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☆ CNBC Daily Open: Playing the T-bill game
▼ + stars: | 2023-08-08 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street analysts say though, Berkshire Hathaway shares are still cheap even at these record levels. The "service-generated data" includes customer information on product usage, telemetry and diagnostic data as well as similar content or data collected by the company. Hot, hotter, hottest oceansIt's officially no longer just climate warming — it's climate boiling.

Persons: Berkshire Hathaway, Elon, Tesla, Zach Kirkhorn, Vaibhav, Goldman Sachs Organizations: CNBC, Dow Jones, Nasdaq, Dow, Oracle, Omaha Berkshire Hathaway, Wall Street, Berkshire Locations: Manhattan, New York, U.S, Omaha

☆ Australia urges China to remove all trade restrictions after barley tariffs lifted
▼ + stars: | 2023-08-07 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Don Farrell Australian trade minister"We always saw the barley application and the suspension of the barley application before the [World Trade Organisation] as a template for dealing with the wine issue," he said. "And of course, we're extremely confident that the 220% tariffs that were applied to Australian wine will be removed." Thawing tensionsIn April, Australia agreed to "temporarily suspend" its World Trade Organization complaint against China for its 2020 decision to impose 80.5% duties on Australian barley trade that was once worth about 1.5 billion Australian dollars ($988.1 million). Vcg | Visual China Group | Getty ImagesOn Monday, Farrell said a "range of factors" were at play, with Chinese beer consumers and barley importers "very strongly in favor" of reintroducing Australian barley. Since then, Australia's foreign minister Penny Wong and trade minister Farrell have visited Beijing and have had direct meetings with their direct counterparts.

Persons: Don Farrell, Farrell, Xi Jinping, Anthony Albanese, Penny Wong Organizations: World Trade, World Trade Organization, Chinese Commerce Ministry, Nantong, Trade Zone, Visual China, Australian Locations: Australia, China, Beijing, Nantong, Jiangsu Province, Bali

Here are the meanings of the least-found words that were used in (mostly) recent Times articles. regulations define milk as a “lacteal secretion” obtained by milking “one or more healthy cows.” — Got Almond Milk? Those chemicals, the researchers said, may be especially irritating to the lungs and can cause damage when inhaled. — Dozens of Young People Hospitalized for Breathing and Lung Problems After Vaping (Aug. 14, 2019)3. titmice — any of several small birds:But enterprising birds can be mischievous. Like the titmice and other Parids that steal hair from dogs, raccoons and even humans, probably to fortify their nests.

Persons: lacteal, acetal, Duke, Young, —, unceded —, ecocide ”, ”, Vergollo, — Michael Batayeh, trimaran, Barth, Erick Clement, “, ” — Alexander Toradze Organizations: Food and Drug Administration, Yale, Art Schools, Johnsons, Racing Locations: New, Hudson, St

☆ China lifts anti-dumping tariffs on Australian barley after three years, easing supply concerns
▼ + stars: | 2023-08-04 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

A photo taken on Dec.14, 2020 shows a paddock of barley being harvested on a farm near Inverleigh, some 100 kilometers west of Melbourne. China on Friday lifted tariffs on Australian barley imports starting Aug. 5, a move that points to improving bilateral relations and would alleviate supply concerns after Russia suspended a humanitarian corridor to deliver key Ukrainian grains to global markets. These anti-dumping tariffs and countervailing duties were imposed in mid-2020 at the height of diplomatic tensions between China and Australia. Beijing slapped import tariffs on several Australian exports from wine and red meat to lobsters and timber. Besides this barley announcement, China also resumed Australian coal imports in January.

Organizations: Chinese Ministry of Commerce, World Trade Organization Locations: Inverleigh, Melbourne . China, Russia, China, Australia, Beijing

☆ Bill Ackman says he's shorting 30-year Treasury bills, and yields could hit 5.5% 'soon'
▼ + stars: | 2023-08-03 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Billionaire investor Bill Ackman said he is betting against 30-year U.S. Treasurys as a hedge against the impact of long-term rates on stocks in "a world with persistent 3% inflation." Ackman, the founder of Pershing Square Capital Management, also said he is "short in size" on the 30-year U.S. Treasurys because it's "a high probability standalone bet." "We implement these hedges by purchasing options rather than shorting bonds outright," Ackman said said late Wednesday. Ackman argued that if U.S. inflation is 3% in the long term instead of 2%, 30-year Treasury yields could hit 5.5% "and it can happen soon." U.S. inflation stood at 3% in June, while yields on 30-year Treasury hit 4.2% — its highest since early November.

