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☆ Australia's economy expands 2.3% in the first quarter, slowest growth in 1½ years
▼ + stars: | 2023-06-07 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

Loop Images | Universal Images Group | Getty ImagesAustralia's first-quarter gross domestic product expanded by 2.3% year-on-year, just slightly below analyst expectations. "Private and public gross fixed capital formation were the main drivers of GDP growth this quarter," Keenan said. The GDP readings are key to the Reserve Bank of Australia's decision making process for its monetary policy. In this "narrow path" that Lowe envisions, Australia's inflation returns to its 2% to 3% target range, the economy continues to grow, and gains in the labor market are preserved. But it is a narrow path and likely to be a bumpy one, with risks on both sides," Lowe said.

Persons: Katherine Keenan, Keenan, Philip Lowe, Lowe, " Lowe Organizations: Getty, Reuters, Australia's Bureau, Statistics, lockdowns, Reserve Bank, Reserve Bank of Australia, Morgan Stanley Australia Summit Locations: Melbourne, Australia

☆ Australia's current account surplus widens in Q1, small drag on GDP
▼ + stars: | 2023-06-06 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY, June 6 (Reuters) - Australia's current account surplus widened in the March quarter, helped by strong exports of resources and travel services, with net exports proving to be a much smaller drag on growth than first thought. Data from the Australian Bureau of Statistics on Tuesday showed the current account surplus widened to A$12.3 billion ($8.14 billion) in the first quarter, from a revised surplus of A$11.7 billion the previous quarter. It also beat forecasts of a A$15 billion surplus. "Exports of travel services recorded the highest quarterly increase on record as more international students came to Australia for on-campus learning," said Kim. Analysts had forecast GDP to rise 0.3% in the first quarter from the previous quarter, and up 2.4% for the year.

Persons: Grace Kim, Kim, Stella Qiu, Kim Coghill Organizations: SYDNEY, Australian Bureau, Statistics, International Statistics, ABS, Analysts, Reserve Bank of Australia, Thomson Locations: Australia

CNN —For nearly 13 million high school students across China, Wednesday marks a day that could make or break their plans for college and the increasingly competitive job market beyond. A high score in the two-day “gaokao” college entrance exam is the only way to get into the country’s top universities, and most Chinese students only get one shot at the grueling test, unlike US students who can take the SAT several times. A user on Douyin, China’s version of TikTok, recalled taking the gaokao in 2000 when there were only about 3.75 million other test takers. The urban unemployment rate for 16- to 24-year-olds hit a record high of 20.4% in April, according to data released by the National Bureau of Statistics. And the rate could increase further, as a record 11.6 million college students are set to graduate this year.

Persons: gaokao, ”, TikTok, Fu Linghui, Xi Jinping’s Organizations: CNN, Getty, Authorities, Times, National Bureau of Statistics, NBS Locations: China, Shenyang, honking

ABUJA, June 2 (Reuters) - Nigeria's main labour union said on Friday it plans to go on strike from Wednesday to protest against a tripling of fuel prices in what would be the first big test for new President Bola Tinubu after he scrapped a costly fuel subsidy. The price increase has led to a sharp rise in transport fares and Estonian ride-hailing and food delivery startup Bolt said it had hiked its prices in Nigeria, citing increased operating costs due to higher fuel prices. Nigeria's fuel subsidy cost the government billions of dollars annually but was popular as it helped keep prices low in Africa's biggest oil producer, which is still grappling with high poverty rates among residents. But Nigerian Labour Congress (NLC) president Joe Ajaero, after an emergency meeting of the union's executive council in Abuja, said the state oil company NNPC should reverse the price hike. On Friday, the president said Nigeria needs to review its minimum wage of 30,000 naira ($65).

Persons: Bola Tinubu, Bolt, Joe Ajaero, Ajaero, MacDonald Dzirutwe, Kirsten Donovan, Angus MacSwan, Aurora Ellis Organizations: Nigerian Bureau, Statistics, World Bank, Labour Congress, Nigeria Labour Congress, Wednesday, Thomson Locations: ABUJA, Nigeria, Abuja

☆ A ‘Dirty’ Job That Few Want: Mining Companies Struggle to Hire for the Energy Transition
▼ + stars: | 2023-06-01 | by ( Yusuf Khan | ) www.wsj.com time to read: +10 min

Despite their part in the energy transition, mining companies face a perception of being in a “dirty” industry thanks to a legacy of mining disasters and accusations of worker exploitation and sexual assault. Canada’s mining and mineral-engineering enrollment was down 10% in 2020 compared with 2016, according to Canada’s Mining Industry Human Resources Council. SHARE YOUR THOUGHTS What message should mining companies deliver to young workers to attract them to the industry? Mining companies also face accusations of exploitation of local workforces. She hopes that younger workers will help mining companies evolve, taking on more social responsibility and improving their mining practices.

