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☆ China's big banks cut deposit rates, signaling monetary easing ahead
▼ + stars: | 2023-06-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Bloomberg | Bloomberg | Getty ImagesBEIJING — China's largest banks cut interest rates for savers on Thursday in a bid to boost growth in an economy where consumption has been slow to recover. The country's six state-owned commercial banks' websites all showed updated yuan-denominated demand deposit interest rates of 0.2%, down from 0.25% last year, according to CNBC checks. The banks cut rates for other deposit products, including reducing the interest rate for five-year time deposits to 2.5% from 2.65%, according to their websites. The state-run Securities Times reported the deposit rate cuts in the Thursday edition of the newspaper. However, it's not a given that lower deposit rates will translate immediately into greater spending.

Persons: Nomura, Ting Lu, Zhang, it's Organizations: of, Bloomberg, Getty, BEIJING, CNBC, Securities Times, People's Bank of China, China, Management Locations: of China, China, Shanghai

☆ China's stimulus could focus on its 'dire' property sector. Here's what economists expect
▼ + stars: | 2023-06-07 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

China's economic recovery is losing momentum after an initial burst in consumer and business activity early in the year, prompting calls for more policy stimulus to bolster growth. // "The stimulus package could be centered on the property sector, with expansionary monetary and fiscal policies to keep up growth momentum," Citi economists led by Xiangrong Yu wrote in a Tuesday note. Don't expect a 'bazooka'Nomura's Chief China economist Ting Lu said "the situation of China's property sector appears dire." The Japanese investment bank doesn't expect a "bazooka" stimulus package but predicts it will be introduced in a cautious manner. They pointed to the latest wording from top policymakers and their emphasis on "security" – how this is an indicator for the scale of a stimulus package to come.

Persons: Qilai Shen, Xiangrong Yu, Ting Lu, Nomura Organizations: Bloomberg, Getty Images Bloomberg, Getty, Citi Locations: Wuxi, China, Beijing

☆ Review: In ‘The Comeuppance,’ a Bigger, Chillier Big Chill
▼ + stars: | 2023-06-05 | by ( Jesse Green | ) www.nytimes.com time to read: +2 min

School reunions, like work and family ones, are fertile ground for dramatists, offering an excuse to gather disparate characters with a catalog of ready-made conflicts. (There’s always someone who got dumped, dissed or disowned x years ago.) Branden Jacobs-Jenkins juggles all of these elements in “The Comeuppance,” which opened Monday at the Signature Theater. It’s an odd sensation to side with Death, but we want to know these people, too. Each has struggled to achieve maturity or happiness or just a sense of belonging — a problem that was already evident in high school when they bonded as members of MERGE, a “multiethnic reject group” with a problematic extra E.

Persons: Branden Jacobs, Jenkins, Eric Ting, Jacobs, invisibly Organizations: St, Anthony’s Locations: Washington

☆ Elon Musk wrapped up his first visit to China in years. Here's what the Tesla CEO was up to
▼ + stars: | 2023-06-01 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

His first visit in 3 years saw the Tesla CEO meet with top government officials and speak to staff at the Shanghai Gigafactory. Tesla opposes "decoupling" and is willing to continue to expand its business in China, the statement said. On Wednesday, Musk met with Jin Zhuanglong, China's minister of industry and information technology. On Thursday, Musk met with Chen Jining, the Shanghai party secretary. Musk visits the Shanghai Gigafactory

Persons: Elon Musk, Ding Ting, Musk, Qin Gang, Qin, Tesla, Jin Zhuanglong, Chen Jining, Tesla's, Chen, Ding Xuexiang, Ding, Xi Jinping, Xi, Zeng Yuqun, Zeng, CATL Organizations: Xinhua News Agency, Getty, Musk, Reuters, EV, CATL, CNBC, Bloomberg, Shanghai Locations: China, Shanghai, U.S

☆ New warning signs emerge for China's property market
▼ + stars: | 2023-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Construction on a real estate development project gets underway near the Bund in Shanghai, China, on May 25, 2023. BEIJING — New data show China's massive property sector is still struggling to turn around, despite signs of recovery earlier this year. Beijing has eased its pressure on real estate developers in the last year, following a crackdown on their debt levels in August 2020. The property sector and related industries have accounted for more than a quarter of China's economy, according to Moody's estimates. Both weeks' sales volume was lower than during the same period in 2019, prior to the pandemic, the report said.

