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☆ Chinese EV startup WM Motor files for bankruptcy
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: 1 min

WM Motor's founder and CEO Freeman Shen and Vice President of Strategic Planning, Lobo Lu attend the WM Motor brand launch event in Shanghai, China, December 11, 2017. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING, Oct 10 (Reuters) - Chinese electric vehicle (EV) startup WM Motor has filed for bankruptcy, according to the national enterprise bankruptcy information disclosure platform. A court in Shanghai is handling the bankruptcy case, according to the disclosure dated Monday. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Freeman Shen, Lobo Lu, Aly, Qiaoyi Li, Zhang Yan, Brenda Goh, Shri Navaratnam Organizations: WM Motor's, Strategic, WM, REUTERS, Rights, Thomson Locations: Shanghai, China, Rights BEIJING

☆ US stocks skid, oil surges on Middle East conflict
▼ + stars: | 2023-10-09 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

In particular, there was a chance oil supplies from Iran might be disrupted, they added. "Given the tightness already facing physical oil markets in Q4 2023, an immediate reduction in Iran's oil exports risks pushing Brent futures above $US100/bbl in the short term." Early Monday, markets seemed to think developments in the Middle East would lean against further Fed hikes, and perhaps hasten a policy easing next year. The news from the Middle East could sour the start of corporate earnings season with 12 S&P 500 companies reporting this week including JP Morgan, Citi, and Wells Fargo. "Near-trend economic growth and moderating inflation pressures will support modest sales growth and slim margin improvement," Goldman analysts aid in a note.

Persons: Androniki, Brent, Israel, JP Morgan, Goldman Sachs, Goldman, Wayne Cole, Shri Navaratnam, Sonali Paul Organizations: Nikkei, REUTERS, CBA, bbl, Nasdaq, Reserve, Citi, Thomson Locations: Tokyo, Japan, SYDNEY, Asia, South Korea, Iran, Gaza, Pacific, China, Wells

☆ US stocks slip, Treasuries rise on Middle East violence
▼ + stars: | 2023-10-08 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

"The risk is higher oil prices, a slump in equities, and a surge in volatility that supports the dollar and yen, and undermine 'risk' currencies," said analysts at CBA in a note. In currency markets, the yen was the main gainer though moves were modest overall. The news from the Middle East could also sour the start of corporate earnings season with 12 S&P 500 companies reporting this week including JP Morgan, Citi, and Wells Fargo. Early Monday, markets seemed to think developments in the Middle East would lean against further Fed hikes, and perhaps hasten a policy easing next year. China also returns from holiday this week with a deluge of data including consumer and producer inflation, trade, credit and lending growth.

Persons: Androniki, Israel, Brent, JP Morgan, Wayne Cole, Shri Navaratnam Organizations: Nikkei, REUTERS, CBA, Nasdaq, Citi, Reserve, Thomson Locations: Tokyo, Japan, SYDNEY, Asia, Iran, Straits, Hormuz, Gaza, Wells Fargo, China

☆ U.S. stocks slip, oil surges on Middle East violence
▼ + stars: | 2023-10-08 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

"The risk is higher oil prices, a slump in equities, and a surge in volatility that supports the dollar and yen, and undermine 'risk' currencies," said analysts at CBA in a note. "A response by Iran in the Straits of Hormuz is the wild-card for oil supply and currency reaction." Any sustained rally in oil prices would act as a tax on consumers and add to inflationary pressures, which weighed on equities as S&P 500 futures shed 0.8% and Nasdaq futures lost 0.7%. The news from the Middle East could also sour the start of corporate earnings season with 12 S&P 500 companies reporting this week including JP Morgan, Citi, and Wells Fargo. Early Monday, markets seemed to think developments in the Middle East would lean against further Fed hikes, and perhaps hasten a policy easing next year.

☆ Investors hope U.S. job numbers give Fed less reason to hike
▼ + stars: | 2023-10-06 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Although the MSCI All-Country stock index (.MIWD00000PUS) was 0.2% higher, it has lost about 8% since its July peak, leaving it about 7% ahead for the year. We are talking about the duration, rather than higher rates," Spencer said. The dollar index is up 12 weeks in a row, equalling a streak that ran from July to October 2014. The dollar index was steady on Friday at 106.38. Gold was also steady at $1,821 an ounce after nine days of losses driven by rising global bond yields.

