China Financial News

Investing.com-- Most Asian currencies fell on Monday tracking weak economic signals from China, while the dollar steadied as markets continued to speculate over the path of U.S. interest rates. 

Investing.com-- China's economy grew slightly more than expected in the second quarter of 2023, but growth still slowed substantially from the prior quarter as a post-COVID economic recovery ran out of steam. 

China is likely to report rapid economic expansion for the second quarter, although underlying figures will reveal a more challenging picture. The comparison with last year, when Shanghai was enduring a Covid-related lockdown, will make Monday’s gross domestic product data look a lot better than was actually the case. GDP likely grew 7.1% for the quarter on a year-over-year basis, up from 4.5% in the previous period, according to economists surveyed by Bloomberg.

Indian market is likely to open on a cautious note on Monday following weakness in Asian peers after key economic data from China, while corporate earnings also dictate the sentiment. The trends on Gift Nifty indicate a higher start for the Indian benchmark indices. The Gift Nifty was trading at 19,629 as compared to Nifty’s Friday’s close of 19,564.50.

Commonwealth Bank chief executive Matt Comyn says incoming Reserve Bank governor Michele Bullock’s job will be easier than it was for Philip Lowe, given the cash rate is forecast to peak after one more interest rate increase.

The 6.3% growth in China’s gross domestic product from April to June compared to the same period in 2022 was the fastest in the past year, and outpaced the 4.5% growth in the previous quarter, according to government data released Monday. The GDP in the second quarter was up 0.8% compared to the first three months of the year.

dollar took respite on Monday after suffering its worst weekly drop of the year, as traders waited on economic data and policy decisions before selling it down any further. Chinese growth data and loan-rate settings are due later in the session, ahead of U.S. retail sales and British inflation later in the week and a slew of central bank meetings next week.

Oil prices dipped for a second session on Monday after Libya resumed production over the weekend while China, the world's largest crude importer, is expected to release economic data showing that its post-pandemic recovery is fizzling out. Brent crude futures fell 57 cents, or 0.7%, to $79.30 a barrel by 0055 GMT while U.S. West Texas Intermediate crude was at $74.90 a barrel, down 52 cents, or 0.7%.

Elon Musk, the world's richest man, appears to be preoccupied with a range of high-profile ventures, including social media, space travel and artificial intelligence (AI). This conclusion is drawn from the insights provided by respondents in the recent Markets Live Pulse survey.

US Federal Reserve continued to sound cautious, with Governor Christopher Waller Thursday saying that he expected two more rate hikes this year to bring inflation down to the 2% goal, though more good data on prices could obviate the need for the second hike.  Also Read: Q1 earnings, global cues & more: Key triggers for stock markets this week Japanese markets are closed for a holiday. China's Shanghai Composite Index declined 0.58% to 3,219.02, while the Shenzhen Composite Index dropped 0.34% to 2,051.13. South Korea’s Kospi dipped 0.43%, while Hong Kong’s Hang Seng index futures were trading around 100 points lower at 19,319.

inflation, which raised hopes that Fed would end its rate hike cycle. Going ahead, stock specific action will continue with first quarter earnings underway. All eyes will be on HDFC Bank, which will report its results today, a first after the merger. Banking stocks will be in focus as major private lenders including ICICI Bank, YES Bank, Kotak Bank will announce their earnings later in the week. «Expectation of good quarterly results, consistent FIIs buying interest and good progress on the monsoon front would keep the overall trend of the market positive,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal. 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 20 points, or 0.10 per cent, higher at 19,639, signaling that Dalal Street was headed for muted start on Monday.

By Wayne Cole

BEIJING (Reuters) — China's industrial output grew 4.4% in June from a year earlier, unexpectedly accelerating from 3.5% seen in May, but demand remains lukewarm amid a bumpy post-COVID economic recovery.

Investing.com-- Oil prices fell in Asian trade on Monday, retreating further from recent highs as markets hunkered down ahead of key economic data from China, the world’s largest oil importer, which is expected to show a slowing economic recovery. 

Investing.com-- Gold prices retreated from one-month highs on Monday, as traders locked in some profits after two weeks of gains, while copper prices fell amid uncertainty over a slew of major Chinese economic readings.

global warming. Asia, Europe, and the United States are grappling with record-breaking temperatures, fueling wildfires and posing a severe threat to the affected regions. In Europe, Italy is bracing itself for an unprecedented heatwave, described as one of the most intense in history.

By Valerie Volcovici and David Stanway

By Liangping Gao and Ryan Woo

Investing.com-- Hong Kong Exchanges and Clearing (HKEX) announced a delay in its morning trading session on Monday citing adverse weather conditions, as the city hunkered down in the face of its first major typhoon, or tropical cyclone this year.

Gandhinagar: Most G20 member countries believe that a one-size-fits-all approach to debt restructuring may not be feasible for all vulnerable nations, considering the differing circumstances of low- and middle-income countries, a person with direct knowledge of the discussions said on Sunday. “There’s a need for distinct debt restructuring strategy for every low- and middle- income country," the person said seeking anonymity. In June, Zambia struck a deal to restructure a $6.3 billion debt owed to various governments, including China, raising hopes of similar deals for other vulnerable nations awaiting relief for several years.

CNBC-TV18 on 16 July. The EIB had committed to investing one billion euros in India's green hydrogen sector earlier in 2023. "EIB is working on important negotiations towards the first phase of its investments in renewable energy.