Global 

Trade war and globalisation backlash pushing trading nations to the economic brink as recessions loom

Three years of full-blooded backlash against globalisation have pushed both Germany and Singapore to the brink of recession, highlighting the increasingly dire situation facing the world’s trading nations.Singapore, along with Hong Kong, has long been championed as Asia’s beacon of free commerce and relaxed business rules. On Friday, however, its non-oil exports for July were reported to have fallen by 11.2 per cent from a year earlier, better than the expected 15.3 per cent drop, but still a… Source link

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Global 

US stocks tumble on fears of looming recession

Wall Street stumbled on Wednesday as investors fled equities for safe-haven assets, seeking shelter amid gathering signs that a recession could be on the horizon.All three major US indices were sharply lower as short- and long-dated Treasury yields inverted for the first time in 12 years, a potential signal of imminent recession.Elsewhere, ominous indicators suggested a faltering global economy, hobbled by the intensifying US-China trade war, Brexit jitters and geopolitical concerns. Germany… Source link

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Commerce chief Wilbur Ross says no date for next round of US-China talks

This story is published in a content partnership with POLITICO. It was originally reported by Doug Palmer on politico.com on August 14, 2019.US Commerce Secretary Wilbur Ross suggested on Wednesday that the United States and China have not determined when to hold their next round of face-to-face trade talks.“I don’t believe a date has been set,” Ross said in an interview on CNBC. Instead, the next step in the long-running negotiations is “perhaps another phone call in a couple of weeks”.He made… Source link

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China ‘smoothing’ of economic data is distorting global growth and policy responses, study says

China’s official economic data over the past four years has been “too smooth to be realistic”, given the significant volatility in key industries over the same period, according to a new study by Rhodium Group, a US-based economic research house.A new report claims that this unrealistic data has led to distortions in global economic growth estimates, which in turn has affected economic policy decision-making throughout the world, with China paying the highest price.Beijing has always… Source link

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China’s yuan exchange rate drop could roil already strained Hong Kong-protest hit economy

Hong Kong’s economy, already straining under the weight of anti-government protests as well as the US-China trade war, is now set to feel the pressure of a weaker Chinese yuan.Retailers, restaurants, hotels and real property agents will be the first to feel the impact after the Chinese currency fell below the key level of 7 to the US dollar last week for the first time in 11 years. It is set to depreciate further, and with the Hong Kong dollar pegged to the US dollar, it makes visiting the city……

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Japanese firms fear escalation in South Korean trade spat as beer, car and fashion brands take a hit

Fearing further backlash from Korean consumers, Japanese companies are tiptoeing around the tit-for-tat dispute between their conservative government and South Korea over Japan’s wartime past as the US-China trade war hits global growth.Sales of Japanese beer, cars and clothing in South Korea have declined since the dispute erupted in early July, due in part to a consumer boycott of Japanese products unleashed by the trade dispute, but also against the backdrop of wobbly growth patterns in… Source link

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Global 

US-China trade war takes heavier toll than expected, wreaking its biggest havoc in the fourth quarter, investment banks say

The US-China trade war, which has raged on for the 13th month last week, will wreak havoc on the world’s two largest economies in the fourth quarter as it takes a heavier toll than previously expected on growth, according to two investment banks.The United States economy faces rising fears of a recession, said Goldman Sachs, which cut its 2019 US growth forecast by 0.2 percentage point to 1.8 per cent in the final three months. China will feel the “biggest hit” from the latest round of proposed… Source link

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Donald Trump’s ‘real threat’ of Vietnam tariffs sends ripples of anxiety through Southeast Asian nation

Steven Yang had been considering moving his mattress factory from China’s manufacturing heartland of Guangdong to Vietnam for some years, because despite increasing the salary of his 50 workers every year, his staff kept leaving.Yang’s company, Foshan Jietai Furniture, exports to the United States, European Union, Canada, Hong Kong, Australia and other parts of Asia. He had been focused on increasing his exports to America, but these plans were devastated when US President Donald Trump imposed… Source link

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US delaying Huawei licences as China stops buying farm goods

The White House is holding off on a decision about licences for US companies to restart business with Huawei Technologies after Beijing said it was halting purchases of US farming goods, according to people familiar with the matter.US Commerce Secretary Wilbur Ross, whose department has vetted the applications to resume sales, said last week he has received 50 requests and that a decision on them was pending.American businesses require a special licence to supply goods to Huawei after the US… Source link

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Global 

Is China’s ‘currency manipulator’ tag the start of a global recession, currency war?

The United States’ decision to label China a “currency manipulator” after the yuan’s exchange rate weakened beyond a closely watched barrier is raising the question of whether the world’s two largest countries have started a currency war as part of a broadening economic conflict.China, which had prevented the exchange rate of the yuan, also known as the renminbi (RMB), from breaching the psychologically important level of 7 to the US dollar from the last 11 years, let the currency slip below… Source link

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