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☆ China stocks escaped much of the latest sell-off. Signals for whether to buy
▼ + stars: | 2024-08-11 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

The latest global market volatility has reinforced China's status as a distinct market, even if its growth has slowed recently. While U.S. tech stocks plunged and Japanese stocks swung wildly in a historic two days of price action , Chinese stocks suffered less . The investors remained net buyers of Chinese stocks for the third quarter so far as of Aug. 6, the data showed. Finally, the low correlation of the China stock market with the U.S. stock market could provide investors with diversification benefits." Chinese stocks, especially those traded on the mainland, have historically been less correlated to global market moves due to Beijing's capital controls and other restrictions.

Persons: Matt Wacher, William Yuen, Invesco, That's, Steven Sun, Paul Christopher, Morningstar's Wacher, it's, Wacher Organizations: Nasdaq, Nikkei, Morningstar Investment Management, U.S, HSBC, Technology, Shanghai —, Bank of, Federal Reserve, Treasury, HSBC Qianhai Securities, National Bureau, Statistics, Wells, Wells Fargo Investment Institute, Index Locations: Asia, U.S, Shanghai, China, Pacific, EPFR, Hong Kong, Bank of China, Wells Fargo

Jade Gao | Afp | Getty ImagesBEIJING — China is not planning additional stimulus for the second half of the year, according to officials from the economic planning agency and finance ministry. Those official figures have raised concerns about whether China can achieve its full-year target of around 5% growth. China will put "promoting consumption in a more prominent role," Yuan Da, deputy secretary-general of the National Development and Reform Commission, told reporters Thursday in Mandarin, translated by CNBC. He reiterated that authorities would work for the "healthy" development of real estate and ensuring the delivery of pre-sold apartments. For example, Lu'an City in Anhui province announced Thursday it was issuing 1.5 million yuan in coupons for discounts on eating out at restaurants, 3 million yuan for buying home goods and 3 million yuan for car purchases.

Persons: Jade Gao, Zhao Chenxin, Lin Zechang, Zhao, Yuan Da, Yuan Organizations: Central Business District, Afp, Getty, National Development, Reform Commission, CNBC, Ministry of Finance Locations: Beijing, BEIJING, China, Lu'an City, Anhui

☆ Oil prices slip on China demand concerns, waning Middle East worries
▼ + stars: | 2024-07-31 | by ( ) www.cnbc.com time to read: +2 min

Oil prices slipped in early Asian trading on Tuesday, extending losses from the previous session, over concerns about Chinese demand and as the market shrugged off the risk of conflict escalating in the Middle East. Brent crude oil futures fell by 12 cents or 0.15% to $79.78 a barrel by 0033 GMT. The market is watching an upcoming meeting of China's top decision-making body, the Politburo, expected to take place this week, that could elicit further economic policy support. But expectations are limited after the Third Plenum, a key policy meeting in mid-July, largely reiterated existing economic policy goals and failed to lift market sentiment. Oil fell 2% in the previous trading session after Israel signaled that its response to a Hezbollah rocket strike in Israeli-occupied Golan Heights on Saturday would be calculated to avoid dragging the Middle East into an all-out war.

Persons: Israel, Nicolas Maduro, Nicolas Maduro's Organizations: Brent, Monday, Citi, Reuters, ANZ Locations: Fort Morgan, China, Golan, Lebanon, Beirut, Venezuela, Washington

☆ China just expanded its efforts to boost consumption. Here are some stocks to watch
▼ + stars: | 2024-07-28 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

China has, in its own way, signaled it wants to support specific kinds of consumer purchases. Authorities on Thursday announced the equivalent of 300 billion yuan ($41.5 billion) in special bonds would go towards trade-ins and equipment upgrades — a significant expansion of an existing program. The 300 billion yuan ultra-long bond issuance is not a new government allocation, but rather a more detailed designation of a 1 trillion yuan ultra-long bond program announced earlier this year. "300 billion yuan is the largest equipment upgrade subsidy from the central government historically," the analysts said. Even the 300 billion yuan figure is split roughly between consumer-related trade-ins with business-side equipment upgrades.