Persons: Bill Ackman, Olivia Tournay Flatto, Ackman, Fitch Organizations: Armory, Billionaire, Pershing, Capital Management, AAA, White, Treasury Locations: New York City

☆ Singapore's prime minister pledges 'zero tolerance' after recent wave of political scandals
▼ + stars: | 2023-08-02 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Singapore's prime minister Lee Hsien Loong vowed Wednesday to uphold "zero tolerance" toward any wrongdoing by government officials. His comments came after a wave of political scandals rocked the Southeast Asian nation in recent weeks, tarnishing the pristine image that underpins its standing as a global financial center. "The founding generation built up Singapore and entrusted it to our generation in good shape," Lee said in a parliamentary address Wednesday. Lee said actions taken after these scandals showed two aspects of how his PAP government works. "One, when there is a suspicion or allegation of wrongdoing in the discharge of official duties, especially possible corruption, there is zero tolerance," he said in the first parliamentary session after these events,.

Persons: Lee Hsien Loong, Lee, Iswaran, Ong Beng Seng, Tan Chuan, Jin, Cheng Li Hui, Shanmugam, Vivian Balakrishnan Organizations: Central Business District, Party, Home Affairs Minister, Foreign Locations: Bay, Singapore

☆ 'Long way to go': Bank of Japan douses hopes that policy tweak marks the end of easy policy
▼ + stars: | 2023-08-02 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

watch nowThe Bank of Japan has pushed back on speculation its recent policy adjustment marked the start of a tightening cycle. On Friday, the BOJ unexpectedly loosened its yield curve control, a move some market watchers said marked the start of the end of the Japanese central bank's ultra-easy monetary policy position. The BOJ's yield curve control is part of its ultra-easy monetary policy, which also includes keeping short-term interest rates at -0.1%. It is aimed at reflating growth in the world's third-largest economy and sustainably achieve its 2% inflation target after years of deflation. There is no free lunch for any policy," Ichida said.

Persons: Shinichi Ichida, Ichida, Bank of Japan Ichida Organizations: Bank of, Bank of Japan Locations: Bank, Bank of Japan, Chiba prefecture

☆ Asia's factories face weak demand, signaling growth challenges ahead
▼ + stars: | 2023-08-01 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Six out of the nine private surveys released Tuesday showed that manufacturing activity in Asia's major producers again contracted in July. In addition to China, readings for Japan, South Korea, Malaysia, Taiwan, Vietnam also signaled contraction in manufacturing activity. "The data reaffirm our view that external demand will constitute a headwind to growth in the second half of 2023." PMI manufacturing surveys are leading indicators of economic activity. A reading above 50 points to an expansion in activity, while a reading below that level suggests a contraction.

Persons: PMIs, Shivaan Tandon Organizations: Factories, Emerging, Capital Economics, PMI Locations: East China's Shandong province, Asia, China, Japan, South Korea, Malaysia, Taiwan, Vietnam, India, Indonesia, Philippines, Emerging Asia

☆ Australia's central bank leaves rates unchanged at 4.1%
▼ + stars: | 2023-08-01 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

The Reserve Bank of Australia held interest rates at 4.1% for a second month on Tuesday as the central bank buys time to assess the impact of previous hikes, while warning of further hikes in the future. Economists were divided on whether the Australian central bank would raise interest rates at this meeting, with a slim majority expecting a 25-basis point hike. "The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so," Governor Philip Lowe said in a statement. "In light of this and the uncertainty surrounding the economic outlook, the Board again decided to hold interest rates steady this month. This will provide further time to assess the impact of the increase in interest rates to date and the economic outlook," he added.

Persons: Philip Lowe Organizations: Opera, The Reserve Bank of Australia Locations: Sydney, Australia, Australian

☆ Contraction in China factory activity extends into a fourth month
▼ + stars: | 2023-07-31 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

The sunset glow is seen over buildings and a ferris wheel on May 13, 2022 in Beijing, China. China's factory activity contracted for a fourth consecutive month in July, while non-manufacturing activity slowed to its weakest this year as the world's second-largest economy struggles to revive growth momentum in the wake of soft global demand. The official manufacturing purchasing managers' index came in at 49.3 in July — compared with 49.0 in June, 48.8 in May and 49.2 in April — according to data from the National Bureau of Statistics released on Monday. Monday's figures also showed China posting its weakest official non-manufacturing PMI reading this year, coming in at 51.5 in July — compared with 53.2 in June, 54.5 in May and 56.4 in April. A PMI reading above 50 points to an expansion in activity, while a reading below that level suggests a contraction.

