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☆ China showed 'significant' Q3 rebound but faces challenges-state planner
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 17 (Reuters) - China's economy showed a significant recovery in the third quarter and employment is generally stable, said an official at China's economic state planner on Monday, but the economy still faces many challenges and difficulties. The comments come as the world's second-largest economy has grappled with stringent COVID-19 curbs and a deepening property crisis. "The improvement of the Chinese economy will be consolidated as the effects of macro policies continue to be released," said Zhao Chenxin, deputy head of the National Development and Reform Commission, at a news conference. China will unswervingly promote the opening up of its markets and give greater space for economic development in Hong Kong and Macau, Zhao added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao and Kevin Yao; Editing by Christopher Cushing and Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ Asia shares slip, testing times for UK bonds
▼ + stars: | 2022-10-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Concerns about financial stability added to the corrosive mix with all eyes on UK bonds now that the Bank of England's (BoE's) emergency buying spree is over. "Monday's market action will provide a test, not only for the survival of Truss' low-tax vision, but also her political future." Sterling was quoted up 0.6% at $1.1233 , but trading was sparse with little liquidity in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 1.2% and back toward last week's 2-1/2 year low. read moreIn currency markets, the dollar remains king as investors price in U.S. rates peaking around 5%.

☆ Exclusive: China's state banks seen acquiring dollars in swaps market to stabilise yuan
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

One of the sources noted the size of the dollar selling operation was "rather huge". "The big banks want to acquire dollar positions from the swap market to stabilise the spot market," said another source. State banks usually trade on behalf of the central bank in China's FX market, but they can also trade for their own purposes or execute orders for their corporate clients. A third source noted that the state banks' trades appeared to be managed so that the country's closely-watched $3 trillion foreign exchange reserves will not be tapped for intervention. At the same time, the move helps state banks to procure dollars at a time when rising U.S. yields have made dollars scarce and expensive.

This was the fourth straight week that funds have reduced their collective bet on rising U.S. interest rates. A short position is essentially a wager that an asset's price will fall, and a long position is a bet it will rise. Funds are now holding the smallest net short three-month SOFR position since July, and it has pretty much halved in the last six weeks. There have only been 11 weeks of bigger net short positions since the contract's launch over 30 years ago. "With 2s already at 4.5% and the terminal Fed funds rate in March 2023 almost at 5%, it seems unlikely that 2s can sell-off much more in the near term.

☆ China seen partially rolling over policy loans at steady rate - Reuters poll
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

But some still expect the People's Bank of China (PBOC) to ease banks' reserve requirements next month, to aid an economy hit by the COVID-19 pandemic and property market woes. Most of the 27 participants in the poll conducted this week said they predicted the PBOC will partially renew 50 billion yuan ($6.98 billion) worth of policy loans that mature on Saturday. Traders point out that China's banking system is not short of cash - evidenced by the fact that market rates are lower than policy rates, curbing demand for central bank loans. "We don't expect policy rate cuts until pressure on the currency eases," wrote Zichun Huang, an economist at Capital Economics. Zhou Maohua, analyst at China Everbright Bank, said September's robust credit expansion also made monetary easing less urgent.

☆ Battery maker Envision AESC seeking potential investors to fund expansion-CEO
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +3 min

ZAMA, Japan, Oct 14 (Reuters) - Chinese renewable energy group Envision's battery business is seeking potential investors, as it looks to fund a planned 30-fold expansion in its battery production capacity for electric vehicles (EV), the unit's chief executive said. Envision AESC has also said it plans to supply batteries for Honda Motor Co (7267.T) and Mercedes-Benz (MBGn.DE). The company hopes to break into the top-tier EV supply rankings by leveraging its more than a decade of battery production experience. Matsumoto said the company is aiming to expand its share in the global EV battery market by roughly five times to about 15% by 2025 or 2026. Solid-state battery technology involves a high-capacity energy storage device that improves on lithium-ion batteries, replacing the liquid or gel-form electrolyte with a solid, conductive material.

"We expect probably in 2023 the semiconductor industry will likely decline, but TSMC also is not immune," Wei told a media call. TOOL DELAYSTSMC, Asia's most valuable listed firm, cut its capital expenditure (capex) for 2022 to around $36 billion. "We say 2023 is still a growth year for TSMC, and the overall industry probably will decline," said Wei. Revenue for the quarter climbed 36% to $20.23 billion, versus TSMC's prior estimated range of $19.8 billion to $20.6 billion. Shares in TSMC have fallen almost 36% so far this year, giving it a market value of $323.7 billion.

