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However, in a hopeful sign for growth, conditions did not materially worsen even though the survey showed factories under persistent pressure. China's major manufacturing rivals in the region Japan and South Korea also reported sharp declines in output on Thursday. "It's too early to tell, but today's print suggests that a sequential uptick in growth activity in the third quarter could still be possible," said Louise Loo, senior economist with Oxford Economics. Policymakers remain under pressure to boost domestic demand as the global economy continues to slow. Going forward, "the actual implementation and effectiveness of policy support will be the key indicator to watch," he added.

Persons: It's, Louise Loo, Pan Gongsheng, Frederic Neumann, Bruce Pang, Jones Lang Lasalle, Joe Cash, Qiaoyi Li, Ellen Zhang, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, PMI, Oxford Economics, Reuters, People's Bank of, Global Research Asia, HSBC, Jones, Thomson Locations: Hangzhou, Zhejiang province, China, Rights BEIJING, Japan, South Korea, People's Bank of China, United States, Europe, Asia

☆ BOJ policymaker Nakamura warns against premature monetary tightening
▼ + stars: | 2023-08-31 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

Tightening monetary policy before rising prices are accompanied by higher wages would hurt domestic demand and corporate profits, Nakamura said. We therefore need more time before shifting to monetary tightening," Nakamura said in a speech to business leaders in the city of Gifu in central Japan. "Close scrutiny of (economic) conditions and cautious decision-making are required when modifying monetary policy," he said, warning against shifting policy too hastily. Governor Kazuo Ueda has said the BOJ must maintain ultra-low rates until there is more evidence that Japan's inflation can sustainably hit 2% backed by solid consumption and wage growth. Reporting by Leika Kihara; Editing by Christian Schmollinger and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Nakamura, Toyoaki Nakamura, Naoki Tamura, Kazuo Ueda, Leika Kihara, Christian Schmollinger Organizations: Bank of Japan, REUTERS, Nakamura Overseas, Hitachi Ltd, Thomson Locations: Tokyo, Japan, Gifu

☆ Asian shares set for worst month since Feb on China gloom
▼ + stars: | 2023-08-31 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 0.1% but was still headed for a monthly loss of 5.9%, the largest since February. Data on Thursday showed China's manufacturing activity contracted for a fifth straight month in August, and the expansion in services sector lost a little momentum. Chinese blue-chips (.CSI300) were flat but a 2.5% rebound in property stocks boosted Hong Kong's Hang Seng Index, which rose 0.7%. Barring the China gloom, investor confidence jumped in August, with a global confidence index (ICI) from State Street Global Markets surging 11.4 points to 107.7, led by North America which recorded the strongest reading in a year on easing recession fears. Brent crude futures were little changed at $85.88 per barrel and U.S. West Texas Intermediate crude futures were up 0.1% at $81.74.

Persons: Marvin Loh, payrolls, Stella Qiu, Shri Navaratnam Organizations: U.S, PCE, Japan's Nikkei, ICI, Street Global, North, Global ICI, State Street Global, Federal, European Central Bank, Brent, . West Texas, Thomson Locations: China, SYDNEY, Asia, Pacific, Japan, North America, Europe, Germany, Spain

☆ Japan's July factory output slumps, raises pressure on manufacturers
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Issei Kato/File Photo Acquire Licensing RightsTOKYO, Aug 31 (Reuters) - Japan's factory output fell more than expected in July, signalling a rocky start to the second half of the year for manufacturers as worries mount over growth in China and the global economy. Industrial output fell 2.0% in July from the previous month, data from the Ministry of Economy, Trade and Industry (METI) showed on Thursday. Output of electronic parts and devices fell 5.1%, while that of production machinery decreased 4.8%, driving the overall decline. Among production machinery, output for semiconductor manufacturing equipment fell by 16.4%. Other data showed Japanese retail sales expanded 6.8% in July from a year earlier.