Persons: Brendan McDermid, Nonfarm, Patrick Spencer, RW Baird, Spencer, YEN, Kyle Rodda, Huw Jones, Tom Westbrook, Shri Navaratnam, Clarence Fernandez, Chizu Organizations: New York Stock Exchange, REUTERS, Federal, Treasury, Global, Analysts, Tokyo's Nikkei, London, Thomson Locations: New York City, U.S, Europe, Asia, Pacific, Japan

[1/2] Dollar banknotes are seen under Euro saving money box in this picture illustration taken February 16, 2017. The European common currency was last down 0.16% at $1.0533, a touch above Tuesday's 10-month low of $1.0448 but still set for a further weekly decline of 0.2% making that streak the longest since its launch in 1999. The dollar's recent strength has been underpinned by a rapid sell-off in U.S. government bonds, which sent yields to multi-year highs. "The pause in the bond sell-off is granting some room for recovery for most currencies against the dollar. The Australian dollar was steady at $0.6364, but set for a 1% weekly decline.

Persons: Dado Ruvic, Francesco Pesole, Vishnu Varathan, Rae Wee, Alun John, Shri Navaratnam Organizations: REUTERS, Rights, ING, Bank of Japan, Ministry of Finance, Mizuho Bank, Swiss, Thomson Locations: Rights SINGAPORE, LONDON, U.S, United States, Singapore, London, Lincoln

☆ S.Korea considers $50.5 mln fine against Google, Apple over app market practices
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. The Korea Communications Commission (KCC) said in a statement that the two tech giants forced app developers into specific payment methods and caused unfair delay in app review. The KCC is notifying the companies for corrective action, and will deliberate on the fines, the statement said. Google and Apple did not immediately respond to Reuters' requests for comment. After hearing from the companies, the regulator could decide to impose fines of up to 68 billion won ($50.47 million), including 47.5 billion won for Google and 20.5 billion won for Apple, KCC said.

Persons: Arnd, KCC, 1,347.3200, Joyce Lee, Shri Navaratnam Organizations: REUTERS, Rights, Google, Apple, Korea Communications Commission, Telecommunication, Thomson Locations: Zurich, Switzerland, Rights SEOUL, South Korea

☆ Japan's re-defined intervention trigger may slow, but not derail, yen bears
▼ + stars: | 2023-10-06 | by ( Leika Kihara | ) www.reuters.com time to read: +5 min

[1/2] A man looks at an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average outside a brokerage in Tokyo, Japan October 4, 2023. While money flow data suggest there was no intervention, the price action was enough to keep yen bears at bay. Rather, the remarks by Kanda were likely a fresh warning shot to markets that authorities could step in any time - even if yen moves were moderate, they say. Intervention isn't the best tool to arrest steady yen declines anyway, said former currency diplomat Hiroshi Watanabe. "There's no point intervening when yen moves are gradual," Watanabe told Reuters.

Persons: Issei Kato, Masato Kanda, that's, Kanda, Tokyo's, Atsushi Takeuchi, They're, Daisaku Ueno, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Hiroshi Watanabe, Watanabe, Leika Kihara, Tetsushi, Shri Navaratnam Organizations: U.S ., Nikkei, REUTERS, Tokyo, Authorities, Bank of, U.S . Federal Reserve, Treasury, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, Reuters, Thomson Locations: Tokyo, Japan, TOKYO, United States

☆ Stocks climb in calm before potential US payrolls storm
▼ + stars: | 2023-10-06 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Tokyo's Nikkei (.N225) was flat and currency markets were similarly steady with the dollar just off recent highs as traders looked to the labour data for guidance. Ten-year Treasury yields held at 4.72%. "This may be just a brief pause while we wait for labour market data and next week's U.S. Treasury supply and CPI data," said SocGen strategist Kit Juckes. "If the labour market data are strong, pressure will return sooner than it did last year. I still think the Treasury market will take yields higher until something breaks in the system."

