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☆ Environmental groups urge funding halt for TotalEnergies' Mozambique project
▼ + stars: | 2023-11-17 | by ( Wendell Roelf | ) www.reuters.com time to read: +3 min

TotalEnergies signs are seen at a petrol station in Nice, France, October 10, 2022. The letter, seen by Reuters, comes at a crucial juncture for the French energy company as it prepares to relaunch Africa's largest foreign direct investment project. Activists warn the project may worsen climate change and fuel human rights abuses in the impoverished southern African nation. TotalEnergies said before Friday's letter that arrangements for project finance remain in place despite a 'force majeure' halt in 2021 when Islamist militants threatened the project site. The project delay has led some investors to reassess their previous cost assumptions in light of inflation and global gas market swings.

Persons: Eric Gaillard, Banks, TotalEnergies, Ntshengedzeni Maphula, Reta Jo Lewis, Wendell Roelf, Toby Sterling, Nellie Peyton, Forrest Crellin, Mathieu Rosemain, Yuka Obayashi, Tim Cocks, Olivia Kumwenda, Elaine Hardcastle Organizations: REUTERS, Reuters, ActionAid International, Greenpeace, African Development Bank, Societe Generale, Africa's Export Credit Insurance Corporation, Thomson Locations: Nice, France, Mozambique, Greenpeace France, Netherlands, U.S, Exim, Cape Town, Amsterdam, Johannesburg, Paris, Tokyo

Biden and Xi try direct diplomacyThe mood music was upbeat but pragmatic after the first face-to-face meeting in a year between President Biden and his Chinese counterpart, Xi Jinping. There was no joint communiqué after Wednesday’s talks, but both sides issued positive statements trumpeting where they found common ground, including on tackling climate change and improving communications. The leaders agreed to restart military communications that were suspended last year after Nancy Pelosi, then speaker of the House, visited Taiwan. Larry Fink of BlackRock and Steve Schwarzman of Blackstone reportedly sat at the Chinese leader’s table. The measure would keep the federal government funded through early next year, clearing the way for President Biden to sign the legislation.

Persons: Biden, Xi, Wednesday’s, Nancy Pelosi, —, Larry Fink, BlackRock, Steve Schwarzman, Blackstone, Tim Cook, Albert Bourla, Ray Dalio, ” Richard McGregor, DealBook, “, they’re, Kamala Harris, Elon Musk, Jensen Huang, Nelson, Trian Organizations: Hyatt Regency, Apple, Pfizer, Bridgewater Associates, Lowy Institute, SpaceX, Tesla, Nvidia, Disney, ValueAct Capital, 13D, Microsoft Locations: San Francisco, U.S, Taiwan, China, Beijing, Iran, Israel, Australia, Ukraine

☆ On sidelines of APEC Summit, Xi Jinping vows to be a ‘partner and friend’ of the US
▼ + stars: | 2023-11-16 | by ( Nectar Gan | Juliana Liu | ) edition.cnn.com time to read: +7 min

CNN —China is willing to be “a partner and a friend” of the United States, Chinese leader Xi Jinping told American business leaders in San Francisco on Wednesday, as he sought to court US businesses amid a decline in foreign investment in China. “China is willing to be a partner and friend of the United States,” he added. China is happy to see a confident, open and prosperous US,” Xi said. Xi recalled entering the US on that trip through San Fransisco, which he said formed his “first impression” of America. Under Xi, China has further expanded the scope of its anti-espionage law, raided US consultancy and due-diligence firms and detained executives in the name of national security, sending a chill through the foreign business community.

Persons: Xi Jinping, Xi, ” Xi, Tim Cook, Elon Musk, Joe Biden, ”, Biden, Dexter Roberts, Roberts, “, ’ “ Liu Dongshu, ” Liu, Fred Hu, ” Hu, China “ Organizations: CNN, Economic Cooperation, Apple, Tesla, US, China Business Council, National Committee, China Relations, Flying Tigers, Mansfield Center, University of Montana, City University of Hong, Primavera Capital Group, Bloomberg, Economy, China Locations: China, United States, San Francisco, Asia, Japan, Iowa, America, San Fransisco, City University of Hong Kong, Xi, Singapore

U.S. President Joe Biden and China’s Xi Jinping, who met in San Francisco on Wednesday, may disagree on the terminology. Barely half the manufactured goods imported into the United States from low-cost Asian countries now come from China. Chinese firms have raised just $529 million from initial and secondary stock offerings in the United States in the year to mid-October. But the conscious decoupling between the U.S. and China looks set to continue. Follow @ugalani and @a_fitri_alias on XCONTEXT NEWSU.S. President Joe Biden and Chinese President Xi Jinping met on Nov. 15 in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation forum.

