldman Sachs, Matt Egan, That’s, It’s, “, Jan Hatzius, ” Hatzius, —, CNN’s Hanna Ziady, Brent, ” Stephen Innes Organizations: CNN Business, Bell, New York CNN, Asset Management, US, IMF, Global, Federal Reserve, West Texas, Organization of, Petroleum, Saudi Ministry of Energy Locations: New York, China, Beijing, Europe, Saudi Arabia, Russia, OPEC

☆ Mattel to release Barbie Women in Sports, it's 2023 Career of the Year doll
▼ + stars: | 2023-09-06 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

She’s conquered the box office over the summer, breaking numerous records and turning the “Barbie” movie into a $1 billion global sensation. Mattel, on Wednesday, unveiled Barbie Women in Sports, its 2023 Barbie Career of the Year-themed dolls. Mattel announced its 2023 Barbie Career of the year-themed dolls, representing women's careers in sports. Sports Reporter Barbie wears a patterned purple dress with black heels and carries a pink Barbie notebook and microphone. The ‘Barbie’ movie opened July 21.

Persons: New York CNN — Barbie, She’s, Barbie, Barbie ”, ” Mattel, Lionel Messi’s, Mattel, Jen Welter, Barbie Fashionistas Organizations: New, New York CNN, Warner Bros, Warner Bros ., Mattel, Sports, Adidas, Inter Miami, Voice, NFL, Arizona Cardinals, billings Locations: New York

☆ UN's World Food Programme forced to cut food assistance from 10 million people
▼ + stars: | 2023-09-05 | by ( Hande Atay Alam | ) edition.cnn.com time to read: +2 min

CNN —As of September, 10 million Afghans have lost assistance from the UN’s World Food Programme this year, the organization announced this week. They had to cut food assistance from 2 million people in Afghanistan this month. “Due to a massive funding shortfall, going forward WFP will only be able to provide emergency assistance to 3 million people per month,” the WFP statement said. “These cuts mean that 1.4 million new and expecting mothers and their children are no longer receiving specialized food designed to prevent malnutrition,” Lee said. WFP needs US$1 billion in the next 6 months to be able to feed 21 million people with lifesaving food, the statement said.

Persons: “, ”, Hsiao, Wei Lee, ” Lee, Lee Organizations: CNN, “ Locations: Afghanistan

☆ These tiny creatures are losing their battle to survive. Here’s what we can do to save them
▼ + stars: | 2023-09-03 | by ( Amy Chillag | ) edition.cnn.com time to read: +9 min

The first time Mike Parr, president of the American Bird Conservancy, saw one, it was feeding on blossoms of a lemon tree in California. These tiny creatures are one of 70 bird species on the “Tipping Point” list that will lose another fifty percent of their populations in the same time frame if conservation doesn’t improve. You can create more habitat for birds by planting native species and not overly tidying your yard. They kill an estimated 2.4 billion birds every year in the US alone, according to the American Bird Conservancy. You can also help fight for the survival of bird species by donating to these groups: American Bird Conservancy, National Audubon Society and International Bird Rescue.

Persons: Mike Parr, ”, Parr, “, Laura Erickson, ” Parr, they’re, “ We’ve, Greg Homel, landscapers, catios, they’ve, everybody’s Organizations: CNN, American Bird Conservancy, Cornell, of Ornithology, Bird Conservancy, National Audubon Society Locations: California, Alaska, Mexico, Rocky Mountain, North America, United States, Arizona

☆ China's economy isn't on the verge of collapse, and markets are overlooking these indicators, China Beige Book says
▼ + stars: | 2023-08-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Chinese consumer spending rebounded in certain sectors, Shehzad Qazi told Bloomberg TV. But the managing director at China Beige Book added that property markets will remain a concern. "There's a dangerous consensus out there right now that China is on the verge of collapse. And while Qazi dismissed warnings about China's economy collapsing, he acknowledged it faces major headwinds. Qazi predicted that the real estate sector will remain a thorn for the Chinese economy in the longer term, as it undergoes a multi-year restructuring.

Persons: Shehzad Qazi, Qazi Organizations: Bloomberg, Service, CNBC Locations: China, Wall, Silicon

☆ Country Garden: China's biggest homebuilder is fighting for its life. Here's what you need to know about the real estate crisis
▼ + stars: | 2023-08-31 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Just a few months ago, Country Garden was the biggest property developer in China, with more than 3,000 developments spanning the country. Real estate accounts for between a quarter and third of China’s gross domestic product (GDP). A default by Country Garden or another peer could also spread to China’s wider economy and even spill over into global markets. Beijing has announced a flurry of stimulus measures to bolster the real estate sector in recent days, including easing mortgage curbs for homebuyers. This week’s news from Country Garden and Vanke suggest the crisis might not have bottomed out yet.

