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☆ China issues new bonds to prop up economy as global investors flee at 'unprecedented' pace
▼ + stars: | 2023-10-25 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Foreign fund outflows from China’s so-called A-share market have entered “an unprecedented stage,” Morgan Stanley strategists wrote in a recent note. A-shares are yuan-denominated shares of mainland China firms that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. This seems highly unlikely under Xi.”Even Chinese investors seem to be plagued by a growing lack of faith in the future of the country’s economy. It will hit the economy in an all-around and indiscriminate way,” the fund said in a letter to its investors, which went viral. “Xi might wield vast control in China, but he can’t compel global investors to buy into his vision or risk their capital,” he said.

Persons: ” Morgan Stanley, ”, Alex Capri, Xu jingbai, ICHPL, Brock Silvers, Beijing’s “, Apple’s iPhones, George Magnus, Joe Biden, Goldman Sachs, Derek Scissors, Xi, Craig Singleton, Xi Jinping, “ Organizations: Hong Kong CNN — Investors, Shanghai Stock Exchange, Shenzhen Stock Exchange, Connect, CSI, Foundation, National University of Singapore Business School, Chinese Communist Party, Kaiyuan, “, China’s Taiwan Affairs Office, China Centre of Oxford University, Global, People’s Bank of China, National People’s, Central Huijin Investment, American Enterprise Institute, Dingtai, Foundation for Defense of Democracies Locations: China, Hong Kong, Beijing, China’s, Shanghai, Shenzhen, Hai'an, China's Jiangsu, Capri, United States, ”

☆ China signals more support for struggling local governments
▼ + stars: | 2023-10-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — China on Tuesday took steps toward easing financing conditions for local governments, which have been at the crux of recent economic difficulties. The central government said it formalized a process allowing local governments to borrow funds for the year ahead — starting in the preceding fourth quarter, according to an announcement published by state media. The measure was adopted at a meeting of the National People's Congress Standing Committee, according to state media. The move helps stabilize fiscal policy, said Xu Hongcai, deputy director of the Economics Policy Commission at the China Association of Policy Science. On Tuesday, Chinese authorities also announced the issuance of 1 trillion yuan ($137 billion) in government bonds for natural disaster relief, according to state media.

Persons: —, Xu Hongcai, Zhiwei Zhang Organizations: Workers, Future Publishing, Getty, State Council, National, China Association of Policy, CNBC, International Monetary Fund, IMF, Xinhua Locations: Suzhou, China's Jiangsu, BEIJING, China

☆ China PMI, bumper 'Golden Week' travel give glimmers of hope for economy
▼ + stars: | 2023-10-02 | by ( Laura He | ) edition.cnn.com time to read: +6 min

PMI data released by Caixin Media and S&P Global showed both manufacturing and services losing some momentum. “We see increasing evidence of a near-term growth stabilization,” Nomura analysts said in a research note on Saturday, thanks partly to the raft of policy measures unveiled since late July, they added. While domestic travel for the Golden Week holiday appears strong, Chinese consumers are leaving the mainland in fewer numbers. Preliminary statistics from ForwardKeys, a global travel data provider, last week showed that Chinese travel within Asia was down 33% on pre-pandemic levels. On the first day of the Golden Week holiday, the number of mainland Chinese tourists entering Hong Kong was still less than half of 2018’s level, the city’s government said over the weekend.

Persons: Hong Kong CNN —, Stringer, “, ” Nomura, Julie Kozack, Xu Jiayin, Xu Organizations: Hong Kong CNN, National Bureau, Statistics, PMI, Caixin Media, P Global, Getty, China State Railway Group, Ministry, Transport, Ministry of Culture, Tourism, NBS, ” Citi, International Monetary Fund, Bank, Golden, Evergrande Group Locations: Hong Kong, Nantong, China's Jiangsu, AFP, China, Hangzhou, China's, Zhejiang, Beijing, Asia

☆ Saudi Arabia wants to buy its way into a major 6th-gen fighter jet project, but not all its potential partners are welcoming
▼ + stars: | 2023-09-07 | by ( Paul Iddon | ) www.businessinsider.com time to read: +6 min

