China Financial News

Luxury and commodity stocks drove European stocks to their first decline in seven days on concerns about China’s sluggish economy. Investors prepared for the latest batch of earnings that’s handed Wall Street banks some of their best results even as other industries are poised to slump.

The Indian Space Research Organisation (ISRO) has successfully completed raising its second orbit manoeuver of the Chandrayaan-3 spacecraft. “The second orbit-raising manoeuver is performed successfully. The spacecraft is now 41.603 km × 226 km orbit.

Piper Sandler chief global economist Nancy Lazar details her economic expectations for the second half of the fiscal year on ‘Mornings with Maria.’ 

By Clare Jim

Earlier this month the Reserve Bank of India (RBI) released a report on the rupee’s internationalization. If our currency is used to settle our export/import transactions, it shifts exchange-rate risk to our counterparts, which is a big plus for our firms. In parallel, there has also been talk about a BRICS (Brazil, Russia, India, China and South Africa) currency along special-drawing-rights lines.

A quiet but significant milestone was passed last year. For the first time in decades, by one estimation, the US dollar’s share in international reserves fell below 50%. Stephen Jen, a well-known currency analyst, estimates that the USD fell from about 73% of international reserves in 2001 to less than half in 2022.

BBC reported. The report said that the mysterious object can be part of the recently launched Chandrayaan-3. "We want to reassure the community that we are actively engaged in a collaborative effort with various State and Federal agencies to determine the object's origin and nature," police said in a statement.

India’s sherpa Amitabh Kant led the discussions of G20 negotiators in Hampi last week to produce a draft Leader’s Declaration for the upcoming G20 Leaders’ Summit in September. To be held in Pragati Maidan, the summit will be the grand finale of India’s Presidency. Prime Minister Narendra Modi is expecting to host US President Joe Biden, and, it is being speculated, President Vladimir Putin, which, if it happens, would open up the possibility for the two sides to come face-to-face first time since Russia invaded Ukraine in February 2022.

Evergrande reported Monday a $96 billion net loss for 2021 and nearly $335 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.

After a bi-lateral meeting with India's finance minister Nirmala Sitharaman on the sidelines of a G20 meeting, Yellen said the two nations have been collaborating across a range of economic issues, including commercial and technological collaboration and strengthening supply chains. «In particular, we look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed India's energy transition,» she said in a statement while attending the G20 in Gandhinagar, the capital of Gujarat, one of India's most industrialised states.

Richemont led luxury-goods stocks lower amid concerns that demand in the US and China, two of the biggest markets for the industry, is starting to sputter.

Rio Tinto’s acquisitive mood shows no signs of relenting, with the multinational miner buying a strategic stake in mineral sands producer Sovereign Metals.

Jack Gance, the billionaire businessman behind Chemist Warehouse, says the board of Bubs has no plan and no chief executive, warning the brand’s value could be “lost in almost the blink of an eye”.

Janet Yellen said China’s economic slowdown risks causing ripple effects across the global economy, though she doesn’t expect a recession in the US. “Many countries do depend on strong Chinese growth to promote growth in their own economies, particularly countries in Asia — and slow growth in China can have some negative spillovers for the United States,” Yellen said in a Bloomberg Television interview Monday hours after a raft of Chinese economic data came in weaker than expected. In the US, “growth has slowed, but our labor market continues to be quite strong — I don’t expect a recession,” Yellen said.

One year ago, when the run-up in oil prices came to a sudden halt, China and its overbearing controls on COVID were blamed. This week, Beijing is again the fall guy as crude loses momentum on its three-week-old rally. This time, it’s not the pandemic but China’s great economic hope itself that’s at fault.

Fisker said on Monday it would produce 100 limited edition electric sports utility vehicles (SUVs) for the Indian market and expects to begin deliveries in the fourth quarter this year. The company had said in September it would begin selling its Ocean electric SUVs in India by July 2023, with local production beginning in a few years. But it now expects to complete the final checks for the SUV, named Fisker Ocean Extreme Vigyan, for India by the end of September, with its pricing aligning with the European market.

From North America to Europe and Asia, people gulped water and sought shelter from the sweltering heat, with the mercury expected to reach new highs in several places in the next few days. Europe, the globe's fastest-warming continent, was bracing for its hottest-ever temperature this week on Italy's islands of Sicily and Sardinia, where a high of 48 degrees Celsius (118 degrees Fahrenheit) is predicted, according to the European Space Agency.

Good Morning Britain' on Fridays due to a cancellation by ITV. This is part of a larger restructuring that also involves the cancellation of shows like This Morning and Loose Women. However, there is a positive aspect to this news. Fans of Lorraine can look forward to an extended show as these programmes are being replaced by coverage of the Women's World Cup, which Lorraine will host. The morning shows will take a back seat due to the early kick-off times of the World Cup matches in the UK. The tournament is being held in Australia and New Zealand. The opening match between Norway and New Zealand will take place on Thursday, followed by games involving the Lionesses, China, Denmark, and others. The final is scheduled for August 20, with the knockout stage starting on August 5. If England wins, it will be their second consecutive major tournament victory, with the first being the Euro success. 53-year-old coach Sarina Wiegman expressed her excitement and mentioned that the team is in a good place. She emphasized that they are working hard. Wiegman wants everyone to be fit and well-prepared when the tournament begins.

The global economy’s brief run of good luck may be ending. Manufacturing activity is weakening across the world. Europe slid into a mild recession earlier this year.

economic development that pre-dates the Covid pandemic. The country has hit a new record high in youth unemployment as the country's post-pandemic recovery falters.  According to a report by BBC, the unemployed rate of China's residents aged 16-24, rose to 21.3% last month. The report comes as the world's second largest economy grew just 0.8% in the three months to the end of June.

Fox News contributor Kiron Skinner discusses the U.S. 'lecturing' China, Biden officials taking trips to Beijing and NATO memberships amid the Russia-Ukraine war.