Today: September 23, 2024
Today: September 23, 2024

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China's Country Garden says $100 billion Malaysia project on track

Embattled Chinese developer Country Garden said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns about its financial strength amid debt woes. The comment by China’s largest private developer came after it missed two dollar coupon payments this month totaling $22.5 million, fuelling fears that the country’s property debt crisis could hamper a broader economic recovery and spill overseas. “Our company’s projects in Malaysia are operating normally and the sales performance is strong,” the developer’s Singapore and Malaysia unit said in a

August 28, 2023
China's Country Garden says $100 billion Malaysia project on track
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Renault looking at spring 2024 IPO for Ampere, CEO says

– French car maker Renault is looking to list its Ampere electric vehicle business on the stock market in the spring of 2024, CEO Luca de Meo said on Monday. De Meo told BFM TV that Renault was targeting Nov 1 of this year for the unit to be separated from the rest of the company as a preparatory step in the run-up to the initial public offering. “So we separate and then we see if we have the right conditions to enter the market,” he said, adding spring 2024 would be the likely window for a listing.

August 28, 2023
Renault looking at spring 2024 IPO for Ampere, CEO says
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Dollar eases against euro as investors ponder rate paths, China's stamp duty

– The dollar slid from a 12-week peak on Monday after Federal Reserve Chair Jerome Powell left open the possibility of further rate hikes, while the China-sensitive euro edged up in the wake of Beijing halving its stamp duty on stock trading. The dollar index, which measures the U.S. currency against six peers, edged 0.06% lower at 104.11, after hitting its highest since early June on Friday. The index is up over 2% in August and set to snap a two-month losing streak. In an eagerly awaited speech at the annual Jackson

August 28, 2023
Dollar eases against euro as investors ponder rate paths, China's stamp duty
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Raimondo: crucial US, China have stable economic relationship

U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday, saying it is “profoundly important” for the world’s two largest economies to have a stable economic relationship. Raimondo is looking to boost business ties as U.S. firms have reported increasing challenges with operating in China, while China has sharply criticized U.S. efforts to block its access to advanced semiconductors. Raimondo said the world expects the United States and China will have a stable economic relationship; the two countries share more than $700 billion in annual trade. “It’s a complicated relationship. It’s a

August 28, 2023
Raimondo: crucial US, China have stable economic relationship
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China's Country Garden says $100 billion Malaysia project on track

Embattled Chinese developer Country Garden said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns about its financial strength amid debt woes. The comment by China’s largest private developer came after it missed two dollar coupon payments this month totaling $22.5 million, fuelling fears that the country’s property debt crisis could hamper a broader economic recovery and spill overseas. “Our company’s projects in Malaysia are operating normally and the sales performance is strong,” the developer’s Singapore and Malaysia unit said in a

August 28, 2023
China's Country Garden says $100 billion Malaysia project on track
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Japan improves view on exports for first time in three months

– Japan’s exports have been “picking up recently”, the government said in its latest monthly economic assessment, its first upward revision since May as easing supply issues boosted auto shipments and demand for semiconductor-related goods bottoms out. “The economy is recovering moderately”, the Cabinet Office said in its report issued on Monday, keeping the same assessment made in the previous month, but listed China’s troubled economic outlook and global monetary tightening among risks to the Japanese economy. Close attention should be paid to possible impacts from China’s stagnant real estate market as the country’s economic recovery appears to

August 28, 2023
Japan improves view on exports for first time in three months
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World shares rally as China offers markets a hand

World shares rallied on Monday after China announced measures to support its ailing markets, but Western markets remained cautious ahead of European and U.S. economic data expected later in the week due to determine central bankers’ next steps. Beijing on Sunday announced it would halve the stamp duty on stock trading in the latest attempt to boost the struggling market and followed steps to support housing. China’s securities regulator also approved the launch of 37 retail funds. World shares were up 0.3% in European trading. European stocks, led by technology shares and

August 28, 2023
World shares rally as China offers markets a hand
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China's Xpeng to acquire Didi's EV unit in deal worth up to $744 million

– Chinese EV maker Xpeng said it would buy Didi’s electric car development business – a deal worth up to $744 million that will see it supply vehicles to the ride-hailing giant, boosting production and cutting costs. Shares in Xpeng, one of China’s smaller electric vehicle manufacturers and currently loss-making, shot up 11% in Hong Kong trade on the news which comes on the heels of a stake sale to and partnership with Germany’s Volkswagen. The all-stock deal with Didi calls for Xpeng to launch an A-class model next year under a new brand,

August 28, 2023
China's Xpeng to acquire Didi's EV unit in deal worth up to $744 million
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U.S. trucking firms see freight downturn reversing after dour quarter

The U.S. trucking industry may begin to see an uptick in freight demand in the back half of the year after grappling with another quarter of lower profits due to a slump in package volumes, company executives and analysts said. The expectations have been largely fueled by U.S. retailers’ comments on their improving inventory position and prospects of better inbound container shipments. Companies ranging from Target to Macy’s have signaled that they have largely moved past their bloated inventory issues from a year earlier as retailers look to stock up on in-demand products ahead of the

