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Tighter rules proposed by the Nasdaq are expected to send some would-be issuers searching for more welcoming markets in London or Hong Kong. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Chinese Firms Face Shifting Global IPO Landscape Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

« Một thỏa thuận ngừng bắn có thời hạn », một thỏa hiệp về thương mại « mong manh » chỉ nhằm « chứng minh thiện chí Mỹ và Trung Quốc cùng muốn xoa dịu tình hình ». Thương mại tuy là trọng tâm thượng đỉnh song phương hôm 30/10/2025 tại Busan nhưng đây có còn là một mặt trận nóng nhất trong cuộc đối đầu giữa Washington với Bắc Kinh ?   Donald Trump tự cho mình 12 điểm trên 10 sau hội nghị thượng đỉnh với Tập Cận Bình. Như thường lệ, tổng thống Hoa Kỳ đã rất tự tin tuyên bố « thắng lớn » sau hoạt động ngoại giao đã thu hút chú ý của toàn thế giới tuần qua. Quả thực có nhiều lý do để Hoa Kỳ hài lòng. Sau cuộc họp mở ra trong 1 tiếng và 40 phút, phái đoàn hai bên đã đạt được một số đồng thuận như sau.  Thứ nhất về thuế quan,  Washington giảm thuế nhập khẩu nhắm vào một số mặt hàng của Trung Quốc đang từ 57 % xuống 47 %. Đổi lại Bắc Kinh đồng ý kiểm soát chặt chẽ hơn các hoạt động bất hợp pháp về chất ma túy fentanyl. Thứ hai : trong vòng 1 năm, Bắc Kinh hứa sẽ không lạm dụng thế gần như độc quyền xuất khẩu khoáng sản hiếm để bắt chẹt Hoa Kỳ. Về điểm này, giới quan sát cho rằng hai ông Tập Cận Bình - Donald Trump vừa sáng chế ra một dạng « thỏa thuận ngừng bắn có thời hạn ». Washington hài lòng vì hồ sơ đất hiếm rất « nhạy cảm và quan trọng » đối với nền công nghiệp từ ô tô đến quốc phòng của Mỹ. Đồng thuận thứ ba hội nghị Busan đạt được liên quan đến cam kết Trung Quốc nhập khẩu trở lại 12 triệu tấn đậu nành của Mỹ trong năm nay. Chính vì để trả Hoa Kỳ áp dụng thuế đối ứng từ mùa xuân năm nay, mà Bắc Kinh đã ngừng nhập khẩu đậu nành và nhiều nông phẩm khác của Mỹ, gây thiệt hại cho tầng lớp cử tri trung thành với Donald Trump. Năm 2024 Trung Quốc là thị trường mua vào gần 50 % tổng kim ngạch xuất khẩu đậu nành của Mỹ. Bế tắc về công nghệ bán dẫn và chip điện tử Tuy nhiên một mảng nhạy cảm khác trong quan hệ Mỹ-Trung liên quan đến công nghệ bán dẫn thì lãnh đạo hai nước dường như vẫn chưa tìm ra ngõ thoát. Tổng thống Trump thậm chí đã đưa ra những tuyên bố trái ngược nhau trên hồ sơ này. Trên đài truyền hình Pháp France24 Elvire Fabry, Viện Nghiên Cứu châu Âu, Jacques Delors nhận định : Washington cấm hoặc hạn chế một số các giao dịch với Trung Quốc trong lĩnh vực công nghệ bán dẫn vì lý do an ninh, nhưng Donald Trump liên tục đổi ý trên hồ sơ này (đặc biệt là với các hoạt động của tập đoàn Nvidia) : « Thực ra không ai đoán được, hay hiểu được lập trường của Donald Trump trên vấn đề công nghiệp bán dẫn và linh kiện điện tử. Nhà Trắng chú trọng hơn đến vấn đề an ninh quốc gia hay chạy theo lợi nhuận tức là chỉ đơn thuần muốn đạt được một thỏa thuận về thương mại. Mỹ đang tính toán những gì và liệu có dám đánh cược với vị trí dẫn đầu thế giới trong mảng công nghiệp này hay không ? »       Tổng kết thượng đỉnh Busan, cũng bà Elvire Fabry nhận định đối thoại Trump -Tập « không mang lại bất kỳ một tiến triển nào ». Chủ nhân Nhà Trắng thất bại trên hai mục tiêu : đòi Trung Quốc mở rộng cửa thị trường cho các doanh nghiệp Mỹ và giải quyết tình trạng xuất siêu với Hoa Kỳ.    « Từ tháng 7/2024 tức là trước bầu cử tổng thống Mỹ, Trung Quốc đã chuẩn bị từ trước cho khả năng ông Trump trở lại cầm quyền. Bắc Kinh mong đợi nhiều một nhiệm kỳ 2 của Donald Trump hơn hẳn viễn cảnh phải hợp tác trong trường hợp bà Kamala Harris đắc cử. Trung Quốc quan niệm dễ đạt được thỏa thuận với Trump hơn là Harris. Tại thượng đỉnh Busan rõ ràng là Washington không đạt được những mục tiêu chính như là  giải quyết thế bất cân đối về thương mại. Không có bất kỳ một tiến triển nào về việc Bắc Kinh mở cửa thị trường cho các doanh nghiệp Mỹ…  Chẳng qua là đôi bên đấu dịu và cũng trở lại với thời điểm như hồi đầu nhiệm kỳ 2 của Donald Trump, tức là trước khi Mỹ đe dọa đánh thuế hàng Trung Quốc với những tuyên bố hoàn toàn xa rời với thực tế. Trên các vấn đề xuất nhập khẩu đậu nành, nông phẩm hay đất hiếm … tình hình thực ra chẳng có gì mới mẻ ». Nhìn từ Bắc Kinh, Busan là « Một bước ngoặt quan trọng » Về phía Bắc Kinh thì khác. Tạp chí Caixin của Trung Quốc xem thượng đỉnh Busan, là « một bước quan trọng để ổn định mối quan hệ song phương » vốn đang trong giai đoạn de-risking,  giảm bớt mức độ phụ thuộc vào lẫn nhau. Cũng tờ báo tài chính uy tín này tại Bắc Kinh tin tưởng « tạm tránh khỏi kịch bản tồi tệ nhất » :  mô hình phát triển của Trung Quốc chủ yếu dựa vào giao thương với phương Tây, mà quan trọng nhất là quan hệ với Mỹ. Với chính sách của ông Trump muốn dồn Trung Quốc vào chân tường, Bắc Kinh biết chắc không thể đạt được mục tiêu « win - win » tức là tình huống đôi bên cùng có lợi. Nhưng ít ra thì sau thượng đỉnh Donald Trump -Tập Cận Bình « kịch bản đôi bên cùng bị thiệt thòi » đã không xảy ra.   