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☆ South Korea exports suffer longest losing streak in three years, China sales tumble
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

SEOUL, May 1 (Reuters) - South Korea's exports fell for a seventh straight month in April for their longest losing streak in three years, driven by an extended slump in sales to China and suggesting persistent pressure on the economy from frail global demand. A breakdown of the data showed exports to China tumbled 26.5% for their 11th consecutive month of declines, while those to the United States fell 4.4% in their first shrinking month in three. By product, semiconductor exports dived 41.0%, extending their losses to the ninth straight month. Imports in April fell 13.3% to $52.23 billion following a 6.4% fall in March, also faster than a 10.6% decline expected by economists. Reporting by Jihoon Lee; Editing by Choonsik Yoo & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's factory activity contracts at slower pace in April
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

TOKYO, May 1 (Reuters) - Japan's factory activity contracted for the sixth straight month in April, but the details of a private survey released on Monday showed the manufacturing sector was edging towards stabilisation amid a slower decline in new orders. New orders contracted at the softest pace since July while remaining below the 50.0 threshold for a tenth consecutive month as inbound demand stabilised moderately. Factory output also contracted for a tenth consecutive month, with some manufacturers citing that raw materials shortages had weighed on production. Input price inflation eased to its slowest pace since August 2021, although prices were still relatively high to due rising costs for raw materials. Employment grew at the strongest pace since October, while business confidence remained robust and little changed from March.

☆ South Korea exports contract for seventh month, longest streak in 3 years
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

SEOUL, May 1 (Reuters) - South Korea's exports fell for a seventh straight month in April in annual terms, data showed on Monday, marking their longest losing streak in three years and suggesting persistent pressure on the economy from frail global demand. Overseas sales by Asia's fourth-largest economy fell 14.2% year-on-year to $49.62 billion in April, the trade ministry data showed, after a 13.6% fall in February and compared with a 13.5% drop tipped in a Reuters survey. Imports in April fell 13.3% to $52.23 billion following a 6.4% fall in March, also faster than a 10.6% decline expected by economists. As a result, the country posted a trade deficit of $2.62 billion in April, the 14th month in a row that the export-reliant economy suffered monthly trade deficit. Reporting by Jihoon Lee; Editing by Choonsik Yoo & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ India April factory activity hits 4-month high on robust demand
▼ + stars: | 2023-05-01 | by ( Anant Chandak | ) www.reuters.com time to read: +2 min

BENGALURU, May 1 (Reuters) - India's factory activity expanded at its quickest pace in four months in April, driven by solid growth in new orders and output, a private survey showed on Monday, signaling resilient demand and an encouraging outlook. The survey results suggest India will continue to be one of the fastest-growing major economies despite slowing global growth that has undermined momentum across several other countries. "Reflecting a robust and quicker expansion in new orders, production growth took another step forward in April. Besides seeing the strongest inflow of new work in 2023 so far, capacities were expanded through job creation, input buying was lifted." Foreign demand also expanded at the fastest pace in four months in April and optimism improved.

Importantly, smaller firms are also starting to raise pay even as many of them face a margin crunch. Big firms offered pay hikes of 3.8% this year in annual wage talks with unions that ended in March, the largest increase in three decades. Attention has now shifted to whether small firms, which employ seven out of 10 workers in Japan, would follow suit. The BOJ's tankan business sentiment survey showed last month that small firms' current profits fell 2.7% in the last fiscal year to March, while big firms' earnings rose 11.5%. Less than half of small firms said they were able to pass on rising costs to customers as of last September, government data showed.

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.

☆ Wall St ends higher, posts weekly, monthly gains on solid earnings, Fed pause hopes
▼ + stars: | 2023-04-28 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. stock indexes advanced, but a drop in Amazon.com (AMZN.O) shares capped the Nasdaq's gains. The pan-European STOXX 600 index (.STOXX) rose 0.56% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.66%. REUTERS/Lucas Jackson/File Photo 1 2 3Emerging market stocks rose 0.50%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.52% higher, while Japan's Nikkei (.N225) rose 1.40%. The dollar index rose 0.13%, with the euro down 0.08% toat $1.1018.