Persons: Hong Kong CNN —, “, ”, China Vanke, Zhu Jiusheng, Yu Liang, Yu, Evergrande Organizations: Hong Kong CNN, Zhongrong, Country, National Bureau of Statistics, Kaisa, Shimao, Times Locations: Hong Kong, China, Beijing, Shenzhen, United States, Times China

☆ China’s Biggest Homebuilder Raises Capital in Scramble to Pay Debts
▼ + stars: | 2023-08-30 | by ( Daisuke Wakabayashi | More About Daisuke Wakabayashi | ) www.nytimes.com time to read: +1 min

In a filing with the Hong Kong Stock Exchange, Country Garden said it planned to issue 350.6 million shares of the company at 77 Hong Kong cents apiece next Wednesday. Instead, they will go to a subsidiary of Hong Kong-based Kingboard Holdings Limited, a materials and chemicals manufacturers with a property division to which Country Garden owes millions of dollars. Country Garden, China’s biggest property developer, is selling the shares at a 15 percent discount to Tuesday’s closing price. The company has until next week to repay the offshore bondholders or it will be in default to creditors. The financial trouble facing Country Garden is the latest fallout from a rapidly spreading real estate crisis in China.

Organizations: Hong Kong Stock Exchange, Hong, Kingboard Holdings Locations: Hong Kong, China

☆ How insiders are reacting to Mark Thompson, CNN's new CEO, and how they think he'll tackle the network's challenges: 'He wants to be involved in editorial'
▼ + stars: | 2023-08-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

WBD named Mark Thompson as CNN's new CEO in a shift by David Zaslav to an experienced news leader. Thompson is widely credited with turning the Times into a digital powerhouse, transforming a news organization that was teetering financially. Under Thompson, there also were flops along the way to success for the Times, like the failed NYT Now mobile app. Thompson is expected to be involved in editorialObservers and insiders expressed optimism about the Thompson news. They also will be watching to see how he will carry out WBD CEO David Zaslav's commitment to providing a wider range of political viewpoints, including conservative ones.

Persons: WBD, Mark Thompson, David Zaslav, Thompson, Chris Licht, Ken Doctor, Meredith Kopit Levien, who'd, Times —, Levien, Nate Silver, Jill Abramson, Abramson, wouldn't, Mark, Donald Trump, David Zaslav's, He'll, Jeff Zucker, I've, Zaslav, Licht, he'd, Semafor, James Harding, Andrew Ross Sorkin, he's, Jonathan Miller, Miller, Amy Entelis, David Leavy, Virginia Moseley, Eric Sherling, who's, Leavy Organizations: CNN, New York Times, Warner Bros, Discovery, Max, longtime Times, Times, ESPN, ABC, Observers, BBC, Company, Integrated Media Co, Editorial Locations: British

☆ Ron DeSantis leaves campaign trail and returns to Florida amid crises
▼ + stars: | 2023-08-27 | by ( Steve Contorno | ) edition.cnn.com time to read: +7 min

Ron DeSantis left the campaign trail Sunday and returned to his state to navigate the crises. Before speaking on the storm, DeSantis read a statement addressing the attack at a Dollar General store in Jacksonville. DeSantis’ return to Florida to manage two high-profile crises comes as he has intensified his criticism of President Joe Biden’s response to the Maui wildfires. “As somebody that’s handled disasters in Florida, you’ve got to be activated. DeSantis was elected in the aftermath of Hurricane Michael, a powerful, destructive storm that ripped through the Florida panhandle.

Persons: Ron DeSantis, DeSantis, Idalia, ”, “, ” DeSantis, Donald Trump, we’re, Jeff Duncan’s, Casey, Bryan Griffin, Joe Biden’s, Biden, “ Biden, that’s, you’ve, You’ve, rallys, Carlos Guillermo Smith, Councilwoman Ju’Coby Pittman, Hurricane Michael, Ian Organizations: CNN, Republican, GOP, South Carolina Rep, Faith, National Hurricane Center, Hawkeye State, Jacksonville Locations: Gulf of Mexico, Florida’s, Tallahassee, Jacksonville, Florida, South Carolina, Cuba, Mexico, of Mexico, Iowa, Milwaukee, Georgia, Orlando, Israel, Hurricane, DeSantis

☆ Take Five: Farewell to a bruising August
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. Other data such as consumer confidence, the state of manufacturing, and inflation, with the latest personal consumption expenditures index is also due. Line chart with data from Refinitiv Datstreamn shows U.S. unemployment rate and federal funds target rate from January 2021 to July 2023. Yet Thursday's flash euro area August inflation number, which follows releases from some member states, could be the decider. The world's most populous country is already concerned about the threat to production of several basic commodities, including rice and sugar.