Saudi Arabia reportedly wants to join the effort, but Japan is said to be wary of letting Riyadh in. A senior British defense told The Financial Times that the UK views "Saudi Arabia as a key partner in the fighter program and we are working to ensure strong progress as soon as possible." AdvertisementAdvertisementJapan also fears Saudi Arabia might want to export the cutting-edge jet to adversaries, such as China and Russia, or use its veto power to prevent Tokyo from exporting it to one of its allies. Indonesia, for example, has joined South Korea's KF-21 Boramae project, which aims to produce a quasi-stealth fighter jet by the late 2020s. AdvertisementAdvertisementOn the other side of Asia, Azerbaijan recently joined Turkey's TF Kaan stealth fighter project.

Persons: Bill Bostock, milch, Shigeto Kondo, Pascal Rossignol, GCAP, Tempest, China's, Paul Iddon Organizations: Service, Global Combat Air Program, The Financial Times, Financial Times, Britain's Telegraph, Japanese Institute of, Eastern, Al, KF, Indo, Getty, South Korea's KF, Turkey's TF, JF, 51st Paris Air Show, REUTERS, Rafale Locations: Italy, Japan, Saudi Arabia, Riyadh, Wall, Silicon, Tokyo, British, London, Saudi, China, Russia, Jakarta, AFP, Indonesia, Asia, Azerbaijan, Ankara, Pakistan, Baku

☆ Evergrande soars 70% leading Chinese property stocks higher after Country Garden avoids default
▼ + stars: | 2023-09-06 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)Shares of Chinese property developer Evergrande as much as 82% on Wednesday, leading gains on the Hang Seng Index . The stock has since pared its gains, but was still about 70% higher. The real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks. Other stocks like Country Garden Holdings and Logan Group also surged, gaining as much as 26% and 28% respectively, while the Hang Seng Mainland Property Index was up about 4%.

Organizations: Getty, Garden Holdings, Logan Group, Mainland Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu

Since March, seaborne imports of thermal coal have exceeded 28 million metric tons every month, except for the 27.63 million from June, according to Kpler. In 2022, seaborne imports of thermal coal only once breached the 24 million metric tons level, in November, and were below 20 million for eight of the 12 months. China's July coal production was 377.54 million metric tons, which was down 6.3% from June, with the lower output coming as China increases mine safety inspections. China thermal coal imports from Australia, Indonesia and RussiaAUSTRALIAN IMPORTSChina has returned to buying Australian thermal coal after Beijing ended its unofficial ban on such imports, imposed in mid-2020 amid a political dispute with Canberra. China's imports of Australian thermal coal are estimated at 4.89 million metric tons in August, down from a three-year high of 5.41 million.

Persons: Tingshu Wang, Stephen Coates Organizations: Huawei, REUTERS, Rights, Newcastle Port, Argus, Indonesia, Reuters, Thomson Locations: Shenmu, Yulin city, Shaanxi, China, Rights LAUNCESTON, Australia, Qinhuangdao, India, Indonesia, Russia AUSTRALIAN, Beijing, Canberra, Newcastle, Kpler

☆ Evergrande shares plunge as much as 87% as trading resumes after 17 months
▼ + stars: | 2023-08-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)Shares of the world's most indebted property developer China Evergrande Group plunged as much as 87% on its open on Monday, trading for the first time since March 21, 2022. Shares fell to as low as 22 Hong Kong cents on Monday, compared to its last close at 1.65 Hong Kong dollars per share on March 18, 2022. The resumption of trade comes as the company posted a loss of 39.25 billion yuan ($5.38 billion) for the six months ended June, a smaller loss compared to the 86.17 billion yuan loss the same period a year ago. Revenue came in at 128.81 billion yuan, rising from 89.28 billion yuan in June 2022.

