China Financial News

Nifty extended their winning streak into the fifth consecutive session, settling at their fresh closing peaks on Tuesday (July 18) amid positive global cues while the dollar traded near its one-year low level. “World shares were steady near their recent 15-month highs and the dollar held close to a one-year low on Tuesday as investors paused to take stock of weak economic data from China and waited for US retail sales data and earnings," reported Reuters.  The US retail sales and industrial production data is expected later today which could influence the Federal Reserve's monetary policy stance. The US Fed, European Central Bank and Bank of Japan will hold their policy meetings next week.

Paytm fell nearly 3% intraday on Tuesday after SoftBank offloaded another 2% in the company over the past one month. The stock was last trading at Rs 843.6 on the NSE, down about 2.1% from previous close. ET reported that the Japanese investment firm has sold an additional 2% stake in One 97 Communications, the parent of Paytm, generating proceeds of $180 million to $200 million.

European shares edged higher after a muted start on Tuesday, with Swiss stocks outpacing regional peers following a forecast upgrade by drugmaker Novartis, though a decline in telecom stocks capped the gains. The pan-European STOXX 600 rose 0.2% by 0819 GMT, following declines on Monday when Richemont's underwhelming results and weak economic data from China pummelled Europe's luxury sector. Novartis climbed 3.6% on Tuesday after the drugmaker raised its full-year earnings guidance and mapped out the planned spin-off of its generic medicines division Sandoz for early in the fourth quarter.

Pernod Ricard's plea seeking a renewal of its liquor sale licence in New Delhi, marking the latest legal setback in the French giant's attempt to restart sales in the city, news agency Reuters reported on Tuesday.India's federal financial crime agency Enforcement Directorate has accused the company of illegally making profits by giving false information to Delhi city authorities in 2021, and violating rules by financially supporting retailers in exchange for stocking more of its brands. Pernod has repeatedly denied wrongdoing.

Also read: These are the listed companies behind the successful launch of Chandrayaan 3 mission; do you own any? China's Shenzhou spacecraft can transport up to three astronauts to low-Earth orbit that is based on Russia's Soyuz. It consists of a life-support and propulsion module, a re-entry capsule for their return to earth and an in-orbit module for short-term human habitation.

Finance Minister Nirmala Sitharaman on Tuesday met her Chinese counterpart Liu Kun and discussed various deliverables under G20 India Presidency, including strengthening Multilateral Development Banks and global debt vulnerabilities. Both ministers met on the sidelines of the ongoing 3rd G20 Finance Minister and Central Bank Governors (FMCBG) meeting and discussed the state of their economies, inflation, trade and recognised the importance of a good business environment for economic growth and development.

Pakistan, helping shore up the South Asian country's foreign exchange reserves on the back of an IMF deal, Prime Minister Shehbaz Sharif said on Tuesday. This was in addition to over $5 billion in loans that longtime ally China has rolled over for Pakistan in the last three months, Sharif said last week, helping Pakistan avert a default as negotiations to secure the IMF bailout dragged on.

GJEPC Chairman Vipul Shah has said. The gems and jewellery exports grew 2.48 per cent year-on-year to Rs 3,00,462.52 crore (over USD 36 billion) in FY23, according to the Gems and Jewellery Export Promotion Council (GJEPC).

₹782 crore. Still, Ebitda (earnings before interest, tax, depreciation, and amortization) drop was limited to 2.7%, due to a favourable product mix and cost control measures, marginally improving the Q1 Ebitda margin by 97 basis points to 14%.

© 2023, The Economist Newspaper Limited. All rights reserved. From The Economist, published under licence. The original content can be found on www.economist.com

The Economist spoke to Mr Kissinger for over eight hours about how to prevent the contest between China and America from descending into war. These days he is stooped and walks with difficulty, but his mind is needle-sharp. As he contemplates his next two books, on artificial intelligence (AI) and the nature of alliances, he remains more interested in looking forward than raking over the past.

China's economy was on track to recover relatively quickly after being closed off to the world during the pandemic. Consumers were spending again. Exports picked up.

