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☆ Exclusive: Some Evergrande creditors plan to join winding-up petition if no new debt plan by Oct 30
▼ + stars: | 2023-09-26 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. Evergrande has been in the process of seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion, which includes bonds, collateral, and repurchase obligations. In July, the hearing for that winding-up petition against Evergrande was adjourned to Oct. 30, in order to wait for the result from the developer's meeting with creditors to vote on its debt restructuring plan. Evergrande needs approval from more than 75% of the holders of each debt class to approve the plan. Many of the defaulted developers have been scrambling to get their offshore creditors' approval for debt restructuring plans to avoid collapse or being forced into liquidation proceedings.

Persons: Aly, Evergrande's, Evergrande, homebuyers, Scott Murdoch, Donny Kwok, Sumeet Chatterjee, Kim Coghill Organizations: China Evergrande Group, Rights, China Evergrande, Group, Thomson Locations: Danzhou, Hainan province, China, HK, Hong Kong, Shenzhen

"This shift, towards the courts, prosecutors and law enforcement units, shows that hackers are gathering evidence about Russian war crimes in Ukraine" with a view to following Ukraine's investigations, he added. Russian hackers have prioritised targeting government bodies and trying to gain access to their e-mail servers, Shchyhol said, without elaborating. An attempt by a Russian intelligence hacking group dubbed "Sandworm" to launch a destructive cyberattack against Ukraine's electricity grid was thwarted in April, 2022. Shchyhol said his department saw evidence that Russian hackers were accessing private security cameras within Ukraine to monitor the outcome of long-range missile and drone strikes. "You need to understand that the cyber war will not end even after Ukraine wins on the battlefield," Shchyhol said.

Persons: Ivan Lyubysh, Yurii Shchyhol, There's, Shchyhol, Vladimir Putin, Tom Balmforth, James Pearson, Mike Collett, White, Gareth Jones Organizations: State Service of, Reuters, REUTERS, Ukrainian, State Service of Special Communications, Foreign Ministry, Federal Security Service, Court, ICC, Kremlin, Russia, Ukraine, Thomson Locations: Ukraine, Kyiv, LONDON, Russia, Netherlands, Russian, Ukrainian, London

☆ 'Thrown to the wolves': How private investors are jacking up rents and ripping off college students
▼ + stars: | 2023-09-20 | by ( James Rodriguez | ) www.businessinsider.com time to read: +19 min

The eye-popping numbers are part of a longer-term shift toward private college housing. Moody's Analytics recently warned of an "affordability crisis" for college students, noting that since 2019, rents for student housing in a sample of notable college towns had grown faster than those of regular apartments. Student housing goes privateThe gold rush in student housing is a relatively new phenomenon. Back in the 1980s and '90s, most college students either lived in bland, cinder-block-walled dorms or in conventional apartments farther from campus. Even with his frugality, he came to realize that the prices in West Campus were "impossible to rationalize" for a college student.

Persons: behemoth Blackstone, Evan Scope, UT Austin who's, Carl Whitaker, Austin Kristian Alveo, Whitaker, Mark Austin, Kristian Alveo, David Willson, Willson, Gina Cowart, Cowart, David Kanne, lounging, Ann, Kanne, Lu Chen, RealPage, Donald Cohen, Cohen, Graham Sowden, Dan Allen, Allen, Austin, James Rodriguez Organizations: Waterloo, University of Texas, Wall Street's, American, Communities, National, Housing, Evan Scope Crafts, UT Austin, University, UT, LV, UTs, Crafts, American Campus, HBO, West, haven't, State College ,, Moody's, Power, Middlebury College, University of Tennessee, Arizona State University, Urban Institute, Investors, Power Five, RREAF Holdings Locations: Austin, Wall, Waterloo, UT Austin, Rio, Villas, West, West Campus, Gainesville , Florida, Ann Arbor , Michigan, State College , Pennsylvania, Knoxville, South

☆ Google and the Department of Defense are building an AI-powered microscope to help doctors spot cancer
▼ + stars: | 2023-09-18 | by ( Ashley Capoot | ) www.cnbc.com time to read: +9 min

Zafar turned to his microscope – a canonically beloved tool in pathology that the doctors rely on to help make their diagnoses. It's an artificial intelligence-powered microscope built by Google and the U.S. Department of Defense. The AI-powered tool is called an Augmented Reality Microscope, or ARM, and Google and the Department of Defense have been quietly working on it for years. When a glass slide is prepared and fixed under the microscope, the AI is able to outline where cancer is located. For many smaller health systems, digitization is not yet worth the hassle.

