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☆ Asia markets extend declines amid Iran-Israel tensions; China economic data on deck
▼ + stars: | 2024-04-16 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A batch of cars are ready to be shipped to overseas markets at the port of Taicang, Jiangsu province, China, April 9, 2024. Future Publishing | Future Publishing | Getty ImagesAsia-Pacific markets extended their declines as the world awaits Israel's response to Iran's air assault over the weekend. On Tuesday, China's first-quarter gross domestic product numbers will be in focus, with the world's second-largest economy expected to grow 4.6% from a year ago. Futures for Hong Kong's Hang Seng index stood at 16,430, pointing to a weaker open compared to the HSI's close of 16,600. Japan's Nikkei 225 plunged 1.5% at the open, while the broad based Topix was down 1.04%.

Persons: China's, Kospi Organizations: Future Publishing, Getty, Nikkei Locations: Taicang, Jiangsu province, China, Asia, Pacific, Australia

☆ Dollar firm, yen under watch ahead of key US CPI release
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen and U.S. dollar on display in Yichang, Hubei province, Nov 13, 2023. The inflation data follows a strong jobs report last Friday that blew past forecasts, raising questions on how soon and how much the central bank will cut rates this year. On the yen, Wednesday's CPI data will be "a big test for Japanese authorities," Kong added. The U.S. dollar index , which measures the greenback against six rivals, held firm at 104.12. The kiwi climbed as high as $0.6077 versus the U.S. dollar, its strongest since March 21, before flattening at $0.60595.

Persons: Carol Kong, Kong, Kazuo Ueda, Sterling, bitcoin Organizations: U.S, Reserve Bank of New, Commonwealth Bank of Australia, Bank of Japan, Reserve Bank of New Zealand, U.S ., Treasury, Traders, European Central Bank, ECB Locations: Yichang, Hubei province, Reserve Bank of New Zealand, U.S, China

☆ Biden and Xi Jinping hold phone call ahead of Yellen's trip to China
▼ + stars: | 2024-04-02 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

President Joe Biden spoke with Chinese President Xi Jinping on the phone Tuesday, a call the White House described as a way for the two leaders to "check in" and responsibly manage the strained U.S.-China relationship. During the call with Xi, the first such phone meeting since July 2022, Biden raised a host of U.S. concerns, according to a White House readout of the call. Specifically, Biden confronted Xi on China's "unfair trade policies and non-market economic practices," the White House said. The last time Biden and Xi met in person was in November, on the sidelines of a summit in Woodside, California. "To take it back to that meeting last November, both President Biden and President Xi agreed that they would try to pick up the phone a bit more," the senior administration official said.

Persons: Joe Biden, Xi Jinping, Xi, Biden, Janet Yellen, Antony Blinken, Yellen Organizations: White, U.S ., Russia, U.S, Treasury, Treasury Department, Trump Locations: U.S, China, Taiwan, Ukraine, November's, Woodside , California, Guangzhou, Beijing, United States, Washington

The International Energy Agency, a Paris-based intergovernmental group, notes that in 2023 China accounted for around 60% of global electric car sales. Yellen's remarks are to be delivered Wednesday afternoon at Suniva — a solar cell manufacturing facility in Norcross, Ga. It is reopening, in part, because of incentives provided by the Democrats' Inflation Reduction Act, which provides tax incentives for green energy manufacturing. The European Union, also concerned about the potential threat to its auto industry, launched its own investigation into Chinese subsides for electric vehicles last year. “In the past, in industries like steel and aluminum, Chinese government support led to substantial overinvestment and excess capacity that Chinese firms looked to export abroad at depressed prices,” Yellen said.

Persons: Janet Yellen, China's, ” Yellen, ”, Xi Jinping, Xi Organizations: WASHINGTON, —, International Energy Agency, Treasury, Democrats, China, Trade Organization, U.S, Chinese Commerce Ministry, European Union, “, Communist Party Locations: China, Georgia, Paris, Norcross , Ga, U.S, Beijing

☆ China economy: All-important property market shows no sign of rebound in new year
▼ + stars: | 2024-03-18 | by ( Laura He | ) edition.cnn.com time to read: +4 min

New property sales reached a total of 1.06 trillion yuan ($147 billion) in the first two months of this year, according to data released by the National Bureau of Statistics (NBS) on Monday. The drop also marks a much faster pace of decline from the year-ago period, when new property sales dipped just 0.1%. Property investment fell 9% in the January-to-February period, which was faster than the 5.7% decrease registered during the same period last year. “The correction in property construction is still in its early stages,” Capital Economics analysts said in a research note on Monday. The growth in factory output might be driven by strong exports demand.

