China Financial News

Investing.com-- Fitch Ratings may consider rethinking China’s A+ sovereign credit rating amid growing economic headwinds to the Asian giant, especially if corporate debt conditions worsen in the country. 

SHANGHAI (Reuters) — China's major state-owned banks were seen busy selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week, people with direct knowledge of the matter said, in an attempt to arrest the yuan's rapid losses.

NEW DELHI : Luggage maker Samsonite reported nearly a 38% jump in sales in India in the first half of 2023, a strong indicator of the travel boom translating to sustained demand for hard luggage and travel bags. During the first half of 2023, Samsonite International SA, which covers the Southeast Asian markets for the luggage maker, said net sales in India jumped 38% (constant currency) in India. Net sales in China grew 99% in the same period, the company said in its earnings release for the six months ended 30 June, filed on Wednesday in Hong Kong.

Sensex and Nifty closing marginally higher. “The market has been witnessing pressure on account of weak global cues especially because of the faltering of the Chinese economy and Fitch's warning to downgrade US midsized banks. Even on the domestic front sharp surge in inflation data and weak monsoon progress in the month of August 2023 seems to have dented the investor's sentiments," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

On the occasion of the first anniversary of the Inflation Reduction Act (IRA)-a legislative attempt to combat the climate crisis, President Joe Biden hailed the bill, saying the legislation already created 170,000 clean energy jobs and will create some 1.5 million jobs over the next decade. The president added that the legislation has shifted the production of critical components away from China and into the United States. "We are building here and sending over there," Biden said.

TikTok’ on government-owned devices due to security concerns, joining a number of US cities in it, according to a report published by the news agency Reuters. In an official statement, the administration of New York City Mayor Eric Adams said, “TikTok posed a security threat to the city's technical networks." The agencies are required to remove the application within 30 days and employees will lose access to the app and its website on city-owned devices and networks. The City has already banned TikTok on state-issued mobile devices, Reuters reported.

«The market has been witnessing pressure on account of weak global cues especially because of the faltering of the Chinese economy and Fitch's warning to downgrade US mid sized banks. We expect this weakness to persist in the market in the near term in the absence of any positive trigger,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services. Option data suggests a broader trading range in between 19000 to 19800 zones while an immediate trading range in between 19200 to 19600 zones. Here's breaking down the pre-market actions:STATE OF THE MARKETSGIFT Nifty (Earlier SGX Nifty) signals a negative startGIFT Nifty on the NSE IX traded 23 points, or 0.12 per cent, lower at 19,389, signaling that Dalal Street was headed for negative start on Thursday.

iPhone 15 in India, people familiar with the matter said. The latest iteration of Apple's most popular product, due to be launched globally next month, will be manufactured in India by the Taiwanese company just a few weeks after production starts in China, the country where majority of Apple's products are made. Two industry executives in the know said Foxconn's facility in Sriperumbudur, Tamil Nadu, has started the 'new product introduction' (NPI) process for the upcoming iPhone 15, with mass production set to begin closer to the launch date.

Strength in the energy sector helped buoy Canada’s main stock index to close flat on Wednesday while U.S. markets moved lower.

Ottawa’s corporate-ethics watchdog has announced an investigation into fashion company Ralph Lauren over the alleged use of forced labour in its supply chains, while putting a Toronto-based mining firm on notice.

BRICS leaders meet in South Africa next week to discuss how to turn a loose club of nations accounting for a quarter of the global economy into a geopolitical force that can challenge the West's dominance in world affairs. Russian President Vladimir Putin, who faces an international arrest warrant over alleged war crimes in Ukraine, will not join leaders from Brazil, India, China and South Africa amid rifts over whether to expand the bloc to include dozens of «Global South» nations queuing up to join.

You can pick something nice and thoughtful for your brother for as less as Rs. 500 and make him feel happy on this special occasion. Here are our picks for the best Rakhi gifts for brothers under 500 in India. Read on to choose your pick.

Stocks closed broadly lower on Wall Street, capping a day of declines worldwide, after discouraging data on China raised worries about the global economy

By Siddharth Cavale and Ananya Mariam Rajesh

By Kanishka Singh

SpiritSwap, a decentralized exchange (DEX) on Fantom, will no longer shut its doors in September after having treasury funds stuck on troubled cross-chain protocol Multichain.

Narendra Modi will not return to power after the 2024 Lok Sabha polls, Nationalist Congress Party president Sharad Pawar has said. Setting to rest speculation that he may follow his nephew, Pawar said that he will not align with BJP but work for change of government in 2024. The INDIA bloc has come together to fight BJP and provide an alternative to NDA, he said.

Ajit K Doval and China's foreign minister Wang Yi are believed to be in touch over the disengagement of frontline troops at the two remaining points along the Line of Actual Control (LAC) and are said to be discussing the future of political engagement ahead of the Brics and G20 summits. Doval and Wang have been in communication over the unresolved issues along the LAC since their meeting last month in South Africa on the sidelines of the Brics Summit, ET has reliably learnt.

Insacog (Indian SARS-CoV-2 Genomics Consortium), the pan-India network of laboratories set up to monitor genomic variations of the coronavirus, will hold a review meeting this Friday, amid an upsurge in Covid-19 infection in other countries, people in the know told ET. In India, cases have been reported from Delhi, Karnataka and Maharashtra, but there has been no significant upsurge, one of the people said. «There has not been any clustering or unusual increase in the number of cases,» he added.

NEW DELHI : A record number of World Trade Organization (WTO) members have raised concerns about rising protectionist moves in global trade, propelling the issue to centre stage at the 13th WTO Ministerial Conference (MC13) in Abu Dhabi in February, an official aware of the development said. Many developing nations, including India, are set to oppose the European Union’s (EU’s) carbon border adjustment mechanism (CBAM) that aims to tax imports of carbon-intensive products such as steel, aluminium, cement, and electricity. The EU is also expected to file a complaint against the US’s Inflation Reduction Act because the $430 billion subsidy to manufacturers of green technology will distort international prices and is against WTO norms.

China decided this week to suspend its publication of youth unemployment data. Its Beijing-controlled bureau of statistics sought to justify the move by saying it was done to improve this indicator. Earlier, China had quit publishing its consumer confidence index.