Persons: Xi, Joe Biden, Kevin Lamarque, friendshoring, China’s Xi Jinping, Breakingviews, Donald Trump, China’s ByteDance, Reuters Graphics Reuters Graphics Goldman Sachs, Xi Jinping, Una, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: U.S, Economic Cooperation, REUTERS, Rights, Reuters, People’s Republic . U.S, People’s, World Trade Organization, Reuters Graphics Reuters, FRAYING FINANCE, U.S . Federal Reserve, Federal, Investment Board, HK, Republican, Reuters Graphics Apple, United, Reuters Graphics Reuters Graphics, Thomson Locations: Filoli, Asia, Woodside , California, U.S, Rights MUMBAI, United States, China, Washington, People’s Republic ., San Francisco, People’s Republic, Southeast Asia, Hong Kong, That’s, New York, Greater China, India, TAIWAN, Taiwan, Una Galani, Mumbai, London

"We will continue working to better facilitate high-standard trade that advances workers' rights through strong enforcement of labor standards." Biden was also to take part on Thursday in an event for the Indo-Pacific Economic Framework (IPEF), a 14-nation group his administration established. Hopes for an IPEF trade deal were dashed this week. Asked how long an IPEF trade agreement could take to conclude, an administration official said most negotiations take years but the White House intended to work on an "accelerated timeline." "A stable relationship between the world's two largest economies is not merely good for those two economies but for the world," Biden said to applause.

Persons: Joe Biden, Biden, White, Donald Trump, Republican Trump, Fumio Kishida, Xi Jinping, Justin Trudeau, Anthony Albanese, Dina Boluarte, Srettha Thavisin, Hassanal, Gina Raimondo, Xi, Trevor Hunnicutt, David Brunnstrom, Nandita Bose, Katharine Jackson, Andrea Shalal, Heather Timmons, Josie Kao, Cynthia Osterman Organizations: FRANCISCO, Asia, Economic Cooperation, Economic, Democrat, Republican, APEC, IMF, Amazon.com, Delta Air Lines, PepsiCo, Apple, Boeing, Japan's, Canada's, Australia's, Brunei's, Monetary Fund, . Commerce, Trans, Pacific, Trump, U.S, Thomson Locations: Pacific, San Francisco, Asia, ASIA, U.S, Thailand, China, United States

☆ 3 things to know about the most important relationship in the global economy
▼ + stars: | 2023-11-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +10 min

Even so, finding ways to “get back on a normal course” — in the words of Biden — matters hugely to the global economy. He also pointed to some American companies leaving China altogether, such as asset management giant Vanguard. In the third quarter, a measure of foreign direct investment into China turned negative for the first time in 25 years. The country is by far the world’s biggest gallium producer, and a leading global producer of germanium, according to the US Geological Survey. Listed American companies with big business in China, such as Apple (AAPL) and Tesla (TSLA), may face higher scrutiny, too.

Persons: Joe Biden, Xi Jinping, “, Biden, ”, Scott Kennedy, Chenggang Xu, California Justin Sullivan, Xu, Gina Raimondo, Adam Glanzman, Zongyuan Zoe Liu, Donald Trump, Liu, … Organizations: Hong Kong CNN —, Economic Cooperation, CNN, Center for Strategic, International Studies, Stanford Center, China’s, Shipping, Port, Association of Southeast Asian Nations, European Union, American Chamber of Commerce, Vanguard, Companies, US, Nvidia, Semiconductor Industry Association, Bloomberg, Getty, Geological Survey, Council, Foreign Relations, Communist Party of China Finances, Capital, Apple, Chinese Communist Party, China Economic, Security, Commission, Biden, CFR Locations: China, Hong Kong, San Francisco, Asia, United States, Mexico, Canada, Port of Oakland, California, Shanghai, Ukraine, Moscow, Washington, Beijing, American, New York, US, Japan, Netherlands, Sequoia

China detained the executive, named in several media reports as Hiroshi Nishiyama, on suspicion of espionage in March, and he was formally arrested last month. Japan's then foreign minister protested the executive's detention with his Chinese counterpart on a visit to Beijing in April. China's foreign ministry did not immediately respond to a request for comment. Half the respondents in a recent survey of Japanese companies doing business in China said they would cut investments this year. It's a very difficult point in time to be navigating that as a decision maker, in business or politics," he said.

