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☆ Qantas to secure new planes from Airbus, Boeing
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The multi-billion dollar order is split between 12 Airbus A350s and 12 Boeing 787s, which will arrive from fiscal 2027 and into the next decade, Qantas said. Qantas said the deal was aimed at providing a replacement for its current Airbus A330 and Airbus A380 aircraft. This has the potential to meet up to 90% of the group’s interim SAF target for 2030, Qantas said. "SAF reduces lifecycle carbon emissions by up to 80 per cent and is a key part of Qantas’ emissions reduction plan," it said. Reuters earlier in the week had reported, citing industry sources, that Boeing was nearing a deal for its 787 Dreamliner aircraft with Qantas.

Persons: Loren Elliott, Vanessa Hudson, Stan Deal, Rishav Chatterjee, Shailesh Kuber, Maju Samuel Organizations: Qantas, Sydney Airport, REUTERS, Australia's Qantas Airways, Airbus, Boeing, SAF, Global, Incoming Qantas, Boeing Commercial Airplanes, Reuters, Thomson Locations: Australia, Sydney, Bengaluru

China cut its one-year benchmark lending rate on Monday, which is set to further weigh on banks' NIM. Chinese commercial banks' NIM shrank sharply to 1.74% last quarter from 1.91% at the end of 2022, official data showed. Shares of China's biggest five banks have been sliding since early May amid concerns over the weakening economy. Debt-laden municipalities represent a major risk to China's economy and financial stability, after years of over-investment in infrastructure and plummeting returns from land sales. Still, there's really no getting around the fact that banks will need to sacrifice profitability to support the economy this year," Beddor added.

Persons: Florence, headwinds, Gary Ng, NIM, Christopher Beddor, there's, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Himani Organizations: Bank of Communications, Fair for Trade, Services, REUTERS, China Construction Bank, Corporate, Investment Banking, Industrial, Commercial Bank of China, Bank of Communications Co, Agricultural Bank of China, JPMorgan, Thomson Locations: Beijing, China, BEIJING

A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligations. Evergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged as much as 20% on Friday, while China Evergrande New Energy Vehicle Group (0708.HK) lost as much as 17%.

Persons: Aly, Evergrande, Morgan Stanley, HSI, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, Longfor, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, Asia, HONG, U.S, United States, Beijing, Manhattan, Hong Kong, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru

A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The developer's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligationsThe sources declined to be named due to the sensitivity of the matter. DEBT RESTRUCTURINGEvergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged more than 12%, while China Evergrande New Energy Vehicle Group (0708.HK) dropped 8% on Friday.

Persons: Aly, Evergrande, Morgan Stanley, Hong, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, British Virgin, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, HONG, U.S, United States, Hong Kong, British, Manhattan, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru

The property industry globally, and office building owners in particular, are struggling as working from home and e-commerce lead tenants to reconsider floor space just as higher interest rates reduce building values and raise debt servicing costs. Dexus sold the 18-story A-Grade office for A$293.1 million ($188 million), a 16.3% discount to its December 2022 valuation, according to company filings. Quintessential Equity, an Australian property developer and investor, announced itself as the buyer on its website without elaborating. Dexus will own a A$50 million stake in the trust that will hold the property, it said in a statement. In June, Dexus sold another premium office building in Sydney's central business district for A$393.1 million, a near 17% discount to an independent valuation made in December.

Persons: Loren Elliott, Dexus, Darren Steinberg, Lewis Jackson, Rishav Chatterjee, Subhranshu Sahu, Rashmi Aich, Sam Holmes Organizations: REUTERS, Rights, Reuters, Equity, Thomson Locations: Sydney, New South Wales, Australia, Australian, Bengaluru

☆ Furious Chinese investors lodge complaints over trust firm's missed payments
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Aug 18 (Reuters) - Angry investors in trust products of a leading Chinese shadow bank have lodged complaint letters with regulators, pleading with the authorities to step in after the big Chinese trust firm missed payments on dozens of investment products. "Every day, a large number of people gathered at business departments of Zhongrong Trust are praying for the firm can give an explanation to investors ... investors are immersed in unlimited horror and fear every day." In the letter to the NFRA , investors demanded that Zhongrong provide reports of the underlying assets of defaulted products. "We hope officials can attach great attention to Zhongrong Trust ... and not let this to become a milestone vicious economic event," the letter sent to the NFRA said. In the letter to the CCDI, investors complained that management of Zhongrong failed to fulfill their responsibilities and caused huge losses to investors.