Trong cuộc họp với tổng thống Donald Trump, chủ tịch Tập Cận Bình nhắc nhở : « Lịch sử đã cho thấy Quốc và Hoa Kỳ là hai đối tác, là hai nước bạn. Đây cũng là điều sự thật đòi hỏi ». Theo nhà phân tích của viện nghiên cứu châu Âu, Jacques Delors, Elvire Fabry lời lẽ này của lãnh đạo Trung Quốc thể hiện rõ thái độ trịch thượng của Bắc Kinh, bất chấp phía Mỹ tự tin cho rằng vẫn làm chủ cuộc chơi. Tổng thống Trump vẫn « tự cho mình quyền áp đặt thêm các khoản thuế hoặc những rào cản thương mại mới bất kỳ lúc nào và bất kỳ vì lý do gì » như tuần báo Anh, The Economist ghi nhận. Báo Mỹ New York Times phân tích : Tập Cận Bình mới là bên thắng cuộc. Qua việc nới lỏng một số hạn chế về đất hiếm và cam kết mua đậu nành Mỹ, lãnh đạo Trung Quốc đã giúp Trump có cớ tuyên bố chiến thắng khi trở về nước. Nhưng chính ông Tập Cận Bình mới là bên đã đạt được những nhượng bộ quan trọng từ Washington, cả về kinh tế lẫn ngoại giao. Bắc Kinh đã cho thấy họ có thể đáp trả Washington. Cũng trên đài truyền hình Pháp France24 Camille Verchery điều hành công ty tư vấn VVR có trụ sở tại Paris đưa ra cùng nhận xét : « Không bên nào thắng cuộc, nhưng Trung Quốc đã chứng minh họ có sức để cưỡng lại áp lực từ phía Hoa Kỳ. Đó đã là một thắng lợi ngoại giao của Bắc Kinh. Tuy nhiên cần lưu ý rằng khi mà Trung Quốc phải tung đòn đất hiếm ra để đối đầu với Mỹ, đấy cũng là thế đường cùng. Vì quyết định này càng đẩy Bắc Kinh vào thế đối đầu gay gắt hơn nữa với Hoa Kỳ và cũng là trở ngại trong quan hệ với Liên Hiệp Châu Âu » Một chặng dừng trong quá trình « leo thang » Chuyên gia về Trung Quốc Emmanuel Veréon thuộc Viện Ngôn Ngữ và Văn Hóa Phương Đông, Paris thận trọng nói đến một giai đoạn hòa hoãn trong tiến trình « leo thang thường trực » giữa hai nền kinh tế hàng đầu thế giới. Trong lúc mà Donald Trump không tìm ra được nhược điểm của đối phương « Chúng ta thường quan niệm các ông Tập Cận Bình, Donald Trump đã lùi bước, Mỹ và Trung Quốc cùng đấu dịu … Tôi không tin là như vậy. Nhìn kỹ vào tất cả các thỏa thuận đôi bên đã đạt được, đấy chỉ là những tuyên bố mang nặng tính ngoại giao. Washington cũng như Bắc Kinh muốn chứng minh thiện chí hòa hoãn, nhưng thực ra đôi bên cùng trong tư thế ‘leo thang' theo từng nấc một. Có một điều chắc chắn là cả hai đang cùng đang sắp xếp lại chuỗi cung ứng toàn cầu tập trung vào hai cực là Trung Quốc và Hoa Kỳ. Tất cả những tuyên bố sau thượng đỉnh Busan vừa qua đều củng cố cho quyết tâm theo đuổi mục đích đó : các ông Tập Cận Bình và Donald Trump đang xây dựng lại một mô hình mới về địa chính trị và kinh tế cho toàn thế giới ». Tổng thống Hoa Kỳ Donald Trump có lý khi nhận xét, Trung Quốc là « một nhà đàm phán cứng rắn » bậc nhất. Điều ông không nói ra ở đây là Bắc Kinh có thể điều khiển các cuộc đàm phán để hưởng lợi và Trung Quốc mới là bên làm chủ cuộc chơi. Báo Time ghi nhận ở thượng đỉnh Busan vừa qua, ông Tập Cận Bình đã đạt được mục đích : đòi Hoa Kỳ giảm biên độ thuế và nới lỏng các hạn chế thương mại. Hơn nữa Trung Quốc đã nắm được điểm yếu thực sự của Mỹ là đất hiếm và cầm chắc là sẽ tận dụng chiêu bài này trong các vòng dàm phán sắp tới với Washington. Ở góc đài bên kia, trước mắt Hoa Kỳ « không có giải pháp thay thế » như giáo sư Kerry Brown trung tâm nghiên cứu Law China Institute, đại học King's College, Luân Đôn đánh giá Benjamin Bürbaumer giáo sư trường Khoa Học Chính Trị Bordeaux trong mọt bài tham luận gần đây trên tạp chí chuyên về địa chính trị Grand Continent, nêu lên khả năng vế thương mại không chắc vẫn là mặt trận nóng bỏng nhất trong cuộc đọ sức giữa Hoa Kỳ và Trung Quốc. Chỉ cần nhìn vào hồ sơ « công nghệ bán dẫn và chip điện tử » cũng đủ thấy ông Trump đã « không còn nắm giữ tất cả những lá chủ bàit rong tay » để thực hiện tham vọng tiếp tục thống lĩnh toàn cầu. Washington đồng thời đã « xem thường địch thủ là Trung Quốc » : Mọi chú ý đã tập trung vào vế thương mại nhân vòng công du châu Á nhiều ngày trong tuần qua của tổng thống Trump, nhưng đó chì là phần nổi cua tảng băng. Chuyến đi này thực ra là một cuộc chạy đua âm thầm tranh giành ảnh hưởng, và quyền kiểm soát các nguồn nhiên liệu thiết yếu cho công nghệ thời đại digital. Xung đột Mỹ-Trung không còn giới hạn trong phạm trù thương mại. Đôi bên đã dùng đòn trừng phạt về công nghệ để  kiểm soát « cơ sở hạ tầng digital của nền kinh tế toàn cầu ». Chính cuộc đối đầu này mới có thể dẫn tới một sự thay đổi lâu dài trong tương quan lực lượng của thế giới.

