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☆ The Fed is at odds with itself. That’s a feature, not a bug
▼ + stars: | 2023-10-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

So, Fed officials are divided, but it doesn’t really matter. Fed officials are still people, and as the saying goes, opinions are like bellybuttons in that everyone’s got one. Fed officials in that committee with voting power have the option to dissent, but it’s only happened twice this cycle. This year’s voters, which are Dallas Fed President Lorie Logan, Chicago Fed President Austan Goolsbee, Philadelphia Fed President Patrick Harker, and Minneapolis Fed President Neel Kashkari, will be rotated out next year. Up NextMonday: Fed officials Lorie Logan, Michael Barr and Phillip Jefferson deliver remarks.

Persons: Mary Daly, Michelle Bowman, ”, Biden, That’s, Michael Feroli, everyone’s, “ It’s, ” Feroli, Esther George, Ed Al, Hussainy, JPMorgan’s Feroli, It’s, Jerome Powell, John Williams, Lorie Logan, Austan Goolsbee, Patrick Harker, Neel Kashkari, Logan, Kashkari, Raphael Bostic, San Francisco Fed’s Daly, – CNN’s Elisabeth Buchwald, Michael Barr, Phillip Jefferson, Christopher Waller Organizations: CNN Business, Bell, CNN, Federal, San Francisco Fed, JPMorgan, Fed, Market Committee, Kansas City, Columbia Threadneedle Investments, Governors, New York Fed, Dallas Fed, Chicago Fed, Philadelphia Fed, Minneapolis Fed, San Francisco, Treasury, PepsiCo, The National Federation of Independent Business, US Labor Department, Federal Reserve, Delta, China’s National Bureau of Statistics, The University of Michigan Locations: San, Kansas, Columbia, Cleveland, Richmond, Atlanta, San Francisco, Walgreens

☆ Singapore: In this expensive city, the right to own a car costs $76,000. And that doesn't include the car
▼ + stars: | 2023-10-05 | by ( Heather Chen | ) edition.cnn.com time to read: +3 min

CNN —Owning a car in Singapore, one of the world’s most expensive countries, has always been something of a luxury. Those who want something bigger or flashier – like an SUV – will have to fork out $106,630 (146,002 Singapore dollars) for the Category B license – up from $102,900 (140,889 Singapore dollars). It has put cars out of reach for the average resident of Singapore, where the median monthly household income in 2022 was $7,376 (10,099 Singapore dollars), according to the Department of Statistics. Those who can’t afford a Certificate of Entitlement can also make use of Singapore’s extensive public transport system they point out. Failing that, there is the option of getting a motorbike – permits for which are a relative snip at $7,930 (10,856 Singapore dollars).

Persons: Ricky Goh, “, ”, Wong Hui Min, ” Wong Organizations: CNN, Transport Authority, Department of Statistics Locations: Singapore, Bangkok, Jakarta, Hanoi

☆ Asia-Pacific stocks mixed as China's factory activity expands for the first time in six months
▼ + stars: | 2023-10-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

China's factory activity in September expanded for the first time April, data from the National Bureau of Statistics showed on Saturday. China's PMI climbed to 50.2 in September from 49.7 in the previous month, beating Reuters' expectations of 50.0. China's non-manufacturing PMI also inched up to 51.7 from a previous reading of 51. Similarly, a private-sector survey reflected an expansion in China's factory activity, albeit at a slowed pace. The Caixin/S&P Global manufacturing PMI dipped to 50.6 in September from 51.0., the survey showed on Sunday, missing forecasts of 51.2.

Persons: — Lee Ying Shan Organizations: National Bureau, Statistics, PMI, Reuters, P Global Locations: China

☆ China PMI, bumper 'Golden Week' travel give glimmers of hope for economy
▼ + stars: | 2023-10-02 | by ( Laura He | ) edition.cnn.com time to read: +6 min

PMI data released by Caixin Media and S&P Global showed both manufacturing and services losing some momentum. “We see increasing evidence of a near-term growth stabilization,” Nomura analysts said in a research note on Saturday, thanks partly to the raft of policy measures unveiled since late July, they added. While domestic travel for the Golden Week holiday appears strong, Chinese consumers are leaving the mainland in fewer numbers. Preliminary statistics from ForwardKeys, a global travel data provider, last week showed that Chinese travel within Asia was down 33% on pre-pandemic levels. On the first day of the Golden Week holiday, the number of mainland Chinese tourists entering Hong Kong was still less than half of 2018’s level, the city’s government said over the weekend.

