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☆ China April industrial output rises 5.6%, retail sales jump 18.4%; below expectations
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

BEIJING, May 16 (Reuters) - China's industrial output grew 5.6% in April from a year earlier, official data showed on Tuesday, missing expectations by a large margin but accelerating from a 3.9% gain seen in March. Retail sales jumped 18.4%, missing forecasts for a 21.0% increase. It was significantly faster than the 10.6% increase in March and marked the quickest growth since March 2021. Fixed asset investment expanded 4.7% in the first four months of 2023 from the same period a year earlier, versus expectations for a 5.5% rise. Reporting by Albee Zhang, Ellen Zhang and Joe Cash Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

It was well below expectations for a 10.9% increase in a Reuters poll of analysts although it marked the quickest growth rate since September 2022. Retail sales jumped 18.4%, speeding up sharply from a 10.6% increase in March for their fastest increase since March 2021. The growth target for this year is set at a low level, which leaves room for the government to wait and see." China has set a modest growth target of about 5% in 2023, after badly missing last year's goal. ($1 = 6.9121 Chinese yuan renminbi)Reporting by Ellen Zhang, Joe Cash, Albee Zhang and Kevin Yao Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ China's carbon emissions to hit new record in 2023 on economic rebound. But they could peak soon, report says
▼ + stars: | 2023-05-12 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s carbon emissions will likely hit a new record in 2023 on the back of an economic rebound, but a rapid expansion in green energy will enable its emissions to peak soon, a global energy think tank said on Friday. However, the emissions could peak soon, as China has accelerated its clean energy push and installed record amounts of solar and wind power capacity, the analysts pointed out. Coal production surged 11% in 2022 from 2021, according to the National Bureau of Statistics. This will lead to a sharp increase in bank lending and investment, particularly for manufacturing, transportation and energy production, they added. “When low-carbon power growth matches — and then exceeds — the annual increase in electricity demand, the sector’s CO2 emissions will peak,” they said.

☆ Chinese Consumer Inflation Slows to Lowest Level in Two Years
▼ + stars: | 2023-05-11 | by ( Stella Yifan Xie | ) www.wsj.com time to read: 1 min

Consumer prices in the world’s second-largest economy rose 0.1% in April from a year earlier, according to official data. Photo: wu hao/ShutterstockHONG KONG—Consumer prices in China rose at their slowest pace in more than two years, reflecting uncertainties in the economy that threaten to limit a consumption-led recovery from three years of strict Covid-19 measures. Consumer prices in the world’s second-largest economy rose 0.1% in April from a year earlier, easing further from March’s 0.7% year-over-year increase, according to data released Thursday by China’s National Bureau of Statistics.

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

☆ China's consumer inflation slows to over 2-year low, factory gate deflation deepens
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 11 (Reuters) - China's consumer prices rose at the slowest pace in more than two years in April, while factory gate deflation deepened, data showed on Thursday, suggesting more stimulus may be needed to boost a patchy post-COVID economic recovery. The consumer price index (CPI) for the month rose 0.1% year-on-year, the lowest rate since February 2021, and cooling from the 0.7% annual gain seen in March, the National Bureau of Statistics (NBS) said. The producer price index (PPI) fell at the fastest clip since May 2020 and was down for a seventh consecutive month, declining 3.6% from a year earlier after a 2.5% drop the previous month. Month-on-month, the PPI fell 0.5% after remaining flat the previous month, while the CPI fell 0.1% in April after a 0.3% fall in March, bigger than a flat reading in a Reuters poll. Overall inflationary pressures remain low with the core consumer inflation, which excludes volatile food and energy prices, up 0.7%, unchanged from the previous month.

☆ China's deflation worries deepen as consumer prices rise only 0.1% in April
▼ + stars: | 2023-05-11 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The producer price index, which measures factory-gate prices, declined by 3.6%, marking the biggest contraction in three years. The weak property sector recovery likely has exerted “persistent” downward pressure on the factory-gate prices, they added. A slump in the property sector affects demand for key raw materials such as steel and cement, which are key parts of the producer price index. Producer deflation will likely deteriorate, with the PPI expected to drop further by 3.9% on falling global commodity prices. Deflation is bad for the economy because, in such an environment, consumers and companies may put off spending in anticipation of prices falling further, which would only exacerbate economic problems.