Persons: Niels Olson, Nadeem Zafar, Zafar, Zafar's, Mitre Ashley Capoot, Mitre, it's, Ashley Capoot, CNBC Patrick Minot, Minot, Olson, It's, Aashima Gupta, Gupta Organizations: Microscope, U.S . Department of Defense, Google, CNBC, ARM, Department of Defense, Mitre, Minot, Defense Innovation Unit, U.S . Navy, Naval, Naval Medical Center Locations: Seattle, Mitre, Washington ,, DIU, Guam, U.S, Micronesia, San Diego, Mountain View , California

☆ Beyond the automakers: How the UAW strike may hit the US economy
▼ + stars: | 2023-09-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

UAW president Shawn Fain said “we’re not going to wreck the economy. For instance, if all UAW workers at Ford, General Motors and Stellantis strike for 10 days, it would cost the US economy $5 billion, according to Anderson Economic Group’s estimates. He estimated $440 million worth of income would be lost nationally if all the UAW members strike for two weeks. If the strike lasts eight weeks, he estimates a $9.1 billion hit to incomes nationwide. Cars could get more expensiveAnderson Economic Group estimated that 25,000 vehicles won’t be produced if the strike lasts 10 days.

Persons: ” Gabriel Ehrlich, Shawn Fain, “ we’re, Ehrlich, Tyler Theile, That’s, they’re, Theile, Jonathan Smoke, CNN’s Peter Valdes, Dapena Organizations: New, New York CNN, United Auto Workers, University of Michigan, CNN, UAW, Ford, General Motors, Anderson Economic, Anderson Economic Group, Suppliers, Big, Cox Automotive Locations: New York, what’s, Michigan

Biden said that when negotiations began, he encouraged leaders of the two sides to stay at the bargaining table as long as possible. The head of the UAW said the union's negotiators “are hard at work at the bargaining table.”The UAW strike is just one of many labor disruptions. Still, a wider strike by the UAW could cause parts of the U.S. economy to shudder. The chain reaction across parts suppliers to the stores and restaurants that auto workers patronize could hurt local economies in Michigan, Wisconsin and other states that could be pivotal in next year’s election. Former President Donald Trump, the early Republican front-runner, said that union workers jobs are at risk because of Biden’s push to use of government incentives to build more EVs.

Persons: Joe Biden, autoworkers, ”, ” Biden, Stellantis, Biden, Julie Su, Gene Sperling, Shawn Fain, “, ’, Suzanne Clark, Joshua Bolten, ” Fain, Joe Brusuelas, Donald Trump, Trump, Jill Colvin Organizations: WASHINGTON, Big, White, United Auto Workers, General Motors, Ford, UAW, GM, Fiat Chrysler, Workers, Labor Department, Democratic, Business, U.S . Chamber of Commerce, RSM, Oxford Economics, Republican, NBC News Locations: Detroit, California , Oregon, Washington, U.S, Michigan , Wisconsin, China, United States, America

☆ China's tanking economy will hurt the US more than some experts think, top economist David Rosenberg says
▼ + stars: | 2023-09-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

China's flailing economy could impact the US more than some experts think. That's because the US is a top foreign investor in China, economist David Rosenberg said. China also buys 40% of all exports from Chile, 34% of all exports from Australia, and 32% of all exports from Peru. The economic downfall will weigh negatively on the global economy, primarily through trade channels on countries with a high dependency on China," Rosenberg and Bakiskan said. The commodities trade in particular will feel the effects of China's economic problems, and countries that are top exporters of key metals are exposed, Rosenberg and Bakiskan said.

Persons: David Rosenberg, Rosenberg, Atakan, Bakiskan, Morgan Stanley Organizations: Service, Rosenberg Research, footholds Locations: China, Chile, Australia, Peru, Wall, Silicon, United States, Asia, Beijing

☆ MTU CFO: will talk to Pratt & Whitney about compensation for 700 mln euro cash flow hit
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

