SHANGHAI (Reuters) -China’s major state-owned banks were seen actively mopping up the offshore yuan on Monday, three people with knowledge of the matter said, as the currency comes under growing pressure from a darkening economic outlook and strain in the property sector. State banks often act as agents for China’s central bank in the offshore…
(Reuters) – Seven major brokerages cut China’s economic growth forecast for the year as worries about contagion from debt repayment troubles at its top private property developer Country Garden deepened. There’s rising pressure on Beijing to deliver more stimulus to support the economy as it faces deflation and slower-than-expected growth in retail sales, industrial output…
By Stephen Culp (Reuters) -The Maui wildfires in Hawaii have killed at least 114, making it the deadliest U.S. wildfire in more than a century, with hundreds of people still unaccounted for nearly two weeks after the disaster. The causes of the Hawaii wildfires, which started the night of Aug. 8, have not yet been…
SHANGHAI/SINGAPORE (Reuters) -China cut its one-year benchmark lending rate on Monday as authorities seek to ramp up efforts to stimulate credit demand, but surprised markets by keeping the five-year rate unchanged amid broader concerns about a rapidly weakening currency. The recovery in the world’s second-largest economy has lost steam due to a worsening property slump,…
By Allison Lampert and Doyinsola Oladipo (Reuters) -Canadians vented their frustration against airlines on social media last week after prices of commercial flights out of Yellowknife soared up to 10-fold above normal just as residents were ordered to evacuate due to raging wildfires. Carriers including Air Canada have pledged to cap prices on Yellowknife flights…
A look at the day ahead in U.S. and global markets from Mike Dolan There’s been little let up in this month’s U.S. bond burn and China continues to fall short of what markets think is needed to stabilise its economy – making for another nervy start to the financial week. Although prompted by a…
By Anton Bridge TOKYO (Reuters) – When SoftBank Group-owned chip designer Arm files for a Nasdaq IPO on Monday, investors are set to hone in on a key question – will the company have “exponential growth” due to the boom in artificial intelligence as CEO Masayoshi Son claims? Since acquiring the chip designer in 2016,…
By Faith Hung and Roger Tung TAIPEI (Reuters) – Foreign investors seem to be undeterred by the possibility that growing tensions between Taiwan and China could precipitate fund outflows from the Taiwan market, the chairman of the Taiwan Stock Exchange told Reuters. Up until the end of June, investors were going all in on Taiwan…
BEIJING (Reuters) -China’s fiscal revenue rose 11.5% in the first seven months of 2023 from the same period a year earlier, but was slower than the 13.3% rise posted for the first six months, official data showed, amid signs the economy is losing momentum. Fiscal revenue totalled 13.9 trillion yuan ($1.92 trillion) from January-July, while…
LONDON (Reuters) -It’s summer camp season and not to be left out, U.S. rate setters and overseas pals gather in Jackson Hole, Wyoming, to talk central banking. The so-called BRICS grouping gathers too amid increasing disquiet in some big emerging markets, while business activity data globally and China property woes mean August is proving far…
