US-China trade war threatens Asia with 0.9% loss of GDP
10/12/2018, 8:36:38 AMIMF suggests policymakers liberalize economies to escape external headwinds ✔ But they do not take into account the impact of further tariffs that the U.S. has proposed nor of China's announced retaliatory steps ✔ Trade flows within Asia should increasingly cater to final demand within the region, consistent with the rebalancing agenda, with the region thus relying less on manufacturing exports to the rest of the world
Reports: Trump hints ‘a lot more’ on trade war, may meet Xi at G-20
10/12/2018, 9:29:51 AMWASHINGTON--U.S. President Donald Trump warned on Thursday there was much more he could do that woul ✔ It's had a big impact, Trump said in a Fox News interview ✔ They lived too well for too long and, frankly, I guess they think the Americans are stupid people ✔ The growing trade war prompted the International Monetary Fund on Tuesday to cut its global economic growth forecasts for 2018 and 2019
Shinzo Abe to visit China in first visit by Japan PM since 2011
10/12/2018, 9:52:38 AMJapan and China are set to thaw a seven-year cooling of relations amid Beijing's worsening trade war with the US. ✔ But he has since softened his rhetoric and called on China to press North Korea to give up its nuclear and missile programmes ✔ At the time, the Chinese foreign ministry said Tokyo should act cautiously and avoid doing anything which would harm regional peace and stability
Trump's willingness to antagonize the world triggers China-India rapprochement
10/12/2018, 11:01:43 AMAn old Chinese proverb states "crisis is opportunity riding a dangerous wind." Trump's trade war with China and accusations of political meddling against Beijing are dangerous winds & have hurt relations between the great powers. ✔ HomeOp-ed Trump's willingness to antagonize the world triggers China-India rapprochement Dr. Sreeram Chaulia is Professor and Dean at the Jindal School of International Affairs in Sonipat, India ✔ Just as China is looking to narrow the power gap with the US, India seeks to do the same with China
China says in 'communication' amid report of Trump-Xi meet
10/12/2018, 9:46:16 AMChina says it is in communication with the United States amid reports of a planned meeting between President Xi Jinping and President Donald Trump next month following a dive in the U.S. stock market blamed partly on a growing trade war between the world's two largest economies. ✔ The reported meeting would take place during the G-20 summit in Argentina in late November ✔ Trump has made similar accusations, although security experts say they didn't know of any Chinese influence operations comparable to Russian activities during the 2016 presidential election
Unwelcome guest: U.S. tariffs loom at China's biggest trade fair
10/12/2018, 10:08:55 AMAmid gathering gloom over the state of the Chinese economy, exporters of motorcy... ✔ Overall Chinese exports have been mostly resilient, with data Friday showing that September shipments soared 14.5 percent year-on-year, far exceeding expectations for an 8.9 percent uptick ✔ SLOWING ECONOMY The trade war with the United States is complicating an already weakening picture of growth in China this year ✔ Our Standards:The Thomson Reuters Trust Principles
China shrugs off weak markets with $3 billion dollar bond sale
10/12/2018, 8:58:45 AMChina has sold $3 billion of sovereign dollar bonds, its third such sale in the ... ✔ For any other normal corporate borrower the decision might have been to stand on the sidelines and wait for the market to stabilize a bit, but China is a little bit of a different animal, said a banker who worked on the deal ✔ Our Standards:The Thomson Reuters Trust Principles
Nobel Prize-Winning Economist Joseph Stiglitz on Why Globalization Is Under Threat
10/12/2018, 10:17:29 AMJoseph Stiglitz, a professor at Columbia University, sat with Barron’s to discuss a range of problems he sees unfolding—an economic cold war with China, the breakup of the European Union, and more. ✔ In this wide-ranging conversation, the Columbia University professor and former economic advisor to President Bill Clinton opined on Bitcoin, the future of the euro, and China’s options ✔ Most analysts are already expecting a slowdown in 2019, 2020 ✔ If it ever becomes important because of that, the government will shut it down ✔ It’s living on borrowed time and on the euphoria of technology