Persons: Hong Kong CNN —, Stringer, “, ” Nomura, Julie Kozack, Xu Jiayin, Xu Organizations: Hong Kong CNN, National Bureau, Statistics, PMI, Caixin Media, P Global, Getty, China State Railway Group, Ministry, Transport, Ministry of Culture, Tourism, NBS, ” Citi, International Monetary Fund, Bank, Golden, Evergrande Group Locations: Hong Kong, Nantong, China's Jiangsu, AFP, China, Hangzhou, China's, Zhejiang, Beijing, Asia

This was not a WWE wrestling show, but the 2023 presidential race in Argentina where political outsider Javier Milei is the leading candidate. Argentine presidential candidate Javier Milei for La Libertad Avanza coalition gestures next to Carolina Piparo, candidate for Governor of the Province of Buenos Aires, during a campaign rally in La Plata, Buenos Aires on September 12. Milei is presenting himself as the candidate of renewal – an offer that clearly struck a chord with people in the primary vote. “I’ll vote for Milei because I think he’ll change things,” says Eduardo Murchio, a taxi driver in Argentina’s capital Buenos Aires. A worker receives Argentine peso banknotes in a shop in Buenos Aires on Sept. 26, 2023.

Persons: “, Javier Milei, –, ”, Donald Trump, Jair Bolsonaro, Carolina Piparo, Agustin Marcarian, Trump, Milei, Milei’s, Eduardo Murchio, “ I’m, it’s, Erica Canepa, Milton Friedman –, Javier Marcus, Marcus, dollarizing, Bolsonaro, Teresa Fria, Pope Francis, Pope, Satan ”, “ Pope Francis, Emiliano Lasalvia, Patricia Bullrich, Sergio Massa, Massa, Cristina Fernandez de Kirchner, Bullrich, Anita Pouchard Serra, Claudio Jacquelin, Facundo Nejamkis Organizations: CNN, WWE, Argentine, La Libertad, National Institute of Statistics, Reuters, Bloomberg, Getty, Rosario National University, Trump, Catholic, CIA, Milei, Unity, Homeland, La, Español Locations: Argentina, Mar del Plata, Argentine, Carolina, Province of Buenos Aires, La Plata, Buenos Aires, Latin America, Ecuador, El Salvador, Panama, AFP, Argentina's

☆ Jacksonville Jaguars win on 10th appearance in London, beating Atlanta Falcons as 2023 NFL International Series kicks off
▼ + stars: | 2023-10-01 | by ( Ben Morse | ) edition.cnn.com time to read: +5 min

CNN —The Jacksonville Jaguars won on its 10th game in London, beating the Atlanta Falcons 23-7 at Wembley Stadium on Sunday as the 2023 NFL International Series kicked off. Sunday’s game is the first of five international games the NFL has implemented as part of their ever-expanding International Series. Sunday’s game was the Jaguars’ 10th in London – the most of any team in the NFL. The Falcons struggled to create any meaningful offense during the first half, with Ridder compiling a second quarter to forget. Kirby Lee/USA Today Network/ReutersHowever, things improved shortly after halftime for the Falcons with Ridder finding London for a short touchdown pass to give Atlanta renewed hope.

Persons: Calvin Ridley, Trevor Lawrence, Desmond Ridder –, Ridder, Drake London, London’s, Lawrence, “, Let’s, ” Ridley, Kirsty Wigglesworth, Shahid Khan, Ridley –, Williams, Roy Robertson, Harris, Josh Allen, Travon Walker, Kirby Lee, Bijan Robinson, elusiveness, Brandon McManus, it’s Organizations: CNN, The Jacksonville Jaguars, Atlanta Falcons, Wembley, Falcons, Jaguars, NFL, Tottenham Hotspur, Buffalo Bills, Baltimore Ravens, Tennessee Titans, Frankfurt, Miami Dolphins, Kansas City Chiefs, Indianapolis Colts, New England Patriots, –, ESPN, Jacksonville, Florida, Premier League team Fulham, Ridder, USA, Network, Reuters, London, Atlanta Locations: London, Germany, Georgia

An employee works on the production line at Jingjin filter press factory in Dezhou, Shandong province, China August 25, 2022. China's non-manufacturing PMI, which incorporates sub-indexes for service sector activity and construction, also rose, coming in at 51.7 versus August's 51.0. PROPERTY RISKSMore stable economic indicators will be welcomed by policymakers as they continue to grapple with a property sector debt crisis that has rattled global markets. Analysts say more policy support will be needed to ensure China's economy can hit the government's growth target of about 5% this year. "China's economy stabilised partly driven by the loosening of property sector policies," said Zhiwei Zhang, chief economist of Pinpoint Asset Management.

