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CNN is not revealing the identities of the bank victims in order to protect their safety. Bank victims protest in Henan in July 2022. Experts say small banks in other parts of China could face the same crisis, as the world’s second largest economy faces a longer term structural slowdown. Some Chinese bank victims even say they’re living in fear of violent reprisals. CNN interviews bank victims in China.
March 29 (Reuters) - Faraday Future Intelligent Electric Inc (FFIE.O) said on Wednesday it has started production of its much-delayed first luxury electric car, FF 91 Futurist, at its California factory. "This shows that FF has entered a new phase under the governance and operation of the new board and management," founder YT Jia said in a statement. The FF 91 Futurist is expected to be offered in both the U.S. and China markets, with initial 2023 sales to begin in Los Angeles, San Francisco, New York, Shanghai and Beijing, the company said. Deliveries in the U.S. will begin at the end of April 2023, a spokesperson for Faraday Future told Reuters, but did not give details on who the first customers would be. Reporting by Yana Gaur and Jyoti Narayan in Bengaluru; Editing by Sherry Jacob-Phillips and Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.
watch nowAsia-Pacific's private equity market plummeted last year — as investors' appetite for risk fell in the face of inflation and geopolitical tensions, according to Bain & Company. The total deal value for the region plunged by 44% to $198 billion in 2022, the global management and consulting firm said in a Tuesday report. Lingering macroeconomic uncertainties alongside rising costs and worsening company performance that dampened investor sentiment, Bain said in its Asia Pacific Private Equity Report 2023. "For more than a decade, the Internet and tech sector has attracted the largest share of private equity capital in the Asia-Pacific region. ESG-related investmentsWhile macroeconomic conditions dampened investors' sentiment in private equity deals region-wide, Bain saw a rise in the number of deals related to environmental, social, and corporate governance (ESG).
SVB collapse could add to China stock investors' anxiety
  + stars: | 2023-03-12 | by ( Summer Zhen | ) www.reuters.com   time to read: +4 min
SHANGHAI, March 12 (Reuters) - China stock investors, already disillusioned by Beijing's lower-than-expected economic growth target for the year, will be further disheartened by the shock collapse of U.S. lender SVB Financial Group, market participants said. The market mood could be damped further following Friday's sudden collapse of start-up focused lender SVB (SIVB.O), which stirred heated discussion over the weekend in China about its fallout. But many Chinese tech start-ups, especially those with dollar funding, have opened U.S. accounts at SVB. He is cautious about tech stocks that could be impacted by US-China frictions. Still, domestic A-shares will likely outperform offshore China stocks, which are more vulnerable to potential spillover from the SVB collapse, analysts say.
MSA Capital's Ben Harburg previews China's NPC Conference
  + stars: | 2023-03-03 | 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 EmailMSA Capital's Ben Harburg previews China's NPC ConferenceBen Harburg, MSA Capital, joins 'Closing Bell: Overtime' to discuss China markets and preview the China NPC Conference.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAustralia is an important part of our portfolio, says Hong Kong power companyRichard Lancaster of CLP says although it has a strong focus on Hong Kong and mainland China markets, Australia is a good long-term investment for the company's portfolio.
Optimism on Chinese stocks soars to five-year highs
  + stars: | 2023-02-06 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +5 min
Active foreign fund managers put $1.39 billion into mainland Chinese stocks in the four weeks ended Jan. 25, EPFR data showed. Active money managers are more involved with picking portfolio investments, while passive money managers tend to follow stock indexes. At the time, a few institutional investors had said it was time to buy Chinese stocks due to Beijing's emphasis on stability in a politically important year. He said inflows were also less aggressive when it came to U.S.-listed Chinese stocks. Pinduoduo , Baidu and Bilibili were among the U.S.-listed Chinese stocks that saw the largest inflows, the report showed.