☆ Wall Street gyrates, Treasury yields fall amid mixed data, earnings
▼ + stars: | 2023-04-28 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The pan-European STOXX 600 index (.STOXX) rose 0.32% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.17%. Emerging market stocks rose 0.41%. The dollar index rose 0.07%, with the euro up 0.07% at $1.1035. Oil prices rose but remained on track for a monthly decline amid signs of an economic slowdown. Gold prices were essentially flat after economic data cemented the likelihood of another rate hike from the Fed.

☆ Moribund euro zone, Amazon outlook dent stocks ahead of rate meetings
▼ + stars: | 2023-04-28 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Oil was firmer but still heading for another monthly decline after disappointing U.S. economic data and uncertainty over interest rates. The yen fell to a nine-year low against the euro after the Bank of Japan left its ultra-easy monetary policy unchanged. The euro zone grew only marginally in the first three months of 2023, and at a rate lower than market expectations, sending the euro lower. "Futures are saying interest rates will be lower than Fed Funds by year end, indicating a decline. Markets are pricing in an 85% chance of the Fed raising rates by 25 basis points, the CME FedWatch tool showed.

☆ US Senators to introduce bill on Supreme Court conduct - WSJ
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Two U.S. senators will introduce a bipartisan bill on Wednesday requiring the Supreme Court to create a code of conduct for its justices following recent media questions concerning the full disclosure of some financial activities, the Wall Street Journal reported. The bill being introduced by Angus King and Lisa Murkowski, called the Supreme Court Code of Conduct Act, would require the court to name an official in charge of reviewing any possible violations of the code or federal laws by Supreme Court justices, the newspaper said. The bill also states that the Supreme Court marshal, in consultation with the court and the appointed official, could commission federal personnel or businesses to assist with investigations into possible misconduct by the justices or their staff, the newspaper added. Among recent media questions about full disclosure of financial activity by Supreme Court justices were some raised by news outlet ProPublica detailing relations between Justice Clarence Thomas and Dallas businessman Harlan Crow, including luxury travel paid for by Crow. In a statement to ProPublica, Crow said he had "never sought to influence Justice Thomas on any legal or political issue."

☆ U.S. Senators to introduce bipartisan bill mandating code of ethics for Supreme Court - WSJ
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: 1 min

April 26 (Reuters) - U.S. senators Angus King and Lisa Murkowski will introduce a bipartisan bill on Wednesday requiring the U.S. Supreme Court to create its own code of conduct within a year, following media reports about whether Justices Clarence Thomas and Neil Gorsuch fully disclosed their financial activities, the Wall Street Journal reported on Wednesday. Reporting by Jyoti Narayan in Bengaluru Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ BOJ's Ueda sees tough balance in combating cost-push inflation
▼ + stars: | 2023-04-26 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

Summary Striking right balance on growth, inflation difficult - UedaJapan likely to see cost-push inflation subside - UedaUeda to chair first BOJ policy meeting this weekTOKYO, April 26 (Reuters) - Bank of Japan Governor Kazuo Ueda said on Wednesday the central bank's response to cost-push inflation would depend on economic conditions. "In general, dealing with cost-push inflation is very difficult for central banks. On the other hand, you don't want to tighten monetary policy knowing that cost-push inflation will cool the economy," Ueda told parliament. Ueda added that Japan will see cost-push inflation subside as prices of imported raw materials have likely peaked. Ueda's comments compare with those of his predecessor Haruhiko Kuroda, who repeatedly brushed aside the chance of responding to cost-push inflation with monetary policy.

The firm's loss widened as a global economic slowdown worsened a memory chip glut during the first quarter, prompting sluggish demand and falling prices, SK Hynix said. However, "we expect revenue to rebound in the second quarter after bottoming out in the first, driven by a gradual increase in sales volume," SK Hynix said. Such cuts will reduce inventory across the industry and improve market conditions from the current quarter, SK Hynix said. The loss is the biggest since SK Group acquired Hynix in 2012, and is the second in a row after the fourth quarter's 1.9 trillion won loss. SK Hynix shares traded up 2.1% versus a 0.2% decline in the wider market (.KS11), after the firm flagged a market rebound.