Persons: That's, Ting Lu Organizations: Bund Locations: Shanghai, China, BEIJING, U.S, Beijing

☆ Very few U.S.-China flights are back despite the end of Covid
▼ + stars: | 2023-05-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Previously, the only regular direct flights by Chinese carriers between mainland China and New York since the pandemic were from Shanghai and Guangzhou. Flights of Air China are parked on the tarmac of Beijing Capital International Airport in Beijing, China, March 28, 2016. watch nowIn March, Delta announced it resumed direct flights between the U.S. and China — from Shanghai to Seattle and Detroit. Overall, mainland China's international flights remains below 40% of 2019 levels, the Nomura report said. The analysts expect that level to pick up to 70% by the end of the year as international flights recover around the summer holiday season.

Persons: Nomura, Ting Lu, Kim Kyung Hoon Organizations: China, U.S, Air, U.S . Department of Transportation, Beijing Capital International Airport, Reuters, American Airlines, Delta Locations: BEIJING, U.S, China, Egypt, Saudi Arabia, Italy, Variflight, Middle East, Iran, Beijing, Ukraine, Air China, New York, Shanghai, Guangzhou, Los Angeles, Delta, United, Seattle, Detroit

☆ Japan stocks are on fire this year. Here are 3 reasons why the rally could have 'staying power'
▼ + stars: | 2023-05-27 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

Since then, Japanese equities have rallied. Even so, Strategas Securities' Chris Verrone has remained optimistic on Japanese equities, saying this week that the rally is not yet overbought. Meanwhile, JPMorgan chief market strategist Marko Kolanovic said in a note, also on Tuesday, that the rally in Japan still has "staying power." For international investors, those remarks signaled that Japanese companies may be more transparent with shareholders in the future. Investors can also take a company-specific approach, according to Diamond Hill's Mohanraj, who favors Japanese companies that boast differentiated products.

☆ As G-7 Summit kicks off in Hiroshima, China and Russia are on everyone’s minds
▼ + stars: | 2023-05-18 | by ( Jihye Lee | ) www.cnbc.com time to read: +5 min

A man rides his bicycle past a "G7 Hiroshima" flower sign at the Peace Memorial Park in Hiroshima, ahead of the G7 Leaders' Summit, on May 17, 2023. (Photo by Philip FONG / AFP) (Photo by PHILIP FONG/AFP via Getty Images) Philip Fong | Afp | Getty ImagesThe annual Group of 7 summit officially kicks off on Friday in Hiroshima, Japan. A sign of G7 Hiroshima Summit is pictured in Hiroshima, ahead of the G7 Leaders' Summit, on May 16, 2023. G-7 finance leaders and central bankers finalized a three-day meeting in Niigata last week. "The U.S. will have a package of sanctions associated with the G-7 statement that will center on this enforcement issue," he told reporters.

☆ Cramer discusses recent stock wins and losses: 'We refuse to accept defeat in the long term'
▼ + stars: | 2023-05-17 | by ( Jim Cramer | ) www.cnbc.com time to read: +6 min

We remonstrate, but we act and stubbornly refuse to accept defeat in the long term. Start with some of the challenges DIS YTD mountain Disney YTD performance We got started too early with Walt Disney (DIS) and we got too close to the company. EMR YTD mountain Emerson Electric YTD performance Emerson Electric (EMR) infuriates me. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

The consumer price index (CPI) in April rose 0.1% year-on-year, the lowest rate since February 2021, and cooling from the 0.7% annual gain seen in March, the National Bureau of Statistics (NBS) said. Reuters GraphicsPBOC TESTEDOverall inflationary pressures remain low with the core consumer inflation, which excludes volatile food and energy prices, up 0.7%, unchanged from the previous month. The statistics bureau attributed the weaker consumer inflation to the base effect. Vegetable prices extended their decline to 13.5% and pork, a major driver of CPI, slowed its price growth to 4.0% from 9.6% in March. "Securing income growth and improving consumer confidence remain key policy priorities for delivering a more sustainable consumption recovery," said Pang.

BEIJING, May 8 (Reuters) - China's exports were expected to have risen again in April, albeit at a less robust pace than a month earlier, a Reuters poll showed, supported by unfulfilled orders after last year's COVID disruptions though slowing global growth is darkening the outlook. With many of China's major trade partners on the brink of recession, analysts remain wary about the outlook, noting that the stunning improvement in March partly reflects suppliers catching up with unfulfilled orders from last year's COVID disruptions. South Korean exports to China, a leading indicator of China's imports, were down 26.5% in April, continuing 10 consecutive months of decline. China's economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. The government has set a modest GDP growth target of around 5% for this year, after badly missing the 2022 goal.

