China battles 'unfair' trader image with import expo
10/31/2018, 10:14:34 PMPresident Xi Jinping opens a huge Shanghai import fair next week at which armies of Chinese companies will shop for billions of dollars in foreign goods as China seeks to counter charges that its markets aren't open. But not everyone is buying it. China's trade war adversary, the United States,… ✔ Microsoft founder Bill Gates will join a business forum, but the touchy optics of attending a China import expo amid trade tension means few big-name American CEOs are confirmed, and most major companies contacted by AFP declined detailed comment ✔ We would certainly appreciate any announcements (about market reforms) next week, but when I talk to our members, the sense is that we have heard a lot of promises to date, but we need to see measurable progress on that front
Tech stocks plunged in October, suffering their worst month since the 2008 recession
10/31/2018, 9:55:48 PMThe Nasdaq plunged 9.2 percent in October, led by a slide in Amazon and Alphabet, for the index's worst performance since late 2008. ✔ Getty Images Jeff Bezos Technology stocks just capped off their worst month since the depths of the recession a decade ago ✔ Eight of the 10 subgroups of the S&P 500 fell, led by energy and consumer discretionary stocks, which dropped more than the tech group
China's local governments on shopping spree for companies
10/31/2018, 8:38:40 PMOver 50 listed corporations have taken investment from state-affiliated entities ✔ Chinese Communist Party delegates raise their hands at the party's National Congress in November 2017 ✔ A state-owned company from Fujian Province, where many products like flat-screen TVs are assembled, has invested in a liquid-crystal display maker in Jiangxi Province
More U.S. tariffs on China goods not 'set in stone': White House...
10/31/2018, 10:33:33 PMU.S. President Donald Trump has not "set in stone" any decisions on es... ✔ REUTERS/Kevin Lamarque Kudlow said on CNBC that the meeting agenda between Trump and Chinese President Xi Jinping at the end of November in Buenos Aires has not yet been worked out, but we may have a very good meeting in Argentina with President Xi ✔ Kudlow said there was no specific trigger point for a decision to impose more tariffs on Chinese goods ✔ The policy talks determine this, not an arbitrary timetable ✔ Our Standards:The Thomson Reuters Trust Principles
Pompeo says U.S. trying to convince China 'to behave like a normal...
10/31/2018, 10:42:49 PMU.S. Secretary of State Mike Pompeo said on Wednesday the United States was enga... ✔ Where the semiconductor piece fits in is it’s part of a mosaic of our strategic effort to push back against this continued Chinese effort, he said ✔ It is a multipronged effort on behalf of all of the United States Government, at the President’s direction, to convince China to behave like a normal nation on commerce and with respect to the rules of international law, he said ✔ Our Standards:The Thomson Reuters Trust Principles
BHP to return $10.4bn in cash via buyback and dividend
10/31/2018, 10:45:42 PMundefined ✔ BHP, which has a dual-listed company structure, said the buyback programme would target its Australian shares ✔ As a result, leading industry executives like Glencore’s chief executive Ivan Glasenberg say share buybacks are the best investment their companies can make at the moment
The U.S. Stock Market's Red October Is Over. Here Are the Winners and Losers
10/31/2018, 8:46:38 PMNearly 400 of the stocks in the S&P 500 closed down on the month. ✔ The tech-heavy Nasdaq Composite was hit hardest, declining 9% in October ✔ In telecom, Verizon rose 7% and Comcast advanced 8% ✔ Investors are also worried about the impact of a trade war between the U.S. and China, which showed signs of escalating during the past month
Panasonic profit sinks as Tesla partnership hits speed bump
10/31/2018, 8:38:41 PMStruggles in core business stand in contrast to rival Sony ✔ The industrial business, which Panasonic groups with automotive operations, suffered from declining capital spending in China amid the trade war with the U.S., which has eroded previously brisk demand for products such as industrial motors ✔ Our profit margins are low, so we're short of cash to invest in taking on major challenges, President Kazuhiro Tsuga acknowledged frankly
