string(13) "markets-macro"

Macro

November 28, 2022

Zero-COVID fatigue swells into public protests

Emotions ran high across a dozen Chinese cities over the weekend, as public protests against strict COVID controls broke out on an unprecedented scale. The trigger: An apartment block fire in Urumqi city – the capital of Xinjiang province – that killed 10 people on Thursday night (FT). Social media… Username Password Remember Me … Read More »

Emotions ran high across a dozen Chinese cities over the weekend, as public protests against strict COVID controls broke out on an unprecedented scale.
The trigger: An apartment block fire in Urumqi city – the capital of Xinjiang province – that killed 10 people on Thursday night (FT).

Social media...

sources

FT: Xi Jinping faces stiffest challenge to rule as Covid outrage sparks mass protests

November 28, 2022

Not everything is about YOU

Taiwan’s ruling Democratic Progressive Party (DPP) lost by a landslide in local elections on Saturday – forcing President Tsai Ing-wen to resign as party chief. The opposition Nationalist Party (KMT) won 13 of 21 mayoral races, and the DPP just five (Reuters). The KMT won four of the six key citi…

Taiwan's ruling Democratic Progressive Party (DPP) lost by a landslide in local elections on Saturday – forcing President Tsai Ing-wen to resign as party chief.

The opposition Nationalist Party (KMT) won 13 of 21 mayoral races, and the DPP just five (Reuters).

The KMT won four of the six key citi...

sources

Reuters: Taiwan president quits as party head after China threat bet fails to win votes

SCMP: Taiwan elections: DPP’s Tsai resigns as party chief after KMT wins big

The Guardian: Taiwan president resigns as party head after local election losses

Xinhua: 台湾地区“九合一”选举结果揭晓

November 28, 2022

Meet China’s youngest provincial Party chief

A mere slip of a lad, 57-year-old Zhao Yide has become Party secretary of Shaanxi province, Xinhua announced on Sunday. He replaced Liu Guozhong, who joined the Politburo in October and is likely to be named a vice premier in March. The move marks the 11th reshuffle of provincial-level Party heads…

A mere slip of a lad, 57-year-old Zhao Yide has become Party secretary of Shaanxi province, Xinhua announced on Sunday.

He replaced Liu Guozhong, who joined the Politburo in October and is likely to be named a vice premier in March.

The move marks the 11th reshuffle of provincial-level Party heads...

sources

Xinhua: 陕西省委主要负责同志职务调整赵一德任陕西省委书记

November 28, 2022

Cuban comradeship

On Friday, the first Lain American leader visited China since the pandemic began nearly three years ago. The lucky visitor: Cuban President Miguel Diaz-Canel. Xi Jinping, meeting with Diaz-Canel, played up communist solidarity (MoFA): “China and Cuba are…good comrades committed to the same cause….

On Friday, the first Lain American leader visited China since the pandemic began nearly three years ago.
The lucky visitor: Cuban President Miguel Diaz-Canel.
Xi Jinping, meeting with Diaz-Canel, played up communist solidarity (MoFA):

"China and Cuba are...good comrades committed to the same cause....

sources

MoFA: Xi Jinping Holds Talks with First Secretary of the Central Committee of the Communist Party of Cuba and President of Cuba Miguel Díaz-Canel

Reuters: Cuba wins China debt relief, new funds

November 28, 2022

The finance party

China’s top regulators spent last week outlining their priorities for the finance sector at the 2022 Financial Street Forum in Beijing. How time flies: China’s wannabe Wall Street clocks its 30th anniversary this year, and the forum marked its 10th. Here’s a run-down of key messages from the key pla…

China's top regulators spent last week outlining their priorities for the finance sector at the 2022 Financial Street Forum in Beijing.
How time flies: China's wannabe Wall Street clocks its 30th anniversary this year, and the forum marked its 10th.
Here's a run-down of key messages from the key pla...

sources

PBoC: 人民银行行长易纲在2022年金融街论坛年会上的讲话

PBoC: 加快社会领域补短板促进国内国际双循环——人民银行党委书记、银保监会主席郭树清在2022年金融街论坛上的主题演讲

CSRC: 易会满主席在2022金融街论坛年会上的主题演讲

November 28, 2022

The good news keeps coming

The property sector has been boosted by a wave of support from the government. Over the past week we’ve seen: The central bank (PBoC) unveil RMB 200 billion in relending for commercial banks to complete overdue housing projects The PBoC and banking regulator (CBIRC) officially issue their 16-poin…

The property sector has been boosted by a wave of support from the government.
Over the past week we've seen:

The central bank (PBoC) unveil RMB 200 billion in relending for commercial banks to complete overdue housing projects
The PBoC and banking regulator (CBIRC) officially issue their 16-poin...

sources

Yicai: 银保监会：保交楼专项借款资金已基本投放至项目

Caixin: 六大行与优质房企签订战略合作新增授信或逾万亿元

Reuters: Exclusive: China central bank to offer cheap loans to support developers' bonds-sources

November 28, 2022

How low can Foxconn production go?

