China Financial News

NEW DELHI : The India-Australia interim free trade agreement (FTA), in place for six months, has led to a 15% narrowing of India’s trade deficit with Australia on increased exports of drugs, electrical machinery, and iron and steel articles, along with a significant decline in coal imports due to a milder Indian summer. India’s exports to Australia fell by over 32% in the five months to May compared to the year-ago period, while imports shrank by 25%, resulting in a narrowed trade gap of $3.87 billion, representing a 15% decline from the previous year, according to official data.

The extreme heat blanketing the southern regions of the U.S., Mexico, and Europe this month would have been nearly impossible without the warming effects of human-induced climate change, according to a study released Tuesday by a group of European scientists who carry out rapid assessments of extreme weather events. The study by World Weather Attribution, a group of researchers based in London and the Netherlands, found that three separate heat waves in July across the Northern Hemisphere were made much worse because of decades of fossil-fuel emissions that have raised the planet’s average temperature by 2 degrees Fahrenheit since the late 19th century.

Investing.com — The S&P 500 advanced Tuesday as investors piled into tech stocks ahead of quarterly results from Microsoft and Alphabet and the Federal Reverse decision due Wednesday.

RBI. Dollar appreciated after the US Fed hiked rates and India’s balance of payment (BoP) saw lower net capital inflows. This trend reversed with the dollar index peaking last October as expectations of further Fed rate hikes waned.

Power shifts in China were always high on intrigue, but its foreign ministry has developed what looks distinctly like cloak-and-dagger characteristics. The country’s December-appointed foreign minister Qin Gang first vanished from public view.

(Reuters) — Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery at the world's second-largest economy from a pandemic slowdown.

Investing.com — The stars seem aligned for oil bulls’ wish to have a barrel priced at no less than $80.

TikTok , Chinese short-video app, is launching text-only posts, with a 1,000-character limit, as the company seeks to capitalise on Twitter's turmoil, news agency Reuters reported. The short-video app is allowing users to create text-only posts, in the latest attempt by a social media firm to capitalize on the turmoil at Twitter since its buyout by Elon Musk last yea, the report said The move, announced on Monday, would allow TikTok users to choose from a variety of backgrounds for their text posts that can feature hashtags and allow people to tag other users.

NEW DELHI : New Delhi is exploring the possibility of trilateral cooperation with France and Australia in the strategic Pacific Islands, according to persons aware of the matter. While France and Australia have been key players in the Pacific Islands for some time, India has stepped up its outreach to these small island countries over the last decade. The three countries launched their trilateral partnership forum in 2021, focused on the Indo-Pacific, with a focus on maritime development and connectivity.

By Mimosa Spencer

NSA participated in the 13th BRICS NSA meeting in Johannesburg on Tuesday and in message for China affirmed that that the “decision making of the UNSC sanctions committee is free from politicization and double standards”. “Terrorism remains one of the key threats to the national peace and security. Terror organizations in the Af-Pak region continue to operate with impunity.

Nifty ended below 19,700 levels after inching very close to 20,000 levels last week. Sectorally, PSU Bank pack emerged as the top laggard. From the Nifty pack, top gainers in a range-bound trade were stocks like Hindalco, Tata Steel, JSW Steel and UltraTech Cement.

₹3,338 crore, fell by 14% from a year earlier, while Ebitda fell 30% to ₹696 crore. The firm’s mainstay chemicals business, which contributed 50% of FY23 revenue, saw an Ebit margin contraction of 750 basis points sequentially to 27.7%. The management said, within chemicals, fluorochemicals was impacted both in terms of volumes and price.

Where is Chinese Foreign Minister Qin Gang? Rumours swirl as lawmaker remains ‘missing’ for nearly a month Qin - considered to be a close aide of President Xi - had been in the midst of a meteoric rise to power when he ‘disappeared’ last month. A former envoy to the United States he took over the ministry in December - one of China's youngest foreign ministers.

pharmaceutical exports this fiscal year are set to grow nearly twice as fast as last year to hit sales of $27 billion, driven by strong U.S. buying, a government-backed trade body told Reuters, despite deaths linked to Indian-made cough syrups. The robust forecast comes against the backdrop of earlier concerns from the government that last year's deaths of dozens of children in Gambia, which the World Health Organization (WHO) linked to drugs made in India, had «adversely impacted the image of India's pharmaceutical products across the globe». Two other cough syrups made in India killed 19 children in Uzbekistan around December, according to the Uzbekistan government. India is the world's third largest maker of drugs by volume after the United States and China, and senior pharma trade official Udaya Bhaskar said the country was too big a player for buyers to move away because of «these aberrations» in Gambia and Uzbekistan. «As far as the Gambia and Uzbekistan incidents are concerned, if you see in terms of the image of the country, there is a dent,» Bhaskar, director general of the Pharmaceuticals Export Promotion Council of India (Pharmexcil), told Reuters on Tuesday.

BEIJING (Reuters) — China's securities regulator said on Tuesday it will further deepen the reform and opening up of capital markets in the second half of this year.

Syria and fired flares at it, striking the American aircraft and damaging it, the US military said Tuesday. A senior Air Force commander said the move on Sunday was an attempt by the Russians to knock the MQ-9 Reaper drone out of the sky and came just a week after a Russian fighter jet flew dangerously close to a US surveillance aircraft carrying a crew in the region, jeopardising the lives of the four American crew members. «One of the Russian flares struck the US MQ-9, severely damaging its propeller,» Lt Gen Alex Grynkewich, the head of US Air Forces Central, said in a statement describing the latest close call. «We call upon the Russian forces in Syria to put an immediate end to this reckless, unprovoked, and unprofessional behaviour.» Grynkewich said one of the crew members operating the drone remotely kept it in the air and flew it back to its home base. The Sunday incident is the latest in a series of encounters between Russian fighter jets and US aircraft flying over Syria. In all but the one instance a week ago, the US aircraft were MQ-9 drones without crew members. On that Sunday, however, the Russian Su-35 jet few close to a US MC-12 surveillance aircraft with a crew, forcing it to go through the turbulent wake.

Investing.com — Crude oil prices stabilized near three-month highs on Tuesday, as traders waited for news from the Federal Reserve following signs of tighter supplies and promises by Chinese authorities to shore up the world's second-biggest economy.

(Reuters) -Goodyear Tire & Rubber Co said it would add three directors in agreement with Elliott Investment Management, months after the activist investor disclosed a stake and called for changes to strengthen the company's financial position.

₹6,445 per bbl, having swung between ₹6,416 and ₹6,475 per bbl during the session so far, against a previous close of ₹6,461 per barrel. The crude benchmarks have already chalked up four weekly gains in a row, with supplies expected to tighten due to output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies. Earlier-loading Brent contracts are selling above later loadings, a price structure known as backwardation indicating traders see tight supply, with the six-month spread near a two-and-a-half month high.

China as the most populous country of the world, the problem of feeding a robust 1.40 billion people in China is increasingly becoming problematic due to increasing demand, shrinking arable land, declining soil fertility, increasing fertilizer intensity amid climatic change and sustainability threats. Recently addressing a meeting of the Central Commission for Financial& Economic Affairs (CCFEA), Chinese President XI Jinping highlighted food security as “a major issue for the country.” As climatic change is becoming a reality that could not be ignored and temperature regimes and rain cycles are changing in intensity and frequency, the problem assumes further complexity.