Persons: Jason Wong, Kit Juckes, Tom Westbrook, Shri Navaratnam Organizations: Brent, Tokyo's Nikkei, Treasury, Reuters, London, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Wellington, U.S

☆ Dollar pauses rally as markets brace for US nonfarm payrolls test
▼ + stars: | 2023-10-06 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. The dollar index , which earlier in the week hit a roughly 11-month high of 107.34, last settled at 106.37, but remained on track for 12 straight weeks of gains. The benchmark 10-year Treasury yield last stood at 4.7269%, while the two-year yield settled at 5.0267%. The pause in the dollar's rally has also provided a much-needed reprieve for the yen , which last bought 148.48 per dollar. Sterling edged 0.03% lower to $1.2188 and was likewise headed for five straight weeks of losses, struggling against a dominant dollar.

Persons: Rick Wilking, Rodrigo Catril, We've, Vishnu Varathan, Thierry Wizman, Rae Wee, Shri Navaratnam Organizations: REUTERS, Rights, . Treasury, greenback, U.S, Treasury, National Australia Bank, Bank of Japan, Ministry of Finance, Mizuho Bank ., Sterling, European Central Bank, Bank of England, Reserve Bank of Australia, New Zealand, Reserve Bank of New, Thomson Locations: Westminster , Colorado, Rights SINGAPORE, U.S, Reserve Bank of New Zealand

☆ S.Korea's accelerating inflation set to keep policy restrictive for longer
▼ + stars: | 2023-10-05 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File Photo Acquire Licensing RightsSEOUL, Oct 5 (Reuters) - South Korea's consumer inflation accelerated for a second month in September, above market expectations, official data showed on Thursday, supporting prospects of the central bank maintaining its restrictive policy for some time. Finance Minister Choo Kyung-ho said after the data release that inflation would likely stabilise again from October with seasonal factors easing. The central bank also said inflation, which was slightly higher in September than its projection, would still ease to around 3% by the end of the year. Broken down by sector, prices of petroleum products jumped 4.0% over the month, agricultural prices climbed 4.1%, while public utility prices added 5.3%.

Persons: Heo, Choo Kyung, Ahn Jae, Jihoon Lee, Ed Davies, Tom Hogue Organizations: REUTERS, Rights, Shinhan Securities, of Korea, Statistics, CPI, Thomson Locations: Seoul, South Korea, Rights SEOUL, Statistics Korea

[1/7] Healthcare workers strike in front of Kaiser Permanente Los Angeles Medical Center, as more than 75,000 Kaiser Permanente healthcare workers go on strike from October 4 to 7 across the United States, in Los Angeles, California, U.S. October 4, 2023. Kaiser said its hospitals and emergency departments remained open, staffed by doctors, managers and "contingency workers." They are represented by the SEIU United Healthcare Workers West. The Kaiser labor coalition, made up of eight unions representing medical professionals and support staff, insists the company needs to hire 10,000 new healthcare workers to fill current vacancies. Kaiser nationwide employs 68,000 nurses and 213,000 technicians, clerical workers, and administrative staff, alongside its 24,000 doctors.

Persons: Kaiser, Christina Andersen, Michael LeRoy, Ahmed Aboulenein, Bhanvi Satija, Bill Berkrot Organizations: Healthcare, Kaiser Permanente Los Angeles Medical Center, Permanente, REUTERS, Rights, Kaiser Permanente, U.S . Bureau of Labor Statistics, District Columbia, Kaiser, Labor, Tenet Healthcare, SEIU United Healthcare Workers, SEIU, University of Illinois, D.C, Thomson Locations: United States, Los Angeles , California, U.S, Kaiser, California , Oregon, Washington , Colorado, Virginia, Claremont , California, California, Los Angeles, Las Vegas, University of Illinois Urbana, Champaign, Washington, California , Colorado , Oregon

[1/7] Healthcare workers strike in front of Kaiser Permanente Los Angeles Medical Center, as more than 75,000 Kaiser Permanente healthcare workers go on strike from October 4 to 7 across the United States, in Los Angeles, California, U.S. October 4, 2023. "After six months of bargaining with the Coalition of Kaiser Permanente Unions, including a marathon effort that went through last night and into today, our bargaining sessions unfortunately ended without a settlement," Kaiser said. They are represented by the SEIU United Healthcare Workers West. The Kaiser labor coalition, made up of eight unions representing medical professionals and support staff, insists the company needs to hire 10,000 new healthcare workers to fill current vacancies. Kaiser nationwide employs 68,000 nurses and 213,000 technicians, clerical workers, and administrative staff, alongside its 24,000 doctors.

