China Financial News

rupee is within a whisker of a record low, but it’s still a favored emerging-market currency with some investors. A reserves stockpile of $600 billion, more than $16 billion worth of foreign inflows for stocks this year and economic growth forecast at 6.5% are among the reasons behind the optimism for Neuberger Berman Singapore and Columbia Threadneedle Investments. “The reserve number is very comfortable right now,” said Prashant Singh, senior portfolio manager for emerging-markets debt at Neuberger Berman Singapore, who favors the rupee.

Day trading guide for today: On account of weak global cues on China's Evergrande Group's bankruptcy crisis, Indian stock market ended lower for second straight session on Friday last week. NSE Nifty lost 55 points and ended at 19,310 levels, BSE Sensex shed 202 points and closed at 64,948 mark whereas Bank Nifty index corrected 40 points and finished at 43,851 levels. Infosys contributed the most to the Nifty 50 index decline, while Hero MotoCorp had the largest percentage drop falling by 2.1 per cent.

BEIJING — Chinese financial regulators at a central and regional government level held a video conference Friday to discuss the resolution of financial risks, according to a readout Sunday from the People's Bank of China.

British Prime Minister Rishi Sunak is set to spend $130 million (100 million pounds) to buy thousands of computer chips to power artificial intelligence, amid a global shortage and race for computing power.

Asian markets stumbled on Monday after China delivered a smaller cut to lending rates than markets had counted on, continuing Beijing's run of disappointing stimulus steps. China's central bank trimmed its one-year lending rate by 10 basis points and left its five-year rate unmoved, a surprise to analysts who had expected cuts of 15 basis points to both. Disappointment at the meagre move saw Chinese blue chips ease 0.3%, while the Australian dollar took a dip as a liquid proxy for China risk.

Oil prices were steady on Monday with Brent staying above $80 a barrel, as investors balanced tightening supply driven by OPEC+ cuts with nagging concerns about global demand growth amid high interest rates. Brent crude dipped 8 cents to $84.72 a barrel by 0033 GMT while U.S. West Texas Intermediate crude was at $81.28 a barrel, up 3 cents.

Gold prices steadied above 5-month lows on Monday after declining in the previous five sessions, as investors saddled up for central bankers' gathering in Jackson Hole, Wyoming this week, for outlook on economy and interest rates. FUNDAMENTALS * Spot gold was flat at $1,888.36 per ounce by 0124 GMT, while U.S. gold futures added 0.1% to $1,917.70. * Prices dropped to their lowest since mid-March at $1,883.70 last week, as buoyant economic data raised bets for higher-for-longer U.S.

Federal Reserve's Jackson Hole symposium for a guide on where rates might settle when the dust of this hiking cycle clears. The dollar made a gain of 0.7% on the euro last week, inched ahead on the yen and surged by more than 1% on the Antipodean currencies as U.S. Treasury yields leapt in anticipation of interest rates staying higher for longer.

Australia will spend A$1.3 billion ($833 million) to boost its long-range strike capabilities as it finalised on Monday a deal to buy more than 200 Tomahawk cruise missiles from the United States, part of a wide-ranging defence shake-up. Australia will be only one of three nations to have Tomahawks along with the US and Britain, Defence Minister Richard Marles said.

China's central bank on Monday cut a key interest rate in an attempt to counter the post-Covid growth slowdown in the world's second-largest economy. The one-year loan prime rate, which serves as a benchmark for corporate loans, was reduced from 3.55 percent to 3.45 percent, the People's Bank of China (PBoC) said in a statement, while the five-year LPR, which is used to price mortgages, was held at 4.2 percent. Closely followed by the markets, the two rates are now at historic lows, after previous reductions in June.

Chandrayaan-3's lander module, the Indian spacecraft is expected to touch down on the surface of the Moon at 1804 hours on August 23. Speaking to ANI, PK Ghosh said, “One of the biggest things is that it has got to get the spacecraft from a horizontal position to a vertical position. That is difficult.

Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 19,313 level as compared to the Nifty futures’ previous close of 19,316. The Nifty index remained range bound on Friday and closed lower by 55 points at 19,310.