☆ Paraguay election result calms fear of another Taiwan ally falling (for now)
▼ + stars: | 2023-05-01 | by ( Lucinda Elliott | ) www.reuters.com time to read: +3 min

ASUNCION, May 1 (Reuters) - News of Santiago Pena's election victory in Paraguay will be cheered by officials in Taiwan, which faces an uphill battle against China's economic muscle to keep its remaining 13 allies worldwide, including its last in South America. "This is a relief to Taipei," a senior European diplomat told Reuters in Asuncion asking not to be named. Taiwan's embassy in Paraguay congratulated Pena for winning the election and said it would continue to work on the two countries' "fruitful relationship". Pena's victory - and a strong performance in congressional elections by the ruling conservatives - has dampened hopes of a swift foreign policy shift, Galli said. Rubén Ramírez, a former foreign minister for Paraguay told Reuters that discussions over the Taiwan relationship must remain a priority when the new government is sworn in.

☆ 3 reasons big bank earnings are super important to the stock market in the week ahead
▼ + stars: | 2023-04-08 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

There are two big watchers on our list for the week ahead, and one of them — believe it or not — is not an inflation reading. The consumer price report (CPI), which calculates the average change over time in prices shoppers pay for goods and services, comes out Wednesday before the opening bell. Other data next week includes the producer price index report on Thursday and the retail sales report on Friday. ET: Consumer Price Index 2:00 p.m. The most important macroeconomic update of the week came on Friday while the market was closed for Good Friday.

☆ China's debt-heavy local governments look for new ways to raise cash
▼ + stars: | 2023-03-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — Debt-heavy local governments in China need new ways to raise money under a central regime that's made clear its priority is to reduce financial risks. "We should ... prevent a build-up of new debts while working to reduce existing ones," the report said regarding local governments' situation. S&P and other analysts estimate land sales account for about a quarter of local governments' total revenue. But local governments still have bills and public services to pay for. Historically, local governments were responsible for more than 85% of expenditure but only received about 60% of tax revenue, Rhodium Group said in 2021.

Starbucks (SBUX.O) warned of a "cautious" recovery in its China sales. "Consumers have become more meticulous in their spending," its chief executive, Xu Lei, said in an earnings call on Thursday. "Now the Chinese tourists are either super rich or very poor," said the owner, who spoke on condition of anonymity. "This suggests that once the initial reopening rebound has happened, we shouldn't expect a further surge in consumer spending," he wrote in a note to clients. ($1 = 6.8780 Chinese yuan renminbi)Editing by Marius Zaharia and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ Costco's quarterly results show why we're long-term investors, despite softer sales
▼ + stars: | 2023-03-02 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

After factoring in tonight's move lower, Costco shares have gained roughly 3.3% year-to-date, compared to a 3.7% increase in the S & P 500 . While it's a positive development to see Costco's margins expand from last year, it's also important to note that management doesn't run the business for profit margins. On the post-earnings conference call with analysts and investors, Costco management broke down all the levers of the quarterly margin performance. Costco's 2% reward program was a two-basis-point headwind on both sides due to more sales coming from Costco's executive members. February sales Alongside its fiscal second-quarter results Wednesday, Costco provided comparable sales for the four-week period ended Feb 26.

☆ House Passes Bill Taking Aim at ESG Investments
▼ + stars: | 2023-03-01 | by ( Eric Bazail-Eimil | ) www.wsj.com time to read: 1 min

Photo: Ting Shen for The Wall Street JournalThe Labor Department late last year drafted the new rule under the Employee Retirement Income Security Act. The House passed a Republican-led bill Tuesday disapproving of a new Biden administration regulation that would allow retirement-plan managers to consider climate change and other factors when they make investment decisions. The legislation to overturn the regulation on environmental, social and governance guidelines, or ESG, passed 216-204. One Democrat joined with Republicans in support of the measure, which was introduced by Rep. Andrew Barr (R. Ky.).