Malaysia, Singapore shares rise for first time in seven sessions
10/12/2018, 10:39:19 AMAsian equities rebound as U.S. yields retreat from multi-year highs ✔ The Monetary Authority of Singapore said it will let the Singapore dollar rise at a faster pace against its trade weighted basket ✔ UOB is reviewing its insurance business, including an existing partnership with Prudential Plc, Bloomberg reported ✔ Kerjaya Prospek plans to build two 36-floor blocks of condominiums slated for completion in Sep 2022
G-20 says trade foes must resolve tensions themselves
10/12/2018, 9:21:46 AMFinance ministers acknowledge rising risks but fail to find prescription ✔ Argentine Treasury Minister Nicolas Dujovne explains the results of the G-20 meeting he chaired in Bali, Indonesia, on Oct. 12 ✔ The G-20 can play a role in providing the platform for discussions, Dujovne, who serves as Argentina's finance minister, told reporters ✔ G-20 finance ministers and central bank governors pose on Oct. 12 as global economic headwinds gather
China auto sales post biggest drop in 7 years as growth engine stalls
10/12/2018, 10:43:37 AMChina's car sales fell the most in nearly seven years in September, stoking... ✔ CAAM’s Xu said that 2018 sales growth would miss the association’s previous forecast of a 3 percent rise ✔ Sales were also up 3 percent last year, but sharply down from a 13.7 percent gain in 2016 ✔ They don’t know what to do and worry about survival ✔ Our Standards:The Thomson Reuters Trust Principles
Treasury Secretary Mnuchin isn't worried about China dumping Treasurys: 'There'll be other buyers'
10/12/2018, 11:29:15 AMundefined ✔ And, obviously, that would be very costly for them to do ✔ Mnuchin joined Squawk Box from Bali, Indonesia, where the International Monetary Fund and the World Bank were holding their annual meetings ✔ Top White House economic advisor Larry Kudlow told CNBC on Thursday the White House was working on a meeting between President Donald Trump and Chinese President Xi Jinping at next month's G-20 summit in Argentina
Resurgent shares still set for biggest weekly loss since Feb
10/12/2018, 11:47:22 AMShares worldwide were set for their biggest daily gains in nearly a month on Fri... ✔ MSCI’s U.S. index .MIUS00000PUS has shed 5.5 percent, compared with a 4.9 percent fall for MSCI’s gauge of stock performance in 47 countries .MIWD00000PUS ✔ China A shares .MIXNAPUS are still down 8.7 percent ✔ Our Standards:The Thomson Reuters Trust Principles
The Perfect Storm Bringing China and Russia Together
10/12/2018, 8:48:05 AMDuring the Cold War, China and the Soviet Union regarded one another as strategic adversaries. Relations between Beijing and Moscow, however, have significantly improved over the years. Besides political alignment, the countries have complementary economies; China has an insatiable appetite for the raw materials which Russia has in abundance and Beijing has the financial strength to protect Moscow against the sanctions related to its annexation of Crimea. ✔ During the Cold War, China and the Soviet Union regarded one another as strategic adversaries ✔ Despite the EU’s reliance on Russian gas, which is a third of its annual consumption, Moscow’s dependence on European gas demand is much more severe, with the bulk of its gas exports heading West
World shares bounce after rout, set for worst week since February
10/12/2018, 8:36:20 AMGlobal shares were having their best day in nearly a month on Friday as European... ✔ MSCI’s U.S. index .MIUS00000PUS has shed 5.5 percent, compared with a 4.9 percent fall for MSCI’s gauge of stock performance in 47 countries .MIWD00000PUS ✔ China A shares .MIXNAPUS are still down 8.7 percent ✔ Our Standards:The Thomson Reuters Trust Principles
JPMorgan profit boosted by higher interest rates
10/12/2018, 11:20:13 AMJPMorgan Chase & Co reported higher-than-expected quarterly profit on Friday as ... ✔ Overall, JPMorgan’s total revenue increased 5.2 percent to $27.82 billion, as the lender’s diverse business mix helped it weather the ups and downs of the trading business ✔ All four of its four main businesses recorded a rise in revenue ✔ Our Standards:The Thomson Reuters Trust Principles
Tech’s Red October Should Flash a Yellow Light