Tourists walk under colorful lanterns at Beijing Nangong Tourist Resort during the Spring Festival holiday on January 23, 2023 in Beijing, China. The Chinese Lunar New Year, or Spring Festival, falls on January 22. China's onshore A-shares were hovering close to bull market territory on Monday, the first day after returning from the Lunar New Year holiday. A bull market is technically defined as a period where stocks increase by at least 20% from recent lows. Mainland China markets were closed for a full week to observe the Lunar New Year holiday.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose as much as 0.55% to hit an almost nine-month high of 562.10, and was last at 559.39. The index, which fell nearly 20% last year, is up nearly 11% so far this month and is on course for its best-ever January performance. European stock futures indicated that stocks were set to rise, with the Eurostoxx 50 futures up 0.3%, German DAX futures 0.28% ahead and FTSE futures up 0.16%. Oil prices rose on expectations of a boost to demand from China's reopening and after the strong U.S. data. U.S. West Texas Intermediate crude rose 0.41% to $81.34 per barrel and Brent was at $87.83, also up 0.41% on the day.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose as much as 0.55% to hit an almost nine-month high of 562.10. European stock futures indicated that stocks were set to rise, with the Eurostoxx 50 futures up 0.31%, German DAX futures 0.28% ahead and FTSE futures up 0.17%. The dollar index , which measures the U.S. currency against six other peers, rose 0.12%, with the euro down 0.11% to $1.0877. Oil prices rose on expectations of a boost to demand from China's reopening and after the strong U.S. data. U.S. West Texas Intermediate crude rose 0.33% to $81.28 per barrel and Brent was at $87.75, up 0.32% on the day.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.53% to almost nine-month highs of 561.99. Thursday's set of data has raised investor hopes of a soft landing - a scenario in which inflation eases against a backdrop of slowing but resilient economic growth. Futures are pricing a 94.7% probability of a 25-basis-point hike next Wednesday and see the Fed's overnight rate at 4.45% by next December, or lower than the 5.1% rate Fed officials have projected into next year. Data on U.S. personal consumption expenditures (PCE) due at 1330 GMT will provide further clues on inflation. Oil prices rose on expectations of a boost to demand from China's reopening and after the strong U.S. data.
HONG KONG, Jan 27 (Reuters Breakingviews) - China’s first big vacation of 2023 offers shallow relief to investors. Passenger car sales dropped 21% from the same festive period last year, per Nomura analysts, and real estate keeps plunging. Central bankers terrified that China’s reopening will fuel more global inflation will be relieved. Chinese consumers enjoyed their holiday but there was little sign of dramatic “revenge consumption.” Scarred consumers have too many reasons to avoid splurging for the foreseeable future. The opinions expressed are her own)Follow @ywchen1 on TwitterloadingCONTEXT NEWSMainland China’s Lunar New Year holiday runs from Jan. 21 to Jan. 27 in 2023.
"'We believe Asian markets are well positioned vs. developed markets as we expect China re-opening to be a key driver, which would benefit even Asia ex China markets," McCarthy wrote. Broadening that out even further, emerging markets in general are a favorite of many investment strategists. But emerging markets can be tricky for investors, and volatile. Another way for investors to play a recovery in emerging markets, with more dispersed currency and political risk, could be sector funds tied to commodities. "I can buy ETFs that have exposure to say BHP, Rio Tinto, Anglo American, Glencore," Sohn said.
Jan 10 (Reuters) - Analysts raised 2023 earnings estimates for Asian companies over the past month, contrasting with the raft of earnings downgrades in the last year, as China's reopening and slowing inflationary pressures boost optimism. MSCI Asia-Pacific's (.MIAP00000PUS) 2023 earnings estimates were raised by 2.5% over the past month, with China's earnings raised by 3.1%, followed by Japan's 2.3%. By sector, analysts lifted consumer discretionary and industrials earnings by over 2% in the past month, while financials and tech companies were increased by 1.2% each. Last year, analysts cut their forward 12-month earnings by 7% as the region's revenues shrank due to China's stricter COVID-restrictions and as higher product prices affected companies' profit margins. Breakdown by sector for estimates changes"In general, valuations of Asian equities look attractive compared with those of developed markets.
China markets tank as protests erupt over Covid lockdowns
  + stars: | 2022-11-27 | by ( Laura He | ) edition.cnn.com   time to read: 1 min
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MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.3%, after U.S. stocks ended the previous session with gains. Australian shares (.AXJO) were up 0.7%, with most gains coming from mining and resources giants as a result of higher oil prices. Case numbers in Beijing and Shanghai are steadily rising, prompting authorities to close some facilities. "The biggest story for investors in Asia is still the China reopening," said Suresh Tantia, Credit Suisse's senior investment strategist in Singapore. While the FTX exchange collapse continues to roil cryptocurrency markets, Bitcoin was 0.33% higher in Asian trading hours to $16,184.