☆ Consumer prices in China rose 0.1% in April, the slowest rate in two years
▼ + stars: | 2023-05-11 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

The People's Bank of China (PBOC) building in Beijing, China, on Tuesday, April 18, 2023. Source: BloombergChina's consumer price index rose 0.1% in April year-on-year, the slowest since early 2021. Economists surveyed by Reuters expected to see consumer prices rise 0.4% from a year ago and remain unchanged from the previous month. Inflation in China was led by food and services, according to the National Bureau of Statistics – food prices rose by 0.4% and service prices rose 1% from a year ago. That's a stark contrast to the latest U.S. inflation data overnight which showed consumer prices rose 4.9% in April – easing in the wake of the Federal Reserve's efforts to tame inflation by hiking rates 10 consecutive times.

☆ Column: India's pledge to stop new coal power plants to hit key states
▼ + stars: | 2023-05-09 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

IN CONSTRUCTIONThe new proposals make clear that whatever coal capacity is already under construction in India will proceed. A total of 32,000 megawatts of new coal power is currently being built in India, according to the Global Energy Monitor (GEM). India coal capacity under constructionOnce completed, that would boost current operating capacity by close to 14%, and lift total Indian coal capacity to beyond 266,000 MW, GEM data shows. Alongside the widespread swell in coal capacity is even faster growth in renewables energy supply capacity across India. Proponents of immediate cuts to coal power use may be disappointed that several new coal projects will still emerge.

☆ China's exports rose 8.5%, continuing its growth streak at a slower pace
▼ + stars: | 2023-05-09 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

China's exports grew 8.5% in April in U.S. dollar terms, marking a second-straight month of growth, while imports fell 7.9% compared with a year ago. Economists polled by Reuters estimated exports would rise 8% in April, while imports were forecast to remain unchanged. In March, imports declined 1.4% year-on-year while exports saw a surprise jump of 14.8%, government data showed. Goldman Sachs economists expected to see "the dissipation of this seasonal bias to slow export growth in April," they wrote in a note earlier this month previewing China's trade data. "China is past the fastest stage of its reopening," Goldman Sachs economists wrote in a separate Friday note.

☆ Italy is convening a crisis meeting this week to address soaring pasta prices, reports say
▼ + stars: | 2023-05-08 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Italy's industry minister has called a crisis meeting to address the soaring price of pasta, Reuters reported. Pasta prices jumped 16.3% in April, while broader Italian inflation came in at 8.8%. The comparable increase in Italy's harmonized index of consumer prices, a weighted average of Italian goods and services, measured a provisional 8.8% in April. But Coldiretti, an Italian agriculture group, said soaring pasta prices represented an "anomaly that needs clarification," given the price of a key ingredient, durum wheat, fell 30% in the year, per local publication Ansa. The National Consumer Union said until speculation on wheat prices was defined as an "unfair practice," the price of pasta may stay elevated, per Ansa.

☆ A senior software engineer dies after falling from the 14th floor of Google's NYC headquarters
▼ + stars: | 2023-05-06 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

A software engineer died after falling from the 14th floor of Google's headquarters, NYPD confirmed. Police responded to a 911 call on Thursday reporting an unconscious person lying on the ground. The 31-year-old senior software engineer's name is being withheld pending family notification. A 31-year-old senior software engineer has died after falling from the 14th floor of Google's New York City office building, the New York Post first reported. The name of the engineer hasn't been released pending family notification, the NYPD said.

☆ China's service sector remains a bright spot as factory data disappoints, Caixin reading shows
▼ + stars: | 2023-05-05 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

China's services activity remained well within growth territory in April as a private survey showed a softer reading from March. Atlantide Phototravel | Corbis Documentary | Getty ImagesChina's services activity remained well within growth territory in April, even as a private survey showed a softer reading compared with March. The latest Caixin reading suggests that services activity is still "undergoing a fast recovery," according to Wang Zhe, senior economist at Caixin Insight Group. The continued expansion in China's services activity stood in contrast to the disappointing factory activity reported earlier in the week. "It is worth noting that manufacturing and services activity diverged, with employment and input costs in the manufacturing sector contracting significantly," Wang wrote.