Organizations: Getty, China Evergrande, Hong, Hong Kong Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu, Hong Kong

☆ Pinnock flies to a world-leading distance in long jump qualifying
▼ + stars: | 2023-08-23 | by ( Lori Ewing | ) www.reuters.com time to read: +1 min

BUDAPEST, Aug 23 (Reuters) - Jamaica's Wayne Pinnock needed just one attempt to secure his spot in the men's long jump final at the World Athletics Championships, soaring to a world-leading 8.54 metres on his opening jump in Wednesday's qualifying. I came here, had the focus and just jumped," Pinnock said. "In the final (Thursday), I want to go out there and do the same thing and whatever comes will come," Pinnock said. Three Jamaicans clinched spots in final, with Carey McLeod (8.19) and Tajay Gayle (8.12) joining Pinnock in the final 12. India's Jeswin Aldrin, whose 8.42 was previously the best in the world this season, was the last qualifier, with a jump of 8.00.

Persons: Jamaica's Wayne Pinnock, Pinnock, " Pinnock, Carey McLeod, Tajay Gayle, China's Jianan Wang, Miltiadis, India's Jeswin Aldrin, Lori Ewing, Pritha Sarkar Organizations: Thomson Locations: BUDAPEST, Eugene, Greece

☆ Oil prices climb on expectations of lower OPEC+ exports in August
▼ + stars: | 2023-08-21 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -analystsRussia remains China's top crude supplier in July -dataChina's July diesel exports surge -dataSINGAPORE, Aug 21 (Reuters) - Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates. The September WTI contract expires on Tuesday and the more active October contract gained 73 cents to $81.39 a barrel. Supply is tightening, however, with OPEC+ crude exports set to fall a second month in August, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore, citing preliminary data from shiptracking firm Kpler. "Unless there is a recession and demand slows or drops, OPEC+ is in control." Meanwhile, Chinese refiners ramped up refined products exports in July, drawn by strong export margins.

Persons: Lucy Nicholson, Brent, Stefano Grasso, " Grasso, Baker Hughes, Florence Tan, Shri Navaratnam, Tom Hogue Organizations: REUTERS, U.S, West Texas, U.S ., Organization of, Petroleum, Thomson Locations: Bakersfield , California, China, Russia, SINGAPORE, Saudi Arabia, 8VantEdge, Singapore, OPEC, Saudi, United States

"We think the situation is probably getting a little bit worse because of this Country Garden incident," Chan told CNBC in a phone interview Thursday. The debt troubles at Country Garden and the uncertainty of government support are feeding into broader unease in the Chinese housing market. Louise Loo Oxford EconomicsThe Chinese property sector has been reeling since 2020, when Beijing cracked down on the debt levels of mainland property developers. Chan said S&P's bear case for China's property sector is for 11 trillion yuan in sales this year, and 10 trillion yuan for 2024. Land sales divergenceAs China's property sector consolidates amid the debt and credit malaise, state-owned developers are better positioned to grow than non-state ones.

Persons: Edward Chan, Chan, Evergrande, Louise Loo, Global's Chan, That's, China's, Gary Ng Organizations: Future Publishing, CNBC, JPMorgan, Louise Loo Oxford, Oxford Economics, Natixis Corporate, Investment Banking Locations: Chengdong, Hai, City, East China's Jiangsu Province, China, U.S, China's, Beijing

Yields on one-year real estate bonds rated AA- have widened 220 bps in the past month, data from Chinabond shows. That divergence reflects investors' expectations that Beijing will support LGFVs in order to minimise financial contagion, despite rising delinquencies among developers. Yields on LGFV bonds issued in August averaged around 3.9%, the lowest seen this year, according to data provider Dealing Matrix(DM). The chorus of economists calling for China to support LGFVs as part of measures to shore up the economy has grown. Chi Lo, Hong Kong-based senior economist at BNP Paribas Asset Management, said Beijing needs to refinance LGFV debt over the next three to five years to prevent the system from imploding.