Persons: Issei Kato, Masato Koike, Satoshi Sugiyama, Kantaro Komiya, Chang, Ran Kim, Shri Navaratnam, Sam Holmes Organizations: REUTERS, Rights, Ministry, Economy, Trade, Industry, Toyota, Honda, Manufacturers, Sompo, Thomson Locations: Kawasaki, Japan, China

☆ Ace king Isner calls it a career after U.S. Open loss
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

[1/5] Aug 31, 2023; Flushing, NY, USA; John Isner of the United States serves against Michael Mmoh of the United States (not pictured) on day four of the 2023 U.S. Open tennis tournament at USTA Billie Jean King National Tennis Center. Isner had match point at 5-4 in the fifth but Mmoh was able to serve his way out of trouble and levelled with a drop shot. After a successful college career at Georgia, Isner turned pro in 2007 and went on to reach a career high of world number eight. He won the longest professional tennis match in history against Frenchman Nicolas Mahut at Wimbledon in 2010, which lasted 11 hours and 5 minutes and took place over three days. Isner finishes his 17-year pro career with 14,470 aces, a record that is unlikely to be broken anytime soon.

Persons: John Isner, Michael Mmoh, USTA Billie Jean King, Geoff Burke, Isner, Mmoh, it's, It's, Madison, Frenchman Nicolas Mahut, Jack Sock, Albano Olivetti, Robert Galloway, Taylor Fritz, Frances Tiafoe, Tommy Paul, Ben Shelton, Rory Carroll, Frank Pingue, Ed Osmond Organizations: United States, USTA Billie, USTA Billie Jean King National Tennis Center, USA, U.S ., Georgia, Miami, Wimbledon, England, U.S, Thomson Locations: Flushing , NY, USA, United, United States, Robert Galloway . U.S, Los Angeles, Toronto

REUTERS/Mahamadou Hamidou Acquire Licensing RightsTOLEDO, Spain, Aug 31 (Reuters) - European Union foreign ministers meet in Spain on Thursday to discuss their response to last month's coup in Niger - including possible sanctions - as they also consider news of military officers declaring they have seized power in Gabon. Borrell said the EU was "moving forward" with work on a legal framework for sanctions against the junta in Niger and the foreign ministers would discuss it further on Thursday. Both the EU and ECOWAS have already imposed punitive economic and political measures on Niger but the framework would allow the EU to target specific individuals and organisations. Borrell said on Wednesday after an EU defence ministers' meeting that the EU would seek to mirror any measures taken by ECOWAS. Diplomats said another subject of discussion was how the EU should respond if ECOWAS asks for financial help for a military intervention to restore Niger's ousted government.

Persons: Ibro Amadou, Mahamadou, Dmytro Kuleba, Hassoumi Massoudou, Niger's, Omar Touray, Josep Borrell, Borrell, David Latona, Andrew Gray, Shri Navaratnam Organizations: Nigerien, REUTERS, Rights, Union, Ukrainian Foreign, ECOWAS, Wednesday, West, EU, Diplomats, Thomson Locations: Niamey, Niger, Rights TOLEDO, Spain, Gabon, West, Central, Toledo, Ukraine, West Africa's, EU

A record 38 QDII funds had been launched this year until August 17, outpacing the 31 funds launched in 2022, Morningstar data shows. Tianhong, which is planning new QDII products, obtained a $120 million fresh QDII quota in July, less than it had hoped for. Rather than foreign capital selling China equities, this time it's Chinese investors’ outbound investment,” Liu said. HUGE DEMANDThe QDII program, launched in 2006, remains a key outbound investment channel for mainland Chinese investors, alongside the Qualified Domestic Limited Partnership (QDLP) programme. Tracy Liu, an individual investor working in the information technology industry, invested in an India-focused QDII fund in March.