Persons: Ding, Morgan Stanley, Tao Wang, Darius Tang, Corporates, Fitch Bohua, Michael Bloom Organizations: China Asset Management Co, UBS Investment Bank Locations: China, Beijing, Asia

☆ China to use ultra-long bonds for consumer, trade-in policy support as worries about retail sales slump grow
▼ + stars: | 2024-07-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

CNBC | Evelyn ChengSHANGHAI — China on Thursday announced its most targeted measures yet for boosting consumption, which has remained lackluster since the Covid-19 pandemic. Authorities announced they would allocate 300 billion Chinese yuan ($41.5 billion) in ultra-long special government bonds to expand an existing trade-in and equipment upgrade policy. He noted how the new policy links Beijing's ultra-long bond program — announced in March — with consumption. The National Development and Reform Commission on Thursday then announced the expanded policy to support consumption. He noted that the 300 billion yuan designation also reflects "a new way of thinking" which can have impact at scale.

Persons: Evelyn Cheng, Zong Liang, —, Zong, Bruce Pang Organizations: CNBC, Thursday, Authorities, National Development, Reform, Ministry of Finance, Bank of, People's Bank of Locations: Evelyn Cheng SHANGHAI, China, People's Bank of China, JLL

☆ China released a 22,000-character plan for its economy that doesn't say very much
▼ + stars: | 2024-07-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China's Third Plenum meeting ended with a vague economic plan, disappointing analysts. China's economy is struggling amid a property crisis and weak consumer spending. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementLast week, China held a major meeting to draft out long-term strategies for its economy. At the end of the meeting, called the Third Plenum, Beijing released a lengthy document spanning 22,000 Chinese characters.

Persons: — Organizations: Service, Plenum, Business Locations: China, Beijing

☆ China’s leaders have floated the idea of raising the retirement age. It hasn’t gone down well
▼ + stars: | 2024-07-23 | by ( Laura He | ) edition.cnn.com time to read: +5 min

The retirement age for female urban workers is 50 or 55 depending on their occupation. “In accordance with the principles of voluntariness and flexibility, [we] will steadily and orderly advance the reform of progressively delaying the statutory retirement age,” China’s ruling Communist Party said on Sunday. Tingshu Wang/ReutersStruggling with declining birth rate and an ageing population, China’s policymakers have been talking about increasing the retirement age for over a decade. On Weibo, the hashtag “advancing the reform of delaying retirement age” has been a top trending topic since Sunday. On Xiaohongshu, China’s equivalent of Instagram, the hashtag “retirement age” has also attracted about 100 million views by Tuesday morning.

Persons: ” China’s, Ma Qiuhua, Tingshu Wang, ”, “, ’ Organizations: Hong Kong CNN, Communist Party, Reuters, Chinese Academy of Social Sciences, Communist Locations: Hong Kong, China, Beijing, Weibo, Communist China, India

☆ China slashes interest rates in a surprise move to boost its slumping economy
▼ + stars: | 2024-07-22 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

China cut key interest rates after its leaders met at a Communist Party plenum last week. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe world's second-largest economy cut several short- and long-term interest rates on Monday to prop up its sluggish, debt-burdened economy. The People's Bank of China cut its seven-day reverse repo rate by 10 basis points, from 1.8% to 1.7%, and its standing lending facility — given to commercial banks to supply temporary cash — by the same margin. This story is available exclusively to Business Insider subscribers.

Persons: China's, — Organizations: Communist, Service, People's Bank of China, Business Locations: China

☆ Third Plenum communique didn't cover points market was hoping for: BNP Paribas
▼ + stars: | 2024-07-22 | 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 EmailThird Plenum communique didn't cover points market was hoping for: BNP ParibasGeorge Sun, head of global markets for Greater China at BNP Paribas, discusses China's Third Plenum.

