China Financial News

Indian stock market is likely to open higher on Monday led by positive global cues amid gains in Asian and US peers. This week, investors will eye a host of stock market triggers including the much-awaited annual general meeting (AGM) of oil-to-telecom conglomerate Reliance Industries, macroeconomic data, global cues, and more. In the week gone by, Indian stock market consolidated in a range and settled lower for the fifth successive week, the longest streak since April 2022, amid weak global cues.

Hong Kong Stock Exchange on Sunday. This loss compounds the cumulative losses of over 582 billion yuan incurred over the past two years. These losses mark the company's initial two complete annual financial downturns since it was listed in 2009.

BBC. Authorities informed that the abusive calls had begun since the release of Fukushima water into the Pacific and the callers usually speak in Chinese, English, and Japanese language. The callers strongly oppose Japan's move to release treated radioactive nuclear water.

China’s economy was meant to drive a third of global economic growth this year, so its dramatic slowdown in recent months is sounding alarm bells across the world. Policymakers are bracing for a hit to their economies as China’s imports of everything from construction materials to electronics slide. Caterpillar Inc.

Queensland coal export terminal Dalrymple Bay Infrastructure says chief executive Anthony Timbrell will step down as higher fees from handling coal exports helped lift interim net profit five-fold to $34 million.

By Jamie McGeever

China have resulted in India's steel exports falling by a third, but local producers will have a limited impact given robust sales in the domestic markets, experts said. Domestic demand will also help in keeping the price of the alloy stable in the country, they said. China’s steel exports, including to India, have seen a sharp jump in recent months. Its shipments to India, for instance, hit a multi-year high in the June quarter. Chinese mills are also reported to be undercutting other steel producers in terms of prices. This, in turn, has had an impact on exports by Indian steel companies, with countries in the Middle East and Vietnam buying more steel from China. India exported 780,000 tonnes of finished steel and billets a month on average between January and July, as against an average of 1.08 million tonnes a year earlier, data from market intelligence platform SteelMint show.

Half of the world’s biggest lithium mines put on the market since 2018 were bought by Chinese companies, underscoring the tightening grip of the world’s second-largest economy over the global battery metal supply chain.

digital economy, trade and food security. UN secretary general Antonio Guterres, who was also present, said the UN, formed in 1945, must be reformed to reflect modern power realities. The big one was the expansion of Brics to include six new members, who will join the organization next year.

₹1.97 trillion production-linked incentive (PLI) scheme. On the face of it, the PLI scheme has nothing to do with tweaking tariffs. It is focused on incentivizing companies to increase domestic production across 14 sectors, rather than manufacture products outside India.

In the past few weeks, the world has discovered that the Chinese economy has serious problems and might already be in a crisis. The impending collapse of a real estate behemoth is causing analysts to ask if China’s Lehman moment is at hand. One-fifth of the stock of apartments is unoccupied.

Bloomberg report citing the Chinese ministry of finance, the levy charged on stock trades will fall from 0.1% to 0.05% as of August 28. As per the report, China’s latest move is to “invigorate capital markets and boost investor confidence." The China Securities Regulatory Commission (CSRC) has cited recent market conditions as its rationale for slowing the pace of IPOs. According to the CSRC’s new rules, restrictions will be set on the frequency and size of refinancing for companies which continuously report financial losses and whose stock prices have fallen below IPO levels or net asset levels.

Reuters. The January-June loss was 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year earlier, said the firm. Since late 2021, Evergrande has seen a string of debt defaults, unfinished homes, and unpaid suppliers, shattering consumer confidence in the world's second-largest economy.

the future of BRICS-Plus. The Johannesburg summit of BRICS leaders, which ended on 23 August 2023, agreed to induct six new members: the United Arab Emirates (UAE), Saudi Arabia, Argentina, Iran, Egypt and Ethiopia. Along with the existing five members—Brazil, Russia, India, China and South Africa—the expanded grouping of 11 members now presents an interesting alchemy of geo-political and geo-economic interests.

Fukushima Daiichi nuclear plant's central control room in northeastern Japan, the treated water transfer switch is on. A graph on a computer monitor nearby shows a steady decrease of water levels as treated radioactive wastewater is diluted and released into the Pacific Ocean. In the coastal area of the plant, two seawater pumps are in action, gushing torrents of seawater through sky blue pipes into the big header where the treated water, which comes down through a much thinner black pipe from the hilltop tanks, gets diluted by hundreds of times before the release. The sound of the treated and diluted radioactive water flowing into an underground secondary pool was heard from beneath the ground during Sunday's first plant tour for media, including The Associated Press, since the controversial release began. «The best way to eliminate the contaminated water is to remove the melted fuel debris,» said Tokyo Electric Power Company Holdings spokesperson Kenichi Takahara, who escorted Sunday's media tour for the foreign press. But Takahara said the scarcity of information from inside the reactors makes planning and development of the necessary robotic technology and a facility for the melted fuel removal extremely difficult. «Removal of the melted fuel debris is not like we can just take it out and be finished,» he said. The projected decades-long release of treated water has been strongly opposed by fishing groups and criticized by neighboring countries.

By David Shepardson

By Shivangi Acharya

India, now the world's most populous nation as of 2023, is set to achieve a real GDP growth of around 6% by the end of the year. This marks the third consecutive year of impressive growth among major economies.

MANILA (Reuters) — China's «aggressive behaviour» in the South China Sea, including the use of water canon by its coast guard against a Philippine vessel, must be challenged and checked, the commander of the U.S. Navy's Seventh Fleet said on Sunday.

HONG KONG (Reuters) — Property developer China Evergrande (HK:3333) Group on Sunday reported a January-June net loss of 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year ago.

China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world's second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades «in order to invigorate the capital market and boost investor confidence». Reuters reported on Friday that the authorities were planning to cut the duty by up to half after a key share index fell to nine-month lows. «Such a policy will likely give a short-term boost to the market but won't have much effect over the long run,» Xie Chen, a fund manager at Shanghai Jianwen Investment Management Co, said before the announcement.