Persons: Aly, Zhongrong, didn't, NFRA, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Kim Cogill Organizations: REUTERS, Rights, Trust Co, Investors, Financial Regulatory Administration, Central Commission, Reuters, Zhongzhi Enterprise Group, Zhongrong, Thomson Locations: Shanghai, China, Rights BEIJING, Zhongrong

"The application is a normal procedure for the offshore debt restructuring and does not involve (a) bankruptcy petition," it said in the filing, adding it is pushing forward with its offshore debt restructuring. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collateral and repurchase obligations. A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. China's economic and property woes and the absence of concrete stimulus steps have sent a chill through global markets. "The China property sector is like a black hole, so many developers have been dragged into it since two years ago after Evergrande," said Winner Zone Asset Management CEO and CIO Alan Luk.

Persons: Evergrande, Aly, Nomura, HSI, Alan Luk, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam, Kim Coghill Organizations: HONG KONG, China Evergrande, HK, U.S, Hong, British Virgin Islands, China Evergrande Group, REUTERS, Zhongrong International Trust Co, Longfor, Asset Management, Manya Saini, Thomson Locations: China, Asia, HONG, U.S, United States, Hong Kong, British Virgin, New York, Shenzhen, Guangdong province, Beijing, Bengaluru

☆ ANZ Group reports higher late mortgage payments in stiff market
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. REUTERS/Steven Saphore/File Photo/File Photo Acquire Licensing RightsSummaryCompanies Reports rise in customer depositsMarginal increase in gross impaired assetsAug 17 (Reuters) - ANZ Group Holdings (ANZ.AX) said on Thursday late mortgage repayments past 90 days edged higher in the June quarter but were still below historic levels while logging higher customer deposits in a stiff market. The country's fourth-largest bank is still dealing with rising financial stress among mortgage customers as higher cash interest rates put pressure on its margins. "Liability portfolio mix continued a shift towards higher interest rate, lower margin, savings accounts and term deposits," ANZ said in a statement. ANZ recorded a continued growth in retail and institutional customer deposits while flagging a marginal rise in its gross impaired assets.

Persons: Steven Saphore, Rishav Chatterjee, Nausheen, Shilpi Majumdar, Sherry Jacob, Phillips Organizations: New Zealand Banking Group, ANZ, REUTERS, ANZ Group Holdings, Thomson Locations: Australia, Sydney, Bengaluru

Anxious retail investors are bombarding listed companies with questions about their exposure to Zhongrong, a subsidiary of Zhongzhi, after missed payments by the trust company triggered fears of wider contagion. Zhongzhi's financial trouble is the latest challenge for Chinese authorities as they battle to contain a worsening property sector crisis and revive a faltering recovery in the world's second-largest economy. The Wednesday's meeting was held after Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products since the end of July, Reuters reported on Wednesday, citing sources. PROPERTY CRISISThe liquidity stress facing Zhongzhi highlights the ripple effect of an unprecedented debt crisis in China's property sector, which accounts for roughly a quarter of the economy that has rapidly lost momentum in recent months. Evergrande said late on Wednesday it would delay the voting date and scheme meetings with creditors for its offshore debt restructuring plan to Aug 23 and Aug 28, respectively, to give creditors more time to consider the terms.

Persons: Lehman, Morgan Stanley, Zhongzhi, Aly, Evergrande, Jason Xue, Clare Jim, Sumeet Chatterjee, Jacqueline Wong, Jamie Freed Organizations: Zhongzhi Enterprise Group, Reuters, Citigroup, Big, Workers, REUTERS, International Trust Co, Zhongrong International Trust, China Evergrande, HK, Energy Vehicle Group, Evergrande, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Beijing, China's, Zhongzhi, China, Wednesday's, Shanghai, Hong Kong