Persons: Lily Dickson, Mawson, ”, Alex Gorman, Peel Hunt, Rohitesh Dhawan, Alex Gorman “, Gorman, “, Haydon Mort, Stacy Hope, Cole Burston, Hope, Codelco, Centamin, Martin Horgan, Mort, Geologize, Jamie Kelsey Fry, Dickson, Yusuf Khan Organizations: University of Leeds, Leeds, Rio Tinto, McKinsey, U.S . National Center for Education Statistics, Canada’s Mining, Resources Council, Peel, International Council, Mining, Metals, Tinto, of Labor Statistics, Australian Bureau, Statistics, Geologize Ltd, BHP, . Workers, Bloomberg, Codelco, Chilean, Walmart, Recruiting, Centamin, Sustainable Business, “ Locations: Finland, Vancouver, Europe, U.S, Australia, Rio, South Africa, Lily Dickson Canada, Botswana, “, Saharan Africa, Ontario, Canada, Chile, Africa, Congo, Ghana, Zimbabwe, yusuf.khan

☆ Australia first-quarter business investment hits 7-year high, outlook solid
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

[1/4] Pedestrians walk in front of a crane and scaffolding on a construction site in central Sydney, Australia, May 31, 2018. REUTERS/David GraySYDNEY, June 1 (Reuters) - Australian business investment rose to a seven-year high in the first quarter, helped by a jump in spending on mining, manufacturing and transport, while firms affirmed plans for solid spending in the year ahead. First-quarter investment by Australia's huge mining sector climbed 1.7%, accelerating from a rise of 0.7% in the previous quarter. The capital spending figures will feed into data on gross domestic product (GDP) due next week. Construction work done came in better-than-expected, although residential building remained soft, likely making a flat contribution to Q1 GDP growth.

Persons: David Gray SYDNEY, Sean Langcake, Stella Qiu, Jacqueline Wong, Edwina Gibbs Organizations: REUTERS, Australian Bureau, Statistics, Oxford Economics Australia, Reserve Bank of Australia, Thomson Locations: Sydney, Australia

Refinitiv data shows foreigners sold $1.71 billion worth of mainland shares this month via Stock Connect, a key cross-border link between the mainland and Hong Kong exchanges, after selling $659 million in April. Despite outflows in February, April and May, foreigners' net purchases of mainland shares still stood at $25.05 billion for the first five months of this year, compared with net buying of about $6.36 billion worth over the whole of 2022. "Foreigners seem to have been selling because of the underwhelming near-term economic data points and, perhaps, because of the opportunities available to investors with a broader (pan-Asia or global) mandate," Pershad said. "We presume other investors have re-allocated some capital from China to those markets (and others) this year." Reporting By Patturaja Murugaboopathy and Gaurav Dogra in Bengaluru; Editing by Vidya Ranganathan & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Pruksa Iamthongthong, Refinitiv, Alexander Davey, Vikas Pershad, Pershad, Patturaja Murugaboopathy, Gaurav Dogra, Vidya Ranganathan, Simon Cameron, Moore Organizations: Stock Connect, Reuters, National Bureau of Statistics, P Global, PMI, Morningstar, Allianz All China Equity WT, HK, HSBC Asset Management, U.S . Federal Reserve, G Investments, Thomson Locations: Hong Kong, China, Morningstar ,, Taiwan, Shanghai, Asia, Bengaluru

☆ China’s small and medium-sized factories post surprise growth, easing market anxiety
▼ + stars: | 2023-06-01 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —A key gauge of China’s small- and medium-sized factories showed their surprise return to expansion last month, which eased market anxiety about growth stalling in the world’s second largest economy. The Caixin manufacturing Purchasing Managers’ Index (PMI) rose to 50.9 in May from April’s 49.5, according to a private survey. The Caixin survey is focused on small and medium-sized enterprises. Asian markets received a boost from the Caixin data. It settled 2% lower on Wednesday, weighed down by the weak China data and a stronger greenback.