Persons: Fumio Kishida, Xi Jinping, Rahm Emanuel, Hiroshi Nishiyama, Japan's, Xi, Masashi Mizobuchi, Nishiyama, Takeshi Niinami, Niinami, Stefan Angrick, Yukiko Toyoda, Kiyoshi Takenaka, John Geddie, Sakura Murakami, Francis Tang, Laurie Chen, Antoni Slodkowski, Andrew Silver, Lincoln Organizations: Economic Cooperation, Kyodo, drugmaker Astellas Pharma, APEC, Reuters, Japanese Chamber of Commerce, Japan Association of Corporate, Suntory, Moody's Analytics, Thomson Locations: Asia, Bangkok, Thailand, TOKYO, BEIJING, China, San Francisco, Tokyo, U.S, Japan, Beijing, officialdom, Shanghai

☆ Tricky politics on menu for China's Xi at US business dinner
▼ + stars: | 2023-11-14 | by ( Michael Martina | ) www.reuters.com time to read: +5 min

But the event, yet to be formally announced by hosts U.S.-China Business Council (USCBC) and the National Committee on U.S.-China Relations (NCUSCR), also presents uneasy optics. The USCBC and NCUSCR both declined to comment on the planned dinner. Xi has overseen a crackdown on U.S. consultancy and due-diligence firms, a further blow to investor confidence. Jeff Moon, a former U.S. trade official turned business adviser, said China's goal would be to soften Xi's image and attract investment, but that the dinner was unlikely to "move any needles." "They have come to accept that there's no substitute for hearing and seeing and observing what Xi Jinping is doing," said Patel.

Persons: Carlos Barria, Xi Jinping, Joe Biden, Xi, MIGNON, Jeff Moon, mignon, Mike Gallagher, Biden, Janet Yellen, Nirav Patel, Jinping, Patel, David Brunnstrom, Stephen Nellis, Michelle Nichols, Lincoln Organizations: APEC, Economic Cooperation, REUTERS, FRANCISCO, Wednesday, Reuters, U.S, China Business Council, National Committee, China Relations, Muslim, Asia, Thomson Locations: Asia, Pacific, San Francisco , California, United States, San Francisco, U.S, China, Washington, Muslim Uyghurs, Beijing

If both are calculated in dollar terms, however, Chinese stocks have, by some measures, carried an advantage over the very long term. Many observers say demographics, deleveraging, and de-risking - U.S. firms on-shoring, new supply chains, and trade tensions – will be a considerable long-term drag on Chinese growth. Little wonder, perhaps, that Chinese stocks are so cheap. Reuters Image Acquire Licensing RightsBased on 12-month forward price/earnings multiples, U.S. stocks are twice as expensive as Chinese stocks. For the past 10 years Chinese stocks have been substantially cheaper than U.S. stocks, and most of the decade before that they were usually cheaper too.

Persons: Brendan McDermid, Goldman Sachs, Morgan Stanley, Torsten Slok, Janet Yellen, Lifeng, Colin Graham, Graham, Jamie McGeever, Andrea Ricci Organizations: New York Stock Exchange, REUTERS, Rights, Shanghai, CSI, Reuters, Apollo Global Management, U.S, Treasury, Thomson Locations: New York City, U.S, Rights ORLANDO , Florida, China, Mexico

WASHINGTON (AP) — President Joe Biden and China’s Xi Jinping have no shortage of difficult issues to discuss when they sit down for their first talks in a year, even if expectations are low that their meeting will lead to major breakthroughs. Beijing’s demands were made clear last November when Xi and Biden met in Bali, Indonesia, during the Group of 20 summit. That was a rejoinder to the Biden administration mantra that the two nations should compete vigorously while not looking for conflict. Beijing has bristled at export controls and other measures imposed by the Biden administration, perceiving them as designed to stifle China's economic growth. But Xi, this time, is likely to seek assurance from Biden that the U.S. will not pile new ones onto China.