SHANGHAI/HONG KONG, Aug 17 (Reuters) - Faced with a liquidity crisis, Zhongzhi Enterprise Group will conduct a debt restructuring, the Chinese asset manager has told investors, as a deepening property sector downturn raises fears about spillover risks to the broader financial sector. Beijing-based Zhongzhi, which has sizable exposure to real estate, has stopped payment to investors in all investment products, its management told investors in a meeting on Wednesday, a video seen by Reuters showed. Zhongzhi's financial trouble is the latest challenge for Chinese authorities as they battle to contain a worsening property sector crisis and revive a faltering recovery in the world's second-largest economy. Zhongzhi has hired one of the Big Four accounting firms to conduct a comprehensive audit of the company, and is seeking strategic investors, its management told investors in Wednesday's meeting. Anxious retail investors are bombarding listed companies with questions about their exposure to Zhongrong after missed payments by the trust company triggered fears of contagion across the country's financial system.

Persons: Morgan Stanley, Zhongzhi, Lehman, Evergrande, Jason Xue, Clare Jim, Sumeet Chatterjee, Jacqueline Wong, Jamie Freed Organizations: Zhongzhi Enterprise, Reuters, Big, International Trust Co, Citigroup, Zhongrong International Trust, China Evergrande, HK, Energy Vehicle Group, Evergrande, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Beijing, Wednesday's, China, China's, Shanghai, Hong Kong

☆ Country Garden: How bad is China's property crisis?
▼ + stars: | 2023-08-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

HONG KONG, Aug 17 (Reuters) - The debt crisis at Country Garden (2007.HK), China's largest property developer before this year and once considered a financially sound company, has triggered fresh contagion fears just two years after China Evergrande Group (3333.HK) defaulted. S&P Global Rating said on Wednesday it could adjust its forecast for property sales to a "descending staircase" figure from an "L" shaped recovery, if Country Garden officially defaulted. However, it emerged when the property market and the economy are in much worse shape. Evergrande was already insolvent at the time of default, but Country Garden currently still has more assets than liabilities. Analysts warn that Country Garden could become insolvent if it had to write off large inventories, and run into negative equity if its asset values dropped over time.

Persons: Evergrande, Moody's, Lehman, Clare Jim, Sumeet Chatterjee, Stephen Coates Organizations: HK, China Evergrande, Local, Beijing, International, International Monetary, WILL, Communist Party, Thomson Locations: HONG KONG, Evergrande, China, Beijing

REUTERS/Aly Song/File PhotoHONG KONG/NEW YORK, Aug 15 (Reuters) - Chinese fears of a spillover from missed payments on some shadow banking linked trust products and worsening consumer sentiment are expected to hasten a policy response to revive the country's cash-starved property sector. Zhongrong International Trust Co, which traditionally had sizable real estate exposure, has recently missed repayments on some investment products, fuelling contagion fears. 'CONTAGION'The trust sector had been a major fundraising channel for property developers seeking rapid expansion. The outstanding value of trust products invested in the property sector was 1.2 trillion yuan as of end-2022, down about 30% year-on-year. Still, exposure to the real estate sector varies from different trust firms.

Persons: Aly, Yan Wang, Nomura, Arthur Kroeber, Kamil Dimmich, Phillip Wool, Wool, Vidya Ranganathan, Laura Matthews, David Randall, Ziyi Tang, Sumeet Chatterjee, Alexander Smith Organizations: REUTERS, HONG KONG, Trust Co, Barclays, International Trust, South Capital LLP, China Equity ETF, Beijing, Thomson Locations: Shanghai, China, HONG, Zhongrong, Beijing, New York, London, Singapore, Summer Zhen

☆ Developer Lendlease's losses widen, points to UK residential law
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +1 min

Lendlease had earlier signed a contract and had taken an A$295 million ($191.69 million) provision against potential liabilities for its properties in the UK because of industry-wide action by the country's government. The company attributed the results to UK legislation that forced it to shell out millions to remediate residential properties in the country. Its statutory loss after tax for the year came in at A$232 million, compared to A$99 million reported a year ago, the company said. The company however reported 9% growth in its full-year funds under management to A$48.3 billion and continues to expect further growth. ($1 = 1.5389 Australian dollars)Reporting by Rishav Chatterjee in Bengaluru; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Lendlease, Tony Lombardo, Rishav Chatterjee, Sonali Paul Organizations: Lendlease, Thomson Locations: United Kingdom, Bengaluru

