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☆ Factbox: Developing countries in the grip of debt problems
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +8 min

In June, it clinched a $6.3 billion debt rework deal with the "Paris Club" creditor nations and its other big bilateral lender China. Another part of the domestic debt plan has faced delays, though, with a key deadline on a Treasury bond exchange delayed three times and now set for Sept. 11. Failure to complete the domestic debt overhaul by then could result in delays both in terms of IMF disbursements and talks with creditors. The government recently agreed to tackle roughly $4 billion of its domestic debt via a pension fund debt swap operation and a dollar-denominated bonds exchange. Cairo has a $3 billion IMF programme and has devalued the pound by roughly 50% since February 2022.

Persons: Adnan Abidi, Nandalal Weerasinghe, Kais Saied, Nayib Bukele, William Ruto's, Donald Trump, Libby George, Marc Jones, Mark Potter Organizations: REUTERS, China, SRI, SRI LANKA Sri, Sri Lanka Development, Sri, Monetary Fund, IMF, UAE, Observers, European Union, SALVADOR, World Bank, African Development Bank, Presidential, Republican, Thomson Locations: New Delhi, India, Delhi, ZAMBIA Zambia, SRI LANKA, SRI LANKA Sri Lanka, China, GHANA Ghana, Zambia, Ghana, PAKISTAN Pakistan, Saudi Arabia, TUNISIA, North, Tunisia, EGYPT Egypt, Cairo, Salvador, KENYA, Kenya, UKRAINE Ukraine, Ukraine, Russia, LEBANON Lebanon

☆ Nearly 70% of Japan firms yet to disclose strategies for better capital efficiency
▼ + stars: | 2023-08-31 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

A photographer takes photo of a large screen showing stock prices at the Tokyo Stock Exchange after market opens in Tokyo, Japan October 2, 2020. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsCompanies Japan Exchange Group Inc FollowTOKYO, Aug 31 (Reuters) - Nearly 70% of companies listed on the top "prime" section of the Tokyo Stock Exchange (TSE) have yet to respond to the bourse's call for better capital efficiency, a request that helped lift the Japanese market to 33-year highs. "The call has already prompted responses from a certain number of companies," the TSE said in a document released early this week. The remaining 69% made no mention in their annual corporate governance reports, where they are required to disclose such measures. Specific measures include making investments for growth, increasing shareholder returns and revising business portfolios, according to the TSE, owned by Japan Exchange Group (8697.T).

Persons: Kim Kyung, Makiko Yamazaki, Jacqueline Wong Organizations: Tokyo Stock Exchange, REUTERS, Rights, Japan Exchange, TSE, PBR, Japan Exchange Group, Thomson Locations: Tokyo, Japan

☆ These 'dividend aristocrats' are also stock buyback leaders
▼ + stars: | 2023-08-31 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

So-called dividend aristocrats are typically defined as companies that have raised their per-share payout every year for at least 25 years. Wolfe strategist Chris Senyek said in a note to clients Wednesday that some of those aristocrats also score highly on another quality indicator — net stock buybacks. "We've found Consistent Buybacks (companies with a net share count decline for at least 10 consecutive years) and Dividend Aristocrats (25 years of consistent dividend growth) to be the top performing cash usage themes over the past 20+ years. And of the 22 analysts who cover the stock, 12 have hold ratings and one has a sell, according to Refinitiv. The Invesco BuyBack Achievers ETF (PKW) , which buys companies that have reduced their share count by more than 5% over the past year, is up about 9.8% year to date.

Persons: Wolfe, Chris Senyek, We've, Senyek, Lowe's, — CNBC's Michael Bloom Organizations: Wolfe Research, Colgate, Palmolive, Companies Locations: U.S

☆ Japan's Simplex launches first ETFs focused on stocks below book value
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

A woman uses a mobile phone in front of an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan June 14, 2023. Some 189 companies in the Topix 500 (.TOPX500) trade below book value, compared to 17 in the S&P 500 (.SPX), according to Simplex. The funds launch next week and are focused on the areas of the market where many investors see the most potential. One of the funds, Simplex PBR Improvement over 1x ETF (2080.T), will contain about 500 stocks that average 0.7 times their book value. Simplex is also launching a third ETF (2082.T) focused on stocks where executive pay is tied to corporate performance.