Persons: Zhao Qinghe Organizations: National Bureau of Statistics, PMI, NBS Locations: Beijing, China

July 31 (Reuters) - A group of Democratic state attorneys general has urged a federal appeals court to lift an order sharply curbing the ability of government officials to push social media companies to moderate content they deem harmful. Circuit Court of Appeals that the order hampers efforts by government officials to stop the spread of false information. They alleged that U.S. government officials, under both Democratic President Joe Biden and his Republican predecessor Donald Trump, effectively coerced social media companies to censor posts over concerns they would fuel vaccine hesitancy during the COVID-19 pandemic or upend elections. The office of Louisiana Attorney General Jeff Landry did not immediately respond to a request for comment. Reporting By Brendan Pierson in New York; editing by Deepa Babington and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Letitia James, Terry Doughty, Joe Biden, Donald Trump, Biden, Andrew Bailey, Jeff Landry, Edith Brown Clement, Jennifer Walker Elrod, Don Willett, Brendan Pierson, Deepa Babington, Leslie Adler Organizations: Democratic, District of Columbia, New York, New, Circuit, Appeals, District, Republican, U.S, Facebook, YouTube, Department of Health, Human Services, Federal Bureau of, Missouri, Thomson Locations: New Orleans, U.S, Louisiana, Missouri, New York

☆ Bank of Japan pledges to guide yield curve control with 'greater flexibility'
▼ + stars: | 2023-07-28 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Japan's central bank on Friday pledged greater flexibility in its target range for 10-year Japanese government bond yields, while keeping its ultra loose interest rate intact and revising core consumer inflation forecast upward for the current fiscal year. In a policy statement, the Bank of Japan said it will retain the 50 basis point limit on 10-year Japanese government bond yields either side of its 0% target. It will also offer to purchase 10-year JGBs at 1% every business day through fixed-rate operations, unless no bids are submitted. But the BOJ held its short-term interest rate target at -0.1% after a two-day meeting. However, the central bank has said inflation will slow toward the end of this year — a view that's shared by the Japanese government.

Persons: Kazuo Ueda Organizations: Bank of Japan Locations: Tokyo's Shinjuku, Japan's

☆ Goldman names China stocks set for a bounce — and 2 make its list of top buy-rated picks
▼ + stars: | 2023-07-28 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Goldman Sachs has identified a number of Chinese stocks to buy after the government announced a number of major fiscal stimulus measures this week. The bank added that it expects Chinese stocks to "trade better" in the coming months. Goldman screened for buy-rated stocks in several areas related to China's policy announcement, including internet giants Tencent and JD , as well as its medical platform JD Health . In real estate, Goldman is buy-rated on property software company Beike and on mobile components company BYD Electronic as well as online recruitment firm Kanzhun . Search engine giant Baidu and drinks company China Resources Beer are also picks of the bank, and appear on its Asia-Pacific conviction list of top buy-rated stocks.

Persons: Goldman Sachs, Kinger Lau, Goldman, — CNBC's Michael Bloom, Clement Tan Organizations: country's Communist Party, Tencent, Baidu, China Resources Locations: China, Asia

☆ Europe stocks open lower as French economy grows 0.5%; Bank of Japan jolts markets with policy shift
▼ + stars: | 2023-07-28 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The Stoxx 600 index was down 0.36% in early trade, with media and tech stocks shedding some of Thursday's strong gains to fall 1.4% and 1.3%, respectively. Japan's strict yield curve control policy will now allow movements in the range of around plus and minus 0.5% without "rigid limits," the central bank said. The central bank also offered to buy 10-year bonds at 1% every business day through fixed-rate operations, effectively expanding its tolerance by another 50 basis points. The unexpected move rattled Asia-Pacific markets, with Japan's Nikkei 225 falling by over 2%, the yen gaining and the 10-year bond yield rising to its highest level since September 2014. Global markets are also sensitive to monetary policy moves in Japan, due to its longstanding status as the world's biggest creditor nation.

Persons: — CNBC's Clement Tan, Sumathi Bala Organizations: Bank of Japan, Japan's Nikkei, European Central Bank, Dow Jones Locations: Asia, Pacific, Japan

☆ 'Things are going to break': Kevin O'Leary predicts Fed hikes will lead to more U.S. regional bank failures
▼ + stars: | 2023-07-27 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

"Shark Tank" investor Kevin O'Leary predicts the ongoing cycle of U.S. Federal Reserve rate hikes could lead to more regional U.S. bank failures. Fed Chair Jerome Powell said the central bank is not yet fully confident that inflation is defeated even though recent headline reads show that price increases have cooled significantly. The consumer price index rose 3% from a year ago in June — the lowest level since March 2021. But Powell said the Fed would need to "hold policy at a restrictive level for some time" and be prepared to raise rates further, given that core inflation is still above 3% — higher than its 2% annual target. "I am just predicting — and I am very cautious on this — it will break down in the regional banks, which supports 60% of the economy," he said, adding that the rapid rise in the cost of capital is "killing them on their real estate loans."