Persons: Hong Kong CNN —, “, ”, Louise Loo, ” Loo, Zhiwei Zhang Organizations: Hong Kong CNN, National Bureau of Statistics, Capital, Catering, “, Oxford Economics Locations: China, Hong Kong

☆ China kicks off the year on strong note as retail, industrial data tops expectations
▼ + stars: | 2024-03-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Retail sales rose 5.5%, better than the 5.2% increase forecast in a Reuters poll, while industrial production climbed 7%, compared with estimates of 5% growth. Investment into real estate fell by 9% in the first two months of the year from a year ago. National Bureau of Statistics Spokesperson Liu Aihua said that real estate remains in a period of "adjustment," according to a CNBC translation of his statement in Mandarin. New loans in February missed expectations and fell from the prior month, "even after adjusting for seasonality," Goldman Sachs analysts said in a report Friday. Chinese authorities did not reveal significant new support for the massive real estate sector during an annual parliamentary meeting that ended last week.

Persons: Liu Aihua, Liu, Ting Lu, Goldman Sachs, Pan Gongsheng, Goldman Organizations: Pudong New, Investment, National Bureau of, CNBC, China, People's Bank of China, Reuters Locations: Dongyu, Qiantan, Pudong, Pudong New Area, Shanghai, China, BEIJING, Real, Beijing

☆ Asian currencies could be on the ‘back foot’ despite likely U.S. rate cuts this year, JPMorgan says
▼ + stars: | 2024-03-13 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

The U.S. dollar is expected to remain resilient despite possible Fed rate cuts this year. Asian currencies could be on the "back foot" this year despite signals that the U.S. Federal Reserve could cut interest rates soon, according to Julia Wang, executive director and global market strategist at JPMorgan Private Bank. Emerging market currencies often stand to gain when the Fed cuts interest rates and the U.S. dollar weakens. "The dollar probably could remain somewhat resilient," Wang told CNBC's Squawk Box Asia on Wednesday. However, Supaat, pointed out that Asian currencies did rally last year when there where expectations that the Fed was going to cut rates.

Persons: Julia Wang, Wang, CNBC's, Saktiandi Supaat, it's, Supaat Organizations: U.S, U.S . Federal, JPMorgan Private Bank, U.S ., Asia Locations: U.S, China

☆ China's valuations are 'way too low,' strategist says — here's why
▼ + stars: | 2024-03-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Bloomberg | Bloomberg | Getty ImagesValuations of Chinese stocks are "way too low" and investors should be looking to cautiously re-enter the world's second-largest economy, according to Shaun Rein, founder and managing director of the China Market Research Group. However, Rein attributed this to the Lunar New Year period, and insisted that deflation "still looms over the Chinese economy." "They're cautious about whether or not the government is going to launch a bazooka-like stimulus — clearly they're not going to." "But we think China's low inflation is a symptom of its growth model built on a high rate of investment. As reducing dependence on investment is still far off, we expect inflation to stay low in the long run."

Persons: Shaun Rein, Rein, CNBC's, Huang Organizations: Bloomberg, Getty, China Market Research Group, Capital Economics Locations: China

☆ Markets are hitting record highs. And economists like El-Erian and Krugman can't shake off their fears
▼ + stars: | 2024-03-08 | by ( Zahra Tayeb | ) www.cnbc.com time to read: +4 min

Stellar prices for gold have also stolen investor attention, with the precious metal scaling a new record of over $2,100. The record-breaking numbers for markets, however, haven't stopped some investors from worrying about three key issues. Inflation resurgenceAfter months of cooling, U.S inflation is proving itself to be more stubborn than experts had predicted. That's despite the Federal Reserve embarking on an aggressive monetary policy campaign over the past year, in a bid to tame consumer price pressures from their 40-year highs. Ariel Investments' Vice Chair Charlie Bobrinskoy told CNBC markets are not focused on China's residential real estate problems.