Persons: Joe Biden, China’s Xi, what’s, Biden, Xi, Janet Yellen, “, ”, Nancy Pelosi, Newt Gingrich, Xie Feng, Wang Wenbin, Zhu Feng, Zhu, Kanis Leung, Ken Moritsugu, Yu Bing Organizations: WASHINGTON, Economic Cooperation, BIDEN, U.S ., U.S, American, School of International Studies of Nanjing University, Trump, Biden, ”, Associated Press Locations: Asia, Taiwan, East, Europe, U.S, China, Francisco, Beijing, United States, Taiwan . Washington, Iran, Tehran, Israel, American, Hong Kong, Bali , Indonesia, Bali, Washington, ” Beijing, San Francisco

Portugal's Prime Minister and Socialist Party (PS) Secretary General Antonio Costa looks on after winning the general election in Lisbon, Portugal, January 31, 2022. REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsLISBON, Nov 11 (Reuters) - Portugal's premier Antonio Costa, who resigned this week, told foreign investors on Saturday the country was open for business and wanted to remain attractive despite an ongoing corruption probe into "green" energy projects. Costa stepped down on Tuesday over an investigation into alleged illegalities in his government's handling of lithium and hydrogen projects, as well as a large-scale data centre. The data centre project, Start Campus, has been dubbed "one of the biggest foreign direct investments in Portugal in recent decades". The company said it was cooperating with authorities but that neither the company nor any of its staff were the targets of the investigation.

Persons: General Antonio Costa, Pedro Nunes, Antonio Costa, Costa, illegalities, Marcelo Rebelo de Sousa, Afonso Salema, Joao Galamba, Vitor Escaria, embarrasses, Catarina Demony, David Gregorio Our Organizations: Portugal's, Socialist Party, REUTERS, Rights, Savannah Resources, Authorities, Thomson Locations: Lisbon, Portugal, Rights LISBON, London, Savannah, Portuguese

☆ Erdogan criticises top Turkey court, stoking 'judicial crisis'
▼ + stars: | 2023-11-10 | by ( Ece Toksabay | ) www.reuters.com time to read: +4 min

Murat... Acquire Licensing Rights Read moreANKARA, Nov 10 (Reuters) - Turkish President Tayyip Erdogan waded into a brewing judicial crisis on Friday, criticising the Constitutional Court for "many mistakes" and backing an unprecedented challenge to it by an appeals court, as opponents marched in Ankara. In a twist - which critics said highlighted the diminished state of Turkey's legal system - the top appeals court said the Constituional Court's ruling was unconstitutional. "The Constitutional Court cannot and should not underestimate the step taken by the Court of Cassation on this matter," he said. They were headed to the appeals court and video showed they were briefly delayed by police. "The Court of Cassation's backlash (...) is an open and combative attack against the Constitutional Court," said Bertil Oder, professor of constitutional law at Koc University.

Persons: Tayyip Erdogan, Ozgur Ozel, Mustafa Kemal Ataturk, Murat, Tayyip Erdogan waded, Erdogan, Osman, Bertil Oder, intimidates, Ezgi Erkoyun, Jonathan Spicer, Emelia Sithole Organizations: Republican People's Party, Cassation, Constitutional, AK Party, Union, Koc University, Thomson Locations: Ankara, Turkey, ANKARA, Uzbekistan

☆ Detained, missing or under investigation: Business leaders in China face an ‘aggressive’ crackdown
▼ + stars: | 2023-11-10 | by ( Laura He | ) edition.cnn.com time to read: +7 min

Hong Kong CNN —Business leaders in China are under immense pressure, as the country’s leader Xi Jinping intensifies a regulatory crackdown on companies and strengthens its control of the economy. They face rising risks, including the possibility of police raids and detentions of staff, in the world’s second largest economy. A former banker, he has invested in a series of Chinese companies since 2000 and brought their shares to the public markets in mainland China and Hong Kong. No end in sightThe crackdown this year has spooked the business community in China, but it is not unfamiliar. Xi launched a sweeping regulatory crackdown on the private sector in 2020, which wiped trillions of dollars off the market value of Chinese companies worldwide.