Persons: Siyi Liu, Zhou Hao, Zhiwei Zhang, Ryan Woo, Tina Qiao, Joe Cash, Michael Perry, William Mallard Organizations: REUTERS, National Bureau of Statistics, PMI, Guotai, China Evergrande, HK, Asian Development Bank, Analysts, Thomson Locations: Dezhou, Shandong province, China, BEIJING

BEIJING (AP) — China's factory activity in September recorded its first expansion in six months, an official survey said Saturday, providing another sign that the world's second-largest economy is gradually improving following its post-pandemic malaise. The composite index rose to 52 from 51.3. Zhao said the improvement indicated by the latest indexes suggest the level of economic activity is rebounding. However, China's economic rebound remained uneven. China's economy grew at a 6.3% annual pace in the second quarter of this year, much slower than the 7%-plus growth that analysts had forecast based on the anemic pace of activity the year before.

Persons: —, Zhao Qinghe, Zhao, Hui Ka Yan Organizations: BEIJING, National Bureau of Statistics, China Federation of Logistics, Purchasing, China Evergrande, Investment Locations: China, Hong Kong

☆ Australia Aug retail sales post tepid rise, add to rate pause case
▼ + stars: | 2023-09-28 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

SYDNEY, Sept 28 (Reuters) - Australian retail sales rose modestly in August as consumers continued to cut back on spending in the face of elevated living expenses and high borrowing costs, signalling interest rates may not have to rise further. Data from the Australian Bureau of Statistics (ABS) on Thursday showed nominal retail sales rose 0.2% in August from July, missing analysts' forecast of a 0.3% gain. Sales of A$35.4 billion ($22.56 billion) were up just 1.5% from a year earlier, the lowest gain in percentage terms since August 2021. Data from Commonwealth Bank of Australia showed that younger Australians who are renting or have mortgages are cutting back on purchases, while older Australian who benefit from higher savings rates are still spending. ($1 = 1.5694 Australian dollars)Reporting by Stella Qiu; Editing by Tom Hogue and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Ben Dorber, Stella Qiu, Tom Hogue, Jamie Freed Organizations: Australian Bureau of Statistics, FIFA, Reserve Bank of Australia, Commonwealth Bank of Australia, Thomson

☆ Extreme fear is haunting stock markets again. Here's why investors are running scared
▼ + stars: | 2023-09-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

The S&P 500 index (SPX) has risen 11% since the start of the year, the tech-heavy Nasdaq (NDX) 33%, and the Stoxx Europe 600 (STOXX) 5%. The Stoxx Europe 600 has fallen 3.3%. ‘Higher for longer’ interest ratesThe world’s major central banks have spent the past two years hiking borrowing costs in a bid to control runaway inflation. High interest rates typically put pressure on stocks, since investors tend to favor bonds when they offer comparable returns as they are safer. An ailing ChinaA slew of disappointing economic data out of China has also put pressure on stocks.

Persons: Michael Hewson, —, Cushing, Strategic Petroleum Reserve —, Goldman Sachs, Giovanni Staunovo, Brent, stoking Organizations: London CNN —, CMC, CNN, Nasdaq, Federal Reserve, Brent, Strategic Petroleum Reserve, UBS, country’s National Bureau of Statistics, Evergrande Group Locations: United States, Europe, Saudi Arabia, Russia, OPEC, Cushing , Oklahoma, Ukraine, Saudi, China, Hong Kong

☆ 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

☆ China Risks Property Debt
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +8 min

Source: China Real Estate Information Corp. (CRIC)The physical size of Country Garden’s real estate portfolio is enormous. The Weight of Debt The ballooning debt crisis could delay the prospect of a recovery of both the property market and the broader Chinese economy, in which real estate is a core pillar. China property sector slump China’s property sales, investment and funds raised by property developers slid in January - August 2023 after a sharp fall in 2022. China's property sector accounts for more than half of global new home sales and home building, according to Nomura. Any contraction in the property sector will affect China’s growth, thus sending ripple effects around the globe as the world’s factory slows.