Persons: Ken Cheung, Joe Biden, WTI Organizations: Hong Kong CNN, PMI, National Bureau of Statistics, Mizuho Bank, Nikkei, China’s, US, Senate, greenback . Locations: Hong Kong, April’s, China, China’s Shanghai

Weakness in China's manufacturing sector has been matched by soft outcomes in other important parts of the world's second-biggest economy. Rather it is construction and manufacturing that propel commodity demand, especially for steel raw material iron ore and for copper. The softness in those sectors is likely to show up in commodity imports in coming months, but not yet. Seaborne iron ore imports are expected at about 93.29 million tonnes, according to Refinitiv data, which would be stronger than the 90.44 million tonnes recorded by customs in April. If this is the case, it's likely that they may consider trimming imports in coming months, especially if the run of soft economic data continues.

Persons: it's, Robert Birsel Organizations: National Bureau of Statistics, Refinitiv Oil Research, Global, Brent, Singapore, Reuters, Thomson Locations: LAUNCESTON, Australia, China, March's

Summary Manufacturing PMI unexpectedly fallsNon-manufacturing PMI falls, as services slowPMIs show economic recovery losing steamMarkets skid on PMI weaknessBEIJING, May 31 (Reuters) - China's factory activity shrank faster than expected in May on weakening demand, heaping pressure on policymakers to shore up a patchy economic recovery and knocking Asian financial markets lower. "The PMI data reveal that China may heading to a K-shaped recovery," said Bruce Pang, chief economist at Jones Lang LaSalle. "The sluggish domestic demand could weigh on China's sustainable growth, if there are no efficient and effective policy moves to engineer a broad-based recovery," said Pang. The PMI subindexes for May showed factory output swung to contraction from an expansion while new orders, including new exports, fell for the second month. Last month, imports contracted sharply, factory gate prices fell, property investment slumped, industrial profits plunged and factory output and retail sales both missed forecasts.

Persons: Bruce Pang, Jones Lang LaSalle, Pang, Jones Lang LaSalle's Pang, Li Qiang, Zhiwei Zhang, Liangping Gao, Ryan Woo, Sam Holmes Organizations: PMI, National Bureau of Statistics, . Service, New, Jones, Labor, Nomura, Barclays, Thomson Locations: BEIJING, Asia, New Zealand, China, Japan

☆ Hong Kong stocks enter bear market territory as China reopening optimism continues to fade
▼ + stars: | 2023-05-31 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Zhang Wei | China News Service | Getty ImagesStock Chart Icon Stock chart iconThe Hang Seng Tech index has already fallen by more than 25% from its January peak. That's a stark contrast to the reopening optimism that had once driven Asia-Pacific's benchmark MSCI Asia Pacific index to a bull market. watch nowMorgan Stanley analysts said in a May 17 report that a weak reading in that manufacturing measure "has been a solid precursor to policy easing." "If growth does not accelerate sufficiently to narrow the output gap, social stability risk may rise and eventually trigger more meaningful stimulus," Morgan Stanley analysts wrote in the note. The index for services activity remained in expansionary territory at 54.5, but marked a second-straight month of decline.

Persons: Zhang Wei, Morgan Stanley Organizations: China News Service, Getty, Hang, Seng China Enterprises, Analysts, China, CNBC, National Bureau, Statistics Locations: Hong, Wan Chai district, Asia, Hong Kong

☆ China's disappointing rebound could bring in more stimulus, economists say
▼ + stars: | 2023-05-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Photographer: Qilai Shen/Bloomberg via Getty Images Qilai Shen | Bloomberg | Getty ImagesChina's much-vaunted economic rebound after its emergence from strict zero-Covid lockdown measures has yet to fully materialize, prompting some economists to speculate that further fiscal stimulus or monetary policy easing could be coming down the pipeline. Data from China's Bureau of Statistics shows that 6 million of the 96 million 16 to 24-year-olds in the urban labor force are currently unemployed. watch nowIn a research note Monday, Capital Economics assessed that, despite losing some momentum, China's economic recovery was still progressing at the start of the second quarter, with scope for further service sector-led improvement. But we do not expect policy rate cut or major fiscal stimulus, barring a precipitous fall in exports in the coming months." Any consensus among economists as to the trajectory of fiscal and monetary policy seems to be unraveling in light of the tenuous recovery.

☆ China's youth unemployment hits a record high, deepening its economic scars
▼ + stars: | 2023-05-29 | by ( Clement Tan | ) www.cnbc.com time to read: +6 min

In this article GSBDGS Follow your favorite stocks CREATE FREE ACCOUNTChina's young face the prospect of dimmer economic gains amid record youth unemployment in the world's second-largest economy. "The expansion of college education in the late 1990s created this huge influx of college graduates, but there is a misalignment between demand and supply of high skilled workers. "Increasingly, college graduates are taking up positions that are not commensurate with their training and credentials to avoid unemployment," Lu told CNBC. China's young face the prospect of dimmer economic gains amid record youth unemployment in the world's second-largest economy. "But the plan was for China's economy to transform from labor-intensive industry to more technological, with a strong service-oriented, knowledge economy," Yeung added.

