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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China reluctant to place large soybean orders despite Donald Trump’s US trade war demands

Concerns over an excessive reliance on the United States for supplies of soybeans, coupled with China’s now weaker position in the market when buying the often-controversial agricultural product, are two key factors underlying Beijing’s reluctance to place large orders, industry insiders said on Friday.Soybeans have become a focal point in the China-US trade war, and were again thrust into the spotlight earlier this month when US President Donald Trump threatened to impose tariffs on US$300… Source link

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China’s July home price cools, as escalating trade war and slowest economic growth in decades send shivers through property market

China’s frenzied housing market has cooled, as a government effort to cap prices is biting, while the impact of the year-long US-China trade war has percolated into the economy and caused the domestic output to grow at the slowest quarterly pace in three decades.The average cost of a new home rose by 0.59 per cent in July, marking the slowest increment in five months, while increases were recorded in only 61 of 70 cities being monitored. June’s growth was 0.66 per cent while prices grew 0.71… Source link

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China 

China’s banks resisting calls for more loans to firms due to rising default risks, lower demand due to trade war

China’s efforts to boost lending continue to struggle with many banks only willing to lend on a short-term basis due to concerns about creditworthiness, with corporate demand for credit declining at the same time due to the slowing economy and the effects of the trade war with the United States.Loan data for July released earlier this week was disappointing, with the levels of new bank lending and overall credit supply – also known as total aggregate financing – falling below expectations at 10… Source link

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Is Trump escalating the US trade war with China with shock tariffs or is he simply posturing?

Just as we thought the United States and China had reached an extended truce in the trade war, another surprise move by US President Donald Trump – vowing to impose 10 per cent tariffs on another US$300 billion of Chinese goods – sent shock waves across global markets.On Tuesday, the US government said it would delay till December 15 plans to impose new tariffs on certain products while removing some products from the tariff list altogether.Meanwhile, Trump has ordered the Treasury to label… Source link

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US-China trade war takes a breather as Beijing sees ‘positive signal’ in Donald Trump’s tariff delay

Escalating trade tensions between China and the United States eased slightly on Wednesday as Beijing hailed the decision by US President Donald Trump to delay or remove some planned tariffs against Chinese products as a “positive signal”.The small ceasefire, announced by Trump on Tuesday, came after Vice-Premier Liu He, China’s lead trade negotiator, talked with US trade representative Robert Lighthizer and US Treasury Secretary Mnuchin by phone on Tuesday.Liu, though, did lodge “solemn… Source link

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China 

China may use foreign exchange reserves to fight US financial war risk, analysts say

As the United States widens the conflict with China into the realm of finance, raising the possibility that Washington will use the US dollar payment system as a weapon, analysts are wondering whether China will shift how it uses its US$3.1 trillion in foreign exchange reserves in anticipation of extreme financial volatility. China, analysts said, may consider preparing itself against a possible US financial attack by shifting towards a more defensive stance, such as using its foreign exchange… Source link

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How Donald Trump’s currency war may end up hurting the US economy, rather than China

Worse than being unjustified, Washington’s decision to brand China a currency manipulator was misguided as it could backfire on the US economy. As for Beijing, it should resist any temptation to let the yuan slide precipitately. That wouldn’t be in China’s own interest. The Trump administration’s categorisation of China as a currency manipulator followed a fall in the renminbi’s value to more than 7 to the US dollar. But, in truth, if China has been influencing the yuan’s value in recent times,… Source link

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Hong Kong’s stock market has a midsummer’s nightmare as fundraising dries up in worsening trade war and street mayhem

Hong Kong’s stock market is going through its worst summer since 2012, as fundraising activity dwindled to a single initial public offering (IPO) in August, while a worsening US-China trade war and deteriorating civic unrest weighed on sentiments.The number of companies seeking to raise capital this year fell by a third to 88 IPOs, with proceeds plunging by 55.9 per cent to US$10.82 billion, from the same period in 2018, according to Refinitiv’s data. July’s listings halved to 15 companies,… Source link

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Huawei steps up lobbying efforts in Washington as US-China trade war escalates

Huawei Technologies has hired the law firm Sidley Austin to lobby on trade as the US pressures allies to join it in blacklisting the Chinese telecommunications giant, which finds itself increasingly mired in President Donald Trump’s trade war with Beijing.The lobbying, which began in July, will focus on export controls, trade sanctions “and other national security-related topics”, according to a disclosure filed with the US Senate. The document shows that Huawei, the world’s largest telecoms… Source link

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