Persons: Brendan McDermid, Lewis Krauskopf, Kevin Buckland, Nigel Hunt, Dhara, payrolls, Bundesbank, buybacks, Xi Jinping, Karin Strohecker, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, Treasury, Federal Reserve, ECB, Reuters, Nino, Climate, Thomson Locations: New York City, U.S, China, Lewis, New York, Tokyo, Amsterdam, London, Jackson Hole , Wyoming, Indonesia, Thailand

☆ Why It’s So Hard for China to Fix Its Real Estate Crisis
▼ + stars: | 2023-08-22 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

The head of the central bank, fielding questions at a rare news conference, said that China would make it easier to get home mortgages. Vast sums were also lent to local governments, allowing them to splurge on new roads and rail lines. For China, it was a familiar response to economic trouble. Today, as China faces another period of deep economic uncertainty, policymakers are drawing on elements of its crisis playbook, but with little sign of the same results. It has become considerably harder for China to borrow and invest its way back to economic strength.

Persons: Zhou Xiaochuan Locations: China

☆ What's gone wrong with China's economy
▼ + stars: | 2023-08-21 | by ( Laura He | ) edition.cnn.com time to read: +8 min

It’s a far cry from global financial meltdown of 2008, when China launched the largest stimulus package in the world and was the first major economy to emerge from the crisis. It’s also a reversal from the early days of the pandemic, when China was the only major developed economy to dodge a recession. Property woesChina’s economy has been in doldrums since April, when momentum from a strong start to the year faded. While Evergrade is still undergoing a debt restructuring, troubles at Country Garden raised fresh concerns about the Chinese economy. Beijing has so far unveiled a steady incremental drip of measures to boost the economy, including interest rate cuts and other moves to help the property market and consumer businesses.

Persons: rekindling, Ying Tang, Morgan Stanley, Xi Jinping, It’s, what’s, Evergrande, Evergrade, ”, Julian Evans, Pritchard, Evans Organizations: Hong Kong CNN, UBS, Nomura, Barclays, Garden, Zhongrong Trust, CNN, Capital Economics, “, People’s Bank of China, National Health Commission, Moody’s Investors Service Locations: Hong Kong, China, Shanghai, It’s, doldrums, Beijing, United States, Europe

☆ How Will a Chinese Financial Crisis Impact the World? - The New York Times
▼ + stars: | 2023-08-21 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

The economic travails of the postpandemic years have led to intense intellectual and policy debates. One thing almost everyone agrees on, however, is that the post-Covid crisis bears very little resemblance to the global financial crisis of 2008. I’m not confident enough in my understanding of China to judge whether it will manage to contain its Minsky moment, the point at which everyone suddenly realizes that unsustainable debt is, in fact, unsustainable. In fact, I’m not sure if anyone — including Chinese officials — knows the answer to that question. Big as China’s economy is, America has remarkably little financial or trade exposure to China’s problems.

Persons: I’m, — Locations: China, United States, America

A model Chinese property developer in a sector replete with risk takers is teetering on the edge of default. Short of cash, one of China’s biggest asset managers has missed payments to investors. The broader economy has been threatened, and the confidence of consumers, businesses and investors undermined. So far, China’s typically hands-on policymakers have done little to ease anxieties and seem determined to reduce the country’s economic reliance on real estate. “What is happening in the Chinese property market is really unprecedented,” said Charles Chang, who heads corporate credit ratings for Greater China at Standard & Poor’s.

Persons: ”, Charles Chang Organizations: Greater, Standard Locations: China, Greater China

☆ Take Five: Summer at Jackson Hole
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Jason Reed Acquire Licensing RightsLONDON, Aug 16 (Reuters) - It's summer camp season and not to be left out, U.S. rate setters and overseas pals gather in Jackson Hole, Wyoming, to talk central banking. U.S. Federal Reserve officials (plus friends from the ECB, BoE and BOJ) descend on Jackson Hole, Wyoming on Aug. 24-26 for their annual central bank confab. Inflation remains sticky in places and investors want to know how long it will take for central banks to switch to easing. European PMIs could provide a bigger signal on whether the European Central Bank will hike again in September and if the Bank of England opts for a big rate increase. Turkey's central bank is poised to raise rates on Thursday for the third time in a row since Hafize Gaye Erkan was appointed as governor in early June.

