Trade War: Mitch McConnell Says Tariffs Hurt, Urges Trade Progress
10/29/2018, 11:08:17 AMSenate Republican Leader Mitch McConnell on Wednesday prodded President Donald Trump’s administration to quickly resolve festering trade disputes particularly with China, saying tariffs imposed by other countries in response to Trump’s trade policies are starting to pinch the “red hot” U.S. economy. ✔ ‘SOONER RATHER THAN LATER’ If the end result of this is better trading relationships with all of these countries, particularly if it happens sooner rather than later, I think it would be great, McConnell said ✔ Photo: REUTERS/JOSHUA ROBERTS Senate Majority Leader Mitch McConnell addresses reporters after the weekly Republican caucus luncheon, June 16, 2015
Vietnam emerges as key beneficiary of US-China trade war
10/29/2018, 9:08:42 AMCompanies from both sides report loss of market share to Southeast Asian nation ✔ Panasonic, for example, is moving production of car electronics from China to Thailand, Malaysia and Mexico ✔ The Asian Development Bank recently trimmed its 2019 growth forecast for emerging Asia to 5.8% from 5.9% due to the trade conflicts while noting that the impact does not hurt all countries evenly as trade is redirected within global supply chains to economies producing similar goods, benefiting in particular Southeast Asia
Many US Firms In China Eyeing Relocation As Trade War Bites: Survey
10/29/2018, 11:08:15 AMMore than 70 percent of U.S. firms operating in southern China are considering delaying further investment there and moving some or all of their manufacturing to other countries. ✔ That prompted Beijing to retaliate with additional tariffs on $60 billion of U.S. products, escalating a tariff war between the world's two largest economies ✔ Both Washington and Beijing appear to be digging in for a long battle, though U.S. officials say President Donald Trump would go through with plans to meet Chinese President Xi Jinping at the G20 summit next month if it looked like the discussions would be positive ✔ Reuters (Reporting by Sue-Lin Wong; Editing by Kim Coghill)
Many U.S. firms in China eyeing relocation as trade war bites: survey
10/29/2018, 9:17:23 AMMore than 70 percent of U.S. firms operating in southern China are considering d... ✔ The U.S. duties are set to rise sharply on Jan. 1 ✔ Both Washington and Beijing appear to be digging in for a long battle, though U.S. officials say President Donald Trump would go through with plans to meet Chinese President Xi Jinping at the G20 summit next month if it looked like the discussions would be positive ✔ Our Standards:The Thomson Reuters Trust Principles
HSBC profits jump 28 per cent as costs come down
10/29/2018, 9:31:34 AMBecause the bank derives the majority of its profits from Asia, analysts warned it could be in for a bumpy ride if the US-China trade war escalates ✔ Naeem Aslam, chief market analyst at Think Markets, said: The key to satisfy the shareholders is to spend less and deliver higher growth numbers and in today’s earnings report, HSBC has nailed this ✔ While in the long term this looks like an ace in the sleeve, investors should expect a bumpy journey, particularly if Trump’s trade war dents growth in the region
US Treasury yields move higher as investors await economic data, auctions
10/29/2018, 10:45:06 AMMarket sentiment has been hit by a range of negative factors in recent weeks, with investors concerned about an intensifying U.S.-China trade war, cooling global growth and Federal Reserve rate increases. ✔ Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- Market sentiment has been hit by a range of negative factors in recent weeks, with investors concerned about an intensifying U.S.-China trade war, cooling global growth and Federal Reserve rate increases ✔ Some major indices have already slipped into corrective territory amid heightened worries over corporate earnings too
Europe autos stocks surge on report China's regulator to halve car...
10/29/2018, 10:50:09 AMEuropean car shares surged on Monday and were set for their best day in four mon... ✔ The autos stocks index .SXAP jumped up 3.4 percent by 1024 GMT with German carmakers Daimler, BMW and Volkswagen gaining 4.3 to 4.9 percent ✔ The index - the worst-performing in Europe this year as trade war and growth fears dampen appetite for cyclical stocks - was set for its best day since July 5 ✔ Our Standards:The Thomson Reuters Trust Principles
Weakening rupee pushes India to settle with China in yuan
10/29/2018, 11:35:43 AMIndia is considering paying for some imports from China in yuan, Bloomberg reports. With the weakening rupee, India is hedging its losses against the US dollar in trade. ✔ For Beijing, the move is set to boost the influence of renminbi globally ✔ The BRICS group of emerging economies, Brazil, Russia, India, China and South Africa, have already discussed switching to yuan in trade ✔ For more stories on economy & finance visit RT's business section Trends: China newsIndia news
Markets edgy in worst month since the financial crisis – business live
10/29/2018, 8:55:52 AMAll the day’s economic and financial news, as shares drop in China but push higher in Europe ✔ The bears seem well in control of the market and there’re many reasons to justify their actions ✔ We also get new consumer credit and mortgage approvals figures from the Bank of England The agenda: 9.30am GMT: UK mortgage approvals and consumer credit figures 3.30pm GMT: The Budget speech Updatedat 4.27am EDT
Apple stock rises after Jefferies initiates at buy
10/29/2018, 11:35:30 AMundefined ✔ AAPL, -1.59% are up 1.7% in premarket trading Monday after Jefferies anayst Timothy O'Shea began coverage of the stock with a buy rating and $265 target price ✔ Apple shares have gained 33% over the past 12 months, while the Dow Jones Industrial Average DJIA, -1.19% has risen 5.4%
China regulator to propose 50 percent cut to car purchase tax:...
