string(13) "markets-macro"

Macro

November 8, 2019

MSCI to increase weighting of China stocks

Foreign investors continue to ramp up their Chinese equity purchases – a trend that is set to continue as China integrates further into global financial markets. The latest: Yesterday, MSCI announced that it is set to boost the presence of A-shares in a key emerging market index. The details: … Username Password Remember Me … Read More »

Foreign investors continue to ramp up their Chinese equity purchases – a trend that is set to continue as China integrates further into global financial markets.
The latest: Yesterday, MSCI announced that it is set to boost the presence of A-shares in a key emerging market index.
The details:

...

sources

Reuters: China local shares to rise above 4% weight in MSCI EM benchmark

CNBC: A global index provider is putting more weight on China stocks, raising concerns from lawmakers

November 8, 2019

Data dump – trade

Monthly trade data for October dropped on Friday morning. The key takeaway: The stats weren’t great, but they were better than expected – so we’ll call it a win. The details: Exports fell by 0.9% y/y – up from a 3.2% contractionin September, and beating expectations ofa 3.9% fall. Imports…

Monthly trade data for October dropped on Friday morning.
The key takeaway: The stats weren’t great, but they were better than expected – so we’ll call it a win.
The details:

Exports fell by 0.9% y/y – up from a 3.2% contractionin September, and beating expectations ofa 3.9% fall.
Imports...

sources

CNBC: China’s exports and imports fell less than expected in October

GAC: 2019年10月全国进出口月度总值表(美元值)

November 8, 2019

Voulez-vous poulet avec moi?

Mankind has come a long way from the days of divining the future by examining chicken entrails. Or has it? After all, analysts and industry insiders are now looking to poultry as an augur of things to come in the US-China trade war: On Thursday, the United States Department of Agricultureposte…

Mankind has come a long way from the days of divining the future by examining chicken entrails.
Or has it? After all, analysts and industry insiders are now looking to poultry as an augur of things to come in the US-China trade war:

On Thursday, the United States Department of Agricultureposte...

sources

Federal Register: Eligibility of the People’s Republic of China to Export to the United States Poultry Products from Birds Slaughtered in the PRC

Bloomberg: USDA to Allow Chinese Poultry Imports in Sign of Trade Progress

Reuters: China considers removal of U.S. poultry import restrictions: Xinhua

BBC: Fentanyl smugglers: Nine jailed in landmark US-China operation

November 7, 2019

FSDC looks to shore up small banks

The Financial Stability and Development Committee (FSDC) met on Wednesday. Some context: The FSDC was created in 2017 to help coordinate financial and economic policy. It’s a supra-ministerial body led by Xi Jinping’s right-hand man on the economy, Vice Premier Liu He. Top of the agenda: The Fo…

The Financial Stability and Development Committee (FSDC) met on Wednesday.
Some context: The FSDC was created in 2017 to help coordinate financial and economic policy. It’s a supra-ministerial body led by Xi Jinping’s right-hand man on the economy, Vice Premier Liu He.
Top of the agenda: The Fo...

sources

Gov.cn: 国务院金融稳定发展委员会召开第九次会议

BIS: Roles and objectives of modern central banks

November 7, 2019

China says that US agreed to roll back tariffs

We may have a big breakthrough in the trade negotiations (Bloomberg): “China and the U.S. have agreed to roll back tariffs on each other’s goods in phases as they work toward a deal between the two sides, a Ministry of Commerce spokesman said.” “’In the past two weeks, top negotiators had seri…

We may have a big breakthrough in the trade negotiations (Bloomberg):

“China and the U.S. have agreed to roll back tariffs on each other’s goods in phases as they work toward a deal between the two sides, a Ministry of Commerce spokesman said.”
“’In the past two weeks, top negotiators had seri...

sources

Bloomberg: China, U.S. Agree to Phased Tariff Rollback if Deal Reached

Huanqiu: 商务部：中美同意随协议进展分阶段取消加征关税

November 7, 2019

Xi does business with Macron

Yesterday, Xi Jinping and French President Emmanuel Macron held talks in Beijing. Xi seemed pleased: “Our frank, in-depth and fruitful discussions on many topics of common concern have deepened mutual understanding and trust.” Xi will have liked this: The two leaders agreed to align China’s B…

Yesterday, Xi Jinping and French President Emmanuel Macron held talks in Beijing.
Xi seemed pleased:

“Our frank, in-depth and fruitful discussions on many topics of common concern have deepened mutual understanding and trust.”