Persons: George Sun Organizations: BNP, China

☆ China surprises with cuts to key rates to support weak economy
▼ + stars: | 2024-07-22 | by ( ) www.cnbc.com time to read: +3 min

China surprised markets by lowering a key short-term policy rate and its benchmark lending rates on Monday, in efforts to boost growth in the world's second-largest economy. Minutes later, China cut benchmark lending rates by the same margin at the monthly fixing. Following the rate cuts, China's yuan dropped to a near two-week low of 7.2750 per dollar before paring some losses. He expects more rate reductions in China after the Fed enters its rate cut cycle. China's rate cuts are aimed at "strengthening counter-cyclical adjustments to better support the real economy," the PBOC said in a statement.

Persons: Larry Hu, Ju Wang, Zhang Zhiwei, Pan Gongsheng Organizations: People's Bank of, People's Bank of China, Macquarie, Greater China FX, BNP, Federal Reserve, Xinhua, Fed Locations: People's Bank of China, Beijing, China

☆ China is doubling down on homegrown tech. Goldman Sachs shares its chip plays
▼ + stars: | 2024-07-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

From an investment perspective, Goldman Sachs analysts on July 15 pointed out there are notable catalysts for certain semiconductor and artificial intelligence China stock plays from August to December. Officials told reporters about plans to speed up "emerging and future industries," and expand the development of tech talent in China. Ways to play the space The bank has buy ratings on at least two Chinese companies in the industry. The Goldman analysts are also optimistic about growth for Chinese fabless companies, the businesses which design chips but outsource the manufacturing process. Montage generates nearly all of its revenue from servers, while Will Semiconductor draws about half of its revenue from smartphones, and one-third from automobiles, according to the Goldman report.

Persons: Goldman Sachs, Biden, Goldman, 3Q24E Organizations: Officials, Microsoft, Nvidia, Taiwan Semiconductor, ACM Research, Goldman, Will Semiconductor Locations: Beijing, China, TSMC, U.S, Shanghai, Friday's

☆ China Third Plenum: Light on detail, but that's 'not too uncommon,' economist says
▼ + stars: | 2024-07-19 | 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 EmailChina Third Plenum: Light on detail, but that's 'not too uncommon,' economist saysHarry Murphy Cruise, economist at Moody's analytics, says he expects more details to be released in the coming weeks.

Persons: Harry Murphy Cruise

☆ China economy: Key meeting offers few clues on how to tackle worsening downturn
▼ + stars: | 2024-07-19 | by ( Laura He | ) edition.cnn.com time to read: +8 min

While it offered few clues on how to tackle economic difficulties, the meeting did provide further insight into a shake-up of high-level personnel over the past year. If past sessions are a guide, a more detailed report may be released in the following days, but for now, “the plenum communique is light on specifics,” Evans-Pritchard added. That came days after China released disappointing economic data for the second quarter of this year. Analysts say that the coming months could offer more details on how Xi plans to revive the economy. Emphasizing short-term economic policies is rare in the history of the third plenums, said Larry Hu, chief China economist for Macquarie Group.

Persons: Hong Kong CNN — China’s, Xi Jinping, Xi, ”, Julian Evans, Pritchard, Qin, Li Shangfu, Li Yuchao, Jinming, Evans, “, ” Evans, Mao, Larry Hu Organizations: Hong Kong CNN, Communist Party, Capital Economics, Central, Defense, Liberation Army Rocket Force, of America, National Bureau, Statistics, Analysts, Macquarie Group Locations: Hong Kong, party’s, Beijing, China, policymaking, outflows, United States, Mao China

☆ Oil drops on weak sentiment, set for weekly decline
▼ + stars: | 2024-07-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked higher on Thursday, buoyed by a bigger-than-expected weekly decline in U.S. crude stocks. Oil prices fell on Friday, setting up for a second weekly decline, as mixed economic signals weighed on investor sentiment and boosted the dollar. Brent crude prices fell by 51 cents, or 0.6%, to $84.50 a barrel by 0035 GMT. "Crude oil was under pressure amid a broader risk-off tone across markets," Hynes said. Oil prices found some support in the prior two sessions after the U.S. government reported a bigger-than-expected weekly decline in oil stockpiles.