Persons: Xi Jinping, ”, Doug Guthrie, ” Guthrie, Tencent, Chen, Zhao Bingxian, “ China’s Warren Buffett, Zhao, Guthrie, “, Zhou Zheng, Zhou, watchdogs, Zhang Hongli, Bao Fan, Bao, Xi, Kevin Frayer, Mauro Guillen, ” Guillen Organizations: Hong Kong CNN — Business, China Initiatives, Arizona State University’s Thunderbird School of Global Management, CNN, Cyberspace Administration of China, Wohua Pharmaceutical, Central Commission, National Supervisory Commission, COFCO, Industrial, Commercial Bank of, Wharton School, University of Pennsylvania Locations: China, Hong Kong, Communist, Beijing, Arizona, Shenzhen, “ Beijing, DouYu, Shandong, Commercial Bank of China

☆ China's consumer prices dip back into decline amid limp demand
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Nov 9 (Reuters) - China's consumer prices swung back into contraction and factory-gate deflation persisted in October as domestic demand struggled, weighing on the outlook for any broader-based recovery in the world's second-largest economy. The headline figure was dragged by a further slump in pork prices, down 30.1%, speeding up from a 22% slide in September, amid an oversupply of pigs and weak demand. Consumer prices slipped into deflation in July and returned to positive territory in August but were flat in September. "The data shows combating persistent disinflation amid weak demand remains a challenge for Chinese policymakers," said Bruce Pang, chief economist at Jones Lang Lasalle. "We expect China's economy to grow by 5.0% in 2023, in accordance with the target set by authorities, followed by 4.0% growth in 2024 and 2025," said Moody's on Thursday.

Persons: China's, Bruce Pang, Jones Lang Lasalle, Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: National Bureau of Statistics, Jones, Authorities, Thomson Locations: BEIJING, China, Beijing, West

☆ A bitcoin ETF seems to be just around the corner. How will financial advisors react?
▼ + stars: | 2023-11-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

Edelman also founded Edelman Financial, a large firm of registered investment advisors. The potential of a bitcoin ETF has appeared to help fuel a recent rally in the cryptocurrency. Concerns from advisors Crypto's dramatic rise has largely come without the embrace of the traditional financial system, such as financial advisors and major banks. But not all financial advisors seem ready to embrace crypto just because investing in it is simpler. Client demand Even if advisors are skeptical of crypto, the arrival of bitcoin ETFs is sure to generate more questions from clients.

Persons: BlackRock, Ric Edelman, Edelman, Bitcoin, bitcoin, Sam Bankman, Randy Frederick, Frederick, Andrew Morgan, Taylor, Morgan, that's, Amy Hescht, They're Organizations: Nasdaq, Digital Assets Council, Financial Professionals, Edelman, The Securities, Exchange Commission, SEC, Blackrock, Schwab Center, Financial Research, Fidelity, Presper Financial, Advisors, fund's Locations: United States, U.S, Bitcoin, BlackRock, Michigan, Akron , Ohio

☆ Hong Kong finance summit tiptoes around China
▼ + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +7 min

HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.

Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, ’, Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N, ”

☆ Global asset managers talk up China as long-term bet
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Nov 8 (Reuters) - Top executives at global asset managers on Wednesday talked up China at an event in Hong Kong on Wednesday, championing long-term investment opportunities in an economy battling to break free of pandemic disruption. "Long term, (China) has to be part of a global investment portfolio." Citadel Securities CEO Peng Zhao called China a driver of growth and innovation and said it was "baffling" to think otherwise. He also said Citadel doubled its Hong Kong headcount in the face of pandemic-induced challenges, leveraging the talent the city hosts and its connectivity to other markets. Quinn told the Hong Kong event on Tuesday that wealth flow from mainland China to Hong Kong has grown 3 to 4 times this year.