Persons: Aly, Zhu Yangmo, LGFVs, Zhu, Chi Lo, Li Gu, Samuel Shen, Tom Westbrook, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, China Central Depository, Asset Management, Garden Holdings, HK, China International Capital Corp, Tianjin Infrastructure Investment Group, AAA, China, Thomson Locations: Shanghai, China, Rights SHANGHAI, SINGAPORE, Hainan, Beijing, Tianjin, Hong Kong, imploding, Singapore

☆ China's tanking economy is costing major US companies and could throw cold water on America's economic boom
▼ + stars: | 2023-08-17 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

China's slowing economy is chipping away at some American companies' revenues. China's July economic report didn't mention youth-unemployment statistics after it soared to 21.3% in the second quarter, citing economic and social changes. While Chinese manufacturing and construction are struggling to recover, some American companies with strong ties to China are also feeling the effects. Dow's rival DuPont also reported a drop in China sales from existing operations, a 14% year-over-year fall. To be sure, some American companies have performed well in China over the past few months.

Persons: Gamble, Stephen Williamson, Danaher, Rainer Blair, Howard Ungerleider, Edward Breen, Marriott Organizations: DuPont, Danaher, Procter, Service, Citigroup, Intel, Toyota, Nissan, Apple, Starbucks, Street Journal, Monetary Fund Locations: China, Wall, Silicon, American, Ohio, Greater China, Beijing

☆ China's JD.com beats revenue estimates on sales amid slowing economy
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

A sign of China's e-commerce company JD.com is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 16 (Reuters) - Chinese e-commerce firm JD.com (9618.HK), beat Wall Street estimates for second-quarter revenue on Wednesday, as its focus on lower-priced products to attract customers amid an economic slowdown paid off. Revenue grew 7.6% to 287.9 billion yuan ($39.7 billion), compared with analysts' average estimate of 278.85 billion yuan, Refinitiv Eikon data showed. After China abandoned its stringent COVID-19 lockdown policies, consumption failed to rebound immediately amid a slowdown in the country's overall economy. Recent official economic data has also been gloomy, with consumer price index tipping into deflation in July.

Persons: Aly, JD.com, Yuvraj Malik, Sophie Yu, Vinay Dwivedi, Jason Neely Organizations: CES, REUTERS, HK, Wall, Revenue, Analysts, Thomson Locations: Asia, Shanghai, China, U.S, JD.com, Bengaluru, Beijing

Total refinery throughput in the world's second-largest oil consumer was 63.13 million metric tons last month, data from the National Bureau of Statistics (NBS) showed. Production was up slightly from the 14.83 million bpd of oil processed in June. Domestic fuel demand has picked up with the arrival of the summer travel season, notably in gasoline and jet fuel. China's crude oil imports in July pared back from close-to-record levels during the previous month, totalling 43.7 million metric tons, or 10.3 million bpd, according to the customs data. The NBS data on Tuesday also showed China's domestic crude oil production in July was 17.31 million metric tons, or 4.1 million bpd, versus 17.13 million metric tons in 2022.

Persons: Dominique Patton, refiners, Production, Andrew Hayley, Jacqueline Wong Organizations: Shandong Haiyou Petrochemical Group, REUTERS, National Bureau of Statistics, Reuters, Zhuochuang, Thomson Locations: Shandong, county, Shandong province, China, BEIJING

☆ China's July new yuan loans seen dipping after record H1 - Reuters poll
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +3 min

Chinese banks are estimated to have issued 800 billion yuan ($110.98 billion) in net new yuan loans last month, down sharply from 3.05 trillion yuan in June, according to the median estimate in the survey of 29 economists. But the expected new loans would be higher than the 679 billion yuan issued in the same month a year earlier. Chinese banks doled out 15.73 trillion yuan in new loans in the first six months of this year, the highest first-half number on record, central bank data showed. Outstanding yuan loans were expected to grow by 11.3% in July from a year earlier, the same as in June, the poll showed. In July, TSF is expected to fall sharply to 1.10 trillion yuan from 4.22 trillion yuan in June.

Persons: Kim Kyung, TSF, Judy Hua, Kevin Yao, Conor Humphries Organizations: REUTERS, Thomson Locations: Beijing, China, BEIJING

☆ Stocks in China fall as consumer prices drop for the first time in more than 2 years
▼ + stars: | 2023-08-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A vegetables stall in the Haizhu area of Guangzhou, China, in May 2023. Stocks in China and Hong Kong fell Wednesday as China's consumer prices slipped into negative territory in July, for the first time in 28 months. The CSI300, which tracks stocks of the largest listed companies in Shanghai and Shenzhen, fell 0.22%. Mainland Chinese markets were lower, with the Shanghai Composite down 0.36% and the Shenzhen Component 0.28% lower. Producer price index fell 4.4% in July compared to a year ago, more than the 4.1% expected by economists polled by Reuters.