Nio shares slump in Singapore and Hong Kong after a Caixin report detailing GIC allegations. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

Chinese investment is reshaping Malaysia, from booming flights to factory floors, as trade shifts and visa-free travel deepen business ties between Beijing and Kuala Lumpur. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Visa-Free Travel, U.S. Tariffs Drive Chinese Companies to Malaysia Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

Kia ora,Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the US faces a federal government shutdown as markets start to realise Trump has no problem being reckless and has no problem hurting his 'friends'..But first, there was another Pulse dairy auction overnight. And that brought marginally weaker prices for both SMP and WMP, down a bit less than -0.5% in USD terms. In fact these prices are now at their lowest level of 2025. But because the NZD is falling, the prices achieved actually rose about the same amount in local currency.In the US, the number of job openings in August were virtually unchanged from July at 7.2 mln as was expected.But the Chicago PMI fell again in September, well below market expectations that it would improve. And the dip was sharp, the most in three months.Also weaker was the Dallas Fed services sector with their retail sector retreating rather fast in an unusual move lower.Adding to the downbeat sentiment was the September report from the Conference Board showing consumers are glummer than at any time since the start of the year. A common theme in the survey responses is the impact of rising inflation.And the downbeat sentiment may well get worse, and quickly. The White House seems to relish a full government shutdown to start their fiscal year tomorrow with mass firings rather than furloughs. And Trump says some American cities he considers dangerous should become training grounds for American troops, proposing 'his' troops be used to fight other Americans in their home cities. It is getting toxic very fast there.For their economy, there is a real possibility now that this weekend's non-farm payrolls release will be cancelled because the department releasing it will be closed. If that turns out to be the case, it could mask some quite weak results. Analysts now expect less than a +50,000 gain.Financial markets are downplaying the risks of all this, mainly because there have been many 'shutdown' crises over the decades. But at least the earlier ones involved parties prepared to reach a deal. Maybe not this time.Across the Pacific in China, their official factory PMI contracted again. But even though it is the sixth straight monthly contraction, the pace of decline was the least in that time. (Their factory PMI rose in February and March, but only by marginal levels.) Their official services PMI for September is no longer expanding. These official PMIs have been more conservative than the private surveys (RatingDog, ex Caixin) probably because they have a heavier weighting to Chinese SOEs. The private ones are more attuned to private and foreign enterprises, surveyed by S&P Global, and they report a faster expanding factory sector, and solidly expanding services sector.Meanwhile, China has frozen imports of BHP iron ore in a pricing dispute. BHP is their third largest supplier after Rio Tinto and Brazil's Vale.Taiwanese consumer sentiment rose in September, but to be fair the bar is low because it has been stunted since May.In Europe, Germany said their CPI inflation edged up to 2.4% in September, marginally above the August level. But ist was a rise that was slightly more than expected.In Australia, there were no surprises from their central bank which held its cash rate target at 3.6%. But even though this hold was all priced in, there was some surprising reaction in financial markets. Somehow the decision was regarded as 'hawkish' and the AUD rose and benchmark bond interest rates fell on the news. The strong currency remained although the bond move was later reversed. Air cargo volumes in August grew +4.1% globally, driven by a near +10% rise from a year ago in the Asia/Pacific region. But notably, North American air cargo volumes fell -2.1% on the same basis in August, the weakest global region. And the pattern was similar for passenger travel. Asia/Pacific and Latin America brought strong growth, underpinning a +4.6% expansion, but North America lagged here too, only up +0.5% from a year ago.The UST 10yr yield is still at 4.14%, unchanged from yesterday.The price of gold will start today at US$3846/oz, up +US$16 from yesterday and a new all-time high. Silver is -50 USc softer however.American oil prices are down another -50 USc at just over US$62.50/bbl, with the international Brent price now just under US$66.50/bbl and down more than -US$1.The Kiwi dollar is at just on 58 USc and up +20 bps from yesterday. Against the Aussie however we are down -30 bps at 87.6 AUc and a new three year low. Against the euro we are little-changed at 49.4 euro cents. That all means our TWI-5 starts today at just on 65.1, and unchanged.The bitcoin price starts today at US$112,876 and down -0.8% from yesterday. Volatility over the past 24 hours has been low at just on +/- 0.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

While Yi was ICBC chairman, his son introduced a $4.5 billion CICC fund deal to the state-owned bank, sources tell Caixin. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: Exclusive: Ex-CSRC Chief Yi Huiman Faces Corruption Probe Likely Linked to ICBC Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