Persons: Daniel Hynes, Hynes, Brent, WTI, FGE Organizations: Brent, . West Texas, U.S, ANZ, Reuters

☆ China calls for bolstering tech 'breakthroughs' and achieving the full-year growth target
▼ + stars: | 2024-07-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

China must "adapt to the new round of scientific and technological revolution and industrial transformation," an official English-language communique said. It also said China would "improve the new system for mobilizing resources nationwide to make key technological breakthroughs." The readout affirmed Beijing's commitment to balancing development with ensuring national security, and did not otherwise reveal policy changes. "I would highlight 'innovation and managed markets' as the top two keywords in the Third Plenum," Xu said. Regarding the latest plenary meeting, "we think any market-oriented reform will be measured and carried out insofar as it doesn't compromise national security," Xu said.

Persons: Hector Retamal, Liqian Ren, Tianchen Xu, Xu, Biden Organizations: AFP, Getty, BEIJING —, Communist Party's, Economist Intelligence Unit Locations: Beijing, China, WisdomTree, U.S

☆ In the face of trade tensions, China says it will focus on its own economy
▼ + stars: | 2024-07-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Top Chinese officials on Friday emphasized the country would focus on its own affairs in the face of rising trade tensions. He listed three areas of focus: the stable and healthy development of the real estate market, accelerated development of "emerging and future industries" and expanding domestic demand, "especially consumption." Han was responding to a question about how China would support growth in the face of increased trade tensions. He used a phrase attributed to Chinese President Xi Jinping, who in recent years has called for the country to "do your own thing well" and focus on its own affairs. The press conference followed the end of a high-level meeting policy called the Third Plenum that ended Thursday.

Persons: Han Wenxiu, Han, Xi Jinping Organizations: BEIJING, Top, Communist, CNBC Locations: China

Chinese President Xi Jinping and former U.S. President Donald Trump in Beijing, China, in 2017. "So this is not going to be a sustainable driver of growth for China." China's exports to the U.S. rose by a modest 1.5% in the first half of the year. Citi forecasts 5.0% growth in real GDP growth for China this year. UBS forecasts 4.9% growth for China's economy this year.

Persons: Xi Jinping, Donald Trump, Artyom Ivanov, Goldman Sachs, Trump, JD Vance, Hui Shan, CNBC's, Janet Yellen, Vance, Biden, Mike Pence wouldn't, MAGA, Lin Jian, Goldman's Shan, Shan, Tao Wang Organizations: TASS, Getty, BEIJING, U.S, European, Citi, Fox News, Trump, Capitol, China's Ministry of Foreign Affairs, CNBC, UBS Investment Bank, UBS Locations: Beijing, China, U.S, European Union, Asia, Ukraine

☆ China’s Leaders Offer High Hopes, but Few Details for Road to Recovery
▼ + stars: | 2024-07-18 | by ( Keith Bradsher | Chris Buckley | ) www.nytimes.com time to read: 1 min

Xi Jinping, China’s top leader, called officials together this week to hammer out ideas to pull the country’s economy out of its doldrums. But if the official summary of the meeting is a guide, Mr. Xi believes he already has many of the answers. His message to the 363 other officials who gathered in Beijing seemed to be: stick with his state-led, tech-focused strategy, only do it better. That is, make it cleaner, more fair and keep a careful eye on national security. China faces “a new wave of technological revolution and industrial transformation,” said the summary, released by official media on Thursday.