Persons: Kevin O'Leary, Jerome Powell, Powell, O'Leary, CNBC's Organizations: . Federal, O'Leary Ventures Locations: U.S

☆ Singapore's UOB expects 'some upside' to interest income after Fed rate hike
▼ + stars: | 2023-07-27 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Singapore's United Overseas Bank is expecting "some upside" in interest income in the next quarter, after the U.S. Federal Reserve announced a fresh rate hike overnight. Its net interest income for the quarter grew 31% from a year ago — boosted by robust net interest margin that expanded 50 basis points to 2.13% on higher interest rates, the Singapore-based lender said in a statement released early Thursday. Net interest margin, a measure of lending profitability for banks, is the difference between interest earned and interest paid. Overnight on Wall Street, the Fed raised interest rates by 25 basis points, taking its benchmark borrowing costs to a target range of 5.25%-5.5% — the highest level in more than 22 years. The midpoint of that target range would be the highest level for the benchmark rate since early 2001.

Persons: Lee Wai Fai, CNBC's JP Ong Organizations: Singapore's United Overseas Bank, U.S . Federal Reserve Locations: Singapore

Semiconductors are a key focus in the technology trade war taking place between the U.S. and China. The Senate overwhelmingly backed legislation Tuesday that would require U.S. firms to notify the Treasury when investing in advanced Chinese technology on national security concerns. The latest legislation, which does not require review or investment curbs, still faces a process before it can become law. The bill comes as President Joe Biden has long been expected to issue an executive order that would restrict U.S. investment in high-end Chinese tech. The aide told CNBC that this executive order could be more far-reaching than what legislators are able to pass at this time.

Persons: Joe Biden Organizations: U.S, CNBC Locations: China

☆ IMF raises growth forecast for India, which is set to be fastest growing major economy in 2023
▼ + stars: | 2023-07-26 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

The International Monetary Fund raised its 2023 growth forecast for India by 20 basis points to 6.1%, bolstering expectations that the current G20 chair will be the world's fastest growing major economy this year. Still, the IMF expects China to grow by 5.2% this year and 4.5% next year. The IMF then expects growth in the Japanese economy to slow to 1.0% in 2024, as the effects of past stimuli dissipate. The IMF raised its 2023 global growth prediction by 0.2 percentage point to 3%, up from 2.8% in its April assessment. The IMF kept its 2024 growth forecast unchanged at 3%.

Persons: China's Organizations: Monetary Fund, Economic, IMF Locations: Allahabad, India, Beijing, China, Asia, Japan, U.S

☆ China vows to 'adjust and optimize' property policy in 'tortuous' economic recovery
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

The post-pandemic economic recovery will proceed in a "wave-like" fashion in a "tortuous" process, it added. On Tuesday, Hong Kong and mainland China stock markets cheered the Politburo's policy pledges, outperforming broader Asia-Pacific benchmarks. The Chinese property sector saw some of the strongest percentage gains in Hong Kong, with developer Country Garden rebounding more than 14% from a nine-month low. By some calculations, the country's property sector still accounts for up to a quarter of China's annual economic activity. Expanding domestic demandLate Monday, China's top leaders pledged to "actively expand domestic demand" and to "expand consumption by raising income levels."

Persons: Xi Jinping, Li Qiang, China Vanke, Goldman Sachs, China's, Julian Evans, Pritchard Organizations: Getty, Communist, Xinhua, Barclays, Index, CSI, Longfor, China Overseas, Observers, Citi, People's Bank, China's, National, Capital Economics Locations: China, Hong Kong, outperforming, Asia

☆ China vows to 'adjust and optimize' property policy in 'torturous' economic recovery
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

China's top leaders pledged to "adjust and optimize policies in a timely manner" for its beleaguered property sector, while elevating stable employment to a strategic goal, along with other pledges to boost domestic consumption demand and resolve local debt risks. The July Politburo meeting typically sets the tone for China’s economic policies for the second half of the year, with market watchers eagerly awaiting firmer guidance on policy support for faltering growth in the world’s second-largest economy. The post-pandemic economic recovery will proceed in a "wave-like" fashion in a "tortuous" process, it added. A raft of disappointing economic data last week prompted renewed calls for policy support to bolster growth. "While it signaled more support for the economy, the Politburo meeting generally fell short of offering large-scale stimulus," said economists at Barclays in a note late Monday.