☆ China's industrial profits tumble 18% in April as demand sputters
▼ + stars: | 2023-05-27 | by ( ) www.cnbc.com time to read: +4 min

Profits at China's industrial firms slumped in the first four months of 2023, official data showed on Saturday, as companies continued to struggle with margin pressures and soft demand amid a faltering economic recovery. In April alone, industrial firms posted a 18.2% drop in profit year-on-year, according to the NBS, which only occasionally gives monthly figures. Chinese companies are struggling with both weak demand at home and softening demand in the country's major export markets. Earlier this month, Premier Li Qiang vowed more targeted measures to expand domestic demand and stabilize external demand in an effort to promote a sustained economic rebound. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.89 million) from their main operations.

☆ Consumers are starting to fire up China's pandemic-battered economy, two ETF experts find
▼ + stars: | 2023-05-27 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

The National Bureau of Statistics of China reports retail sales have been increasing since last November. "We're seeing the incremental rebound from the Chinese consumer," the firm's chief investment officer told " ETF Edge " this week. China's pandemic-battered economy is starting to see consumers open their wallets wider, according to KraneShares' Brendan Ahern. "Domestic travel [is] rebounding … but we've yet to see that from the international sector," the ETF provider's CEO said. Rhind told CNBC in a special interview later in the week that international travel from China could start to rebound this summer following a sluggish start.

☆ China industrial profits tumble 18% in April as demand sputters
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +4 min

BEIJING, May 27 (Reuters) - Profits at China's industrial firms slumped in the first four months of 2023, official data showed on Saturday, as companies continued to struggle with margin pressures and soft demand amid a faltering economic recovery. In April alone, industrial firms posted a 18.2% drop in profit year-on-year, according to the NBS, which only occasionally gives monthly figures. Chinese companies are struggling with both weak demand at home and softening demand in the country's major export markets. Earlier this month, Premier Li Qiang vowed more targeted measures to expand domestic demand and stabilise external demand in an effort to promote a sustained economic rebound. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.89 million) from their main operations.

☆ China's economy is growing again. So why are investors dumping stocks?
▼ + stars: | 2023-05-19 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Investors trimmed their exposure to China amid economic uncertainty in the country, rising geopolitical tensions and Beijing’s crackdown on international consulting firms. The Nasdaq Golden Dragon China Index has lost more than 5% since April 18. Another concern for global investors is the country’s “fundamental investability,” he said, referring to geopolitical and Chinese policy risks. Ontario Teachers’ Pension Plan, one of the world’s largest pension funds, has closed its Hong Kong-based China equity investment team. “The more cracks appear in Western economies,” the more global investors will need to put money into Chinese assets, he added.

☆ Australia employment unexpectedly drops, reinforcing rate pause bets
▼ + stars: | 2023-05-18 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

SYDNEY, May 18 (Reuters) - Australia employment unexpectedly dipped in April after two months of outsized gains, and the jobless rate also ticked up in a sign the red-hot labour market might be cooling, bolstering the case for a pause in interest rate hikes next month. The jobless rate ticked up to a three-month high of 3.7% from a near 50-year low of 3.5%, when analysts had expected no change. Markets reinforced bets of a rate pause next month but were pricing in some risk of a move in August or September. "We expect to see a gradual softening in labour market conditions over 2023 as the impact of interest rate increases to date start to bite," said Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia. "NAB's view is that there will likely be at least one further rate increase, but we remain close to the peak of this interest rate cycle."

Total electrical generation increased by 128 billion kilowatt-hours (4.9%) between January and April compared with the same period in 2022, according to the National Bureau of Statistics (NBS). Increases from thermal power plants (+83 billion kWh), wind farms (+64 billion kWh), solar farms (+16 billion kWh) and nuclear units (+6 billion kWh) more than offset reduced hydro-electric output (-42 billion kWh). Renewables wind and solar provided 14% of generation up from just 3% in 2014, while nuclear supplied 5% up from 2%. Ensuring sufficient electricity generation to meet rapidly rising demand from industry and households is the more urgent priority in the short term while reducing emissions is a more long-term goal. INDUSTRY FOCUSOn the consumption side, electricity demand growth in the first four months shows a clear emphasis on industry rather than households.