Persons: Xi Jinping, Xi, Xi’s, ” Organizations: Central Committee Locations: Beijing, China

☆ China's Communist Party removes ex-foreign, defence ministers from top body
▼ + stars: | 2024-07-18 | by ( ) www.cnbc.com time to read: +4 min

(Photo by Thomas Peter-Pool/Getty Images)China's Communist Party removed its former foreign and defence ministers, Qin Gang and Li Shangfu, from its Central Committee on Thursday during a meeting of its largest top decision-making body, state news agency Xinhua reported. Chinese President Xi Jinping has spearheaded a wide-ranging anti-corruption campaign since becoming leader of the Communist Party in 2012. Li Shangfu was ousted as defence minister last October without explanation, before being placed under a graft investigation. Agriculture minister Tang Renjian, 61, who has been under investigation for corruption since May, remains a member of the Central Committee. Three alternate Central Committee members were appointed as full members according to the communique: Anhui provincial Communist Party personnel boss Ding Xiangqun, Sichuan provincial Communist Party personnel boss Yu Lijun and Beijing Normal University President Yu Jihong.

Persons: Foreign Affairs Josep Borrell, Qin Gang, Thomas Peter, Li Shangfu, Qin Gang's, Li Yuchao, Qin, Xi Jinping, Wei Fenghe, Tang Renjian, Ding Xiangqun, Yu Lijun, Yu Jihong, Ding Xingnong, Sun Jinming Organizations: Foreign Affairs, Foreign, Communist Party, Xinhua, Central, Central Committee, PLA Rocket Force, Liberation Army, State Council, Rocket Force, PLA, Committee, Anhui provincial Communist Party, Beijing Normal University, PLA Rocket, Former Central Committee Locations: Beijing, China, Anhui, Sichuan

☆ WTI gains more than 2% on big U.S. storage withdrawal, weaker dollar
▼ + stars: | 2024-07-17 | by ( ) www.cnbc.com time to read: +2 min

West Texas oil prices climbed about 2.4% on Wednesday on a bigger-than-expected weekly drop in U.S. crude stockpiles and as a weaker U.S. dollar overshadowed signs of slower economic growth in China. On Tuesday, Brent closed at its lowest since June 14 and WTI at its lowest since June 21. A weaker U.S. dollar also helped support oil prices after it fell to a 17-week low against a basket of other major currencies. A weaker dollar can boost demand for oil by making greenback-denominated commodities like oil cheaper for holders of other currencies. Also supporting crude prices was rising geopolitical risk, said George Khoury, global head of education and research at CFI, adding that tensions in the Middle East and Europe could continue to fuel risks.

Persons: Brent, WTI, George Khoury, Rystad, Svetlana Tretyakova Organizations: Huntington Beach , California ., U.S, West Texas, Energy Information Administration, American Petroleum Institute, CFI Locations: Huntington Beach , California, Huntington Beach , California . West Texas, China, Brent, United States, East, Europe, Liberia, Red Sea, Iran, Yemen, Beijing

☆ CNBC Daily Open: Trump assassination attempt
▼ + stars: | 2024-07-15 | by ( Abid Ali | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Trump assassination attemptThe attempted assassination of former President Donald Trump at a rally in Pennsylvania on Saturday left one attendee and the gunman dead, and two more attendees in critical condition. Trump was grazed by a bullet and treated at a local hospital, but released late Saturday night. Dimon inflation warningJPMorgan Chase CEO Jamie Dimon has warned that inflation and interest rates may remain high despite recent easing in price pressures.

Persons: Trump, Donald Trump, Thomas Matthew Crooks, Larry Hu, CNBC's Evelyn Cheng, Russell, CNBC's Michael Santoli, Wiz, Jamie Dimon, Dimon Organizations: CNBC, FBI, NBC, Macquarie, Communist Party of, Dow, Dow Jones, Depot, Caterpillar, Big Tech, Nasdaq, Wiz, Wall Street Journal, Sequoia Capital, Insight Partners, U.S Locations: Pennsylvania, Bethel Park, Pa, China's, Beijing, China, Communist Party of China, Israeli

☆ CNBC Daily Open: Biden urges unity
▼ + stars: | 2024-07-15 | by ( Abid Ali | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Trump assassination attemptPresident Joe Biden addressed the nation from the White House, where he condemned all political violence and called for unity. [PRO] Gearing up for electionsWith the U.S. presidential election approaching and stock markets at all-time highs, professional investors are emphasizing portfolio diversification to mitigate risks. Despite a brief downturn due to a rotation out of mega-cap growth stocks, the markets rebounded, setting new records.