☆ China's economic recovery is off to a slow start
▼ + stars: | 2023-02-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Hector Retamal | Afp | Getty ImagesBEIJING — China's economic recovery is off to a modest start. Migrant workers have mostly returned to work after China's biggest holiday of the year, and children went back to school this week. It also remains to be seen how demand from China's growth picks up as businesses resume work and travel after the Lunar New Year holiday. Robin Xing, chief China economist at Morgan Stanley, pointed out that in-person meetings are particularly important for doing business in China, and that such interactions weren't easily feasible last year. Ting Lu chief China economist, Nomura

But retail investors are haunted by the regulatory purges, volatility and losses since 2021. With 212 million retail investors, equal to Brazil's population, the conservatism of China's retail army has implications for the viability of the rally. Individual retail investor transactions accounted for about 60% of the total A-shares turnover in late 2022, China Securities Regulatory Commission Chairman Yi Huiman said in November. But data shows barely any investor accounts being opened and the margin financing that retail investors typically use has plateaued. Retail investors are waiting for clearer policy signals, said Lei Meng, China equities strategist at UBS Securities.

☆ Adani rout deepens despite soothing words from India's government and billionaires
▼ + stars: | 2023-02-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Indranil Mukherjee | Afp | Getty ImagesShares of most Adani Group companies fell further on Monday, continuing to drop as a feud between the conglomerate and short-seller firm Hindenburg deepened. Adani Green Energy , Adani Power and Adani Total Gas fell 5% each. The Sensex is the benchmark index of the BSE — formerly the Bombay Stock Exchange — and the Nifty 50 is the flagship index of the National Stock Exchange of India. Gautam Adani, chairman of Adani Group, speaks during the Forbes CEO Summit in Singapore, on Tuesday, Sept. 27, 2022. Adani Power is included on the long-term list, while Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Transmission and Adani Total Gas are on the short-term list.

Forty-seven pro-democracy figures in Hong Kong have been accused of a conspiracy to commit subversion in a landmark political case. Benny Tai, 58, was a professor of law at the University of Hong Kong. Pro-democracy primary Pro-democracy candidates held a primary vote ahead of the upcoming Legislative Council election. The 47 defendants helped organize or participated in this event. New election rules announced China announced new rules for Hong Kong elections, limiting candidates to only those deemed loyal to Beijing.

SINGAPORE, Jan 31, (Reuters) - Like many rich Chinese, graduate student Zayn Zhang thinks Singapore could be ideal to park his family's wealth. His family might establish a Singapore family office to manage its wealth in the future, he added. Well-known Singapore family offices include those set up by James Dyson of vacuum cleaner fame, hedge fund manager Ray Dalio and Zhang Yong, founder of China's Haidilao hotpot restaurant chain. Though fresher statistics are not available, those involved in the industry said interest in family offices picked up in 2022 and is expected to continue unabated this year. While some are setting up family offices, others are setting up business headquarters in Singapore or investing in funds domiciled in Singapore, she said.

☆ I used to work as a chef in Philadelphia. Here are the 12 restaurants I always recommend to first-time visitors.
▼ + stars: | 2023-01-28 | by ( Grace Kennedy | ) www.businessinsider.com time to read: +11 min

I'm a Philadelphia native who used to work as a chef and baker in restaurants around the city. Philadelphia is known for its cheesesteaks, but it also has great Mexican, Italian, and Thai food. There are too many restaurants in Philadelphia worth trying to list them all here. However, these 12 restaurants are my tried-and-true favorites that every first-time visitor should try during a trip to Philadelphia. In my opinion, it serves some of the best Thai food in the country.

☆ China looks past Covid as tourist bookings surge for the Lunar New Year
▼ + stars: | 2023-01-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — People in China are moving past the pandemic and going out to travel, preliminary data for the Lunar New Year holiday show. China's Covid "exit wave" is quickly ending as official data show a drop in infections, hospitalizations and deaths, he said. "China has been rapidly reaching its Covid herd immunity, as the government estimates about 80% of the population has already been infected with Covid." The country saw a surge in Covid infections in December, just as Beijing ended nearly three years of stringent contact tracing and border controls. The seven-day Lunar New Year, which officially began Saturday, is the first major holiday since the end of China's Covid restrictions.

☆ Why Subtle, Logo-Free Handbags Will Reign in 2023
▼ + stars: | 2023-01-07 | by ( Fiorella Valdesolo | ) www.wsj.com time to read: 1 min

Three versatile handbags that exude plenty of chic but no tacky flash. WHEN KRISSY JONES was choosing a handbag to put on her holiday wishlist, she thought of her friend’s enviable carryall: a Park tote from minimalist brand the Row. “It’s well-made, gets better with time—hers is five years old and looks incredible—and is inconspicuous,” said Ms. Jones, 34, the co-founder of New York’s Sky Ting yoga studio. A similar quest for quality, versatility and (crucially) anonymity is driving a new trend: the anti-It Bag. Today’s sleek, simple anti-It Bags, on the other hand, telegraph a less meretricious sort of chic.

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