TSMC's business has swelled thanks to a global chip shortage that was sparked by pandemic-fuelled sales of smartphones and laptops. Register now for FREE unlimited access to Reuters.com RegisterRevenue for the quarter climbed 36% to $20.23 billion, versus TSMC's prior estimated range of $19.8 billion to $20.6 billion. Shares in TSMC have fallen almost 36% so far this year, giving it a market value of $323.7 billion. The stock fell 0.6% on Thursday, compared with a 2.1% fall for the benchmark index (.TWII). TSMC has said it has seen little impact from the current down cycle in the chip sector and expected its capacity to remain tight because long-term demand for TSMC's chips was "firmly in place".

☆ Fragile yen tests 1998 low, sterling holds its breath
▼ + stars: | 2022-10-13 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The yen hit a trough of 146.98 per dollar overnight and last traded at 146.87. Register now for FREE unlimited access to Reuters.com RegisterIt is a whisker away from its August 1998 low of 147.64 per dollar, and well past last month's low of 145.90 per dollar which prompted Japanese authorities to intervene to buy the yen. "It has lost its safe haven appeal," said Rodrigo Catril, a senior currency strategist at National Australia Bank. The Aussie was up 0.02% at $0.6279, after sliding to a 2-1/2-year low of $0.62355 in the previous session. Overnight, data showed that U.S. producer prices increased more than expected last month.

☆ Bahamas to introduce price controls on dozens of key food staples
▼ + stars: | 2022-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

Oct 12 (Reuters) - The Bahamas on Wednesday outlined the details of temporary price control measures aimed at helping families brave mounting global inflation, saying they would affect 38 key staples, such as eggs, bread and sanitary towels. Prime Minister Philip Davis announced the controls in a national address on Tuesday as part of broader measures to help the island nation, which imports many goods, tackle the effects of rising price pressures globally. The controls, which limit price increases to 15% for wholesalers and 25% for retailers, take effect from Monday and will last six months, after which they will be subject to review. Register now for FREE unlimited access to Reuters.com Register"The prime minister remains confident that these additional measures will provide relief to Bahamian families," the government said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sarah Morland in Mexico City and Jasper Ward in Nassau; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

TOKYO, Oct 13 (Reuters) - A joint venture set up by Japan's Sony Group Corp (6758.T) and Honda Motor (7267.T) is aiming to deliver its first electric vehicles by 2026 and will sell them online, starting in the United States and Japan. The update from the joint venture, Sony Honda Mobility, is the first since the two companies launched the project in June. Sony will provide the software system for the new car, from the onboard controllers to cloud-based services that will connect with entertainment and payment systems. The still-to-be named EV will likely be manufactured by Honda at one of its plants in Ohio. The new EV will be delivered to the Japanese market in the second half of 2026.

☆ Sony, Honda mobility venture to deliver new EV to U.S. in spring of 2026
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Oct 13 (Reuters) - A joint venture set up by Japan's Sony Group Corp (6758.T) and Honda Motor (7267.T) will deliver electric vehicles (EV) to the U.S. market in the spring of 2026, a top executive said on Thursday. The new EV will be delivered to the Japanese market in the second half of 2026, said Yasuhide Mizuno, the joint venture's chairman and chief executive, and a senior Honda executive. The two companies officially agreed to the equally owned joint venture, Sony Honda Mobility, in June, with each of them investing 5 billion yen ($34.05 million) in the new venture. Honda is under pressure from investors to make cars that are carbon-free and equipped with newer technology such as self-driving features. Like its bigger rival Toyota Motor (7203.T), it has been slow to shift its fleet to electric, offering only one EV known as Honda e.($1 = 146.8300 yen)Register now for FREE unlimited access to Reuters.com RegisterReporting by Satoshi Sugiyama; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

It also encapsulates macro hedge funds' trading strategy today - while most investors got smoked in the third quarter as stocks, bonds and commodities slumped, macro funds raked it in thanks to the surging U.S. dollar. There is little indication the wave is about to crash any time soon, and although hedge funds have reduced their exposure in recent weeks, they remain comfortably long. LONG, LONG, LONGThe dollar index, a measure of the greenback's value against a basket of six major currencies, rose 7.1% in the third quarter, its best performance since early 2015. But CFTC hedge funds have held a net long dollar position every week since August last year, and a $10 billion bet is still a pretty resounding endorsement of the U.S. currency over its major rivals. With numbers like these, it looks like funds may be buying dollars and wearing diamonds for a good while yet.