The MTU Aero Engines logo is displayed at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsBERLIN, Sept 13 (Reuters) - MTU Aero Engines (MTXGn.DE) will talk to U.S. partner Pratt & Whitney about compensation for an estimated 700 million euro hit to its cash flow caused by problems with its partner's geared turbofan engines, the German aircraft engine maker's chief financial officer said on Wednesday. The problems would not markedly affect the current year but will result in a hit to cash flow of about 700 million euros ($751.45 million), which will be felt mainly in 2024 and 2025, with some spillover in 2026, according to CFO Peter Kameritsch. MTU said in a statement earlier on Wednesday that it is considering leaving the "significant resulting charges" on reported revenue and earnings figures for 2023 out of its current year guidance. ($1 = 0.9315 euros)Reporting by Christina Amann, Writing by Miranda Murray, Editing by Rachel More, Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Pratt, Peter Kameritsch, Kameritsch, Lars Wagner, Christina Amann, Miranda Murray, Rachel More, Elaine Hardcastle Organizations: International Paris Air, Le, REUTERS, Rights, Aero, Whitney, German, Pratt & Whitney, RTX Corp, Thomson Locations: Le Bourget, Paris, France

☆ Opinion | No One Wants to Be a Teacher Anymore. Can You Blame Them?
▼ + stars: | 2023-09-13 | by ( Jessica Grose | ) www.nytimes.com time to read: +4 min

Interest in the teaching profession among high school seniors and college freshman has fallen 50 percent since the 1990s and 38 percent since 2010, reaching the lowest level in the last 50 years. It’s important to note that teacher shortages are not uniformly spread across schools, districts or states. So what can be done to help get more teachers into the profession and keep them there? Cutting the costs of a teaching degree is one lever to pull, whether that’s through student loan forgiveness or college scholarships. reported that when adjusted for inflation, “the average salary of teachers has actually declined by an estimated 6.4 percent, or $3,644, over the past decade.”

Persons: Matthew Kraft of Brown, Melissa Arnold Lyon, Kraft, Dorinda Carter Andrews, “, ” Carter Andrews, M.S.U, ” Organizations: Annenberg Institute, School Reform, Brown University, University, Albany, Michigan State University, National Education Association Locations: Colorado, Washington State

☆ The Fed won't raise interest rates this month but rising oil prices could spur a future increase, top economist Mohamed El-Erian says
▼ + stars: | 2023-09-08 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

The Fed won't raise interest rates at its next meeting, but could leave the door open for future increases, Mohamed El-Erian said. A stronger-than-expected US economy and rising oil prices are key reasons why further hikes could be on the table. Over the past six quarters, the Fed has hiked interest rates from near-zero levels to upward of 5% in a bid to cool historically high inflation. Further more, higher oil prices are also adding to the Fed's inflation problem, El-Erian noted. Crude oil prices have creeped back up toward $90 a barrel – the highest level in 2023 – as global producers, including Russia and Saudi Arabia, continue to extend output cuts in order to maintain price stability.

Persons: Mohamed El, Erian, it's Organizations: Service, Queen's College , Cambridge, CNBC, Allianz, Fed Locations: Wall, Silicon, Russia, Saudi Arabia

☆ Higher-for-longer rate bets lift dollar, sap stocks
▼ + stars: | 2023-09-07 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Long-term Treasury yields hovered at a two-week high of nearly 4.28% and close to last month's post-financial crisis highs. "It all goes back to the discussion of where that magical neutral rate happens to be," he said. "While the markets are still feeling around for where that rate may be, it's going to weigh on equities and support the U.S. The dollar index - which measures the currency against six developed-market peers, including the yen and euro - ticked up 0.07% to 104.93. Reporting by Marc Jones; Additional reporting by Kevin Buckland in Tokyo; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kyung, Robert Alster, Brent, Europe's, hasn't, Kyle Rodda, Kit Juckes, Marc Jones, Kevin Buckland, Susan Fenton Organizations: Tokyo Stock Exchange, REUTERS, U.S, for Supply Management, Federal, Asset Management, Japan's Nikkei, Reuters, Traders, Federal Reserve, Capital.com, U.S ., Treasury, Generale, People's Bank of China, Brent, . West Texas, Thomson Locations: Tokyo, Japan, Europe, U.S, New York, Asia, Melbourne, China

☆ Asia stocks slide on U.S. rate worries, dollar ascendant
▼ + stars: | 2023-09-07 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

The U.S. dollar hung close to the highest since mid-March against major peers, and touched a fresh 10-month top to the yen. U.S. stock futures pointed to a 0.1% decline, following a 0.7% slide for the S&P 500 (.SPX) overnight. "It all goes back to the discussion of where that magical neutral rate happens to be," he said. The dollar earlier touched the highest since Nov. 4 versus the yen at 147.875 . Brent crude futures edged up 12 cents to $90.72 a barrel, while U.S. West Texas Intermediate crude (WTI) futures gained 11 cents to $87.65.

