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BEIJING/HONG KONG, Nov 18 (Reuters) - A slew of recent supportive measures will bring China's cash-strapped property developers much needed relief, but a full recovery of the sector will be hobbled by increasingly elusive buyers, say bankers, developers and analysts. "These policies will have little lasting effect and the property prices will not go up significantly," said Jack Yang, an engineer in Beijing, noting "future income" had become a key concern for homebuyers. Despite the recent liquidity-boosting measures, some bankers say developers continue to face credit risks given the uncertain outlook. According to UBS, Chinese banks have roughly 88 trillion yuan ($12.43 trillion) worth of exposure to the property sector. It estimates the property sector downturn will cost the banking system up to 1.4-1.5 trillion yuan in the next few years, mainly from potential losses in banks' unsecured property development loans, bonds, and non-standard assets.

☆ China Oct new home prices fall at fastest annual pace in 7 years
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

On an annual basis, new home prices slumped 1.6%, the fastest pace since August 2015, worsening from the 1.5% year-on-year fall in September and marking the sixth month of contraction. New home prices declined 0.3% month-on-month, easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. The property sector has struggled with defaults and stalled projects since authorities started to clamp down on excessive leverage in mid-2020, hitting market confidence and weighing on economic activity. Data on Tuesday also pointed to further weakness in the cash-strapped sector, showing real estate investment fell at its fastest pace in 32 months in October. A notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, sources said on Sunday.

☆ China's new home prices fall at faster pace in Oct
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 16 (Reuters) - China's new home prices fell at a faster pace in October as persistent COVID-19 curbs, a faltering economy and property woes weighed on demand, official data showed on Wednesday, but a rescue package for the sector has brightened the outlook. New home prices declined 0.3% month-on-month in October after easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. New home prices slid 1.6% year-on-year in October, falling for the sixth straight month. Prices declined 1.5% year-on-year in September. Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ G20 vows to calibrate pace of interest rate hikes, avoid spillovers
▼ + stars: | 2022-11-16 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

The central banks will also be mindful of the need to limit spillovers, the statement added, in a nod to emerging economies' concerns about the potential for huge capital outflows if aggressive U.S. rate hikes continue. The emphasis on the need to fight inflation contrasted with the G20 statement last year, which said central banks must avoid overreacting to transitory rises in inflation. The G20 leaders also called for "temporary and targeted" fiscal spending to low-income households which are particularly vulnerable to rising living costs. Now, policymakers are faced with the dilemma of having to combat inflation with interest rate hikes, without cooling economies that are already facing the risk of recession. "It may not happen everywhere, but several key countries risk sliding into recession," said WTO Director-General Ngozi Okonjo-Iweala.

☆ China industrial output, retail sales miss expectations in Oct
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 15 (Reuters) - China's industrial output rose 5.0% in October from a year earlier, slowing from the 6.3% pace seen in September, official data showed on Tuesday, as COVID-19 restrictions weighed on factory activity. Retail sales fell 0.5%, the first drop since May when Shanghai was under a city-wide lockdown. Analysts had expected retail sales to rise 1.0%, slowing from a 2.5% gain in September. Fixed asset investment expanded 5.8% in the first 10 months of 2022 from the same period a year earlier, versus expectations for a 5.9% rise. The data showed fresh weakness in the in the world's second-largest economy, which has grappled with protracted COVID curbs, a deep property slump and, more recently, weakening external demand.

☆ Dollar rebounds as Fed officials say hikes to continue; yen slumps
▼ + stars: | 2022-11-15 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The dollar index , which measures the currency against six counterparts including the yen, euro and sterling, edged 0.03% higher to 107.00 early in the Asian day. The index held onto gains made on Monday when it rebounded from a three-month low of 106.27 hit on Friday. The dollar gained 0.34% to 140.40 yen , adding to its 0.84% overnight rebound from a 2 1/2-month low of 138.46. The euro was little changed at $1.03215 following its retreat from a three-month high of $1.0364. The offshore Chinese yuan was little changed at 7.0461 per dollar, after hitting a more than five-week high of 7.0200 in the previous session.