Persons: Kim Kyung, Hiromasa Mizushima, Junko Fujita, Tom Westbrook, Miral Organizations: Nikkei, REUTERS, Rights, Simplex, Management, Japan's Nikkei, Tokyo bourse, Simplex Asset Management, Tokyo Stock Exchange, Thomson Locations: Tokyo, Japan

REUTERS/Robert Galbraith/File Photo Acquire Licensing RightsORLANDO, Florida, Aug 30 (Reuters) - To buy back, or not to buy back. The highest U.S. interest rates in over 20 years coupled with Wall Street's remarkable resilience has brought an old boardroom dilemma into sharp focus: are share buybacks worth it? Ditto Apple, Chevron, Alphabet and Wells Fargo, which this year have announced buybacks of $90 billion, $75 billion, $70 billion and $30 billion, respectively. Figures from Refinitiv show that S&P 500 companies spent more than $6 trillion on stock buybacks in the decade through 2022. Reuters Image Acquire Licensing Rights(The opinions expressed here are those of the author, a columnist for Reuters.)

Persons: Robert Galbraith, Joe Kleven, Ali Ragih, Nicholas Guest, Kothari, Parth Venkat, Jamie McGeever Organizations: Nvidia, REUTERS, Rights, U.S, Chevron, Mega Tech, Marathon Petroleum, VerityData, Reuters, Apple, Microsoft, Google, Corporate, Cornell University, S.P, Massachusetts Institute of Technology, University of Alabama, Thomson, & ' $ Locations: Santa Clara , California, Rights ORLANDO , Florida, Wells, YCharts, VerityData, U.S, underperformed

☆ Nvidia shares are still cheap even after hitting an all-time high, says Melius Research
▼ + stars: | 2023-08-30 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Nvidia shares just closed at a record-high — and there's more momentum ahead, according to Melius Research. Well not after F2Q24 revisions, and especially not when you adjust for growth," Reitzes said. According to the analyst, Nvidia is currently trading at a cheaper valuation than shares of Alphabet, Microsoft and Apple, based on enterprise value-to-sales ratios. Reitzes has a buy rating on Nvidia shares. Shares inched down 0.4% Wednesday premarket, after rising more than 4% the prior trading session to a record close.

Persons: Ben Reitzes, Reitzes, — CNBC's Michael Bloom Organizations: Nvidia, Research, Microsoft, Apple

☆ Best Buy scales back sales outlook as results top expectations
▼ + stars: | 2023-08-29 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

A shopper pushes a cart with a TV in front of a Best Buy store in Chicago, Illinois, November 25, 2022. Best Buy is seeing a reversion to pre-pandemic sales levels, as consumers return to more typical spending patterns and feel pressure on their budgets because of inflation. Similar to Home Depot and Lowe's , Best Buy had outsized gains during Covid, fueled by big purchases that people don't frequently repeat. Best Buy has looked to new categories, such as health care, and launched a paid subscription program, My Best Buy, to keep driving growth. Correction: The top tier of the My Best Buy program costs $179.99 per year.

Persons: Corie Barry, buybacks, Matt Bilunas, Barry Organizations: Refinitiv, Gaming Locations: Chicago , Illinois, U.S

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. The deal will expand BYD Electronic's (BE) (0285.HK) customer base, product portfolio and its smartphone components business as it looks to capture Jabil's potential growth in the sector. Although now best known for its electric vehicle business, BYD started out by selling electronic components. BE's major business has been selling electronic components for consumer electronics products such as smartphones and laptops. This was one of three key business segments for BYD Electronic, accounting for more than 70% of its total revenue in 2022.