Persons: Kaiser, Christina Andersen, Michael LeRoy, Ahmed Aboulenein, Bhanvi Satija, Bill Berkrot, Navaratnam 私 Organizations: Healthcare, Kaiser Permanente Los Angeles Medical Center, Permanente, REUTERS, Rights, Kaiser Permanente, Reuters, Coalition, Kaiser Permanente Unions, U.S . Bureau of Labor Statistics, District Columbia, Kaiser, Labor, Tenet Healthcare, SEIU United Healthcare Workers, SEIU, University of Illinois, D.C Locations: United States, Los Angeles , California, U.S, California , Oregon, Washington , Colorado, Virginia, Claremont , California, California, Los Angeles, Las Vegas, University of Illinois Urbana, Champaign, Washington, California , Colorado , Oregon

☆ Developing countries facing a debt crunch
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +6 min

EGYPTNorth Africa's largest economy needs to repay some $100 billion of hard-currency debt over the next five years. Egypt has a $3 billion IMF programme and has devalued the pound by roughly 50% since February 2022. Its progress in restructuring both domestic debt and $30 billion in external debt has been fairly swift and it secured a $3 billion IMF bailout in May. The next tranche of a $2.9 billion IMF bailout package could be delayed over a potential government revenue shortfall. A repair plan finally appeared imminent after Zambia clinched a $6.3 billion debt rework deal with the Paris Club creditor nations and China, its other big bilateral lender, in June.

Persons: Moody's, William Ruto's, Kais Saied, Libby George, Shri Navaratnam Organizations: World Bank, African Development Bank, IMF, UAE, SRI, SRI LANKA Sri, European Union, Zambia, Paris Club, Sri, Thomson Locations: Marrakech, EGYPT, Cairo, Egypt, ETHIOPIA, Ethiopia, China, GHANA Ghana, Accra, KENYA, Kenya, LEBANON Lebanon, PAKISTAN Pakistan, Saudi Arabia, SRI LANKA, SRI LANKA Sri Lanka, TUNISIA, Tunisia, UKRAINE Ukraine, Ukraine, United States, ZAMBIA, Zambia

☆ Australia central bank holds rates at 4.1% for fourth month
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: 1 min

SYDNEY, Oct 3 (Reuters) - Australia's central bank held interest rates steady on Tuesday for a fourth month, but again warned that further tightening might be needed to bring inflation to heel in a reasonable timeframe. Wrapping up its October policy meeting, the Reserve Bank of Australia (RBA) held rates at 4.10% and said recent data were consistent with inflation returning to its 2–3 percent target over time with output and employment still growing. Markets had wagered heavily on a steady outcome this month, though there is still some chance of a hike in November depending on how inflation progresses over the third quarter. Reporting by Wayne Cole; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Wayne Cole, Shri Navaratnam Organizations: SYDNEY, Reserve Bank of Australia, Thomson

☆ Dollar hits new high on upbeat data, yen teeters near intervention line
▼ + stars: | 2023-10-03 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

The euro also traded near a one-year low against the greenback, dropping below January's 1.0482 nadir, as manufacturing surveys released in both Europe and the U.S. on Monday highlighted the divergence between the two economies. The dollar index rose around 0.5% to 107.06, at one point hitting as high as 107.12, its highest since November 2022. Japan's key economic ministers warned again on Monday that authorities were watching with a "strong sense of urgency" as the yen slid. The yen was last at 149.80 against the dollar, just off the overnight low of 149.88. (This story has been corrected to fix euro milestone to near one-year low, not over one-year low, in paragraph 2)Reporting by Brigid Riley Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Carol Kong, Kong, Sterling, Brigid Riley, Shri Navaratnam Organizations: REUTERS, Rights, Federal Reserve, Treasury, Commonwealth Bank of Australia, PMI, Reserve Bank of Australia, Thomson Locations: Europe

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo Acquire Licensing RightsOct 3 (Reuters) - Oil prices slipped 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed supply signals. "(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US dollar dominated market sentiment," ANZ analysts said in a client note. Higher interest rates along with a stronger dollar also makes oil more expensive for holders of other currencies, which could dent oil demand. BMI Research analysts said "given that the global economy is slowing, the group will likely want to maintain their current cuts, while signposting the scope for further reductions, if market conditions demand it."