Persons: Dado Ruvic, Mark Wiedman, Wiedman, Mike Gitlin, Lei Zhang, Anne Richards, Invesco, Andrew Schlossberg, Peng Zhao, Zhang Yichen, Noel Quinn, Quinn, Kane Wu, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, West, Global Financial, Investment Summit, European Chamber of Commerce, Capital, Fidelity International, Citadel Securities, Citadel, Trustar, HSBC Group, Thomson Locations: HONG KONG, China, Hong Kong, West, Singapore

U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. "This is going to overshadow anything that happens at APEC," said Oriana Skylar Mastro, a Stanford University China expert. Biden will welcome other APEC leaders - including from Vietnam, the Philippines, Canada and Mexico - and both he and Xi will be playing to the gallery. "Our door is open to any country or economy facing PRC (People's Republic of China) economic coercive threats," Melanie Hart, a senior China policy adviser at the State Department, said on Monday. That would include "companies flocking to meet with Xi Jinping and have dinner with him," he said.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Oriana Skylar Mastro, Xi, Biden, Victor Cha, Washington, Matthew Goodman, Goodman, Janet Yellen, Melanie Hart, Donald Trump, Jude Blanchette, Michael Martina, David Brunnstrom, Trevor Hunnicutt, Laurie Chen, Michelle Nichols, Josie Kao Organizations: REUTERS, Rights, San, Economic Cooperation, U.S, APEC, Stanford University China, Biden, Beijing, Washington's Center, Strategic, International Studies, China, Protesters, White, Treasury, Washington, People's, State Department, Pew Research, Prosperity, CSIS, Thomson Locations: Bali , Indonesia, San Francisco, Asia, Bali, Beijing, China, China . U.S, Washington, Taiwan, South China, Vietnam, Philippines, Canada, Mexico, U.S, People's Republic of China

☆ Vietnam market was a stinking performer but has grown: Dragon Capital
▼ + stars: | 2023-11-08 | 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 EmailVietnam's market was a stinking performer but it has since grown: Dragon CapitalDominic Scriven, founder of Dragon Capital, says "every time things seem to slow down, there's another jolt … that restarts the [foreign direct investment] pump."

Persons: Dominic Scriven Organizations: Dragon

☆ Morning Bid: Rates buzz sustained before Fed loan data
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +5 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Ten-year U.S. Treasury yields have fallen about 50bps from October's peaks and the drop last week was the biggest recoil since March. For now, S&P500 futures are pointing to further slight gains on Monday - which if realized on the cash market later would make for the sixth straight gain and the longest daily run since June. Undermined by the retreat in Treasury yields, the dollar (.DXY) slipped back to the lowest since Sept 20. The backdrop of an easier dollar and Treasury yields provides significant relief for emerging markets, with MSCI's emerging market stock index (.MSCIEF) hitting its highest since Sept 20 too.

Persons: Brendan McDermid, Mike Dolan, Jerome Powell, underscoring, Janet Yellen, Lisa Cook, Huw Pill, Bernadette Organizations: Wall, REUTERS, Federal Reserve, Treasury, U.S, Pacific Rim, South, Ryanair, Europe's, Goodyear Tire &, Aspen, Conterra Energy, Constellation Energy, Diamondback Energy, Vertex Pharmaceuticals, NXP Semiconductors, Bank of England, Reuters, Reuters Graphics Reuters, Thomson Locations: New York, U.S, Gaza, China, Western, San Francisco, South Korean, Asia, Europe, Telesat

☆ China's first deficit in foreign investment signals West's 'de-risking' pressure
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

A view of the city skyline, ahead of the annual National People's Congress (NPC), in Shanghai, China February 24, 2022. Onshore yuan trading against the dollar also hit record-low volume in October, highlighting authorities' stepped-up efforts to curb yuan selling. Direct investment liabilities - a measure of FDI - were a deficit of $11.8 billion during the July-September period, according to preliminary data of China's balance of payments released late on Friday. That's the first quarterly shortfall since China's foreign exchange regulator began compiling the data in 1998, which could be linked to the impact of "de-risking" by Western countries from China amid growing geopolitical tensions. In September, foreign exchange outflows from China rose sharply to $75 billion, the biggest monthly figure since 2016, Goldman Sachs data showed.