Persons: Aly, Ivan Shi, Liu Dong, Becky Liu, Liu, ” Liu, Desiree Wang, Tracy Liu, Summer Zhen, Samuel Shen, Jason Xue, Vidya Ranganathan Organizations: REUTERS, Morningstar, Domestic Institutional, Nasdaq, Ben Advisors, Connect, Bond, U.S, Dow Jones, State Administration of Foreign Exchange, Tianhong, Management, Ant Financial, Standard Chartered Bank, Reuters, Qualified Domestic Limited, Asset Management Association of China, Guangfa NASDAQ, Technology, Morgan Asset Management, Morgan Asset Management China, Thomson Locations: Shanghai, Shenzhen, China, U.S, HONG KONG, SHANGHAI, Hong Kong, Vietnam, India, outflows, Japan, Russia

☆ South Korea focuses on fiscal discipline with smallest budget increase in two decades
▼ + stars: | 2023-08-29 | by ( Jihoon Lee | ) www.reuters.com time to read: +3 min

A South Korea won note is seen in this illustration photo May 31, 2017. In its annual spending plan released on Tuesday, the finance ministry set total government expenditure for 2024 at 656.9 trillion won ($496.70 billion), up 2.8% from 2023. Big spending increases include social welfare, up by 7.5% to 242.9 trillion won, defence up 4.5% to 59.6 trillion won and corporate support by 4.9% to 27.3 trillion won. The government will issue 158.8 trillion won of treasury bonds in 2024, down from a total of 167.8 trillion won planned for this year. The net increase in treasury bonds is projected at 50.3 trillion won.

Persons: Thomas White, Yoon Suk, Choo Kyung, 1,322.5400, Jihoon Lee, Shri Navaratnam Organizations: South, REUTERS, Rights, Thomson Locations: South Korea, Rights SEOUL

☆ Dollar soft as markets brace for data fest; yen under pressure
▼ + stars: | 2023-08-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The dollar index , which measures U.S. currency against six key rivals, eased 0.077% at 103.85, after slipping 0.2% on Monday. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer. The yen inched up 0.12% to 146.36 per dollar in Asian hours but remained close 146.75, its lowest level since Nov.9. Japan intervened in currency markets last September when the dollar rose past 145 yen, prompting the Ministry of Finance (MOF) to buy the yen and push the pair back to around 140 yen. The Australian dollar added 0.03% to $0.643, while the New Zealand dollar eased 0.02% to $0.591.

Persons: Dado Ruvic, Jerome Powell, Carol Kong, CBA's Kong, Jackson, Chanana, Ueda, Sterling, Ankur Banerjee, Shri Navaratnam Organizations: REUTERS, Rights, U.S, Reuters, Commonwealth Bank of Australia, Ministry of Finance, United, Saxo, Jackson, New Zealand, Thomson Locations: Japan, United States, Tokyo, Singapore

A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. The sources declined to be identified because the information is confidential and cautioned a deal could still collapse at the last minute. Spokespeople for Catalent and Elliott declined to comment. In the past when Elliott has pushed for sales of pieces or the entire target company, including at eBay and Switch Inc., and then won board representation, significant ownership changes have followed. Novo Nordisk's weight-loss drug Wegovy is filled by Catalent’s Brussels factory and last week Reuters reported that Catalent’s plant in Bloomington, Indiana will begin filling Wegovy injection pens for Novo.

Persons: Yves Herman Acquire, Elliott, Catalent, Elliott isn't, Keith Meister's, Scott Ferguson's, Mauricio Gutierrez, Svea Herbst, Bayliss, Maggie Fick, Shri Navaratnam Organizations: REUTERS, Catalent, Elliott Investment Management, AstraZeneca, Johnson, Moderna, eBay, Inc, Deutsche Bank, Management, Capital Management, Reuters, NRG, Svea, Thomson Locations: Brussels, Belgium, U.S, Bloomington , Indiana, Novo, Boston, London

A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. Spokespeople for Catalent and Elliott declined to comment. The U.S.-based contract drugmaker is also Danish company Novo Nordisk's (NOVOb.CO) main manufacturing partner for its popular weight-loss drug Wegovy. The volatility at Catalent could increase scrutiny on the relationship between Novo and its partner. Reuters reported last week that a second Catalent factory will begin filling Wegovy injection pens for Novo as part of an expanded supply agreement.

