5 Hours Ago
China’s consumer prices decline in October
A decline in China’s consumer prices was reported in October as the country’s economy continued its uneven post-Covid recovery.
Data from China’s National Bureau of Statistics revealed a 0.2% year-on-year drop in the consumer price index, surpassing the 0.1% decline anticipated by economists surveyed by Reuters.
This comes after China’s CPI remained unexpectedly unchanged in September, emphasizing the need for more policy support.
Producer prices dropped by 2.6%, slightly less than the predicted 2.7% decrease, marking the 13th successive month of declining prices.
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— Shreyashi Sanyal
5 Hours Ago
Country Garden shares plunge 6% in volatile trading
Shares of China’s property developer, Country Garden, listed in Hong Kong, witnessed a dramatic 6% drop in trading.
On Wednesday, Reuters reported that China’s State Council directed the local government of Guangdong province to facilitate Country Garden’s rescue by Ping An Insurance Group.
Ping An denied the report, stating that the Reuters story is untrue and it has received no such rescue requests from relevant government authorities.
Both Hong Kong shares of Ping An and the broader Hang Seng index experienced declines, with Ping An falling by 1.43% and the index dropping by 0.32%. China’s CSI 300 remained flat.
— Shreyashi Sanyal
7 Hours Ago
CNBC Pro: ‘Golden opportunity’: Morgan Stanley says it’s a good time to buy gold stocks — and names its top global picks
Morgan Stanley suggests that now is a good time to invest in gold stocks, amidst tensions in the Middle East caused by the Israel-Hamas war.
Although the “safe-haven” rally in gold triggered by these events has subsided, gold spot prices have experienced a marginal 0.05% increase year-to-date. Notably, gold stocks have underperformed gold prices by approximately 20% in the last three months, according to the bank’s analysts.
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— Amala Balakrishner