Persons: Aly, BYD, Tu Le, Jabil, Kenny Wilson, Wilson, Qin Chuan, Sameer Manekar, Brenda Goh, Stephen Coates Organizations: Security, Auto, REUTERS, U.S, Jabil Inc, HK, Jabil, Hong Kong Stock Exchange, Sino Auto, Apple Inc, Citi, BE, Thomson Locations: Auto Shanghai, Shanghai, China, Singapore, Chengdu, Wuxi, Hong Kong, EVs, Nanjing, Bengaluru, Yelin Mo, Beijing

☆ Warren Buffett may be bracing for a recession – and Michael Burry's latest big short is a 'good move,' says top economist Steve Hanke
▼ + stars: | 2023-08-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett and Michael Burry may be expecting a market downturn and recession, Steve Hanke says. Berkshire Hathaway sold a net $8 billion of stocks and added to its cash pile in the second quarter. Burry's Scion firm placed bets against the S&P 500 and Nasdaq-100 worth a notional $1.6 billion. Steve Hanke says the Berkshire Hathaway CEO and the investor of "The Big Short" fame are likely preparing for trouble. "It looks to me like Burry has made a good move," Hanke said about the Scion chief's latest big short.

Persons: Warren Buffett, Michael Burry, Steve Hanke, Berkshire Hathaway, Buffett's, Hanke, Buffett, Goldman Sachs, Davidson, Elon Musk's Tesla, Burry, Ronald Reagan Organizations: Scion, Nasdaq, Service, Berkshire, Johns Hopkins University, Toronto Trust, Electric, Harley, Scion Asset Management, Elon, & $ Locations: Wall, Silicon, Toronto Trust Argentina, Mars

☆ BYD unit buys US firm Jabil’s China mobility business for $2.2 billion
▼ + stars: | 2023-08-28 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Chinese automaker BYD said on Monday its electronics unit has struck a deal with US-based manufacturer Jabil Inc to buy its mobility business in China for 15.8 billion yuan ($2.2 billion). The deal will expand BYD Electronic’s customer base, product portfolio and its smartphone components business as it looks to capture Jabil’s potential growth in the sector. Although now best-known for its electric vehicle business, BYD started out by selling electronic components. BE’s major business has been selling electronic components for consumer electronics products such as smartphones and laptops. This was one of three key business segments for BYD Electronic, accounting for more than 70% of its total revenue in 2022.

Persons: BYD, ”, Tu Le, ” BYD, Kenny Wilson, Jabil, ” Wilson, Qin Chuan Organizations: Reuters, US, Jabil Inc, Jabil, Hong Kong Stock Exchange, Sino Locations: China, Singapore, Chengdu, Wuxi, Hong Kong, EVs, Nanjing

☆ Top Wall Street analysts like these dividend stocks for solid returns
▼ + stars: | 2023-08-27 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +15 min

The opinions of top analysts could help investors in picking the right dividend stocks. With a quarterly dividend of 38 cents per share, SU's dividend yield stands at 4.7%. (See Sunoco Stock Chart on TipRanks) Target This week's last pick is dividend aristocrat Target ( TGT ). That said, Drbul highlighted that Target beat analysts' earnings expectations, as the company's inventory actions improved profitability. With a quarterly dividend of 38 cents per share, SU's dividend yield stands at 4.7%.

Persons: Wall, FANG, Scott Hanold, Hanold, DHT's, Jonathan Chappell, Chappell, Gregory Pardy, TipRanks, Rich Kruger, Suncor, Pardy, Gabriel Moreen, Moreen, Robert Drbul, Drbul, Brendan McDermid Organizations: TipRanks, Diamondback, Diamondback Energy, RBC Capital, Suncor Energy, Global Energy, SUN, Black, Reuters Locations: West Texas, Suncor Energy Canada, U.S, Brooklyn , New York

☆ Exclusive: China plans to cut stamp duty on stocks by up to 50% to revive confidence-sources
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such reduction since 2008, the two people said. China's securities regulator also met with representatives from top Western asset managers on Friday to reassure them about the country's economic prospects, Reuters reported citing sources. China's fiscal revenue totalled 20.37 trillion yuan ($3.02 trillion) last year, with 276 billion yuan or 1.35% contributed by stamp duty on securities transactions, official data showed. Earlier this month, Bloomberg first reported Chinese authorities were considering cutting the stamp duty on stock trades. "Cutting stamp duty doesn't solve the problems that hamper China's economic growth."