Persons: Kim Kyung, Brent, HSI, hasn't, Kyle Rodda, Kevin Buckland, Simon Cameron, Moore Organizations: Tokyo Stock Exchange, REUTERS, Rights, U.S, Japan's Nikkei, Federal Reserve, Capital.com, U.S ., People's Bank of China, Brent, West Texas, Thomson Locations: Tokyo, Japan, United States, Asia, Europe, Melbourne, China, Saudi Arabia, Russia

☆ EV investments will have a positive spillover effect for Malaysia, minister says
▼ + stars: | 2023-09-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEV investments will have a positive spillover effect for Malaysia, minister saysAttracting EV companies "will give spillover effect to the Malaysian companies, the SMEs and Malaysian corporates supplying to this group," Tengku Zafrul Aziz, Malaysia's minister of investment, trade and industry, tells CNBC's JP Ong on the sidelines of the ASEAN summit in Jakarta.

Persons: Tengku Zafrul Aziz, CNBC's JP Ong Organizations: Malaysian, ASEAN Locations: Malaysia, Malaysian, Jakarta

Country Garden also offered on Tuesday to extend repayment of eight onshore bonds worth 10.8 billion yuan ($1.48 billion) by three years, according to people with knowledge of the matter and documents seen by Reuters. Country Garden did not respond to a request for comment. A general view of a construction site of residential buildings by Chinese developer Country Garden in Tianjin, China August 18, 2023. Country Garden has not missed a debt payment obligation, onshore or offshore. "The three-year extension of maturity offered by Country Garden looks better than restructuring plans by most of the other troubled developers," Meng said.

Persons: Gary Ng, Tingshu Wang, Susannah Streeter, Hargreaves Lansdown, DODGE, CreditSights, Ting Meng, Meng, Xie Yu, Shuyan Wang, Jason Xue, Sumeet Chatterjee, Christopher Cushing, Kim Coghill Organizations: HK, Reuters, Country, Natixis Asia Pacific, REUTERS, Services, Global, Hargreaves, Mainland Properties, CSI, ANZ, Thomson Locations: HONG KONG, BEIJING, Tianjin, China, Hong Kong, Beijing, Shanghai, Bengaluru

☆ Rich, poor countries split over costs of pandemic prevention
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +9 min

REUTERS/Bruno Kelly/StringerSince early in the COVID-19 pandemic, global health officials have sought to create a “pandemic treaty” to better prepare for future outbreaks. The governing body of the World Health Organization, or WHO, chose delegates from each of its six administrative regions worldwide to lead the negotiations. Ahead of next week’s meeting, according to officials interviewed by Reuters, the biggest sticking point remains financing for poor countries. The United States and the European Union have both said they support the inclusion of “One Health” provisions in a pandemic treaty. But as a far-reaching and sometimes abstract concept, “One Health” measures could be costly to put into practice.

Persons: ”, Chadia Wannous, zoonotic spillover, Bruno Kelly, Stringer, Lawrence Gostin, ” Gostin, –, Maria Van Kerkhove, “, Deborah J, Nelson, Ryan McNeill, Helen Reid, Sam Hart, Simon Newman, Edgar Su, Paulo Prada, Janet Roberts, Feilding Organizations: LONDON Health, World Health Organization, Organisation for Animal Health, Reuters, REUTERS, WHO, European Union, Center, National, Global Health Law, “, Pacific, Brazilian, South Locations: Geneva, France, United States, Asia, Africa, Latin America, Americas, Southeast Asia, Brazil

☆ Some offshore creditors of Country Garden consider forming group for debt revamp talks
▼ + stars: | 2023-08-30 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Kobre hosted a call with some of Country Garden's offshore creditors on Tuesday night, during which the law firm laid out Country Garden's primary business units, core assets which include its onshore and offshore property projects. A spokesperson for Country Garden on Wednesday declined to comment when asked by Reuters about the possibility of some offshore bondholders forming a group for debt restructuring talks. Country Garden has been talking with its onshore creditors to extend a 3.9 billion yuan private bond due Saturday. Country Garden's shares fell another 3.3% on Wednesday, taking its losses in the last month alone to more than 40%.