Evergrande head uses $1bn of own money to buy company bond
10/31/2018, 11:32:59 PMBillionaire's move underscores the troubles China's property sector faces ✔ [Hui] really needs to give some confidence to investors, he said ✔ The industry's outlook is also clouded by the trade war between the U.S. and China as well as higher borrowing costs, discouraging investors from buying properties ✔ Short-term debt accounted for 44% of the company's total reported debt as of end of June, Leung estimated ✔ The market situation is not ideal at all, Hong said
October was a horrible month for stocks
10/31/2018, 9:08:39 PMOctober was a frightening month for investors around the world. ✔ MUST WATCH New York (CNN Business)October was a frightening month for investors around the world ✔ Investors fled from former tech darlings like Amazon (AMZN) and Netflix (NFLX), which both lost around one-fifth of their value ✔ The global synchronized recovery has morphed into a global slowdown, said Forester
Dow Rises 241 Points Because Strong Earnings Never Lie
10/31/2018, 9:23:18 PMStocks closed with gains for two consecutive days for the first and the final time for October, helped by earnings reports from Facebook and GM. Consensus EPS estimates rose this month. ✔ Creepy and Kooky Monsters and ghouls come out on Halloween, but after living through this October it’ll take more than a cheap costume to scare investors ✔ Patience is a virtue, and Johnson isn’t the only one stumping for it ✔ Positively, we feel Baxter is doing an admirable job controlling its costs and increasing its profitability
Wall Street bids goodbye to
10/31/2018, 9:37:40 PMAfter a spooky October for stocks, what's ahead for the market and 401(k) investors? Is the battered 9-year-old bull in grave danger? ✔ Some investment pros won’t rule out further declines, noting that the average market drop in the 22 corrections since World War II is more than 13 percent ✔ David Kotok, chief investment officer at Cumberland Advisors in Sarasota, Florida, started snapping up beaten-down stocks Tuesday after he concluded that the selling and investor pessimism had hit extreme levels
Japan still struggles to escape its wartime past
10/31/2018, 10:08:09 PMSouth Korean court revives disputes that should have been settled long ago ✔ One potential flashpoint: next year's 100th anniversary of the so-called Mar. 1 Movement ✔ No one really expects him to follow Willy Brandt and fall to his knees in remorse as did the German statesman in Warsaw in 1970 ✔ He was given the 2018 prize for excellence in opinion writing by the Society of Publishers in Asia, for his work for the Nikkei Asian Review
Midterms, Markets, Pittsburgh: Your Wednesday Evening Briefing
10/31/2018, 10:33:46 PMHere’s what you need to know at the end of the day. ✔ Some legal experts say that the cluster of investigations into possible ethical misconduct or other policy violations on Mr. Zinke’s part is beginning to resemble the challenges that brought down the former E.P.A ✔ Sign up here to get it by email in the Australian, Asian, European or American morning
8@eight: ASX set for bright start to November
10/31/2018, 8:58:11 PMWhat happened overnight and what's ahead for the ASX. ✔ Moreover, earnings are still strong even if the medium-term outlook has changed, and economic growth (in the US, but to a lesser extent other geographies) is powering along ✔ Market watch: SPI futures up 25 points or 0.4% to 5823 at 7am AEDT AUD -0.4% to 70.79 US cents On Wall St near 4pm: Dow +1% S&P 500 +1.3% Nasdaq +2% In New York, BHP +1.8% Rio +2.4% Atlassian +6.8% In Europe: Stoxx 50 +1.6% FTSE +1.3% CAC +2.3% DAX +1.4% Spot gold -0.8% to $US1213.22 an ounce at 1.35pm New York time Brent crude -0.3% to $US75.66 a barrel US oil -0.1% to $US66.10 a barrel Iron ore -1.3% to $US75.71 a tonne Dalian iron ore +0.2% to 534 yuan LME aluminium -0.7% to $US1953.50 a tonne LME copper -0.7% to $US5992 a tonne 2-year yield: US 2.87% Australia 1.97% 5-year yield: US 2.98% Australia 2.16% 10-year yield: US 3.15% Australia 2.62% Germany 0.38% US-Australia 10-year yield gap as of 7.03am AEDT: 53 basis points This column was produced in commercial partnership between Fairfax Media and IG
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