Kia ora,Welcome to Thursday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the world's largest economy is being hit today with a string of pessimistic data reports, despite one of the tech giants avoiding a breakup which saw its shares surge to a record high.American job openings fell by 176,000 to 7.18 mln in July and that was the lowest level since September 2024 and well below market expectations of 7.4 mln. Interestingly, there was wide regional variation with openings dropping most in the South, down -161,000, while they rose in the West, up by +113,000 openings.So it won't be a surprise to learn that mortgage applications fell again last week, the third consecutive weekly retreat. This happened even though mortgage interest rates were little-changed.And it also won't be too much of a surprise to learn that US factory orders declined also in July from June, down an outsized -1.3% - and the June data was revised lower to be down -4.3%. New durable goods orders were down -2.8% in July. These won't be welcome trends, especially as tariffs were supposed to bolster US manufacturing. Year-on-year the July levels are up +1.8% and well below what can be accounted for by inflation. But it will be the recent sharper trends lower that are most concerning.So the Fed's August Beige Book note of "flat to declining consumer spending because, for many households, wages were failing to keep up with rising prices. Contacts frequently cited economic uncertainty and tariffs as negative factors." will come as no surprise.In China, all the news is about its massive military parade in Tiananmen Square. This one follows similar shows of force that started in Pyongyang on April 15, followed in Tehran on April 20, then Moscow on May 9, and Washington DC on June 14. All organised by authoritarians. It's a militarisation trend that is very retrograde. And they are massive propaganda exercises, so it is disappointing that some of our politicians want to be seen at them. But like many others, they follow the money and incentives.Staying in China, the RatingDog (ex-Caixin) services PMI for August expanded faster than July and to a good level, better than expected and the fastest expansion in their services sector since May 2024. New orders grew at the strongest pace since May 2024, supported by a stronger rise in new export business, which increased at the fastest rate in six months. Like yesterday's RatingDog factory PMI, this survey as also better than the official services PMI.And South Korean officials now say they want to join the CPTPP, as insurance against US tariff moves against them. The path won't be easy for them, mainly because they have built up insulations and protections against Japanese investment making inroads into their economy.In Europe, producer prices were only up a modest +0.4% in July from a year ago, confirming they seem to have a good lid on inflation there. But the more recent indications are rises that are slightly above that (at a rate of +0.6%). At least the Europeans don't have the pressure of self-imposed tariff-taxes. Their cost competitive position vs the US is improving sharply.Australian economic activity grew +0.6% in Q2-2025, accelerating from an upwardly revised +0.3% in Q1 and better than analyst expectations of +0.5%. Year on year Australian GDP was up +1.8%, above forecasts of +1.6% and the fastest pace since Q3 2023.The UST 10yr yield is now at 4.22%, down -6 bps from yesterday at this time.The price of gold will start today at US$3,573/oz, up +US$47 from yesterday and surging to yet another new record high. Silver has moved higher too and now over US$41/oz.American oil prices are -US$2 lower at just over US$63.50/bbl with the international Brent price holding just under US$67.50/bbl.The Kiwi dollar is at just under 58.8 USc and up +10 bps from yesterday. Against the Aussie we are down -10 bps 89.8 AUc. Against the euro we are unchanged at 50.4 euro cents. That all means our TWI-5 starts today at just over 66.3, unchanged from yesterday.The bitcoin price starts today at US$112,443 and up +1.4% from this time yesterday. Volatility over the past 24 hours has been low at just on +/- 0.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

The ban leaves a legal void, complicating efforts by authorities to dispose of seized digital assets from crimes. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: How China's Crypto Ban Makes Disposing of Seized Assets a Lot Harder Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

China's inclusive finance has expanded rapidly under government push, but banks are caught in a bind — balancing policy goals with mounting risks. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: China's Inclusive Finance Success Leaves Banks Burdened Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

Under mounting pressure from bad debts at home, Chinese banks are going global — chasing the hidden overseas fortunes of defaulted tycoons. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Why China's Banks Are Hunting for Fortunes Stashed Abroad Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.   Group discounts are available — contact us for a customized plan.  

Kia ora,Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the equity markets and the bond markets are flashing quite different signals, and equity markets seem quite out of step with the operating economic data. When these vary, there is usually a reckoning, and that usually (but not always) results in an equity correction.But first up today, the overnight dairy auction brought results similar to what the derivatives market expected, maybe slightly better because of show early season strength in WMP demand and prices. Volumes sold were the highest since October 2024. And helping the tone was the fall in the NZD which boosted the rise in local currency. Overall the event ended up +0.7% in USD and up +1.5% in NZD. The industry will be satisfied the new season is off to a good start.On the butter demand front, there was a noted fall off in demand at these prices - except frim China and Middle East buyers. There is enough there to keep prices elevated, although to be fair the butter price did ease +3.8% at this event.Meanwhile, the widely watched American ISM services PMI unexpectedly fell in July 2025 from June, and the result was lower than expected. The services sector is now nearly stagnant, with seasonal and weather factors having a negative impact on business. A slowdown was most evident in the fall in new orders - activity is still operating faster than new orders are arriving so that is not great for the future. Not slowing are price increases, so all the signs of stagflation here. However, the internationally-benchmarked S&P Global/Markit version told a more upbeat story.US exports fell in June from May but the fall was only minor, and from a year ago there were up +3.3%. US imports fell more sharply in the month to be -1.4% below year-ago levels. But that only results in their trade deficit being back to mif 2024 levels. Or 2023 levels. The needle has moved very little.But the RCM/TIPP sentiment survey rose in July although the move was minor. It mirrored the month's equity markets and this index also hit a 4 year high.American household debt rose by +US$185 bln in the June quarter to a new record high of US$18.4 tln. That is now 60.6% of GDP. The flow of household debt into serious delinquency was mixed across debt types, with credit card and car loans holding steady, student loans continuing to rise, and mortgages edging up slightly.In India, their services PMI tells a booming story. International orders and overall sales rose sharply from the fastest increase in business activity for 11 months. However, price pressures re-accelerated, so this boom comes with inflation consequences. It's a report in sharp contrast to the lackluster American equivalents. "Someone" is quite envious of their success and is threatening sharply higher tariffs.Meanwhile Trump is signaling that their endless 'truce' with China will get another extension.And China delivered a positive data surprise yesterday, with the private Caixin services PMI rising and by more than expected. (Remember the official NBS services PMI eased lower.) The Caixin China General Services PMI rose in July from June's nine-month low with the fastest expansion in the services sector since May 2024, and with new business growing at the strongest pace in a year.That is in contrast to the EU services PMI which remains weak, although it is still expanding.Quarterly June data out today in Australia shows household spending rose at a good rate, up +5.1% from the same month a year ago - and the rate it rose from March was good too. Discretionary spending was strong. Western Australia was the only jurisdiction where spending fell. On a volume basis (after inflation's impact), it is up +0.7%.Join us at 10:45am for the New Zealand labour market report for June, although it might just confirm the tough operating environment we are in.The UST 10yr yield is now at 4.20%, up +1 bp from yesterday. The price of gold will start today at US$3,379/oz, up +US$7 from yesterday.American oil prices have slipped back again, down another -US$1 to just under US$65.50/bbl with the international Brent price just over US$67.50/bbl.The Kiwi dollar is at 59 USc and little-changed from yesterday. Against the Aussie we are down -30 bps at 91.3 AUc. Against the euro we are unchanged at 51 euro cents. That all means our TWI-5 starts today at just on 66.9, down -10 bps.The bitcoin price started today at US$113,625 and down -1.4% from this time yesterday. Volatility over the past 24 hours has been modest at just under +/-1.2%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

China is stepping up its crackdown on destructive “involution-style” competition across a range of key industries, from traditional sectors like steel and cement to emerging sectors such as lithium batteries and new-energy vehicles.  Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: China Intensifies War on Toxic Competition as Economy Suffers Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

