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Shanghai benchmark closes at highest level in 10 weeks, as US delay in tariff hike cools tensions

The Shanghai Composite Index closed at its highest level in 10 weeks, as investment sentiment was buoyed by US president Donald Trump’s decision to delay tariffs for two weeks as a “gesture of goodwill” for celebrations marking the 70th anniversary of the founding of the People’s Republic of China.The Shanghai benchmark ended 0.7 per cent higher, at 3,0312.4.The CSI 300, which tracks Shenzhen and Shanghai blue chips, rose 1.1 per cent to 3,972.38. Financials and consumer stables led the indexes… Source link

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Hang Seng Index rises to highest level in six weeks as trade war angst eases

The Hang Seng Index rose 1.8 per cent to close at 27,159.06, its highest level since August 1, as investors’ outlook on the US China trade war improved, prompting them to snap up banking and property stocks.The gains in Hong Kong on Wednesday contrasted with the CSI 300, which tracks blue chips listed on Shenzhen and Shanghai bourse. It closed down 0.7 per cent at 3,930.1, while the Shanghai Composite Index finished down 0.4 per cent at 3,008.81.China on Wednesday unveiled a list of 16 types of… Source link

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Global 

Institutional investor confidence slips to lowest level globally in four months, State Street says

State Street said its Global Investor Confidence Index in August fell to the lowest level in four months in another sign the US-China trade war is weighing on business and sentiment.The financial services company said on Wednesday that sentiment among institutional investors declined for the third month in a row as uncertainty over monetary policy and trade tensions reduced risk appetite amid concerns over potential downside risks to the economy.“This month’s investor confidence index results… Source link

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China’s central bank now has ‘bigger say’ over lending rates, but analysts question level of impact

China’s central bank has gained a “bigger say” in deciding the country’s lending rates after taking a subtle but significant step towards monetary policy independence, but analysts have questioned the level of impact the mechanism change will have.Under direction from the State Council executive meeting on Friday, the People’s Bank of China announced on Saturday that it requires banks to benchmark their loan rates against the medium-term lending facility (MLF) instead of the official benchmark… Source link

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Hang Seng Index drops to lowest level since January as a second day of disruptions at Hong Kong’s airport roil sentiments

Hong Kong’s benchmark stock index plunged to its lowest level since January, as weak corporate earnings resulting from the year-long US-China trade war took their toll, while a second day of disruptions at the city’s airport weighed on sentiments.The Hang Seng Index closed 2.1 per cent down at 25,291.28, hitting its lowest level since January 3. Smartphone parts maker Sunny Optical Technology was the sole gainer out of the 50 component stocks on the index, closing 0.5 per cent higher at HK$86… Source link

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Hong Kong stocks sink to lowest level since January; Swire Pacific thuds to more than one year low

Hong Kong kicked off the week in a downbeat mood on Monday, as weeks of political protests in the city took a toll of markets, led by declines in major conglomerate Swire Pacific.The Hang Seng Index closed at its lowest level since January, dropping 0.44 per cent to 25,824.72.Swire Pacific, the parent company of carrier Cathay Pacific Airways, tumbled 6.2 per cent to close at HK$76.70, its lowest level since May 2018. Cathay shares slumped 4.9 per cent to close at HK$9.80, their lowest level in… Source link

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China 

All but one of China’s provincial level governments ran deficit at start of 2019, raising further funding fears

Fears over China’s ability to manage its domestic economy alongside the trade war with the United States have further increased after 30 of the 31 provincial level governments are reported to have ran at a deficit in the first six months of 2019.Shanghai was the only authority that ran a surplus financial position in the first six months of the year.This follows the takeover of Baoshang Bank in May and the bailout of the Bank of Jinzhou last week, and has increased the speculation over how many… Source link

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Bitcoin tops US$11,000 level as major cryptocurrencies rally amid trade tensions

Bitcoin climbed past the US$11,000 level for the first time since mid-July to lead gains among the biggest cryptocurrencies, as risk assets across Asia tumbled on escalating trade war tensions.The largest cryptocurrency surged as much as 12 per cent from Friday’s close and traded at US$11,565 at 12:50pm in Hong Kong, according to consolidated Bloomberg pricing. The Bloomberg Galaxy Crypto Index tracking a basket of cryptocurrencies jumped as much as 7.2 per cent, as rival digital coins… Source link

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China 

China’s pork prices to hit record level in 2019 due to African swine fever, even as imports surge, report says

China’s pork prices will reach a record level by the fourth quarter of 2019 due to the impact of African swine fever on domestic production, even as imports continue to surge, according to a Rabobank report.Pork prices rose by nearly 30 per cent in June compared with a year earlier, according to the Ministry of Agriculture and Rural Affairs, with the spread of African swine fever showing no sign of abating, causing domestic production to plunge.“China’s pork and hog prices are likely to break… Source link

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Foreign firms lure compliance officers with CEO level salaries but are struggling to recruit talent in China

Digitally savvy financial compliance officersare in demand in China, with multinational companies offering to pay top dollar as they look to tackle rising white collar crime in the region, but such talent is hard to find, according to international headhunter DHR International.Demand for professionals with experience in handling fraud, sanctions and money laundering in China has risen by 80 per cent year on year to June, which has led to an increase in salaries on the mainland and other… Source link

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