Thomas Peter | ReutersStocks in Hong Kong and China rallied at the end of a volatile week last week, driven by speculation that Beijing could soon ease its Covid-zero policy — but economists at Goldman Sachs say China may still be "months away" from reopening. We estimate that a full reopening could drive 20% upside for Chinese stocks... Goldman Sachs"The actual reopening is still months away as elderly vaccination rates remain low and case fatality rates appear high among those unvaccinated based on Hong Kong official data," Goldman Sachs economists led by Hui Shan said in a Sunday note. China stocks may jump 20% at reopeningGoldman maintains its view that China could reopen in the second quarter of 2023. The latest Hong Kong government statistics show only 60.81% of people aged 80 and older have received all three doses. "A safe and orderly reopening is very difficult right now," the Goldman Sachs note said.
"There's a growing perceived chance that the Fed will be the last major central bank to throw in the towel and arrest its tightening cycle," said Francesco Pesole, FX strategist at ING. U.S. payrolls data released later on Friday will provide the latest indication of the health of the U.S. economy. In contrast, Friday data showed euro zone business activity contracted last month at the fastest pace since late 2020. CHINA HOPESFriday's 'risk on' move in currencies, as well as commodity and share markets, followed reports China could relax its anti-COVID restrictions, which have been hobbling economic activity. "CNH (the yuan traded offshore) will tell you if investors are running hot or cold in China markets.
Yuan jumps, dollar pauses, sterling claws back some ground
  + stars: | 2022-11-04 | by ( Rae Wee | ) www.reuters.com   time to read: +5 min
The offshore yuan jumped more than 1% in the Asia session to a one-week peak of 7.2441 per dollar, and last traded 7.2621. But traders said the most potent boost to the yuan came from speculation that China could relax anti-COVID restrictions,which have been hobbling economic activity. And as is typically the case, this type of 'risk on' move indicated by the yuan will have a magnetic attraction across Asia markets." The Australian dollar rose 0.86% to $0.6342, further buoyed by the positive sentiment on China, as the Aussie is often used as a liquid proxy for the yuan. DOLLAR DOMINANCEFed rate futures now point to a terminal rate of about 5.15% by mid-2023, after the Federal Reserve raised interest rates by three-quarters of a percentage point this week.
China's market is for long-term investors, says UBP
  + stars: | 2022-11-04 | 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 market is for long-term investors, says UBPVey Sern Ling of UBP discusses the outlook for China markets, and says that current markets are "depressed" but there could be an upside in the longer term.
Chinese equities make up 31% of the MSCI Emerging Market index (.MIEF00000PUS), a popular stock index that many funds track and benchmark their performances against. Fund research firm Morningstar tracks nine new emerging market ex-China equity mutual funds and exchange-traded funds (ETFs) that were created this year, matching the number of launches in total over the previous two years. If Aubrey was to remove China from its emerging market strategy, the Indian market would take a significant portion, while the rest will be spread around other countries including Vietnam, Brazil and Mexico, he said. OUTFLOWSAndrew McCaffery, Fidelity International's global chief investment officer, said they have received increased requests from clients for emerging markets excluding China strategies, although the purpose was to “break China out as an allocation separately within global portfolios”. “The challenge is that they (global investors) are not going to be quick to add back in,” he said.
Dollar climbs as case for U.S. rate hikes firms
  + stars: | 2022-10-09 | by ( Tom Westbrook | ) www.reuters.com   time to read: +3 min
U.S. unemployment unexpectedly fell last month, Friday figures showed, and inflation data due on Thursday is forecast to show headline inflation at a hot 8.1% year-on-year. Westpac strategist Sean Callow said the data and rising yields in response was a "robust combination for the dollar." Register now for FREE unlimited access to Reuters.com Register"It's further evidence that the U.S. economy is not cratering," he said. The U.S. dollar index was steady at 112.83, off lows around 110 last week and creeping back toward last month's 20-year high of 114.78. Chinese markets reopen after a week-long holiday, and ahead of that the offshore yuan was steady at 7.1310 per dollar.
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