Taiwan is looking to buy National Advanced Surface-to-Air Missile Systems, or NASAMS, from the United States to upgrade its air defence capabilities having seen how well they work in Ukraine, the island's defence minister said on Tuesday. China, which claims Taiwan as its own territory, has stepped up military and political pressure over the past three years to try to force the democratically governed island to accept Beijing's rule. NASAMS have been provided by the United States for use in Ukraine, with USA officials saying they have had a 100% success rate in intercepting Russian missiles. The system, developed and built by Raytheon Technologies and Norway's Kongsberg Gruppen is a short- to medium-range ground-based air defence system that protects against drone, missile, and aircraft attack, which both Canada and Lithuania have also bought, or are buying for Ukraine. Asked on the sidelines of parliament about Taiwan buying NASAMS, Defence Minister Chiu Kuo-cheng said «certainly» there was a proposal to get them.

The Chinese city of Shenzhen says its residents have opened almost 36 million digital yuan wallets, as the nation’s central bank digital currency (CBDC) pilot breaks new ground.

North Korean women often cross the border into China. Unfortunately, their hopes are shattered as they encounter even less freedom and live in constant fear of deportation. Without legal identification, these women are unable to work and become vulnerable to human trafficking, sexual violence, and other crimes. Many end up marrying Chinese citizens out of necessity or coercion by marriage brokers. Defectors spend time in China before finally arriving in South Korea. Women are told by their brokers that marrying a Chinese man was crucial for survival, so they comply. Eventually, the opportunity arise for them to leave for South Korea, their ultimate destination. However, many defectors who were born in North Korea and then escaped to South Korea are not eligible for benefits designated for North Koreans, such as special college admissions and vocational training.

gems and jewellery exports for the current financial year is seeing a downward trajectory, on the back of slowdown in major international markets and inflationary pressures playing spoilsport. “The export target for gems and jewellery was $42 billion versus last year in which we achieved approximately $39 billion. However, given that the first quarter itself was down by around 18%, we are expecting a decline of 10-15% in overall exports in this fiscal,” Vipul Shah, Chairman, Gem and Jewellery Export Promotion Council (GJEPC) said in an event organised by the industry body in the capital on Tuesday.

Also read: Global weather alert: Heatwave engulfs US, Europe, Japan while floods wreak havoc in India and South Korea The prolonged extreme heat poses challenges to communities, with the international charitable organisation Salvation Army has been providing relief to individuals through cooling centres and mobile outreach for homeless. Scientists warn that climate change, caused by CO2 emissions from burning fossil fuels, intensifies heatwaves and urges governments to take drastic actions to prevent a climate catastrophe. Also read: US heatwave: Record high temperature in California, Florida, Las Vegas.

Sri Lanka's president arrives in India on Thursday for his first visit to the regional powerhouse, with concerns mounting in New Delhi over China's increasing influence in the strategically placed but financially bankrupt island. New Sri Lankan leaders usually travel to India within a few weeks of taking office, but Ranil Wickremesinghe's trip comes exactly a year after he became president following the toppling of his predecessor at the height of an unprecedented economic crisis.

property giant Evergrande reported Monday a net loss of over $113 billion in 2021 and 2022, and nearly $340 billion in liabilities, as the company released long-delayed results. The loss showed «the existence of material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern», Evergrande said in a stock exchange filing.

The growth is currently driven by four factors — increased digital adoption, mature digital infrastructure, favourable regulatory policies, and a conducive cross-border environment, according to the Bengaluru-based venture capital firm. Examples of the key drivers included e-commerce, logistics and payments systems such as Unified Payments Interface (UPI), Open Network for Digital Commerce (ONDC), Account Aggregators, and Open Credit Enablement Network (OCEN), the report said.

earnings. Banking stocks will be in focus throughout the week with some heavyweights set to report their results during the week. On the global front, investors will keep an eye on the release of US macro data. Option data suggests a shift trading range in between 19400 to 20000 zones while an immediate trading range in between 19550 to 19900 zones. 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 5.5 points, or 0.03 per cent, lower at 19,774, signaling that Dalal Street was headed for muted start on Tuesday.