☆ China's factory output, retail sales miss forecasts, economy losing steam
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +3 min

Property investment also fell at a faster pace in the January-October period, pointing to further weakness in a key pillar of China's economy. Retail sales fell 0.5%, the first fall since May when Shanghai was under a city-wide lockdown. China's economy is facing a series of headwinds including its zero-COVID policy, a property slump and global recession risks. Property investment fell 8.8% year-on-year in January-October, after declining 8% in January-September. China's property sector, which accounts for a quarter of the economy, has slowed sharply this year as the government sought to restrict excessive borrowing by developers.

☆ China's property investment falls at a faster clip in Jan-Oct
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 15 (Reuters) - China's property investment fell at a faster pace during January-October, declining 8.8% from a year earlier after slumping 8.0% in the first nine months of the year. Property sales by floor area dropped 22.3% during January-October from the same period a year earlier, compared with the 22.2% plunge in the first nine months of the year, according to data from the National Bureau of Statistics (NBS). New construction starts measured by floor area fell 37.8% year-on-year in the first 10 months of the year, a slightly smaller decline than the 38% drop in the first nine months period. Funds raised by China's property developers fell 24.7%, after a 24.5% drop in the first nine months of the year. Reporting by Liangping Gao and Ryan Woo; Editing by Ana Nicolaci da Costa and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

A look at the day ahead in European and global markets from Anshuman DagaMarkets have got all excited after last week's rip-roaring rally in global equities, a big tumble in U.S. Treasury yields and a bruising sell-off in the mighty dollar. But don't pop the champagne just yet. While U.S. consumer prices rose less than expected in October, pushing the annual increase below 8% for the first time in eight months, Waller said the markets shouldn't get carried away over just one "data point." This week, U.S. retail sales will dominate the data calendar, while markets will also pay attention to euro zone flash Q3 GDP estimates. In the crypto world, after Friday's shocking collapse of cryptocurrency exchange FTX, Bahamas authorities said they were scrutinising the demise of the exchange, co-founded by 30-year-old Sam Bankman-Fried.

The plan comes as the cash-strapped sector has struggled with defaults and stalled projects, hitting market confidence and weighing on the world's second-largest economy. Policymakers' previous efforts to help financing has done little to bolster the property market. The Hang Seng Mainland Properties Index (.HSMPI) jumped 16.2%, with the share prices of many Chinese property developers posting double-digit gains. The notice "introduced by far the most comprehensive set of support measures for the ailing property market," it said. Some investors remained cautious about the impact of the latest policy, however, as regulators have already made many attempts to revive the property sector and the macro environment remains weak amid the country's COVID restrictions.

☆ China plan to restore sector liquidity boosts property stocks
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 14 (Reuters) - Chinese property stocks soared on Monday as the market cheered an aggressive plan outlined by Chinese regulators to shore up liquidity in the embattled sector, with the sub-index surging close to a two-month high in early trading. The Hang Seng Mainland Properties Index (.HSMPI) gained 15%, while top property developers Country Garden (2007.HK) soared 33%, narrowing gains after rallying as much as 52% to the highest since July 27. Longfor Group (0960.HK), Agile Group (3383.HK), R&F Properties (2777.HK), Logan Group (3380.HK) and KWG Group (1813.HK) all jumped almost 30%. Two sources told Reuters a notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, in a major push to ease a deep liquidity crunch that has plagued the property sector since mid-2020. Reporting by Clare Jim; Editing by Ana Nicolaci da Costa and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ China's property shares jump as regulators outline new financing package
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 14 (Reuters) - Chinese property stocks soared on Monday as the market cheered a new aggressive financing package outlined by Chinese regulators to shore up the liquidity of its embattled property sector, with the shares of many major companies surging over 14%. Large property developers Country Garden (2007.HK), Longfor Group (0960.HK), CIFI Holdings (0884.HK) and Greentown China (3900.HK) all jumped close to 15% at market open. The Hang Seng Mainland Properties Index (.HSMPI) gained 9.7%. Two sources told Reuters a notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, in a major push to ease the deep liquidity crunch which has plagued the property sector since mid-2020. Reporting by Clare Jim; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ China regulators order more financing support for property firms
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +4 min