☆ Chinese regulator gives greenlight to fund targeting Korean chipmakers
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Oct 10 (Reuters) - China's securities regulator has given the greenlight to the country's first mutual fund targeting top Chinese and South Korean chipmakers, an official at Huatai-PineBridge Fund Management Co said, amid an escalating Sino-U.S. tech war. The China Securities Regulatory Commission's approval comes amid heightened geopolitical tensions between the world's two largest economies. The exchange-traded fund (ETF) will invest in top Korean semiconductor firms including Samsung Electronics Co (005930.KS) and SK Hynix Inc (000660.KS), as well as Chinese chipmaking giants such as Semiconductor Manufacturing International Corp and Montage Technology Co (688008.SS). In 2021, South Korea was China's second-biggest exporting country in equipments, including chipmaking tools, and Chinese exports to South Korea have also been rising, the fund manager said. South Korea said on Saturday there would be no significant disruption to equipment supply for Samsung and SK Hynix's existing chip production in China from the U.S. move.

From Tuesday, Japan will reinstate visa-free travel to dozens of countries, ending some of world's strictest border controls to slow the spread of COVID-19. Just over half a million visitors have come to Japan so far in 2022, compared with a record 31.8 million in 2019. GHOST TOWNNarita Airport, Japan's biggest international airport some 70 kilometres from Tokyo, remains eerily quiet, with about half of its 260 shops and restaurants shuttered. Whether overseas visitors wear face masks and abide by other common infection controls in Japan is another concern. "From the start of the pandemic until now, we've had just a few foreign guests," said Tokyo innkeeper Sawa.

☆ On New Zealand farm, scientists reduce cow burps to save the world
▼ + stars: | 2022-10-10 | by ( Lucy Craymer | ) www.reuters.com time to read: +6 min

New Zealand has pledged to cut biogenic methane emissions by 10% on 2017 levels by 2030 and by up to 47% by 2050. Royal DSM's (DSMN.AS) Bovaer feed additive can reduce methane emissions by 30% in dairy cows and by more in beef cattle. Agricultural emissions account for around half of the country's greenhouse gas emissions. While pricing farm emissions is not universally popular, many believe it is the push farmers need to reduce them. For Fonterra, research also remains key as it aims to cap farm emissions at 2015 levels.

☆ China urges 'patience' as COVID cases rebound ahead of key congress
▼ + stars: | 2022-10-10 | by ( Ryan Woo | ) www.reuters.com time to read: +5 min

People line up to get tested for the coronavirus disease (COVID-19) at a nucleic acid testing site, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, October 10, 2022. REUTERS/Aly SongSummary Local COVID cases in China rise to highest since Aug. 20Covid epicentre in northern region of Inner MongoliaParts of Shanghai close leisure, entertainment venuesBEIJING, Oct 10 (Reuters) - China called for "patience" with its tough COVID policies and warned against any "war-weariness" as local cases soared to their highest since August, days ahead of a pivotal Communist Party congress. A few days into the Golden Week, the western region of Xinjiang also barred people from leaving as cases ticked higher. Tourists stranded in Xinjiang could seek temporary work as electricians, cooks and wood craftsmen, advised authorities in its capital Urumqi. Shanghai, which locked down its entire population of 25 million in April and May, reported 34 local cases on Oct. 9, the most in almost three months.

The raft of measures could amount to the biggest shift in U.S. policy toward shipping technology to China since the 1990s. If effective, they could hobble China's chip manufacturing industry by forcing American and foreign companies that use U.S. technology to cut off support for some of China's leading factories and chip designers. The rules published on Friday also block shipments of a broad array of chips for use in Chinese supercomputing systems. "The U.S. should stop the wrongdoings immediately and give fair treatment to companies from all over the world, including Chinese companies." On Saturday, China's foreign ministry spokesperson Mao Ning called the move an abuse of trade measures designed to reinforce the United States' "technological hegemony".

REUTERS/Benoit Tessier/File PhotoLONDON, Oct 7 (Reuters) - A blockchain linked to Binance, the world's largest crypto exchange, has been hit by a $570 million hack, a Binance spokesperson said on Friday, the latest in a series of hacks to hit the crypto sector this year. Criminals have increasingly targeted them, with some $2 billion stolen in 13 different hacks, mostly this year, researcher Chainalysis said in August. Register now for FREE unlimited access to Reuters.com RegisterThe hackers stole around $100 million worth of crypto, Zhao said in his tweet. BNB Chain later said in a blog post that a total of 2 million of the BNB cryptocurrency - worth around $570 million - was withdrawn by the hacker. BNB Chain suspended its blockchain for several hours before resuming at around 0630 GMT, it said in a tweet.