Persons: Hong Kong, China's, Mohamed El, Kospi, Australia's Organizations: Shenzhen, Reuters —, Reuters, Allianz, Twitter, Nikkei Locations: Haizhu, Guangzhou, China, Stocks, Hong, Shanghai, Shenzhen, Asia, Pacific

Sentiment rebounded in China as the blue chip CSI300 index (.CSI300) turned positive to be up 0.07% after initially losing 0.54%. Australian shares (.AXJO) were up 0.15%, while Japan's Nikkei stock index (.N225) rose 0.29% after early trading up by nearly 0.8%. ANZ predicts China's July consumer price index to come in at minus 0.4% year-on-year. "Weak inflation in China should be a global disinflationary force in goods markets going forward." Minor measures to help property markets have been delivered in the past fortnight, but no broad stimulus has been outlined.

Persons: Kim Kyung, Hoon SYDNEY, Hong, HSI, Mizuho, Brent, Scott Murdoch, Lincoln Organizations: Yen, REUTERS, Federal, Japan's Nikkei, Dow Jones, Nasdaq, Global, ANZ, Thomson Locations: Tokyo, Japan, China, United States, Asia, Pacific, U.S, Sydney

☆ European markets lower ahead of key inflation prints; Italian banks sink on windfall tax
▼ + stars: | 2023-08-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

The pan-European Stoxx 600 index slipped 0.3% at the open, with basic resources shedding 1.4% to lead losses as most sectors and major bourses traded in the red. The European blue chip index closed Monday's session up 0.1% as markets appeared to enter suspended animation after last week's global pullback, as investors took profits near the end of earnings season and risk sentiment returned to focus. A Reuters poll of economists produced a consensus forecast for the July print of 3.3% year on year, up from 3% in June. Roughly 85% of S&P 500 stocks have reported quarterly results, and nearly 80% of them have beaten Wall Street's expectations, according to FactSet. Back in Europe, Deutsche Wohnen , Porsche , Bayer, ABRDN and Glencore all report Tuesday.

Organizations: Federal, Deutsche Wohnen, Porsche, Bayer, ABRDN Locations: China, United States, Beijing, The U.S, Asia, Pacific, Europe

☆ China's July exports contracted the most since the start of the pandemic. It shows a tough external market for the world's factory when it needs it the most.
▼ + stars: | 2023-08-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China's exports contracted 14.5% on-year in July, worse than the 12.5% fall analysts had expected. Imports into China fell 12.4% on-year in July, far more than the 5% decline analysts had expected. The two readings reflect weak demand both, externally and internally for China's post-COVID economy. China's exports in dollar terms contracted 14.5% in July from a year ago, making their worst on-year contraction since the COVID-19 pandemic started in early 2020, according to the official data. In particular, high-tech products — which make up a quarter of China's total goods exports — fell 4.4% on-month in July, marking its fourth straight month of decline, Loo added.

Persons: Louise Loo, Loo, Nomura Organizations: Imports, Service, Reuters, European Union, Oxford Economics, Nomura Locations: China, Wall, Silicon

☆ Asia markets largely rise ahead of China trade data
▼ + stars: | 2023-08-08 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Cargo ships stop at their berths to load and unload containers at the container terminal in Lianyungang Port, East China's Jiangsu province, June 5, 2023. Asia-Pacific markets largely rose on Tuesday as investors focus on China's trade data for July. Futures for Hong Kong's Hang Seng index stood at 19,412, pointing to a weaker open compared to the HSI's last close of 19,537.92. Japan's Nikkei 225 rose 0.33%, while the Topix was up 0.25% as the country's household spending remained in negative territory for the fourth straight month. Overall household spending fell 4.2% year on year in June, compared with 4% in May, official data showed.