Persons: Aly, HONG KONG, John Han, Kim, Kobre, Han, Xie Yu, Sumeet Chatterjee, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, Kobre, Reuters, Garden, Thomson Locations: Shanghai, China, HONG, New York, HK, Hong Kong

☆ Europe's weaker economy limits fallout of US bond rout
▼ + stars: | 2023-08-30 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

Last week, U.S. 10-year Treasury yields touched their highest relative to Germany's since December. For rate-sensitive short-dated German bond yields yields are even down 17 bps in August as weak data has raised expectations of a European Central Bank rate hike pause in September. SPILLOVERBofA, Goldman Sachs and Barclays expect Treasury yields to end the year slightly below current levels. Barclays's Khanna estimates German bond yields would have been 50-60 bps lower had they only been driven by domestic factors. The spillover from higher Treasury yields is more challenging elsewhere.

Persons: Dado Ruvic, Mauro Valle, Valle, Salman Ahmed, Rohan Khanna, Fitch, Mondher, SPILLOVER BofA, Goldman Sachs, Jackson, Barclays's Khanna, Frederik Ducrozet, Ataru Okumura, Yoruk, Chiara Elisei, Junko Fujita, Kevin Buckland, Dhara Ranasinghe, Tomasz Janowski Organizations: REUTERS, Generali Investment Partners, European Central Bank, Fidelity International, U.S, Fitch, AAA, Vontel Asset Management, Barclays, Treasury, Federal Reserve, ECB, Pictet Wealth Management, of Japan, Nikko Securities, Yoruk Bahceli, Thomson Locations: U.S, United States, Europe, Germany, Britain, Germany's, It's, Italy, France, Japan, Amsterdam, London, Tokyo

☆ Bonds rally, stocks drift as China boost fades
▼ + stars: | 2023-08-29 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The yen remained an outlier and within a whisker of Monday's 10-month low, which has traders on edge about the risk of intervention. Over the weekend, China announced a halving in stock-trading stamp duties and had on Friday approved some guidelines for affordable housing. Hong Kong's Hang Seng (.HSI) closed less than 1% higher on Monday and was 1% firmer in early trade on Tuesday. On Tuesday in New Zealand shares in Tourism Holdings (THL.NZ), the world's largest campervan rental company, surged 13% after the company reported a record underlying profit. On Tuesday, U.S. job openings figures are due, ahead of Friday's broader labour market data and the ISM manufacturing survey.

Persons: Damian Rooney, Kazuo Ueda, Goldman Sachs, Ryan Felsman, Jason Xue, Sam Holmes Organizations: Nikkei, Argonaut Securities, HK, Bank of Japan, Tourism Holdings, New, Commonwealth Bank of Australia, Thomson Locations: SINGAPORE, U.S, Asia, Pacific, Japan, Hong Kong, China, Perth, New Zealand, Sydney, Shanghai

☆ It's become harder for middle-class workers to give their kids a better life. Unions could help turn that around, a new Treasury report finds.
▼ + stars: | 2023-08-28 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The report found that union workers make more than their nonunion peers and have more benefits. AdvertisementAdvertisement"The decline in intergenerational mobility may be the single trend that best encapsulates the pervasive sense of the deterioration in the middle class," the Treasury report found. AdvertisementAdvertisementThe Treasury report found that union workers make 10% to 15% more than nonunionized colleagues. That's one economic factor that could give union workers — who are more likely to be considered middle class — a boost. "For generations, union workers have fought for and won higher wages, better benefits, and safer working conditions for millions of American workers," Vice President Kamala Harris said.

Persons: Biden, Treasury Department —, Janet Yellen, Yellen, —, Kamala Harris Organizations: Treasury, Service, Treasury Department, Pew Research Center, Labor Locations: Wall, Silicon

☆ China's big internet names have mostly beat. Here's where analysts think the stocks are headed
▼ + stars: | 2023-08-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

All three stocks have double-digit gains ahead of them, if the average FactSet analyst price target holds true. Still, the average price target rose by 2.4% to $118.90 a share, according to FactSet. KraneShares CSI China Internet ETF (KWEB) gained nearly 19% last month. "We expect the stock will remain volatile in the near term along with China internet peers on macro uncertainty," the report said. Loop has a $210 price target on Baidu, more than 50% above where shares closed on Friday.

Persons: Tencent, –, Louis, Vincent, Jiong Shao, Nomura, Jialong Shi, Morgan Stanley, Alex Poon, NetEase, Rob Sanderson, — CNBC's Michael Bloom Organizations: Baidu, UBS, Hong, Barclays, China Internet, CSI China Internet Locations: U.S, Europe, China, Hong Kong, Barclays China, Tencent

☆ China's deflation could spill over into a global concern, economists say
▼ + stars: | 2023-08-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

SHENZHEN, CHINA - MARCH 09: View of high commercial and residential buildings on March 9, 2016 in Shenzhen, China. "As a result, Chinese economic weakness and falling prices (especially Chinese producer prices) are likely to spill over into global markets — near-term good news for the Western central banks' fight against elevated inflation." "China's disappointing rebound is now feeding negatively into global sentiment and growth. Beyond the trade-related spillovers, a common global disinflationary pressure comes from commodity prices, where as a huge importer of commodities, Chinese domestic demand remains a key factor. "Weak Chinese domestic investment and broad-based excess capacity in manufacturing, as well as weak sales of new homes and land, are likely to continue to depress global commodity demand," Wilding and Liao said.