Over the weekend, Reuters reported that repeated disruptions at the Foxconn iPhone factory in Zhengzhou have reduced production capacity by 30%. Recap: Over the past month, the factory has seen output falter as Foxconn has attempted – and failed – to implement Covid containment policies while keepin…

Over the weekend, Reuters reported that repeated disruptions at the Foxconn iPhone factory in Zhengzhou have reduced production capacity by 30%.
Recap: Over the past month, the factory has seen output falter as Foxconn has attempted - and failed - to implement Covid containment policies while keepin...

sources

Commercial Times: 獲i14 Pro訂單？和碩上海廠重招工

Reuters: Exclusive: Foxconn woes could hit at least 30% of iPhone Nov shipments from China plant -source

November 28, 2022

Singapore, Shenzhen and cross-border data

On Friday, the Singapore government announced a new set of digital trade projects with Shenzhen under the joint Smart City Initiative (SCI). Quick background: In 2019, Singapore and Shenzhen launched the SCI to build stronger digital and business ties between the two cities. The two localities have…

On Friday, the Singapore government announced a new set of digital trade projects with Shenzhen under the joint Smart City Initiative (SCI).
Quick background: In 2019, Singapore and Shenzhen launched the SCI to build stronger digital and business ties between the two cities.

The two localities have...

sources

Singapore MCI: Eight MOUs signed at the Third Singapore-China (Shenzhen) Smart City Initiative Joint Implementation Committee Meeting

Singapore IMDA: Four New MOUs Signed at the 2nd Singapore - China Shenzhen Smart City Initiative Joint Implementation Committee Meeting To Accelerate Digital Economy Collaborations

November 28, 2022

Meituan beats earnings

You know who’s not getting kicked in the teeth by zero-Covid? Meituan, that’s who. On Friday, China’s domestic media was full of chatter about the company’s better-than-expected Q3 earnings report on Friday: Revenue amounts to RMB 62.6 billion, up 28.2% y/y. Net profits were RMB 1.2…

You know who's not getting kicked in the teeth by zero-Covid?

Meituan, that's who.

On Friday, China's domestic media was full of chatter about the company's better-than-expected Q3 earnings report on Friday:

Revenue amounts to RMB 62.6 billion, up 28.2% y/y.
Net profits were RMB 1.2...

sources

Caixin: 美团三季度扭亏王兴称融资和业务已自给自足

November 28, 2022

Spreading the safety blanket

More developers are applying for state backing for their domestic bond sales. On Tuesday, the interbank bond regulator (NAFMII) said that China Vanke and Gemdale Corp. are seeking guarantees from China Bond Insurance Co. (CBIC). Some context: State-owned CBIC provides credit enhancements for bonds …

More developers are applying for state backing for their domestic bond sales.
On Tuesday, the interbank bond regulator (NAFMII) said that China Vanke and Gemdale Corp. are seeking guarantees from China Bond Insurance Co. (CBIC).
Some context: State-owned CBIC provides credit enhancements for bonds ...

sources

NAFMII: 万科拟报送280亿元储架式注册发行计划

NAFMII: “第二支箭”扩容首批民营房企落地

November 28, 2022

No ban on using Chinese toasters, please

Are US companies that make their coffee in Chinese-made coffeemakers prohibited from supplying the US government? That is an actual honest-to-goodness question that US industry groups, including the US Chamber of Commerce, posed to lawmakers last week. What’s going on: On Friday, Politico reporte…

Are US companies that make their coffee in Chinese-made coffeemakers prohibited from supplying the US government?

That is an actual honest-to-goodness question that US industry groups, including the US Chamber of Commerce, posed to lawmakers last week.

What's going on: On Friday, Politico reporte...

sources

Politico: Industry pushes back on Schumer and Cornyn’s Chinese chip crackdown

Politico: Senators aim to ban USG deals with Chinese chipmakers

Politico: Dear Chairman Reed and Ranking Member Inhofe:

November 28, 2022

Deep Dive | Successful stimulus: Beijing doubles down on policy banks investing capital in infrastructure

Beijing has finally found a stimulus model that works – and it’s doubling down. On November 16, the central bank (PBoC) said in its Q3 monetary policy report that as of end-October, China’s three policy banks had invested RMB 740 billion as capital in infrastructure projects. That’s well above the …

Beijing has finally found a stimulus model that works – and it's doubling down.
On November 16, the central bank (PBoC) said in its Q3 monetary policy report that as of end-October, China’s three policy banks had invested RMB 740 billion as capital in infrastructure projects.

That's well above the ...

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