Kia ora,Welcome to Monday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news US President Trump is "making progress" is bending independent agencies (BLS, the US Fed) to respond to what is best for him, rather than the US economy.But the week ahead will all be focused locally on Wednesdays Household Labour Force survey results for July. Our jobless rate is expected to rise to 5.3% from 5.1% in June (and May). That would make it its highest since 2016 and exceeding anything we had in the pandemic period.Elsewhere the week will feature a raft of PMI and factory order releases. Plus, China will release key trade and inflation data.But the big economic driver for the week will be market reactions to Trump's tariff-war moves and his drive to bend both the Fed and the economic data agencies in the US to show fealty to him and avoid any negative reports. On Friday they sensed all this isn't good for the US economy and turned sharply risk averse even though corporate earnings reports have stayed positive.And that was because of Trump's response to official data he didn't like. He moved to fire the head of the data agency who reported it.Then a voting Fed official resigned, giving him a chance to twist more independence out of this crucial institution.The release of the July US labour market report showed the headline jobs gain was only +73,000 when +110,000 was expected. But worse, the June data was revised sharply lower to just +14,000 from the original +147,000. Their jobless rate edged higher to 4.2%. The number of people unemployed for at least 27 weeks has topped 1.8 mln now, the highest since the pandemic. Wage growth for the low-paid was unusually weak. This is a huge miss and there were sharp financial market reactions.Those are the seasonally adjusted numbers. The actual numbers are much worse, down -1,066,000 in July from June. To be fair much of that actual shrinkage is seasonal, but at 159.3 mln people employed, that is lower than in November 2024 when Trump won office.But with this July stumble in their labour market, it will be no surprise to know that the ISM factory PMI shows the same sharp retreat. In June this PMI was contracting with a 49.0 index level. It was expected to improve to a smaller contraction of 49.5. (An index level of 50 is the fulcrum between expansion and contraction.) But it went the other way, deepening its contraction to 48.0. Driving the retreat were new orders and order backlogs contracting, along with input costs increasing and exports falling. Overall, this is reporting their factory sector is contracting faster. (The internationally benchmarked S&P Global/Markit factory PMI version also reported a sharp drop info contraction in July, also largely on stagnating new order levels.)In China, like the official China factory PMIs had signaled, the independent Caixin PMI also signaled that their factory sector went backwards in July too. The Caixin survey isn't as negative as the official survey, but it now shows the overall sector in contraction. The Caixin survey tends to account better for mid-sized private manufacturers whereas the official survey includes the very large state-owned enterprises.China recognises the need to do more to stimulate internal consumption, and they are now committed to using subsidies as a key tool. Essentially they are subsidising trade-in prices to generate sales of new items. The target is to raise this subsidy level to ¥300 bln in 2025. On Friday they announced another ¥69 bln in ultra-long special treasury bonds will be issued for this purpose, the fourth tranche in the program.Another policy action announced on Friday involves their war on "involution", which they take to mean excessive or irresponsible competition involving a general race to the bottom. It was a feature of their housing crisis, and is a big worry for their car manufacturing industry. Top-down pressure to rein in this sort of behaviour is intense now. In fact, BYD is now indicating their production levels will be lower in future.However in Japan, Toyota has told suppliers that it aims to boost 2025 global production to about 10 million vehicles, underpinned by strong sales of hybrids despite concerns over the impact of American tariffs. (In the US, carmaker Ford is noting that tariffs are not helping them.)In Singapore, the latest PMI readings painted a mixed manufacturing outlook with the electronics sector in continued expansion whereas the overall manufacturing sector reverted to a marginal contraction. Declining now order levels caused the shift.In India, the growth of factory orders and production strengthened in July, driving their factory PMI up to an impressive 59.1, although that was a touch less than the result expected. Indian factories are easily the star of the show on a global basis.The EU released its July inflation data on Friday, and there were no surprises there with inflation stable at 2.0% in the Euro area. The overall level is still being restrained by falls in energy costs.Australian producer prices rose 3.4% over the past year to June, down from a 3.7% rate in the year to March, and down from a 4.8% rate in the year to June 2024. Cost pressures are still high, but they are easing, even if slowly.The UST 10yr yield is now at 4.22%, up +1 bps from Saturday, down -18 bps for the week.The price of gold will start today at US$3,362/oz, up +US$14 from Saturday.American oil prices have slipped back again, now just over US$67/bbl with the international Brent price holding at US$69.50/bbl. A week ago these prices were US$65 and US$68.50/bbl. OPEC has agreed a big increase in oil production. And we should probably note another fall in North American oil rigs in action, now down to their lowest level since September 2021.The Kiwi dollar is at 59.2 USc and up +20 bps from Saturday but down nearly -1c from a week ago. Over all of July the fall was -180 bps. Against the Aussie we are unchanged at 91.5 AUc. Against the euro we are down -40 bps at 51.1 euro cents. That all means our TWI-5 starts today at just on 67.1, unchanged from Saturday, down -60 bps for the weekThe bitcoin price started today at US$114,109 and up +0.8% from this time Saturday, but down -2.0% from a week ago. Volatility over the past 24 hours has been low at just under +/-1%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

China's top economists are locked in a fierce debate over whether the country's consumers are truly weak or just misunderstood — an argument that could determine whether Beijing bets on households or more heavy industry. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: The Consumption Conundrum Dividing China's Economists   Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

China's top economists are locked in a fierce debate over whether the country's consumers are truly weak or just misunderstood — an argument that could determine whether Beijing bets on households or more heavy industry. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: The Consumption Conundrum Dividing China's Economists Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.  

Caixin collects the views of five prominent policy experts on China's priorities like innovation and high-quality growth, as the country drafts its next Five-Year Plan amid global uncertainty.  Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Key Challenges China's Next Five-Year Plan Needs to Tackle Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