Persons: Yves Herman Acquire, Elliott, drugmaker, Markus Manns, Catalent, Elliott isn't, Keith Meister's, Scott Ferguson's, Mauricio Gutierrez, Svea Herbst, Bayliss, Maggie Fick, Amanda Cooper, Shri Navaratnam, Bernadette Baum, Catherine Evans Organizations: REUTERS, Elliott Investment Management, Catalent, Novo, Reuters, Union Investment, AstraZeneca, Johnson, Moderna, eBay, Inc, Deutsche Bank, Management, Capital Management, NRG, Svea, Thomson Locations: Brussels, Belgium, U.S, Danish, Novo, United States, Germany, Boston, London

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. "It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points," said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing's support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.

Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, Ma Hong, Gao Yuhong, Xing Zhaopeng, Liangping Gao, Ryan Woo, Shuyan Wang, Shri Navaratnam Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute, Thomson Locations: Tianjin, China, BEIJING

Chevron's Gorgon and Wheatstone projects account for more than 5% of global LNG capacity, and news of the possible strikes sent European natural gas prices surging. "It's set to cost Chevron their LNG exports as (the industrial action) starts to bite," said the alliance that groups together the Maritime Union of Australia and the Australian Workers' Union. The unions last week warned that work stoppages could cost Chevron billions of dollars. "Ten hour work stoppages: it is a harsher initial industrial action than what the unions contemplated for Woodside," he said. Last week, Offshore Alliance and Woodside (WDS.AX) resolved worker disputes at North West Shelf, Australia's largest LNG facility, after negotiating higher wages, job security and employee-friendly rosters, averting industrial action.

Persons: Gaby Oraa, Wheatstone, Saul Kavonic, Renju Jose, Lewis Jackson, Florence Tan, Alasdair Pal, Chris Reese, Shri Navaratnam, Tom Hogue Organizations: Chevron, U.S, REUTERS, SYDNEY, Workers, Reuters, Offshore Alliance, Maritime Union of Australia, Australian Workers ' Union, Shell, Energy, Woodside, North West Shelf, Thomson Locations: Venezuela, Caracas, SINGAPORE, Australia, Woodside, WDS.AX, Asia, Chevron, Sydney, Singapore

☆ Asia shares rally as China measures boost market
▼ + stars: | 2023-08-28 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) climbed 1.4%, having eked out minor gains last week to break a three-week losing streak. The improvement in risk sentiment saw EUROSTOXX 50 futures add 0.7%, while FTSE futures were closed for a holiday. S&P 500 futures and Nasdaq futures both edged up 0.1%, extending last week's modest rise. "We take this to mean that the FOMC does not intend to hike at the September meeting," wrote analysts at Goldman Sachs. Oil prices drew some support from a sharp rise in U.S. diesel prices, though concerns about Chinese demand remains a drag.

Persons: Issei Kato, Federal Reserve Jerome Powell, Goldman Sachs, Christine Lagarde, Ben Broadbent, Kazuo Ueda, Brent, Wayne Cole, Shri Navaratnam, Stephen Coates Organizations: Nikkei, U.S, REUTERS, payrolls, China PMI, China, Sunday, Investors, PMI, Nomura, Japan's Nikkei, Nasdaq, Federal Reserve, JPMorgan, European Central Bank, Bank of England, Bank of Japan, Thomson Locations: Tokyo, Japan, China, SYDNEY, Beijing, Asia, Pacific, Hollywood, Friday's, U.S

☆ China approves 37 retail funds to help revive market
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI, Aug 28 (Reuters) - China's securities regulator approved the launch of 37 retail funds over the weekend, part of government efforts to revive a stock market struggling for lift-off in an ailing economy. In an editorial on Monday, the official China Securities Journal said that recent support measures underline authorities' determination to stabilise the capital market, whose sound operation is essential to China's economic recovery. "A vibrant capital market is key to stabilizing people's expectations and increasing confidence," the editorial said. "Policymakers' resolve to revive the market and boost confidence must not be underestimated."