Persons: Aly, Xie Chen, Huang Yan, Huang, Sumeet Chatterjee, Lincoln, Kim Coghill Organizations: REUTERS, Regulators, Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission, Shanghai Jianwen Investment Management Co, Bond, Reuters, Bloomberg, Shanghai QiuYang, Shanghai, Thomson Locations: Shanghai, China, HONG KONG, BEIJING, Beijing, Hong Kong

☆ Exclusive: China plans to cut stamp duty on stock trading by up to 50% to revive sentiment-sources
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +4 min

The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such cut since 2008, the two people said. The CSRC also said stablising the stock market was a priority. "A cut in stamp duty (on stock trading) can help decrease investment cost and boost trading activity," analysts at broker Topsperity Securities said in a note. "Compared with previous policy measures, a cut in stamp duty may have a stronger effect in repairing investor confidence. Earlier this month, Bloomberg first reported Chinese authorities were considering cutting the stamp duty on stock trades.

Persons: Sumeet Chatterjee Organizations: Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission, Bond, Reuters, Topsperity Securities, Bloomberg, Shanghai, Thomson Locations: HONG KONG, BEIJING, headwinds, Beijing, Hong Kong, Lincoln

Nvidia shares, which had run up in the days leading up to its report, climbed more than 6% on Thursday but pared gains to end the day little changed. However, Nvidia's stock buyback - the fifth-biggest repurchase announcement among U.S.-based companies this year, according to EPFR - surprised some investors. Despite the staggering dollar amount, Nvidia's buyback amounted to only 2.1% of its nearly $1.2 trillion market value, or buyback yield, as of Wednesday. Indeed, some investors welcomed Nvidia's buyback decision. "It’s a show of confidence," said Francisco Bido, senior portfolio manager for F/M Investments' large cap focused fund, which holds Nvidia shares.

Persons: Dado Ruvic, Lip, Daniel Morgan, Morgan, Refinitiv, Tom Plumb, Plumb, buyback, Howard Silverblatt, Dow, Daniel Klausner, Houlihan Lokey, Nvidia's, Francisco Bido, Lewis Krauskopf, Chibuike Oguh, Lance Tupper, Echo Wang, Stephen Nellis, Ira Iosebashvili, Matthew Lewis Organizations: NVIDIA, REUTERS, Nvidia, Companies, Wealth Management, Synovus, Plumb Funds, Arm Holdings, Dow Jones, Apple, Tech, Investments, Thomson Locations: New York, San Francisco

☆ Take Five: Farewell to a bruising August
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. Other data such as consumer confidence, the state of manufacturing, and inflation, with the latest personal consumption expenditures index is also due. Line chart with data from Refinitiv Datstreamn shows U.S. unemployment rate and federal funds target rate from January 2021 to July 2023. Yet Thursday's flash euro area August inflation number, which follows releases from some member states, could be the decider. The world's most populous country is already concerned about the threat to production of several basic commodities, including rice and sugar.

Persons: Brendan McDermid, Lewis Krauskopf, Kevin Buckland, Nigel Hunt, Dhara, payrolls, Bundesbank, buybacks, Xi Jinping, Karin Strohecker, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, Treasury, Federal Reserve, ECB, Reuters, Nino, Climate, Thomson Locations: New York City, U.S, China, Lewis, New York, Tokyo, Amsterdam, London, Jackson Hole , Wyoming, Indonesia, Thailand

Nvidia's stock rose as high as $502.66, topping a record hit earlier this week, The first trillion-dollar chip maker pared some gains and was last up 0.8%% at $474.6. The technology-heavy Nasdaq Composite (.IXIC), buoyed by Nvidia, rose in early trade before falling by 1.36%. Reuters GraphicsMore than 20 brokerages raised their target price on Nvidia after the earnings. The median analyst price target on the stock has nearly doubled to $600 since May when the company forecast a 50% jump in second-quarter revenue. Short sellers of Nvidia's stock have made $826 million in mark-to-market losses on Thursday, data from analytics firm S3 Partners showed.