☆ BOJ chief wants 'quite strong' inflation before tweaking yield control policy
▼ + stars: | 2023-04-24 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

"At present, trend inflation is below 2% so we must maintain monetary easing," Ueda told parliament. "But when trend inflation is projected to reach 2%, the BOJ must normalise monetary policy," he added. Ueda's comments come ahead of a two-day BOJ policy meeting that kicks off on Thursday, where the board will produce fresh quarterly growth and inflation forecasts. "The BOJ's forecasts of trend inflation for half a year, one year and one-and-a-half years ahead must be quite strong and close to 2%. "The BOJ has already been conducting many estimates on how a normalisation of monetary policy could affect its finances," he said.

☆ UBS retains risk chief to bolster controls for Credit Suisse deal
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

ZURICH, April 24 (Reuters) - Switzerland's UBS said on Monday it will retain Christian Bluhm as chief risk officer for the "foreseeable future" as it bolsters controls during the takeover of Credit Suisse. Vogel has now been appointed to a newly-created role of group risk control head of integration, where he will oversee risk functions related to the Credit Suisse deal, UBS said. Credit Suisse was mired in a string of scandals over the years, resulting in a Swiss-orchestrated takeover by UBS. The larger bank, which has largely avoided the missteps of Credit Suisse, will publish its first-quarter result on Tuesday. Credit Suisse said on Monday it suffered 61 billion Swiss francs ($68 billion) in net asset outflows in the first quarter.

☆ Magnitude 7.1 earthquake strikes Kermadec Islands region - USGS
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: 1 min

April 24 (Reuters) - A magnitude 7.1 earthquake struck the Kermadec Islands region near New Zealand on Monday, the United States Geological Survey (USGS) said. The quake was at a depth of 10 km (6.21 miles). The magnitude was initially reported at 7.3 by USGS but then downgraded to 7.1. The U.S. Pacific Tsunami Warning Center said the tsunami threat from the earthquake in the Kermadec Islands region has now passed. Reporting by Yana Gaur in Bengaluru Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Recession fears set stocks on course for weekly drop
▼ + stars: | 2023-04-21 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Overnight figures showed more Americans filing claims for jobless benefits and manufacturing activity in the mid-Atlantic region slumping to its lowest level in nearly three years. Leading Economic Index, a gauge of future economic activity, also dropped to its lowest level since November 2020 overnight and it is signalling a recession starting mid-2023. Tesla (TSLA.O) shares tumbled 9.7% after the electric vehicle maker posted its lowest quarterly gross margin in two years. The yen hovered at 134.11 to the dollar, though the New Zealand dollar nursed losses at $0.6162 after Thursday's softer-than-expected inflation data. In the oil market, at $80.79 a barrel, Brent is also below its 50-day moving average for the first time since oil producers unexpectedly announced extra production cuts two weeks ago.

Shares of state-owned enterprises (SOEs) have risen sharply since November, when top securities regulator Yi Huiman called for a new model to price them. Mainland-listed state telecom operators China Mobile and China Telecom have jumped more than 50% each this year and China Petroleum & Chemical Corp (600028.SS) has soared 44%, compared with a 5% gain in the benchmark index (.CSI300). More than 10 mutual fund companies have applied to launch nearly a score of SOE-dedicated funds since March, state media reported. E Fund Management Co this week launched a mutual fund, aiming to raise up to 8 billion yuan ($1.16 billion) to be ploughed into shares of strategically important SOEs. State companies' shares have so far outperformed the broader market, delivering what investors term a rare "SOE alpha".

☆ ASML reports better than expected first quarter sales, profit -statement
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

AMSTERDAM, April 19 (Reuters) - ASML Holding NV (ASML.AS), a key supplier to computer chip makers, on Wednesday reported first quarter earnings of 1.96 billion euros ($2.15 billion) on revenues of 6.74 billion euros, besting expectations. Analysts had forecast net profit for the three months ended March 31 of 1.62 billion euros on revenue of 6.31 billion euros, according to Refinitiv data. In the same period a year ago, ASML had net profit of 695 million euros on revenue of 3.53 billion euros. ($1 = 0.9118 euros)Reporting by Toby Sterling Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ China's CATL unveils condensed matter battery to power civil aircraft
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, April 19 (Reuters) - Chinese battery giant CATL (300750.SZ) on Wednesday unveiled a condensed matter battery that it said could supply enough energy to power electric passenger aircraft for civil aviation use. CATL will also be able to start mass production of the condensed matter battery for electric vehicle uses later this year, Wu added. Condensed matter technology is being embraced by battery makers competing to develop new materials to improve energy density of the current generation of lithium-ion batteries, which is under 300 Wh/kg. Chinese electric vehicle (EV) maker Nio (9866.HK) is planning to power its ET7 cars with a semi-solid state battery with 360 Wh/kg energy density developed by Beijing Welion New Energy Technology. Reporting by Zhang Yan, Albee Zhang and Brenda Goh Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ ASML beats earnings estimates despite signs of weakness
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