"The situation is already very bad for dollar-based funds to invest in China's tech sector. There isn't much room for things to get worse," said Beijing-based China Growth Capital partner Wayne Shiong. Biden's move will likely make China-focussed venture capital firms feel more urgency to raise yuan funds from Chinese investors, he said. In response to Biden's executive order, China's commerce ministry said it was "gravely concerned" and reserved the right to take countermeasures. But the executive order is barely going to do anything, and China escalating would risk turning a molehill into a mountain."

Persons: Florence Lo, Joe Biden's, Donald Trump, Weiheng Chen, Wilson Sonsini, Biden, Chen, Wayne Shiong, Biden's, Yuan, Pan, Trump, Derek Scissors, Kane Wu, Michael Martina, Roxanne Liu, Ziyi Tang, Yantoultra, Sumeet Chatterjee, William Mallard Organizations: REUTERS, U.S, Reuters Graphics Reuters, China Growth Capital, Chinese Academy of Social Sciences, TECH, Hua Hong Semiconductor, Analysts, American Enterprise Institute, Thomson Locations: China, U.S, HONG KONG, WASHINGTON, Beijing, Washington, Shanghai, Hong Kong, Singapore, Bengaluru

"The big thing we're watching for is any sign that rates of bad and doubtful debt are rising," Macquarie analysts said. Analysts at Citi expect cash profit to rise 3.5% to A$9.93 billion, while a Visible Alpha consensus estimate stands at A$10.11 billion. "Most banks may maintain buy-backs and lift dividends as they are still healthy on capital ratios." The heavyweight banking index, the S&P/ASX 200 Financials (.AXFJ), has gained 0.4% so far this year, as of last close. ($1 = 1.5230 Australian dollars)Reporting by Upasana Singh and Rishav Chatterjee in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Banks, Macquarie, Morgan Stanley, Tina Teng, Upasana Singh, Rishav Chatterjee, Anil D'Silva Organizations: REUTERS, Commonwealth Bank of Australia, National Australia Bank, Westpac, ANZ Group, Reserve Bank of Australia, Macquarie, CBA, Citi, NAB, ANZ, WBC, Thomson Locations: Melbourne, Southbank, Australia, Bengaluru

Logo of Bain Capital is screened at a news conference in Tokyo, Japan September 28, 2017. Shares of Estia Health were up 9.9% at A$3.12 as of 0045 GMT, their highest since Sept 2018. Bain Capital did not immediately respond to a Reuters request for comment. In June, the company updated the market on its intentions to back Bain Capital's increased offer of $A3 per share to A$3.20. "If they acquire Estia Health they may be stuck with it in the days ahead."

Persons: Kim Kyung, Estia, Bain Capital's, Gary Weiss, Estia's, Brad Smoling, Smoling, Rishav Chatterjee, Scott Murdoch, Sherry Jacob, Phillips, Stephen Coates Organizations: Bain Capital, REUTERS, Global, Estia, Bain, Virgin Australia, Australia, Health, Thomson Locations: Tokyo, Japan, Sydney, Australia, Bengaluru

☆ Exclusive: Credit Suisse to cut 80% of Hong Kong investment bank jobs from this week
▼ + stars: | 2023-08-07 | by ( Selena Li | ) www.reuters.com time to read: +2 min

A pedestrian walks past a logo of Credit Suisse outside its office building in Hong Kong, China March 21, 2023. Hong Kong accounts for Credit Suisse's biggest share of investment bankers in Asia. It has since said it would reduce risk in Credit Suisse's investment banking operation. UBS laid off employees from Credit Suisse's investment bank in New York last week, Reuters reported, citing a source familiar with the situation. Besides Hong Kong, other regional markets in which Credit Suisse has investment bankers include China, Singapore, Vietnam, Australia, South Korea, Thailand and India.