10/12/2018, 11:16:20 AMTech investors should use caution—the high-flying sector may finally have met a bear that has some bite. ✔ And there is still the unappealing prospect of an all-out trade war with China, a key growth market for many tech firms ✔ Related Tencent Music Pauses IPO Amid Market Turmoil U.S. Stocks Extend Losses on Heels of Wednesday Rout Last-Minute Trades Accelerate U.S. Share Declines Streetwise: Is It Time to Buy the Dip ✔ Worst Hit in Global Markets Rout: Tech and China
India stocks post first weekly gain since end-August as Reliance rebounds
10/12/2018, 11:53:24 AMFinancial firms also recover from selloff ✔ The Sensex's performance this week came despite a selloff in U.S. equities amid concerns over rising Treasury yields ✔ We expect the global correction driven by technology stocks and trade war fears will spare India to an extent as India does not participate in a meaningful manner in these value chains, Macquarie Research said on Friday ✔ After market hours, the fast-moving consumer goods company reported a 19.5% increase in its in July-September quarter profit
Dollar pares losses as equity sell-off eases
10/12/2018, 8:11:12 AMThe dollar crept up on Friday, reflecting investor confidence in the U.S. econom... ✔ Fed officials said last month they expected three rate hikes in 2019 ✔ If the equity markets were to calm down again quickly without developments spreading to other asset markets, there is no reason in our mind why the Fed should not continue its rate hikes as planned, said Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt ✔ The rally was aided by promising news out of China, its biggest trade partner ✔ Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh Our Standards:The Thomson Reuters Trust Principles
Knorr-Bremse gains as investors get a piece of 'Made in Germany'
10/12/2018, 10:16:36 AMShares in brake systems manufacturer Knorr-Bremse gained on Friday, as Germany&#... ✔ SECOND-BIGGEST LISTING Knorr-Bremse’s listing is this year’s biggest stock market flotation in Germany after Siemens Healthineers (SHLG.DE), which sold shares worth 4.2 billion euros ✔ ($1 = 0.8618 euros) Our Standards:The Thomson Reuters Trust Principles
JPMorgan helps Wall Street bounce after two-day slide
10/12/2018, 11:47:27 AMWall Street was set to rebound on Friday after the U.S. stock market's wors... ✔ The earnings season comes with investors fretting over inflation pressures and fears of rising interest rates, while a surge in Treasury yields to over seven-year highs has made bonds more attractive ✔ Wall Street's two-day slide this week was its worst in eight months, pulling the three major indexes down a little over 5 percent each, with the Nasdaq .IXIC narrowly avoiding moving into correction territory ✔ Our Standards:The Thomson Reuters Trust Principles
Sen. Joni Ernst says Senate has been damaged by the Kavanaugh confirmation process
10/12/2018, 9:54:59 AMErnst talked about the Supreme Court confirmation process with CBS News' Major Garrett on "The Takeout" podcast this week ✔ You certainly don't want to wrongly convict someone who is innocent, but you also want to make sure that accuser is heard and has the opportunity to step forward ✔ Producers: Arden Farhi, Katiana Krawchenko and Jamie Benson CBSN Production: Alex Zuckerman and Eric Soussanin Show email: TakeoutPodcast@cbsnews.com Twitter: @TakeoutPodcast Instagram: @TakeoutPodcast Facebook: Facebook.com/TakeoutPodcast
'Expensive energy is back' — and it's threatening the global economy, IEA warns
10/12/2018, 8:04:45 AMThe International Energy Agency (IEA) is concerned about a dramatic upswing in energy prices, according to its latest monthly report, with oil, gas and coal prices currently trading at multi-year highs. ✔ Daniel Acker | Bloomberg | Getty Images A worker on a an oil drill near New Town, North Dakota ✔ The closely-watched report comes less than four weeks before the U.S is set to impose targeted crude sanctions against Iran, with Brent prices now established above $80 a barrel
Hong Kong stocks post third weekly loss on US yield jitters
10/12/2018, 10:17:37 AMCountry Garden slumps 12.8% and Tencent slides 5.4% over the five-day period ✔ Still, the meeting is unlikely to resolve the deep differences on trade between China and the U.S., he said ✔ ANTA Sports Products jumped 4.5% after saying retail sales value of ANTA branded products rose in the midteens in the third quarter while sales for other branded products jumped up to 95%
'Winter is coming': Indonesia warns world finance leaders over...