Buy or sell stocks for today: Following weak global market sentiments, Indian stock market ended lower on second day in a row on Friday. NSE Nifty lost 55 points and ended at 19,310 levels, BSE Sensex shed 202 points and closed at 64,948 mark whereas Bank Nifty index corrected 40 points and finished at 43,851 levels.

BRICS group of major emerging economies - Brazil, Russia, India, China and South Africa - in South Africa this week, where Chinese President Xi Jinping will attend. But whatever Xi says will likely be more political in nature. The assurances investors want from Chinese officials probably center more on monetary and fiscal policy.

Indian stock market is expected to open on a flat note Monday following mixed global cues. The domestic benchmark equity indices ended lower for the fourth consecutive week, the longest stretch of weekly declines in over a year. A sharp spike in domestic retail inflation, weak industrial production for June, worries over likely another interest rate hike by the US Federal Reserve, depreciation in rupee against US dollar, FII outflow, rising US bond yields and slowing China’s economy weighed on investors sentiment.

Washington | The two pharmaceutical giants behind the lion’s share of the world’s COVID-19 vaccines have sold more than $US117 billion ($183 billion) worth of the drugs since their first big deliveries in 2021, but face a revenue cliff as the pandemic fades into history.

The a2 Milk Company has met its lower end of guidance for double-digit revenue and earnings growth, but warns the key China market will be more challenging this year with fewer children born.

SJS EnterprisesMarquee investor Ashish Kacholia sold part of his stake in aesthetic solutions provider SJS Enterprises for Rs 11.6 crore through the open market on Friday.Jio FinancialJio Financial Services, which recently demerged from parent Reliance Industries, will get listed on stock exchanges on August 21.Kotak Mahindra BankKotak Mahindra Bank's chairman Prakash Apte said the attrition challenge for the bank is concentrated at the junior management level.Read more: What changed the market while you were sleepingPNB Housing FinancePNB Housing Finance said through its focussed and multi-pronged resolution strategy, it has successfully resolved and fully recovered a large corporate non-performing account of Rs 784 crore.TitanTitan will acquire an additional 27.18% of equity shares in its subsidiary CaratLane Trading for Rs 4621 crore.Ashok LeylandAshok Leyland will issue Rs 870 crore corporate guarantee to cover lender facilities of two subsidiaries Optare Plc and Switch Mobility UKM&MMahindra & Mahindra announced proactive inspection of select XUV products.KEC InternationalKEC International, an RPG Group Company, has secured new orders of Rs 1,007 crore across its various businesses.ONGCONGC Videsh has secured a three-year extension from Vietnam to explore 'Block 128' in the South China Sea.

Gajendra Singh Shekhawat has taken a jibe at Congress leader Rahul Gandhi over his Chinese troops' remark, saying that nobody takes the latter's statement seriously. Talking to the reporters here, the union minister further said that Rahul Gandhi should read the history of the intrusion of lands by the neighbouring countries during the Congress rule. «I think Rahul Gandhi should delve into the history of land losses during his grandfather's, grandmother's, and father's tenures.

IT hardware industry is increasingly concerned about what could be New Delhi’s definition of “trusted hardware”, with the Centre stressing that imposition of import curbs on laptops, tablets and servers is primarily due to national security reasons. Industry executives say that while the government has been successful in restricting Chinese players Huawei and ZTE from participating in India’s 5G rollout after adoption of the “trusted sources” approach, replicating the same for IT hardware won’t be feasible. That’s because unlike telecom equipment, laptops/tablets are consumer devices. More importantly, more than 80% of the market is controlled by non-Chinese firms belonging to the US, Japan, South Korea and Taiwan, which are already trusted trade partners of India, said industry executives. Lenovo is the only Chinese firm. Under India’s new rules for security of mobile networks, telcos are mandated to buy network equipment only from entities labelled by the National Cyber Security Coordinator as a ‘trusted source’ and product designated as a ‘trusted’ one.

The country’s busiest airport has blasted Qantas and Virgin Australia for wasting capacity, saying a lack of seats, rather than lack of demand is limiting domestic passenger traffic.