Kia ora,Welcome to Friday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the US budget bill has now been approved by Congress setting up a big shift in fortunes for big business at the expense of those on low incomes - and handing their future generations a substantially larger deficit headache. In fact, one so large, it will impact the global economy.In the US, they are about to have another national public holiday, Independence Day, so there has been an early data dump there in advance.US non-farm payrolls expanded +147,000 in June, very similar to the May expansion and better than the expected +110,000. The variance from yesterday's ADP Employment Report will raise a few questions. Average weekly earnings went down in June from May, but were up +3.4% from a year ago. In May that annual gain was +3.8% so this metric is tightening. Month on month decreases have happened before but they are relatively infrequent and usually indicate overtime earnings are drying up.US initial jobless claims came in a 231,500 has week and similar to what was expected, taking the continuing claims level to 1.91 mln, +90,000 higher than year ago levels.These two labour market reports probably take pressure off the Fed to cut their policy rate at their next review at the very end of this month.US exports fell -4.0% in May whereas imports dipped a minor -0.1%. That saw their trade deficit rise from the prior month but stay considerably lower than the same month a year ago.US services exports dipped in the month. But locally the June ISM service sector PMI improved from its tiny May decline to a small June expansion. The S&P Global/Markit services PMI told a similar story. But both noted the rising cost worries.May American factory order levels were up sharply in May from April, to be +3.2% higher than year-ago levels. But aircraft orders drove the rise and without that the year-on-year gain was just +0.2% and far less than can be accounted for by inflation. Even the month-on-month gain without aircraft wasn't significant, but at least it was a gain.And Trump's boast he will do "90 deals in 90 days" resulting from his tariff pressure looks like it will fall completely flat. The US has announced one, with Vietnam, but the Vietnamese will only say they are still working through the details. The talks on all the others are dragging on inconclusively.In Canada, their export and import data for May was little-changed overall. But in fact that hides some pretty significant shifts. Their trade with the US fell a lot, and they how have the smallest share going to the US since 1997, twenty eight years ago. In short order, Canadians have managed to reorient their trade to others successfully.Across the Pacific, analysts had expected the Caixin services PMI for China to maintain its small but steady expansion. But it weakened. Not a lot, and it is still expanding, but it will be disconcerting all the same. And it is now at a nine month low.Surprising analysts who expected a +AU$5 bln monthly trade surplus, the actual Australian trade surplus for May came in at half that level, to its lowest level in five years. May exports fell faster, down -2.7% from April while May imports rose faster, up +3.8% from April. Interestingly, exports of gold are down -3.4% in May from a year ago - and that is in AU$ terms, not volume.Container freight rates fell -5.7% last week from the prior week to be -45% lower than year ago levels. Trans-Pacific rates fell -15% as the trade war crimps these supply chains. Bulk freight rates fell -13% in the past week and are now -33% lower than year-ago levels.The UST 10yr yield is now at 4.34%, and up +5 bps from yesterday at this time.The price of gold will start today at US$3,326/oz, and down -US$20 from yesterday.American oil prices are little-changed at just under US$67/bbl while the international Brent price is down -50 USc at just over US$68.50/bbl. Last week's North American rig counts took an unusually sharp dip. There is certainly no evidence yet that investors are piling in to drill more aggressively.The Kiwi dollar is now just under 60.7 USc, down -10 bps from yesterday. Against the Aussie we are down -20 bps at 92.3 AUc. Against the euro we are unchanged at 51.6 euro cents. That all means our TWI-5 starts today at just over 68 and down -10 bps from yesterday.The bitcoin price starts today at US$109,173 and up +0.5% from this time yesterday. Volatility over the past 24 hours has been low at just over +/-0.8%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again on Monday.

Chinese companies listed in the U.S. may face tighter regulations as the U.S. securities watchdog seeks to update decades-old rules on foreign private issuers. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Chinese Companies' Route to Wall Street Faces SEC Scrutiny Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

Kia ora,Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the US Senate has agreed the Trump budget, but only after the Vice President broke a deadlock with a casting vote. Financial markets are wondering about the wisdom in all this with equities hesitating, bond yields turning up, and the USD drifting lower. To be fair, none of these movements are large today. But the implications of massively higher US debt levels are as is the opening of the magic-money accounting they have adopted. It will be the bond market that makes the practical judgement.First however, the overnight dairy auction came in as weak as the futures market suggested it might. The SMP price fell -1.7%, but only to match the prior week's Pulse event. However the more important WMP price fell -5.1% and back to levels last seen at the beginning of the year. One local reason may have been the sharp increase in volumes offered, +10,000 tonnes more than at the prior event two weeks ago, and +6.7% more than the event in the same week a year ago. This volume offer jump came as milk production rose in all key producing regions (except Australia).Overall, prices were down -4.1% in USD terms at this even, down -5.2% in NZD as the greenback weakens further.The price downshift will have analysts reaching for their pencils although it might be too soon for them to backtrack on their 2025/26 payout forecasts. Fonterra's current season results are pretty much locked in and will be reported in late September. But their new year may be off to a soft start.Last week, the US Redbook index was +4.9% higher than year ago levels but still in the easing trend that started in early April.The May level of job openings rose unexpectedly to more than 7.7 mln largely on a surge for foodservice jobs. Analysts didn't see this coming but perhaps they should have given the sharp ICE immigration crackdowns underway. These roles at these volumes will be hard to fill.The latest factory PMI report from the ISM shows a sector still in contraction, being led by weak new order inflows. The internationally benchmarked S&P Global/Markit version reported an expansion and a moderate one at that, But both noted rising inflation pressures.It appears that the expected rise in June car sales didn't occur, dipping to its slowest pace of the year.Apparently its a good time to be in the logistics sector in the US with inventory levels rising and supply chains being stressed. The Logistics Managers Index is running at an unusually high level.The Dallas Fed regional services survey reported a continuing contraction, although not as steep in June as May.And the RCM/TIPP Economic Optimism Index was expected to bounce back in July but in fact it resumed the decline in a trend that started in December 2024.After falling to a recent low in April, Japanese consumer sentiment is on the rise again, back to where it was at the start of the year, but not yet back to 2024 levels. But at least it is rising.Yesterday we noted that the official factory PMI for China "improved" but was still showing a contraction. Today, the alternative Caixin factory PMI came in a little better than that, rising from May's tiney contraction to June's small expansion. These shifts don't mean a lot, but at least they are going in an improved direction. The Caixin survey noted "Higher new order inflows supported a renewed rise in production. That said, the rate at which new orders expanded was only marginal amid subdued exports." Trump's trade war may have kneecapped Chinese growth but it hasn't knocked them over.Overnight the ECB released the results of its May survey of consumer inflation expectations and they dipped to 2.8% when a small rise was expected. Consumers apparently thought inflation was running at 3.1% over the past 12 months. Separately the EU released its June CPI data and that shows it running at 2.0%, up from 1.9% in May.In Australia, large parts of the east cost is hunkering down for a lashing of strong winds and heavy rain. And that will include Sydney.The UST 10yr yield is now at 4.25%, and up +2 bps from yesterday at this time.The price of gold will start today at US$3,337/oz, and up +US$45 from yesterday.American oil prices are marginally firmer from yesterday, up +50 USc at just on US$65.50/bbl while the international Brent price is up the same at just over US$67/bbl.The Kiwi dollar is now just on 60.9 USc, unchanged from yesterday. Against the Aussie we are down -10 bps at 92.6 AUc. Against the euro we are down the same at 51.7 euro cents. That all means our TWI-5 starts today at 68.2 and unchanged from yesterday.The bitcoin price starts today at US$106,292 and down -1.3% from this time yesterday. Volatility over the past 24 hours has stayed low at just over +/-0.9%.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Deflation, tax breaks and industrial shifts are reshaping the country's fiscal landscape. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Why China Is Taking In Less Tax as GDP Growth Stays Steady Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.  