Persons: Evergrande, homebuyers, Nomura, David Stanway, Jason Lee, –, Moody's, Yawen Chen, Amr Alfiky Organizations: Country, Garden, Estate Information Corp, CIFI Holdings, Sunac, National Bureau of Statistics, China, Investment, REUTERS, International Monetary Fund, Nomura, JPMorgan, Dubai, National Bureau of Economic Research Locations: China, Burj, Burj Khalifa, Sunac China, Kunming, Yunnan province, Beijing, Xuchang, Henan province, United Arab Emirates

☆ Evergrande's debt revamp roadblock hits China property investors' sentiment
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. "Its debt restructuring plan is now stuck and can't go any further," said Steven Leung, sales director at UOB Kay Hian in Hong Kong. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which includes bonds, collateral and repurchase obligations, potentially making it one of the world's biggest such exercises. "Concern over the financial health (of developers) still clouds the property sector, especially those smaller property developers with high gearing but very few property projects on hand," Leung said. The latest roadblock in Evergrande's debt restructuring plan opens a new front for the developer just a week after police detained some staff at its wealth management unit, sending its shares slumping.

Persons: Aly, Group's, Hengda, Hong, Steven Leung, UOB Kay Hian, Leung, Evergrande, Donny Kwok, Anne Marie Roantree, Sumeet Chatterjee, Lincoln, Sam Holmes Organizations: REUTERS, HK, Hengda, Estate Group Co, China Oceanwide Holdings, National Bureau of Statistics, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, firming, Seng, Hong Kong, Bermuda

☆ 'Who should I hire? Will I get rich?' Fortune telling is a booming business in Singapore
▼ + stars: | 2023-09-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +7 min

To determine if a candidate was a good fit for his company, one CEO is said to have consulted a "feng shui" master. From who to hire to where to put their money and when is the best time to get married, more and more people are turning to fortune telling in Singapore. "Especially if it's a C-suite hire, or if it's a very important hire and the companies are unsure. said Chase Woo, managing partner at Hoseiki, a feng shui atelier which also does consultations. Jonathan Lok consulted a feng shui master before picking Jan. 27 to get married.

Persons: Luis Acosta, it's, Benedict, Feng shui, Mark Tan, Tan, Jing, Chase Woo, she's, feng shui, Roslan Rahman, Woo, Jonathan Lok Organizations: Afp, Getty, SINGAPORE, Way, Singapore's Department of Statistics, Singapore's Ministry of Manpower, Tripartite, country's Association of Small, Enterprises, Fengshui, Nurphoto Locations: Singapore

☆ China's 1.4 billion population can't fill the country's millions of empty homes. Here's 3 things that would.
▼ + stars: | 2023-09-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

He said the estimate is extreme, but said even China's 1.4 billion people can't fill all of them. "How many vacant homes are there now?" The most extreme believe the number of vacant homes are now enough for 3 billion people. But China has yet to publish an official estimate on the total floor space of its empty homes. Government statistics from August say the total area of all unsold homes in China is around 7 billion square feet, per Reuters.

Persons: that's, it's Organizations: Service, China, National Bureau of Statistics, Government, Reuters, Strategic Research Institute, Chinese Academy of personnel Management Locations: China, Wall, Silicon, Western Europe, Beijing, Dongguan

☆ Defeating inflation without high unemployment is still unlikely
▼ + stars: | 2023-09-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

And the US economy’s surprising resilience, despite 11 rate hikes, has raised hopes of a soft landing becoming a reality. “I’ve always thought that the soft landing was a plausible outcome, that there was a path to a soft landing,” he said. But historical records show that a soft landing has only occurred once in the 1990s, or perhaps even a handful of times. The US Commerce Department releases its final estimate of second-quarter gross domestic product. The US Commerce Department releases August data on household income, spending, and the Fed’s preferred inflation gauge.