☆ Australia’s exports to China hit record high as relations thaw
▼ + stars: | 2023-05-05 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Australia’s exports to China hit a record high in March, as Chinese buyers snapped up Australian commodities from coal to iron ore amid a thaw in bilateral relations. Shipments of iron ore lump and iron ore fines to China also jumped 28% and 22.5%, respectively, to $380 million and $973 million. Earlier this year, Beijing removed all remaining curbs on Australian coal imports, ending an unofficial ban. For iron ore, it remained the largest supplier for China even when relations soured. Iron ore, for example, is a vital component of its steel industry.

☆ Australia's exports to China hit record highs as barriers ease
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 4 (Reuters) - Australia's exports to China surged to record highs in March as the Asian giant sucked in more iron for its steel industry and lowered barriers to thermal coal shipments amid thawing diplomatic relations. Data out on Thursday showed exports of Australian goods to China hit A$19 billion ($12.71 billion) in March, a rise of 31% from a year earlier and pipping the previous peak from mid-2021. The jump helped lift Australia's total trade surplus to its second-highest on record at A$15.3 billion, a boon to mining profits and tax receipts. Shipments of thermal coal to China surged 125% by volume in March from February, offsetting a drop in exports to Japan. ($1 = 1.4952 Australian dollars)Reporting by Stella Qiu and Wayne Cole; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ China’s Consumers Lead Recovery in April
▼ + stars: | 2023-04-30 | by ( Jason Douglas | ) www.wsj.com time to read: 1 min

A rebound in China is essential to support global economic growth this year. Photo: Kevin Frayer/Getty ImagesSINGAPORE—Activity in China’s services sector grew at a healthy pace in April, a sign that Chinese consumers continue to drive the country’s economic rebound as its factory sector quickly decelerates. China’s official purchasing managers index for the nonmanufacturing sectors of the economy—that is, services and construction—came in at 56.4 in April, a weaker reading than March’s 58.2 level but still comfortably above the 50 mark that separates expansion from contraction, according to data released Sunday by China’s National Bureau of Statistics.

☆ China factory activity unexpectedly cools in April
▼ + stars: | 2023-04-30 | by ( Ellen Zhang | Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) -China’s manufacturing activity unexpectedly shrank in April, official data showed on Sunday, raising pressure on policymakers seeking to boost an economy struggling for a post-COVID lift-off amid subdued global demand and persistent property weakness. That missed expectations of 51.4 tipped by economists in a Reuters poll and marked the first contraction since December, when the official manufacturing PMI was at 47.0. The world’s second-biggest economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. The manufacturing sector, which employs about 18% of China’s workforce, remains under pressure due to slack global demand. The composite PMI, which includes manufacturing and non-manufacturing activity, dropped to 54.4 from 57.0.

☆ China factory activity unexpectedly shrinks in April
▼ + stars: | 2023-04-30 | by ( Ellen Zhang | Ryan Woo | ) www.reuters.com time to read: +3 min

Summary Manufacturing PMI 49.2 in April vs 51.9 in MarchNon-manufacturing PMI 56.4 vs 58.2 in MarchBEIJING, April 30 (Reuters) - China's manufacturing activity unexpectedly shrank in April, official data showed on Sunday, raising pressure on policymakers seeking to boost an economy struggling for a post-COVID lift-off amid subdued global demand and persistent property weakness. That missed expectations of 51.4 tipped by economists in a Reuters poll, and marked the first contraction since December last year, when the official manufacturing PMI was at 47.0. China's economy grew at a faster-than-expected pace in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. The manufacturing sector, which provides jobs to about 18% of those employed nationwide, remains under pressure due to slack global demand. The composite PMI, which includes both manufacturing and non-manufacturing activity, dropped to 54.4 from 57.0.