The move, first reported by Bloomberg, comes as cash-strapped property developers struggle to tap sources of funding to finish projects and pay suppliers. Chinese regulators are telling financial institutions to allow real estate companies to defer repayment of some loans, such as property development and trust loans, the sources said. China's property sector, once a pillar of growth, has slowed sharply this year as the government sought to restrict excessive borrowing by developers. Goldman Sachs said in a note that the basic principles of the property measures are not new. Chinese regulators expanded a key financing support programme designed for private firms, including real estate companies, to about 250 billion yuan ($35.18 billion) this week.

☆ Morning Bid: Don't get carried away
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

☆ Election denier loses secretary of state race in Nevada
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

Nov 12 (Reuters) - Jim Marchant, a former Nevada state assemblyman who opposed the certification of President Joe Biden's election win in the state in 2020, was defeated in his race to become Nevada's secretary of state, Edison Research projected on Saturday. Democrat Cisco Aguilar won the secretary of state race in Nevada, defeating Marchant, according to Edison Research. In Nevada, the secretary of state does not have the power to certify election results, but can set and enforce election rules. Nevada is a swing state that could play an important role in determining the outcome of the 2024 presidential election. Marchant lost a race for the U.S. House of Representatives in 2020.

☆ Chinese premier says economy on 'upward trend', vows further support
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 13 (Reuters) - China's economy has grown 3% over the past three quarters and is stabilising on an "upward trend", Chinese Premier Li Keqiang said, vowing to continue to support the economy with policy measures. Premier Li also said China was working hard to keep market operations, employment and prices stable, the statement said. read moreChina has created more than 10 million new urban jobs in the first 10 months of the year, Li said. China aims to keep the urban jobless rate below 5.5% and to create more than 11 million new urban jobs this year. "Countries should strengthen cooperation and macroeconomic policy coordination, so as to form synergy to maintain the stability of the world economy and prevent recession," Li said.

The number of daily cases in China rose from 11,950 on Nov. 11, the National Health Commission (NHC) said on Sunday. Capital city Beijing reported a record 235 new daily cases, up from 116 the previous day, local government data showed. Zhengzhou city in the Henan province, home to Apple supplier Foxconn's plant (2317.TW), reported a record 2,642 new daily cases. Foxconn has said it aims to resume full production in the second half of November, after operations were disrupted due to COVID prevention measures. read moreNHC said in a statement on Sunday that the COVID prevention and control situation remained "serious and complex".

Addressing the East Asia Summit in Cambodia, Kishida said ensuring peace and stability in the Taiwan Strait was important for regional security, voicing "serious concern" over the human rights situation of the Uyghur people, according to a statement from Japan's foreign ministry. "There has been continued, increasing actions by China in the East China Sea that violate Japan's sovereignty. China also continues to take actions that heighten regional tension in the South China Sea," Kishida told the meeting, according to the statement. Kishida's remarks follow those of U.S. President Joe Biden, who stressed to Asian leaders the importance of peace in the Taiwan Strait and ensuring freedom of navigation in the South China Sea. Kishida is in Cambodia to attend the East Asian summit, which groups 18 countries accounting for half of the global economy including the three biggest economies - the United States, China and Japan - and Southeast Asian nations.

Either Democrats or Republicans can capture a Senate majority by sweeping contests in both states. In the fight for the House of Representatives, Republicans were inching closer to wresting control of the chamber from Biden's Democrats. House control would give Republicans veto power over Biden's legislative agenda and allow them to launch potentially damaging investigations into his administration. The Republican House leader, Kevin McCarthy, has already announced his intention to run for speaker if Republicans take over, an outcome he has described as inevitable. Even a narrow Republican House majority would be able to demand concessions in exchange for votes on key issue such as raising the nation's borrowing limit.