Persons: Alexander Manzyuk, Brent, Laura Sanicola, Trixie Yap, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, . West Texas, ANZ, U.S ., U.S, Reserve, BMI Research, Organization of, Petroleum, Thomson Locations: Republic of Tatarstan, Russia, Iraq, OPEC

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. The yen eased to 149.83 per dollar, its weakest in more than 11 months, moving ever closer to the 150 mark that some traders believe could prompt intervention by Tokyo to support the currency. "If the yen breaks 150 per dollar, which I think is likely, and verbal intervention is not followed by action then we could see dollar-yen at 155." In the broader currency market, sterling was last 0.4% lower at $1.2158, having slid nearly 4% against the dollar in the third quarter. Elsewhere, the Australian dollar slid 0.6% to $0.6395, while the New Zealand dollar edged 0.4% lower to $0.5972, as traders looked ahead to rate decisions from their respective central banks this week.

Persons: Florence Lo, Dane Cekov, Shunichi Suzuki, Jarrod Kerr, Nordea's Cekov, bitcoin, Samuel Indyk, Rae Wee, Shri Navaratnam, Simon Cameron, Moore, Emelia, Alex Richardson Organizations: U.S, REUTERS, Bank of Japan, Bank of Japan's, Finance, Congress, Democratic, Australian, New Zealand, Thomson Locations: Tokyo, Britain, U.S

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Brent December crude futures rose 49 cents, or 0.5%, to $92.69 a barrel by 0645 GMT after falling 90 cents on Friday. Brent November futures settled down 7 cents at $95.31 a barrel at the contract's expiry on Friday. U.S. West Texas Intermediate crude futures gained 55 cents, or 0.6%, to $91.34 a barrel, after losing 92 cents on Friday. However, a private-sector survey on Sunday was less encouraging, showing the country's factory activity expanded at a slower pace in September.

Persons: Agustin Marcarian, Baker Hughes, recouping, Brent, Hiroyuki Kikukawa, Kevin McCarthy, Yuka Obayashi, Emily Chow, Jamie Freed, Shri Navaratnam, Kim Coghill Organizations: REUTERS, . West Texas, of, Petroleum, NS, Nissan Securities, ING, PMI, Republican, Reuters, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, TOKYO, U.S, Saudi Arabia, Russia, OPEC, Tokyo

HONG KONG/BEIJING, Sept 28 (Reuters) - China Evergrande Group's (3333.HK) founder is being investigated over suspected "illegal crimes", the embattled developer said on Thursday, as creditors become increasingly concerned about the group's prospects amid an uncertain debt revamp plan and liquidation risk. Evergrande has been working to get creditors' approval for restructuring its offshore debt. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said. An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. "We believe that Evergrande's debt turmoil has had a great turmoil and negative impact on the global economy, and the things behind it are not simple."

Persons: Hui Ka Yan, Evergrande, Hui, Gary Ng, Ng, Florence Lo, They've, Christopher Beddor, Yan Yuejin, Saxo, Redmond Wong, Upasana Singh, Donny Kwok, Scott Murdoch, Ziyi Tang, Anne Marie Roantree, Sumeet Chatterjee, Kim Coghill, Shri Navaratnam, Lincoln, Miral Fahmy, Susan Fenton Organizations: HK, Trading, Asia Pacific, Reuters, REUTERS, Evergrande, China Research, Development Institution, Buyers, China Market, Thomson Locations: HONG KONG, BEIJING, China, Asia, Beijing, Evergrande, Shanghai, Bengaluru, Hong Kong, Sydney

☆ Dollar sticks near 10-month high, keeping heat on yen
▼ + stars: | 2023-09-28 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTOKYO, Sept 28 (Reuters) - The dollar clung near a 10-month high against a basket of its peers on Thursday, keeping the yen under pressure near a key intervention zone as investors size up upbeat U.S. economic data and fresh comments from Federal Reserve officials. Fed Chair Jerome Powell is scheduled to speak later on Thursday, giving markets further clues into the future path of U.S. monetary policy. The U.S. dollar index , which measures the greenback against a basket of other major currencies, hovered around 106.58, after hitting 106.84 overnight, the highest level since Nov. 30. The dollar/yen pair tends to be extremely sensitive to changes in long-term U.S. Treasury yields, particularly at the 10-year maturity.