Deflation, tax breaks and industrial shifts are reshaping the country's fiscal landscape. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Why China Is Taking In Less Tax as GDP Growth Stays Steady Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

En el panorama empresarial actual, se examina la posible desinversión de Starbucks en China. Según informó el medio económico chino Caixin, la multinacional estadounidense estaría explorando opciones en el mercado para traspasar sus operaciones en el país asiático. Sin embargo, la propia compañía ha negado esta posibilidad. En un comunicado oficial, un representante de Starbucks afirmó que “actualmente no se está considerando una venta completa de las actividades en China". Aun así, los rumores no cesan y podrían intensificarse próximamente. Tal como señala Reuters, en mayo la empresa habría iniciado un proceso estructurado para evaluar el interés de potenciales compradores, a quienes les plantearon preguntas relacionadas con aspectos como la cultura empresarial, el estilo de liderazgo y las estrategias de sostenibilidad. No obstante, las fuentes subrayan que Starbucks aún no ha definido si desea conservar una participación mayoritaria o limitarse a una más reducida en el futuro. Esto coincide con declaraciones recientes de Brian Niccol a la cadena CNBC, donde aseguró que su intención es mantener una presencia duradera en el país. Niccol considera que Starbucks está desempeñando un papel importante en ese mercado. Sin embargo, la competencia local está ganando terreno rápidamente. Luckin Coffee lidera el sector con el 35% de participación, tras beneficiarse del retroceso de Starbucks, que en 2017 controlaba el 42% del mercado y hoy apenas alcanza el 17%. Otra competidora emergente es Cotti Coffee, que ya abarca el 12% de los puntos de venta. Juntas, estas tres marcas representan más del 50% de los locales cafeteros. Las pequeñas cadenas restantes, mejor adaptadas al gusto chino, completan el panorama. Según la consultora Kearney, estas apuestan más por el té y por un modelo ágil basado en el formato para llevar y el entorno digital. Starbucks entró a China en 1999, y desde entonces su trayectoria ha estado marcada por grandes desafíos.

Caixin Global partners with Radio Davos to produce a podcast ahead of next week's World Economic Forum Annual Meeting of the New Champions in Tianjin. The Annual Meeting of the New Champions 2025 — AMNC25 — will bring together leaders from government, business and academia, along with innovators and representatives from international organizations, media and civil society. In this special episode (transcript) produced in collaboration with Caixin Global, World Economic Forum Managing Director Mirek Dušek sets the scene for “Summer Davos” in Tianjin, China. And Jen Zhu Scott, founding partner of IN. Capital, gives an insider's view of China and its place in the world. Guests: Mirek Dušek, Managing Director, Chief Business Officer and Head of Global Programming, World Economic Forum Li Xin, Managing Editor and Managing Director, Caixin Global Jen Zhu Scott, Founding Partner, IN. Capital Hosted by: Robin Pomeroy, Podcast Editor, World Economic Forum   Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.  

The Annual Meeting of the New Champions 2025 - AMNC25 - will bring together leaders from government, business and academia, along with innovators and representatives from international organizations, media and civil society. In this special episode produced in collaboration with Caixin Global, World Economic Forum Managing Director Mirek Dusek sets the scene for the 'Summer Davos' in Tianjin, China. And Jen Zhu Scott, founding partner of IN. Capital, gives an insider's view of China and its place in the world. Co-hosted by Li Xin, managing editor of Caixin Global. Catch up on all the action from AMNC25 at wef.ch/amnc25 and across social media using the hashtag #AMNC25. Links: AMNC25: https://www.weforum.org/meetings/annual-meeting-of-the-new-champions-2025/ Caixin Global: https://www.caixinglobal.com/ Related podcasts: Getting sustainable, secure and equitable power to the people - how's the global energy transition going? Stock markets and supermarkets: how business is deploying AI “Trillions of dollars added to the economy” - Google's chief economist on the macro impact of AI Check out all our podcasts on wef.ch/podcasts:  YouTube: - https://www.youtube.com/@wef/podcasts Radio Davos - subscribe: https://pod.link/1504682164 Meet the Leader - subscribe: https://pod.link/1534915560 Agenda Dialogues - subscribe: https://pod.link/1574956552 Join the World Economic Forum Podcast Club: https://www.facebook.com/groups/wefpodcastclub

Chinese mainland police are leveraging Hong Kong's licensed exchanges to sell seized digital assets — a compliant workaround to the mainland's strict crypto ban. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: Hong Kong Offers Beijing Legal Route to Sell Seized Crypto Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

Hong Kong leads as Chinese firms list overseas amid U.S. tensions and mainland bottlenecks. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: China Gears Up for Overseas IPO Bonanza Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

The trade war forces Beijing to double down on domestic demand and rethink its global strategy. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: How China Can Counter Trump's Tariffs  Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

APAC stocks were mostly higher but with gains capped following disappointing Chinese Caixin Services PMI.European equity futures indicate a slightly lower open with Euro Stoxx 50 future down 0.1% after the cash market finished flat on Monday.DXY failed to hold above the 100 mark, EUR/USD sits on a 1.13 handle, USD/JPY was unable to maintain its footing above 144.Crude futures have clawed back nearly all the losses seen in reaction to the weekend's OPEC+ output hike.Looking ahead, highlights include EZ PMI (Final), US International Trade, Canadian Exports/Imports, NZ HLFS Unemployment Rate, EIA STEO, BoE's Breeden, Supply from Germany & US.Earnings from AMD, Supermicro, Rivian, Tempus AI, Celsius, Datadog, Constellation Energy, Fresenius Medical Care, Zalando, Continental, UniCredit, Intesa Sanpaolo & Ferrari.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Will China shore up domestic consumption with greater fiscal spending, including a record-high deficit ratio? Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: Analysis: China Tables Fiscal Salvo for Flagging Domestic Demand Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

The EV giant is making smart cars more accessible and accelerating the shift to new-energy vehicles. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: How BYD Lowered the Bar for Buying a Smart Car in China Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

The U.S. ends tax exemptions for Chinese small-parcel imports, shaking Shein, Temu and others. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Trump Ends an Era for Shein and Temu Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount.  Group discounts are available — contact us for a customized plan.