☆ China's home prices rise at slower pace as demand ebbs
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

Summary April new home prices +0.4% m/m vs +0.5% m/m in MarchApril prices -0.2% y/y vs -0.8% y/y in MarchMore policy stimulus may be needed, analysts sayBEIJING, May 17 (Reuters) - China's new home prices rose for the fourth straight month in April but at a slower pace, heightening fears that pent-up demand after the country's economic reopening is fading. New home prices in April rose 0.4% month-on-month versus a 0.5% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data on Wednesday. Beijing's aggressive stimulus policies to the crisis-hit property sector since November have boosted sentiment over the past few months but homebuyers are increasingly worried about job security. Home prices in tier-two and three cities also rose at a slower pace in April. April money and credit data last week suggested growth of households' medium-to-long term loans, mostly mortgages, decelerated in April, in line with slower property transactions.

☆ China's new home prices rise at slower pace in April
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

Summary April new home prices +0.4% m/m vs +0.5% m/m in MarchApril prices -0.2% y/y vs -0.8% y/y in MarchBEIJING, May 17 (Reuters) - China's new home prices rose for the fourth straight month in April but at a slower pace, official data showed on Wednesday, as government efforts to stabilise the sector lifted sentiment after the country's abrupt exit from COVID curbs late last year. New home prices in April edged up 0.4% month-on-month versus a 0.5% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data. April's slower pace of home price gains, along with bearish data on Tuesday showing property investment and sales sharply falling, add to concerns over the strength of the recovery in a sector crucial to the health of China's economy. From a year earlier, prices fell 0.2%, the 12th month of decline in annual terms. Beijing's aggressive stimulus policies to the crisis-hit property sector since November have boosted sentiment over the past few months.

☆ Australia wage growth hits decade-high, quarterly gains miss forecasts
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

Figures from the Australian Bureau of Statistics on Wednesday showed its wage price index rose 0.8% in the March quarter from the previous quarter, just under forecasts of a 0.9% increase. Annual pay growth, however, accelerated to 3.7%, from a revised 3.4% the previous quarter, compared with forecasts of 3.6%. The central bank has flagged more rate rises might be required, saying a rise in productivity growth, which has slumped to the lowest since the 1970s, would be needed to ensure wage growth remains consistent with inflation target. Annual wage growth is expected to peak at 4.0% at the end of this year before easing back to 3.7% by mid-2025. The ABS data showed wages in the public sector picked up to an annual rise of 3.0% while growth in private sector wages increased 3.8%.

☆ Italy's birth rate is at a record low. Young Italians say they can't afford to have babies
▼ + stars: | 2023-05-17 | by ( Barbie Latza Nadeau Valentina Di Donato Antonia Mortensen | Barbie Latza Nadeau | Valentina Di Donato | ) edition.cnn.com time to read: +8 min

The birth rate in Italy has been declining steadily since the economic crisis in 2008, for reasons demographers agree is rooted in economic insecurity. In France, the birth rate is higher at 1.8 children per woman, according to figures for 2022 from its national statistics agency. The Catholic Church, which is a predominant political force, and the right-wing government under Meloni have both lamented the low birth rate, but have put up roadblocks to ways to remedy the situation. De Luca blames the government for not doing enough for the younger generation, in part because decades of low birth rates have made the youth a minority. Testa fears that the low birth rate is contagious.

☆ China’s Youth Unemployment Tops 20% Amid Signs of Stalling Recovery
▼ + stars: | 2023-05-16 | by ( Stella Yifan Xie | ) www.wsj.com time to read: 1 min

Fresh graduates attended a job fair in Yantai, China, earlier this year. Photo: Cfoto/Zuma PressHONG KONG—China’s youth unemployment rate rose above 20% for the first time since Beijing began tracking the data five years ago, the latest sign of uncertainty around the country’s economic recovery. A bundle of new economic indicators for April, released Tuesday by China’s National Bureau of Statistics, also showed measures of retail sales, factory production and fixed-asset investment all falling short of economists’ expectations.

☆ China’s Recovery Loses Steam, Signaling Trouble for Global Economy
▼ + stars: | 2023-05-16 | by ( Stella Yifan Xie | ) www.wsj.com time to read: 1 min

China has been the most populous nation in the world since at least 1750. But in April, India’s population is set to surpass China’s. WSJ examines what this shift in population could mean for the future of each country, as well as the global economy. Photo illustration: Jacob Anderson Nelson/WSJHONG KONG—China’s post-Covid growth spurt is sputtering and its youth unemployment rate hit a record high, signaling trouble for a recovery that was expected to boost global growth. Investment in the country’s property sector also dropped in the first four months of the year.

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