Persons: Michael M, haven't, Nobel, Paul Krugman, Mark Zandi's, Mark Zandi, Krugman, Nouriel Roubini, Doom, Trump, Marko Kolanovic, Mohamed El, Erian, Ariel, Charlie Bobrinskoy Organizations: New York Stock Exchange, Santiago, Federal, stoke, Allianz, Bloomberg, CNBC, El, Ariel Investments Locations: New York City, U.S, China

☆ China's deflation risk 'is real,' JPMorgan economist says
▼ + stars: | 2024-03-06 | 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 EmailChina's deflation risk 'is real,' JPMorgan economist saysZhu Haibin, JPMorgan's chief China economist, discusses China's annual parliamentary meeting, the country's economic policies and its growth outlook.

Persons: Zhu Haibin Organizations: JPMorgan Locations: China

☆ Goldman Sachs explains why China's growth rate is falling but more new jobs are expected
▼ + stars: | 2024-03-05 | 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 EmailGoldman Sachs explains why China's growth rate is falling but more new jobs are expectedHui Shan, chief China economist at Goldman Sachs, says that can be attributed to its economy being more service-oriented and labor-intensive.

Persons: Goldman Sachs, Hui Shan Locations: China

☆ China's economy looks like a mess — but some sectors are quietly doing well in its '2-speed economy'
▼ + stars: | 2024-02-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Meanwhile, its financial markets are bleeding, the property market has gone up in smoke, local government debt appears alarming, and foreign investors are exiting in droves. Real estate — which was a huge part of China's economy — has been hit badly, he said. AdvertisementTravel has picked up after years of pandemic lockdownServices is another pillar of China's economy that Beijing has been trying to build up. AdvertisementThis is in part because new growth industries are not able to take the place of real estate — yet. Because the property market accounts for one-quarter of China's GDP and more than two-thirds of household wealth, its overall drag on China's economy is much greater than whatever is doing well right now.

Persons: —, Rory Green, GlobalData.TS Lombard, AllianceBernstein, John Lin, Lin, Donald Trump's, Louise Loo, Wood Mackenzie, AllianceBerstein's Lin, Nomura, Loo Organizations: Service, Business, Bloomberg TV, Oxford Economics, Nomura, Oxford Locations: China, GlobalData.TS, Real, COVID, Beijing, Europe, Taiwan, South Korea

☆ How China can rescue itself and restore confidence, according to a UBS economist
▼ + stars: | 2024-02-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Market confidence can rebound if Beijing is less hesitant about implementing solutions, specifically those targeting its spanning property sector and domestic consumption. Lower rates would depreciate the yuan, some fear, but this risk would diminish alongside an economic support package, Wang said. Advertisement"The benefit of rate cuts is likely to far outweigh the negative impact of modestly widening the US-China rate gap," she noted.

Persons: Tao Wang, —, Wang Organizations: UBS, FT, Service, Financial Times Locations: China, Beijing, Shanghai

☆ Asia markets poised to fall as investors await key U.S., China economic data
▼ + stars: | 2024-02-29 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

An investor watching share prices at the securities trading floor of Asia Commercial Bank in Hanoi, Vietnam. Asia-Pacific stocks were set to decline Thursday as investors awaited U.S. personal consumption expenditures price index data for clues on the Federal Reserve's interest rate cut path. The U.S. personal consumption expenditures price index — the Federal Reserve's preferred inflation gauge — is due later in the day, while China's manufacturing purchasing managers' index reading is scheduled to be released Friday. Futures for Hong Kong's Hang Seng index stood at 16,564, pointing to a marginally higher open compared to the HSI's close of 16,536.85 . The combined entity was valued at roughly $8.5 billion on a post-money basis, excluding synergies.

Persons: Walt Disney Organizations: Asia Commercial Bank, Reliance Locations: Asia, Hanoi , Vietnam, Pacific, Hong Kong

☆ China is heading for a 'lost decade' if it doesn't reform and grow, an analyst says
▼ + stars: | 2024-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China risks a "lost decade" of slow growth if it doesn't reform its economy, warns an economist. AdvertisementChina faces a "lost decade" of sluggish economic growth much like Japan if it doesn't reform its economy, according to an economist. "China could certainly have a lost decade of growth," Rory Green, the chief China economist at GlobalData.TS Lombard, wrote in a note on Thursday. Leaders are attempting to create a new political-economic model, one less reliant on debt-fueled property-led growth," wrote Green. Meanwhile, technocrats in China generally believe China needs to reform and grow — or risk a Japan-style lost decade, Green added.