Persons: Xi Jinping Organizations: Communist, Xinhua, Barclays

☆ China has announced a slew of measures to bolster its economy. Here's what we know so far
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +5 min

Here are some of the key measures released by the Chinese government in recent weeks. Private businessesOn Monday, China's economic planning agency announced a series of measures to promote private investment. Julian Evans-Pritchard Capital EconomicsThe NDRC said it will support private investment in sectors — such as transportation, water conservancy, clean energy, new infrastructure, advanced manufacturing and modern agriculture facilities. The agency is also encouraging private investment projects to issue real estate investment trusts (REITS) in the infrastructure sector to promote asset diversification and further broaden investment and financing channels for private investment. Business sentiment has generally soured amid lackluster economic growth after China's initial recovery following its exit from "zero Covid" faltered.

Persons: Julian Evans, Pritchard Organizations: Afp, Getty, China, Private, Communist Party, National Development, Reform, Pritchard Capital, People's Bank of China, State Administration of Foreign Exchange, China Economics, Capital Economics, Household, Commerce Locations: China, Beijing, Shanghai

☆ China property stocks tumble on renewed debt fears
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Country Garden shares tumbled to fresh eight-month lows Monday, extending losses on renewed debt fears for the Chinese property sector. Future Publishing | Future Publishing | Getty ImagesStock Chart Icon Stock chart iconCountry Garden is seen as one of the largest property developers in the mainland. JP Morgan's analysts slashed target prices for Country Garden by more than 60% to HK$0.90 and Country Garden Services by nearly 70% to HK$6.70. The country's property sector is struggling to emerge from a credit crisis after the government cracked down on its debt levels in August 2020. Stock Chart Icon Stock chart iconYears of exuberant growth led to the construction of ghost towns where supply outstripped demand, as developers looked to capitalize on the desire for home ownership and property investment.

Persons: JP, Goldman Sachs Organizations: Future Publishing, Getty, Reuters, HK, Garden Services Locations: Wall

☆ China's risk of deflation is 'serious' — one economist says it's 'time to act'
▼ + stars: | 2023-07-18 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Fears are growing that China's economy is tethering on the verge of deflation after another slate of underwhelming economic data provided more evidence of stagnating growth, renewing calls for more meaningful policy intervention. On Monday, Beijing announced that GDP for the second quarter grew 6.3% from a year ago, missing market expectations for 7.3%. "We need to see broad and persistent price pressure before we can declare deflation," said Hong Hao, Grow Investment Group's chief economist. "I think we are on the verge of deflation. The annual decline in June was China's ninth consecutive drop and its steepest since December 2015.

Persons: Hong Hao, Hong, — Organizations: Grow Investment Locations: Beijing

☆ China vows to 'restore and expand' consumption to boost growth
▼ + stars: | 2023-07-18 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

China's top economic state planner vowed Tuesday to "restore and expand" consumption in a wide-ranging plan to bolster growth in the world's second-largest economyChina's top economic state planner vowed Tuesday to "restore and expand" consumption in a wide-ranging plan to bolster growth that includes boosting household income, improving business environment for private firms and stabilizing youth employment. "Consumer purchasing power and expectations are relatively weak, while consumption infrastructure and environment need to be improved," Jin added. On Monday, a raft of weaker-than-expected economic data provided more basis for market watchers to renew calls for policy support to bolster growth. "We will promptly formulate and introduce policies to restore and expand consumption, and issue policies to stabilize large scale consumption, promote the consumption of automobile and electronic products, expand rural consumption, and optimize the consumption environment" Jin added. Within hours, Commerce Ministry followed with an announcement of an 11-point plan to boost the domestic consumption of household consumer goods and services.

Persons: China's, Jin Xiandong, Jin Organizations: National Development, Reform, CNBC, Consumer, Commerce Locations: Beijing, Shanghai

☆ Singapore is facing a wave of political scandals. Here's what we know so far
▼ + stars: | 2023-07-18 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Here's what we know so far:The news has involved the private lives of some of its leaders and highly paid ministers. SINGAPORE — A series of revelations has rocked Singapore's political scene in the past few weeks. Those dealings involved the Singapore Land Authority, a government agency under the charge of Shanmugam in the Law Ministry. The outcome of the review was debated in the Singapore Parliament. I think it's quite clear to me."

Persons: Tan Chuan, Jin, Vivian Balakrishnan, Shanmugam, Lee Hsien Loong, Pritam Singh Organizations: SINGAPORE, Law, Home Affairs Minister, Singapore Land Authority, Law Ministry, Prime, Singapore's Locations: Singapore

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