Persons: Ann Wang, Michael James, James, Elazar, Tom Plumb, Plumb, Matthew Tuttle, Susan Mathew, Chavi Mehta, Medha Singh, Shreyashi Sanyal, Shristi Achar, Amruta, Noel Randewich, Varun H, Shinjini Ganguli, Sharon Singleton, David Gregorio Our Organizations: REUTERS, Nvidia, Philadelphia Semiconductor, Marvell Technology, Devices Inc, Intel, Nasdaq, Wedbush Securities, Reuters, Elazar Advisors, Rosenblatt Securities, Plumb Funds, Partners, Tuttle Capital Management, Thomson Locations: Taipei, Taiwan, Clara , California, Bengaluru, Chibuike, New York, Oakland , California

☆ Here are Wednesday's biggest analyst calls: Netflix, Apple, Dick's, Meta, Amazon, Charles Schwab & more
▼ + stars: | 2023-08-23 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Wednesday's biggest calls on Wall Street: Deutsche Bank reiterates Charles Schwab as buy Deutsche said it sees an even "more" attractive risk/reward for Schwab shares after Tuesday's sell-off. Morgan Stanley reiterates Apple as overweight Morgan Stanley said Apple has "surpassed MSFT as the most under-owned large-cap tech stock exiting the second-quarter." Bank of America reiterates Meta as buy Bank of America said it sees more upside for shares of Meta. Bank of America reiterates Five Below as buy Bank of America said it's standing by shares of the discount retailer. Bank of America downgrades Dick's to neutral from buy Bank of America downgraded the stock after its disappointing earnings report Tuesday.

Persons: Charles Schwab, Schwab, SCHW, Wells Fargo, Wells, Morgan Stanley, Apple, Oppenheimer, Brown, Forman, GM headwinds, Edward Jones, DUK, Avery Dennison, Davidson, Goldman Sachs, Goldman, Susquehanna, Marvell Organizations: Deutsche Bank, Deutsche, Signet, Netflix, GM, Edward, Bank of America, Meta, Barclays, Duke Energy, JPMorgan, UBS, " Bank of America, Infosys, India IT, Marvell Locations: AAPL, 4Q23, Louisiana, Pacific, LPX, India

☆ Buybacks could boost equity demand in coming weeks and these stocks could see a pop, Goldman says
▼ + stars: | 2023-08-23 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

A flurry of buyback activity should give the equity market a boost in the coming weeks, and some stocks stand to benefit more than others, according to Goldman Sachs. August has seen strong repurchase volume from large-cap companies with executions standing at about 40% above the average 2023 level, Goldman said. Goldman's buyback basket of 50 sector-neutral companies with above-average repurchase activity has historically performed particularly well following the second-quarter earnings season, Goldman said. The stocks in Goldman's basket included Tapestry , Lockheed Martin, HP , Dollar General , Applied Materials and Bath & Body Works . Still, higher interest rates could cause a slowdown in buybacks this year as many companies tend to issue debt to repurchase stocks.

Persons: Goldman Sachs, Goldman, David Kostin, Lockheed Martin Organizations: HP, Dollar, Applied Materials, Body

☆ BlueScope Steel CEO: We have a 'strong outlook for the next six months'
▼ + stars: | 2023-08-22 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlueScope Steel CEO: We have a 'strong outlook for the next six months'BluesScope Steel CEO Mark R Vassella discusses the latest earnings, the impact of the China and US economies, and share buybacks.

Persons: Mark R Vassella Organizations: BlueScope, BluesScope Locations: China

☆ US energy firm payouts to oil investors top exploration spending for first time
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The outlook for stronger energy prices has not changed the focus on investor returns from the U.S. industry, according to the report's authors, Ernst & Young LLP. Last year's investor payouts were up substantially - 214% over 2021 and more than sevenfold over 2020 levels, the report said. Money spent on finding and tapping oil and gas also rose, but as a much slower pace. Returns benefited from strong oil and gas pricing and a cost-consciousness that emerged after energy prices collapsed three years ago. Profit per barrel last year hit $32 compared to about $10 in 2014, when energy prices were about the same level as today, EY said.