Persons: Beijing's, —, Rory Green, GlobalData.TS Lombard, Xi Jinping, Green Organizations: Service, cri sis Locations: China, Japan, GlobalData.TS, Beijing, technocrats

☆ U.S. Treasury team heads to China to talk subsidies, economic policies
▼ + stars: | 2024-02-06 | by ( ) www.cnbc.com time to read: +1 min

The Biden administration has sent five senior U.S. Treasury officials to Beijing this week for economic talks that will include China's "non-market" policies that are adding excess industrial capacity, a Treasury official said on Monday. The Biden administration has sent five senior U.S. Treasury officials to Beijing this week for economic talks that will include China's "non-market" policies that are adding excess industrial capacity, a Treasury official said on Monday. Affected industries include electric vehicles, a sector whose development in the United States the Biden administration is trying to boost with its own tax subsidies. The group will discuss the U.S. and Chinese economic outlooks, investment screening regimes for national security in both countries, and opportunities to cooperate on climate change and debt relief to poor countries, the Treasury official said. The emphasis on China's industrial subsidies comes as the Biden administration is continuing a review of U.S. tariffs imposed on hundreds of billions of dollars worth of Chinese imports by former President Donald Trump.

Persons: Biden, International Affairs Jay Shambaugh, Donald Trump Organizations: U.S, Treasury, International Affairs, China Economic, Group Locations: Beijing, U.S, China, United States

☆ China is in the middle of a secular stagnation, says Clocktower Group's Marko Papic
▼ + stars: | 2024-02-06 | 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 is in the middle of a secular stagnation, says Clocktower Group's Marko PapicMarko Papic, Clocktower Group chief strategist, joins 'Squawk Box' to discuss the upcoming U.S.-China economic talks, state of China's economic woes, risks of escalation in the Middle East, managing geopolitical risk, and more.

Persons: Clocktower Group's Marko Papic Marko Papic Organizations: China, Clocktower Group Locations: U.S, China

☆ CNBC Daily Open: Mega tech earnings grab attention
▼ + stars: | 2024-02-02 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. South Korea led gainsIn Asia, South Korea markets led gains on Friday that tracked Wall Street's rebound from the sell-off of the previous session. Amazon also gave an upbeat guidance for the first quarter as the company reported results that easily topped estimates. Gold demand soarsGeopolitical tensions and a sluggish China economy drove demand for gold to record highs in 2023, the World Gold Council reported. Total gold demand was 4,899 tons last year compared with 4,741 tons in 2022, including over-the-counter transactions and stock flows.

Persons: Jevons Global's Kingsley Jones Organizations: Facebook, New York Stock Exchange, CNBC, Dow, Nasdaq, Meta, Amazon, Apple, Gold Locations: New York City, South Korea, Asia, China

HONG KONG (AP) — Asian stocks were mixed Wednesday as markets awaited a decision on interest rates by the Federal Reserve, while China reported manufacturing contracted in January for a fourth straight month. South Korea’s Kospi shed 0.1% to 2,497.09 after Samsung Electronics reported reported an annual 34% decline in operating profit for the last quarter. Its revenue fell short of Wall Street’s estimates, and it also gave a forecast for full-year revenue in 2024 that was weaker than expected. Treasury yields were also mixed in the bond market following reports that showed the economy remains stronger than expected. The Federal Reserve began its latest policy meeting on interest rates Tuesday, but virtually no one expects it to cut rates this time.

Persons: Seng, India’s Sensex Organizations: Federal Reserve, Nikkei, Samsung Electronics, PMI, Reserve Bank, Dow Jones Industrial, Nasdaq, Whirlpool, General Motors, Treasury, Traders, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, China, Shanghai, U.S

☆ China is ramping up stimulus to boost market confidence — but is it enough?
▼ + stars: | 2024-01-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Starting Feb. 5, the People's Bank of China will allow banks to hold smaller cash reserves, central bank governor Pan Gongsheng said at a press conference, his first in the role. Cutting the reserve requirement ratio (RRR) by 50 basis points is set to release 1 trillion yuan ($139.8 billion) in long-term capital, the central bank said. A 2 trillion yuan boost? Chinese Premier Li Qiang on Monday called for much stronger measures to boost market stability and confidence, according to an official readout. Chinese authorities in October already announced the issuance of 1 trillion yuan in government bonds, alongside a rare increase in the deficit.