Persons: Tingshu Wang, Shri Navaratnam Organizations: China Securities Regulatory Commission, REUTERS, Rights, China Securities Journal, Shanghai, Thomson Locations: China, Beijing

☆ Djokovic and Wozniaki make winning returns to US Open
▼ + stars: | 2023-08-28 | by ( Steve Keating | ) www.reuters.com time to read: +4 min

On the women's side, Coco Gauff was made to work for her place in the second round. Djokovic, prevented from playing in last year's U.S. Open due to being unvaccinated against COVID-19, began his latest campaign to match Margaret Court's all-time record haul of 24 Grand Slams with a 6-0 6-2 6-3 win over Alexandre Muller. read more"This court has seen so much history and so many battles," Djokovic told the New York crowd. SPARSE CROWDWhile Djokovic played in front of a packed house, Swiatek performed to a sparse sleepy morning audience. In contrast to Gauff's laboured win, Danielle Collins, the 2022 Australian Open finalist, turned on the jets to dispose of Czech Linda Fruhvirtova 6-2 6-0 in a lightning quick 52 minutes.

Persons: Serbia's Novak Djokovic, France’s Alexandre Muller, Mike Segar, Novak Djokovic, Caroline Wozniacki, Swiatek, Taylor Fritz, Frances Tiafoe, Coco Gauff, Margaret Court's, Alexandre Muller, Carlos Alcaraz, Djokovic, Frenchman, Arthur Ashe, Daniil Medvedev, Barack Obama, Michelle, Serena Williams, Swede Rebecca Peterson, mercifully, Daria Saville, I'm, Wozniacki, Tatiana Prozorova, Andy Roddick, Fritz, Tiafoe, Steve Johnson, Christopher Eubanks, South Korea's Kwon, Laura Siegemund, Gauff's, Danielle Collins, Czech Linda Fruhvirtova, Steve Keating, Pritha Sarkar, Shri Navaratnam, Peter Rutherford Organizations: Tennis, France’s Alexandre Muller REUTERS, U.S, Djokovic, COVID, Cincinnati, New, U.S ., Djokovic's, Russian, Wimbledon, South, Thomson Locations: Flushing Meadows , New York, United States, U.S, New York, Flushing, American, Cincinnati, Czech

☆ Aston Villa team bus struck by brick following win at Burnley
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: 1 min

Aug 27 (Reuters) - A brick hit Aston Villa's team bus on Sunday as the side were travelling home from a Premier League clash at Burnley earlier on the day. The Lancashire Police stated that a brick was thrown from a footbridge at the team bus as it travelled along the motorway, hitting the windscreen. "We strongly condemn this behaviour and will support Lancashire Police in their efforts to find whoever was responsible," Burnley said in a statement. Villa won the match 3-1 against Burnley after defender Matty Cash scored twice in the first half. Reporting by Tommy Lund in Gdansk Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Burnley, Villa, Matty Cash, Tommy Lund, Shri Navaratnam Organizations: Aston, Premier League, Burnley, Lancashire Police, Thomson Locations: Gdansk

Only one of 22 economists, or 5%, expected the BOJ to start unwinding its ultra-easy policy this year, the Aug 15-23 poll found, significantly down from 50% in a July survey. Four said the BOJ will start unwinding in January-March 2024, five chose April-June, six selected July-September and another six opted for October-December. A separate question showed 73% of economists expecting the BOJ to end YCC next year, up from 50% in July. A question about when the BOJ ends its negative short-term interest rate policy showed 41% of economists anticipating it in 2024, down from 54% in a May poll. Economists raised their projection for Japan's fiscal 2023 GDP growth to 1.8% from 1.1% in the previous poll.