ASML posted a threefold jump in net profit to 1.96 billion euros ($2.15 billion) on revenue up 91% at 6.74 billion euros. Analysts had forecast net profit of 1.62 billion euros on revenue of 6.31 billion euros, Refinitiv data shows. The outlook for ASML remains strong despite belt-tightening among its client base, ASML said. "Overall demand still exceeds our capacity for this year and we currently have an (order) backlog of over 38.9 billion euros," CEO Peter Wennink said in a statement. ASML maintained a forecast for 25% sales growth this year, with sales of between 6.5 million and 6.7 billion euros in the second quarter.

☆ Japan prepares to evacuate citizens from Sudan
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

TOKYO, April 19 (Reuters) - Japan's defense ministry has begun preparations to evacuate its citizens from Sudan amid deadly fighting, a top government spokesperson said on Wednesday. Japan's foreign minister asked the defense minister to use the Self-Defense Forces' plane for the evacuation, said Chief Cabinet Secretary Hirokazu Matsuno. "The government will continue to do its utmost to ensure the safety of Japanese residents in Japan, including the safety and evacuation of Japanese nationals, in close cooperation with the G7 and other major countries," Matsuno said. About 60 Japanese nationals were in Sudan as of Wednesday, Matsuno told reporters, adding the government was able to contact all of them and none of them were injured. Heavy gunfire shattered a 24-hour truce in Sudan on Tuesday.

☆ Australia nears wide-ranging shake up of its central bank
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 17 (Reuters) - Australia's Treasurer on Monday said he was close to announcing details of a wide-ranging review into the country's central bank which would require legal changes for some steps, underlining the scope of the shake-up. Treasurer Jim Chalmers said the independent review had provided 51 recommendations for changing how the Reserve Bank of Australia (RBA) operates and formulates policy. "There are some recommendations which would require legislative change," Chalmers told a media conference. "There are some that would require the governor and the board to change the way that they go about things at the bank." The review is expected to have recommended changes to the RBA's policy making board, which currently consists of two RBA staff, the Treasury secretary and six business people.

[1/2] Visitors look at a Tesla Model 3 electric vehicle (EV ) at the third China International Consumer Products Expo, in Haikou, Hainan province, China April 12, 2023. Tesla said on Friday it cut prices in numerous European markets including Germany and France because of a scaling up and improvement in its production capacity. In Germany, Tesla has lowered the price of its Model 3 and Model Y vehicles by between 4.5% and 9.8%, data on its website showed on Friday, marking its second price reduction this year after a price reduction of 1-17% in January. In Singapore, it cut prices of its Model 3 and Model Y vehicles between 4.3% and 5%, its local website showed. Tesla also cut prices in Israel, with the price of the base rear-wheel drive Model 3 slashed by 25% after an initial round of global price cuts in January.

☆ Tesla cuts prices of Model 3, Model Y vehicles in Singapore
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, April 14 (Reuters) - Tesla Inc (TSLA.O) has cut prices of its Model 3 and Model Y vehicles in Singapore between 4.3% and 5%, its website showed on Friday. Tesla cut prices on Real-Wheel Drive version of both Model 3 and Model Y by S$4,000 ($3,020), and Dual Motor All-Wheel Drive version of the two models by S$5,000, the website showed. Last week, Tesla announced its fifth vehicle price reduction this year in the U.S. market, as Washington prepares to introduce tougher standards that will limit EV tax credits. Tesla in January had offered limited-term discounts to buyers in Singapore who agreed to purchase existing inventory of the Model 3 or Model Y, but it did not make a general price cut at the time like it did in South Korea, Japan and Australia. ($1 = 1.3244 Singapore dollars)Reporting by Chen Lin Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

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