Japan downgrades view of export picture as costs of trade war rise
10/23/2018, 7:51:59 AMJapan's government downgraded its assessment of exports for the first time ... ✔ Washington and Beijing have slapped tit-for-tat tariffs on each other in recent months, and plans for bilateral trade talks to resolve the dispute have stalled ✔ Japan is at risk because it exports to China much manufacturing equipment and electronic parts, which are used to make finished goods for the United States and other markets ✔ Our Standards:The Thomson Reuters Trust Principles
United States’ fury at China over trade war: ‘They don’t respond – NOTHING!’
10/23/2018, 10:41:51 AMCHINA has refused to engage with the United States for months to discuss ways to defuse the escalating trade war, Donald Trump’s top economic adviser Larry Kudlow has said. ✔ China’s demands include the US to scrapping a ban on exports to China of integrated circuits, and giving Chinese companies equal treatment in national security reviews ✔ The Shanghai Stock Exchange Composite Index fell last week to its lowest level in four years as trade tensions and concerns about an economic slowdown took their toll
Impact of a trade war on China's luxury shoppers is 'minimal' for now
10/23/2018, 5:35:14 AMMost of the impact will be indirect, with the tariffs likely affecting the overall Chinese economy and the capacity for consumers to spend money on luxury goods, says Pascal Martin, a partner at consulting firm OC&C Strategy Consultants. ✔ Jerome Favre | Bloomberg | Getty Images Chanel and Cartier logos are displayed on stores in Hong Kong ✔ Asia's largest economy is expected to have the most affluent households in the world by 2021, according to a China luxury report by McKinsey & Company released last year
Dow Drops 274 Points as Everything Falls Apart
10/23/2018, 10:57:26 AMTrade war. Italy. Brexit. Saudi Arabia. Earnings. All are contributing to the market’s decline. ✔ The S&P 500 has dropped 1.2%, while the Dow Jones Industrial Average has fallen 274 points, or 1.1% ✔ This may be a fresh twist in the recent equities’ weakness we noticed earlier in the month so we should remain on the defensive and see how low we can go today
Japan's Abe will meet China's Xi — under the shadow of Trump
10/23/2018, 5:50:11 AMJapanese Prime Minister Shinzo Abe faces a challenging trip to Beijing for a summit with Chinese President Xi Jinping, as close ally the United States wages a trade war against China. ✔ But I think that what everyone worries about more than anything else is the degree to which this buys you anything more than temporary solace, he said ✔ Japan takes issue with this narrative, and this clash of basic views and interests will continue to make managing the bilateral relationship very challenging, it said
Japan economy minister : need to monitor impact of U.S.-China trade...
10/23/2018, 8:48:42 AMJapanese Economy Minister Toshimitsu Motegi said on Tuesday the country's e... ✔ At the meeting, Bank of Japan Governor Haruhiko Kuroda told advisers that recently global stocks have shown some nervous moves, but foreign exchange markets remain stable, according to a government official ✔ Kuroda also told the panel he will continue to monitor financial market moves, the official said ✔ Our Standards:The Thomson Reuters Trust Principles
Hong Kong taps UK for post-Brexit trade deal
10/23/2018, 9:10:52 AMTerritory targets RCEP membership amid US-China tensions, says Chief Executive Lam ✔ Hong Kong also intends to join the Regional Comprehensive Economic Partnership, a proposed free trade agreement between ASEAN's 10 member states, Australia, China, India, Japan, South Korea and New Zealand ✔ Of course, from time to time, there will be isolated incidents, which may have given people a bit of concern and perception, she said, but I can assure you that 'one country, two systems' is well recognized and appreciated by the Central People's Government
South Korea third-quarter GDP growth seen ticking up but consumer...
10/23/2018, 8:03:48 AMSouth Korea's economy likely grew faster in the July-September period than ... ✔ Demand for South Korea’s computer memory chips and petroleum products likely supported exports ✔ That, combined with an estimated rise in government spending, was expected to have largely offset weak domestic corporate and consumer spending, analysts said ✔ Our Standards:The Thomson Reuters Trust Principles
Coronado float falls flat as coal concerns dominate
10/23/2018, 5:23:39 AMundefined ✔ It was pitched by its backers as Australia’s biggest mining listing since 2012 and a key test of sentiment towards coal ✔ He said investors also were not prepared to pay fancy prices for exposure to a new coal float when they already have Whitehaven and BHP, two large and liquid Sydney-listed stocks with exposure to the fossil fuel
US warships sail through Taiwan Strait as China tensions surge
10/23/2018, 6:44:07 AMMultiple Chinese warships shadowed the two US vessels during the transit in a move certain to anger Beijing. ✔ Beijing recently conducted a series of military manoeuvres, including a live fire exercise in the Taiwan Strait in April, declaring its willingness to confront Taiwan's independence forces ✔ The Trump administration has sought closer ties to the island, announcing plans last month to sell it $330m in spare parts for several aircraft including the F-16 fighter and the C-130 cargo plane ✔ Special series The Coming War on China
Global stock sell-off follows heavy falls in China
10/23/2018, 8:17:22 AMundefined ✔ A steep sell-off in Chinese shares led a global stock market slump on Tuesday as a lengthening list of macro concerns including trade tensions, Italy’s budget wrangles and fears of a disorderly Brexit hit investor sentiment ✔ The US keeps ratcheting up the pressure and China keeps responding any way it can
Asian markets tumble as investors fret over global tensions
10/23/2018, 11:51:28 AMHong Kong, Japan and South Korea lead the decline ✔ Less than three weeks ago, Nikkei hit a 27 years high, at 24,270 on October 2 ✔ But analysts say that the U.S.-China trade war and a weak economy, as underscored in last Friday's lower-than-expected third-quarter gross domestic product report, will continue to weigh on markets in coming months ✔ In Japan on Wednesday, SoftBank Group`s stock dropped 3% ✔ Nikkei Asian Review deputy editor Dean Napolitano in Hong Kong contributed to this report
Open your markets, China, for everyone's sake
10/23/2018, 8:33:17 AMRestrictions in the world's No. 2 economy are both unfair and destabilizing ✔ To keep foreign companies and investors interested in China, Beijing has taken steps to ease investment restrictions ✔ The communique to be released after the meeting will be worth a close watch, as it will outline the concrete measures China plans to take in the face of its worsening relations with the U.S.