10/29/2018, 11:02:17 AMChina's top economic planning body is proposing to cut the tax levied on ca... ✔ A cyclist rides past cars that are waiting at a traffic light in central Beijing, China October 29, 2018 ✔ Shares of American and European automakers including General Motors (GM.N), BMW (BMWG.DE), Volkswagen (VOWG_p.DE) and Daimler (DAIGn.DE) extended gains following the report
China factory growth seen cooling further as U.S. tariff impact...
10/29/2018, 10:27:13 AMGrowth in China's factory sector likely cooled further in October as domest... ✔ FILE PHOTO: An employee works on an assembly line producing automobiles at a factory in Qingdao, Shandong Province, China, March 1, 2016 ✔ Such a scenario would complicate Beijing’s efforts to lift fixed-asset investment growth from record lows and raise the specter of major layoffs which would weigh further on consumption ✔ Our Standards:The Thomson Reuters Trust Principles
US, European auto shares rev up on China tax cut report
10/29/2018, 11:31:40 AMundefined ✔ For many of the carmakers, the market is their largest profit generator, as well as a source of potential growth ✔ China weakness has dominated global autos news flow since mid-2018, and contributed to several big profit warnings, wrote Robin Zhu, a Hong Kong-based analyst at Bernstein, last week
China says leaders from 18 countries to participate in import fair...
10/29/2018, 10:08:47 AMA total of 18 countries' leaders will be coming to next week's major i... ✔ El Salvador and the Dominican Republic both switched recognition from Taiwan to China this year ✔ Some are sending presidents, including the Czech Republic and Kenya, while others, such as Russia and Pakistan, are sending their prime ministers ✔ Our Standards:The Thomson Reuters Trust Principles
Chipmaker TowerJazz sees fourth-quarter revenue missing forecasts
10/29/2018, 11:57:51 AMTowerJazz revenues will miss expectations in the fourth quarter after falling in... ✔ He said while none of his customers had specifically cited the trade war between the United States and China as the reason for the market weakness, anytime, I think, that you have a type of fear people are more risk averse ✔ Our Standards:The Thomson Reuters Trust Principles
Chinese markets take another tumble amid a brutal month for mainland stocks
10/29/2018, 9:54:24 AMBoth the Shanghai composite and Shenzhen composite saw losses of more than 2 percent on Monday, but some market observers say a rebound could be coming. ✔ VCG | Getty Images HANGZHOU, CHINA - FEBRUARY 09: An investor watches the electronic board at a stock exchange hall on February 9, 2018 in Hangzhou, China ✔ Describing the mainland stocks as a little bit oversold, Leung said, If you're looking at the Chinese numbers, they're not great, but ..
How to stabilize market
10/29/2018, 8:18:34 AMundefined ✔ Few believe such a measure will work, considering foreign investors' selling streak ✔ But the Moon administration should do its best to make the local markets attractive again by improving economic fundamentals, pushing for structural reforms and helping corporations hone their competitiveness
There’s a Paradox in the Car Market and It Might Tell Us Whether a Recession Is Coming
10/29/2018, 9:06:04 AMThe market is discounting an automotive recession, but global light vehicle sales remain at high levels. Here’s what it means. ✔ Text size There is a paradox to resolve in car markets ✔ Chinese sales haven’t fallen either, but trailing sales have plateaued ✔ Monthly sales have declined year over year for four consecutive quarters though ✔ It is possible that Chinese stimulus kick-starts domestic sales there and that could be enough for a relief rally
Chinese traders play down impact of new animal feed guidelines on...
10/29/2018, 8:15:31 AMOilseed traders in China on Monday played down the potential impact on soy consu... ✔ The country used 71 million tonnes of soymeal to make animal feed in the 2017-18 crop year ✔ The agriculture ministry said China depended on imports for nearly 80 percent of its protein raw materials, and that this had caused a bottleneck to development of the country’s feed and livestock sectors ✔ Our Standards:The Thomson Reuters Trust Principles
Europe shares rise, euro falls briefly as sources say Merkel to...
10/29/2018, 11:57:52 AMEuropean shares climbed and U.S. stock futures erased losses on Monday thanks to... ✔ Global financial markets have been hit by a range of negative factors from an intensifying China-U.S ✔ Finance minister Philip Hammond is likely to urge his divided Conservative Party to get behind the government’s push for a Brexit deal, or put at risk a long-awaited easing of austerity ✔ Our Standards:The Thomson Reuters Trust Principles
Ex-CIA analyst: Here's what Russia and China can learn from Trump's cellphone chats
10/29/2018, 11:44:39 AMTrump might not be giving up crown jewels on his cellphones, but even his gossip, venting and self-congratulating are useful intelligence for US foes. ✔ At the very least, foreign governments listening in to presidential phone calls could learn who is in the president's inner circle, whom he speaks to, and who is falling out of favor ✔ Cindy Otis, a writer and consultant, worked for the CIA for 10 years as a military analyst and a branch chief, specializing primarily in Europe and the Middle East
China's OnePlus, backed by Qualcomm and T-Mobile, launches...
10/29/2018, 9:51:39 AMA five-year old Chinese smartphone company whose high-end products are little kn... ✔ Within the company of about 1,000 employees, fewer than 100 are dedicated to sales while more than half are in product research and development, according to Pei ✔ OnePlus is affiliated with OPPO, a Chinese smartphone-maker and a major force in mid-end phones, which are sold globally and cost about $300 ✔ Our Standards:The Thomson Reuters Trust Principles
A Trump-Bolsonaro bromance could be brewing after Brazilian's big win
10/29/2018, 11:24:21 AMHe has vowed to drain the swamp, slash regulations and get tough with China. Eva... ✔ And similar to Trump, Bolsonaro is rethinking his country’s membership in multinational organizations and treaties that he thinks might not be in Brazil’s best interest, including the Mercosur trade bloc, the BRICS group of large emerging economies and the Paris climate accord
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