Persons: Issei Kato, Takumi Tsunoda, YCC, Kazuo, Ueda, Hiroshi Namioka, Kantaro Komiya, Satoshi Sugiyama, Susobhan Sarkar, Shri Navaratnam Organizations: Bank of Japan, REUTERS, Rights, Shinkin Central Bank Research Institute, D, Management, U.S, Thomson Locations: Tokyo, Japan

☆ Exclusive: China asks banks to limit some Connect bond outflows
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +3 min

[1/2] Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. "And it could also drive offshore yuan yields higher to support the renminbi." The southbound leg of the two-year-old Bond Connect scheme allows mainland institutional investors to purchase bonds traded in Hong Kong. Several measures have been aimed at raising the cost of shorting the yuan offshore. China's state-owned banks have taken steps to squeeze yuan this week by mopping up cash from the market, other sources told Reuters earlier this week.

Persons: Florence Lo, Ken Cheung, Vidya Ranganathan, Shri Navaratnam Organizations: REUTERS, Bond, People's Bank of China, Mizuho Bank, Reuters, Shanghai, Thomson Locations: SHANGHAI, BEIJING, Hong Kong, China, outflows, Beijing

☆ Hyundai Motor's union in South Korea votes on strike
▼ + stars: | 2023-08-24 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

SEOUL, Aug 25 (Reuters) - Hyundai Motor's (005380.KS) unionised workers in South Korea on Friday vote on whether to hold a strike after two months of talks with the company over wage increase and extension of the retirement age stalled last week. If the union stages a strike, it would mark the first such action in five years related to wage negotiations at the South Korean carmaker, and could disrupt delivery of some popular vehicles which Hyundai has been struggling to ramp up due to prolonged component shortages. The voting result is expected at around 6 p.m. (0900 GMT), a union official at Hyundai Motor told Reuters, adding that the union will continue working-level negotiations with the management regardless of the vote. "South Korea has relatively low pension replacement rates, compared to other advanced countries in Europe. Unionised workers at Hyundai in South Korea held a four-hour strike for one day in July in support of its umbrella union's general strike, but it was not related to the union's wage negotiations with the management.

Persons: Ji, Kim Jinwoo, 1,328.0600, Heekyong Yang, Shri Navaratnam snd Michael Perry Organizations: Hyundai, Hyundai Motor, Reuters, Korea University's School of Law, Analysts, Korea Investment, Securities, Thomson Locations: SEOUL, KS, South Korea, Korean, Korea, Europe

☆ Japan's price trend gauges hit record, signal broadening inflation
▼ + stars: | 2023-08-23 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

A man walks at the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. Based on the government's consumer price data, the Bank of Japan (BOJ) releases several measurements of underlying inflation that look at the distribution of price changes. The indices are closely watched by the BOJ for clues on whether price rises are driven by one-off factors like fuel, or broadening enough to sustainably hit its 2% inflation target. The ratio of items that saw prices rise year-on-year hit a record 85.6% in July. Japan's annual core consumer inflation hit 3.1% in July, slowing from 3.3% in June due to sliding utility bills but staying above the BOJ's target for the 16th straight month.

Persons: Issei Kato, Naoya Hasegawa, Kazuo Ueda, Leika, Shri Navaratnam Organizations: Bank of Japan, REUTERS, Rights, Okasan Securities, Reuters, Thomson Locations: Tokyo, Japan

☆ US seeks trade panel to resolve labor conflict at Mexican mine
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +3 min

The logo of mining and infrastructure firm Grupo Mexico is pictured at its headquarters in Mexico City, Mexico, August 8, 2017. In a statement, the Office of the U.S. Trade Representative (USTR) said it disagrees with the Mexican government's determination. "It is appropriate to request a panel to verify the facility's compliance with Mexican labor laws," the USTR said. Companies have closely watched U.S. labor complaints play out since the 2020 start of the USMCA, which replaced NAFTA. Reporting by Daina Beth Solomon in Mexico City and Paul Grant in Washington; Additional reporting by Brendan O'Boyle in Mexico City; Editing by Dan Whitcomb, Andy Sullivan & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Ginnette, Daina Beth Solomon, Paul Grant, Brendan O'Boyle, Dan Whitcomb, Andy Sullivan Organizations: Grupo, REUTERS, MEXICO CITY, U.S, Grupo Mexico's, U.S . Trade Representative, Companies, Miners, Grupo Mexico, Thomson Locations: Grupo Mexico, Mexico City, Mexico, WASHINGTON, MEXICO, Grupo Mexico's San Martin, United States, Canada, Mexican, San Martin, U.S, Washington