Persons: Aly, That's, Tommy Xie, Xie, Goldman Sachs, Shri Navaratnam Organizations: National People's Congress, REUTERS, Rights, Greater, Greater China Research, OCBC, People's Bank of, Reuters, Shanghai, Thomson Locations: Shanghai, China, Western, Greater China, People's Bank of China

☆ China FDI: Foreign investors are really frustrated with country’s economic challenges
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —The world’s second largest economy is struggling to attract foreign companies and investments, despite Beijing’s efforts to address its myriad economic challenges, according to new data from China. A gauge of foreign direct investment (FDI) into China has slipped into the red for the first time since 1998, underscoring the country’s failure to stem capital outflows. It suggests foreign companies may be taking their money out of the country, instead of re-investing in their operations. Direct investment liabilities include profits belonging to foreign companies that have not yet been repatriated or distributed to shareholders, as well as foreign investment in financial institutions, according to the government. Late last month, China’s legislature approved one trillion yuan ($137 billion) in sovereign bonds to support the economy.

Persons: Refinitiv, Ant, “, Xu jingbai, ICHPL, Xi Jinping, ”, ” Carlo D’Andrea, Shanghai —, JP Morgan, Tesla Organizations: Hong Kong CNN, State Administration of Foreign Exchange, Commerce Ministry, Vanguard, BlackRock, CNN, Bloomberg, China, European Union Chamber of Commerce, People’s Bank of, HSBC, American Chamber of Commerce Locations: China, Hong Kong, Shanghai, Beijing, outflows, People’s Bank of China

☆ China suffers its first foreign investment deficit as US tensions and anti-spying laws spark a western exodus
▼ + stars: | 2023-11-06 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

China just posted a quarterly foreign investment deficit for the first time. Officials have released foreign direct investment figures each quarter for the past 25 years – and it's the first time the gauge has turned negative, Reuters reported. The deficit suggests that western countries and companies are shunning China with Sino-US tensions steadily rising and new anti-spying laws spooking international investors. Analysts flagged that clampdown as one factor driving the decline in foreign direct investment. The foreign direct investment deficit is far from the only economic headache that Beijing faces.

Persons: China's, —, Joe Biden, Duncan Wrigley, Mark Mobius, he'd Organizations: Service, State Administration of Foreign, Reuters, Analysts, Macroeconomics, Bloomberg, " International, Micron, Bain, Co Locations: China, Beijing, Shanghai

☆ Mexican businesses warmed by glow of 'nearshoring' dawn
▼ + stars: | 2023-11-06 | by ( Noe Torres | ) www.reuters.com time to read: +4 min

MEXICO CITY, Nov 6 (Reuters) - Mexican businesses, particularly those linked to real estate and construction, are counting on investment from so-called "nearshoring" to boost profits and economic growth, especially in industrial zones near the U.S. border. "Many companies are already talking about this - about nearshoring and the economic benefits," said Gerardo Copca, an analyst at consultancy MetAnalisis. One notable project - electric vehicle maker Tesla's plans for a reported $5 billion factory in northern Mexico - has been credited with attracting $1 billion in Chinese investments to nearby industries. Mexican real estate investment trust Fibra Uno (FUNO11.MX) plans to launch a trust allowing investors to cash in on expected growth of industrial assets. Total Mexican construction output jumped almost by 46% in August year-on-year, with northern states performing strongly.

Persons: Gerardo Copca, Nearshoring, Fibra Uno, Andre El, Mann, AMPIP, Lorenzo Berho, El, Berho, Enrique Navarro, Andres Manuel Lopez Obrador's, Noe Torres, Dave Graham, David Alire Garcia, Christian Plumb, Josie Kao Organizations: MEXICO CITY, Fibra, Banco Regional, U.S, UBS, Cement, GCC, Thomson Locations: MEXICO, U.S, Mexico, Asia, Mexican, Queretaro, Guanajuato, Jalisco, United States, Canada, China, Swiss, Chihuahua, Texas

An electronic board shows stock indexes at the Lujiazui financial district in Shanghai, China, March 21, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 7 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. This is their best run in a year, powered by easing financial conditions in the form of lower U.S. bond yields and a weaker dollar, and renewed faith in the U.S. economic 'soft landing' scenario. Having under-performed global and developed market benchmarks last week, Asian stocks could be set to outperform this week. Skeptical foreign investors will need more than one month of slowing imports and exports decline though.

Persons: Aly, Jamie McGeever, Goldman Sachs, Deepa Babington Organizations: REUTERS, Bank of Korea, Thomson, Reuters Locations: Shanghai, China, U.S, India, Asia, Taiwan, Philippines, Indonesia, Japan, Australia

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