☆ China PMI factory activity unexpectedly cools in April
▼ + stars: | 2023-04-30 | by ( ) edition.cnn.com time to read: +3 min

The official manufacturing purchasing managers’ index (PMI) declined to 49.2 last month from 51.9 in March, according to data from the National Bureau of Statistics, below the 50-point mark that separates expansion and contraction in activity. That missed expectations of 51.4 tipped by economists in a Reuters poll and marked the first contraction since December, when the official manufacturing PMI was at 47.0. The world’s second-biggest economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. China's manufacturing activity unexpectedly shrank in April, according to official data. The composite PMI, which includes manufacturing and non-manufacturing activity, dropped to 54.4 from 57.0.

☆ China's factory activity unexpectedly cools in April
▼ + stars: | 2023-04-30 | by ( ) www.cnbc.com time to read: +1 min

A worker works on the production line of a textile company in Qingzhou Economic Development Zone, East China's Shandong province on April 27, 2023. China's manufacturing activity unexpectedly shrank in April, official data showed on Sunday, raising pressure on policymakers seeking to boost an economy struggling for a post-Covid lift-off amid subdued global demand and persistent property weakness. That missed expectations of 51.4 tipped by economists in a Reuters poll and marked the first contraction since December, when the official manufacturing PMI was at 47.0. The world's second-biggest economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged amid weak global growth. New export orders edged down to 47.6 from 50.4 in March, the PMI showed.

☆ One in 5 young people in Chinese cities are out of work. Beijing wants them to work in the fields
▼ + stars: | 2023-04-30 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Guangdong, the manufacturing powerhouse that abuts Hong Kong, said last month it will help college graduates and young entrepreneurs to find work in villages. Guangdong’s plan, which was widely panned on social media, coincided with the rate of urban unemployment among 16- to 24-year-olds surging to 19.6%, the second highest level on record. Kong Yiji, a famous literary figure from the early 20th century, has been one of the hottest memes on China’s social media since February. A tourist shop named 'Kong Yiji' in China's Zhejiang province. Other popular buzzwords have included “lying flat” and “letting it rot.”Authorities, uneasy about dissatisfaction expressed through memes, have banned the hashtag of Kong Yiji.

☆ China Jan-Mar industrial profit slump underlines slow economic recovery
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, April 27 (Reuters) - China's industrial firms' profits shrank at a slightly slower pace in January-March but the decline remained in the double-digits as the economy struggled to fully recover despite the country's exit from its zero-COVID policy. The decline compared with a 22.9% slump in industrial profit in the first two months, data from the National Bureau of Statistics (NBS) showed. In March alone, industrial profits fell 19.2%, according to a rare data breakdown provided by the NBS. Industrial earnings fell 4.0% in 2022, and the latest data underline the gloomy conditions facing China's vast factory sector as global demand is hit by slowing world growth. Industrial profit data covers firms with annual revenues of at least 20 million yuan ($2.89 million) from their main operations.

☆ Australia inflation slows in Q1, market leans against rate hike
▼ + stars: | 2023-04-26 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

The annual pace slowed to 7.0%, from 7.8%, suggesting inflation had finally peaked after two years of rapid acceleration in costs. For March alone, the CPI rose 6.3% on the year, down from 6.8% in February. Still, core inflation remains far above the RBA's target band of 2-3% and policy makers have been worried it could fuel a price wage spiral absent further tightening. "Headline inflation has peaked, and weaker tradables inflation will contribute to slower inflation over the rest of 2023," said Sean Langcake, head of macroeconomic forecasting for BIS Oxford Economics. "But we think there is enough momentum in core and services inflation to warrant tighter policy settings, and maintain our expectation for another rate hike in May."

☆ Wall Street turns even more bullish on China's economy as the end of zero COVID boosts growth
▼ + stars: | 2023-04-19 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Some of Wall Street's top banks raised their forecasts for China's economy this week. The banks all predict China's GDP will grow by around 6% in 2023. UBS also turned more bullish on China's economy, raising its year-end prediction to 5.7%. "We expect China's GDP to peak around 8% in the second quarter before easing to around 5.5% in the second half of the year." "This will bring the full year GDP growth to at least 5.7%, in our view," the strategists added.

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