Persons: Jason Reed, Ira Iosebashvili, Li Gu, Yoruk, Rosario, Marc Jones, Rachel Savage, BoE, Jackson, Vladimir Putin, Hafize Gaye Erkan, Erkan, Tayyip Erdogan, Dhara Ranasinghe, Stephen Coates Organizations: U.S . Federal, REUTERS, U.S . Federal Reserve, ECB, Nvidia, CARE, HK, China, European Central Bank, Bank of England, West, Reuters, Thomson Locations: Washington, U.S, Jackson Hole , Wyoming, China, Ira, New York, Shanghai, Amsterdam, Jorgelina, London, Johannesburg, confab, CHINA, Beijing, United States, European, Brazil, Russia, India, South Africa, Saudi Arabia, Argentina, Egypt, Turkey

☆ China's economy is teetering — and these European companies are among the most at risk
▼ + stars: | 2023-08-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Several signals from China this week suggest that European companies with close ties to the world's second-largest economy may face difficulties in the coming months. "BMW has the highest China exposure among European OEMs [original equipment manufacturers] — we prefer a higher US exposure (which Mercedes has). Methodology: Revenue data by geography was available only for 422 out of the 600 companies on the Stoxx Europe 600 index. FactSet data relies primarily on geographical sales data disclosures from companies directly. When this is not available, FactSet applies a proprietary algorithm to estimate the percentage revenue exposure.

Persons: Mercedes, Daniel Schwarz Organizations: JPMorgan, Eurostat, CNBC, Mining, Rio Tinto, UBS, RBC, Porsche, BMW, Volvo Locations: China, China's, Wall Street, Europe, Mining London, American, Swiss

☆ Harrison Ford gets a new snake species named for him
▼ + stars: | 2023-08-16 | by ( Jackie Wattles | ) edition.cnn.com time to read: +6 min

But the highlight of the trip to South America was discovering a species of snake new to science, which the team named for action icon Harrison Ford — a moment of levity in an otherwise dramatic excursion, noted Dr. Edgar Lehr, the lead author of a scientific paper describing the snake species. At the time, Lehr, who is a professor of biology at Illinois Wesleyan University, thought: “Wouldn’t this be cool to dedicate this new species to Harrison Ford? The national park is near “the VRAEM (Valley of Rivers Apurímac, Ene, Mantaro) area, which is the center of Peru‘s coca production and narco-trafficking,” according to the study. Otishi is considered “Peru‘s least scientifically surveyed national park,” according to the study. “This is very important (work), because we can only protect what is known,” Lehr said of documenting species new to scientists.

Persons: Harrison Ford —, Edgar Lehr, Lehr, Harrison Ford, Indiana Jones ’, Harrison, — Juan Carlos Cusi, Ricardo Vera, Maura Fernandez, Otishi, ” Lehr, “, ”, Ford, Indiana Jones, Tachymenoides, ” Ford Organizations: CNN, Illinois Wesleyan University, Historia, US Department of State, Embassy, Conservation, “ Locations: South America, Peruvian, Peru, Lima —, Peru’s Junín, Cusco, Rivers Apurímac, Mantaro, Embassy of Peru, Washington , DC

☆ Wall St. Weighs the Effect of Weaker China and Stronger U.S.
▼ + stars: | 2023-08-15 | by ( Joe Rennison | More About Joe Rennison | ) www.nytimes.com time to read: +1 min

The world’s two largest economies — China and the United States — are moving in sharply different directions. Investors are wary of China’s weakening growth, deflation and precarious real estate market, but they have largely shrugged off these concerns so far. Investors are, however, flinching at signs that the U.S. economy is unexpectedly strong, which could prompt a stronger response by the Federal Reserve as it tries to rein in inflation. The S&P 500 stumbled on Tuesday, falling about 1 percent, extending the decline recorded this month to more than 3 percent. The move on Tuesday came amid several signs of weakness in China.