Persons: Trump, Joe Biden, Biden, Donald Trump, Thomas Matthew Crooks, CNBC's Evelyn Cheng, Russell, CNBC's Michael Santoli, Wiz, David Roche, Hong, Australia's, Korea's Kospi Organizations: CNBC, White, FBI, NBC, Dow, Dow Jones, Depot, Caterpillar, Big Tech, Nasdaq, Wiz, Wall Street Journal, Sequoia Capital, Insight Partners, Quantum, Trump, Republican, Senate, CSI, U.S Locations: Pennsylvania, Bethel Park , Pennsylvania, China, Israeli, Hong Kong Asia, Pacific

☆ China reports second-quarter GDP growth of 4.7%, missing expectations
▼ + stars: | 2024-07-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese-made cars wait to be loaded onto a ship for export at Yantai Port on July 12, 2024, in Shandong province of China. BEIJING — China's National Bureau of Statistics on Monday said the country's second-quarter GDP rose by 4.7% year on year, missing expectations of a 5.1% growth, according to a Reuters poll. Industrial production, however, beat expectations up by 5.3% in June from a year ago, higher than Reuters estimate of 5% growth. Urban fixed asset investment for the first six months of the year rose by 3.9%, meeting expectations. The National Bureau of Statistics did not hold a press conference for the data release.

Organizations: Yantai Port, China's National Bureau, Statistics, Investment, National Bureau Locations: Shandong province, China, BEIJING

☆ Asia markets climb as investors assess assassination attempt on Trump, await China Third Plenum
▼ + stars: | 2024-07-15 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets climbed on Monday as investors awaited China's Third Plenum and also assessed an assassination attempt on former U.S. President Donald Trump at a rally over the weekend. David Roche, president of Quantum Strategy, said in a note on Sunday that Trump would win the presidency, with an increased probability of a Republican clean sweep of both the House of Representatives and the Senate. Key China economic data will be released on Monday, including the country's second quarter GDP numbers. China's economy is expected to expand 5.1% year on year, according to a Reuters poll of economists, compared to 5.3% in the first quarter. Japan's markets are closed for a public holiday.

Persons: Donald Trump, David Roche Organizations: Quantum, Trump, Republican Locations: Asia, Pacific, China

☆ China third plenum: Communist Party meets to set direction for troubled economy
▼ + stars: | 2024-07-14 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +8 min

Stakes are high for the meeting, which takes place every five years and is known as China’s third plenum. It has historically been a platform for the party’s leadership to announce key economic reforms and policy directives. China’s gross domestic product expanded by 4.7% in the April to June months, compared to the previous year. But observers of China’s opaque political machine don’t believe there will be fundamental economic reforms this time around. Uncompleted residential buildings at a real estate project on the outskirts of Shenyang in China's Liaoning province earlier this year.

Persons: Hong Kong CNN —, Xi Jinping, Xi, , Xi’s, Andrea Verdelli, They’ll, ”, Neil Thomas, Jing Qian, Li Shangfu, Qin Gang, Li Yuchao, Xu Zhongbo Organizations: Hong Kong CNN, Communist Party, West, Reuters, party’s Central, US, Congress, Bloomberg, Getty, Observers, ” Asia Society Center, China, Tech, EU, Central Committee, Foreign, People’s Liberation Army Rocket Force Locations: China, Hong Kong, Beijing, United States, Europe, party’s, Shenyang, China's Liaoning, China's Shandong

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