China Financial News

Asian equities fell on Tuesday as the spotlight remained on China and its efforts to stabilise its stuttering post-pandemic economy, while traders awaited the outcome of a policy meeting of the Reserve Bank of Australia. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.75% lower at 511.14, moving away from 515.37, the highest level since Aug. 11 it touched on Monday. China shares clocked their best day in over a month on Monday on the back of fresh measures to help boost the faltering economy.

Indian stock market is likely to open lower on Tuesday following weak global cues. The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading at around 19,593 level as compared to the Nifty futures’ previous close of 19,614.

Reuters, the uncompromising positions on the conflict have resulted in a lack of consensus, to the extent that not even a single joint statement has been reached in the approximately 20 ministerial meetings held under India's G20 presidency this year. Consequently, it falls upon the leaders to navigate these challenges and attempt to find potential solutions.

Indian stock market is expected to open lower on Tuesday following weakness in Asian markets ahead of key economic data releases in the region. The US markets were shut for a holiday. The Reserve Bank of Australia will announce its interest rate decision, while the purchasing managers index readings from China, India and Hong Kong will also be released today.

Oil prices were mixed on Tuesday as support from China's measures to shore up its economy vanished, offsetting expectations of an extension in supply cuts by two leading OPEC+ members Saudi Arabia and Russia Brent crude futures for November fell 10 cents, or 0.11%, to $88.90 a barrel. U.S.

G20 Summit, scheduled to commence in India's capital, New Delhi, on September 9. This marks the first occasion that India plays host to this formidable assembly of global leaders.

equities rallied for a second consecutive day following strong macro data and firm global cues. Investors would keep an eye on services PMI data from Europe, UK and India, due later today. «Going ahead, domestic positives should continue to support indices with broader market sustaining momentum. Sectoral rotation would continue with niche and underperforming sectors likely to do well,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services. Here's breaking down the pre-market actions:STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a muted startGIFT Nifty on the NSE IX traded 8.5 points, or 0.04 per cent, higher at 19,607.50, signaling that Dalal Street was headed for muted start on Tuesday.

The Bank of China and the e-commerce heavy-hitter Meituan have signed a digital yuan collaboration deal, with both firms looking to step up their CBDC capabilities.

China increasingly isolated and the US and its allies seeking a developing-market champion, India is having a moment. But is it ready? The tailwinds are there. The $3.4 trillion economy is among the fastest growing globally, and India’s population became the largest in the world earlier this year. Prime Minister Narendra Modi’s government has sought to compensate for low private investment by plowing billions into new infrastructure and using a mix of tariffs and incentives to lure global manufacturers, especially those seeking to diversify away from China. India will contribute just over 15% to global growth this year, according to the International Monetary Fund, right behind China’s 35% and more than the entire Western hemisphere’s 14%.

Ministry of Home Affairs has issued a look-out circular (LOC) against three Chinese citizens involved in a mega online Ponzi scam. The LOC was issued at the request of the Inspector General of the Odisha Economic Offence Wing (EOW), JN Pankaj in the Bureau of Immigration. The three Chinese citizens (two men and one woman) were the main accused and close associates of Guanhua Wang who was one of the main accused in the mega online Ponzi scam. The three Chinese nationals have been identified as Liu Huan, Wenhui Zheng and Xu Xiaolu. The case pertains to EOW Case No.19/2023 under sections 419, 420, 467, 468, 471, 120-B of the IPC, sections 66-C and 66-D of the IT Act and section 6 of the Odisha Protection of Interests of Depositors Act. The case related to a pan-India online Ponzi scam involving fraud and siphoning off hundreds of crores of rupees out of India using a complex network of mule bank accounts, shell companies/ firms and crypto-traders. Earlier in July, a LOC was issued against Guanhua Wang (40), the mastermind of the Ponzi scam who is a resident of Hangzhou in China. Wang along with the Chinese nationals came to India in 2019 and stayed in Bangalore for a few months. They created at least 14 shell companies to run various cyber-financial frauds.