Organizations: United, Investors, Federal Reserve Locations: China, United States, U.S

☆ 2023 Women's World Cup semifinals: Everything you need to know
▼ + stars: | 2023-08-14 | by ( Ben Morse | ) edition.cnn.com time to read: +10 min

With just two games standing between them and World Cup glory, let’s have a look at everything you need to know about the four semifinalists. SpainLa Roja’s run to its first ever Women’s World Cup semifinal hasn’t been a straightforward one and the road has been filled with highs and lows. SwedenSweden has shown remarkable determination to reach its second straight Women’s World Cup semifinal – and its fifth overall. Charlotte Wilson/Offside/Getty ImagesSo who is the favorite to win the Women’s World Cup? The lack of previous Women’s World Cup winning experience has made the semifinals and final even more exciting if that’s even possible.

Persons: Jorge Vilda, Ballon d’Or, Alexia Putellas –, Phil Walter, –, Salma Paralluelo, Zećira Mušović, Amanda Ilestedt, Mušović, Sweden's, Catherine Ivill, Australia It’s, Sam Kerr, Kerr, Anthony Albanese, “ I’ve, it’s, ” Albanese, ”, Tertius Pickard, Sarina, Lauren James, Colombia –, James, Nigeria’s Michelle Alozie, Mary Earps, Millie Bright, Kiera Walsh, Georgia Stanway, Alessia Russo, Chloe Kelly, Bethany England, Lauren, Charlotte Wilson, what’s Organizations: CNN, Zambia, Roja, Putellas, Sky Sports, FIFA, Japan, Italy, Republic of Ireland, Canada, France, ABC, Australia, England England, Colombia, Chelsea, Brisbane Locations: Spain, Sweden, Australia, England, Spanish, Costa Rica, Zambia, Japan, Switzerland, Netherlands, Sweden Sweden, South Africa, Japanese, Swedish, Serbian, Republic of, Nigeria, Denmark, 7Plus, New Zealand, China, Nigeria’s, Georgia, Gracenote

☆ S&P 500 futures are little changed on Monday evening: Live updates
▼ + stars: | 2023-08-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Futures tied to the S&P 500 were little changed in overnight trading Monday. Futures linked to the broad market index added 0.1%, while Nasdaq-100 futures rose about 0.2%. A rebound in semiconductor and technology names lifted the S&P 500 and Nasdaq Composite 0.58% and 1.05%, respectively, during the regular trading session. Six of the 11 major S&P sectors finished positive, led to the upside by information technology. Later in the week, traders will parse releases from Target and Walmart .

Persons: Homebuilders D.R, Horton, Lennar, Warren Buffett's Berkshire Hathaway, NVR, Stocks, selloff, Morgan Stanley, Alicia Levine Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Discover Financial, Dow, Nvidia, VanEck Semiconductor, BNY Mellon, Home Depot, Target, Walmart

☆ China's heading for another real estate crisis — but it's on a whole different scale than what it's seen before
▼ + stars: | 2023-08-10 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +8 min

Country Garden, a massive Chinese property developer, missed interest payments on two dollar bonds this week. However, it's the scale of Country Garden's projects that is a big warning signal for the Chinese real estate sector and the wider economy. Evergrande faced a liquidity crisis in 2020, prodding it to try to halve its around $100 billion debt by mid-2023. These efforts were scuppered by a slowdown in China's property sector and regulators' efforts to put brakes on property developers borrowing excessively. However, putting the brakes on borrowing started sending the property sector into a crisis.

Persons: Kristy Hung, Yang Guoqiang, Yang Huiyan, Yang, Moody's, Sandra Chow, Evergrande, Huileng Tan Organizations: Service, Bloomberg Intelligence, Hong Kong Stock Exchange, CNN, China Index Academy, Reuters, Pacific Research, New York Times, Caixa Bank Locations: Beijing, Wall, Silicon, China, Evergrande, Foshan, Asia, Pacific, CreditSights

Containers are seen at the Yangshan Deep-Water Port in Shanghai, China October 19, 2020. REUTERS/Aly Song/File PhotoBEIJING, Aug 7 (Reuters) - China's exports likely contracted further in July, as manufacturers in the world's second-largest economy struggled for buyers in markets grappling with high inflation and rising interest rates, a Reuters poll showed on Monday. Imports are expected to have shrunk by 5.0%, after a fall of 6.8% in June, reflecting slightly improved domestic demand. The median estimate in the poll indicated only marginal change in China's trade surplus, with analysts predicting it will come in at $70.60 billion, compared with 70.62 billion in June. China's trade data will be released on Tuesday.

Persons: Aly, Joe Cash, Anant Chandak, Susobhan Sarkar, Shri Navaratnam Organizations: REUTERS, Thomson Locations: Shanghai, China, BEIJING, Beijing, outflows, Bengaluru

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