Trade war fatigue hits China's manufacturers
Purchasing index shows slower growth as tariffs weaken export orders ✔ The official employment subindex slid 1.1 points to 48.3, the lowest reading outside the Lunar New Year since July 2016 ✔ Speaking to business representatives in Zhejiang Province on Friday, Premier Li Keqiang pledged to ease regulations further and cut taxes and fees ✔ Get unique insights on Asia, the most dynamic market in the world ✔ Try 3 months for $9 Offer ends September 30th
China manufacturing activity slows as trade war rages
Chinese factory activity slowed in September, official data showed Sunday, as the Asian giant's trade war with the United States showed no sign of abating. The Purchasing Managers' Index (PMI), a key gauge of factory conditions, came in at 50.8 for the month, down from 51.3 in August, the National… ✔ Exports increasingly dragged down performance and continued softening demand began to have an impact on companies' production, said Caixin analyst Zhengsheng Zhong ✔ A brighter outlook could be found away from China's factories, however, with an official gauge of non-manufacturing activity showing the sector expanding to 54.9 in September from 54.2 in August
Asia markets set for mixed open amid a slowdown in China's manufacturing sector
Data releases on Sunday showed that China's manufacturing sector slowed down in September, amid Beijing's ongoing trade war with the U.S. ✔ The data comes as the U.S.-China trade war continues to escalate, with new tariffs imposed between the two countries on Sept ✔ 24 and Washington threatening to slap tariffs on virtually all Chinese imports into the United States ✔ CNBC's Fred Imbert and Reuters contributed to this report
Mizuho Securities and Tata set up India investment fund
Japanese brokerage aims to attract $350m for unlisted companies ✔ India offers many promising investment opportunities, according to Tata Capital CEO Rajiv Sabharwal, who cites the steady growth of companies owing to expanding domestic demand ✔ The country's low ratio of exports also means the repercussions of the U.S.-China trade war are limited for India, he says ✔ Try 3 months for $9 Offer ends September 30th
U.S. warship sails near disputed South China Sea islands
WASHINGTON--A U.S. Navy destroyer sailed near islands claimed by China in the South China Sea on Sun ✔ The official, speaking on condition of anonymity, said the destroyer Decatur traveled within 12 nautical miles of Gaven and Johnson Reefs in the Spratly Islands ✔ China's foreign ministry did not respond immediately to a request for comment ✔ In May two U.S. Navy warships sailed near South China Sea islands claimed by China
8@eight: ASX set for dreary start to week
What happened overnight and what's ahead for the ASX. ✔ As a great leading indicator of economic strength, particularly considering the escalating trade war, PMI numbers have softened in recent months, presumably because of tighter trade conditions ✔ Market watch: SPI futures down 23 points or 0.4% to 6171 on Saturday morning AUD +0.2% to 72.29 US cents On Wall St: Dow +0.1% S&P 500 flat Nasdaq +0.1% In New York, BHP +0.6% Rio -0.6% Atlassian +0.3% In Europe: Stoxx 50 -1.5% FTSE -0.5% CAC -0.9% DAX -1.5% Spot gold +0.7% to $US1190.88 an ounce 5pm New York Friday Brent crude +1.2% to $US82.72 a barrel US oil +1.6% to $US73.25 a barrel Iron ore +0.8% to $US69.24 a tonne Dalian iron ore -1.1% to 495.50 yuan LME aluminium +1.6% to $US2062 a tonne LME copper +1.2% to $US6258 a tonne 2-year yield: US 2.82% Australia 2.03% 5-year yield: US 2.95% Australia 2.23% 10-year yield: US 3.06% Australia 2.66% Germany 0.47% Italy 3.14% Greece 4.12% US-Australia 10-year yield gap: 40 basis points This column was produced in commercial partnership between Fairfax Media and IG
Wall Street’s Biggest Business Braces for Lackluster Third-Quarter Results
The volatility that has boosted banks’ stock-trading business is hampering their fixed-income, commodities and currencies desks. ✔ Rates and currencies make up more than 40% of banks’ total trading revenue ✔ In that case, banks may find themselves exposed, according to Moody’s Corp. A disorderly sale of Treasurys or a hiccup in global growth could impact banks’ revenues through market or credit losses and reduced client activity, the ratings firm said in a recent report
Opinion | Trump is rising to the China challenge in the worst way possible
To compete on innovation, the U.S. should make the most of its attractiveness to immigrants. ✔ By Sebastian Mallaby Sebastian Mallaby Email Bio Follow September 30 at 7:33 PM In 1998, the year Google was founded, 2 million Chinese were connected to the Internet, compared with 83 million Americans ✔ PricewaterhouseCoopers estimates that, by 2030, China will add $7 trillion to its gross domestic product as a result of AI deployment, nearly double the bonanza expected in all of North America
ABC crisis: Independence doesn’t mean the right to be wrong or biased
There can't be anyone, can there, who doesn't accept that the ABC should be free from political interference? ✔ But what they think isn’t or shouldn't be the issue ✔ Photo: David Porter Then the tables turned after the leaking of emails ✔ I complained recently and regard the response as risible rubbish ✔ Amanda Vanstone is a Fairfax columnist and a former Coalition minister
Monetary sobriety arrives in Asia
Indonesia's central bank takes away the punch bowl ✔ Cumulatively, about $21 billion of this dollar debt will mature between now and the end of 2020 ✔ That is a band of which Espenilla's Bangko Sentral ng Pilipinas can only dream ✔ And, unfortunately, just as the Philippine government is distracted by other pursuits ✔ Try 3 months for $9 Offer ends September 30th
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