Persons: it’s, Jerome Powell, Powell, “ I’ve, ”, “, Powell’s, ” “ Jerome Powell, ” Quincy Krosby, Krosby, ” Krosby, Matt Egan, ” Neil Bradley, “ We’ve, Read, Christine Lagarde, Michelle Bowman, Austan Goolsbee, Lisa Cook, John Williams Organizations: CNN Business, Bell, DC CNN, Fed, LPL, CNN, Corporate, US Chamber of Commerce, European Central Bank, Costco, Global, Board, Survey, US Commerce Department, Micron, Nike, US Labor Department, National Association of Realtors, Carnival Corp, University of Michigan, New York Fed, China’s National Bureau of Statistics Locations: Washington

☆ Has Coffee Really Ousted Tea as the U.K.’s Favorite Hot Drink?
▼ + stars: | 2023-09-23 | by ( Megan Specia | More About Megan Specia | ) www.nytimes.com time to read: 1 min

“Tea has my heart,” Liz Coleman explained as she sank into a chair under the gold-painted ceilings of the Grand Café in Oxford, England. As a British woman of Persian descent, tea looms large in her home life, she said, but when she is out, it is always coffee. Tea is woven deep into Britain’s cultural fabric, having arrived in the 1650s after Dutch traders brought it to Europe from China. Centuries of tradition made it the nation’s favorite hot drink. But coffee, a longtime rival, has increasingly challenged that status, and a recent survey suggested it had finally ousted tea from its prime spot, setting off a war of statistics as the two industries defend their beverages.

Persons: ” Liz Coleman, Ms, Coleman Locations: Oxford, England, British, Europe, China

☆ Even 1.4 billion people 'probably can't fill' all of China's vacant homes, ex-official admits
▼ + stars: | 2023-09-23 | by ( ) edition.cnn.com time to read: +2 min

Big-name developers such as Country Garden Holdings continue to teeter close to default even to this day, keeping home-buyer sentiment depressed. As of the end of August, the combined floor area of unsold homes stood at 648 million square meters (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show. That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square meters (970 square feet). “How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes are enough for 3 billion people,” said He Keng, 81, a former deputy head of the statistics bureau.

Persons: ”, Keng Organizations: China Evergrande, Garden Holdings, National Bureau of Statistics, China News Service Locations: China, Dongguan

☆ Even China's 1.4 billion population can't fill all its vacant homes, former official says
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +2 min

As of the end of August, the combined floor area of unsold homes stood at 648 million square metres (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show. That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square metres. "How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes are enough for 3 billion people," said He Keng, 81, a former deputy head of the statistics bureau. "All sorts of comments predicting the collapse of China's economy keep surfacing every now and then, but what has collapsed is such rhetoric, not China's economy," a spokesperson at the foreign ministry said at a recent news conference.

Persons: Keng, Albee Zhang, Ryan Woo, Jan Harvey Organizations: China Evergrande, HK, Garden Holdings, National Bureau of Statistics, China News Service, Thomson Locations: BEIJING, China, Dongguan

Asia's hydropower output fell 17.9% during the seven months through July, data from energy think tank Ember showed, while fossil fuel-fired power rose 4.5%. In India, hydropower generation fell 6.2% during the eight months ended August in the sharpest decline since 2016. In some cases, the hydropower output plunge was a result of efforts to conserve water and alter supply patterns. "This trend of rapidly increasing wind or solar power generation in China could push for hydropower playing this critical regulating function, instead of operating whenever there is water," he added. However, unlike hydro, wind power is harder to forecast and control, as it varies by local weather conditions.

Persons: Carlos Torres Diaz, Rystad, Lauri Myllyvirta, Myllyvirta, Ember, Victor Vanya, Sudarshan Varadhan, Jamie Freed Organizations: REUTERS, Rights, National Bureau, International Energy Agency, Centre for Research, Clean Energy, Air, Thomson Locations: Qiaojia, Yunnan province, Ningnan, Sichuan province, China, Rights SINGAPORE, Asia, India, Vietnam, India's, Philippines, Malaysia, Ember

CO2 storage tanks are seen at a cement plant and carbon capture facility in Wuhu, Anhui province, China September 11, 2019. China's cement sector discharged 853 million tonnes of carbon dioxide in 2021, according to the Global Carbon Atlas, nearly six times more than the next largest cement producer, India. The cement sector accounts for roughly 12% of China's total carbon emissions, according to Fidelity International, and along with steel is one of the largest greenhouse gas emitters. China’s cement output hits multi-year seasonal lowsSome cement producers will likely look to boost exports in an effort to offset lower domestic sales, and in July China's total cement exports hit their highest since late 2019. And if that's the case, the sector's emissions will come down too, yielding a rare climate benefit to the ongoing property market disruption.