Persons: Lam, HONG KONG, Christian Deiss, Deiss, Selena Li, Julie Zhu, Sumeet Chatterjee, Christopher Cushing Organizations: Credit Suisse, REUTERS, UBS Group, Credit Suisse's, Asia . Credit Suisse, UBS, Credit, Reuters, Thomson Locations: Hong Kong, China, HONG, Asia ., Swiss, New York, Houston, Asia, Singapore, Vietnam, Australia, South Korea, Thailand, India, Credit Suisse's Asia, Pacific

☆ Citigroup's Asia family office clients poised to grow 25% in 2023
▼ + stars: | 2023-08-04 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

REUTERS/Athit Perawongmetha/File PhotoHONG KONG, Aug 4 (Reuters) - Citigroup's (C.N) Asia family office business expects a 25% increase in clients this year, the U.S. bank's regional head of its family office advisory business said, as Singapore and Hong Kong vie to attract more wealth. Global banks have been beefing up family office arms in Asia, as demand continues to surge among rich Asians wanting to set up private investment vehicles and plan for business succession. Citi in 2020 turned its Asia family office service into a full-fledged unit combining advisory, family governance, legacy planning, philanthropy, investment and deal-making capabilities for ultra-wealthy clients. "We have seen great interest from China, Hong Kong, the Philippines, India, and Indonesia in settling their family offices here (Hong Kong)," Ong said, adding there was also growing interest from Middle Eastern clients. There is scale and Singapore is becoming more discerning about the type of family offices it wants to attract," Ong said.

Persons: Athit, HONG KONG, Faye Ong, Ong, Faye, Xie Yu, Sumeet Chatterjee, Jamie Freed Organizations: Citi, REUTERS, Reuters, Global, Accenture, Thomson Locations: Bangkok, Thailand, HONG, Asia, U.S, Singapore, Hong Kong, China , Hong Kong, Philippines, India, Indonesia, Hong

A panel displaying share prices is seen inside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen October 23, 2009. The Shenzhen Stock Exchange, one of the two major bourses in the Chinese mainland, is in negotiations with the Saudi Tadawul Group (1111.SE), operator of the Saudi Stock Exchange, for ETF Connect, as the programme is called, two of the sources said. The China Securities Regulatory Commission, the Shenzhen Stock Exchange and the Tadawul Group did not respond to Reuters' requests for comment. China has launched 'ETF Connect' projects in recent years with offshore stock exchanges in Hong Kong, Japan, South Korea, and Singapore. Reporting by Xie Yu and Selena Li in Hong Kong; Additional reporting by Hadeel Al Sayegh in Dubai; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bobby Yip, HONG KONG, HKEX, Jackie Choy, Xie Yu, Selena Li, Hadeel Al, Sumeet Chatterjee, Muralikumar Organizations: Shenzhen Stock Exchange, REUTERS, Saudi Tadawul Group, Saudi Stock Exchange, Connect, China's, China Securities Regulatory Commission, Tadawul, Singapore . Industry, Government Bond Index, Management, Saudi, Hong Kong Exchanges, Clearing, Tadawul Group, Hong Kong bourse, Morningstar Asia, Saudi Arabia's Ministry of Investment, Saudi Aramco, Thomson Locations: Shenzhen, HONG, China, Saudi, Beijing, Riyadh, Saudi Arabia, East Asia, Hong Kong, Japan, South Korea, Singapore, HK, Hong, Europe, East, Africa, Hadeel Al Sayegh, Dubai

☆ Analysts see more gains for Apple going forward, but some warn of mounting headwinds
▼ + stars: | 2023-08-04 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

AAPL YTD mountain Apple stock was trading lower after quarterly results. Apple doesn't provide official forward guidance and has not done so since 2020 over macroeconomic uncertainty. Morgan Stanley's Erik Woodring reiterated an overweight rating on Apple but lowered his price target to $215 from $220. Bank of America's Wamsi Mohan remained neutral on Apple, accompanied by a $210 price target that equates to roughly 10% upside. Rakers maintained an overweight rating on Apple stock with a $225 price target, or about 18% upside from Thursday.