Persons: Gongsheng, Pan Gongsheng, Tao Wang, Ting Lu, a, Lu, Wang, Stocks, Winnie Wu, That's, Li Qiang, Pan, Philip Yin, David Chao, Pan's Organizations: People's Bank of China, State Administration of Foreign Exchange, Financial, Getty, Visual China, People's Bank of, UBS Investment Bank, Wednesday, National Financial Regulatory Administration, UBS, Bank of America's, Bloomberg, PBOC, Citi, U.S, Asia Pacific, CNBC Locations: BEIJING, CHINA, Beijing, China, People's Bank of China, Asia, Hong Kong, capitulating, Japan, Invesco

☆ CNBC Daily Open: All eyes on U.S. fourth-quarter GDP
▼ + stars: | 2024-01-25 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China, Hong Kong shares lead gainsChina and Hong Kong stocks led gains in Asia on Thursday after the People's Bank of China said it would cut reserve requirements for the country's lenders. Fourth-quarter U.S. GDP data is due on Thursday, which is expected to show the economy is at the crossroads. Tesla's earnings disappointTesla reported fourth-quarter earnings that missed estimates as automotive revenue increased just 1% from a year earlier.

Persons: Tesla Organizations: CNBC, People's Bank of, Nasdaq, Dow, Survey, Health, Citi Locations: China, Hong Kong, Asia, People's Bank of China, India

☆ China economy: Deflation starting to rear its ugly head, analyst says
▼ + stars: | 2024-01-22 | 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 economy: Deflation is starting to rear its ugly head, analyst saysShaun Rein, founder of the China Market Research Group, says deflation is starting to rear its ugly head and investors should be cautious.

Persons: Shaun Rein Organizations: China, China Market Research Locations: China

☆ China is in 'a bit of a policy pivot,' economist says
▼ + stars: | 2024-01-22 | 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 is in 'a bit of a policy pivot,' economist saysLouise Loo, lead China economist at Oxford Economics, says "the easing bias is still there, but we're likely to see different kinds of easing."

Persons: Louise Loo Organizations: China, Oxford Economics Locations: China

A Chinese flag flies outside a residential compound in Beijing on April 30, 2017. Greg Baker | Afp | Getty ImagesAsia-Pacific markets appear set to extend their declines Wednesday, ahead of a slew of economic data from China. Investors will also assess the Reuters Tankan manufacturing index for January, which is a leading indicator of the Bank of Japan's official quarterly Tankan survey that assesses business conditions in the country. In Australia, the S&P/ASX 200 extended its losing streak to a fourth day, falling 0.17% in early trade. Futures for Hong Kong's Hang Seng index stood at 15,793, pointing to a weaker open after the index led losses in Asia on Tuesday, closing at 15,865.92.

Persons: Greg Baker Organizations: Afp, Getty, Investors, Reuters, Bank of Japan's, Nikkei Locations: Beijing, Asia, Pacific, China, Australia, Chicago, Osaka

☆ China's economic growth is set to slow in 2024. Here's what Wall Street is predicting
▼ + stars: | 2024-01-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

China was due Wednesday to release GDP figures for 2023, and previously announced an official target of around 5% growth for the year. Despite significant growth in sectors such as tourism and electric cars, China's economy last year did not rebound from the pandemic as quickly as many banks had initially expected. watch nowThe International Monetary Fund in November also cited China's policy announcements as a reason for its decision to raise the 2023 growth forecast to 5.4%, from 5% previously. However, the IMF said it still expected China's growth to slow in 2024 to 4.6% "amid continuing weakness in the property market and subdued external demand." In the long term, analysts generally expect China's economy to slow further from a high base.

Persons: Pan Jianyong, Goldman Sachs, Morgan Stanley, Li Qiang, Haibin Zhu, Li Organizations: Co, Getty, Visual China, BEIJING —, Economic, Tuesday, UBS, Citi, JPMorgan, CNBC, China, China Economic, Monetary Fund Locations: MEISHAN, CHINA, Sichuan, Meishan, Sichuan Province, China, Davos, Beijing, decelerating

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