China 

Bad loans in China’s banking system mount, rise 3.6 per cent in second quarter

Chinese banks have reported an increase in bad debts and a decline in capital adequacy ratio in the second quarter, as the year-long trade war has hit the country’s economy hard.Total non-performing loans in the mainland’s banking system rose to 2.235 trillion yuan (US$316.6 billion) during the three months to June, up 78.1 billion yuan, or 3.6 per cent from the first quarter of this year. The non-performing loan ratio edged up by a marginal 0.01 percentage points to 1.81 per cent during the… 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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Global 

US Federal Reserve cuts interest rates by quarter point and signals potential for more

The Federal Reserve reduced interest rates for the first time since the 2008 financial crisis and hinted it may cut again this year to insulate the record-long US economic expansion from slowing global growth.Central bankers voted, with two officials dissenting, to lower the target range for the benchmark rate by a quarter-percentage point to 2 per cent to 2.25 per cent. The shift was predicted by most investors and economists, yet will disappoint US President Donald Trump, who tweeted on… Source link

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Vietnam 

Motorcycle sales decreases in second quarter – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A Honda showroom in HCM City. Members of the Vietnam Association of Motorcycle Manufacturers reported lower sales in the second quarter, but Honda Vietnam says it has introduced new models and versions of motorbikes with larger engines to satisfy domestic consumers. — Photo Vietnamplus HÀ NỘI — Members of the Vietnam Association of Motorcycle Manufacturers witnessed sales of more than 749,500 units in the second quarter of this year, marking a decrease of 4.4 per cent from the same period last year. The figures were recently released by the Vietnam Association of…

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China 

China’s job market improves in second quarter despite record low growth rate

China’s job market improved slightly in the second quarter of 2019, with more posted vacancies than jobseekers, despite the country’s record-low growth rate.After dropping to a five-year low of 1.68 in the first quarter, the number of jobs available for every applicant increased to 1.89 in the following three months due to faster growth of seasonal hiring.But the ratio, provided by the China Institute for Employment Research (CIER) at Renmin University of China in Beijing which tracks data on… Source link

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China 

China’s SOEs posted record profits in June, but second quarter profit growth slowed substantially

Net profits at China’s state-owned enterprises hit record high of 158.5 billion yuan (US$23 billion) in June, a rise of 8.4 per cent from a year earlier, but net profit growth slowed substantially as the country’s economic growth rate slid to its lowest reading on record.For the first of half of 2019, the operating income of central government-owned firms reached 14.5 trillion yuan (US$2.1 trillion), a year-on-year increase of 5.9 per cent, according to data released by the State-owned Assets… Source link

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Global 

Trump’s tweets part of ‘propaganda and psychological war’ as China defends second quarter growth rate

US President Donald Trump exaggerated his criticism of China’s economy, according to a state-run newspaper, suggesting Washington was attempting to step up its propaganda and psychological efforts to pressure Beijing into a deal to end the trade war.Trump’s need to sway voters ahead of next year’s presidential election promoted him to over-interpret China’s second quarter growth data which was released Monday on, according to a commentary published on Tuesday by the Global Times, a hardline,… Source link

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China 

China economy reports lowest GDP growth on record for second quarter as US trade war bites

China’s economic growth slowed to a record low of 6.2 per cent in the second quarter of 2019 as the shock from the protracted trade war with the United States continued to resonate through the world’s second largest economy.Gross domestic product (GDP) growth slid from 6.4 per cent in the first quarter, according to data published by the National Bureau of Statistics (NBS) on Monday. Even during the global financial crisis in 2009, China’s quarterly GDP growth did not dip below 6.4 per cent.The… Source link

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Home 

Chinese company earnings could be about to surprise on the upside, after troughing in the second quarter

Stock traders may get relief from the upcoming interim reports from Chinese publicly traded companies.The 3,000-plus companies listed on the Shanghai and Shenzhen exchanges are expected to release first-half earnings in the next two months, offering clues as to whether Asia’s biggest stock market will resume a bull run that made it the world’s best performer this year. The consensus estimates are pretty sanguine for now: corporate earnings growth may have already troughed.Second-quarter profit… Source link

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Home 

Tesla surges on record quarter of deliveries, boosted by strong Model 3 car sales in China, Europe

Tesla shares surged in European trading as a record quarter of deliveries alleviated the worst fears about demand for the Elon Musk-led company’s electric vehicles.The Model 3 maker handed over 95,200 cars to customers in the three months ended June, exceeding the previous best mark set in the last quarter of 2018. Tesla’s delivery count exceeded all but one analyst’s estimate in a Bloomberg News survey.Tesla shares soared as much as 7.7 per cent on Tradegate early on Wednesday. The stock was… Source link

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