By Jamie McGeever

Group of 20 (G20) major economies will start a summit in India's capital on Saturday to try to find solutions to some of the world's pressing problems amid a deep geopolitical divide over the war in Ukraine that threatens any progress.Here is a look at who is attending, who is not and who might be:U.S. PRESIDENT JOE BIDEN Biden has confirmed his attendance.

G20 Summit, External Affairs Minister S Jaishankar on Monday said the focus should be on the position taken by countries on key burning issues than on the levels of representations at the conclave. «At the end of the day, countries are represented by whoever they have chosen to represent them.

On Aug. 29, crypto asset manager Grayscale Investments scored a major victory against the United States Securities and Exchange Commission in its efforts to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETF). The U.S. Court of Appeals Circuit Judge Neomi Rao ordered Grayscale’s petition for review be granted and the SEC’s order to deny the GBTC listing application be vacated. Previously, Rao said that the SEC did not “offer any explanation” as to why Grayscale was in the wrong. 

Chinese stimulus measures aimed at supporting the country’s beleaguered property sector. The pan-European STOXX 600 index ended at 457.96 points after rising as much as 0.9% earlier in the session. China’s financial regulators have lowered down-payment requirements for first and second-time home buyers and cut rates on existing mortgages.

Digital asset exchange, OKX has entered the final stage to obtain a Virtual Asset Service Provider License (VASP) in Hong Kong. 

Taitung: Typhoon Haikui toppled hundreds of trees, damaged coastal roads and dumped torrential rain across Taiwan Monday before it weakened into a severe tropical storm and headed for southern China. Haikui had initially appeared to depart the island but made a second landfall early Monday in southwest Kaohsiung before moving out into the Taiwan Strait. There were no reports of deaths. More than 100 people suffered injuries during the typhoon, according to authorities, though they were minor — mostly due to fallen trees and car accidents. Destruction was seen in coastal Taitung, a mountainous county in lesser-populated eastern Taiwan where the storm directly hit the day before. «This is the first time I have seen such a big typhoon in my life,» said Chen Hai-feng, 55, a village chief in Taitung's Donghe township. Although Haikui is considered less severe than previous storms, Chen told AFP it felt more powerful as he surveyed an early-morning work crew removing trees from a road.

Hong Kong experienced its hottest summer on record this year, with the city seeing «record-breaking» temperatures, the government said Monday, the latest region to experience the impact of a warming planet.Climate change has fuelled searing temperatures across the globe already this year, with India, Japan and Australia last week announcing recent temperature records toppled. In the semi-autonomous Chinese region of Hong Kong, officials declared on Monday that «together with the exceptionally hot weather in June and July, Hong Kong experienced the hottest summer on record from June to August 2023». The city recorded a monthly mean temperature of 29.7 degrees Celsius (85 degrees Fahrenheit) last month, the hottest August on record, according to the Hong Kong Observatory. This year also saw the third-hottest July and fourth-hottest June since records began in 1884. The top three warmest years in Hong Kong's history were all recorded after 2018. August was also «much drier than usual with a total rainfall of 5.5 inches,» the Observatory added.

China, has not yet been detected in India. «So far, Pirola has not been detected in the country,» a member of Insacog, the pan-India network of laboratories set up to monitor genomic variations of coronavirus, told ET. «We are keeping a strict vigil.» Insacog held a review meeting on Friday amidst increasing concern over the BA.2.86 variant, which is informally being termed Pirola. Its members were of the view that sewage testing for Covid-19 should be significantly increased «for timely detection of new variants like Pirola», the person said.

G20 summit in New Delhi. That would make him the second major leader after Russia’s President Vladimir Putin to skip the event.

NEW DELHI : JSW Group may announce the purchase of a stake in MG Motor India as early as two months if the negotiations progress successfully, and the first JSW electric car could roll out from a factory as early as next year, two people familiar with the development said. The deal, which is likely to value MG Motor India at $1.2-1.5 billion, involves the initial purchase of a minority stake by JSW Group, with a firm plan to secure a majority stake in the automaker over time.