☆ Trump's universal tariffs would stifle economy, fuel inflation - White House
▼ + stars: | 2023-08-23 | by ( Nandita Bose | ) www.reuters.com time to read: +2 min

A view of the White House in Washington, U.S. January 18, 2021. REUTERS/Jim Bourg/File Photo Acquire Licensing RightsWASHINGTON, Aug 23 (Reuters) - The White House said on Wednesday former President Donald Trump's proposal to impose new tariffs on all foreign imports would hurt America's working families, damage the economy and fuel inflation. Among the ideas they discussed was Trump's plan to enact a universal baseline tariff on virtually all imports to the United States if elected, the report said. "Combining a sweeping tariff tax on the middle class with more trickle-down tax welfare for rich special interests would stifle economic growth and fuel inflation," White House spokesman Andrew Bates said. Trump, Florida Governor Ron DeSantis and former UN Ambassador Nikki Haley have all called for the United States to end permanent normal trade relations with China.

Persons: Jim Bourg, Donald Trump's, America's, Trump, Andrew Bates, Bates, Biden, Xi Jinping, Ron DeSantis, Nikki Haley, Nandita Bose, Shri Navaratnam Organizations: White, REUTERS, Rights, Washington Post, U.S, Reuters, Thomson Locations: Washington , U.S, New Jersey, United States, China, Trump , Florida, Trump, Washington

☆ Dollar eases before Jackson Hole, yen rises amid intervention jitters
▼ + stars: | 2023-08-22 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. China's yuan briefly popped to a one-week high as the central bank again tried to bolster the currency by setting a much stronger-than-anticipated daily mid-point, but those gains fizzled out quickly. Money markets currently lay a bit less than 50/50 odds for another 25 basis point Fed hike by November, before the central bank shifts to rate cuts next year. Traders are wary of intervention after levels around 146 spurred the first yen buying by Japanese officials in a generation last September. On Thursday, the dollar reached 146.565 yen for the first time since Nov. 10.

Persons: Dado Ruvic, Jerome Powell, Kazuo Ueda, Richard Franulovich, Powell, Kristina Clifton, Kevin Buckland, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, Federal, Bank of Japan, U.S ., Westpac, Treasury, Traders, Sterling, Commonwealth Bank of Australia, Thomson Locations: Bank, Jackson Hole , Wyoming, China's, Beijing, China

☆ Oil dips on possible easing of tight supply, China woes hurt demand outlook
▼ + stars: | 2023-08-22 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

"Crude oil struggled to keep its head above water on signs of supply tightness easing," said Brian Martin and Daniel Hynes, analysts from ANZ Bank in a note to clients. Iraq's oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister's office told Reuters on Monday. Meanwhile, gloom over the economic outlook in China, the world's second biggest oil consumer, continued to pressure oil prices and heighten worries about fuel demand. Putting a floor to oil prices, U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday. U.S. economic data over recent weeks has bolstered expectations for the Fed to keep rates higher for longer, putting a dampener on the demand outlook for oil and a broad range of consumer goods.

Persons: Lucy Nicholson, Brent, Brian Martin, Daniel Hynes, Hayan Abdel, Ghani, Muyu Xu, Katya Golubkova, Shri Navaratnam Organizations: REUTERS, Rights, . West Texas, ANZ Bank, Reuters, International Chamber of Commerce, of, Petroleum, Eurasia Group, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, PMI, Federal, Jackson, Fed, Thomson Locations: Bakersfield , California, OPEC, Turkish, Ankara, Turkey, Iraq, China, Beijing, Eurasia, Singapore, Tokyo

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