Persons: Liz Hampton, Ernst, Young, Money, Bruce, EY, Gary McWilliams, David Gregorio Our Organizations: REUTERS, Rights, U.S, Young LLP, DiamondBack Energy, Natural Resources, ConocoPhillips, Thomson Locations: Midland, Odessa, Texas, U.S

☆ Bank of America says buy these 26 small-cap value stocks set to outperform and lead in cash returns as the economy officially enters a recovery stage
▼ + stars: | 2023-08-22 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

Bank of America says small-cap value could lead the US recovery. If August trends upwards per a BofA indicator, then the US economy will officially be in recovery. Historically, small-cap value stocks with solid cash returns have outperformed the market during this phase, reads the note. If you're ready to make an early bet in favor of the economy, then small-cap value stocks are a strong bet. These stocks are in the top quintile for value and are based on five metrics that have performed best in previous recovery cycles.

Persons: Russell, Price Organizations: of America, Bank of America

☆ Consumers have spent all of their excess savings from the pandemic. That's just one reason why stocks are poised to fall, JPMorgan says
▼ + stars: | 2023-08-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

US consumers have spent all of their excess savings from the pandemic, according to JPMorgan. The bank highlighted the softening of the consumer as one reason why stocks are poised to continue their decline. In a Thursday note, he said consumers have spent down the entirety of their excess savings from the pandemic, which at one point totaled more than $2 trillion. A softening consumer is just one reason why he is preaching continued caution towards the stock market amid its 5% decline, according to the note. Another headwind for the stock market is the fact that rich valuations make buybacks less attractive for companies when they're funded by debt, he added.

Persons: JPMorgan's Marko Kolanovic, Kolanovic Organizations: JPMorgan, Service Locations: Wall, Silicon, China, Germany

☆ Bonds find respite but China crisis festers
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. But equally there was little let-up in the bad news from China's ailing economy and real estate sector. China's securities regulator said on Friday it would cut trading costs, support share buybacks and introduce long-term capital as it unveiled a package of measures aimed at reviving the stock market and boosting investor confidence. Other Asian bourses and European stocks fell too, with U.S. stock futures also in the red before the open. Emerging market equity indices (.MSCIEF) teetered near two-month lows too.

Persons: Brendan McDermid, Mike Dolan, HSI, teetered, Estee Lauder, Joe Biden, Fumio Kishida, Yoon Suk, Elaine Hardcastle Organizations: New York Stock Exchange, REUTERS, Bank of America, Federal, Jackson, China, HK, People's Bank of, U.S, Japan's, Palo Alto Networks, Deere, Treasury, Japan, South, Camp David Reuters Graphics Reuters, Reuters, Reuters Graphics, Thomson Locations: New York City, U.S, China, Treasuries, Beijing, Philadelphia, Shanghai, Hong Kong, People's Bank of China, South Korea

☆ China unveils measures to revive stock market
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +3 min

The China Securities Regulatory Commission (CSRC) proposed steps including cutting trading costs, supporting share buybacks and encouraging long-term investment to support a stock market (.CSI300) that has slid to nine-month lows. China's leaders vowed in late July to reinvigorate the stock market, which has been reeling as the country's economic recovery flags and woes in the property market deepen. The CSRC said on Friday that stablizing the stock market was a priority. "Without a relatively stable market environment, there's no basis for reviving the market and lifting sentiment," the regulator said. "The key to lifting market sentiment is to rescue the economy, and the property market is the crux," Niu said.

Persons: Aly, CSRC, Niu Chunbao, Niu, Pang Xichun, Jason Xue, Samuel Shen, Tom Westbrook, Toby Chopra, Jan Harvey Organizations: REUTERS, Rights, China Securities Regulatory Commission, Ministry of Finance, Wanji Asset Management, Nanjing RiskHunt Investment Management, Thomson Locations: Shanghai, China, Nanjing, Singapore

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