August 28, 2023
U.S. trucking firms see freight downturn reversing after dour quarter
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BOJ Ueda says China's slowdown adds to economic uncertainty

– Bank of Japan Governor Kazuo Ueda said the pace of economic activity in China has been a disappointment that could cloud Japan’s economic outlook, according to a text of his speech delivered at the weekend Jackson Hole Symposium. China’s July data, such as retail sales, business investment and industrial production were “on the weak side,” Ueda said, according to the text posted on the BOJ’s website on Monday. “The underlying problem appears to be the adjustment in the property sector and its spillover to the rest of the economy,” Ueda said on China, adding that the hit

August 28, 2023
BOJ Ueda says China's slowdown adds to economic uncertainty
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Powell signals no retreat, no surrender

– A look at the day ahead in U.S. and global markets by Amanda Cooper. One of the overarching market themes this year – aside from the hype around artificial intelligence – has been investors avidly building up bets on the Federal Reserve finally announcing an end to its cycle of rate hikes, only to have that optimism dashed. There’s no doubt that the U.S. central bank is nearing the end of its mission to wrestle down inflation. Headline consumer price pressures are rapidly abating, thanks to a wholesale retreat in food and energy prices. Headline inflation in July

August 28, 2023
Powell signals no retreat, no surrender
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Futures edge higher as focus shifts to inflation, jobs data

– U.S. stock index futures edged higher on Monday, with investor focus on key inflation data and employment readings that are due later this week for further clues on the Federal Reserve’s interest rate trajectory. Stocks ended a volatile session higher on Friday after Fed Chair Jerome Powell at the Jackson Hole meet said the U.S. central bank may need to raise interest rates further to ensure inflation is contained. However, with Powell acknowledging the progress made on easing price pressures as well as risks from surprising strength of the U.S. economy, the market’s focus will now pivot to

August 28, 2023
Futures edge higher as focus shifts to inflation, jobs data
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China's Xpeng to acquire Didi's EV unit in deal worth up to $744 million

Chinese EV maker Xpeng said it would buy Didi’s electric car development business – a deal worth up to $744 million that will see it supply vehicles to the ride-hailing giant, boosting production and cutting costs. Shares in Xpeng, one of China’s smaller electric vehicle manufacturers and currently loss-making, shot up 11% in Hong Kong trade on the news which comes on the heels of a stake sale to and partnership with Germany’s Volkswagen. The all-stock deal with Didi calls for Xpeng to launch an A-class model next year under a new brand, in

August 28, 2023
China's Xpeng to acquire Didi's EV unit in deal worth up to $744 million
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Swiss Competition Commission examining UBS takeover of Credit Suisse - media

– Switzerland’s Competition Commission is looking into UBS’s takeover of Credit Suisse, Swiss media reported on Monday. In March, authorities including the Swiss government and central bank rushed through a rescue deal for Credit Suisse, resulting in the country’s two largest banks merging. The commission is currently holding hearings on the matter and plans to send its findings to the financial regulator, FINMA, at the end of September, Swiss newspaper Handelszeitung reported. The Competition Commission could not immediately be reached for comment. (Reporting by Noele Illien, Editing by Friederike Heine)

August 28, 2023
Swiss Competition Commission examining UBS takeover of Credit Suisse - media
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Oil steadies as China moves to support economy, tropical storm in focus

Oil was little changed on Monday after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen demand. China halved stamp duty on stock trading in its latest attempt to boost struggling markets. The market is also keeping an eye on Tropical Storm Idalia and any risk it poses to oil and gas output in the U.S. Gulf. Brent crude slipped 15 cents, or 0.2%, to $84.33 a barrel by 1045 GMT, with an earlier rally fizzling

August 28, 2023
Oil steadies as China moves to support economy, tropical storm in focus
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US and China agree to export controls information exchange

– The United States and China agreed to launch an export control enforcement information exchange and a new working group on commercial issues, the U.S. Commerce Department said on Monday, giving Beijing a potential forum to express concerns. After meetings between U.S. Commerce Secretary Gina Raimondo and Chinese Commerce Minister Wang Wentao, the department said the exchange would provide a platform to reduce misunderstanding of U.S. security policies. The first in-person meeting will occur at the assistant secretary level at the Ministry of Commerce in Beijing on Tuesday, the statement said. China has sharply criticized U.S. efforts to block

August 28, 2023
US and China agree to export controls information exchange
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Vinfast rallies on after becoming world's third-most valuable automaker

– Shares of Vietnamese electric-vehicle maker Vinfast surged 30% in premarket trading on Monday, extending a rally from last week that more than quadrupled its market value to $160 billion. The company made a blowout debut on Wall Street this month and has quickly grown in valuation to become the third-most valuable automaker – only behind Tesla and Toyota. But Vinfast’s small amount of publicly available shares has made the stock prone to volatility, with shares jumping or slumping more than 14% in 11 of the past 12 sessions. The stock was on track to add nearly $50 billion