Persons: Apple, Luca Maestri didn't, Apple doesn't, Morgan Stanley's Erik Woodring, Woodring, Morgan Stanley, America's Wamsi Mohan, Mohan, Citi's Atif Malik, Malik, Wells, Aaron Rakers, JPMorgan's Samik Chatterjee, Chatterjee, Goldman Sachs, Michael Ng, Apple's, Ng, — CNBC's Michael Bloom Organizations: Apple, America's

☆ Kellogg raises annual profit outlook on higher prices
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

Kellogg's cold cereal products are pictured in a market in New York, U.S., June 21, 2022. REUTERS/Mike Segar/File PhotoAug 3 (Reuters) - Kellogg Co (K.N) on Thursday forecast a smaller drop in annual profit than it had previously expected, as multiple price hikes for its breakfast snacks and cereals helped strengthen its margins. The Corn Flakes maker said it expected 2023 adjusted profit per share to decline between 1% and 2%, compared with the prior forecast for a decline of 1% to 3%. However, the company posted a 4.6% rise in net sales to $4.04 billion in the second quarter, missing analysts' expectations of $4.07 billion, according to Refinitiv data. Reporting by Mehr Bedi and Aatrayee Chatterjee in Bengaluru; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Mehr Bedi, Aatrayee Chatterjee, Milla Nissi Organizations: REUTERS, Kellogg, PepsiCo, Conagra Brands Inc, Hershey, Thomson Locations: New York, U.S, Bengaluru

☆ Deutsche Bank downgrades Qualcomm as smartphone slump pressures chipmaker
▼ + stars: | 2023-08-03 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Deutsche Bank is moving to the sidelines on Qualcomm as a slump in the smartphone market puts pressure on the company. Analyst Ross Seymore downgraded the chipmaker's stock to hold from buy and cut his price target by $10 to $120. For the fiscal third quarter quarter, the company posted $8.44 billion in adjusted revenue, while analysts polled by Refinitiv forecasted $8.5 billion. J.P. Morgan analyst Samik Chatterjee maintained his overweight rating on Qualcomm, but lowered his December 2024 price target by $11 to $148. UBS analyst Timothy Arcuri maintained his neutral rating and $130 price target on the company.

Persons: Ross Seymore, Seymore, Meta —, Morgan, Samik Chatterjee, Timothy Arcuri, — CNBC's Michael Bloom Organizations: Deutsche Bank, Qualcomm, Apple, Huawei, Refinitiv, Meta, Edge, UBS Locations: Wednesday's, IoT

☆ Here's the trade on Apple ahead of Thursday's earnings, according to analysts
▼ + stars: | 2023-08-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Several analysts remain bullish, hiking their price targets in the weeks leading up to Apple's earnings report — despite the stock's 50% runup so far this year. His $220 price target suggests the stock can rally more than 12% from Tuesday's close. Bank of America remains neutral on the stock, but boosted its price target to $210 on July 19. His price target of $149 suggests nearly 24% downside. Her price target of $190 suggests roughly 3% downside from Tuesday's close.

Persons: Samik Chatterjee, Chatterjee, Morgan Stanley, Erik Woodring, Goldman Sachs, Michael Ng, Apple, Wamsi Mohan, Mohan, Tim Long, Grace Chen, Chen, Piper Sandler, TD Cowen, Baird, — CNBC's Michael Bloom, Kif Leswing Organizations: Apple, JPMorgan, Services, Bank of America, Barclays, UBS Locations: Apple's, Tuesday's, Asia

☆ Here's the trade on Apple ahead of Thursday’s earnings, according to analysts
▼ + stars: | 2023-08-02 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Chinese developers are allowed to sell residential projects before completion but are required to put those funds in escrow accounts. Local city governments permit them to withdraw a portion of the funds, depending on the progress of construction. China's housing ministry did not respond to Reuters request for comment on the tightening of developers' access to escrow funds. FALTERING HOUSING DEMANDThe new measures come as property demand is sluggish - China's property sales between May and June showed the largest monthly drop this year, based on sales by floor area, and investment in property also slumped. Under those rules, the authority has asked the bank to make escrow funds available only to developers who have other sources of funding to cover construction costs, said the person.

Persons: Gary Ng, Ng, Clare Jim, Tang, Sumeet Chatterjee, Muralikumar Organizations: Asia Pacific, National Bureau of Statistics, Thomson Locations: HONG KONG, BEIJING, Asia, Hunan, Hefei, Xiamen, Hong Kong, Beijing

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