Persons: Kospi Organizations: Reuters, Nikkei Locations: Lianyungang Port, East China's Jiangsu, Asia, Pacific, Australia, South

☆ China's July exports, imports fall much faster than expected
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly Song/File Photo/File PhotoBEIJING, Aug 8 (Reuters) - China's exports fell 14.5% in July year-on-year, while imports contracted 12.4%, customs data showed on Tuesday, in the biggest decline in outbound shipments from the world's second-largest economy since February 2020. A Reuters poll of economists had forecast a 12.5% fall in exports and a 5.0% drop in imports. China's economy grew at a sluggish pace in the second quarter as demand weakened at home and abroad, prompting top leaders to promise further policy support at a meeting of the Politburo last month. South Korean exports to China fell 25.1% in July from a year earlier, the sharpest decline in three months. China's trade surplus grew by $80.6 billion, beating a forecast of $70.6 billion in the poll.

Persons: Aly, Joe Cash, Sam Holmes Organizations: REUTERS, Thomson Locations: Shanghai, China, BEIJING, Beijing, Asia, South

☆ China's July CPI number could show 'outright deflation,' strategist says
▼ + stars: | 2023-08-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's July CPI number could show 'outright deflation,' strategist saysHomin Lee, senior macro strategist at Lombard Odier, discusses the company's expectations for China's July consumer price index and says the country is facing increasingly challenging demographic and geopolitical problems.

Persons: Homin Lee, Lombard Odier

☆ It's time to lock in gains on this industrial name that has rocketed since June
▼ + stars: | 2023-08-07 | by ( Jim Cramer | ) www.cnbc.com time to read: +2 min

Following the trade, Jim Cramer's Charitable Trust will own 315 shares of CAT, decreasing its weighting in the portfolio to 3.03% from 3.26%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer's, Jim Cramer, Jim, Wang Chun Organizations: Caterpillar, CAT, Management, CNBC, Future, Getty Locations: Lianyungang, East China's Jiangsu

☆ Dollar on guard ahead of inflation data, euro digests Germany's data
▼ + stars: | 2023-08-07 | by ( ) www.cnbc.com time to read: +3 min

The dollar edged up on Monday after a mixed U.S. jobs report on Friday sent the U.S. currency to a one-week low, with market focus turning to inflation data from the world's two largest economies due this week. U.S. inflation data is due on Thursday, where expectations are for core inflation to have risen 4.7% on an annual basis in July. Against the dollar, the euro fell 0.4% to $1.0966, marching towards a one-month low. The Chinese yuan hovered near a two-week low, with its offshore counterpart last 0.2% lower at 7.2034 per dollar. The yen fell 0.4% to 142.28 per dollar after hitting a one-week high of 141.52 per dollar in Asia trade.

Persons: Chris Weston, Weston, Jane Foley Organizations: U.S, ECB, European Central Bank, Rabobank, Bank, Japan, Bank of England, bps Locations: U.S, Germany, China, Asia

☆ Dollar tentative as US inflation data looms
▼ + stars: | 2023-08-07 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

REUTERS/Rick Wilking/File PhotoSINGAPORE, Aug 7 (Reuters) - The dollar was on the back foot on Monday after a mixed U.S. jobs report provided little directional conviction and as market focus turned to inflation data from the world's two largest economies due this week. The U.S. economy added fewer jobs than expected in July, data on Friday showed, but it recorded solid wage gains and a decline in the unemployment rate. "There was a narrative in there for everyone, depending on your bias," said Pepperstone's Head of Research Chris Weston of the jobs report. U.S. inflation data is due on Thursday, where expectations are for core inflation to have risen 4.7% on an annual basis in July. Elsewhere, the Australian dollar edged 0.1% higher to $0.6577, while the New Zealand dollar gained 0.18% to $0.6109.

Persons: Rick Wilking, Chris Weston, Weston, Rae Wee, Jacqueline Wong Organizations: REUTERS, U.S, Sterling, New Zealand, Bank, Japan, Thomson Locations: Westminster , Colorado, SINGAPORE, U.S, Friday's, China, Asia

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