August 28, 2023
Vinfast rallies on after becoming world's third-most valuable automaker
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Futures rise as focus shifts to inflation, jobs data

U.S. stock index futures edged higher on Monday ahead of key inflation and jobs data due later this week that will offer more clues on the Federal Reserve’s interest rate trajectory, while China’s measures to boost its markets provided further support. Stocks ended a volatile session higher on Friday after Fed Chair Jerome Powell at the Jackson Hole meet said the U.S. central bank may need to raise interest rates further, but also acknowledged the progress made on easing price pressures. Focus now shifts to a report on the personal consumption expenditures

August 28, 2023
Futures rise as focus shifts to inflation, jobs data
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World shares rally as China offers markets a hand

U.S. stocks were set to open higher on Monday after China announced measures to support its ailing markets, but markets remained cautious ahead of economic data expected later in the week due to determine central bankers’ next steps. Beijing on Sunday said it would halve the stamp duty on stock trading, in its latest move to boost the struggling market and following its steps to support housing. China’s securities regulator also approved the launch of 37 retail funds. S&P 500 futures edged up 0.1% while Nasdaq futures rose 0.2%, indicating last week’s

August 28, 2023
World shares rally as China offers markets a hand
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Trustar plans to raise fund to manage McDonald’s China stake -sources

Chinese private equity firm Trustar Capital is planning to raise a so-called continuation fund that would allow it to sell down its stake in McDonald’s China, two sources with knowledge of the matter said. The new fund would also allow investors in Trustar’s existing fund tied to McDonald’s China unit cash in on their investments, said the people, who declined to be named as the information was confidential. That plan would be achieved by Trustar, formerly known as CITIC Capital, transferring some equity interest in McDonald’s China from its private equity (PE) fund into

August 28, 2023
Trustar plans to raise fund to manage McDonald’s China stake -sources
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TSX set to open flat ahead of data-packed week

– Futures linked to Toronto’s main stock index hinted a flat opening on Monday as focus shifted to a slew of economic data coming in this week from Canada and the United States. September futures on the S&P/TSX index were largely unchanged at 7:05 a.m. ET (1105 GMT), after finishing the week flat on Friday. Canada’s second-quarter gross domestic product report, due later in the week, is likely to show a sharp slowdown in domestic economic growth, a Reuters poll of economists showed, which could lead the Bank of Canada to put a pause on interest rate hikes despite

August 28, 2023
TSX set to open flat ahead of data-packed week
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US and China agree to export control information dialogue

The United States and China have agreed to launch an export control enforcement information dialogue and a new formal working group on commercial issues, the U.S. Commerce Department said on Monday, giving Beijing a potential forum to express concerns. After meetings between U.S. Commerce Secretary Gina Raimondo and Chinese Commerce Minister Wang Wentao, the exchange would provide a “platform to reduce misunderstandings of U.S. national security policies,” Raimondo said, adding: “We are not compromising or negotiating on matters of national security. Period.” The first in-person meeting of the export control information exchange will be held

August 28, 2023
US and China agree to export control information dialogue
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Swiss Competition Commission examining UBS takeover of Credit Suisse

Switzerland’s Competition Commission is looking into UBS’s takeover of Credit Suisse, the authority said on Monday. In March, the Swiss government, central bank and financial regulator rushed through a rescue deal for Credit Suisse, resulting in the country’s two largest banks merging. “We confirm that the Swiss Competition Commission is looking at the takeover of CS by UBS and will send FINMA her results probably by the end of September,” the Commission’s vice-director told Reuters. (Reporting by Noele Illien, Editing by Friederike Heine)

August 28, 2023
Swiss Competition Commission examining UBS takeover of Credit Suisse
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India's Reliance appoints Ambani children to board in succession plan

India’s Reliance Industries Ltd on Monday appointed the three children of Chairman Mukesh Ambani as board directors at the oil-to-telecoms conglomerate, as the billionaire prepares to eventually hand over the reins. Ambani, Asia’s richest person, has previously said his children Isha, Akash and Anant would have significant roles in the business and that Reliance was “in the process of effecting a momentous leadership transition”. Mukesh Ambani was re-appointed as chairman of the company for another five years in July. Ambani, 66, said his three children will work as one single team and

August 28, 2023
India's Reliance appoints Ambani children to board in succession plan
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Dollar eases versus euro as investors ponder Fed, ECB rate paths

– The dollar slid from a 12-week peak on Monday as traders weighed U.S. and European central bankers’ monetary options after last week’s Jackson Hole meeting, while Beijing’s decision to halve stamp duty on stock trading helped to lift the euro. The dollar index, which measures the U.S. currency against six peers, edged 0.08 lower to 104.08 after hitting its highest since early June on Friday. The index is up more than 2% in August and set to snap a two-month losing streak. Fed Chair Jerome Powell told the annual Jackson Hole

August 28, 2023
Dollar eases versus euro as investors ponder Fed, ECB rate paths

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