10/12/2018, 10:43:34 AMJust in case any of the global central bankers and finance ministers gathered in... ✔ CHINA TRADE TALKS MUST INCLUDE YUAN: MNUCHIN In an interview with Reuters, U.S. Treasury Secretary Steven Mnuchin said that he told China’s central bank chief that currency issues need to be part of any further U.S.-China trade talks and expressed his concerns about the yuan’s recent weakness
China's trade surplus with the US swells to a record high
10/12/2018, 11:02:29 AMChina's trade surplus with the US swelled to a record high of $34.13 billion in September. Exports rose 14.5% versus a year ago, the fastest pace since February, aided by the weaker Chinese yuan. ✔ If that's the case then I think further downside risk can be expected in the fourth quarter, Wang said ✔ Li Kuiwen, a spokesman from the country's customs agency, also told reporters trade growth may slow somewhat in the fourth quarter ✔ (Reporting by Elias Glenn and Stella Qiu; Additional reporting by Lusha Zhang; Editing by Richard Borsuk)
Analysis | What the Trump administration’s confrontational approach misses about China
10/12/2018, 10:11:30 AMChina isn't trying to shred the international order. ✔ Chinese President Xi Jinping walks past a soldier after laying a wreath at the Monument to the People’s Heroes during a ceremony in Beijing’s Tiananmen Square, on the eve of National Day on September 30, 2018 ✔ But China is more likely to free-ride when it understands that other countries value cooperation and are willing to sustain it on their own
Japan's Abe pursues China thaw as U.S-Beijing ties in deep freeze
10/12/2018, 9:11:51 AMWhile U.S. President Donald Trump appears to wage a trade "Cold War" o... ✔ Japanese participation could help Belt and Road’s image and allay the fears of debtor nations, experts and officials said ✔ Japanese defense officials are wary of its military implications, and Tokyo is pushing its Free and Open Pacific Strategy to promote free trade and infrastructure across Asia, Africa and the Middle East ✔ Our Standards:The Thomson Reuters Trust Principles
Consumers face a new -- but familiar -- economic worry: Inflation
10/12/2018, 11:13:49 AMMost workers have seen their pay go backward during the recovery after accounting for rising prices ✔ Investors are closely watching inflation signals, concerned that an acceleration could cause the Federal Reserve to push through more rate increases ✔ They note, Once there are fewer job seekers available to hire, real wages should experience additional upward pressure, but this has not yet occurred
The Gloom Encroaching on Trump’s Stock Boom
10/12/2018, 10:13:47 AMInvestors saw the president’s policies as a reason to buy stocks. Now, the consequences of his measures are unsettling Wall Street. ✔ Technology companies, whose stocks have risen strongly, may be among those most harmed ✔ The Prince and the President: Khashoggi Case Raises Saudi-Turkey Tensions Matthew Shepard Will Be Interred at the Washington National Cathedral, 20 Years After His Death
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