☆ Toyota global vehicle output rises 44.3% in Aug to record for month
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +3 min

TOKYO, Sept 29 (Reuters) - Toyota Motor Corp (7203.T) said on Thursday its global vehicle production grew at a record pace for the month of August, as the sector recovered from the COVID-19 pandemic and production capacity increased, mainly overseas. Vehicle production soared 44.3% in August year-on-year, the first increase since March. The world's largest automaker by sales produced 766,683 vehicles worldwide last month, above its target of around 700,000 and above year-ago output of 531,448. Still, Toyota said the outlook remained uncertain due to the global chips shortage and COVID-19 outbreaks. Last week, the company said it plans to produce about 800,000 vehicles worldwide in October, about 100,000 short of its average monthly production plan, due to semiconductor shortages.

☆ Toyota global vehicle production up 44.3% in Aug, record for that month
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Sept 29 (Reuters) - Toyota Motor Corp (7203.T) said on Thursday global vehicle production grew at a record pace for the month of August, as the sector recovered from the COVID-19 pandemic and production capacity increased, mainly overseas. Vehicle production soared 44.3% in August year-on-year, the first increase since March. The world's largest automaker by sales produced 766,683 vehicles worldwide last month, above its target of around 700,000 and above the year-ago output of 531,448. Register now for FREE unlimited access to Reuters.com RegisterOutput increased mainly overseas in August, with domestic production up 5.6% year-on-year and overseas production jumping by 65.1% from a year ago, also a record rise for the month of August. Overseas sales also hit a record for the month of August, driven by a rebound from a decline in sales last year due to coronavirus outbreaks in China and the rest of Asia.

☆ Audit breakthrough fails to lure investors into China ADRs
▼ + stars: | 2022-09-29 | by ( Summer Zhen | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterChinese stocks trade in the United States as American Depositary Receipts (ADRs) - U.S. securities that represent foreign shares of a foreign company. Every time, there's another wind comes in that nobody could have seen," said Andy Maynard, global head of equities at China Renaissance Securities. U.S. regulators had long disputed China's refusal to grant them full access to company accountants and audit papers, which had threatened their listings. But a deal struck in August has paved the way for audit inspections to begin this month. Register now for FREE unlimited access to Reuters.com RegisterReporting by Summer Zhen; Editing by Tom Westbrook and Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ Capital outflows likely 'temporary', Taiwan can keep markets stable-finmin
▼ + stars: | 2022-09-28 | by ( Karen Lema | ) www.reuters.com time to read: +3 min

MANILA, Sept 28 (Reuters) - Capital outflows are a "temporary phenomenon" and Taiwan, with its foreign currency reserves, has enough capacity to maintain its financial markets stable, Finance Minister Su Jain-rong said on Wednesday. Register now for FREE unlimited access to Reuters.com Register"So the capital outflow maybe is just a temporary phenomenon. Foreign investors sold $33.8 billion worth of stocks as of the end of August, according to Taiwan's stock exchange. With $545.48 billion in foreign exchange reserves as of August, Taiwan has ample capital to support the currency and economy if needed. Su said Taiwan - which participates in the bank as "Taipei, China" despite the government's objections - hoped a Chinese attack would not happen.

☆ U.S. VP Harris set to visit Korean DMZ after Kim's missile test
▼ + stars: | 2022-09-27 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +3 min

U.S. Vice President Kamala Harris holds a bilateral meeting with South Korea's Prime Minister Han Duck-soo (not pictured) in Tokyo, Japan September 27, 2022. Harris' visit was publicly confirmed by South Korean Prime Minister Han Duck-soo during a meeting with the U.S. vice president in Tokyo and was later confirmed by a U.S. official. Harris would tour the DMZ, meet with service members, receive an operational briefing from U.S. commanders, reflect on the shared sacrifice of American and South Korean soldiers and reaffirm the "ironclad" commitment to South Korean security, the official added. "Your visit to the DMZ and Seoul will be very symbolic demonstrations of your strong commitments to security and peace on the Korean Peninsula," Han said. North Korea says it maintains its sovereign right to self defence, and has accused both the United States and South Korea of a hostile posture to the country.

Residents who evacuated from their flooded homes sit on a roadside after Super Typhoon Noru, in San Ildefonso, Bulacan province, Philippines, September 26, 2022. REUTERS/Eloisa LopezHANOI, Sept 27 (Reuters) - Vietnam urged more people on Tuesday to evacuate as an intensifying Typhoon Noru barrelled towards the southeast Asian nation, after causing at least eight deaths and widespread flooding in the Philippines. The typhoon forced airports in Vietnam to close, causing travel disruption, while thousands were forced to evacuate their homes, according to official statements. Typhoon Noru, the strongest storm to hit the Philippines this year, also damaged 1.53 billion pesos ($26 million) worth of crops, government data showed. read more"There are still areas with floods," Daniel Fernando, governor of Bulacan province north of the capital, told DZRH.

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