Persons: Zhong Zhi, Tiffany Wilding, Wilding, Carol Liao, Montgomery Koning, Liao, TS Lombard's Montgomery Koning Organizations: Getty, National Bureau, Statistics, Evergrande, TS Lombard, Lombard, U.S, Census, TS Lombard's Locations: SHENZHEN, CHINA, Shenzhen, China, U.S, Beijing, West, Germany

Staff lower Chinese national flag in front of screens showing the index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsAug 22 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Some analysts reckon Tokyo could intervene selling dollars around 150 yen, only four big figures away from the current 146 yen. The 10-year yield rose to 4.35% on Monday, its highest since late 2007, and the real 10-year yield topped 2% for the first time since July 2009. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tyrone Siu, Jamie McGeever, Ditto, Jackson, Josie Kao Organizations: REUTERS, Foreigners, Stock Connect, Treasury, Tech, Nasdaq, Thomson, Reuters Locations: Exchange, Hong Kong, China, Asia, Japan, State, Beijing, U.S, Johannesburg, South Korea, Indonesia

☆ China's economy is hitting a wall after years of optimism, former Treasury Secretary Larry Summers says
▼ + stars: | 2023-08-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

China's economy is finally hitting a wall after years of optimism about the nation's future, Larry Summers said. According to Summers, US GDP is set to exceed China's for another generation. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. China's struggling economy has become a worry factor for investors amid fears that the Asian nation's deepening slowdown could have spillover effects for global markets. US President Joe Biden went as far as to say China's economy could be a "ticking time bomb" as the nation also suffers from sluggish growth and high unemployment.

Persons: Larry Summers, Summers, Joe Biden Organizations: Service, Harvard Locations: Wall, Silicon, Russia, Japan, Washington, United States, Berlin, Cuba, Eastern Europe

☆ China vows to coordinate support to resolve local government debt risks
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +3 min

Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/ File Photo Acquire Licensing RightsBEIJING, Aug 20 (Reuters) - China will coordinate financial support to resolve local government debt problems, the central bank said in a statement on Sunday, as policymakers look to shore up an increasingly shaky economic recovery and reassure worried investors. Financial departments should coordinate support to resolve local debt risks, enrich tools to prevent and resolve debt risks, strengthen risk monitoring and firmly hold the line on avoiding systemic risk, according to the PBOC statement. Bloomberg reported on Aug. 11 that China will offer local governments a combined 1 trillion yuan ($137 billion) in bond issuance quotas for refinancing. "Financial support to the real economy must be strong enough" while major banks should increase lending, the statement said.

Persons: Jason Lee, Fitch, Pan Gongsheng, Xiao Yuanqi, Li Chao, PBOC, Ellen Zhang, Siyi Liu, Ryan Woo, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, Communist Party, Bloomberg, PBOC, National Financial Regulatory, China Securities Regulatory, Thomson Locations: Beijing, China, Rights BEIJING

☆ China's economy is flailing. Here's how its problems could spill into global markets.
▼ + stars: | 2023-08-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

China's economy is facing headwinds ranging from an unstable property market to weak consumer demand. Experts told Insider that a worsening scenario in China bodes poorly for global markets and other economies like the US. "As its economy continues facing downward pressures, its growth momentum might slow down further, in turn exacerbating the already significant pressures that the global economy is facing." One way this is already being felt is in the softening of Chinese demand, which has led to a sharp drop in trade. And as the housing crisis deepens, it will become harder to China to right the ship, creating a lasting drag on future global growth.

Persons: Janet Yellen, Joe Biden, Xi Jinping, Evergrande, Alfredo Montufar, Helu, Keith Hartley, Hartley, Noah Sheidlower, Dexter Roberts, David Roche, they're, Roche Organizations: Service, Privacy, China, Country Garden Holdings, China Center, Conference Board, Federal Reserve, Atlantic Council, Housing, Independent, CNBC Locations: China, Wall, Silicon, U.S

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