Persons: David Stanway, Gavin Maguire, Miral Organizations: REUTERS, World Cement Association, Global Carbon Atlas, Fidelity International, China Evergrande Group, Shanghai, China National Bureau, Vietnam National Cement Association, Reuters, Thomson Locations: Wuhu, Anhui province, China, LITTLETON , Colorado, China's, India, Beijing, Vietnam, Turkey, United Arab Emirates, Indonesia

☆ Singapore’s birth rate is at a record low — but ‘throwing money’ at the problem won’t solve it
▼ + stars: | 2023-09-18 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +6 min

Mai Yo | Klaud9 | Getty ImagesSINGAPORE — Almost two decades ago, Loh and her husband made a decision not to have children. Singapore's birth rate hit a record low in 2022, after years of decline. "There is a sense of instability is dragging people further away from having children," Zheng told CNBC. Shrinking labor forceA declining birth rate, coupled with an aging population, will have repercussions on Singapore's labor force. "Having fewer children means you have a smaller workforce that can contribute to the economy.

Persons: Mai Yo, Loh, Jaya Dass, " Dass, Wen Wei Tan, EIU's Tan, Tan, Mu Zheng, Zheng, Tan Poh Lin, Lee, Carlina, Dass Organizations: Institute of Policy Studies, Getty, SINGAPORE, CNBC, Singapore Department of Statistics, Ranstad's, Women, Getty Images Government, Economist Intelligence Unit, EIU, National University of Singapore, Lee Kuan Yew, of Public Locations: Singapore, Jaya, Jaya Dass Asia, Pacific, Covid, Ranstad's Asia, —, New York City, Singapore's

This was reversed in August as strong crude imports and steady domestic output outweighed the record refinery processing rates. This was up 19.6% from the same month in 2022 and also stronger than July's 14.87 million bpd. Crude imports were 12.43 million bpd in August, the third-highest daily rate on record and up 20.9% from July and 30.9% from August last year. Subtracting processing of 15.23 million bpd leaves a surplus of 1.32 million bpd that flowed into storage tanks. The question is how will China's refiners respond to the higher crude oil prices?

Persons: shouldn't, China doesn't, China's, refiners, Sam Holmes Organizations: National Bureau of Statistics, Brent, Saudi, Reuters, Thomson Locations: LAUNCESTON, Australia, China, OPEC, pare, Iran, Russia, Venezuela

☆ China's property price caps have two sharp edges
▼ + stars: | 2023-09-18 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsHONG KONG, Sept 18 (Reuters Breakingviews) - Chinese developers are in trouble. When the mood was bullish, price caps in major cities were far below what people were willing to pay. Scrapping the price caps would be a cleaner fix and officials are weighing up such a move, Reuters reported this month. CONTEXT NEWSChina's Guangzhou city has cancelled price caps on new residential projects, Caixin reported on Sept. 12. Price caps of various kinds were introduced in many Chinese cities from 2016 following the central government’s call for a stable residential market.

Persons: Zhao Youming, Tingshu Wang, Caixin, Price, Una Galani, Thomas Shum Organizations: Gaotie Wellness, REUTERS, Reuters, HK, Bureau of Statistics, Thomson Locations: Tongchuan, Shaanxi, China, HONG KONG, Guangzhou

☆ China’s Slumping Economy: What the Latest Numbers Are Signaling
▼ + stars: | 2023-09-15 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

China’s trains, planes, stores and beaches were a little fuller last month than a year ago, and the pace of activity picked up at factories, particularly those making mobile phones and semiconductors. A batch of numbers released on Friday by China’s National Bureau of Statistics showed a modest improvement in the country’s overall retail sales and industrial production during August. A series of small steps taken by the government over the summer, including two rounds of interest rate cuts, seems to be yielding a slightly better-than-expected improvement in the country’s economy. “The national economy has accelerated its recovery, production and supply have increased steadily, market demand has gradually improved,” Fu Linghui, China’s director of national economic statistics, said at a news conference. “Some may be of the view that China’s economy has already bottomed out, but we remain cautious,” said a research note from Nomura, a Japanese bank.

Persons: ” Fu Linghui, ”, Nomura Organizations: China’s National Bureau, Statistics

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