Is Southeast Asia China's new middleman for US soybeans?
10/23/2018, 6:18:54 AMTrade statistics point to emergence of new routes bypassing increased tariffs ✔ China is also increasing imports of the crop from producers such as Brazil and Argentina, and it is thought that South America, too, could be emerging as a staging post for U.S. soybeans ✔ The U.S. is thought to be seeking to increase in soybean oil exports to China
Global markets slump as a 'poisonous brewing cauldron' of risks spooks investors
10/23/2018, 9:31:05 AMAll major Asian indexes lost ground during Tuesday's session, with the FTSE China A50 the biggest casualty, down more than 3%. ✔ Big swings in the Chinese markets continued, with the previous two-day rally moving sharply into reverse ✔ US futures are also pointing to big losses when markets open stateside, with the Nasdaq pointing to an opening loss of 1.1%, while both the S&P 500 and the Dow Jones look to fall around 0.9%
Indonesia holds rates steady despite expecting more Fed hikes
10/23/2018, 9:06:52 AMCentral bank to observe currency and trade deficits as conditions improve ✔ Mirza Adityaswara, its senior deputy governor, said in a news conference that the bank expects the U.S. Federal Reserve to raise its benchmark interest rate in December, and do so three more times in 2019 ✔ Nikkei staff writer Erwida Maulia in Jakarta contributed to this article
Trump tariffs leave a bitter taste for Spain’s olive producers
10/23/2018, 8:18:07 AMundefined ✔ Gabriel Redondo recently stepped down after 11 years as chairman of Agro Sevilla, a 4,000-farmer co-operative that processes and sells olives and olive oil around the world ✔ An investigation was launched and a US Department of Commerce ruling found evidence of economic harm to US companies
Yen, Swiss franc to regain allure if global market storm hits
10/23/2018, 11:22:18 AMShaky global stocks and a recent spike in U.S. equity volatility have sounded a ... ✔ When world markets fall, Japanese and Swiss investors tend to bring cash home, boosting their currencies ✔ (Franc shrugs off Italian saga:tmsnrt.rs/2IXWq5z ) The question for investors is what might roil investor sentiment to such an extent ✔ ($1 = 0.7567 pounds) ($1 = 112.2500 yen) Our Standards:The Thomson Reuters Trust Principles
California has lost more than half a million jobs to China — more than any other state, report says - Los Angeles Times
10/23/2018, 10:12:31 AMSome 562,000 factory jobs were displaced in the Golden State since 2001, the equivalent to a 3.34% share of California’s total employment of 16.8 million jobs in 2017, the Economic Policy Institute concluded. ✔ The rising dollar will make Chinese imports cheaper ✔ The group acknowledged that some workers … do lose their jobs to lower-cost imports, but characterized the study as based on the faulty assumption that every product imported from China would have been made in the U.S. otherwise
European shares hit 22-month low as a 'thick blanket of risk' shrouds markets – business live
10/23/2018, 7:40:53 AMRolling coverage of the latest economic and financial news, as shares slide in Asia and Europe ✔ Global equities as measured by the MSCI World Index face their worst month since August 2015 ✔ IGSquawk (@IGSquawk) European Opening Calls:#FTSE 7005 -0.54%#DAX 11427 -0.84%#CAC 5025 -0.57%#MIB 18818 -0.78%#IBEX 8751 -0.63% October 23, 2018 The agenda 11am BST: CBI Industrial trends survey for October 11.30am BST: Bank of England chief economist Andy Haldane speaks at the launch of the OECD ‘New Approaches to Economic Challenges Lab’ seminar Updatedat 3.12am EDT
Turkey, Voting, World Series: Your Tuesday Briefing
10/23/2018, 9:47:54 AMHere’s what you need to know to start your day. ✔ Here’s what you need to know: Breaking: Turkey’s leader discusses Saudi case President Recep Tayyip Erdogan, having promised to reveal the full nakedness of a Saudi plot to kill the journalist Jamal Khashoggi, said today that a team including generals had flown to Istanbul to carry out the mission ✔ • Recipe of the day: Make sheet-pan chicken after a quick, easy marinade
Can Germany survive the ‘iPhone moment’ for cars?
10/23/2018, 4:08:17 AMundefined ✔ The significance of the iPhone when it was launched in 2007 was not that it was a better phone, a superior camera or an improved MP3 player ✔ The whole frame of the car is different when you move from gasoline to electric, says Sven Dharmani, global auto supply chain leader at EY
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