Internet giant targets Middle East takeout expansion with a focus on Saudi Arabia, drone delivery and navigating local competition Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Meituan Hopes Middle East Expansion Will Deliver Growth Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

Will the price war continue, and how will smart tech reshape the market? Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: China's Carmakers Face Crossroads as Slowdown Persists  Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

Companies have to contend with local protectionism, cultural differences and an underdeveloped health care sector while exploring growth potential in Southeast Asia's largest economy Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Chinese Drugmakers Find Fertile, but Challenging Market in Indonesia Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

As Middle Eastern nations are trying to diversify their economies away from oil by boosting tourism, culture and other businesses, Chinese visitors and firms are driving growth. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: In Depth: Gulf States Roll Out the Welcome Mat for Chinese Tourists as Focus Shifts From Oil Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

The country hit its 5% growth target for 2024, buoyed by a burst of extra momentum in the fourth quarter. Yet, the growth was uneven Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story: Last-Quarter Bounce Helps China Hit GDP Target but Challenges Remain Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

Despite their dominance in China's payments sector, the duo faces global challenges due to a lack of transparency Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on the Caixin story: In Depth: China's Booming Cross-Border E-Commerce Pits Alipay, WeChat Pay Against the World Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

In an exclusive interview with Caixin, Bank of Thailand Governor Sethaput Suthiwartnarueput also discusses tackling high household debt. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on the Caixin story: Interview: Thailand's Central Bank Chief on Its Rate Cut, Household Debt and Fintech This story is part of Caixin's Asia Central Banking special series. Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

The country's leadership is shifting policy to combat weak demand, external pressures and sluggish recovery. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on the Caixin story: Four Things to Know About China's 2025 Economic Outlook Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

Beijing's latest support package targets years of off-book borrowing and growing fiscal challenges Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on a Caixin story: In Depth: China's Multitrillion-Dollar Salve for Local Government Hidden Debt Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

Chinese insurers face increased volatility in key financial metrics as they adopt international accounting standards aimed at enhancing transparency Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on a Caixin story: In Depth: China's Insurers Prepare to Shine a Light Into Their Financial Black Box Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

The German auto giants were late to adapt to the shift to EVs and failed to recognize how competitive the Chinese market had become, industry insiders say Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on a Caixin story: In Depth: How BMW, Audi and Mercedes Ended Up Also-Rans in China Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

The British pharmaceutical giant falsified patient test results to secure insurance coverage for its cancer drug in an effort to boost sales, but the alleged misconduct ended up benefiting some patients. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on a Caixin story:  Cover Story: How AstraZeneca's China Fraud Was About More Than Greed Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

Chinese Premier Li Qiang has pledged commitment to opening up in his address to the China International Import Expo, which is welcoming a record number of exhibitors this year(01:10). The private Caixin services PMI indicates that the expansion in China's services sector is accelerating(42:10). Continuous rain in Spain has hit Barcelona after causing historical flooding in the Valencia region(18:09).

Exploring the drive for quick returns among China's state investors and how it contrasts with the country's push for long-term investment in high-tech. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on a Caixin story: In Depth: Impatient State Investors Hamstring Drive for ‘Patient Capital' to Lead Growth Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

Breaking down the country's third-quarter GDP growth and what comes next. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on a Caixin story: China's Third-Quarter GDP Rises 4.6%, Beating Expectations Subscribe now to unlock all coverage from Caixin Global and The Wall Street Journal for just $200 a year, enjoying a 66% discount. Group discounts are available — contact us for a customized plan.

The impact of Beijing's two-pronged approach on the country's economic fundamentals remains to be seen. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on two Caixin stories: China's Fresh Stimulus Targets Property and Stock Market Challenges China Unveils Fiscal Stimulus Targeting Property Market, Local Government Debt   Subscribe to a bundle deal now to unlock all coverage by Caixin Global and The Wall Street Journal for only $200 a year. This offers a 66% discount. Group access and applicable discounts are available. Contact us for a customized plan.  

Ex-Taoist monk Sui Guangyi claimed to make investments by aligning heaven, earth and humanity. His company's 2018 gala even featured former national leaders like Nicolas Sarkozy and Kevin Rudd. But now, investors are left waiting to get their money back. Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on a Caixin article: In Depth: Investment Guru's Supernatural Powers Haven't Made His Followers Whole Subscribe to a bundle deal now to unlock all coverage by Caixin Global and The Wall Street Journal for only $200 a year. This offers a 66% discount. Group access and applicable discounts are available. Contact us for a customized plan.  

Notes: For brevity, “PwC China” in this podcast refers to PwC's Chinese mainland affiliate, PwC Zhong Tian LLP. Likewise, “Evergrande” refers to the primary mainland subsidiary of China Evergrande Group, Hengda Real Estate Group Co. Ltd. The conversation segment of this podcast was generated using AI and has been edited for accuracy. It is based on a Caixin story. Subscribe to a bundle deal now to unlock all coverage by Caixin Global and The Wall Street Journal for only $200 a year. This offers a 66% discount. Group access and applicable discounts are available. Contact us for a customized plan.  

Chip giant Nvidia sees shares tumble by almost 10 per cent, wiping out close to $300bn of its market cap – the largest single-day fall in value of any American company on record. As a result, Wall Street notches its worst day since the tech rout seen in early August. The sell-off spreads across to Asia where Japan's Nikkei leads losses. Semi-conductor firms TSMC, SoftBank, Samsung and SK Hynix are all in the red. In the U.S. factory activity contracts as the ISM comes in at 47.2. We hear from former Cleveland Federal Reserve President Loretta Mester who says the markets need to examine the rate projections beyond the September Fed meeting. BofA joins an ever-expanding list of American banks which doubt China's 5 per cent GDP growth target. The private Caixin survey shows a slowdown in services growth. And in oil news, crude prices extend losses after falling more than 4 per cent yesterday with investors banking on greater supplies coming out of Libya. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.