Persons: Dado Ruvic, Neel Kashkari, Jerome Powell, Kyle Rodda, Tony Sycamore, Brigid Riley, Shri Navaratnam Organizations: REUTERS, Rights, Federal Reserve, Federal Reserve Bank of Minneapolis, Fed, U.S, Treasury, IG, Thomson Locations: U.S

☆ Evergrande shares halted as concerns mount about developer's prospect
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +3 min

An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. Evergrande has been working to get creditors' approval for restructuring its offshore debt. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said. The company shares ended down 19% on Wednesday in the Hong Kong market, taking their losses to 81% since the resumption of trading in late August after a 17-month suspension. The recent regulatory easing may stabilize the housing market in the world's second-largest economy to some extent, Saxo Greater China Market Strategist Redmond Wong wrote in a research note.

Persons: Florence Lo, Hui Ka Yan, Hui, Evergrande, Gary Ng, Ng, Redmond Wong, Donny Kwok, Scott Murdoch, Ziyi Tang, Anne Marie Roantree, Sumeet Chatterjee, Kim Coghill, Shri Navaratnam Organizations: REUTERS, China Evergrande, HK, Bloomberg, Reuters, Asia Pacific, China Market, Thomson Locations: Beijing, China, HONG KONG, China's, Evergrande, Asia, Hong Kong, Saxo, Sydney, Lincoln

☆ BOJ's July debate highlights rift in view on rate hike timing
▼ + stars: | 2023-09-27 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

Japanese national flag is hoisted atop the headquarters of Bank of Japan in Tokyo, Japan September 20, 2023. One member said there was "still a significantly long way to go" before the BOJ can revise its negative interest rate policy, the minutes showed. One member said inflation could overshoot expectations as a tight job market prod firms to hike pay. But the BOJ has maintained its dovish guidance on the view a premature exit from ultra-loose policy could hurt a fragile recovery, and push Japan back into economic stagnation. Reporting by Leika Kihara; Editing by Jacqueline Wong and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Kazuo Ueda, Ueda, Leika Kihara, Jacqueline Wong Organizations: Bank of Japan, REUTERS, Companies, Thomson Locations: Tokyo, Japan, Europe, TOKYO, United States

☆ China's industrial profits extend slump for Jan-Aug, but pace of downturn eases
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +3 min

NBS statistician Yu Weining said in an accompanying statement that "a series of policies to promote macroeconomic recovery" last month's underpinned earnings. The breakdown in NBS data indicated that there was still some way to go for a robust recovery in overall earnings growth. Profits at state-owned firms slid 3.8% in first eight months, and fell 1.3% for foreign firms while private-sector companies saw earnings shrink 6.1%, the data showed. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.75 million) from their main operations. Reporting by Qiaoyi Li and Ryan Woo and Beijing newsroom Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Bruce Pang, Jones Lang Lasalle, Yu Weining, Qiaoyi Li, Ryan Woo, Shri Navaratnam Organizations: REUTERS, Rights, National Bureau of Statistics, Jones, NBS, Thomson Locations: Lianyungang, Jiangsu province, China, Rights BEIJING, Beijing

Bullrich, a conservative former lawmaker and security minister, is running against center-left candidate Sergio Massa and Javier Milei, a radical libertarian. The advisor claimed that IMF officials would likely support Bullrich's approach. They told us, 'If you win and put this program on the table and it begins to advance, we will be giving it the necessary support,'" said Martinez Maino. Former President Mauricio Macri, a member of Bullrich's party, renegotiated a previous IMF loan deal for $44 billion in 2018. Bullrich aims to grow foreign investment, said Martinez Maino, adding that he and the candidate's would-be pick for economy minister, Carlos Melconian, will travel this week to New York to meet with banks and investors.

Persons: Patricia Bullrich, Facundo Martinez Maino, Sergio Massa, Javier Milei, Milei, Martinez Maino, Mauricio Macri, Bullrich, Carlos Melconian, Lucila Sigal, David Alire Garcia Organizations: International Monetary Fund, Thomson Locations: BUENOS AIRES, August's, South, New York

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