Xi will have liked this: The two leaders agreed to align China’s B...

sources

Gov.cn: 习近平同法国总统马克龙会谈

Xinhua: Xi Focus: Xi holds talks with Macron, pledging for enhanced China-France ties

SCMP: French President Emmanuel Macron tells Chinese leader Xi Jinping talks are needed to calm Hong Kong situation

Politico: Macron ends China visit with slew of trade deals and green pact

April 2, 2019

Getting wonky on the PMI

We typically refrain from putting too much stock in Chinese PMIs, especially in the first quarter of the year. That’s because we see two big problems with this data. First, while China’s PMIs are seasonally adjusted, statistical programs still haven’t figured out how to properly account for events t…

We typically refrain from putting too much stock in Chinese PMIs, especially in the first quarter of the year.
That’s because we see two big problems with this data.
First, while China’s PMIs are seasonally adjusted, statistical programs still haven’t figured out how to properly account for events t...

January 23, 2018

Xi to law enforcement: “I’m in charge”

On Monday, Xi Jinping sent instructions to a meeting of the Party’s Politics and Law Commission (zhengfawei) in which he reminded everybody that they were under the “absolute leadership” of the Party (CPC). Get smart: That language was stronger than in previous instructions. That’s another…

On Monday, Xi Jinping sent instructions to a meeting of the Party’s Politics and Law Commission (zhengfawei) in which he reminded everybody that they were under the “absolute leadership” of the Party (CPC).
Get smart: That language was stronger than in previous instructions. That’s another...

sources

CPC People: 习近平：坚持以人民为中心的发展思想履行好维护国家政治安全确保社会大局稳定促进社会公平正义保障人民安居乐业的主要任务

Xinhua: China Focus: Xi stresses Party’s “absolute leadership” over political, legal work

January 23, 2018

2018 Government agenda: Financial de-risking, poverty alleviation and environment

The State Council is putting together its annual work report. Some context: The work report is delivered every year at the annual meeting of the National People’s Congress in March. It sets priorities and key targets for government work in the coming year. There look to be no big surprises.&nbs…

The State Council is putting together its annual work report.
Some context: The work report is delivered every year at the annual meeting of the National People’s Congress in March. It sets priorities and key targets for government work in the coming year.
There look to be no big surprises.&nbs...

sources

Gov.cn: State Council discusses drafts of government work report

Gov.cn: 李克强主持召开国务院全体会议讨论《政府工作报告（征求意见稿）》

January 23, 2018

Auto policy in flux

Tip sheet readers already know that the government is being very hands-on in promoting new energy vehicles (NEVs). They are currently working on a timetable to ban sales of traditional vehicles (see the September 11th Tip Sheet). Over the weekend, officials from the Ministry of Industry an…

Tip sheet readers already know that the government is being very hands-on in promoting new energy vehicles (NEVs). They are currently working on a timetable to ban sales of traditional vehicles (see the September 11th Tip Sheet).
Over the weekend, officials from the Ministry of Industry an...

sources

People.cn: 工信部部长苗圩:2020年后新能源汽车补贴将全面退坡

MIIT: 装备工业司组织召开节能与新能源商用车积分管理制度研讨会

China Energy Network: 多部委支持新能源汽车发展财政补贴政策调整势在必行

Caixin: 万钢：内燃机在相当长时间内依然具有市场空间

China Energy Savings: 内燃机“生死”大讨论，万钢给出了“燃油车禁售”风波后最肯定的答复

January 23, 2018

Concentrating in coal

We are officially three years into the Supply-Side Structural Reform program, and the government’s goals continue to evolve. Next on the docket for coal is a concerted push for industry consolidation. That’s one reason that 12 ministries issued a document outlining expectations for MandA in the…

We are officially three years into the Supply-Side Structural Reform program, and the government’s goals continue to evolve.
Next on the docket for coal is a concerted push for industry consolidation. That’s one reason that 12 ministries issued a document outlining expectations for MandA in the...

sources

NDRC: 国家发展改革委举行1月份定时定主题新闻发布会介绍宏观经济情况并回应热点问题

Shanxi Gov: 山西省人民政府关于推进煤矿减量重组的实施意见

Jiemian: 年产不到60万吨就退出山西101座煤矿面临重组

January 23, 2018

People watching: China finance edition

PBoC Governor Zhou Xiaochuan turns 70 on Monday, January 29. Why does that matter, you ask? 70 is the retirement age for state leaders like Zhou. Some context: In addition to being head of the central bank, Zhou holds the position of vice-chairman of the Chinese People’s Political Con…

PBoC Governor Zhou Xiaochuan turns 70 on Monday, January 29.
Why does that matter, you ask? 70 is the retirement age for state leaders like Zhou.
Some context: In addition to being head of the central bank, Zhou holds the position of vice-chairman of the Chinese People’s Political Con...

sources

Xinhua: 刘鹤将出席世界经济论坛2018年年会

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