Either Democrats or Republicans can capture a Senate majority by sweeping the contests in both states. A split, however, would transform a Dec. 6 runoff Senate election in Georgia into a proxy battle for the chamber, which among other powers holds sway over President Joe Biden's judicial appointments. The Republican House leader, Kevin McCarthy, has already announced his intention to run for speaker if Republicans take over, an outcome he described as inevitable on Wednesday. The outcome of the Arizona and Nevada Senate races, where Democratic incumbents were trying to fend off Republican challengers, may not be known for days yet. Even a narrow Republican House majority would be able to demand concessions in exchange for votes on key issue such as raising the nation's borrowing limit.

☆ Malaysia Q3 GDP up 14.2% y/y, beats forecast
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

KUALA LUMPUR, Nov 11 (Reuters) - Malaysia's economy grew 14.2% from a year earlier in the third quarter, boosted by rising domestic demand and robust exports, Bank Negara Malaysia Governor Nor Shamsiah Mohd Yunus said on Friday. Economists surveyed by Reuters had expected gross domestic product to jump 11.7% in the July-September period, accelerating from the 8.9% annual growth seen in the second quarter. Reporting by Rozanna Latiff and Mei Mei Chu; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

Growth came in above the 11.7% growth forecast in a Reuters poll and the 8.9% annual rise in the previous quarter, the central bank said. It surpassed third-quarter growth in many of its regional peers including Indonesia, the Philippines, Singapore and Vietnam. But BNM said the outlook was clouded by the risk of a global economic slowdown, forecasting economic growth to slow to 4.0%-5.0% next year. “We acknowledge there are still some spots in our economy that have yet to return to pre-pandemic condition," Nor Shamsiah said. Nor Shamsiah said the ringgit currency will adjust to reflect Malaysia's economic fundamentals once uncertainties caused by the U.S. rate moves recede, without elaborating further.

The economy would likely grow above the government's 6.5%-7.5% growth target for 2022, Economic Planning Secretary Arsenio Balisacan told a media briefing. On a quarterly basis, gross domestic product (GDP) rose 2.9% versus a 0.1% contraction in April-June and an expected 1% rise, the data showed. "While these developments are remarkable, I want to underscore that our nation still faces a considerable burden in the form of high inflation," Balisacan said. Balisacan said the government remained committed to fighting inflation to protect people's purchasing power, including by tightening monetary policy. "In the face of surging prices, that's a big upside surprise," said ING economist Nicholas Mapa.

"We will definitely work all out to adjust our production capacity and output, so there is no impact on demand for these two holidays," Liu said. On Wednesday, Foxconn said it would continue production in Zhengzhou under a "closed loop" system, where staff live and work on-site in a bubble isolated from the wider world. "Of course there may be other factors that require the reconfiguration of production capacity, such as geopolitics," Liu said. Having said on Monday it would "revise down" its fourth quarter outlook given the situation in Zhengzhou, Foxconn said revenue in the final three months of this year would be flattish. read moreReuters last month reported that Foxconn's production of Apple's iPhones at the Zhengzhou factory could slump by as much as 30% in November due to tight COVID-19 restrictions.

☆ Cathay Pacific's new chief Lam to spearhead COVID recovery, two-brand plan
▼ + stars: | 2022-11-09 | by ( Jamie Freed | ) www.reuters.com time to read: +3 min

Now that the Asian financial hub has scrapped onerous hotel quarantine rules, the airline is looking to build up passenger numbers. "Cathay has a mountain to climb to replace the staff, particularly pilots, that have left and continue to leave," he said. Lam, 50, joined Cathay in 1996, and was previously its chief customer and commercial officer. The two men took the top jobs in August 2019, after the resignation of then chief executive Rupert Hogg and Paul Loo, chief customer and commercial officer, amid mounting Chinese regulatory scrutiny of employees' involvement in the protests. Cathay's new chief customer and commercial officer is Lavinia Lau, 52, who moves from the role of director of customer travel, into a strong position to become its first female chief executive.

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